The New York Department of Financial Services (“NYDFS”) has brought action in Federal court against Citibank, N.A., alleging that the bank systemically failed to protect accountholders from rampant online scam activity,...more
NY AG Letitia James is suing Amazon, accusing the online retail giant “of not doing enough to protect workers in the state from the coronavirus” and calling its response to the pandemic “deficient.” ...more
Banking regulators, the Office of Comptroller of the Currency and the Federal Reserve, recently collected a $400 million civil penalty against Citigroup for long-standing deficiencies in its enterprise risk management,...more
Ride-hailing giant Uber laid off 350 workers on Monday as part of an ongoing effort to pare costs that now represents 1000 jobs cut since July....more
Markets took a beating yesterday, with investors apparently put off by tech stocks, tensions with China, a recent jump in interest rates and government bond yields, and a tightening Fed monetary policy....more
A mix of corporate tax cuts and a strong economy helped propel US corporate profits to a 16.1% year-over-year gain, the best figure in 6 years...more
Now to be fair, Starbucks Executive Chair Howard Schultz has stepped away before. But this time feels more definitive, especially with the call of politics apparently swimming around in his post-Sbux plans....more
Financial institutions face enormous pressures with respect to anti-money laundering compliance. These burdens are about to grow with implementation of customer due diligence rules. In 2017, federal and state regulators...more
SoftBank’s been burning up the deal scene in recent months (Fortress, anyone?), and it keeps right on rolling by helping orchestrate the merger of satellite operator and investee OneWeb with Intelsat in a bid to increase...more
On June 30, 2016, the Consumer Financial Protection Bureau (“CFPB”) released the twelfth edition of its Supervisory Highlights report (“Report”), which focused on supervision work completed between January and April 2016. The...more
On February 23, 2015, the Consumer Financial Protection Bureau (CFPB) announced two separate enforcement actions against Citibank, N.A., its affiliates, and two debt collection law firms, for alleged illegal debt sales and...more
Today we’re taking a look at the CFPB’s recent enforcement case against Citibank, N.A. (“Citibank”) and two of Citibank’s subsidiaries, Department Stores National Bank (“DSNB”) and Citicorp Credit Services, Inc. (USA) (“CCSI...more
A long-dormant law can become an unexpectedly potent weapon in the hands of an assertive prosecutor. And in recent years, few statutes have undergone a rebirth more dramatic — and for some, more troubling — than the civil...more