Weekly Brief: BoA Sued; SCOTUS Shortlists; Fund Fights Argentina
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
Financial institutions should work with outside counsel to ensure that their internal policies and external actions minimize conduct that may violate state and Federal laws and regulations, and incentivize employees to reward...more
It is no surprise to anyone involved in consumer lending that laws designed to protect consumers from inception of the loan relationship through collection of the loan following default vary greatly from state to state and...more
A round of internal Facebook emails produced in response to an FTC probe appear to show that the company’s “potentially problematic privacy practices” had filtered their way up to the very top of the social networking...more
Facebook revealed on Wednesday that it’s expecting a one-time $3 to 5 billion FTC fine over privacy violations, an amount that would be a “record penalty for a technology company by the agency.” In preparation, Zuck & co....more
Carlos Ghosn, the onetime “savior” of Nissan, faced another indignity while again behind bars in Japan—the automaker officially removed the former chair from the board altogether....more
Monsanto’s (and, in turn, Bayer AG’s) terrible, horrible, no good, very bad day in court over its Roundup products’ links to cancer continued yesterday, as a jury awarded $80 million to the California man who it had already...more
The FHLB Boston’s $5.9 billion MBS case against Morgan Stanley, UBS, and Credit Suisse, is back in Massachusetts state court—a result of the Supreme Court’s Lightfoot v. Cendant Mortgage case that held that Fannie Mae’s...more
We’ve got numbers for Bayer’s unsolicited bid to buy Monsanto—a cash offer of $62 billion, representing a 37% premium on Monsanto’s May 9 closing price...more
The Dodd-Frank Wall Street Reform and Consumer Protection Act was enacted as a measure to promote financial stability and protection for consumers through increased regulation of nearly every aspect of the consumer finance...more
Yesterday, the Eighth District Ohio Court of Appeals affirmed the dismissal of a putative class action raising claims against a noteholder, mortgage servicer, and law firm under Ohio’s Consumer Sales Practices Act (“CSPA”)....more
Can shareholders of a government-sponsored enterprise successfully challenge the constitutionality of a government takeover of the entity? Shareholders of Fannie Mae and Freddie Mac will try to do so in a $41 billion class...more