Banking

  • April 03, 2024

    SEC Investigators Say Attys Harm Clients By 'Behaving Badly'

    U.S. Securities and Exchange Commission staff warned attorneys at a Washington, D.C., conference Wednesday that delaying regulatory investigations destroys their credibility and could potentially harm their clients' chances of striking a favorable deal as the agency's Enforcement Division pushes for more cooperation from targeted businesses and individuals.

  • April 03, 2024

    Pharma Exec, Cousin Cop To Insider Trading On Kodak Loan

    A pharmaceutical company's executive and his cousin on Wednesday pled guilty to trading on information they acquired through the company's partnership with Eastman Kodak Co. about a government loan the photography giant was set to receive during the COVID-19 pandemic.

  • April 03, 2024

    Top 10 Deals Of Q1 Led By GE Energy Spinoff, Capital One

    It may be wishful thinking to imagine that earlier hopes for a major rebound in 2024 mergers and acquisitions activity will pan out, but by many indications the year was at least off to a better start than 2023.

  • April 03, 2024

    UK Regulators Propose Special Regime For Digital Securities

    Britain's finance regulators proposed on Wednesday a special regulatory regime to allow firms to use new technology to issue, trade and settle digital shares and bonds, a move they hope will boost the country's global competitiveness.

  • April 02, 2024

    Citi Says 'Misguided' NY Fraud Protection Suit 'Mangles' Law

    Citibank NA on Tuesday urged a New York federal court to throw out the Empire State attorney general's suit claiming it lacks necessary online security measures, slamming the complaint as "misguided" and arguing that it "mangles" the text of the Electronic Fund Transfer Act.

  • April 02, 2024

    Gas Tycoon Owes $100M To UBS, Lenders After Trial Loss

    Energy titan Charif Souki owes more than $100 million to lenders, including a fund managed by a UBS division, a U.S. bankruptcy judge has ruled, rejecting Souki's claims that his lenders recklessly sold off collateral posted for the loan, including a luxury yacht, a Colorado ranch and shares of his liquefied natural gas export business Tellurian Inc.

  • April 02, 2024

    SEC Republicans Criticize 'Punishing' Rulemaking Agenda

    U.S. Securities and Exchange Commission Chair Gary Gensler opened an annual agency conference Tuesday by defending efforts to write new regulations addressing the changing U.S. capital markets, while his Republican colleagues called on the commission to pare back a "punishing" rulemaking agenda that has included a controversial rule governing climate change disclosures.

  • April 02, 2024

    USPTO Targeted In Brothers' Patent Litigation Campaign

    Two brothers who are software engineers and claim to have invented two-factor authorization are accusing the U.S. Patent and Trademark Office of infringing their patents with its sign-in website.

  • April 02, 2024

    Frost Bank Customers Sue Over 'Crippling' Overdraft Fees

    Customers of Texas-based Frost Bank filed a putative class action in federal court Monday accusing the regional bank of illegally charging "crippling" overdraft fees on transactions that didn't actually exceed their account balances.

  • April 02, 2024

    5th Circ. Extends Transfer Stay In CFPB Late-Fee Rule Suit

    The Fifth Circuit said Tuesday that it would hold on at least a few days longer to a bank industry-backed lawsuit challenging the Consumer Financial Protection Bureau's $8 credit card late fee standard, extending a stay of a Texas federal judge's decision to send the case to D.C. federal court.

  • April 02, 2024

    Swiss Banker Avoids Prison For $60M Tax Evasion Conspiracy

    A Manhattan federal judge allowed a Swiss finance pro to avoid prison Tuesday for facilitating a tax evasion scheme that helped wealthy Americans hide $60 million from the IRS, saying the defendant is less culpable than alleged co-conspirators.

  • April 02, 2024

    Simpson Thacher Appoints 2 Banking And Credit Leads

    Simpson Thacher & Bartlett LLP announced Tuesday the appointment of two veteran partners as co-heads of its banking and credit practice.

  • April 02, 2024

    3 Firms Guide Safety Testing Group UL's Estimated $770M IPO

    Safety science company UL Solutions Inc. on Tuesday unveiled a price range for an estimated $770 million initial public offering under the guidance of three law firms, marking the third company to launch IPO plans this week.

