Banking

  • April 09, 2024

    Trump Opposes NY Monitor Probe After Exec's Perjury

    Attorneys for Donald Trump argued against allowing a court-appointed monitor of the Trump Organization to look into supposed discovery lapses in the New York attorney general's civil business fraud case related to a perjury plea by the company's former longtime Chief Financial Officer Allen Weisselberg.

  • April 09, 2024

    Ex-Fox News Anchor Continues Fighting Forced Arbitration

    Gretchen Carlson, a former Fox News anchor and a leading advocate for ending forced arbitration after suing Fox News' former chair and CEO over sexual harassment allegations, told senators on Tuesday that more is needed to protect workers, particularly older ones, despite important legislation enacted two years ago.

  • April 09, 2024

    TD Bank Wants 'Absurd' First Horizon Merger Suit Tossed

    TD Bank has urged a New Jersey federal judge to dismiss a proposed class action from investors over the bank's failed merger with First Horizon, saying the investors can't sue because the deal never closed and the suit's asserted scienter claim "defies commonsense."

  • April 09, 2024

    Treasury Renews Call For Tools To Combat Crypto Crime

    Deputy Treasury Secretary Wally Adeyemo on Tuesday renewed his call to Congress for additional tools to combat cryptocurrency's use by bad actors as lawmakers floated their own priorities for a cryptocurrency regulatory regime.

  • April 09, 2024

    Boies Schiller Attys Face Sanctions Bid Over Epstein Suit

    Boies Schiller Flexner LLP's chairman and a co-managing partner are facing a sanctions bid from associates of billionaire and sexual predator Jeffrey Epstein for filing a proposed class action against them despite the attorneys' clients previously signing releases of liability to receive victim compensation.

  • April 08, 2024

    Republicans Mobilize Against CFPB's Card Late-Fee Rule

    The top Republican on the U.S. Senate Banking Committee introduced a legislative measure Monday to repeal the Consumer Financial Protection Bureau's $8 late-fee standard for credit cards, the latest in a heated campaign to take down the industry-opposed rule.

  • April 08, 2024

    W.Va. Blocks Citi, HSBC, Others Over Fossil Fuel 'Boycotts'

    West Virginia's state treasurer announced Monday that Citigroup Inc., HSBC Holdings PLC, TD Bank NA and The Northern Trust Co. are ineligible for state banking contracts, finding they boycott fossil fuel companies under a Mountain State law, while two other banks escaped such a designation.

  • April 08, 2024

    Oppenheimer Beats FINRA Arbitration Bid By Ponzi Victims

    Financial services company Oppenheimer & Co. Inc. has blocked a bid by investors seeking to arbitrate claims before the Financial Industry Regulatory Authority that attempted to keep the company on the hook for a Ponzi scheme orchestrated by a former Oppenheimer-registered broker.

  • April 08, 2024

    Citibank Can't Dodge Liability After Escrow Theft

    A Washington state appeals court said Monday that Citibank and a predecessor lender can't avoid liability after an escrow agent allegedly embezzled nearly $1 million from a real estate company's refinancing deals, in an opinion that said the trial court failed to correctly apply controlling case law still "good" after 70 years.

  • April 08, 2024

    Mich. Regulators' Fraud Fears Are 'Nonsense,' Developer Says

    A real estate developer has told Michigan's high court that the state is raising unfounded concerns that Michigan will become a haven for fraudsters if the top court does not adopt a federal judicially created test to determine when an investment is a security, telling the justices Michigan's own securities law is controlling.

  • April 08, 2024

    Credit Reporters Falling Short On Trafficking Rule, CFPB Says

    The Consumer Financial Protection Bureau said Monday that its examiners have been seeing problems in the credit reporting industry with the accuracy and integrity of information that companies are relaying about consumers, including violations of certain recent protections for human trafficking survivors.

  • April 08, 2024

    FTC's Slaughter Defends International Cooperation

    Several federal agency leaders said Monday they are working across the government to help boost competition, as Federal Trade Commissioner Rebecca Kelly Slaughter touted the importance of cooperation on competition issues at home and abroad.

  • April 08, 2024

    Canada's High Court Enforces Award In Greek Defense Suit

    The Supreme Court of Canada has affirmed the enforcement of an arbitral award in a dispute over a contract between aircraft manufacturer Bombardier Inc. and Greece's Ministry of National Defence, saying a Canadian bank had to refuse payment to the beneficiary of a letter of credit because of fraud.

