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CFPB Issues Warning to Credit Card Issuers: Promotional APR Offers May Be Deceptive and/or Abusive

On September 3, 2014, the Consumer Financial Protection Bureau (“CFPB”) issued a bulletin to warn credit card issuers about marketing practices related to credit card promotional APR offers (“Bulletin”). The Bulletin warns...more

Creating Fake Customer Reviews Site Could Be False Advertising and Trade Libel

As evidenced by the success and robust market capitalization of the consumer review site Yelp, Internet users are increasingly turning to "regular people" as a lodestar for whether to purchase goods or services. This is...more

Securities Regulation Radar: Top Topics in New York

On July 16, the New York State Bar Association’s Securities Regulation Committee held a meeting to discuss three of the recent developments in securities regulation. The first discussion focused on the Supreme Court’s June...more

CFPB & DOJ Consent Orders with Former GE Capital Retail Bank: Something Old and Something New

Yesterday, the CFPB announced a $225 million settlement of two major credit card enforcement matters with Synchrony Bank, formerly known as GE Capital Retail Bank. First, the “Add-On Matter” targets alleged deceptive...more

SEC Administrative Law Judge Bars Investment Manager for Misrepresenting GIPS Compliance

On May 27, 2014, an administrative law judge (ALJ) found ZPR Investment Management, Inc. (ZPRIM) and its former owner, Max Zavanelli, to have violated the Investment Advisers Act of 1940 for publishing misleading...more

Orrick's Financial Industry Week in Review - March 31, 2014

Fed Issues a Report on Mobile Financial Services - On March 25, the Fed issued a report on the use of mobile phones to obtain financial services. Last year, 33 percent of all mobile phone users and 51 percent of...more

Make sure your Plan Service is more than just a typical gimmick

A year or so ago, a good friend of mine who is an ERISA §3(38) fiduciary won a case from a disgruntled broker who claimed that all 3(38) services was just marketing. A 3(38) fiduciary that does a competent job and assumes...more

Texas Gulf Selfie? The Changing (and Disappearing) Face of Insider Trading

In recent weeks, U.S Department of Justice investigations into currency traders have drawn renewed attention to the permanence of even seemingly fleeting communications. In that investigation, the DOJ is looking at, among...more

A Bird In The Hand Is Worth … Nothing If You Can’t Really Sell It

A pair of investment firms recently filed suit against Twitter in the Southern District of New York, alleging that Twitter had fraudulently refused to allow them to sell its private stock in advance of its much-anticipated...more

The Massachusetts Securities Division Settlement with Citigroup: What Does It Mean?

A recent Massachusetts Securities Division $30 million settlement with Citigroup Global Markets Inc. (“CGMI”) provides a public glimpse into a less-widely known form of non-public information – a research analyst’s preview of...more

CFPB and OCC Issue Joint Enforcement Action Related to Credit Card Practices

The CFPB announced that it and the OCC have issued a consent order against two affiliated banks alleging violations of federal consumer protection laws for deceptive marketing of their add-on products (i.e., payment...more

CFPB Files Complaint Alleging Violation of Telemarketing Sales Rule

The CFPB filed a complaint in the United States District Court for the Central District of California against a debt-relief service company alleged to have violated the FTC’s Telemarketing Sales Rule and engaged in deceptive...more

CFPB Files Enforcement Action Against Debt Services Company

The CFPB recently filed an enforcement complaint and stipulated judgment against a Florida-based debt services company, which represents the first of its kind alleging that the company is liable under Dodd Frank and the...more

Stop Insider Tweeting! -- Feds eye social media for securities shenanigans

As financial institutions and investors turn to social media to instantly share snippets of news and potential clues about market trends, the FBI and SEC are monitoring such postings for evidence of insider trading and...more

CFPB Takes Its First Aim at Abusive Practices Under Dodd-Frank

Yesterday, the CFPB took the first step in enforcing the “abusive” standard under the Dodd-Frank Act’s prohibition of unfair, deceptive and abusive acts and practices (“UDAAP”) by filing a federal action against a Florida...more

A Compilation of Enforcement and Non-Enforcement Actions - May 31, 2013

Board Oversight of Distribution and Financial Intermediaries - One of the SEC’s stated focuses is on payments for “distribution in guise.” Mutual funds are only permitted to pay for distribution of their shares if...more

California Federal District Court Reinstates Order In Overdraft Class Action

On May 14, the U.S. District Court for the Northern District of California reinstated a prior order enjoining a national bank from engaging in false or misleading representations relating to certain overdraft practices and...more

Investment Management Legal + Regulatory Update -- May 2013

In This Issue: Regulatory Updates - SEC Allows Limited Use of Social Media for Public Disclosure; Federal Reserve Board Publishes a Final Rule Specifying when Nonbank Firms are “Predominantly Engaged in...more

SEC Charges City of Harrisburg with Fraud

On Monday, May 6, 2013, the Securities and Exchange Commission (SEC) charged the city of Harrisburg, Pennsylvania with securities fraud "for its misleading public statements when its financial condition was deteriorating and...more

Why Should an Investor or Business Conduct an Asset Search?

If used properly and if conducted by a reputable asset search company, asset searches can be used as a valuable pre-investment tool for an investor, partnership, joint venture or other business entity before entering into a...more

Harrisburg Charged With Securities Fraud - Securities and Exchange Commission Says City Made Misleading Financial Statements

The inclusion of the public statements of an elected official in allegations of securities fraud could change the traditional relationship between the politicians and their constituency versus issuers and the bond market....more

SEC Charges Private Equity Firm, Former Executive, and Consultant for Improperly Soliciting Investments

On March 11, the SEC announced charges against a private equity firm, a former senior executive of the firm and an individual based solely on the allegation that the individual acted as an unregistered broker-dealer in...more

SEC Speaks: Agency Takes Back-To-Basics Approach In Face Of Changing Leadership, Congressional Mandates And New Technologies

The annual “SEC Speaks” conference, in which Securities and Exchange Commission (SEC) representatives review the agency’s efforts over the past year and preview the year to come, was held on February 22-23, 2013. A...more

Commercial Restructuring & Bankruptcy Alert - February 2013

In this Issue: - Lenders Beware - International Insolvency Laws: Will One Size Fit All? The Debate Continues - ‘Fair and Equitable’ Means More Than Amortization Schedule - Pre-Petition Security License...more

Trust in On-Line Advertising

It’s no surprise that people trust online reviews from consumers more than traditional advertisements. After all, advertisements are created by the company selling a product of service, whereas third party reviews are by...more

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