Banking

  • May 14, 2024

    Fla. Man Get 13 Mos. For Trading On Goldman Insider Info

    A Florida man was sentenced to 13 months in prison after pleading guilty to trading stocks on information provided by a former Goldman Sachs analyst, his attorney said Tuesday.

  • May 14, 2024

    EU Finance Ministers Strike Deal On Withholding Tax Refunds

    European Union finance ministers agreed Tuesday to a withholding tax refund law, as previous holdouts Poland and the Czech Republic withdrew their objections.

  • May 13, 2024

    Bank Lobbies Rattle Sabers At Fed Over Debit Swipe Fees

    Some of the same banking industry groups that sued over the Consumer Financial Protection Bureau's credit card late fee rule have urged the Federal Reserve to refrain from lowering a separate cap on debit card swipe fees, signaling it could be the next bank fee regulation to face a legal challenge if finalized.

  • May 13, 2024

    Banking Groups Oppose FDIC Position On Interstate Lending

    Two banking associations have argued the Federal Deposit Insurance Corp. is trying to create a new regulation through its support of a Colorado state law aimed at reining in high-cost lending by claiming for the first time, in an amicus brief, that interstate loans are made in both the lender's and borrower's states.

  • May 13, 2024

    BofA Let 'Off The Hook' In ATM Fee Row, 9th Circ. Told

    An attorney for a proposed class alleging Bank of America wrongly charged them for out-of-network balance inquiries at ATMs told a Ninth Circuit panel Monday that the district court erred in tossing all the claims by applying arguments about a different defendant. 

  • May 13, 2024

    Student Loan Servicer Faces Suit Over Tax Form Data Breach

    An education-focused subsidiary of payment processor Global Payments Inc. faces a proposed class action accusing it of negligence after it disclosed that part of its website allowed bad actors unfettered access to certain student tax documents for months at a time.

  • May 13, 2024

    SEC, FinCEN Propose Money Manager Customer ID Rule

    The U.S. Securities and Exchange Commission and the Treasury Department's Financial Crimes Enforcement Network on Monday proposed a rule that would require money managers such as hedge funds and private equity firms to document and maintain customer identification programs.

  • May 13, 2024

    Kabbage Inks 2 FCA Deals With Feds Totaling $120M

    Bankrupt online lender Kabbage Inc. has agreed to pay $120 million in two separate deals to resolve allegations it submitted thousands of false claims for loan forgiveness and operated without adequate fraud controls in place, the U.S. Department of Justice announced Monday.

  • May 13, 2024

    AIG Unit Decries Bank's 'Eleventh Hour' Fraud Claims

    A bank owner's amended claims accusing an AIG unit of violating the Texas Insurance Code by refusing to cover certain defense costs must be tossed, the insurer told a Texas federal court, arguing that the bank made an "eleventh hour" attempt to expand the case beyond a simple contract dispute.

  • May 13, 2024

    Corp. Transparency Act An Overbroad Dragnet, 11th Circ. Told

    Congress exceeded its authority in passing the Corporate Transparency Act, which prompted the U.S. Treasury Department to solicit personal information for law enforcement purposes from those that registered and owned state-registered entities, a small-business group told the Eleventh Circuit on Monday.

  • May 13, 2024

    Fla. Investor Duped Brokerages In Trading Scheme, SEC Says

    A Tampa-area investor was sued Monday by the U.S. Securities and Exchange Commission in Florida federal court over a scheme that involved him opening brokerage accounts with insufficient bank funds and taking advantage of the credit broker-dealer firms offered to trade stocks.

  • May 13, 2024

    2nd Circ. Won't Revive UBS Suit Over Disclosed Account Info

    The Second Circuit declined Monday to revive a couple's suit accusing UBS of fraudulently flagging an account to the Internal Revenue Service, finding that any alleged harm resulting from an audit would have been caused by the agency itself.

  • May 13, 2024

    Diaz Reus Attys Dodge Sanctions Over Last-Minute Dismissal Bid

    Citing a lack of good cause for sanctions, a south Florida federal judge determined Monday that shareholders in a Venezuela-linked bank cannot penalize Miami-based Diaz Reus & Targ LLP lawyers over allegations they delayed an expected October 2023 trial in a suit alleging the bank's directors breached their fiduciary duty.