  • April 08, 2024

    Wells Fargo Knew Of Ex-Texas Atty's Fraud, Victims Claim

    Victims of a former Texas attorney's multimillion-dollar fraud urged a Lone Star State federal court on Monday to keep alive their lawsuit accusing Wells Fargo Bank NA of enabling the scheme, arguing the bank was aware the lawyer was misusing clients' money and profited from the arrangement.

  • April 08, 2024

    2nd Circ. OKs Turnover Order In HNA $185M Award Feud

    The Second Circuit on Monday affirmed an order forcing a subsidiary of Chinese conglomerate HNA Group to turn over its most valuable North American asset to an SL Green Realty Corp. affiliate owed about $185 million, following a dispute stemming from the affiliate's $148 million investment in a Manhattan skyscraper.

  • April 08, 2024

    FINRA Fines Broker-Dealer, CEO In Text Messaging Action

    Dawson James Securities Inc. and its CEO have agreed to pay the Financial Industry Regulatory Authority a combined $510,000 to end the broker watchdog's allegations that the firm failed to review thousands of business-related text messages and had an inadequate supervisory system.

  • April 08, 2024

    Goldman Investors Closer To Class Cert. In 1MDB Bribery Suit

    A proposed class of Goldman Sachs investors alleging losses from the 1MDB bond bribery scandal is one step closer to clinching class certification, with a magistrate judge recommending that a New York federal court grant partial approval to their request.

  • April 08, 2024

    3 Firms Score $885K Fee In Synchrony Investor Deal

    A Connecticut federal judge has approved $885,000 in fees and expenses for three law firms that won corporate governance changes at Synchrony Financial after investors sued the bank's leaders during an offshoot of a securities case that netted a $34 million judgment over consumer credit card practices.

  • April 08, 2024

    Catching Up With Delaware's Chancery Court

    Last week, a much-watched Chancery Court Match.com decision got reversed, a Philip Morris motion got stubbed out, and a long-frozen Blue Bell Creameries suit started churning again. Delaware's Court of Chancery also saw new suits filed for legal fees, arguments over multibillion-dollar pay packages, and a judge flummoxed over Truth Social.

  • April 08, 2024

    Plot Holes Doom JPMorgan 'Fraud' Narrative, Frank Exec Says

    The founder of a startup meant to help college students apply for financial aid said an indictment claiming she duped JPMorgan Chase & Co. into a buyout should be dismissed because it fails to identify her alleged co-conspirators or fraudulent statements.

  • April 08, 2024

    Schumer Seeks More Data, Details About Capital One Deal

    Senate Majority Leader Chuck Schumer said Monday that he has requested more information about Capital One and Discover Financial Services' planned $35.3 billion merger, including data on the interest rates they charge and details about any potential layoffs that could stem from the deal.

  • April 05, 2024

    PNC Must Face Customer's Suit, Judge Says After Fixing Error

    A federal judge in Philadelphia reissued an opinion Friday requiring PNC Bank NA to face a customer's breach of contract suit after an earlier decision mischaracterized parties involved in an alleged check-forging scheme as PNC employees.

  • April 05, 2024

    5th Circ. Blocks Biden Admin's Predatory College Loan Rule

    The Fifth Circuit has ordered a preliminary injunction blocking the Biden administration's changes to a program providing student loan forgiveness to borrowers defrauded by higher education institutions, finding that the plaintiff representing for-profit colleges demonstrated a likelihood of suffering irreparable harm without the injunction.

  • April 05, 2024

    BofA Objects To Allowing Zelle Fraud Claim To Proceed

    Bank of America took umbrage with certain recommendations a federal magistrate judge made in allowing to proceed a proposed class action over alleged fraud on the peer-to-peer payment service Zelle.

  • April 05, 2024

    Chrisley Must Pay $755K For Slandering Ga. Tax Worker

    Former reality star and convicted fraudster Michael "Todd" Chrisley must pay $755,000 in damages after a federal jury found this week that he slandered a Georgia Department of Revenue employee who played a bit role in his criminal investigation.

Expert Analysis

  • Series

    Serving As A Sheriff's Deputy Made Me A Better Lawyer

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    Skills developed during my work as a reserve deputy — where there was a need to always be prepared, decisive and articulate — transferred to my practice as an intellectual property litigator, and my experience taught me that clients often appreciate and relate to the desire to participate in extracurricular activities, says Michael Friedland at Friedland Cianfrani.

  • Fears About The End Of Chevron Deference Are Overblown

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    While some are concerned about repercussions if the U.S. Supreme Court brings an end to Chevron deference in the Loper and Relentless cases this term, agencies and attorneys would survive just fine under the doctrines that have already begun to replace it, say Daniel Wolff and Henry Leung at Crowell & Moring.

