* Modern Family star Ariel Winter wants to go to law school. Aw, that’s a shame — she seems so smart. [E!]
* Five major banks will plead guilty to felony charges over allegations they illegally manipulated the dollar/euro exchange rate and pay over $5 billion in fines. Attorney General Loretta Lynch described the scheme as “brazenly illegal.” [National Law Journal]
* Preet Bharara is making the rounds as a law school commencement speaker, find out why Lat calls him, “surprisingly entertaining for a prosecutor.” [Wall Street Journal]
* Despite release of several hundred pages of the report on CIA abuse and torture a federal judge will not require the disclosure of the full report citing evidence that Congress intended to “retain control” over it. [Legal Times]
* Stay at home moms with JD are now commanding “bonuses” from their spouses — at least on the Upper East Side of Manhattan. [American Lawyer]
* Bail is set at $1 million for each of the bikers arrested in Waco after the deadly brawl. [CNN]
* ConAgra Foods will plead guilty to criminal charges over a 2007 outbreak of salmonella that was traced back to peanut butter. [NPR]
The OCC’s most recent report on current key risks should be read by all banks, regardless of size or regulator, as a road map in preparing for the next examination.
Litigation finance is a funding tool many companies are considering to help cover the fees and expenses related to major legal claims. We at Lake Whillans Litigation Finance have compiled a list of questions to help you determine if your client is a candidate for litigation finance.
On December 2, 2014, a U.S. District Court in Minnesota ruled that a group of banks and other financial institutions could proceed with a class action against large national retailer Target arising from the data breach Target sustained from a computer hacking…
The Day After: There are still a few undecided races but we know that Republicans will control the House and the Senate in the next session of Congress. This may provide an opportunity for more bipartisan legislation in the financial services area. There is reason to hope that Congress will be able to pass legislation that President Obama will sign that could soften some of the hard edges of the Dodd-Frank Act, such as the effect of regulations intended for large banks on small and regional banks, the application of SIFI rules to insurance companies, the regulation of end-users of derivatives, the broad definition of municipal advisor and the required disclosure of the origin of conflict minerals. In addition, the SEC may now adopt, pare back or drop some proposals that have been on hold, like the crowdfunding rules, amendments to Rule 506 and Form D, and fiduciary standards for brokers. Whatever happens, we’ll be here to cover it.
Catchy blog titles are usually hard too, but not this one. Discovery of electronically stored information (“ESI”) is just plain difficult. If you are lucky, it does not come up in your case at all. Or, the parties agree that only certain emails during a certain period of time are relevant to the dispute. If you are unlucky, you might find yourself in the middle of a massive theft of trade secrets case involving customer lists with thousands of names and an email address for each one of them. At that point, expect to spend several months creating an ESI discovery protocol with your opposing counsel – a process of negotiating everything from search terms to custodian/device lists to hard drive/server copying formats, and so on and so forth. Once that part is finished, you still have to engage in discovery according to the protocol.
The Federal Deposit Insurance Corporation (FDIC) reached a $16 million deal with a Utah bank recently, settling charges that the financial institution engaged in unfair and deceptive acts and practices.
Merrick Bank violated Section 5 of the Federal Trade Commission (FTC) Act in the marketing and servicing of its credit card add-on products, the regulator alleged. From 2008 to 2013, the bank touted its “PAYS Plan” as a payment protection card add-on product that provided a benefit payment toward a customer’s monthly credit card payment when triggered by life events such as involuntary unemployment, disability or hospitalization.
Ed. note: Above the Law will have a reduced publishing schedule on Friday, July 4, in observance of the day when Will Smith beat those aliens.
* Two state supreme courts rejected the bids of guns rights advocates to give felons the right to own guns. But if you outlaw guns, only outlaws… wait, that slogan doesn’t work here. [The Volokh Conspiracy / Washington Post]
* Hobby Lobby fallout. Religious groups are asking President Obama to accommodate their “sincerely held belief” that gay people don’t deserve jobs. [Talking Points Memo]
* On the other hand, Hobby Lobby opens the door to student loan forgiveness. [Tyler Coulson]
* People hated talking to Steve Jobs about their work. Was it because kids these days don’t understand the value of hard work? Or was it because computer geeks are notoriously introverted? [What About Paris?]
* Don’t discriminate against people getting divorces — they’ve got enough to worry about. [Adjunct Law Prof Blog]
* Some legal academics think bank executives should be paid in bonds. Here are some arguments against that. [Fortune]
If you don’t have a lawyer, it is hard to really put their feet to the fire and make sure the banks have every ‘t’ crossed and ‘i’ dotted… We are going to make sure funding for those legal services is restored. — New York Attorney General Eric T. Schneiderman, discussing the implications of a […]
ATL Academy For Private Practice Volume 1 – Getting Started offers a mix of deeply informed, sometimes contrarian, but always thoughtful insight into meeting the challenges of starting and optimizing your own practice. Click here to download.