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Your Daily Dose of Financial News

Even as auto lending continues at near break-neck pace, regulators are expressing concerns about the rise (again) of subprime delinquencies from borrowers. The trend, at a time when the US economy is doing relatively well,...more

D.C. Court of Appeals checks, then balances CFPB’s power

A cornerstone of the Dodd-Frank Wall Street Reform and Consumer Protection Act was the creation of the Consumer Financial Protection Board (“CFPB”). The CFPB, as envisioned by the legislation, would be the independent...more

Financial Institutions’ Data Breach Class Action Bounced

I’ve previously blogged about a new breed of data breach class actions filed by financial institutions against retailers (as opposed to customers suing retailers). In these cases, financial institutions claim that retailers...more

Does Your Insurance Cover Phishing Attacks and Business Email Compromise? The Uncertainty Continues…

The coverage landscape for “Business E-mail Compromise” (BEC) scams remains somewhat tenuous, as organizations and carriers continue to battle in court over the extent of coverage. Although recent positive,...more

Your Daily Dose of Financial News

Merrill Lynch has already staked out the position in response to the DOL’s retirement account fiduciary duty rule that it would no longer offer commission-based IRAs to retirement savers. Yesterday, it effectively doubled...more

Should Banks Be Held to Higher Standard in Data Breach Cases?

In a cautionary tale for banks, a federal court judge in Illinois dismissed a lawsuit filed by Community Bank of Trenton after concluding the bank’s sophisticated business dealings required a higher standard than consumer...more

Data Breach Class Action Case Dismissed Against Barnes & Noble

A federal judge in Illinois dismissed the class action lawsuit filed against Barnes & Noble stemming from a data breach in 2013. The breach occurred when credit and debit card PIN pads were compromised at 63 Barnes & Noble...more

Avoiding Close Calls: Sixth Circuit’s Galaria v. Nationwide Decision Offers Valuable Pleading Tips

The Sixth Circuit’s split decision last month finding Article 3 standing in a data breach case is the first of its kind post-Spokeo. See Galaria v. Nationwide Nos. 15-3386/3387 (6th Cir. Sept. 12, 2016) (unpublished). It is...more

Federal Website Lawsuits Top 100 As New Wave Of Demand Letters Hits Community Banks

Seyfarth Synopsis: The number of federal lawsuits alleging inaccessible websites continues to increase, along with the number of law firms filing them. Businesses need advice now on how to manage risk in this chaotic...more

Your daily dose of financial news - The Brief – 9.14.16

Following news of Starboard Value’s plan to shake things up at Perrigo, we have this take from Breakingviews, which suggests that fending off a hostile takeover (as Perrigo did from Mylan) tends to “make fertile turf for an...more

Your daily dose of financial news - The Brief – 8.23.16

The 2d Circuit has refused the DOJ’s motion for reconsideration of the panel’s May decision overturning a jury verdict and accompanying $1.27 billion fine against Bank of America over its “Hustle” mortgage generation program....more

New York Appellate Court Reverse Lower Court, Allows RMBS Action to Proceed Against Morgan Stanley

On August 11, 2016, the First Department of the Appellate Division of the Supreme Court of the State of New York reversed the lower court, allowing RMBS Trustee U.S. Bank to proceed with claims against Morgan Stanley in...more

Arizona Federal District Court Finds No Coverage for P.F. Chang’s for PCI Assessments

In one of the first decisions construing coverage under a stand-alone cyber insurance policy in the wake of a large-scale cyber security breach, the Arizona Federal District Court rejected restaurant franchisor P.F. Chang’s...more

Supreme Court Clarifies Injury-In-Fact Standing Requirement in Spokeo, Dealing Impediment to “Gotcha” Statutory Lawsuits

Article III of the U.S. Constitution limits federal courts’ jurisdiction to actual cases and controversies only. When a plaintiff seeks to sue in federal court despite having suffered no actual injury, the Constitution’s...more

SEC Prevails In Jury Trial Against Former CEO of Drug Firm

The SEC prevailed at trial against the former CEO of a biopharmaceutical company on claims that he made false and misleading statements regarding the regulatory approval status of the firm’s only drug. Following a two week...more

7th Circuit Court of Appeals finds Article III Standing for P.F. Chang’s Plaintiffs

On April 14, 2016, the Court of Appeals for 7th Circuit reinstated plaintiffs’ action against P.F. Chang’s restaurant chain that arose out of the well-reported breach of payment card information. The action was previously...more

The SEC’s Increasing Use of Data Analysis

The Commission has increasingly focused on data analysis as an aid to its enforcement program. Two recent cases brought against investment advisers for cherry picking illustrate different facets of the approach....more

Seventh Circuit (Again) Finds Consumers Have Standing To Sue Over Data Breaches

On April 14, 2016, the Seventh Circuit held in Lewart v. P.F. Chang’s that customers who may have had personal information compromised in a P.F. Chang’s data breach have standing, at the motion-to-dismiss stage, to sue the...more

Government Seeks Civil Forfeiture of Funds Stolen in Business E-Mail Fraud

On April 14, 2016, the U.S. Attorney for the Southern District of New York filed a civil forfeiture action seeking to recover nearly $100 million stolen from an unidentified U.S. company through a form of wire fraud or...more

CFPB Steps Up Scrutiny of FinTech Companies

On March 7, 2016, the Consumer Financial Protection Bureau (CFPB) announced that it will begin collecting complaints from consumers about online marketplace lenders, signaling its intention to increasingly regulate the...more

2016 Data Breach Litigation Report

Data security breaches – and data security breach litigation – dominated the headlines in 2015 and continue to do so in 2016. Continuous widely publicized breaches have led to 30,000 articles a month being published that...more

Following its Settlement with Wyndham, the FTC Launches Wide Scale Inquiry Into PCI Compliance Audits

In December 2015, the Federal Trade Commission (FTC) settled a drawn-out civil action it brought against Wyndham Worldwide Corporation (Wyndham) for multiple data breaches involving cardholder data (i.e., information on...more

CFPB Takes First Action Against Company for Lax Data Security Practices

The Consumer Financial Protection Bureau (“CFPB”) has announced its first data security enforcement action. On Wednesday (March 2), the CFPB released a consent order against Dwolla, an online payment platform company,...more

Caveat Emptor: Non-compliance with a Non-Binding Term Sheet Results in $195 Million Judgment

On December 23, 2015, the Delaware Supreme Court affirmed the Delaware Chancery Court’s award of $195 million to PharmAthene, Inc. (“PharmAthene”) as compensation for lost profits (a/k/a expectation damages) on account of the...more

Massachusetts Net Worth “True Debt” Litigation Moves Forward—Oral Argument Held, Awaiting Decision

With oral argument and briefing complete, the Massachusetts Department of Revenue’s authority to increase the net worth component of a taxpayer’s corporate excise using its “true debt” analysis is under review by the Appeals...more

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