Banking

  • February 27, 2024

    Justices Skeptical Of Workability In BofA Preemption Fight

    The U.S. Supreme Court appeared hesitant Tuesday to side with consumers who say that Bank of America and other national banks can't claim exemption from state laws in court without first proving "significant" interference from them, signaling practical concerns about what reversing a contrary Second Circuit decision could entail.

  • February 27, 2024

    Fed's Barr Urges Careful Bank Counterparty Risk Practices

    The Federal Reserve's vice chair for supervision said Tuesday that banks should closely manage their exposure to counterparties, including by carefully measuring the credit risks they pose and using conservative margining practices.

  • February 27, 2024

    Chinese Real Estate Giant KE Holdings Gets IPO Suit Trimmed

    A New York federal judge tossed a swath of claims against Chinese real estate giant KE Holdings and its executives in an investor suit claiming they overstated the number of agents and stores on its platform, which a short seller later said was false, leading the stock price to drop.

  • February 27, 2024

    Judge Trims Medical Device Royalty Fight

    A Minnesota federal judge has held that Security Bank & Trust Co. failed to prove jurisdiction against various entities related to an Indiana-based medical device manufacturer in a suit over royalty contracts.

  • February 27, 2024

    NJ Investment Adviser Indicted In $5M Financing Fee Scheme

    A New Jersey investment adviser has been charged with fraudulently collecting millions of dollars in fees from people seeking funding for commercial projects and misappropriating at least $800,000 for his own personal benefit, the U.S. Attorney's Office for the District of New Jersey said in an indictment filed on Tuesday.

  • February 27, 2024

    Ch. 11 Trustee Says Bank Fraud-Tied Jewelry CEO Hid Assets

    The trustee for a bankrupt jewelry company allegedly tied to a $2 billion Indian bank fraud has filed a suit in New York bankruptcy court accusing the company's CEO of trying to hide a $7 million Manhattan apartment from creditors.

  • February 27, 2024

    Fintech Co. Chime Fined $2.5M For Customer Gripes

    Fintech company Chime will pay $2.5 million to resolve claims that it handled customer complaints in an untimely and unfair manner over three months in 2021 and will ensure customer service support 24 hours a day, seven days a week, the California Department of Financial Protection and Innovation announced Tuesday.

  • February 27, 2024

    Ex-Anchorage Digital GC Speaks Out On Leaving Crypto Bank

    The former general counsel for cryptocurrency custodian Anchorage Digital said Tuesday that a continued lack of regulatory clarity for the industry as a whole and the scale of bad actors in the space led her to step down from her role with the digital asset bank late last year.

  • February 27, 2024

    ​​​​​​​Payment Software Co.'s Bylaws Spark Class Action In Del.

    An investor sued a billing software maker and its board Tuesday in Delaware's Court of Chancery to invalidate what he called "coercive" company bylaw provisions that aim to thwart dissident stockholders from successfully waging a proxy contest.

  • February 27, 2024

    Conn. Mortgage Biz Rips 'Maximalist' CFPB Licensing Stance

    Shuttered East Hartford mortgage company 1st Alliance Lending LLC and its co-owners have argued a Connecticut federal court should throw out the U.S. Consumer Financial Protection Bureau's claims that they deceived borrowers by letting unlicensed consultants create and manage their loans, asserting that the agency's "maximalist position" goes beyond the law.

  • February 27, 2024

    Arrest Warrant Out For Absconded AI CEO Accused Of Fraud

    A Manhattan federal judge on Tuesday postponed a scheduled appearance for the founder of an artificial intelligence startup accused of faking documents to secure a $500,000 investment, after a warrant was issued for the defendant's arrest.

  • February 27, 2024

    Deal-Makers Expect Further Uptick In M&A-Related Disputes

    Global deal-makers expected increases in mergers and acquisitions-related disputes moving into 2024 after high interest rates and financing constraints created challenges to sealing deals, according to Berkeley Research Group's M&A Disputes Report 2024, which was reviewed by Law360 on Tuesday and is expected to be released in the coming days.

  • February 26, 2024

    BofA Battle Will Test Preemption's Reach At High Court

    The U.S. Supreme Court is set Tuesday to consider whether federal law exempts national banks from state-level escrow interest requirements, a case whose technical-sounding focus belies its hefty implications for the balance of federal and state regulatory power over many of the nation's big banks.

  • February 26, 2024

    NIST Widens Cybersecurity Framework To Cover All Industries

    The U.S. Department of Commerce agency that developed a landmark cybersecurity framework for critical infrastructure operators announced Monday that it had finalized a long-anticipated update, aimed at helping all industry sectors and organizations, to a voluntary tool to better manage cyber risks.

