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Liability Financial Services Industry

Thomas Fox - Compliance Evangelist

Compliance Tip of the Day: Avoiding CCO Liability

Welcome to “Compliance Tip of the Day,” the podcast where we bring you daily insights and practical advice on navigating the ever-evolving landscape of compliance and regulatory requirements. Whether you’re a seasoned...more

Woods Rogers

Depository Institution Not Liable in ACH Fraud Case

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On March 26, 2025, the U.S. Court of Appeals for the Fourth Circuit issued an important decision addressing a depository institution’s liability for wire transfer losses resulting from a business email compromise scam....more

Holland & Knight LLP

Fourth Circuit Limits Beneficiary Bank Liability in BEC Schemes, Requires Actual Knowledge

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Business email compromise (BEC) fraud, driven by technology and increasing sophistication by criminal organizations, has become a major issue for both consumers and financial institutions. According to a September 2024...more

A&O Shearman

Indemnity or indemNOTy? The difference between a guarantee and an indemnity

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A bank sought payment under “deeds of indemnity” related to swap agreements which were part of a number of Dutch mortgage-backed securitisations. The mortgage provider refused to pay, a key argument being that the “deeds...more

A&O Shearman

UK Financial Conduct Authority Supports Expedition of Appeals of Motor Finance Decisions

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The U.K. Financial Conduct Authority has published a letter addressed to the Supreme Court regarding the applications for permission to appeal to the SC and requests for expedition in the recent motor finance commission...more

Goulston & Storrs PC

Mitigate Risks of Lender Liability Claims When Reworking Troubled CRE Loans

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I recently had the opportunity to present during a Strafford CLE webinar on strategies for mitigating the risks of lender liability claims when reworking troubled commercial real estate loans. A central theme throughout the...more

A&O Shearman

Zooming in on AI - #7: AI under financial regulations in the U.S., EU and U.K. - a comparative assessment of the current state of...

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This is the final note in a three-part series on the regulation of artificial intelligence in the financial services sector in the United States, the European Union and the United Kingdom. Our first note, we provided a...more

BCLP

Unauthorised Transactions: Exclusive Application of the PSP Liability Regime

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In a ruling dated 27 March 2024 (no. 22-21.200), the French Supreme Court (‘Cour de Cassation’) - citing European case law - held that a payment service provider can only be held liable for an unauthorised or incorrectly...more

A&O Shearman

Chief Information Security Officers and cyber whistleblowing: considerations for PE firms

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Managing these risks at a single company should be straightforward.  Executives and CISOs may be personally held accountable for cyber failings, negligence, breaches, and inadequate disclosure around cyber vulnerabilities and...more

Mayer Brown

EU Cyber Legislation Puts Emphasis on Board Responsibility

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What is a Management Body? Under both DORA and NIS2, a management body can be a body with managerial and/or supervisory functions. The powers and structure of management bodies vary within the EU Member State, and managerial...more

Ballard Spahr LLP

NY legislature adjourns without action on bills that would significantly expand UDAP liability and persons entitled to sue

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The current session of the New York legislature adjourned on June 10, 2023 without any action on two bills (A. 7138 and S. 795) that would make sweeping changes to the provisions of the state’s general business law (Section...more

Orrick, Herrington & Sutcliffe LLP

11th Circuit advances TILA suit weighing agency theory of liability

On February 6, the U.S. Court of Appeals for the Eleventh Circuit reversed a district court’s finding of summary judgment in favor of a financing company concerning alleged violations of TILA. The plaintiff agreed to purchase...more

Shipkevich PLLC

CFPB’s October 26, 2022 Circular Clarifies Surprise Overdraft Fees Trigger Liability under the Consumer Financial Protection Act...

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On October 26, 2022 the Consumer Financial Protection Bureau (“CFPB”)  published Consumer Financial Protection Circular 2022-06. Circular 2022-06 asserts that the imposition of overdraft fees upon consumers by financial...more

Cadwalader, Wickersham & Taft LLP

Regulation E Model Forms May Not Always Be a Safe Harbor

In an opinion written by U.S. District of Delaware circuit judge Stephanos Bibas that begins, “A good template serves as a guide, not gospel,” Del-One Federal Credit Union was denied the safe harbor typically proffered by use...more

UB Greensfelder LLP

[Webinar] What's New at the SEC in 2022? - March 2nd, 2:00 pm - 3:00 pm EST

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Join Ulmer partner Frances Floriano Goins and Elizabeth Hill, Senior Vice President, Deputy General Counsel, at Huntington National Bank, as they share an overview of the 2022 exam priorities. They will also discuss...more

Davis Wright Tremaine LLP

CFPB Provides Guidance on Unauthorized Transfers

Recent technological developments in banking and other financial services, combined with the effects of the pandemic, have led consumers to increasingly adopt digital payment solutions. At the same time, reports of digital...more

K&L Gates LLP

Brussels Regulatory Brief: May 2021

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ANTITRUST AND COMPETITION - A Subsidiary can be Held Liable for the Harm Caused by the Anticompetitive Conduct of its Parent Company - On 19 July 2016, the European Commission (the Commission) imposed fines on several car...more

Winstead PC

[Webinar] Fiduciary Litigation Update: 2019-2020 - December 15th, 10:00 am - 11:15 am CT

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This presentation will cover Texas cases dealing with fiduciary issues over the survey period. Some of the issues involve the removal of a trustee, the resignation of a trustee, the production of confidential trust...more

Hogan Lovells

Global Accountants’ Liability Update – September 2020

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On 21 August 2020, the court of Chancery of the State of Delaware granted a motion brought by three Defendant KPMG firms to dismiss a cause of action seeking to hold KPMG LLP (KPMG US) liable as the agent of KPMG Cardenas...more

Robins Kaplan LLP

Financial Daily Dose 6.15.2020 | Top Story: Reopening-Related COVID Surge Pauses Recent Market Rally

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Rising infection rates around the U.S. and the globe are worrying markets, as fear of a second wave of cases linked with the reopening of the economy freaks out traders....more

K&L Gates LLP

COVID-19: Credit Reporting in the Age of COVID-19

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The CARES Act’s Impact on Furnisher Liability Under the Fair Credit Reporting Act - As part of the federal government’s efforts to provide relief from the economic impact of the COVID-19 pandemic to consumers, Congress took...more

Goulston & Storrs PC

Lender Liability in the COVID-19 Era – It May Not Always Be About Control

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Lender liability typically refers to the situation where a lender exercises such a high degree of control over the day-to-day activities of the borrower that it becomes exposed to claims that otherwise would be asserted...more

Seyfarth Shaw LLP

COVID-19’s Potential Effect on Lender Liability

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COVID-19 has not only created red tape for us—sheltering-in-place, staying six feet away from others, wearing masks in public—but it also has created new red tape for lenders. Each day new federal and state legislation, as...more

Vinson & Elkins LLP

[Webinar] Distressed Debt and Looming Maturities: Liability Management and Restructuring Strategies in the Time of COVID-19 -...

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In this presentation, a cross-disciplinary panel of lawyers from our debt capital markets, restructuring, and tax practices will discuss methods for reducing debt balances, addressing impending debt maturities, and improving...more

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