Banking

  • February 22, 2024

    BofA Pulling Fast One To Exit Gag Clause Suit, Customers Say

    Consumers suing Bank of America for allegedly trying to stifle consumer critics through clauses in its online service agreements have urged a California federal judge not to toss their suit, arguing the bank's dismissal arguments are without legal merit, factually incorrect and "intended to mislead."

  • February 22, 2024

    SEC Won't Force BofA To Act On ESG Critic's Proxy Proposal

    A division of the U.S. Securities and Exchange Commission has said it wouldn't recommend enforcement action against Bank of America for excluding a climate-related shareholder request from its upcoming proxy statement, while the division rejected Pfizer's request to exclude a shareholder proposal on human rights from its proxy statement.

  • February 22, 2024

    Texas Developer Battles DOJ's 1st Predatory Mortgages Suit

    A Texas land developer is fighting back against a high-profile predatory lending lawsuit filed by the U.S. Department of Justice and Consumer Financial Protection Bureau, telling a Houston federal judge that the government's "reverse redlining" theory isn't legally sound and relies on sloppy loan comparisons.

  • February 22, 2024

    Lawmakers Press Big Banks On Muslim Discrimination Claims

    A group of five Democratic lawmakers on Thursday pressured the leaders of JPMorgan Chase, Bank of America, Wells Fargo and Citibank for information on how they work to prevent discrimination in banking, pointing to media reports of "de-risking" practices that target Muslim Americans.

  • February 22, 2024

    Tribal Co., Minn. Agree To Settle Interest Rate Overcharge Row

    Minnesota officials and Montana's Fort Belknap Indian Community have agreed to settle claims that the tribe's economic development corporation engaged in predatory lending practices by charging interest rates up to 800% on loans to thousands of state residents.

  • February 22, 2024

    Comerica Brass Sued Over Benefit Cards Contract Oversight

    Executives and directors of financial services company Comerica were hit with a shareholder derivative suit alleging they failed to disclose the company was mismanaging a lucrative government benefits card program by allowing sensitive data to be handled at an international vendor's office.

  • February 22, 2024

    FTX Can Cash Out $500M Investment In AI Biz To Fund Ch. 11

    Insolvent cryptocurrency exchange FTX Trading Ltd. received a Delaware bankruptcy judge's approval Thursday to sell off its equity stake in an artificial intelligence technology company launched by former members of OpenAI that FTX purchased for $500 million in 2021.

  • February 22, 2024

    TitleMax Accused Of 'Usurious' Lending To Troops

    TitleMax was hit with a proposed class action in Georgia federal court Wednesday demanding the lender void thousands of allegedly illegal loans that saddled military members with skyrocketing debt thanks to prohibitively high interest rates.

  • February 22, 2024

    Hawley Calls For DOJ To Block Capital One-Discover Deal

    Sen. Josh Hawley, R-Mo., the top Republican on the Senate Judiciary Committee's Subcommittee on Privacy, Technology and the Law, is calling on the U.S. Department of Justice to block Capital One's announced $35.3 billion deal to acquire Discover Financial Services.

  • February 22, 2024

    IRS Agent, Gov't Attys Immune From RICO Suit, Judge Says

    An Arizona federal judge dismissed a $15 million lawsuit against an Internal Revenue Service agent and two assistant U.S. attorneys brought by an investment adviser convicted of filing false tax returns, saying Thursday the government employees were immune from claims that included racketeering and malicious prosecution.

  • February 22, 2024

    Deals Rumor Mill: Occidental, Kroger-Albertsons, BuzzFeed

    Occidental explores a $20 billion sale of Western Midstream, the FTC and some states could sue to block the $24.6 billion Kroger-Albertsons deal, and The Independent is taking over BuzzFeed's U.K. and Irish operations. Here, Law360 breaks down the notable deal rumors from the past week.

  • February 21, 2024

    Ex-KPMG Exec, Ex-Oversight Staffer Get Convictions Vacated

    A New York federal judge has vacated the convictions and guilty pleas of an ex-KPMG executive and a former member of the Public Company Accounting Oversight Board in a scheme to use stolen confidential information to help the auditing firm get better results on audits conducted by the regulatory board.

  • February 21, 2024

    NY Judges Question Lehman's Bid To Undo CDS Trial Loss

    A panel of New York appeals court judges on Wednesday appeared reluctant to undo a bench trial loss Lehman Bros.' bankrupt European unit suffered last year in a suit attempting to clawback nearly half a billion dollars from Assured Guaranty over alleged losses on credit default swaps tied to the 2008 financial crisis.

