Banking

  • June 24, 2024

    JPMorgan Should Save Data Sob Story For Feds, Argus Says

    TransUnion and its data unit Argus Information & Advisory Services have told a Delaware federal judge that they plan to seek dismissal of a JPMorgan Chase & Co. lawsuit tied to their recent $37 million settlement with the government over claims that Argus misused credit card data it was collecting from banks on regulators' behalf.

  • June 24, 2024

    Mortgage Co. Fights To End Borrowers' RICO 'Smear' Suit

    United Wholesale Mortgage has urged a Michigan federal judge to toss a putative class action claiming it violated the Racketeer Influenced and Corrupt Organizations Act by forcing brokers to originate loans through UWM, arguing the suit is an illegitimate "smear" attempt to tarnish UWM's reputation to benefit hedge fund short-sellers.

  • June 24, 2024

    Julie Chrisley To Be Resentenced, But Convictions Stand

    The Eleventh Circuit on Friday upheld the tax evasion and fraud convictions of former reality TV stars Todd and Julie Chrisley, but ordered a Georgia federal judge to resentence Julie Chrisley after finding that the judge failed to fully explore her discrete role in the $36 million scheme.

  • June 24, 2024

    OCC Eyes Post-SVB Revamp To Recovery Planning Standards

    The Office of the Comptroller of the Currency moved Monday to beef up its enforceable guidelines on recovery planning for large banks, issuing a set of proposed changes that would include extending them to banks in the same size range as Silicon Valley Bank and other lenders that failed last year.

  • June 24, 2024

    PNC Beats ERISA Suit After Class Expert Found Unreliable

    PNC escaped a certified class action alleging it let employee retirement fund participants pay excessive fees after a Pennsylvania federal judge on Friday ruled that an expert witness who calculated $25 million in damages for the class of current and former employees wasn't reliable.

  • June 24, 2024

    Pa. Court OKs $3.65M Deal On Student Loan 'Pay-To-Pay' Fees

    A Pennsylvania federal judge said Monday that she would give her final approval to a $3.65 million settlement of claims that loan servicer Educational Computer Systems Inc. had improperly charged payment fees on hundreds of thousands of federally-backed student loans.

  • June 24, 2024

    Chase, Florida Law Firm Settle $100K Wire Theft Suit

    JPMorganChase Bank NA and Florida-based law firm Frank A. Rubino Esq. PA have agreed to settle a suit accusing the financial services giant of negligence by failing to prevent a $100,000 payment that a client mistakenly sent a fraudster.

  • June 24, 2024

    3rd Circ. Seems Ready To Send Experian Row To Arbitration

    A Third Circuit panel on Monday appeared poised to send a Fair Credit Reporting Act lawsuit against Experian to arbitration, questioning whether a plaintiff's dispute over applying an arbitration agreement with an Experian-related credit-monitoring service fell under the "scope" disputes that would also get decided by an arbitrator.

  • June 21, 2024

    4 Big Banks Cited For 'Living Will' Weaknesses By Fed, FDIC

    Federal regulators said Friday that half of the nation's largest U.S. banks will need to shore up weaknesses identified in their most recent "living wills," plans that detail how they could be resolved quickly and safely in the event of severe distress or failure.

  • June 21, 2024

    FDIC Creates Offices To Investigate Workplace Misconduct

    The Federal Deposit Insurance Corp.'s board of directors on Friday approved the creation of two new independent offices to investigate complaints of sexual harassment, discrimination and other misconduct within the agency, which was accused of fostering a toxic workplace culture.

  • June 21, 2024

    Crypto Vet With FTX Ties Launches Fintech Policy Think Tank

    Former congressional hopeful and cryptocurrency veteran Michelle Bond announced her formation of fintech policy think tank Digital Future, making a return to financial services policy after the recent sentencing of her partner, former FTX executive Ryan Salame, and FTX-linked donations to her 2022 campaign.

  • June 21, 2024

    FDIC Approves 1st Industrial Bank Application In Years

    The Federal Deposit Insurance Corp. said Friday that it has approved plans from Thrivent Financial to create Thrivent Bank, making it the first new industrial bank to receive a green light from the agency during the Biden administration.

  • June 21, 2024

    Claims Trimmed In Neb. Tribe's Debt Collection Suit

    A federal judge partially dismissed a Nebraska tribe's challenge to the Indian Health Service that claims the federal government repeatedly tried to collect millions on an already paid debt, saying its allegations over the validity of the 2017 agreement are barred by the Contract Disputes Act's one-year statute of limitations.

