Banking

  • March 01, 2024

    2nd Circ. Won't Revive Ex-Barclays Exec's Whistleblower Suit

    The Second Circuit on Friday affirmed a lower court's decision to toss a whistleblower suit from a former Barclays executive, finding that he didn't sufficiently back up his allegations of retaliation under the Sarbanes-Oxley Act.

  • March 01, 2024

    Pepsi, Kraft And GE Can't Block DEI, Enviro Proxy Proposals

    A division of the U.S. Securities and Exchange Commission has rejected bids from PepsiCo Inc., The Kraft Heinz Co. and General Electric Co. to exclude from their upcoming proxy statements proposals from a conservative think tank on diversity and environmental matters.

  • March 01, 2024

    BofA Trims Zelle Fraud Victims' Suit For Good On 3rd Try

    A California federal judge has again trimmed a lawsuit accusing Bank of America of refusing to reimburse Zelle fraud victims, narrowing the case to a breach of contract claim and denying the plaintiffs another opportunity to rework their complaint.

  • March 01, 2024

    DC Circ. Revives BuzzFeed's Bid For HSBC Laundering Report

    The D.C. Circuit handed former BuzzFeed reporter Jason Leopold a win Friday, reviving his fight to unseal a 2015 report on money laundering at HSBC Bank and remanding the Justice Department's earlier district court summary judgment win in the case.

  • March 01, 2024

    Judge Doubts Drowsy Juror, Mask Rules Warrant New VC Trial

    A California federal judge expressed doubts Friday over claims that self-described "millennial" venture capitalist Michael Rothenberg deserves a new trial because of a drowsy juror and the court's COVID-19 mask rules, saying he disagrees that the juror was asleep and "welcomes" the Ninth Circuit's guidance on courtroom-masking requirements.

  • March 01, 2024

    Off The Bench: NCAA Loses On NIL, DC Wins With Stadium

    In this week's Off The Bench, a judge unlocked the door to name, image and likeness money for college athletes, Shaquille O'Neal's Hollywood debut still rings true three decades later, and D.C. clears an early legislative hurdle in its bid to bring back its namesake NFL team. If you were on the sidelines over the past week, Law360 is here to clue you in on the biggest sports and betting stories that had our readers talking.

  • March 01, 2024

    Colo. Real Estate Brokerage Settles Data Breach Class Claims

    A proposed class settled a data breach lawsuit against a Denver-based real estate brokerage and property management company in Colorado federal court.

  • February 29, 2024

    Amazon Cuts Deals With Mastercard, Banks In Fee MDL

    Amazon told a New York federal court Thursday that it has reached settlement agreements with Mastercard and several banks, after reaching a previous deal with Visa, over allegations that anti-competitive conduct by the card companies and banks caused the online retail giant to overpay for transaction fees.

  • February 29, 2024

    Judge Nixes Enforcement Of 'Fabricated' $88M Award

    An English judge on Thursday set aside his order enforcing a £70 million ($88.4 million) arbitral award against a Kuwaiti bank after concluding the award was a "fabrication" that included "substantial" passages lifted directly from a 2022 decision issued by the High Court.

  • February 29, 2024

    Fed Ends SocGen Money Laundering Compliance Action

    The Federal Reserve Board announced Thursday that it has ended an enforcement action against Société Générale SA for alleged deficiencies in the French bank's compliance with anti-money laundering requirements.

  • February 29, 2024

    Texas Cash Advance Co. Fees Accused Of Usury In Disguise

    Cash advance app FloatMe Corp. has been hit with a proposed class action alleging the company violated Pennsylvania state law by charging fees that amount to unduly high interest rates on its short-term, small-sum loans.

  • February 29, 2024

    Two More Cos. Hit With 'In Concert' Delaware Bylaw Suits

    The number of class actions targeting companies' boards of directors and allegedly "coercive" bylaw provisions continues to grow, as two new investor suits were filed in Delaware's Court of Chancery against Massachusetts payments software company Flywire Corp. and California subscription software company Zuora Inc.

  • February 29, 2024

    House Bill To Undo SEC Crypto Accounting Bulletin Advances

    A bipartisan bill that would undo crypto accounting guidance from the U.S. Securities and Exchange Commission advanced out of the House Financial Services Committee on Thursday, despite concerns from some Democrats that it could have a chilling effect on future SEC guidance.

  • February 29, 2024

    Wells Fargo Trying To Paper Over Sham Sign-Ups, Suit Says

    Wells Fargo was hit Thursday in San Francisco federal court with a class action complaint that alleges the bank surreptitiously enrolled consumers in unwanted account products for years, and is now trying to buy them off on the cheap with murky offers of compensation.

  • February 29, 2024

    TransUnion Pegs Potential DOJ Data Unit Settlement At $37M

    TransUnion has put a $37 million price tag on a possible settlement of a U.S. Department of Justice investigation into a data and analytics business the credit reporting giant purchased, according to a Thursday regulatory filing.

  • February 29, 2024

    Biz Owner's $2.4M FBAR Dispute Paused For Mediation

    The U.S. government and a retired plumbing business owner mutually agreed to a 90-day stay of their $2.4 million tax dispute over foreign bank account reporting while they try to mediate a solution, a Georgia federal judge said Thursday.