  • February 21, 2024

    OCC's Hsu Floats Payments, PE 'Trip Wires' For FSOC Review

    The Office of the Comptroller of the Currency's acting chief sounded an alarm Wednesday about the growth of digital payments and private equity, saying federal regulators should consider setting numerical "trip wires" around those activities to stay ahead of potential financial stability risks.

  • February 21, 2024

    Chase Bank's Returned Check Fee Is Unlawful, Suit Says

    JPMorgan Chase & Co. has been hit with a proposed class action accusing it of imposing predatory fees on customers who attempted to deposit invalid checks, saying there is no way some check recipients could have reasonably predicted their checks would bounce.

  • February 21, 2024

    TD Bank Customers Seek OK On $32.2M Overdraft Fee Deal

    A class of TD Bank customers asked a New Jersey federal judge Wednesday for her preliminary approval of a $21.97 million deal over allegedly improper overdraft fees in debit card transactions, plus $10.25 million in reductions to outstanding balances for accounts that were closed with amounts due to the bank.

  • February 21, 2024

    Morgan Stanley Bias Award Fight Belongs In NC, Judge Says

    A Morgan Stanley unit must challenge an arbitrator's conclusion that it discriminated against a white male former banker in North Carolina, where he last worked, a Georgia federal judge ruled, saying the arbitrator's presence in Atlanta during the virtual proceeding isn't enough to tether the case to the Peach State.

  • February 21, 2024

    4th Circ. Tosses Migrant Bond Co.'s CFPB Funding Challenge

    The Fourth Circuit on Wednesday dismissed an appeal from an immigrant bond service company being sued by the Consumer Financial Protection Bureau for allegedly running a predatory scheme, finding that the court has no appellate jurisdiction over the litigation.

  • February 21, 2024

    Justices Told NRA Speech Claim Would Thwart Regulation

    The ex-head of New York's financial regulator has told the U.S. Supreme Court her statements advising companies to consider their relationships with the National Rifle Association following the 2018 mass shooting in Parkland, Florida, didn't violate the First Amendment, rejecting the NRA's position that the statements were a "veiled threat."

  • February 21, 2024

    Winston & Strawn Bolsters NY Office With Rocket Central Atty

    A former senior counsel for Rocket Central jumped back into private practice by joining Winston & Strawn LLP's New York office, the firm announced Wednesday.

  • February 21, 2024

    Ex-Bank CEO Ends Holland & Knight Overbilling Suit

    Republic First Bancorp's former CEO Vernon Hill II ended his lawsuit accusing Holland & Knight LLP of overcharging him with a $7 million bill for what he claimed was "ineffective and unsatisfactory" representation in legal matters over his ouster from the bank.

  • February 21, 2024

    Broker Defends Claims Against Suns Owner, Mortgage Co.

    A mortgage broker pushed back against a report recommending that a Florida federal court toss its antitrust case against the owner of the NBA's Phoenix Suns and his company United Wholesale Mortgage, saying the analysis of its conspiracy claims included several errors.

  • February 21, 2024

    NC Justices Told Credit Union's Arbitration Add-On Is Void

    A customer who accused her credit union of charging illegal overdraft fees urged the North Carolina Supreme Court on Wednesday to invalidate the bank's supposed arbitration clause, saying it was a one-sided agreement to which she never consented.

  • February 21, 2024

    Wells Fargo Settles With Alleged Trade Secrets Poacher

    A Georgia federal court on Tuesday ended a recently settled lawsuit from Wells Fargo Bank against a former employee who was accused of stealing a trove of records from the bank on the eve of his departure for a competing payment processing company.

  • February 20, 2024

    Liberal Justices Hint Chevron Deference Hanging By A Thread

    In the U.S. Supreme Court's latest battle royal over administrative powers, left-leaning justices at oral arguments Tuesday openly suggested that the landmark legal doctrine underpinning modern rulemaking might soon shrivel up, clearing the way for industry-led challenges to regulations on the books for decades.

Expert Analysis

  • Debt Collector Compliance Takeaways From An FDCPA Appeal

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    A Consumer Financial Protection Bureau amicus brief last month in an ongoing First Circuit appeal focusing on an interpretation of the Fair Debt Collection Practices Act can serve as a reminder for debt collectors to understand how their technologies, like bankruptcy scrubs and letter logic, can prevent litigation, says Justin Bradley at Womble Bond.