  • June 21, 2024

    Chase Didn't Stop Fraudulent Transfers, Fla. Biz Owner Says

    Chase Bank has been sued in Miami-Dade County state court, accused of negligence by a business owner who alleged that the bank failed to stop more than $445,000 that was drained from his accounts in a series of fraudulent wire transfers earlier this year.

  • June 21, 2024

    Former CEO Wins Unpaid Benefits Suit Against Credit Union

    A Connecticut federal judge granted a win to a former CEO claiming a credit union refused to fully pay out his retirement benefits after he was abruptly fired over his Parkinson's disease diagnosis, saying he put forward enough detail to connect his termination with his disability.

  • June 21, 2024

    Paul Hastings Bankruptcy Ace Joins Greenberg Traurig

    Greenberg Traurig LLP added a Houston-based veteran bankruptcy attorney from Paul Hastings as a new shareholder.

  • June 21, 2024

    Russian Bank Founder Hit With Asset Freeze In $850M Claim

    A London judge froze the assets of the co-founder of a Russian bank in a hearing Friday, in the latest development of an $850 million fraud claim in which two Russian lenders are seeking to claw back allegedly embezzled funds.

  • June 21, 2024

    9/11 Firm Consultant Acted Alone In Depo Leak, 2nd Circ. Told

    A New York law firm representing victims of the 9/11 terrorist attacks in a multidistrict litigation told the Second Circuit that a consultant who leaked a deposition transcript to the press acted by himself, asking an appellate panel to reverse millions of dollars in sanctions.

  • June 21, 2024

    UK Litigation Roundup: Here's What You Missed In London

    This past week in London has seen JD Wetherspoon sue a Welsh pub over its name in the Intellectual Property Court, ex-professional boxer Amir Khan and his wife file libel action against an influencer, the Performing Right Society hit with a competition claim over music licensing, and Manolete Partners bring action against the directors of a bust investment firm. Here, Law360 looks at these and other new claims in the U.K.

  • June 21, 2024

    Attys Eye $1.4M Slice Of State Street Retirement Plan Deal

    Class counsel are requesting a one-third cut from a $4.3 million settlement with State Street Corp. to resolve claims the bank stocked its employees' 401(k) plan with imprudent funds that it managed or that were run by its subsidiaries or affiliates.

  • June 20, 2024

    5th Circ. Starts Clock For Redo Bid In CFPB Payday Rule Case

    The Fifth Circuit said Wednesday that payday lender trade groups will have an opportunity to ask for another shot at litigating the validity of the Consumer Financial Protection Bureau's payday lending rule after their constitutional challenge fell flat at the U.S. Supreme Court.

  • June 20, 2024

    Trump Calls For Engoron's Recusal In Civil Fraud Case

    Former President Donald Trump and other defendants fighting a $465 million civil fraud judgment called on New York Supreme Court Justice Arthur Engoron to recuse himself Thursday in light of a once-suspended real estate attorney's recent judicial misconduct claims, which have since sparked a judicial investigation.

  • June 20, 2024

    FDIC Expands Requirements For Big-Bank Resolution Plans

    The Federal Deposit Insurance Corp. on Thursday adopted expanded resolution-planning requirements for large banks and approved a measure intended to cut down on delays in the agency's handling of bank merger applications.

  • June 20, 2024

    Colo.'s Opt-Out Interest Rate Law Halted In Trade Group Suit

    A Colorado federal judge has temporarily barred the state from imposing more restrictive interest rate caps on consumer loans made by banks located outside of Colorado, siding with a coalition of lending groups seeking to invalidate a 2023 law aimed at reining in high-cost online loans.

  • June 20, 2024

    Oprah Special Hiked Viacom Price, Archegos Trader Concedes

    An attorney for Archegos Capital Management LP founder Bill Hwang attempted Thursday to undercut testimony that the hedge fund boss had total control over his portfolio companies, getting a key cooperator to agree that ViacomCBS Inc.'s share price was at one point boosted by Oprah Winfrey's interview with Prince Harry and Meghan Markle.

Expert Analysis

  • Novel Applications May Fizzle After Fed Master Account Wins

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    Two recent federal court rulings that upheld decisions denying master account applications from two fintech-focused banks are noteworthy for depository institutions with novel charters that wish to have direct access to the Federal Reserve's payment channels and settle transactions in central bank money, say attorneys at Davis Polk.

  • Exploring An Alternative Model Of Litigation Finance

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    A new model of litigation finance, most aptly described as insurance-backed litigation funding, differs from traditional funding in two key ways, and the process of securing it involves three primary steps, say Bob Koneck, Christopher Le Neve Foster and Richard Butters at Atlantic Global Risk LLC.

