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Cyber Co. ZeroFox Investor Sues In Del. For Sale Docs
by Gunnar Larson 30 Apr '24

30 Apr '24

Cyber Co. ZeroFox Investor Sues In Del. For Sale Docs <https://www.law360.com/mergersacquisitions/articles/1830936?nl_pk=a34c25b5-…> By Jeff Montgomery A ZeroFox Holdings Inc. stockholder sued in Delaware's Court of Chancery Monday for books and records on the cybersecurity intelligence company's $1.14 per share, $350 million sale to private equity firm Haveli Investments, citing questions about a pre-closing reduction in the company's value estimate. Read full article » <https://www.law360.com/mergersacquisitions/articles/1830936?nl_pk=a34c25b5-…> | Save to favorites » <https://www.law360.com/mergersacquisitions/articles/1830936?nl_pk=a34c25b5-…>

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No Need To Delay $811M Immigrant Bond Co. Fine, CFPB Says
by Gunnar Larson 30 Apr '24

30 Apr '24

No Need To Delay $811M Immigrant Bond Co. Fine, CFPB Says <https://www.law360.com/mergersacquisitions/articles/1830045?nl_pk=a34c25b5-…> By Rae Ann Varona The Consumer Financial Protection Bureau told a Virginia federal judge that there is no need to hold off fining a bonding company $811 million for predatory bonding practices, saying the company's fear of collapse is mooted by a recent sale. Memorandum attached | Read full article » <https://www.law360.com/mergersacquisitions/articles/1830045?nl_pk=a34c25b5-…> | Save to favorites » <https://www.law360.com/mergersacquisitions/articles/1830045?nl_pk=a34c25b5-…>

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Latham, Akin Beat NJ Suit Over Alleged IP Theft Scheme
by Gunnar Larson 30 Apr '24

30 Apr '24

Latham, Akin Beat NJ Suit Over Alleged IP Theft Scheme <https://www.law360.com/health/articles/1830172?nl_pk=6422bbc2-a823-4be5-9a9…> By Ryan Boysen A New Jersey federal court on Friday tossed a lawsuit claiming attorneys from Latham & Watkins LLP and Akin Gump Strauss Hauer & Feld LLP manipulated patent litigation to steal a former Cornell University graduate student's DNA sequencing intellectual property, calling that graduate student's claims "conspiracy theories." Order attached | Read full article » <https://www.law360.com/health/articles/1830172?nl_pk=6422bbc2-a823-4be5-9a9…> | Save to favorites » <https://www.law360.com/health/articles/1830172?nl_pk=6422bbc2-a823-4be5-9a9…>

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DC Circ. Says Bomb Victims Can't Go After World Bank Or IMF
by Gunnar Larson 30 Apr '24

30 Apr '24

DC Circ. Says Bomb Victims Can't Go After World Bank Or IMF <https://www.law360.com/banking/articles/1830047?nl_pk=feb6bbba-7878-4d39-be…> By Ali Sullivan Victims of a 2016 terrorist bombing in Afghanistan who secured a $138.4 million judgment against the Taliban and other entities cannot attach assets held by the International Monetary Fund and World Bank that the victims alleged belong to the Taliban-controlled Afghan central bank, the D.C. Circuit ruled Friday. Opinion attached | Read full article » <https://www.law360.com/banking/articles/1830047?nl_pk=feb6bbba-7878-4d39-be…> | Save to favorites » <https://www.law360.com/banking/articles/1830047?nl_pk=feb6bbba-7878-4d39-be…>

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Judge Urges End To Suit-Restricting Job Contracts In Mich.
by Gunnar Larson 30 Apr '24

30 Apr '24

Judge Urges End To Suit-Restricting Job Contracts In Mich. <https://www.law360.com/health/articles/1830067?nl_pk=6422bbc2-a823-4be5-9a9…> By Carolyn Muyskens A judge for a Michigan state appeals court has called on the state's high court to put a stop to terms in employment contracts that give workers less time to file civil rights lawsuits, saying such terms allow employers to get away with discriminatory practices. 2 documents attached | Read full article » <https://www.law360.com/health/articles/1830067?nl_pk=6422bbc2-a823-4be5-9a9…> | Save to favorites » <https://www.law360.com/health/articles/1830067?nl_pk=6422bbc2-a823-4be5-9a9…>

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Three more excellent law enforcement officers!
by professor rat 30 Apr '24

30 Apr '24

Welcome to the revolution! Three more very good law enforcement officers https://www.9news.com.au/world/charlotte-north-carolina-shooting-officers-s… Viva la revolution!

