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CFPB Rushes to Aid of RushCard Customers; Will Industry Face Fallout?

Why it matters - A recent technical glitch for a major prepaid card could result in greater oversight for the industry as a whole. In October, consumers using prepaid RushCards were suddenly unable to access their funds....more

Prosecutors Record First-Ever Conviction for ‘Spoofing’: A New Era of Trading Enforcement

Asset managers and other traders should expect aggressive anti-spoofing enforcement and consider reviewing their trading practices in light of this most recent development. On November 3, 2015, a federal jury in...more

Corporate Investigations & White Collar Defense - October 2015

"Wherefore Art Thou Due Process?" Part III - Why it matters: It is time for another installment in our continuing "Wherefore Art Thou Due Process?" coverage into the ongoing constitutional challenges to the SEC's...more

Six Steps Banks Should Implement to Ensure Their Security Procedures are Commercially Reasonable

Banks are tasked by the Uniform Commercial Code (the UCC) with using “commercially reasonable” security procedures when processing funds transfers. This responsibility is constantly evolving as bank fraud becomes more...more

Orrick's Financial Industry Week in Review

EBA Updates Single Rulebook Q&As - On October 16, 2015, the European Banking Authority (EBA) updated its Q&As on the single rulebook, publishing four new questions. The single rulebook Q&As relate to the CRD IV package...more

Financial Services Companies Seek Larger Payout in Target Data Security Suit

Attorneys for certain banks and other financial institutions that are caught up in Target’s 2013 data breach are objecting to the $67 million deal struck last week between the retailer and Visa Inc. The banks and credit...more

Still a Target: Court Certifies Bank Class Claims Against Retailer Following Data Breach

Although Target has tentatively settled consumer data breach class action claims, the retailer remains in the crosshairs of the plaintiffs’ class action bar. On September 15, a Minnesota federal district court certified a...more

Banks Win Class Certification in Target Data Breach Case

A federal court recently granted class certification to a group of financial institutions (the “Banks”) in the data breach case against Target Corporation (“Target”) arising from the December 2013 hacking of its computer...more

Financial Institutions Make History In Target Mdl, First Class Action Certified In Federal Court To Litigate Security Breach...

Before September 15, 2015, no federal court had certified a class action to litigate security breach claims. But now U.S. District Court Judge Paul A. Magnuson, overseeing the In re: Target Corporation Customer MDL, has...more

Eighth Circuit Denies Consumers’ Appeal to Intervene in FTC Suit

On August 25, a three judge panel of the U.S. Court of Appeals for the Eighth Circuit affirmed a lower court’s decision to deny consumers’ motion to intervene in the FTC’s suit against BF Labs, Inc. d/b/a/ Butterfly Labs...more

Orrick's Financial Industry Week in Review

ESCB Reports on the Access of CCPs to Central Bank Liquidity Facilities under EMIR - On August 25, 2015, the European Central Bank (ECB) published a report by the European System of Central Banks (ESCB) on the need for...more

New EU Regulation for Electronic Signatures

The EU has adopted a new regulation, which will introduce a new legal framework for electronic signatures, seals, time stamps and electronic documents. These rules aim at creating a uniform regime across EU for the...more

Banks’ Class Certification Motion Trumpets Target Data Security Failings, Ignores Impact of Card Association Settlements

Card-issuing banks are forging ahead with their lawsuit against Target arising from the 2013 holiday shopping season data breach. Their July 1 motion for class certification has just been unsealed, allowing a glimpse at...more

Neiman Marcus Seeks En Banc Review of Seventh Circuit’s Watershed Data Breach Class-Action Decision

Does a data breach of a retailer’s payment-card information automatically confer Article III standing on affected customers? Is the mere possibility that some criminal element may use pilfered information to commit future...more

Neiman Marcus files Petition for Rehearing En Banc

We previously reported on the Seventh Circuit’s reversal of the District Court’s dismissal of the data breach class action case against Neiman Marcus. On August 3, 2015, Neiman Marcus filed a Petition for Rehearing requesting...more

Remijas v. Neiman Marcus: Seventh Circuit Affords Broad Standing To Sue Over Consumer Data Breaches

When hackers breach a business’s systems, class actions are sure to follow. Often, however, these suits have faltered right out of the starting gate. Citing the Supreme Court’s 2013 decision in Clapper v. Amnesty...more

Upper Tribunal Criticises FCA's Approach To Publicising Decision Notices

We consider here the decision of the Upper Tribunal (Tax and Chancery Chamber) in Bayliss & Co (Financial Services) Limited and Clive John Rosier v the Financial Conduct Authority [2015] UKUT 0265 (TCC) in which the tribunal...more

Target and MasterCard settlement rejected

We previously reported on the efforts of Target to settle claims made by MasterCard and its issuers as a result of the infamous Target data breach. In order for the settlement of $19 million to reimburse banks and credit...more

Failure to Obtain Required Retailer Approval Scuttles Target-MasterCard Data Breach Settlement

Target’s attempt to resolve claims of MasterCard-issuing banks through a $19 million private settlement with MasterCard has been terminated for failure of issuers of 90% of the affected cards to accept the settlement by the...more

At least 90 class actions primed for consolidation relative to 2015 Anthem data breach

On February 4, 2015, health insurer Anthem disclosed a data breach affecting the personal and financial information of up to eighty million Anthem members throughout the United States. Beginning the very next day, class...more

Claims Dismissed: Social Media Site's Reference Search Not a Background Check

Good news for employers using social media to vet job applicants: A Federal District Court recently ruled the technology used in LinkedIn's Reference Search does not constitute a “consumer background check” of employees and...more

Corporate & Financial Weekly Digest - Volume X, Issue 19

In This Issue: - FINRA's NAC Strengthens Sanction Guidelines Related to Fraud and Suitability - CFTC Revises Interpretation on Forward Contracts with Embedded Volumetric Optionality - CFTC Requests Public...more

Financial Product or Service Is Not Just for Financial Service Industry - Samsung Electronics v. Smartflash LLC; Motorola Mobility...

Addressing the requirements for instituting a covered business method (CBM) review in three decisions, the U.S. Patent and Trademark Office (PTO) Patent Trial and Appeal Board (PTAB or Board) explained that the “financial...more

Analysis of Inter Partes Review and Post-Grant Review in the Life Sciences Industry Through First Quarter 2015

The recently established inter partes review (IPR) and post-grant review (PGR) of the America Invents Act have been in the spotlight lately, especially now that the life sciences industry has begun to utilize these...more

Judge in Target Data Breach Litigation Declines to Block MasterCard Settlement

Senior U.S. District Court Judge Paul Magnuson issued an order on Thursday, May 7 denying a request by counsel for card issuer banks to enjoin the settlement of data breach related claims negotiated between Target and...more

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