Banking

  • May 07, 2024

    PNC Bank Entitled To Atty Fees In Defamation Suit, Court Says

    The Georgia Court of Appeals granted an appeal by PNC Bank to receive attorney fees from a customer-launched defamation suit it defeated, finding that the award is mandatory under Georgia law while also ruling that the bank does not have to turn over documents requested by the suing customer.

  • May 07, 2024

    Ex-Tugboat CEO Can't Reinstate $75M Defamation Verdict

    A Washington state appeals panel won't let the former CEO of boating company Harley Marine Services Inc. reinstate a $75 million defamation verdict against his former business partners, finding that the comments that formed the basis for the verdict are covered under the state's "absolute" litigation privilege.

  • May 07, 2024

    CFPB Fines Chime Financial Over Delayed Consumer Refunds

    The Consumer Financial Protection Bureau on Tuesday ordered fintech company Chime Financial to pay more than $4.5 million for allegedly leaving thousands of its users waiting weeks and sometimes months for their balance refunds after their accounts were closed.

  • May 07, 2024

    Lender Shanks Bid To Halt Ga. Golf Course Auctions

    A Georgia federal judge on Tuesday denied successive efforts from a lender to wrest control of the assets of an Atlanta-area golf club owner, whom attorneys for the lender describe as a "serial fraudster" likely to abscond with his assets while still owing millions on a 2023 loan.

  • May 07, 2024

    Russian Charged Over $100M LockBit Ransomware Scheme

    Federal prosecutors said Tuesday they have charged a Russian national with founding and heading the prolific ransomware group LockBit, which is accused of stealing more than $100 million from its victims.

  • May 07, 2024

    Top Dem Cuts Cuellar Slack Not Given Santos, Menendez

    House Democratic leadership has continued its defense of Rep. Henry Cuellar, D-Texas, following the recent bribery indictment against him and his wife, saying the situation is different from the indictments last year against Rep. George Santos, R-N.Y., and Sen. Bob Menendez, D-N.J.

  • May 07, 2024

    Chase Aims To Sink Florida Law Firm's $100K Wire Theft Suit

    JPMorgan Chase Bank NA has asked a federal court to dismiss a lawsuit brought by a Florida law firm, saying it is not responsible for the $100,000 payment that a client mistakenly transferred to a fraudster instead of the firm's account at the bank.

  • May 07, 2024

    FDIC Review Flags 'Patriarchal' Workplace, Chief's 'Temper'

    The Federal Deposit Insurance Corp.'s workplace culture has suffered "far too long" from sexual harassment, discrimination and other abuses that higher-ups failed to adequately address, according to a report released Tuesday that is drawing renewed calls for FDIC Chairman Martin Gruenberg's exit.

  • May 07, 2024

    Past FDIC Exec Is Troutman Pepper's Latest Davis Wright Hire

    Troutman Pepper Hamilton Sanders LLP said Monday that a former Federal Deposit Insurance Corp. executive is the fourth bank regulatory lawyer to join the firm this year, reuniting with multiple previous Davis Wright Tremaine LLP colleagues.

  • May 07, 2024

    Ex-SEC Trading And Markets Atty Rejoins Davis Wright In DC

    A former 30-year veteran of the U.S. Securities and Exchange Commission's division of trading and markets, has left retirement to rejoin the ranks of Davis Wright Tremaine LLP as an of counsel in Washington, D.C., the firm announced Monday.

  • May 06, 2024

    Coinbase Operates As Unregistered Broker, Investors Say

    Coinbase and its CEO have been hit with a proposed class action in California federal court alleging the crypto exchange "has been a part of a shadowy crypto ecosystem operating just outside of the law since formed over 10 years ago."

  • May 06, 2024

    Unclaimed Property Class Action Against Pa. Treasurer Axed

    A Pennsylvania federal judge has tossed a potential class action challenging the constitutionality of the state's unclaimed property law, finding that the state treasurer doesn't have to pay interest on property that was otherwise abandoned.

  • May 06, 2024

    Crypto Platform's Ex-Brass Charged With $783M Fraud

    Three former executives behind bankrupt cryptocurrency investment platform Cred Inc. face wire fraud and money laundering charges after they allegedly lied to customers about the firm's lending and investing practices ahead of a collapse prosecutors say wiped out $783 million in customer crypto.

  • May 06, 2024

    Amazon Loses Bid To Ship Patent Case From EDTX To Wash.

    An Eastern District of Texas judge has denied Amazon's motion to transfer a two-factor authentication patent suit against it to the Western District of Washington, ruling that the e-commerce giant didn't show that its home base was clearly a more convenient location.

  • May 06, 2024

    Bridgewater Fights To Keep Bias Claims Under Wraps

    Connecticut asset management firm Bridgewater Associates LP fought Friday to keep dispute with two terminated employees over alleged discrimination in arbitration, saying the Federal Arbitration Act bans its ex-workers from using state court procedures contrary to private dispute resolution agreements, and from airing grievances in public.