  • Series

    NJ Banking Brief: All The Notable Legal Updates In Q1

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    Early 2024 developments in New Jersey financial regulations include new bills that propose regulating some cryptocurrency as securities and protecting banks that serve the cannabis industry, as well as the signing of a data privacy law that could change banks’ responsibility to vet vendors and borrowers, say attorneys at Chiesa Shahinian.

  • Former Minn. Chief Justice Instructs On Writing Better Briefs

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    Former Minnesota Supreme Court Chief Justice Lorie Gildea, now at Greenberg Traurig, offers strategies on writing more effective appellate briefs from her time on the bench.

  • Stay Interviews Are Key To Retaining Legal Talent

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    Even as the economy shifts and layoffs continue, law firms still want to retain their top attorneys, and so-called stay interviews — informal conversations with employees to identify potential issues before they lead to turnover — can be a crucial tool for improving retention and morale, say Tina Cohen Nicol and Kate Reder Sheikh at Major Lindsey.

  • Overdraft Opt-In Practices Hold Risks For Banks

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    A recent Consumer Financial Protection Bureau action against Atlantic Union Bank regarding overdraft opt-in sales practices highlights compliance risks that financial institutions must be aware of, especially when enrolling customers by phone, says Kristen Larson at Ballard Spahr.

  • AI In Accounting Raises OT Exemption Questions

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    A recent surge in the use of artificial intelligence in accounting work calls into question whether professionals in the industry can argue they are no longer overtime exempt under the Fair Labor Standards Act, highlighting how technology could test the limits of the law for a variety of professions, say Bradford Kelley at Littler and Stephen Malone at Peloton Interactive.

  • New Concerns, Same Tune At This Year's SIFMA Conference

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    At this year's Securities Industry and Financial Markets Association conference on legal developments affecting the financial services industry, government regulators’ emphasis on whistleblowing and AI washing represented a new refrain in an increasingly familiar chorus calling for prompt and thorough corporate cooperation, say attorneys at Fried Frank.

  • 8 Tips As GCs Prep For New SEC Climate Disclosure Rules

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    The U.S. Securities and Exchange Commission's recently adopted rules governing climate-related disclosures represent a major change to the existing public company disclosure regime, so in-house counsel should begin to evaluate existing systems and resources related to emissions data, and identify the changes that will need to be made, say attorneys at Bracewell.

  • How Experian, Apple Aid CFPB's 'Buy Now, Pay Later' Goals

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    Experian’s recent voluntary addition of Apple's “buy now, pay later” loans to consumer credit reports makes now a useful occasion to reflect on past Consumer Financial Protection Bureau calls for wider transparency around these products, and to analyze how its stated priorities for regulating them may shape coming bureau guidance and rules, says Tom Witherspoon at Stinson.

  • An Overview Of Key Financing Documents In Venture Capital

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    The Delaware Chancery Court’s recent Moelis decision highlights the importance of structuring corporate governance around investor demand, meaning early-stage companies seeking venture funding through sales of preferred stock should understand the legal documents needed to do so successfully, say Daniel Bell-Garcia and Tristan Kaisharis at Winstead.

  • Ready Or Not, Big Tech Should Expect CFPB Surveillance

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    In light of the Consumer Financial Protection Bureau's proposed plan to supervise large companies providing the vast majority of digital money transfers, not only will Big Tech have to prepare for regulation previously reserved for traditional banks, but the CFPB will also likely face some difficult decisions and obstacles, says Meredith Osborn at Arnold & Porter.

  • Series

    Spray Painting Makes Me A Better Lawyer

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    My experiences as an abstract spray paint artist have made me a better litigator, demonstrating — in more ways than one — how fluidity and flexibility are necessary parts of a successful legal practice, says Erick Sandlin at Bracewell.

  • Conn. Loan Law Tweaks May Have 3 Major Effects On Lenders

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    Recently proposed minor amendments to Connecticut’s consumer protection laws could nonetheless mean major and unexpected changes to state consumer financial services regulations that dictate how lenders and their customer-facing service providers handle fee payments, mortgage servicer licensing and private student loans, says Jonathan Joshua at Joshua Law Firm.

  • 7 Takeaways From CFPB Circular On Digital Comparison Tools

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    The Consumer Financial Protection Bureau's new guidance regarding digital comparison-shopping platforms for financial services products and services offers fresh insights into the bureau's interpretation of the abusiveness standard and expands on principles underlying its previous guidance on the topic, say attorneys at Husch Blackwell.

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