Banking

  • March 25, 2024

    Trump Gets Late Reprieve After Failing To Post $465M Bond

    A New York appellate panel said Monday that Donald Trump can pause enforcement of the state attorney general's $465 million civil fraud judgment by posting just $175 million while he appeals, after the former president complained that he was unable to secure a bond for the entire amount.

  • March 25, 2024

    FTX Clawbacks Unlikely To Help Bankman-Fried At Sentencing

    FTX founder Sam Bankman-Fried probably won't find much success in arguing for a shorter prison term based on the billions of dollars recovered by the shuttered crypto exchange's bankruptcy estate, experts told Law360 ahead of this week's much-anticipated sentencing hearing.

  • March 22, 2024

    OCC Fines Sterling Bank's Ex-COO $150K For Lax Oversight

    The former president of Michigan-based Sterling Bancorp Inc. has been ordered to pay $150,000 by the Office of the Comptroller of the Currency for allegedly failing to properly oversee the bank's Advantage Loan Program, which presented "high risks for fraud, money laundering, and lending misconduct."

  • March 22, 2024

    Bank Beats Whistleblower Suit Alleging CEO Spread COVID-19

    Bank Hapoalim BM and the CEO of its New York branch has beaten, for now, an ex-employee's federal sex discrimination allegations after a Manhattan federal judge found that her suit hadn't shown how she'd suffered retaliation after complaining that her boss gave dozens of employees COVID-19.

  • March 22, 2024

    Feds Delay Community Lending Assessment Change To 2026

    Federal banking regulators have pushed back a looming implementation date for part of their revamped community lending rules, delaying the roll-out of certain changes in a move that is raising fresh criticism of the rulemaking amid an industry-backed legal challenge.  

  • March 22, 2024

    US Bank Ends $3.5B RMBS Trusts Suits Against BofA, Others

    U.S. Bank on Friday notified a New York federal judge it permanently discontinued two lawsuits against First Franklin Financial, Merrill Lynch Mortgage and Bank of America relating to substandard loans in residential mortgage-backed securities trusts worth $3.5 billion, two years after the parties reached a conditional settlement.

  • March 22, 2024

    WisdomTree Nabs New York Trust Company Charter

    Asset management firm WisdomTree announced Friday that it's received a New York trust company charter, allowing it to expand its personal finance service and issue two of its stablecoins in New York.

  • March 22, 2024

    9th Circ. Sends OppFi Predatory Lending Suit To Arbitration

    The Ninth Circuit has sent a proposed class action accusing Opportunity Financial LLC of issuing usurious loans back to the district court, ordering it to grant the lender's bid for arbitration after finding the lower court erred in ruling that the company's arbitration clause is "substantively unconscionable."

  • March 22, 2024

    5th Circ. Lifts SEC Climate Rule Stay After 8th Circ. Lottery Win

    The Fifth Circuit on Friday lifted a temporary block on the implementation of the U.S. Securities and Exchange Commission's new emissions reporting requirements, following the selection of the Eighth Circuit as the venue for consolidated proceedings of the various suits about the agency's controversial rules.

  • March 22, 2024

    Trims Recommended In Zelle Fraud Victims' Case Against BofA

    A North Carolina federal magistrate judge has recommended trimming claims in a proposed class action that alleges Bank of America NA didn't compensate for or adequately investigate scammers' unauthorized Zelle transactions despite assurances to victims who lost thousands of dollars.

  • March 22, 2024

    Feds Reach Deal To Seize, Sell FTX Executive Jets

    Federal prosecutors Friday told a New York federal judge they have reached a deal to seize and sell private jets intended to take convicted fraudster Sam Bankman-Fried and top executives of his bankrupt cryptocurrency exchange FTX to and from the company's Bahamian headquarters.

  • March 22, 2024

    Businessman Indicted Over Hiding Of $20M In Swiss Accounts

    A Brazilian-American businessman accused by the government in a criminal complaint of hiding $20 million from the Internal Revenue Service over 35 years by using Swiss bank accounts was indicted by a federal grand jury in Miami and charged with tax evasion, according to a Florida federal court.

  • March 22, 2024

    Fleetcor, Ga. Man Agree To Settle Reimbursement Denial Row

    A Georgia man claiming a payment processing company wrongfully denied him reimbursement for funds stolen from his bank account has agreed to settle his suit with the parent company Fleetcor Technologies Inc. in Georgia federal court.

  • March 22, 2024

    Del. Courts Examining 'Colonoscopy'-Like Bylaw Rules

    Invasive advance-notice bylaws that some observers say make shareholder board nominations as intrusive as a "colonoscopy" are reviving old questions in Delaware courts about how far boards can go to protect themselves against shareholder activism.