  • SG's Office Is Case Study To Help Close Legal Gender Gap

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    As women continue to be underrepresented in the upper echelons of the legal profession, law firms could learn from the example set by the Office of the Solicitor General, where culture and workplace policies have helped foster greater gender equality, say attorneys at Ocean Tomo.

  • A Closer Look At Novel Jury Instruction In Forex Rigging Case

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    After the recent commodities fraud conviction of a U.K.-based hedge fund executive in U.S. v. Phillips, post-trial briefing has focused on whether the New York federal court’s jury instruction incorrectly defined the requisite level of intent, which should inform defense counsel in future open market manipulation cases, say attorneys at Lankler Siffert.

  • How Proposed Bipartisan Bill Would Reform Bank Exams

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    If the Fair Audits and Inspections for Regulators’ Exams Act, which was recently introduced by a bipartisan group of senators, were to be enacted, it would particularly benefit small lenders and bank-fintech partnerships by promoting transparency, appellate rights and examiner accountability, say attorneys at Latham.

  • Opinion

    CFPB Shouldn't Ditch Prior Earned Wage Access Precedent

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    Recent statements from Consumer Financial Protection Bureau general counsel Seth Frotman indicate the CFPB may be concluding that some or all earned wage access products are credit under federal law, but doing so would threaten the existence of the products and cause consumers to turn back to costly alternatives, says Eric Goldberg at Akerman.

  • The Corporate Disclosure Tug-Of-War's Free Speech Issues

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    The continuing conflict over corporate disclosure requirements — highlighted by a lawsuit against Missouri's anti-ESG rules — has important implications not just for investors and regulated entities but also for broader questions about the scope of the First Amendment, say Colin Pohlman, and Jane Luxton and Paul Kisslinger at Lewis Brisbois.

  • Crypto Issues To Watch Amid Evolving Legal Landscape

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    This year will likely be a momentous one for crypto in the U.S., but whether it is successful or disastrous will depend on the outcome of high-profile court decisions and key regulatory actions, say attorneys at Venable.

  • Navigating The Sunset Of Sibor And Other Key Benchmarks

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    Similar to the recent transition away from Libor, the expected cessation deadlines of the Canadian Dollar Offered Rate and Singapore Interbank Offered Rate are nigh, so Canadian and Singapore dollar-denominated credit facilities will likely need to be amended, say attorneys at Cadwalader.

  • Stay Ruling Challenges Sovereign Debt Dynamics

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    The Southern District of New York’s recent ruling in Hamilton Reserve Bank v. Sri Lanka, which provides sovereigns with a de facto bankruptcy stay in restructuring scenarios, may create uncertain consequences for sovereign creditors and borrowers alike, says Jeff Newton at Omni Bridgeway.

  • Reimagining Law Firm Culture To Break The Cycle Of Burnout

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    While attorney burnout remains a perennial issue in the legal profession, shifting post-pandemic expectations mean that law firms must adapt their office cultures to retain talent, say Kevin Henderson and Eric Pacifici at SMB Law Group.

  • Series

    ESG Around The World: Brazil

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    Environmental, social and governance issues have increasingly translated into new legislation in Brazil since 2020, and in the wake of these recently enacted regulations, we are likely to see a growing number of legal disputes in the largest South American country related to ESG issues such as greenwashing if companies are not prepared to adequately adapt and comply, say attorneys at Mattos Filho.

  • The FINRA Reports That May Foreshadow New AI Rules

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    By reading the Financial Industry Regulatory Authority’s 2024 annual report detailing the regulatory implications of artificial intelligence tools alongside a similar 2020 FINRA publication, member firms may be able to anticipate which industry areas may soon face AI-specific regulations, say attorneys at Mintz.

  • Series

    Competing In Dressage Makes Me A Better Lawyer

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    My lifelong participation in the sport of dressage — often called ballet on horses — has proven that several skills developed through training and competition are transferable to legal work, especially the ability to harness focus, persistence and versatility when negotiating a deal, says Stephanie Coco at V&E.

  • Breaking Down FDIC's New Advertising And Signage Rule

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    The Federal Deposit Insurance Corp.’s final rule on signage and advertising, coming on the heels of a campaign against nonbank businesses purporting to offer FDIC-insured deposit products, introduces important new requirements and clarifies existing regulations for both traditional depository institutions and novel digital platforms, say attorneys at Venable.

  • Cayman Islands Off AML Risk Lists, Signaling Robust Controls

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    As a world-leading jurisdiction for securitization special purpose entities, the removal of the Cayman Islands from increased anti-money laundering monitoring lists is a significant milestone that will benefit new and existing financial services customers conducting business in the territory, say lawyers at Walkers Global.

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