Traders, Scotiabank Ink $6.6M Deal Over Spoofing Scheme

By Emilie Ruscoe

A proposed class of commodities traders has asked a New Jersey federal judge to give an initial nod to a $6.6 million settlement with Scotiabank over allegations that its traders manipulated the precious metals futures market through a spoofing scheme over an eight-year period ending in 2016.

Motion attached | Read full article »

NJ Consulting Firm Says CFPB Subpoenas Are Unenforceable

By Katryna Perera

A New Jersey consulting firm and its CEO have asked a Garden State federal judge to quash subpoenas issued to them by the Consumer Financial Protection Bureau, arguing that a recent Fifth Circuit decision confirms the CFPB is unconstitutionally funded and "does not have the authority to do anything."

Motion attached | Read full article »

PayPal Execs Lied About New Account Growth, Investor Says

By Katryna Perera

PayPal's CEO, former chief financial officer and other top brass have been hit with a stockholder derivative suit in Delaware federal court, alleging they misled shareholders about the growth of new active accounts on the digital payments platform.

Complaint attached | Read full article »

Court Orders Trump Org. Monitor During NY AG's Fraud Case

By Frank G. Runyeon

A New York judge ordered the Trump Organization to install an independent monitor Thursday, ruling in favor of the state attorney general amid her $250 million fraud lawsuit against former President Donald Trump, his companies and its officers.

Order attached | Read full article »

Public Records Site Isn't Immune In FCRA Suit, 4th Circ. Says

By Lauren Berg

An online aggregator of public records is not entitled to the same liability protections as social media platforms, the Fourth Circuit ruled Thursday, reviving a credit reporting class action that accuses the site of creating and selling background checks without adhering to accuracy and disclosure requirements.

Opinion attached | Read full article »

GOP Sen. Says Firms 'Stonewalling' ESG Ratings Probe

By Jessica Corso

The Senate Banking Committee's top Republican said on Thursday that six investor research firms are "stonewalling" his investigation into how they calculate the financial risks of companies' environmental, social and governance policies, but two of the firms told Law360 that it's the senator's office that has been unresponsive when contacted. 

Letter attached | Read full article »

SEC Gets $100K Judgment Against Ex-Wilmington Trust Exec

By Katryna Perera

The U.S. Securities and Exchange Commission secured a $100,000 final judgment against a former Wilmington Trust executive, whom the agency claims lied to investors about the credit quality of Wilmington's loan portfolio in 2009 and 2010.

1 document attached | Read full article »

Ex-Deutsche Trader Denied Bail Amid High Court Appeal

By Elliot Weld

A former Deutsche Bank metals trader convicted of a "spoofing" scheme to trick market competitors cannot remain out on bail while he waits for the U.S. Supreme Court to decide whether to take up his case, a Chicago federal judge has ruled.

Order attached | Read full article »

Goldman, Citizens Hit With Suits Over E-Banking Patent

By Tom Lotshaw

Citizens Financial Group and Goldman Sachs Bank were each hit with lawsuits by nonpracticing entity mCom IP LLC accusing them of infringing its patent for an electronic banking system.

2 documents attached | Read full article »

Chancery Awards Atty Fees To Candidates In Bank Vote Suit

By Leslie A. Pappas

A community bank in Missouri that misused a charter provision to strip a competing slate of director candidates of rightfully won votes must now pay for their Delaware Chancery Court lawsuit because the litigation brought a long-term benefit to the company, a Delaware judge said Thursday.

2 documents attached | Read full article »

Fed. Circ. Backs AmEx's PTAB Win On Reward Point Patent

By Adam Lidgett

The Federal Circuit has backed a Patent Trial and Appeal Board decision from years ago that invalidated several claims from a Signature Systems LLC rewards points patent, handing a win to American Express Co.

2 documents attached | Read full article »

DACA Recipient Defends Discrimination Suit Against Alliant

By Micah Danney

A woman with DACA protections has told a California federal judge that Alliant Credit Union is wrong to argue that it can use her immigration status to deny her a car loan, saying the law bars discrimination on the basis of citizenship.

Response attached | Read full article »

Deals Rumor Mill: Twitter, Adobe, Zucker

By Tom Zanki

U.S. officials are exploring whether they have the authority to investigate Elon Musk's acquisition of Twitter, former CNN President Jeff Zucker is considering joining private-equity firm RedBird Capital, and the Justice Department is preparing to investigate Adobe's $20 billion takeover of Figma. Here, Law360 breaks down these and other deal rumors from the past week that you need to be aware of.