  • March 21, 2024

    Silvergate Must Face Investor Suit Over FTX Ties, Judge Says

    The now-defunct Silvergate Bank and its CEO must face a proposed class action brought by customers of bankrupt cryptocurrency exchange FTX, a California federal judge ruled Wednesday, finding that Silvergate owed a duty to FTX customers and that its conduct harmed them.

  • March 21, 2024

    Wisconsin Gov. Signs Earned Wage Access Bill Into Law

    Wisconsin on Thursday solidified a licensing framework for so-called earned wage access services when Gov. Tony Evers signed a state law regulating the cash-advance products.

  • March 21, 2024

    CFPB Wants Late-Fee Suit In DC As Judge Notes Busy Docket

    The Consumer Financial Protection Bureau on Thursday asked a Texas federal judge to move a challenge to its new credit card late-fee rule to a Washington, D.C., federal court, a day after the court denied a bid for an immediate injunction brought by a trade group coalition suing to overturn the rule.

  • March 21, 2024

    Navy Federal Wants Racial Lending Discrimination Suit Axed

    Navy Federal Credit Union on Thursday urged a Virginia federal court to toss a consolidated proposed class action accusing it of racial lending discrimination following a CNN report last year, arguing the plaintiffs have not shown that they were qualified for the loans they applied for, or that the credit union considered race when denying their applications.

  • March 21, 2024

    Chief Of Bogus PE Firm Gets 6 Years For $10M Affinity Fraud

    The Colorado-based CEO of a purported investment firm faces nearly six years in prison after pleading guilty to securities fraud in connection with a $10.4 million scheme targeting West Point grads and involving claims he planned to invest in a trio of Italian cycling companies.

  • March 21, 2024

    Conn. Judge Awards $59M Damages Payment In Crypto Feud

    A Connecticut state court judge has ordered an overseas business partner and his companies to pay $59.4 million to a bitcoin mining venture after he allegedly lied about both his criminal history and the legal woes of several other companies he controls while siphoning revenue and causing lost profits.

  • March 21, 2024

    Wells Fargo Overcharged Military Members, Suit Says

    Wells Fargo was hit with a potential class action Wednesday alleging that the bank violated federal law and broke a program's promises by overcharging active duty military members in fees and interest while trying to hide the indiscretion.

  • March 21, 2024

    Unabomber Prosecutor To Probe FTX's Sullivan & Cromwell Ties

    The Delaware bankruptcy court overseeing the Chapter 11 case of FTX Trading Ltd. has approved the appointment of a former federal prosecutor, whose experience includes work on the Unabomber case, to delve into accusations Sullivan & Cromwell is conflicted as debtor's counsel.

  • March 21, 2024

    Barings' Exec Helped Raid Employees To Join Rival, Suit Says

    A former executive of the investment firm Barings LLC is accused of joining a rival firm who together conspired to hire away 21 Barings employees and then offered to buy the decimated Barings unit for "on the dollar" in "one of the largest corporate raids at an asset manager in years," a suit alleges.

  • March 21, 2024

    CFPB Head Sees Flaws In Capital One-Discover Deal Rationale

    The head of the Consumer Financial Protection Bureau pushed back on Thursday against the notion that an industry's biggest firms must be put in check through mergers between other large players in that sector, offering an indirect rebuttal to the reasoning floated by Capital One in its bid to buy Discover Financial for $35.3 billion.

  • March 21, 2024

    The LA Boutique Repping MLB's Ohtani Amid Betting Scandal

    An unfolding sports betting scandal has prompted Los Angeles Dodgers superstar Shohei Ohtani to lawyer up, enlisting the West Hollywood boutique Berk Brettler LLP to advise him in a saga that has already led the club to fire his longtime interpreter.

Expert Analysis

  • Bank M&A Considerations Amid 2024's Regulatory Uncertainty

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    Following the decline in banking mergers to the lowest level in more than a decade last year, receptiveness to community bank combinations and positive macroeconomic factors may help banks with less than $50 billion in assets see increased deal-making opportunities this year, despite regulatory uncertainty, say Robert Azarow and Amber Hay at Arnold & Porter.

  • Lessons From Country Singer's Personal Service Saga

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    Recent reports that country singer Luke Combs won a judgment against a Florida woman who didn’t receive notice of the counterfeit suit against her should serve as a reminder for attorneys on best practices for effectuating service by electronic means, say attorneys at Jenner & Block.