  • February 29, 2024

    Discover Deal Prompts Dems To Seek Bank Merger Revamp

    Rep. Maxine Waters, D-Calif., the top Democrat on the House Financial Services Committee, and 15 other House Democrats are calling on federal bank regulators and the U.S. Department of Justice to quickly crack down on mergers in the wake of Capital One's recently announced $35.3 billion deal to acquire Discover Financial Services.

  • February 29, 2024

    Ga. Man Convicted In $11M PPP Fraud Case Wants New Trial

    An Atlanta man convicted on dozens of charges stemming from an $11 million pandemic loan fraud scheme has asked a Georgia federal judge for a new trial.

  • February 29, 2024

    Deals Rumor Mill: Springer Nature, Warner Bros., ExxonMobil

    Springer Nature's IPO could be valued at $9.7 billion, Warner Bros. has pulled back on Paramount negotiations, and ExxonMobil could fetch $1 billion for Argentinean assets. Here, Law360 breaks down the notable deal rumors from the past week.

  • February 29, 2024

    Munck Wilson Adds IP Lawyer From Wood Smith

    A former Wood Smith Henning & Berman LLP attorney has made the move to Munck Wilson Mandala LLP in Los Angeles, bringing with her a history of working on intellectual property litigation and other commercial matters.

  • February 29, 2024

    SVB Parent's Counsel Booted From Fraud Coverage Row

    The bankrupt parent company of Silicon Valley Bank cannot use Farella Braun & Martel LLP as counsel in litigation over the parent company's claims that it alone must be covered for a fraud scheme that caused over $73 million in losses, a North Carolina federal court ruled.

  • February 29, 2024

    Staples, Subway & More Targeted In App Patent Suits

    Numerous major retailers were sued in Texas federal court, with Communication Interface Technologies LLC alleging that their apps infringe patents on mobile device communications it owns.

  • February 29, 2024

    CFPB Takes Aim At 'Steering' In Credit Card Comparison Tools

    The Consumer Financial Protection Bureau on Thursday fired a shot across the bow of websites and apps that let consumers comparison-shop for credit cards, warning in new guidance that paid-placement rankings and other forms of preferential "steering" can run afoul of federal law.

  • February 28, 2024

    SEC Taps Agency Vet To Lead Adviser, Fund Rulemaking Unit

    The U.S. Securities and Exchange Commission announced Wednesday that an agency veteran currently serving as deputy director of the examinations division will be the new head of its investment management division, which oversees the regulation of investment advisers, mutual funds and certain private fund operators.

  • February 28, 2024

    Fla. Judge OKs $43.5M Deutsche Bank Deal In Ch. 15 Case

    A Florida bankruptcy judge on Wednesday approved a $43.5 million settlement between Deutsche Bank AG and liquidators for a group of Caribbean-based companies to resolve claims against the bank for its alleged role in a real estate Ponzi scheme targeting rich South Americans.

Expert Analysis

  • How Firms Can Ensure Associate Gender Parity Lasts

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    Among associates, women now outnumber men for the first time, but progress toward gender equality at the top of the legal profession remains glacially slow, and firms must implement time-tested solutions to ensure associates’ gender parity lasts throughout their careers, say Kelly Culhane and Nicole Joseph at Culhane Meadows.

  • Regulatory Trends Offer 4 Lessons For Debt Relief Providers

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    A string of enforcement actions, including a New York lawsuit filed last month by seven states and the Consumer Financial Protection Bureau, underscore the regulatory scrutiny that debt relief and credit repair companies face and offer important lessons on telemarketing and deceptive practices compliance, say attorneys at Sheppard Mullin.

  • 7 Common Myths About Lateral Partner Moves

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    As lateral recruiting remains a key factor for law firm growth, partners considering a lateral move should be aware of a few commonly held myths — some of which contain a kernel of truth, and some of which are flat out wrong, says Dave Maurer at Major Lindsey.

  • Basics Of Bank Regulators' Push For Discount Window Use

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    As the Federal Reserve and Office of the Comptroller of the Currency emphasize short-term liquidity risk management as central to preventing spring 2023-style bank collapses, banks should carefully tune into regulators’ remarks encouraging use of the Fed’s discount window, which some policymakers identify as a key component in the evolution of liquidity regulation and backstop lending, say attorneys at Arnold & Porter.

  • 2 Emerging Defenses For Website Tracking Class Actions

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    Putative class actions premised on state wiretapping statutes that bar website activity tracking continue to be on the rise, but they are increasingly being dismissed on two procedural grounds, says Sheri Pan at ZwillGen.

  • Series

    Cheering In The NFL Makes Me A Better Lawyer

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    Balancing my time between a BigLaw career and my role as an NFL cheerleader has taught me that pursuing your passions outside of work is not a distraction, but rather an opportunity to harness important skills that can positively affect how you approach work and view success in your career, says Rachel Schuster at Sheppard Mullin.

  • Communication Is Key As CFPB Updates Appeals Process

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    Though a recently updated Consumer Financial Protection Bureau rule expands financial institutions' abilities to appeal supervisory decisions, creating strong relationships and open communication channels with CFPB examiners may help resolve disputes faster than the more cumbersome formal process, says Jason McElroy at Saul Ewing.

  • 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.

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