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Daily Report Online

Fintech Is Booming in Georgia, as Regulatory Obstacles Loom

A fast-growing industry plus regulatory uncertainty equals lots of work for lawyers.
7 minute read

National Law Journal

The CFPB, Often a Winner in Court, Hit a Rough Patch This Summer

The Consumer Financial Protection Bureau has returned billions of dollars to consumers while confronting abuses carried out by large banks, mortgage lenders and law firms—successes that are reflected in the agency's court record and settlements. But the CFPB has also suffered a string of setbacks this summer. Proponents of the agency caution not to read too much into the losses—the CFPB, they say, is willing to litigate. Still, others see an agency that's still pushing the limits of its authority.
26 minute read

Legaltech News

Investors Jumping Into Legal Fray Over Equifax Data Breach

Investors allege that the agency failed to protect its data systems and thus made false statements in recent financial statements about the soundness of its cybersecurity.
4 minute read

The Legal Intelligencer

Jones v. Bd. of Dir. of Valor Credit Union, PICS Case No. 17-1370 (Pa. Super. Aug. 21, 2017) Musmanno, J. (9 pages).

Member of a federal credit union lacked standing to bring a derivative action, where the Federal Credit Union Act did not specifically authorize such standing, and where plaintiff failed to make demand upon the credit union to assert its rights and the credit union refused or failed to do so. Order of the trial court affirmed.
3 minute read

Daily Business Review

Reprieve From Mortgage Payments Available to Some in Irma's Wake

Homeowners in 48 Florida counties, Puerto Rico and the U.S. Virgin Islands may be eligible for an extended delay in payment of federally backed mortgages due to Hurricane Irma.
5 minute read

The American Lawyer

Litigation Funder Longford Raises $500M as Industry Stays Flush

Longford Capital Management LP on Monday announced the latest headline figure in the litigation finance industry. Longford said it raised $500 million for a second fund that will dwarf the initial $56.5 million fund that the Chicago-based firm raised three years ago.
4 minute read

Legaltech News

Equifax Executives' Stock Sales Raise 'Fundamental Questions' Tied to Breach

Here's a snapshot from the Dorsey & Whitney report about issues surrounding the stock sales, and guidance for companies that are watching how Equifax responds to the cyber breach for any wider lessons about what to do.
16 minute read

National Law Journal

Equifax Executives' Stock Sales Raise 'Fundamental Questions' Tied to Breach

Equifax Inc. has maintained that three executives were unaware of a massive data breach when they made stock trades on Aug. 1—worth more than $1 million—days after the company discovered the attack. Still, published reports about the stock sales raise "fundamental questions," two partners at the law firm Dorsey & Whitney said in an article published Friday at the Harvard Law School Forum on Corporate Governance and Financial Regulation.
4 minute read

The Recorder

Banking Lobbyists, After Wells Fargo Scandal, Couldn't Stop This Arbitration Bill

California's governor and Legislature in recent years have not been welcoming of many bills aimed at restricting the use of arbitration. That could soon change. Gov. Jerry Brown is considering whether to sign legislation that would allow judges to deny a bank's arbitration demand in any case that involves fraudulently created accounts.
4 minute read

Corporate Counsel

Survey: European Banks Getting Slammed With Fines From US Authorities

A big chunk of fines for banking misconduct in the last five years have been levied by U.S. authorities against European banks with U.S. branches.
4 minute read

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