Banking

  • February 07, 2024

    Fintech Group Wants CFPB To Regulate Earned-Wage Access

    A fintech industry group urged the Consumer Financial Protection Bureau on Wednesday to undertake a formal rulemaking process for the regulation of so-called earned-wage access services, decrying a developing, state-level patchwork of regulations on the industry.

  • February 07, 2024

    Trump Trial Judge Gets Little Info On Exec's Alleged Perjury

    An attorney for Donald Trump and his companies' former chief financial officer Allen Weisselberg told the New York state judge presiding over their civil fraud trial Wednesday that she could not respond to "unsubstantiated" reports that the ex-CFO was in plea negotiations for allegedly lying on the stand, citing her ethical obligations.

  • February 07, 2024

    Judge Says Antitrust Claims Against Suns Owner Fall Short

    A magistrate judge has recommended that a Florida federal court toss a mortgage broker's antitrust case against the owner of the NBA's Phoenix Suns and his company United Wholesale Mortgage, saying the claims fail to allege competition was blocked.

  • February 07, 2024

    3rd Circ. Says Bankruptcy Claim Didn't Break Small Loan Law

    The Third Circuit said Wednesday that a debt collector didn't violate a law prohibiting extortionate rates on small loans by seeking to collect the balance of a man's debts through a claim in his bankruptcy after it had been written off by his original lender.

  • February 07, 2024

    Ill. Atty's Conviction Over Embezzlement Scheme Sticks

    A former attorney who cried "wolf" over the government preventing him from adequately preparing for trial cannot unwind his conviction for misappropriating a now-shuttered bank's embezzled funds and lying about his assets, an Illinois federal judge ruled Tuesday.

  • February 07, 2024

    Bybit Wants $953M FTX Suit Axed For 'Threadbare' US Ties

    Cryptocurrency exchange Bybit Fintech Ltd. has urged a Delaware bankruptcy judge to throw out an FTX lawsuit that aims to recover $953 million that Bybit and affiliates allegedly raced to withdraw before FTX collapsed, arguing that the case has "no connection" to the U.S. and even if it did, FTX's claims all fail.

  • February 07, 2024

    6 Charged With Defrauding Court-Appointed Attorneys

    Six defendants were charged in Brooklyn federal court with stealing and cashing checks that were meant for court-appointed attorneys' legal work, prosecutors announced Wednesday.

  • February 07, 2024

    Ex-Wilmer Partner Among Biden's Latest District Court Picks

    President Joe Biden announced four judicial nominees on Wednesday morning to serve in district courts in New York, California and South Dakota.

  • February 06, 2024

    Feds Say Mukasey Repping SBF, Mashinsky Possible Conflict

    Prosecutors alerted a New York federal judge Tuesday about a possible conflict stemming from Sam Bankman-Fried's recent hiring of Marc Mukasey, who also represents Celsius founder Alex Mashinsky in his criminal proceedings, noting Celsius lent money to Alameda Research, which repaid some of the loans using FTX's customer funds.

  • February 06, 2024

    SDNY Whistleblower Program Promises Rewards, Carries Risk

    A new whistleblower pilot program for corporate fraud and public corruption from the Manhattan U.S. Attorney's Office marks a significant departure from the district's traditional approach, but potential participants risk self-incrimination if they offer information the government already knows, former prosecutors warned.

  • February 06, 2024

    Mast Capital Snags $600M Construction Loan For Miami Tower

    Florida real estate development and investment firm Mast Capital said Tuesday it has secured a $600 million loan for the construction of Cipriani Residences Miami, a condominium tower to be built in the city's Brickell neighborhood.

  • February 06, 2024

    Fed Lifts Actions Against BNP Paribas, Tiny FTX-Linked Bank

    The Federal Reserve Board has ended enforcement actions it brought against Washington-based Farmington State Bank and France's BNP Paribas, the regulator announced Tuesday.

  • February 06, 2024

    Yellen Stays Mum On Bank Capital Hikes Amid House Grilling

    U.S. Treasury Secretary Janet Yellen played her cards close to the vest at a House hearing on Tuesday as lawmakers pressed her to weigh in on federal banking regulators' so-called Basel III endgame proposal, a plan she repeatedly declined to criticize — or even endorse.

  • February 06, 2024

    Processor Underpaid Us On Tribal Accounts, Tech Co. Says

    A Las Vegas technology company is accusing a payment processor of neglecting an agreement to pay it a portion of interchange fees on merchant transactions, including thousands of dollars made from patrons of tribal hotels, casinos, shops and restaurants.

