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Ninth Circuit Affirms That “Cascading Scandals” and a General Stock-Price Decline are Insufficient to Establish Loss Causation under California Securities Law
On May 19, 2021, the Ninth Circuit affirmed the dismissal of a putative securities fraud class action against Uber Technologies, Inc. and its co-founder and former CEO, Travis Kalanick, holding that, under California law, investors cannot simply alle...
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Ninth Circuit Revives State-Law Class Action Claims against Financial Advisor
On March 4, 2021, the United States Court of Appeals for the Ninth Circuit reversed a district court’s ruling and held that a putative class action alleging state-law fiduciary duty claims against a financial services and advisory firm (the “Financia...
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Oregon Presses Pause on Foreclosures, Payment Defaults, and Evictions
In an effort to provide relief to homeowners, businesses, landlords, and tenants affected by COVID-19, Governor Brown signed two bills that impose significant limitations on lenders and landlords. Under HB 4204, lenders cannot foreclose on loans secu...
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At Long Last, FinCEN Offers Much Awaited Guidance Regarding BSA Due Diligence Requirements for Hemp Businesses
Ever since Congress passed the 2018 Farm Bill and hemp was declassified under federal law as a Schedule I controlled substance, financial institutions have struggled with whether and how to bank the hemp industry. Many bankers simply feared that the...
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“First Come, First Served:” SBA Issues Critical Guidance for Payroll Protection Program Loans
The Small Business Administration (SBA) has issued an Interim Final Rule controlling how $349 billion in short-term business loans under the CARES Act will be allocated. While the SBA is seeking comments from the public, the rule is effective immedia...
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Federal Banking Agencies Encourage Small-Dollar Lending
No, your eyes aren’t deceiving you. On Thursday, March 26, 2020, the federal banking agencies (i.e., the FDIC, CFPB, FRB, NCUA, and OCC) issued a joint statement encouraging banks and credit unions to offer responsible small-dollar loans to consumers...
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