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Corporate Counsel

Amex Latest Target as Regulators Scrutinize Whether Credit Card Issuers Deliver on Rewards Promises

“Issuers need to think about rewards programs with the same level of rigor as they do for things like interest rates and fees. That means ensuring marketing claims are accurate, redemption processes are clear, and systems are in place to handle technical issues," said A.J. Dhaliwal, a partner at Sheppard Mullin.
6 minute read

Corporate Counsel

Wells Fargo and Bank of America Agree to Pay Combined $60 Million to Settle SEC Probe

In the enforcement actions announced Friday, the regulator said the two firms agreed to settle the charges without admitting or denying any wrongdoing.
2 minute read

Texas Lawyer

Texas Supreme Court Grapples Over Fifth Circuit Question on State Usury Law

The Texas Supreme Court must decide whether Texas law permits interest rates on the total principal amount for the life of the loan, regardless of a declining principle balance.
5 minute read

National Law Journal

Supreme Court May Limit Federal Prosecutions Over 'Misleading' but True Statements

The justices seem inclined to exclude "misleading" but true statements from a federal law prohibiting "false" statements to the Federal Deposit Insurance Corp.
6 minute read

New York Law Journal

The CFPB Is Digging In for Last Days of Biden's Term. But What Happens Next?

“There are a lot of consumers and particularly consumer advocates who think that the CFPB has done a great job. Trump held himself out to be a populist … acting, with an agenda that supports consumers,” said Alan Kaplinsky, the former leader of Ballard Spahr's Consumer Financial Services Group. “He’s got to navigate this area carefully.”
6 minute read

New York Law Journal

SCOTUS Leaves Untouched 2nd Circuit's Revival of Binance Fraud Suit

The justices denied the petition for review without explanation, as is customary, declining to inquire further into Binance’s arguments that purchases made over its platform are extraterritorial and beyond the scope of U.S. securities law.
3 minute read

The Recorder

'It's Not Going to Be Pretty': PayPal, Capital One Face Novel Class Actions Over 'Poaching' Commissions Owed Influencers

Credit card company Capital One Financial Corp. is the latest to field a lawsuit alleging that it deploys its Capital One Shopping web extension to replace affiliate cookies with its own and poach affiliate marketing commissions from YouTube influencers.
7 minute read

New York Law Journal

NY AG James Targets Crypto Fraud Which Allegedly Ensnared Victims With Fake Jobs

In a 50-page complaint, James outlined a complex fraud scheme that ensnared at least seven people in New York, Florida and Florida and ran from at least January 2024 through June 2024. Various aspects of the operation were conducted through cryptocurrency, a technology with which many of the targets were unfamiliar, according to the lawsuit.
4 minute read

New York Law Journal

'Merciless' Filing Deadline Dooms Cuban Americans' Property-Trafficking Suit Against BNP Paribas, SocGen

A three-judge panel found that the Helms-Burton Act contains a "merciless" two-year filing deadline that forecloses a series of lawsuits arising from financial transactions that took place between 2000 and 2010.
4 minute read

Corporate Counsel

Former Capital One Deputy GC Takes Legal Reins of AIG Spinoff

Polly Klane has a star-studded resume, having held senior posts at Fannie Mae and Capital One and, most recently, serving as GC of Citizens Financial, the nation's 20th-largest bank.
2 minute read

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