Author Archives: Bloomberg BNA - Staff Reports

Photo: Zach Gibson/ Bloomberg

Senate Banking Panel Approves Clayton to SEC

Senate Banking Panel Approves Clayton to SEC

By Rob Tricchinelli, Bloomberg BNA The Senate Banking Committee April 4 approved the nomination of corporate lawyer Jay Clayton to lead the SEC, over the objection of some Democrats. The committee vote was 15-8, with all but three Democrats opposed—Sens. Jon Tester (Mont.), Mark Warner (Va.) and Heidi Heitkamp (N.D.). The nomination now heads to

Photo by Chris Kleponis/ Bloomberg News.

SEC Wraps Up Case Against Adviser Challenging In-House Judges

By Antoinette Gartrell, Bloomberg BNA  Former investment adviser Dawn Bennett must pay nearly $4 million for inflating assets and exaggerating investment returns in radio advertisements for her firm, the Securities and Exchange Commission said. The commission’s March 30 opinion clears the way for Bennett to move forward with her federal court claims that the agency’s


Senate Committee Set to Vote on SEC Nominee Clayton

By Rob Tricchinelli and Andrew Ramonas, Bloomberg BNA   President Donald Trump’s pick to lead the SEC, corporate lawyer Jay Clayton, is scheduled for an April 4 vote by the Senate Banking Committee. Clayton is expected to be approved by the committee, even though committee Democrats have been silent on whether they will support his

Photographer: Victor J. Blue/Bloomberg

Wells Fargo Faces Fewer CFPB Complaints as Lawsuits Loom

By Jeff Bater and Chris Bruce, Bloomberg BNA Consumer complaints against Wells Fargo have returned to levels reported before last September’s fake account scandal, although the risk of litigation could linger for years. The Consumer Financial Protection Bureau database logged half the number of complaints against Wells Fargo in February compared to those recorded at

Photo by Chris Kleponis/ Bloomberg News.

Adviser Challenges SEC In-House Judges for Second Time

By Antoinette Gartrell, Bloomberg BNA The SEC’s administrative law judges are unconstitutionally hired, an investment adviser told the D.C. Circuit March 10 for the second time. A U.S. Court of Appeals for the District of Columbia Circuit panel initially rejected the argument, but the full circuit agreed to reconsider Raymond J. Lucia’s challenge in February.

Photo by Andrew Harrer/Bloomberg

White House Proposes $1 Billion Cut to DOJ Funding

By Liz Crampton, Bloomberg BNA President Donald Trump proposed a $1.1 billion cut for the Department of Justice in a budget blueprint released March 16, but the document provides few details on how the administration wants the Antitrust Division to be funded. The fiscal 2018 budget blueprint also doesn’t include proposed funding levels for independent

Photo by William Thomas Cain/Getty Images

Here’s One Class Action Ted Frank Won’t Be Objecting To

By Perry Cooper, Bloomberg BNA  Frequent class settlement objector Ted Frank won’t be objecting to this class action — here, he’s the lead plaintiff. Frank turned to Edelson P.C., a plaintiffs’ class action firm focused on technology and privacy, to file his putative class suit over unsolicited robocalls. He alleges BMOCorp. Inc. made calls to

Photographer: Cole Burston/Bloomberg

PayPal, Google Join Fight to Repeal CFPB Prepaid Rule

By Gregory Roberts, Bloomberg BNA Mobile-wallet providers like PayPal and Google have their own ax to grind in the prepaid card industry’s push to have Congress quash a pending rule from the Consumer Financial Protection Bureau. The companies are particularly unhappy with a provision that would require a 30-day waiting period before extending credit to

Photographer: Paul Morse/Bloomberg News

House Poised to Pass Bills Overhauling Civil Litigation

By Bruce Kaufman, Bloomberg BNA  The House is poised to pass three bills this week championed by industry that may tilt the civil litigation process in favor of business in thousands of cases each year. Business groups are encouraged about the measures’ chances of eventual enactment. That’s because the House is not only taking up

Views Of The Capitol As Senate Adopts Budget With Cuts That Don't Privatize Medicare

CFTC Names Proskauer Lawyer New General Counsel

By Richard Hill, Bloomberg BNA Proskauer Rose LLP special counsel Daniel J. Davis was named general counsel of the CFTC March 6, effective immediately. The move is another signal that the agency is moving ahead despite having only two commissioners and no permanent chairman. Davis specialized in labor and employment law at Proskauer, the Commodity