  • February 06, 2024

    Judge Says $1.4M Brokerage Employment Case Stays In Court

    Holding that an employment contract's FINRA arbitration provisions don't block state courts from considering prejudgment remedy requests, a Connecticut state court judge has agreed to proceed with a $1.4 million placeholder application against a former employee of a brokerage who is accused of siphoning business from the firm.

  • February 06, 2024

    SEC Expands Dealer Rule To Proprietary Traders, Private Funds

    A divided U.S. Securities and Exchange Commission passed a pair of rules Tuesday that now include proprietary trading firms and some hedge funds in its definition of securities dealers, expanding the agency's oversight authority that one dissenting commissioner called "another salvo in the commission's war on private funds."

  • February 06, 2024

    NY Judge Wants Info On Perjury Probe Of Trump Lieutenant

    A New York state judge weighing the evidence in Donald Trump's civil fraud trial demanded more information Tuesday about reports that a key trial witness, former Trump Organization Chief Financial Officer Allen Weisselberg, is facing perjury charges for his testimony in the case.

  • February 06, 2024

    International Unity Needed To Seize Russian Assets, EU Says

    Europe would have to coordinate closely internationally with the Group of Seven nations to confiscate frozen Russian state assets, the European Commission said Tuesday.

  • February 05, 2024

    Ex-Goldman Banker Settles SEC's Civil Insider Trading Suit

    The U.S. Securities and Exchange Commission has reached a settlement resolving its civil claims against a former Goldman Sachs banker convicted of insider trading, according to a motion for consent judgment filed in New York federal court Monday.

  • February 05, 2024

    Volta Investor Attys Denied Fees For 'Moot' Disclosure Case

    A New York federal judge has declined to award fees to lawyers who represented a Volta Inc. investor who sued the electric vehicle company over allegedly inadequate disclosures related to a potential acquisition, saying the disclosures the company later provided because of the suit didn't give the investing public any new or useful information.

  • February 05, 2024

    Catching Up With Delaware's Chancery Court

    Last week, Delaware's chancellor gave us 55 billion reasons to keep an eye on the First State in a case involving Tesla CEO Elon Musk's pay package, while the court of equity also took on cryptocurrency, artificial intelligence, space flight and country music.

  • February 05, 2024

    Apple Calls Crypto Payment App Claims 'Demonstrably False'

    Apple has asked a California federal court to toss a proposed class action claiming its agreements with Apple Cash competitors illegally limit competition by blocking decentralized cryptocurrency technology, arguing that technology is not actually blocked and is in fact available on Apple's App Store.

  • February 05, 2024

    3rd Circ. Preview: Mail-In Ballot Case Headlines February

    Topping the list of Third Circuit arguments in February is a Pennsylvania case presenting the familiar issue of whether undated or misdated outer envelopes for mail-in ballots should count as valid votes.

  • February 05, 2024

    Bank Groups Sue To Overturn New Community Lending Rules

    The Federal Reserve and other banking agencies were sued Monday in Texas federal court over their recent revamp of rules intended to spur bank lending in underserved communities, an overhaul that a coalition of banking industry trade groups alleges violated federal law and must be set aside.

  • February 05, 2024

    Ex-Exec Slams Wells Fargo's Bid To Escape ADA Suit

    A former Wells Fargo investment director has urged a North Carolina judge not to grant the bank's bid for summary judgment in his disability bias suit, saying there is a significant paper trail indicating he was fired for more nefarious reasons than merely a reduction in force.

Expert Analysis

  • A Difficult Year For CRE, But Future May Be Brighter

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    2023 was a challenging year for the commercial real estate industry, marked by significant uncertainty, but market pressure and signs of rising interest rates provide some reasons to be cautiously optimistic for the year ahead as pandemic headwinds and gridlock fade away, say attorneys at Ropes & Gray.

  • In The World Of Legal Ethics, 10 Trends To Note From 2023

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    Lucian Pera at Adams and Reese and Trisha Rich at Holland & Knight identify the top legal ethics trends from 2023 — including issues related to hot documents, artificial intelligence and cybersecurity — that lawyers should be aware of to put their best foot forward.