  • May 13, 2024

    BofA Says Suit By Commanders Ex-Partner Has Wrong Target

    A former Washington Commanders minority owner's claim that Bank of America and others scammed him out of a bigger share of the eventual sale price of the NFL franchise is "implausible" and "incoherent,'' Bank of America told a Florida federal court in its motion to dismiss the minority owner's suit.

  • May 13, 2024

    Ex-Banker Tied To Murdaugh Says Juror Issue Merits Retrial

    A former banker who was convicted of helping ex-attorney and convicted murderer Alex Murdaugh steal clients' money has urged the Fourth Circuit to give him a new trial, arguing two jurors were unconstitutionally removed.

  • May 13, 2024

    Investor Seeks Info On Visa Denied For Money Exchanger Use

    A Vietnamese woman challenging U.S. Citizenship and Immigration Services' denial of her EB-5 petition hauled the agency into a D.C. federal court, accusing it of withholding information that may reveal why her use of a money exchanger doomed her petition.

  • May 13, 2024

    Archegos Boss Blew $36B, But It Was His To Lose, Jury Told

    The founder of fallen hedge fund Archegos argued to a Manhattan federal jury Monday that charges of distorting markets and lying fall short because he believed in his $36 billion investment strategy but was upended by COVID-19 financial fallout.

  • May 10, 2024

    Ill. Residents Ask Court To Void Alaskan Tribal Co. Loans

    Six borrowers accusing an Alaska-based tribal lending company of making usurious loans at annual rates of as much as 700% or more have filed suit in Illinois federal court, saying it violated racketeering laws and must void the already existing debt.

  • May 10, 2024

    Adviser's 'Rogue' Trading Cost Investor $700K, Suit Says

    An attorney nearing retirement has filed suit against a former UBS investment adviser, alleging he lost over half of a $1.2 million nest egg after the adviser surrendered his broker licenses and started "rogue" trading in risky commodities investments.

  • May 10, 2024

    Texas Couple Must Sell $2.3M In Assets To Satisfy Tax Claim

    A disbarred accountant and his wife must sell $2.27 million worth of their assets to satisfy her unpaid federal tax liabilities, a Texas federal judge ruled, handing an early win to the government.

  • May 10, 2024

    CFPB's Credit Card Late Fee Rule Halted By Texas Judge

    A Texas federal judge on Friday stayed the Consumer Financial Protection Bureau's $8 credit card late fee standard, granting a preliminary injunction sought by the U.S. Chamber of Commerce and other industry groups that are challenging the legality of the agency rule.

  • May 10, 2024

    Capital One Accused Of Not Fully Investigating Fraud Claims

    Capital One has been hit with a proposed class action in California federal court accusing it of breaching contract terms by refusing to sufficiently investigate consumers' fraud claims.

  • May 10, 2024

    FINRA Fines Merrill Lynch $825K Over Supervisory Failures

    Merrill Lynch has agreed to be censured and pay an $825,000 fine to the Financial Industry Regulatory Authority to resolve claims that it failed to establish and maintain certain supervisory procedures and comply with recordkeeping requirements.

  • May 10, 2024

    Off The Bench: Ohtani Translator's Plea, NBA Star Tops Agent

    In this week's Off The Bench, Shohei Ohtani's ex-interpreter will plead guilty, an NBA star wins in his clash with the agent who sought to represent him, and a tennis player who was abused by her former coach is awarded $9 million.

  • May 10, 2024

    Dem Lawmakers Call For 5th Circ. Judge To Exit CFPB Case

    Six Democratic lawmakers sent a letter admonishing the Judicial Conference, saying Friday it was "undermining the integrity of the judiciary" by allowing a Fifth Circuit judge to participate in a matter in which he has a significant conflict of interest.

Expert Analysis

  • Corp. Transparency Act Could Survive 11th Circ. Several Ways

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    If the Eleventh Circuit upholds an Alabama federal court’s injunction against the Corporate Transparency Act, the anti-money laundering law could persist as a narrower version that could moot some constitutional challenges, but these remedies would likely generate additional regulatory or statutory ambiguities that would result in further litigation, say attorneys at Perkins Coie.

  • FDIC Bank Merger Reviews Could Get More Burdensome

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    Recently proposed changes to the Federal Deposit Insurance Corp. bank merger review process would expand the agency's administrative processes, impose new evidentiary burdens on parties around competitive effects and other statutory approval factors, and continue the trend of long and unpredictable processing periods, say attorneys at Simpson Thacher.