  • February 26, 2024

    Consumers Face Big Setback In £10B Mastercard Class Action

    Britain's antitrust court dealt a blow to consumers Monday in a £10 billion ($12.68 billion) class action over Mastercard's fees by ruling that the credit card titan's European interchange fees didn't influence its domestic rate in the United Kingdom.

  • February 26, 2024

    FDIC Faces Staffing Crunch Amid Rising Turnover, IG Warns

    The Federal Deposit Insurance Corp. is struggling to hire enough new employees to keep up with retirements and departures, especially in its examinations department, according to a report from the independent agency's inspector general.

  • February 26, 2024

    Chinese Retailer Miniso, Underwriters Beat IPO Suit For Now

    Goldman Sachs, BofA Securities Inc. and a Chinese retailer have secured the dismissal of a class action suit in New York federal court, with a federal judge ruling that the suing investors have failed to identify any actionable misrepresentations or omissions made by the company in connection with its 2020 initial public offering, among other things.

  • February 26, 2024

    Don't Nix Cash App Referral Text Suit, Consumer Says

    Cellphone users alleging mobile payment service Cash App bombarded them with "annoying and harassing spam texts" have told a Seattle federal judge that Cash App's parent company shouldn't be allowed to escape their suit, pointing to recent and "nearly identical" claims against trading app Robinhood that survived a dismissal bid and subsequently settled for a proposed $9 million.

  • February 26, 2024

    'Pig Butchering' Victim Slaps Binance, Ex-CEO With RICO Suit

    Binance and the cryptocurrency exchange's former CEO let criminal syndicates run fraud schemes through its platform by flouting laws against money laundering and money transmitting, according to an $8.1 million civil racketeering suit filed in Boston federal court.

  • February 26, 2024

    Western Union Sued For Interest It Earns On Failed Transfers

    Financial services company Western Union has been hit with a proposed class action alleging that the company can't lawfully earn interest from money transfers that don't make it to their recipient.

  • February 26, 2024

    Ex-Bank CFO Cops To $700K Theft And Life Insurance Scam

    An ex-Eastern International Bank chief financial officer has pled guilty to defrauding the bank out of more than $700,000 to pay his personal expenses, and he admitted to opening life insurance policies in the names of bank employees to benefit his wife, according to the U.S. Department of Justice.

  • February 26, 2024

    Pastor And Ally Of NYC Mayor Was A Con Man, Jury Hears

    A well-known Brooklyn pastor with close ties to New York City Mayor Eric Adams is a con man, a Manhattan federal prosecutor told jurors Monday, one who lied to lenders, stole from an elderly parishioner and claimed his connections to City Hall could result in millions of dollars in profits from a real estate deal.

  • February 26, 2024

    Bally Sports Parent Gets OK For $495M Settlement, $450M DIP

    A Houston bankruptcy judge on Monday approved a $495 million settlement and a $450 million debtor-in-possession financing package for Bally Sports Network's parent company, loading the bases for the broadcaster to file a Chapter 11 plan in the coming weeks.

  • February 26, 2024

    Two Indicted In $3.9M Fraudulent Business Email Scheme

    The U.S. Department of Justice has announced that a federal grand jury indicted two men for an email conspiracy that duped an asbestos abatement company and a shipping company into depositing about $3.9 million into their own bank accounts instead of the intended.

  • February 26, 2024

    Wells Fargo Reset Foreclosure Timeline, Texas Justices Rule

    Texas law allows Wells Fargo NA to reset a deadline for property foreclosure by simultaneously dropping a demand for full repayment of a defaulted loan and issuing a new one, the state high court has ruled.

Expert Analysis

  • Unpacking The New Russia Sanctions And Export Controls

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    Although geographically broad new prohibitions the U.S., U.K. and EU issued last week are somewhat underwhelming in their efforts to target third-country facilitators of Russia sanctions evasion, companies with exposure to noncompliant jurisdictions should pay close attention to their potential impacts, say attorneys at Shearman.

  • Args In APA Case Amplify Justices' Focus On Agency Power

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    In arguments last week in Corner Post v. Federal Reserve, the U.S. Supreme Court justices paid particular importance to the possible ripple effects of their decision, which will address when a facial challenge to long-standing federal rules under the Administrative Procedure Act first accrues and could thus unleash a flood of new lawsuits, say attorneys at Snell & Wilmer.