  • Strategies For Wire Fraud Prevention As Risk Is On The Rise

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    Wire transfer fraud is increasingly affecting investment managers, nonbank fintech companies and their clients, but there are steps financial institutions can take to mitigate this increasing risk, like testing cybersecurity effectiveness and sending fake phishing emails, says Casey Jennings at Seward & Kissel.

  • Fed's New Swipe At Debit Fees Stirs Up Dilemma For Banks

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    The Federal Reserve's proposal to reduce the cap on debit card interchange fees charged or received by card issuers and payment networks comes as other bank account fees are taking regulatory hits, which could all culminate in an overall decline in access to banking products and services, says Kristen Larson at Ballard Spahr.

  • SEC, NY Cybersecurity Rules Create Complexity For Insurers

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    Two separate cybersecurity rules recently adopted by the New York Department of Financial Services and the U.S. Securities and Exchange Commission pose distinct challenges for insurance industry participants, with important interactions, and potential tensions, for those required to comply with both frameworks, say attorneys at Debevoise.

  • How Attorneys Can Be More Efficient This Holiday Season

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    Attorneys should consider a few key tips to speed up their work during the holidays so they can join the festivities — from streamlining the document review process to creating similar folder structures, says Bennett Rawicki at Hilgers Graben.

  • Top 10 Whistleblowing And Retaliation Events Of 2023

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    The U.S. Securities and Exchange Commission and federal and state courts made 2023 another groundbreaking year for whistleblower litigation and retaliation developments, including the SEC’s massive whistleblower awards, which are likely to continue into 2024 and further incentivize individuals to submit tips, say attorneys at Proskauer.

  • A Look At FedNow Liability Allocation And A 4th Circ. Toss-Up

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    Dsu-Wei Yuen and Andrew Lorentz at Davis Wright break down the current legal requirements that are directly applicable to common electronic payment systems like FedNow and Automated Clearing House and how they could be affected by a decision in Studco v. 1st Advantage Credit Union, currently on appeal in the Fourth Circuit.

  • Series

    Children's Book Writing Makes Me A Better Lawyer

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    Becoming a children's book author has opened doors to incredible new experiences of which I barely dared to dream, but the process has also changed my life by serving as a reminder that strong writing, networking and public speaking skills are hugely beneficial to a legal career, says Shaunna Bailey at Sheppard Mullin.

  • The State Of CFPB Focus On Credit Reporting Of Medical Debt

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    An increase in credit reporting complaints and the Consumer Financial Protection Bureau's recent annual report on the Fair Debt Collection Practices Act — which focuses on medical debt in credit reporting — are both evidence of the fact that the bureau will continue to prioritize oversight of credit reporting of medical debt, says Kristen Watson at Burr & Forman.

  • Parsing 2023's Energy Markets Enforcement

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    A review of the Federal Energy Regulatory Commission's and Commodity Futures Trading Commission's recently released fiscal year 2023 enforcement reports highlight the significant energy market enforcement activities, litigation pursued and settlements reached by both agencies, as well as their respective strategic goals and focus areas, say attorneys at Morgan Lewis.

  • A Review Of 2023's Most Notable Securities Litigation

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    There is much to be learned from the most prominent private securities cases of 2023, specifically the Tesla trial, the U.S. Supreme Court's Slack decision and the resolution of Goldman Sachs litigation, but one lesson running through all of them is that there can be rewards at the end of the line for defendants willing to go the distance, say attorneys at Fried Frank.

  • ESG Investing Caught In Culture War Crosshairs In 2023

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    As 2023 draws to a close, ESG investing remains a raging battleground in the U.S. culture wars, as illustrated by the array of legislative efforts across the country aimed variously at restricting or promoting the use of ESG investing — but it remains to be seen what practical impact, if any, these laws will have, say Amy Roy and Robert Skinner at Ropes & Gray.

  • 4 Key Ways CFIUS Affected Private Equity In 2023

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    Sponsors and investment professionals should note how escalated enforcement by the Committee on Foreign Investment in the United States in 2023 affected private equity deal making and evaluate their CFIUS-related procedures in preparation for the regulator's reach to expand further next year, say attorneys at Kirkland.

  • 3 FinCEN Fraud Alerts To Remember In 2024

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    With financial fraud now the largest source of illicit proceeds in the U.S., banks should review this year's key Financial Crimes Enforcement Network alerts to ensure their employees know the warning signs of three types of rising scams and understand how to effectively report suspicious activity, says Memrie Fortenberry at Jones Walker.

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