On March 31, 2022, the Federal Deposit Insurance Corporation (FDIC) issued the March 2022 edition of its Consumer Compliance Supervisory Highlights. The publication provides a high-level overview of consumer compliance issues identified in 2021 through the FDIC’s supervision of state-chartered banks and thrifts that are not members of the Federal Reserve System. It provides
New Complaint – Oregon JV LLC v. Advanced Investment et al.
Oregon JV LLC v. Advanced Investment et al. was filed in the United States District Court for the District of Oregon on March 2, 2022. Plaintiff asserts claims sounding in fraud and requests compensatory and equitable relief against a construction lender and other individuals and entities that funded various loans to a homebuilder with a
What Owners and Financers Need to Know About Insurance and Putin’s Aircraft Seizure Law
On March 14, 2022, Russian President Vladimir Putin signed a law allowing the seizure of foreign-owned aircraft in Russia. Many aircraft in Russia are owned by international firms and leased for use in Russia. Such seizures are a likely source of insurance claims by the planes’ owners and financers.
Most commercial air carriers do not
New Complaint – Chan v. Anthony, et al.
Chan v. Anthony, et al. was filed in the District Court for Denver County, Colorado on March 1, 2022, asserting claims under the Colorado Securities Act for securities fraud, investment advisor fraud, unlicensed broker/dealer activity, unlicensed investment adviser activity, and unregistered securities.
Tung Chan (“Chan”), Colorado’s Securities Commissioner, brought this action against Defendant David Anthony
Russia and the Insurance Angle — Tapping Political Risk and Other Insurance Coverages
The Russian invasion of Ukraine and the resulting sanctions Western countries have imposed on Russia have already caused potentially catastrophic losses for businesses with assets and investments in Ukraine, Russia and neighboring countries impacted by the attack. These losses could accelerate, based on a March 9, 2022, announcement by Russia’s ruling party.
According to that
Former CFPB Deputy Enforcement Director Jeff Ehrlich Joins McGuireWoods in D.C.
McGuireWoods is pleased to announce that Jeff Ehrlich, former deputy enforcement director at the Consumer Financial Protection Bureau, has joined the firm’s financial services litigation practice as a partner in Washington, D.C.
Jeff joined the CFPB in 2011 and was promoted to deputy enforcement director in 2013. In that role, he led the CFPB’s
Federal Framework for Digital Asset Regulation Comes into Focus
On March 9, 2022, President Biden signed an Executive Order on Ensuring Responsible Development of Digital Assets (“Executive Order”) to mobilize the federal government to develop a strategy for digital assets, intending to encourage innovation in a manner that mitigates the risks to consumers, investors, and businesses. The Executive Order mandates an interagency approach across
Despite BlockFi’s $100 Million Settlement with the SEC for Failing to Register as an Investment Company, BlockFi is Under Fire From Investors
On February 14, 2022, the Securities and Exchange Commission announced a settlement with a crypto lending company in a “first-of-its-kind enforcement action” for failing to register as an investment company under the Investment Company Act of 1940, as amended (the “Investment Company Act”). In the novel settlement, BlockFi Lending LLC (“BlockFi”) agreed to pay $100
New Complaint – Aarus Enterprises LLC v. Burgerim Group USA, Inc.
Aarus Enterprises LLC v. Burgerim Group USA, Inc. was filed in the Superior Court of California for the County of Los Angeles on February 15, 2022, seeking civil damages from a fraudulent investment scheme involving the purchase and sale of fast-food burger franchises. Specifically, the complaint alleges promissory fraud, intentional misrepresentation, and concealment.
Plaintiffs include
New Complaint – Tu Le et al. v. Prestige Community Credit Union
Tu Le et al. v. Prestige Community Credit Union, filed in the United States District Court for the Central District of California on February 18, 2022, is the second putative class action filed in connection with a church-based investment scheme propped up by Ponzi-type payments, this time targeting the bank that housed the schemers’ accounts.