  • April 02, 2024

    Cohen Milstein Hires CFTC Whistleblower Office Leader In DC

    Cohen Milstein Sellers & Toll PLLC has hired the acting director of the Commodity Futures Trading Commission's whistleblower office, who brings more than two decades of experience working in related roles in public service to the platform.

  • April 02, 2024

    UK Reaches Landmark AI Risk Testing Agreement With US

    The U.K. government said Tuesday it had reached a landmark agreement with the U.S. to share the testing of advanced models for artificial intelligence, after highlighting in a report its increasing use by cybercriminals to attack financial institutions and business.

  • April 01, 2024

    Trump Posts $175M Bond, Pausing $465M Fraud Judgment

    Donald Trump on Monday posted a $175 million bond, ducking, for now, enforcement of a nearly $465 million civil fraud judgment against him and his businesses in the New York attorney general's case accusing them of defrauding banks and insurers.

  • April 01, 2024

    Nat'l Security Info Ordered Sealed In $12M Somali Fraud Case

    A Maryland federal judge has ordered protocols to seal confidential State Department materials amid the government's criminal fraud case charging a Maryland lawyer with misappropriating more than $12 million in Somali state assets.

  • April 01, 2024

    AmEx Sends Credit Card Applicants' Data To Meta, Suit Says

    American Express was recently hit with a putative class action in New York federal court by a California resident alleging the company illegally shares with Facebook sensitive financial and personally identifiable information of people who apply online for credit cards.

  • April 01, 2024

    FDIC Dings 2 More Banks Over 3rd-Party Relationships

    The Federal Deposit Insurance Corp. has ordered an Ohio community bank and a New York digital "hybrid" bank to strengthen their oversight of business partners, the latest in the agency's recent spate of enforcement actions over banks' management of their third-party relationships with financial technology firms and other outside companies.

  • April 01, 2024

    Catching Up With Delaware's Chancery Court

    Last week, Delaware's Court of Chancery saw a $42.5 million settlement, dismissal of two big suits with two more remanded back, and new cases from shareholders of Walt Disney, Donald Trump's Truth Social, Rivian Automotive and BarkBox.

  • April 03, 2024

    CORRECTED: Immigration Bond Cos. Owe $811M For Deceptive Practices

    A Virginia federal judge ordered Libre by Nexus Inc., a bonding company, to fork over more than $811 million in the Consumer Financial Protection Bureau's suit alleging the company engages in predatory bonding practices targeting cash-strapped immigration detainees.

  • April 01, 2024

    Texas Judge Halts New Community Lending Rules For Banks

    A Texas federal judge has ordered a halt to the rollout of federal banking regulators' recently revamped rules intended to spur bank lending in underserved communities, granting a preliminary injunction sought by bank industry trade groups suing to overturn the changes.

  • April 01, 2024

    Kirkland Atty Escapes Malpractice Suit Over Loan Docs

    A Kirkland & Ellis LLP attorney has secured an early win in a legal malpractice case alleging he botched an estate planning matter and lost his client millions in a later divorce, with a New Jersey federal court finding the client couldn't prove "proximate causation" of alleged damages in light of her subsequent divorce settlement.

  • April 01, 2024

    Fed Beats Crypto-Focused Bank's Master Account Suit

    The Federal Reserve Bank of Kansas City has defeated a suit brought by crypto-focused Custodia Bank over its battle for a so-called master account, with a Wyoming federal judge ruling that Custodia's reading of the law doesn't show it's statutorily entitled to such an account because Congress does not "hide elephants in mouse holes."

  • April 01, 2024

    Murdaugh Gets 40 Years For Financial Crimes In Fed. Court

    Alex Murdaugh, the disgraced former South Carolina lawyer serving a life sentence for murder, was hit with a concurrent 40-year prison term in federal court Monday after pleading guilty to stealing at least $9 million from clients.

Expert Analysis

  • What Fed's Credit-Linked Note FAQ Means For Capital Relief

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    U.S. banks that seek to mitigate their loss of liquidity under the Basel III capital requirements by issuing direct credit-linked notes should turn to recent Federal Reserve FAQs for insight into how this new use of synthetic securitizations may reshape risk and regulation in the U.S. market, says Cris Cicala at Stinson.