  • Mitigating Whistleblower Risks After High Court UBS Ruling

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    While it is always good practice for companies to periodically review whistleblower trainings, policies and procedures, the U.S. Supreme Court’s recent whistleblower-friendly ruling in Murray v. UBS Securities helps demonstrate their importance in reducing litigation risk, say attorneys at Arnold & Porter.

  • Series

    ESG Around The World: Gulf Cooperation Council

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    The Gulf Cooperation Council is in the early stages of ESG policy implementation, but recent commitments by both states and corporations — including increases in sustainable finance transactions, environmental commitments, female representation on boards and human rights enforcement — show continuing progress toward broader ESG goals, say attorneys at Cleary.

  • Steps For Companies New To Sanctions Compliance

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    Businesses newly required to implement compliance programs due to the increased breadth of mandatory sanctions and export controls, including 500 additional Russia sanctions announced last Friday, should closely follow the guidance issued by the Office of Foreign Assets Control and other regulators, say Jennifer Schubert and Megan Church at MoloLamken.

  • Bank Secrecy Act Lessons For Casinos After DOJ Settlements

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    The U.S. Department of Justice's recent settlements with the MGM Grand and Cosmopolitan casinos, resolving an investigation into alleged violations of the Bank Secrecy Act, signal a shift in the DOJ's enforcement focus and provide insight into potential pitfalls in anti-money laundering compliance programs, say attorneys at Jenner & Block.

  • Setting The Stage For High Court BofA Escrow Interest Case

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    Dori Bailey and Curtis Johnson at Bond Schoeneck examine relevant legislation and case law dating back 200 years ahead of oral arguments at the U.S. Supreme Court on Tuesday in Cantero v. Bank of America, the outcome of which will determine whether state laws governing mortgage escrow accounts can be enforced against national banks.

  • What To Know About OCC Proposals For Bank Merger Review

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    The Office of the Comptroller of the Currency's proposed changes to the agency's bank merger review process could exacerbate industry concerns with long and unpredictable processing periods because the proposal is ambiguous with respect to how the OCC will view certain transactions, say attorneys at Simpson Thacher.

  • 6 Pointers For Attys To Build Trust, Credibility On Social Media

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    In an era of information overload, attorneys can use social media strategically — from making infographics to leveraging targeted advertising — to cut through the noise and establish a reputation among current and potential clients, says Marly Broudie at SocialEyes Communications.

  • Cos. Must Know How NY, Federal LLC Disclosure Laws Differ

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    Though New York state's new LLC Transparency Act and the federal Corporate Transparency Act impose similar beneficial owner reporting obligations on limited liability companies, New York LLCs should study the important differences between the laws to ensure they are prepared to comply with both, say Abram Ellis, Olenka Burghardt and Jane Jho at Simpson Thacher.

  • SEC Regs Give Banks Chance To Step Up Cyber Safety Game

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    Just as the Sarbanes-Oxley Act forced financial institutions to undertake best practices in recordkeeping, the U.S. Securities and Exchange Commission’s recently effective cybersecurity regulations stand to similarly drive those same enterprises to seek out and implement best practices in cybersecurity, to everyone's benefit, says James Gerber at SimSpace.

  • A Post-Mortem Analysis Of Stroock's Demise

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    After the dissolution of 147-year-old firm Stroock late last year shook up the legal world, a post-mortem analysis of the data reveals a long list of warning signs preceding the firm’s collapse — and provides some insight into how other firms might avoid the same disastrous fate, says Craig Savitzky at Leopard Solutions.

  • Predicting DeFi Regulations At Home And Abroad In 2024

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    Though decentralized finance has advocates on both sides of the Atlantic in figures like U.S. SEC Commissioner Hester Peirce and U.K. Prime Minister Rishi Sunak, DeFi in 2024 seems likely to be folded into existing regulatory frameworks in the U.K. and EU, while anti-crypto scrutiny may discourage DeFi’s growth in the U.S., say Daniel Csefalvay and Eric Martin at BCLP.

  • Mitigating The Risk Of Post-Closing M&A Earnout Disputes

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    Today's uncertain deal environment makes a well-crafted earnout an excellent way for parties to accomplish a desired transaction that would not otherwise occur, but transacting parties also need to take key steps to avoid the risk of post-closing disputes that earnouts can present, say Chad Barton and Claire Lydiard at Holland & Knight.

  • NY's Revamped Card Surcharge Ban Is Unique Among States

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    Newly revised New York legislation bolsters the state's ban on credit card surcharges, potentially reinvigorating similar laws across the country despite the fact that many of them have been ruled unconstitutional, say Tom Witherspoon and Audrey Carroll at Stinson.

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