Read full article »

Kasowitz Prevails In $185M Bankruptcy Suit

By Faith Williams

Kasowitz Benson Torres LLP secured a victory in a bankruptcy suit in Delaware against an HNA Group subsidiary when a judge denied HNA's proposed plan of reorganization for a Chicago asset in an alleged attempt to avoid paying a $185 million judgment.

Read full article »

Compliance Considerations After OCC Ups Fintech Scrutiny

By Jon Langlois, Max Bonici and Marisa Perfetti

Following the Office of the Comptroller of the Currency’s new bank supervision plan, which warns depository institutions and fintech companies that their relationships and activities will draw increased attention during examinations, OCC-supervised entities should apply and document rigorous upfront diligence and conduct ongoing oversight of fintech partners, say attorneys at Buckley.

1 document attached | Read full article »

Insider Trading Enforcement Against Lawmakers Is Growing

By Jonathan Tuttle, Anna Moody and Berk Guler

The U.S. Department of Justice and U.S. Securities and Exchange Commission's recent actions against current and former members of Congress point to increasing scrutiny of congressional stock activity — and reveal that an individual’s lawmaker profile does not shield them from insider trading enforcement, say attorneys at Debevoise.

Read full article »

A Divided Congress May Increase Companies' Political Risks

By Kristina Moore and Alexander Miehls

If the impending midterm elections result in a divided government, companies will have to recalibrate their perceptions of political risk so that they can avoid getting caught between competing policy agendas and investigations, say Kristina Moore and Alexander Miehls at FTI Consulting.

Read full article »

9 Legal Ethics Considerations In Natural Disaster Preparation

By Mark Hinderks

Since natural disasters like Hurricane Ian do not relieve lawyers of their ethical obligations to clients, law firms should focus their preparedness efforts on specific areas crucial to continuity of representation and ethics compliance, like business and communications contingency planning, record redundancy and more, says Mark Hinderks at Stinson.

Read full article »

How Overseas Work Can Force Queer Attys Back In Closet

By David Hansen

In the right practice, a foreign posting or speaking opportunity can be a career-builder, and a rare chance for a lawyer to learn firsthand how language, culture and the laws of a foreign country impact businesses and litigants. However, LGBTQ attorneys may feel at risk and hide their sexual identities when those countries are hostile to the queer community.

Read full article »

Calif. Bar Saw 205 Girardi Complaints Before Pulling License

By Brandon Lowrey

The State Bar of California received 205 complaints about famed trial lawyer Tom Girardi over the past four decades, most of which accused him of stealing money from clients, but did not publicly discipline the Girardi Keese founder until his disbarment this year, the agency said Thursday.

Read full article »

Wash. High Court Says Sex Offender Can Be Admitted To Bar

By Jack Karp

The Washington Supreme Court won't block an attorney's admission to that state's bar because of his criminal record and obligation to register as a sex offender, the court's justices said in a split ruling Thursday, citing his age at the time of the most serious conviction as a factor.

Opinion attached | Read full article »

NJ Federal Judge McNulty Taking Senior Status Next Year

By Jake Maher

U.S. District Judge Kevin McNulty of the District of New Jersey said he will enter senior status on Oct. 31, 2023, giving him the option to take on a lighter workload and opening up a seat on the court.

Read full article »

Squash Org Returns Backhand To 'Inaccurate' Gorsuch

By Jimmy Hoover

Harvard's squash team didn't expect to find itself the center of the U.S. Supreme Court's attention in Monday's blockbuster affirmative action hearings, but that's exactly what happened when Justice Neil Gorsuch repeatedly used the team as an argument for ditching admissions policies that "tend to favor predominantly white children." Now, the College Squash Association has come to the team's defense against the justice's "uninformed and inaccurate stereotype about college squash players."

Read full article »

Ex-Redgrave Atty Calls Sanction Bid A 'Study In Gaslighting'

By Lauren Berg

A former Redgrave LLP partner embroiled in a dispute over her departure from the firm Wednesday pushed back against an attempt to sanction her for "frivolously" suing Redgrave's attorneys at Ogletree Deakins Nash Smoak & Stewart PC, saying it's a "study in gaslighting" painting her as "a lazy, incompetent, rule-breaking attorney."

Response attached | Read full article »

Podcast

The Term: Trump Taxes And Courtroom Protests

A month after turning away former President Donald Trump's appeal in the Mar-a-Lago document case, the U.S. Supreme Court is facing another request from the last occupant of the White House: shield his tax returns from House Democrats. Law360's "The Term" breaks down the latest "shadow docket" news on this week's podcast episode, plus a rare courtroom protest over abortion that rocketed an obscure tax case to the headlines.

Read full article »