  • What To Expect From High Court In Corp. Disclosure Case

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    Oral argument in Macquarie v. Moab Partners — a case with the potential to significantly alter corporate disclosures and private securities litigation liability — suggests that the U.S. Supreme Court is focused on answering the narrow question presented, say Elizabeth Gingold Clark and Madeleine Juszynski Davidson at Alston & Bird.

  • 11 Noteworthy CFPB Developments From 2023

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    Under Rohit Chopra’s leadership, 2023 was an industrious year for the Consumer Financial Protection Bureau, with developments including the release of the proposed personal financial data rights rule, publication of proposed rules involving public registries for nonbanks and the bureau's continuous battle against junk fees, all of which are sure to further progress in 2024, say attorneys at Husch Blackwell.

  • Unpacking PCAOB's Sanctions Against China-Based Auditors

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    Following the Public Company Accounting Oversight Board's first major enforcement actions against audit firms located in China and Hong Kong for violating quality control standards, China-based U.S. issuers should be prepared for more rigorous audits in the upcoming cycle, and for continuing strict scrutiny from the regulator, say attorneys at Debevoise.

  • Series

    NC Banking Brief: All The Notable Legal Updates In Q4

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    Two new North Carolina financial services laws went into effect in the fourth quarter of 2023 that amended the state's Retail Installment Sales Act and Consumer Finance Act, increasing the maximum interest rates and default late charges that may be assessed for loans, says Gursharon Shergill at Wagner Hicks.

  • 3 Areas Of Focus In Congressional Crosshairs This Year

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    Companies must prepare for Congress to build on its 2023 oversight priorities this year, continuing its vigorous inquiries into Chinese company-related investments, workplace safety and labor relations issues, and generative artificial intelligence, say attorneys at Morgan Lewis.

  • NY CRE Lenders Need Clarity On Foreclosure Standing

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    Recent contradictory New York case law regarding issues of standing in commercial real estate litigation creates confusion for borrowers and lenders alike, and should be addressed by courts in advance of the anticipated onslaught of commercial mortgage-backed securities foreclosures, say Christopher Gorman and John Muldoon at Rosenberg & Estis.

  • Series

    Baking Bread Makes Me A Better Lawyer

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    After many years practicing law, and a few years baking bread, I have learned that there are a few keys to success in both endeavors, including the assembly of a nourishing and resilient culture, and the ability to learn from failure and exercise patience, says Rick Robinson at Reed Smith.

  • 3 Key Class Action Trends To Use As Guidance In 2024

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    Telephone Consumer Protection Act, privacy and false advertising class actions saw significant shifts last year — including a trend toward expanding the application of preexisting laws to current technologies — that businesses should keep in mind to navigate the class action landscape in 2024, say attorneys at Mintz.

  • Federal Courts And AI Standing Orders: Safety Or Overkill?

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    Several district court judges have issued standing orders regulating the use of artificial intelligence in their courts, but courts should consider following ordinary notice and comment procedures before implementing sweeping mandates that could be unnecessarily burdensome and counterproductive, say attorneys at Curtis.

  • Time To Step Up PFAS Due Diligence In Cross-Border M&A

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    Regulations in the U.S. and EU governing per- and polyfluoroalkyl substances will likely evolve to become global standards out of necessity and scale, so PFAS due diligence — particularly for buyers, sellers, and lenders and investors involved in multijurisdictional mergers and acquisitions — will be essential in 2024, say attorneys at Shipman & Goodwin.

  • Series

    NY Banking Brief: All The Notable Legal Updates In Q4

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    New York's banking and financial sector saw a number of notable regulatory and legislative changes in the final quarter of 2023, including guidance on climate risks and heightened cybersecurity protocols issued by the New York State Department of Financial Services, as well as final revisions to virtual currency listings in the state, say attorneys at WilmerHale.

  • What FTC CARS Rule Means For Auto Dealers And Lenders

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    A newly finalized Federal Trade Commission rule is aimed at changing how auto dealers interact with customers in the financing process, but will likely also affect banks and finance companies — and consequences for lenders and servicers have been amplified by recent Consumer Financial Protection Bureau enforcement actions, say attorneys at Morgan Lewis.

  • Bill Could Pave Path To 'Safer' Banking For Cannabis Industry

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    The Secure and Fair Enforcement Regulation, or SAFER, Banking Act, which was recently passed by a U.S. Senate committee, creates potential for financial inclusion of legally operating cannabis businesses and could promote recognition of the disconnect between federal laws and services unavailable to the industry, says Mark Bell at Stinson.

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