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New York Law Journal

UBS Sues Bank of America for $200 Million Over Indemnification Breach

The complaint, filed in Manhattan state court on Wednesday, alleges Countrywide Financial – which was purchased by Bank of America in 2008 – agreed to cover legal costs stemming from residential mortgage-backed securities that were backed by Countrywide's mortgage loans.
2 minute read

Law.com

Fox Rothschild Files Fraud Suit Against Digital Banking Platform Scammers Accused of Illegally Transferring $5.7M to Truist Bank Account

Several fraudulent transactions were executed from Le Vian's accounts to the fake beneficiaries with Truist bank accounts. Truist has returned nearly $400,000 in stolen funds, while just short of $1.6 million is still fraudulently held in the accounts, the complaint said.
3 minute read

Law.com

Sheppard Mullin Wins Injunction for Financial Services Firm in Dispute Over 'Raiding Exemption' Under Broker Recruiting Protocols

The judge concluded that the defendants acted with predation, pointing to recovered digital evidence on some of the defendants' computers that related to their newly-founded financial services firm.
5 minute read

The Legal Intelligencer

Schnader Harrison Can't Escape Suit Over Allegedly Misappropriated Comp, Judge Finds

Former income partner Jo Bennett's putative class action survived a motion to dismiss.
3 minute read

Corporate Counsel

FINRA Hires Senior JPMorgan Chase Attorney to Lead Beefed-Up Enforcement Team

Julie Glynn is boomeranging back to FINRA, where she spent seven years as an enforcement attorney before joining the banking giant in 2011.
3 minute read

New Jersey Law Journal

Banking on Change: How Rescheduling Cannabis Could Impact the Financial Sector

"Rescheduling marijuana to Schedule III could reduce some criminal penalties and allow marijuana businesses to take federal tax deductions," write Fox Rothschild's Nikolas S. Komyati and Fruqan Mouzon.
8 minute read

National Law Journal

'I'd Send a Clear Message': Nominee Wants to Change FDIC's Toxic Culture

The law firm Cleary Gottlieb Steen & Hamilton released an independent report in May on the FDIC, finding that the agency failed to provide a workplace safe from sexual harassment, discrimination, and other interpersonal misconduct. Last month, Goldsmith Romero was nominated to succeed Martin Gruenberg, who has come under fire for the FDIC's reportedly toxic work culture.
4 minute read

Texas Lawyer

What Does the House's Crypto Legislation Mean for Digital Asset Providers?

"While this is the first time a major piece of crypto legislation has cleared either chamber of Congress, the bill's future in the Senate is unclear," write King & Spalding attorneys.
10 minute read

The Recorder

Gibson Dunn Secures Defense Win for HSBC in 'Trade Secrets' Lawsuit

In an order released Tuesday in the California Northern District Court, Magistrate Judge Laurel Beeler dismissed most of the claims made against London-based HSBC Holdings, HSBC entities HSBC USA (HUSI) and HSBC UK (HBUK), current HBUK employee and former SVB senior executive David Sabow and six former SVB employees.
4 minute read

New York Law Journal

Lenders Blasted for 90-Day Notice (With One Saving Grace)

While lenders and servicers with New York portfolios should long have been exceptionally familiar with the requirement, such presumed awareness nonetheless seems to little diminish the constant—often fatal losses suffered.
9 minute read

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