Notable litigation filed during October 2023 includes: California Land Acquisition and Development Inc. v. Eran Drori, et al. Additionally, cryptocurrency and the potential for fraud surrounding the increasingly popular industry were on display during the month of October with the trial and conviction of Sam Bankman-Fried, founder of the cryptocurrency exchange company FTX.
Financial
Notable Litigation – September 2023
September was an active month for Ponzi litigation with nearly a dozen new complaints filed alleging fraudulent investment activity. The SEC continues to drive Ponzi-related litigation; in addition to four enforcement actions brought last month, previous SEC litigation precipitated several complaints filed by investors and court-appointed receivers. Consistent with the trends discussed in Ponzi Perspective’s…
The FTC and CFPB Announce New Rules to Tackle Junk Fees
On October 11, 2023, President Biden, Federal Trade Commission (FTC) Chair Lina Khan, and Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra announced the latest developments in the government’s efforts to tackle junk fees. Junk fees are hidden, surprise fees imposed on customers without clear disclosure.[1] The CFPB and FTC have taken several measures…
Notable Litigation – August 2023
Notable litigation filed during August 2023 includes: (1) SEC v. Rocha; (2) Legum v. Garfinkel, et al.; and (3) SEC v. Conn. Jr.…
Notable Litigation – July 2023
By Jenny Yi
Notable litigation filed during July 2023 includes: (1) O’Keefe v. Multicoin Cap. Mgmt. LLC; (2) Bledsoe v. Order of Magnitude Ventures LLC; (3) O’Keefe v. Farmington State Bank; and (4) SEC v. Tadrus.…
What You May Not Know about The Supreme Court’s Ruling in SFFA—Insurance Coverage Implications for All Industries
On June 29, 2023, the U.S. Supreme Court struck down the race-conscious admissions programs at Harvard University and the University of North Carolina at Chapel Hill in a pair of cases brought by Students for Fair Admissions (SFFA). The Court in SFFA found the universities in violation of the Equal Protection Clause and Title VI…
PFAS Liability and Insurance: Potential Avenues to Mitigate Exposure for PFAS Risks through Insurance
Manufacturers face an ever increasing risk of liability exposure for pollution caused by polyfluoroalkyl substances, commonly known as “PFAS.” In early June this year, it was reported that 3M, as have other large chemical manufacturers, settled pending litigation involving PFAS-contamination in U.S. cities for an estimated $10 billion and aimed to resolve allegations that 3M…
Ponzi Perspectives: 2023 Midyear Roundup
Since 2021, McGuireWoods’ Ponzi Litigation team has been tracking and posting case alerts on Ponzi-related complaints filed in federal and state courts throughout the country and analyzed key decisions that have the potential to influence controlling law on Ponzi-related issues. The blog also posts practical considerations like effective defenses to dismiss Ponzi litigation and common…
Notable Litigation – June 2023
By Max Bogost
Notable litigation filed during June 2023 includes: (1) Bowman v. Unibank; (2) SEC v. Baston; (3) Hafen v. Guyon, et al.; (4) SEC v. Royal Bengal Logistics, et al.; (5) Decimal Capital Partners v. Benavente; and (6) Agri Capital v. Soberal, et al.
Bowman v. Unibank, No. 2:23-cv-00971-JCC (W.D. Wash.)
Ponzi victims filed suit against…
Real-Estate Agents Who Participate in Joint Ventures Should Be Wary of the CFPB’s Recent Policy Statement on Abusive Conduct
Much has been written about the Consumer Financial Protection Bureau’s recent “Policy Statement on Abusive Acts or Practices,”[1] in which the Bureau analyzed the prohibition on abusive conduct in the Consumer Financial Protection Act of 2010 (CFPA). In response to the statement’s publication in the Federal Register, comments were submitted by banks,…