  • Fintech Compliance Does Not Always Equal Bank Compliance

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    Recent enforcement actions are a reminder for banks working with financial technology providers — whether as partners to extend their reach or as internal resources to support existing operations — that few areas of risk need more frequent attention than Bank Secrecy Act and anti-money laundering compliance, says Christopher Couch at Phelps Dunbar.

  • Del. Dispatch: How Moelis Upends Stockholder Agreements

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    The Delaware Court of Chancery's Moelis decision last month upended the standard corporate practice of providing governance rights in stockholder agreements and adds to a recent line of surprising decisions holding that long-standing, common market practices violate Delaware law, say attorneys at Fried Frank.

  • Business Litigators Have A Source Of Untapped Fulfillment

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    As increasing numbers of attorneys struggle with stress and mental health issues, business litigators can find protection against burnout by remembering their important role in society — because fulfillment in one’s work isn’t just reserved for public interest lawyers, say Bennett Rawicki and Peter Bigelow at Hilgers Graben.

  • Fla. Bankruptcy Ruling Is Cautionary Tale For Debt Collectors

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    A Florida bankruptcy court recently rejected the assertion that a debt purchaser was entitled to enforce a debt not correctly listed on the debtor's bankruptcy schedules, and the sanctions imposed provide a stark reminder on due diligence in debt collection practices, say Deborah Kovsky-Apap and Stefanie Jackman at Troutman Pepper.

  • A New Push To Clear Up Marijuana's Foggy Legal Status

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    A recently publicized U.S. Food and Drug Administration recommendation to reschedule marijuana has reignited discourse over the drug's federal legal status — and although rescheduling would mitigate the legal risks for the industry and drastically increase the resources available for industry participants, the path forward will not be clear cut, say Joseph Cioffi and Louis DiLorenzo at Davis+Gilbert.

  • Series

    Skiing Makes Me A Better Lawyer

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    A lifetime of skiing has helped me develop important professional skills, and taught me that embracing challenges with a spirit of adventure can allow lawyers to push boundaries, expand their capabilities and ultimately excel in their careers, says Andrea Przybysz at Tucker Ellis.

  • How Breach Reporting Is Changing For Financial Institutions

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    In May, the Federal Trade Commission's amended Safeguards Rule will extend the data protections that apply to information held by banks to information held by nonbanking financial institutions — and sweep even more broadly in some critical aspects, say Evan Yahng and Kurt Hunt at Dinsmore.

  • Practical Steps For Navigating New Sanctions On Russia

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    After the latest round of U.S. sanctions against Russia – the largest to date since the Ukraine war began – companies will need to continue to strengthen due diligence and compliance measures to navigate the related complexities, say James Min and Chelsea Ellis at Rimon.

  • Opinion

    UK Whistleblowers Flock To The US For Good Reason

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    The U.K. Serious Fraud Office director recently brought renewed attention to the differences between the U.K. and U.S. whistleblower regimes — differences that may make reporting to U.S. agencies a better and safer option for U.K. whistleblowers, and show why U.K. whistleblower laws need to be improved, say Benjamin Calitri and Kate Reeves at Kohn Kohn.

  • Think Like A Lawyer: Forget Everything You Know About IRAC

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    The mode of legal reasoning most students learn in law school, often called “Issue, Rule, Application, Conclusion,” or IRAC, erroneously frames analysis as a separate, discrete step, resulting in disorganized briefs and untold obfuscation — but the fix is pretty simple, says Luke Andrews at Poole Huffman.

  • The Corporate Transparency Act Isn't Dead Yet

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    After an Alabama federal court's ruling last week rendering the Corporate Transparency Act unconstitutional, changes to the law may ultimately be required, but ongoing compliance is still the best course of action for most, says George Singer at Holland & Hart.

  • Employers, Prep For Shorter Stock Awards Settlement Cycle

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    Companies that provide equity compensation in the form of publicly traded stock will soon have one less day to complete such transactions under U.S. Securities and Exchange Commission and Nasdaq rules — so employers should implement expedited equity compensation stock settlement and payroll tax deposit procedures now, say attorneys at Morgan Lewis.

  • New FinCEN Guide Provides Useful BOI Context For Banks

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    Financial institutions should review a new Financial Crimes Enforcement Network compliance guide for helpful details about how the agency's beneficial ownership information database should be used, though questions remain about the access rule and whether it will truly streamline bank borrowers' Corporate Transparency Act due diligence, says George Singer at Holland & Hart.

  • 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.

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