  • May 06, 2024

    CFPB Sues Pa. Student Loan Servicer, Trusts For $5M

    The Consumer Financial Protection Bureau is seeking $5 million in penalties against a Pennsylvania public corporation that services almost $18 billion in student loans and a group of 15 securitization trusts, accusing them in federal court of ignoring or wrongly denying borrowers who requested relief.

  • May 06, 2024

    DACA Recipient Sues Calif. Credit Union For Loan Rejection

    A Los Angeles-area credit union is the latest lender to be hit with a proposed class action alleging it discriminates against recipients of the Deferred Action for Childhood Arrivals program by denying their loan applications based on immigration status.

  • May 06, 2024

    Goldman Objects To 1MDB Suit Class Cert. Recommendation

    Goldman Sachs and its former top brass have urged a New York federal judge not to adopt a magistrate judge's recommendation to grant certification to a proposed class of investors claiming losses from the 1MDB bond bribery scandal, saying the magistrate judge erred in concluding that Goldman's stock price was affected by alleged misstatements.

  • May 06, 2024

    SEC's Grewal Says Self-Reporting Best Bet For No Penalties

    Self-reporting is the most important factor that U.S. Securities and Exchange Commission enforcement staff weigh in determining cooperation credit and whether a firm should face a penalty, SEC Enforcement Director Gurbir Grewal said in an interview with Law360.

  • May 06, 2024

    JPMorgan Accused Of Failing To Protect Account Data

    JPMorgan Chase & Co. failed to protect sensitive personal information for individuals whose retirement accounts it administered, causing at least 451,000 people to have identifiable data stolen over the past three years, according to a proposed class action filed in New York federal court.

  • May 06, 2024

    FDIC, OCC Gear Up For Another Shot At Banker Bonus Rules

    The Federal Deposit Insurance Corp. and Office of the Comptroller of the Currency on Monday revived an Obama-era proposal to set restrictions on incentive-based pay for executives at big banks, a lingering item of unfinished Dodd-Frank Act business, and for now, the Federal Reserve is sitting out.

  • May 03, 2024

    Binance Founder's Sentence Shaped By Plea And Apology

    Binance founder Changpeng Zhao's willingness to cooperate with law enforcement and accept responsibility in court for the crypto exchange's anti-money laundering violations helped the former CEO land a deal with prosecutors that got him a relatively short prison sentence to close out a yearslong investigation.

  • May 03, 2024

    NY's Citi Suit Imperils Wire Transfer Market, Bank Groups Say

    Major banking trade groups are backing Citibank NA in its fight against the New York attorney general's lawsuit over the bank's payment fraud protocols, warning that the state's claims seek to change how wire transfers are regulated in a way that could "upend" the marketplace for such services.

  • May 03, 2024

    5th Circ. Stands By Keeping CFPB Late Fee Case In Texas

    A Fifth Circuit panel will not reconsider its decision rejecting the cross-country transfer of a bank industry-backed challenge to the Consumer Financial Protection Bureau's $8 credit card late fee standard, denying the agency's bid to move the case back to Washington, D.C., from Texas.

  • May 03, 2024

    Goldman Settles Decade-Old Metal-Rigging Class Action

    Goldman Sachs Group Inc. has settled a decade-old putative class action claiming the investment bank and others conspired to manipulate platinum and palladium market values, according to a Friday filing with the U.S. Securities and Exchange Commission.

Expert Analysis

  • 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.

  • Why Individual Officers Are BSA-AML Enforcement Targets

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    Banking compliance professionals should use recent enforcement actions against individual officers at both Sterling Bank and the New York State Employees Credit Union to assess whether they are equipped with the tools and authority necessary to avert deficient Bank Secrecy Act and anti-money laundering compliance, says Sam Finkelstein at Volkov Group.

  • How New SEC Rule May Turn DeFi Participants Into 'Dealers'

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    The U.S. Securities and Exchange Commission recently announced a new rule to amend its definition of a securities "dealer," but the change could have concerning implications for decentralized finance and blockchain, as the SEC has suggested it may subject DeFi participants to registration requirements and other regulations, say attorneys at DLA Piper.

  • Opinion

    Judicial Independence Is Imperative This Election Year

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    As the next election nears, the judges involved in the upcoming trials against former President Donald Trump increasingly face political pressures and threats of violence — revealing the urgent need to safeguard judicial independence and uphold the rule of law, says Benes Aldana at the National Judicial College.

  • How Harsher Penalties For AI Crimes May Work In Practice

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    With recent pronouncements from the U.S. Department of Justice that prosecutors may seek sentencing enhancements for crimes committed using artificial intelligence, defense counsel should understand how the sentencing guidelines and statutory factors will come into play, says Jennie VonCannon at Crowell & Moring.

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