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Wells Fargo Clients Seek Class Cert. In Race Bias Suit
by Gunnar Larson 29 Apr '24

29 Apr '24

Wells Fargo Clients Seek Class Cert. In Race Bias Suit <https://www.law360.com/banking/articles/1830166?nl_pk=feb6bbba-7878-4d39-be…> By Nate Beck Mortgage applicants accusing Wells Fargo of discriminating against borrowers from racial minorities with higher interest rates, worse terms and more scrutiny than white clients have asked a California federal judge to approve their class. Motion attached | Read full article » <https://www.law360.com/banking/articles/1830166?nl_pk=feb6bbba-7878-4d39-be…> | Save to favorites » <https://www.law360.com/banking/articles/1830166?nl_pk=feb6bbba-7878-4d39-be…>

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Ex-NYC Mayoral Candidate's Defamation Suit Revived
by Gunnar Larson 29 Apr '24

29 Apr '24

Ex-NYC Mayoral Candidate's Defamation Suit Revived <https://www.law360.com/newyork/articles/1830086?nl_pk=ac5a3855-e47c-4403-be…> By Elliot Weld A New York appeals court has revived a defamation suit brought by former New York City comptroller and 2021 mayoral candidate Scott Stringer against a woman who accused him of past sexual misconduct and, in his words, "derailed" his campaign. 3 documents attached | Read full article » <https://www.law360.com/newyork/articles/1830086?nl_pk=ac5a3855-e47c-4403-be…> | Save to favorites » <https://www.law360.com/newyork/articles/1830086?nl_pk=ac5a3855-e47c-4403-be…>

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BREAKING: Justices To Weigh RICO Injury Scope In CBD Case
by Gunnar Larson 29 Apr '24

29 Apr '24

BREAKING: Justices To Weigh RICO Injury Scope In CBD Case <https://www.law360.com/cannabis/articles/1830304?nl_pk=c844ee6a-f80e-4e60-b…> By Sam Reisman The U.S. Supreme Court on Monday agreed to hear a case brought by a trio of CBD companies asking the justices to establish whether a plaintiff can bring a personal injury claim under the Racketeer Influenced and Corrupt Organizations Act. Read full article » <https://www.law360.com/cannabis/articles/1830304?nl_pk=c844ee6a-f80e-4e60-b…> | Save to favorites » <https://www.law360.com/cannabis/articles/1830304?nl_pk=c844ee6a-f80e-4e60-b…>

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The First Bank Failure of 2024 Leaves a 1-Cent Stock for Investors and $667 Million in Losses for the FDIC
by Gunnar Larson 29 Apr '24

29 Apr '24

https://wallstreetonparade.com/2024/04/the-first-bank-failure-of-2024-leave… By Pam Martens and Russ Martens: April 29, 2024 ~ Quietly on Friday, the FDIC announced the first federally-insured bank failure of 2024, the publicly-traded Republic First Bancorp (ticker FRBK) which did business as Republic Bank. In an unsettling sign of the times, this federally-insured bank was trading at 1-cent on Friday; down from 27-1/2 cents last September when we first reported on its dire condition. Do Americans really want to see a bank that’s holding their life savings to be trading as a penny stock? Yes, it’s true that no depositor has lost a penny in a federally-insured bank since the creation of federal deposit insurance in 1933 if they remained under the federal insurance cap on deposits. Currently, that insurance cap is $250,000 per depositor, per bank. But still, public confidence in the safety and soundness of the U.S. banking system would suggest that the phrases penny stock and bank deposit are not a good combination. The FDIC announced a smooth transition plan for depositors at the failed bank on Friday: “To protect depositors, the FDIC entered into an agreement with Fulton Bank, National Association of Lancaster, Pennsylvania to assume substantially all of the deposits and purchase substantially all of the assets of Republic Bank. “Republic Bank’s 32 branches in New Jersey, Pennsylvania and New York will reopen as branches of Fulton Bank on Saturday (for branches with normal Saturday hours) or on Monday during normal business hours. This evening and over the weekend, depositors of Republic Bank can access their money by writing checks or using ATM or debit cards. Checks drawn on Republic Bank will continue to be processed and loan customers should continue to make their payments as usual.” According to the most recent financial data for the bank that is available to the public at the FDIC, as of December 31, 2023 it had $4.37 billion in deposits, of which $2.253 billion were uninsured, or 52 percent. Uninsured deposits played a key role in the bank runs at Silicon Valley Bank and Signature Bank in March of last year. Both banks failed and resulted in billions of dollars in losses to the FDIC’s Deposit Insurance Fund (DIF). On Friday, the FDIC announced that it will be taking a $667 million loss on the failure of Republic Bank. Another teetering bank whose share price has taken a big hit this year is New York Community Bancorp (ticker NYCB), parent of Flagstar Bank. For the recent history of that bank, see our March report: Steve Mnuchin, Trump’s Treasury Secretary/Foreclosure Kingpin, Joins with Hedge Fund Guys to Grab a Teetering, Federally-Insured Bank for $2 a Share. New York Community Bancorp’s stock has lost over 70 percent of its market value year-to-date. The stock closed Friday at $2.97. Its federally-insured bank, Flagstar, is not a tiny bank that would do minimal damage to the Deposit Insurance Fund if it failed. According to the FDIC, as of December 31, 2023, Flagstar had $116 billion in assets with 420 branches in 12 states. With Wall Street traders’ expectation for banks to receive a Fed put this year (from multiple interest rate cuts by the Fed) now looking doubtful in the face of sticky inflation, it’s pretty clear that last spring’s bank blowups are not the end of this story.

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