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The Legal Intelligencer

Federal Judge Allows Elderly Woman's Consumer Protection Suit to Proceed Against Citizens Bank

In Downz v. Citizens Bank, the plaintiff claimed Citizens Bank was negligent in failing to warn her of fraudulent activity and for allegedly allowing her to overdraft her Home Equity Line of Credit account by over $100,000.
5 minute read

New York Law Journal

'A World of Credit': Ex-FTX Executive Gary Wang Sentenced to Time Served Following Cooperation

“I’ve never seen anything quite like what happened here,” U.S. District Judge Lewis Kaplan told the defendant, who he said had “limited culpability" in the massive fraud that led to the collapse of the fund and some $11 billion in investor and lender losses.
3 minute read

Corporate Counsel

'We’re Here to Empower People to Make Good Decisions': Why Compliance Chiefs Must Learn to Think Like a Businessperson

“The thrust of our jobs is when things in the business go right, because that’s when we gain trust within the company,” said Obiamaka Madubuko, chief ethics and compliance officer of Visa.
3 minute read

Corporate Counsel

Trump's SEC Likely to Halt 'Off-Channel' Texting Probe That's Led to Billions in Fines

“All indications are that the SEC’s ‘sweep’ regarding off-channel communications will come to an abrupt end once Trump’s appointees take the reins at the SEC," said David Oliwenstein, a partner at Pillsbury Winthrop Shaw Pittman.
4 minute read

New York Law Journal

US Judge Told Archegos Founder Can't Afford What Defense Says Is 'Unjustified' $10 Billion Restitution

Prosecutors have asked U.S. District Judge Alvin Hellerstein to sentence Archegos Capital Management founder Sung Kook "Bill" Hwang to 21 years behind bars and forfeit $10 billion. But his lawyers say he's only worth $55 million now.
2 minute read

New York Law Journal

Bank of America's Cash Sweep Program Attracts New Legal Fire in Class Action

A New Jersey resident accused the bank of offering paltry interest rates on its "cash sweep" accounts.
3 minute read

Legaltech News

Legal Departments’ Lack of Third-Party Oversight Leaving Small, Midsized Banks Exposed

A new survey from Jones Walker found that many small and midsized banks are falling short on due diligence with their third-party cybersecurity vendors, leaving them dangerously exposed.
4 minute read

Delaware Business Court Insider

FTX Estate Seeks to Recoup $1.76B From Binance, Plus Exec 'Piggy Bank' Payouts

FTX and its affiliates, represented in the bankruptcy court by Sullivan & Cromwell and Landis, Rath & Cobb, have filed a total of 36 adversary actions since Oct. 28, 25 of which were filed on Nov. 8.
3 minute read

New York Law Journal

US Judge Rejects Morgan Stanley Reconsideration Bid in Deferred Compensation Litigation

U.S. District Court Judge Paul Gardephe first held in November 2023 that the deferred compensation plan was governed by ERISA, and referred the matter to arbitration.
3 minute read

Law.com

Inside Track: How 2 Big Financial Stories—an Antitrust Case and a Megamerger—Became Intertwined

At issue is whether Discover's underperforming digital payments network would have the muscle to challenge Visa's dominance of the payments industry if regulators OK its merger with Capital One.
6 minute read

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