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OCC files renewed motion to dismiss state regulators’ challenge to fintech company special purpose national bank charter proposal

by Ballard Spahr LLP on

The Office of the Comptroller of the Currency (OCC) has filed a renewed motion to dismiss the lawsuit filed by the Conference of State Bank Supervisors (CSBS) in D.C. federal district court challenging the OCC’s authority to...more

Corporate Investigations and White Collar Defense - July 2017

Supreme Court Limits SEC’s Disgorgement Power - Why it matters: On June 5, 2017, the Supreme Court held in Kokesh v. SEC that the five-year statute of limitations found in 28 U. S. C. §2462 with respect to actions for...more

Monkey See… Now, How NOT To Do

Wells Fargo’s inadvertent production of personal identifying information (“PII”) in a case involving a former employee became national news when the New York Times broke the story late last week. Discovery practices are...more

Using “Finders” to Find Capital: Avoiding Problems for Your Company

by Varnum LLP on

Raising money for your startup can be hard. Not every entrepreneur can walk into Silicon Valley with a business idea and walk out with multiple VC term sheets in hand. Sometimes the only path to financing your startup is...more

Benefits Litigation Update – Summer 2017

by Epstein Becker & Green on

Welcome to the Summer edition of Benefits Litigation Update, brought to you by The ERISA Industry Committee (ERIC) and the law firm Epstein Becker & Green. With a new Administration and executive branch, we are already...more

Follow the Money and Beware the Extra “L”: First Department Sustains Claims against Fund Administrator After Hackers Grab Millions

A legal feud is underway between the world’s biggest hedge fund administrator and a former client over an email scam that resulted in hackers stealing millions in client funds. And not surprisingly, the time-honored...more

Colorado District Court Dismisses Data Breach Class Action Against Noodles & Company

by Ballard Spahr LLP on

The U.S. District Court for the District of Colorado recently dismissed a proposed class action lawsuit filed by financial institutions relating to a 2016 data breach that involved hundreds of Noodles & Company (Noodles)...more

German Federal Supreme Court: ‘Sofortüberweisung’ Must Not be the Only Free-of-Charge Payment Method in B2C Contracts

by Reed Smith on

According to a press release of the Federation of German Consumer Organisations (Verbraucherzentrale Bundesverband; ‘vzbv’) dated 19 July 2017, the German Federal Supreme Court (‘FSC’) issued a judgment that held it is...more

A Cautionary Tale Regarding Case and Witness Preparation in Third Circuit TCPA and FDCPA Decision

by Hinshaw & Culbertson LLP on

In a cautionary tale for the defense bar, the Third Circuit recently upheld a consumer's TCPA claims and reversed summary judgment on the FDCPA claims in Daubert v. NRA, Nos. 16-3613 and 16-3629 (3d Cir. July 3, 2017)....more

A Review of the Supreme Court’s 2016-2017 Term

by Franczek Radelet P.C. on

This year’s Supreme Court term may be more memorable for the intrigue and political drama taking place outside the Court than the import of the decisions the Court issued. On April 10, 2017, Judge Neil Gorsuch of the Tenth...more

Banking & Financial Services E-Note - June 2017

by Burr & Forman on

In an article published by BlockTribune on June 15, 2017, Atlanta Partner Ed Snow provides insight into the use of blockchain technology by financial institutions. Please see full E-Note below for more information....more

Neiman Marcus Settles Data Breach Consumer Class Action For $1.6 Million

by King & Spalding on

On June 21, 2017, the U.S. District Court for the Northern District of Illinois entered an order granting preliminary approval of a $1.6 million class action settlement between Neiman Marcus and a class of its customers whose...more

Spokeo And Standing: Fourth Circuit Applies Spokeo And Reverses Nearly $12 Million FCRA Action Judgment

by King & Spalding on

On May 11, 2017, the U.S. Court of Appeals for the Fourth Circuit issued an opinion in Dreher v. Experian Information Solutions, Inc., reversing and dismissing a nearly $12 million award in a Fair Credit Reporting Act...more

Lone Objector’s Class-Conflict Arguments Miss the Target

by Carlton Fields on

In 2015, Target settled a class action stemming from a massive data breach of its customers’ sensitive information. According to the settlement terms, Target agreed to pay $10 million to those affected. The Minnesota district...more

Protection of Vendor Report and Documents as Work Product is Big Win for Experian

When assisting clients with emergency data breach response, and preparing and implementing a data privacy and security plan, it often becomes efficient, cost effective and necessary to hire outside vendors to assist with...more

Spokeo: On the One-Year Anniversary of the Pivotal Case, Insights for Retailers

by Morgan Lewis on

Dear Retail Clients and Friends, Many of you are likely familiar with the US Supreme Court’s decision in Spokeo, Inc. v. Robins. On the one-year anniversary of Spokeo, data shows that retailers’ chances of success in...more

Consumer Financial Services Newsletter - May 2017

by Hinshaw & Culbertson LLP on

Southern District of California Denies Certification of Wrong Number TCPA Class - On March 28, 2017, the Southern District of California denied class certification in a case arising under the TCPA. Plaintiff alleged that...more

Litigation Alert: Second Circuit Limits Standing to Bring Data Breach Class Actions

by Fenwick & West LLP on

This week, the U.S. Court of Appeals for the Second Circuit issued an important decision in Whalen v. Michaels Stores, placing the court at the center of the controversy around what allegations are sufficient to establish...more

Dismissal in Michael Stores Data Breach Case

In the latest decision on Article III standing in a data breach case, the U.S. Court of Appeals for the Second Circuit ruled that a credit card holder – who neither pleaded specific facts about the time or effort spent...more

California Federal District Court Expands Securities Litigation Involving Private Companies by Holding that Indirect Purchasers of...

by Ropes & Gray LLP on

On April 18, 2017, a federal district court in California allowed indirect purchasers of stock in Theranos, a privately held company, to proceed with their lawsuit asserting securities violations under California law. This...more

California Federal Court Allows Indirect Purchasers of Securities to Sue Issuers for Fraud Under California Statute

by Carlton Fields on

A federal magistrate judge in California has allowed a securities fraud suit against a late-stage private company to proceed despite the plaintiff investors holding a security interest only through intermediary,...more

Association of State Regulators Sues to Enjoin OCC's Fintech Special-Purpose National Bank Charters

Last week, a group of state regulators, the Conference of State Bank Supervisors ("CSBS"), filed suit in the U.S. District Court for the District of Columbia seeking to enjoin the Office of the Comptroller of the Currency...more

Conference of State Bank Commissioners Sues OCC to Bar Chartering of Fintech Banks

by Pepper Hamilton LLP on

The CSBS’ request for an injunction may prompt the OCC to slow down or abandon its willingness to consider issuing national bank charters to fintech companies....more

State regulators file lawsuit challenging OCC special purpose national bank charter for fintech companies

by Ballard Spahr LLP on

The Conference of State Bank Supervisors has filed a complaint in D.C. federal district court to stop the Office of the Comptroller of the Currency (OCC) from implementing its proposal to issue special purpose national bank...more

Advertising Litigation Report: Vol. 2, No. 2 - Consumer Privacy and Data Security

Judge Trims Proposed Class Action Over Wendy’s Data Breach - Torres v. Wendy’s Int’l, LLC, No. 16-cv-0210 (PGB) (DCI) (M.D. Fla. Mar. 21, 2017). A U.S. district court judge in Florida trimmed a proposed class action...more

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