  • Series

    Whitewater Kayaking Makes Me A Better Lawyer

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    Whether it's seeing clients and their issues from a new perspective, or staying nimble in a moment of intense challenge, the lessons learned from whitewater kayaking transcend the rapids of a river and prepare attorneys for the courtroom and beyond, says Matthew Kent at Alston & Bird.

  • A Key Pitfall Of Restricted Subsidiaries In Loan Agreements

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    In loan agreements, the treatment afforded to non-loan party restricted subsidiaries' EBITDA presents subtle, but serious threats to lenders that require thoughtful attention in underwriting and drafting, say David Ebroon at JPMorgan Chase and ​​​​​​​Jared Zajac at Cadwalader.

  • This Earth Day, Consider How Your Firm Can Go Greener

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    As Earth Day approaches, law firms and attorneys should consider adopting more sustainable practices to reduce their carbon footprint — from minimizing single-use plastics to purchasing carbon offsets for air travel — which ultimately can also reduce costs for clients, say M’Lynn Phillips and Lisa Walters at IMS Legal Strategies.

  • New Proposal Signals Sharper Enforcement Focus At CFIUS

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    Last week's proposed rule aimed at broadening the Committee on Foreign Investment in the United States' enforcement authority over foreign investments and increasing penalties for violations signals that CFIUS intends to continue expanding its aggressive monitoring of national security issues, say attorneys at Kirkland.

  • What FinCEN Proposed Customer ID Number Change Means

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    The Financial Crimes Enforcement Network's recent request for comment on changing a requirement for banks to collect full Social Security numbers at account sign-up represents an important opportunity for banks to express their preferability, as communicating sensitive information online may carry fraud or cybersecurity risks, say attorneys at Crowell & Moring.

  • Traversing The Web Of Nonjudicial Grievance Mechanisms

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    Attorneys at Covington provide an overview of how companies can best align their environmental and human rights compliance with "hard-law" requirements like the EU's recently approved Corporate Sustainability Due Diligence Directive while also navigating the complex global network of existing nonjudicial grievance mechanisms.

  • An NYDFS-Regulated Bank's Guide To Proper Internal Audits

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    As certification deadlines for compliance with the New York State Department of Financial Services’ transaction monitoring and cybersecurity regulations loom, lawyers should remember that the NYDFS offers no leeway for best efforts — and should ensure robust auditing and recordkeeping processes for clients, say attorneys at Arnall Golden.

  • Opinion

    Post-Moelis Del. Corp. Law Proposal Would Hurt Stockholders

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    The proposed Delaware General Corporation Law amendment in response to the Court of Chancery's recent opinion in West Palm Beach Firefighters' Pension Fund v. Moelis would upend the foundational principle of corporate law holding that directors govern corporations in the interest of stockholders — and the potential harm would be substantial, say attorneys at Block & Leviton.

  • Roundup

    Illinois Banking Brief

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    In this Expert Analysis series, attorneys provide quarterly recaps discussing the biggest developments in Illinois banking regulation, litigation and policymaking.

  • Roundup

    Florida Banking Brief

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    In this Expert Analysis series, attorneys provide quarterly recaps discussing the biggest developments in Florida banking regulation, litigation and policymaking.

  • At 'SEC Speaks,' A Focus On Rebuilding Trust Amid Criticism

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    At the Practising Law Institute's SEC Speaks conference last week, U.S. Securities and Exchange Commission leadership highlighted efforts to rebuild and restore trust in the U.S. capital markets by addressing investor concerns through regulatory measures and enforcement actions, emphasizing the need for cooperation from market participants, say attorneys at Perkins Coie.

  • Series

    Fla. Banking Brief: All The Notable Legal Updates In Q1

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    Early 2024 developments that could have a notable impact on Florida's finance community include progress on a bill that would substantially revise the state Securities and Investor Protection Act, and the Consumer Financial Protection Bureau's final rule capping late fees for larger credit card issuers, say Benjamin Weinberg and Megan Riley at Leon Cosgrove.

  • Series

    NY Banking Brief: All The Notable Legal Updates In Q1

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    The first quarter of 2024 saw a number of notable legal and regulatory developments that will significantly affect New York's financial services industry, including the New York Department of Financial Services' finalized novel guidance directing banks to continuously monitor the character and fitness of key personnel, say Brian Montgomery and Nathan Lewko at Pillsbury.

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