Weekly Brief: BoA Sued; SCOTUS Shortlists; Fund Fights Argentina
On October 28, 2022, Vice Chancellor Morgan T. Zurn of the Delaware Court of Chancery ruled that the declaratory action brought by Buzzfeed Inc. against 91 current and former employees is not bound by arbitration provisions...more
FDIC Directs Banks to Provide Notice Before Engaging in Crypto-related Activities According to guidance recently issued by the FDIC, banks that it supervises and that intend to engage in, or are already engaged in, activities...more
IN THIS ISSUE - Eleventh Circuit Overturns Dismissal of Cryptocurrency Ponzi Scheme Class Action Suit; Federal Court of Appeals Dismisses Leading Fannie Mae and Freddie Mac Shareholder Lawsuits; NY Seeks Blockchain...more
In the News. Institutional Shareholder Services (ISS) published its proxy voting guidelines updates for 2021, which include new and updated voting recommendations on federal forum and exclusive forum provisions in companies’...more
In the News. On the heels of a lawsuit challenging the Office of the Comptroller of the Currency’s (OCC) recently issued Madden fix/valid when made rule, eight state attorneys general filed suit challenging a similar rule...more
In the News. The Consumer Financial Protection Bureau (CFPB) issued a notice of proposed rulemaking to create a new category of “seasoned” qualified mortgages; the Securities and Exchange Commission’s (SEC) Office of...more
Monday saw U.S. oil prices take an unprecedented plunge into negative territory, as “concerns grew that storage tanks in the United States were near capacity and unable to hold all the unused code” (with the “bizarre movement...more
The City of London has denied Uber’s request to extend its license in the city over concerns for rider safety. The decision puts Uber’s 45,000 drivers there in limbo, though they’ll be able to continue operating while the...more
PG&E’s woes continue. Not only is the company still in the midst of a dangerous fire season, but it’s struggling to find a path out of bankruptcy while fending off a growing chorus of cities and state officials “threatening...more
The SEC will vote today on what it’s calling Regulation Best Interest, “which says brokers can’t put their own paychecks ahead of a customer’s needs”—the more-industry-acceptable revision of an Obama-era fiduciary duty rule...more
US banks are reporting that cases of financial abuse of seniors are on the rise. Treasury department data showed a 2-fold increase in suspected cases from just 5 years ago and a 12% increase from just a year ago....more
A couple of big-time SCOTUS opinions released yesterday will leave their mark on the financial world— First, the High Court found that internet retailers can be “required to collect sales taxes in states where they have no...more
Editor's Note - Friend the Fed! As is the case every August, our federal government and regulators are hard at work, laser focused on the important issues of the day. In this regard, on August 18, the Federal Reserve...more
Spotlight on the False Claims Act - Why it matters: This month we discuss two interesting court cases involving the False Claims Act (FCA). On April 19, 2016, the Supreme Court heard oral argument in Universal Health...more
Why it matters - Federal regulators said they don’t expect perfection from banks trying to comply with the new mortgage disclosure requirements but will not turn a blind eye with regard to enforcement. In letters to...more
SEC enforcement actions are supposed to halt violations, protect investors and the markets, act as a deterrent and prevent a future repetition of wrongful conduct. To facilitate those goals settlements typically incorporate...more
CFTC Issues No-Action Relief to Certain Introducing Brokers - On January 23, 2015 the CFTC Division of Swap Dealer and Intermediary Oversight issued no-action relief to certain introducing brokers (IBs) with respect to...more
Bank of England Publishes Statement on Enforcement Action Against Lloyds Bank PLC and Bank of Scotland PLC - On July 28, the Bank of England published a statement on Financial Conduct Authority enforcement action...more