  • Devil's In The Details On FDCPA, Article III Standing

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    The Third Circuit’s recent decision in Barclift v. Keystone Credit Services concerning the alleged harm needed to support a class action under the Fair Debt Collection Practices Act is in line with other circuits' interpretations of Article III of the Constitution, notwithstanding disagreement over the minutiae of a proper Article III analysis, says Nick Agnello at Burr & Forman.

  • Global Bribery Probes Are Complicating FCPA Compliance

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    The recent rise in collaboration between the U.S. Department of Justice and foreign authorities in bribery enforcement can not only affect companies' legal exposure as resolution approaches vary by country, but also the decision of when and whether to disclose Foreign Corrupt Practices Act violations to the DOJ, say Samantha Badlam and Catherine Conroy at Ropes & Gray.

  • Series

    Teaching Yoga Makes Me A Better Lawyer

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    Being a yoga instructor has helped me develop my confidence and authenticity, as well as stress management and people skills — all of which have crossed over into my career as an attorney, says Laura Gongaware at Clyde & Co.

  • A Vision For Economic Clerkships In The Legal System

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    As courts handle increasingly complex damages analyses involving vast amounts of data, an economic clerkship program — integrating early-career economists into the judicial system — could improve legal outcomes and provide essential training to clerks, say Mona Birjandi at Data for Decisions and Matt Farber at Secretariat.

  • Opinion

    State-Regulated Cannabis Can Thrive Without Section 280E

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    Marijauna's reclassification as a Schedule III-controlled substance comes at a critical juncture, as removing marijuana from being subjected to Section 280E of the Internal Revenue Code is the only path forward for the state-regulated cannabis industry to survive and thrive, say Andrew Kline at Perkins Coie and Sammy Markland at FTI Consulting.

  • 4 Sectors Will Likely Bear Initial Brunt Of FTC 'Junk Fees' Rule

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    If the Federal Trade Commission adopts its comprehensive proposed rule to ban unfair or deceptive fees across the U.S. economy, many businesses — including those in the lodging, event ticketing, dining and transportation sectors — will need to reexamine the way they market and price their products and services, say attorneys at Skadden.

  • What Lies Behind Diverging US And UK Insolvency Trends

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    Contrasting U.K. and U.S. insolvency trends highlight the importance of policy interventions in shaping consumer financial outcomes and economic recovery, and while the U.K.'s approach seems to have mitigated issues, the U.S. faces challenges exacerbated by economic conditions and policy transitions, says Thomas Curran at Thomas H. Curran Associates.

  • Liquidity Risk Management Tops NCUA Exam Priorities

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    As credit unions map their regulatory initiatives and audit plans, they should look to the National Credit Union Administration’s annual supervisory priorities, which include five important examination areas, including liquidity management and interest rate risk, say Juan Arciniegas and Judy Chen at Chapman and Cutler.

  • Del. Ruling Highlights M&A Deal Adviser Conflict Disclosures

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    The Delaware Supreme Court recently reversed the Court of Chancery's dismissal of challenges to Nordic Capital's acquisition of Inovalon, demonstrating the importance of full disclosure of financial adviser conflicts when a going-private merger seeks business judgment rule review, say attorneys at Debevoise.

  • Key Antitrust Class Certification Questions Remain Unclear

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    The U.S. Supreme Court, by recently rejecting certiorari in Visa v. National ATM, turned down the opportunity to clarify how to analyze disputed evidence bearing on the certification of antitrust class actions, leaving the applicable standards unclear instead of resolving this split of authority, says Jonathan Berman at Jones Day.

  • Action Steps To Address New Restrictions On Outbound Data

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    Companies should immediately assess all their data-based operations so they can consider strategies to effectively mitigate new compliance risks brought on by recently implemented transaction restrictions, including a Justice Department proposal and landmark data legislation, say attorneys at Wiley.

  • E-Discovery Quarterly: Recent Rulings On Text Message Data

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    Electronically stored information on cellphones, and in particular text messages, can present unique litigation challenges, and recent court decisions demonstrate that counsel must carefully balance what data should be preserved, collected, reviewed and produced, say attorneys at Sidley.

  • CFPB Reality Check: Video Game Cash Is Still Money

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    The Consumer Financial Protection Bureau's recent report examining payments within online video games indicates that financial services offered within the game marketplace are quickly evolving to the point where they are indistinguishable from traditional financial services subject to regulation, say attorneys at Sheppard Mullin.

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