Banking

  • March 12, 2025

    EPA Says Grant Termination Moots Climate Group's Challenge

    The U.S. Environmental Protection Agency told a D.C. federal judge Wednesday that its cancelation of $20 billion in grant funding for climate change projects renders moot Climate United Fund's claim that Citibank is illegally denying its disbursement requests.

  • March 12, 2025

    Look At All These 1-Word Orders In IP Cases, Justices Told

    A patent owner has told the U.S. Supreme Court that there's momentum behind its push for scrutiny of the Federal Circuit's one-word orders in patent cases and its challenge to courts' summary judgment practices in such matters.

  • March 12, 2025

    Binance Asks Judge To Rethink Upholding Terror Victims' Suit

    Cryptocurrency exchange Binance and its former CEO Changpeng Zhao have asked a New York federal judge to reconsider his ruling allowing a bulk of claims from a group of Hamas attack survivors to move forward, arguing that the survivors do not allege that Binance had a "close nexus" to the terrorist groups that allegedly used its platforms.

  • March 12, 2025

    Convicted Insurance Magnate Settles SEC's $57M Fraud Suit

    Convicted insurance mogul Greg Lindberg has netted a deal with the U.S. Securities and Exchange Commission to resolve claims he misappropriated $57 million in client funds, tying up the civil suit just four months after he copped to related criminal charges.

  • March 12, 2025

    Borrowers Claim Cash Advance Co. Charged 1,000% Interest

    A prospective class of borrowers has hit Klover Holdings Inc. with a lawsuit claiming that the cash advance business charged interest rates that can reach 1,000% or more, far exceeding Pennsylvania's 6% legal limit.

  • March 12, 2025

    Customer Says Wells Fargo Colludes With AAA In Arbitrations

    The lead plaintiff in a proposed class action accusing Wells Fargo and the American Arbitration Association of colluding to fraudulently induce consumers into accepting an unfair arbitration process has urged a California federal judge to deny their attempts to toss the lawsuit.

  • March 12, 2025

    BofA, Merrill Defeat Ex-Adviser's Deferred Compensation Suit

    Bank of America and investment management subsidiary Merrill defeated a former financial adviser's suit claiming deferred compensation he'd earned was unlawfully revoked when he left the company, with a North Carolina federal court finding the money didn't qualify as retirement funds covered by benefits law.

  • March 12, 2025

    Ex-Fed Examiner Seems Prison-Bound In Insider Trading Case

    A former senior banking supervisor for the Federal Reserve Bank of Richmond who pled guilty to insider trading appears likely to be sentenced to prison later this month, after both he and prosecutors have asked a Virginia federal judge for a custodial sentence.

  • March 11, 2025

    Payday Lenders Want One More High Court Bout With CFPB

    Payday lender groups have asked the U.S. Supreme Court to again take up their challenge to a Consumer Financial Protection Bureau rule finalized during President Donald Trump's first term, this time seeking an appeal focused on the rule's allegedly "tainted" origin.

  • March 11, 2025

    Russian Can't Claim Seized $300M Superyacht, Judge Rules

    A New York federal judge ruled Monday that a Russian billionaire cannot claim ownership of a seized $300 million superyacht, saying the evidence shows he is a "straw" owner of the vessel in a ruling that moved the government closer to selling it at auction.

  • March 11, 2025

    DOGE Must Quickly Cough Up Records To Watchdog Group

    A D.C. federal judge has ordered the U.S. Department of Government Efficiency to promptly hand over requested records on its role in mass firings and "dramatic disruptions" to federal programs to a watchdog group, finding that the public will likely be "irreparably harmed" if DOGE keeps dragging its feet.

  • March 11, 2025

    USPTO Acting Director To Review Bitcoin, Railway Patents

    The U.S. Patent and Trademark Office's current acting director made some of her first moves wading into patent board rulings, deciding last week to take a closer look at two board decisions involving blockchain mines and railway signs.

  • March 11, 2025

    CFPB Says It Will Proceed With Another Military Lending Suit

    The Consumer Financial Protection Bureau has told a Texas federal judge it intends to move forward with a Biden-era lawsuit accusing one of the largest U.S. pawn store operators of military lending violations, despite the agency's moves to scrap a bevy of enforcement actions since the Trump administration's policy shake-up.

  • March 11, 2025

    'Congress Never Came Up' In CFPB Firing Talks, Worker Says

    A Consumer Financial Protection Bureau employee recounted before a D.C. federal judge on Tuesday a frantic effort to fire 1,200 agency staffers before a court order halted it, saying the prospect of first securing congressional approval was never mentioned.

  • March 11, 2025

    NJ Cannabis Co. Alleges Exec Aligned With Lender

    A New Jersey cannabis company alleged in federal court that its chief restructuring officer is intentionally sabotaging the company and asked the court to step in to force him to turn over documents related to a dispute with its lender.

  • March 11, 2025

    NJ AG Accuses Defunct Lender Of Racial Bias, Retaliation

    The owner of a recently shuttered New Jersey-based cash advance business instructed sales staff not to "waste your time with the Chinese, with the Africans and Spanish," and he sent racist messages to employees in a group chat, according to an announcement from the New Jersey attorney general's office.

  • March 11, 2025

    Hedge Fund Group Sends SEC Its Regulatory Wish List

    The U.S. Securities and Exchange Commission should reevaluate rules that impose "significant, unjustified costs and burdens on investors and other market participants with little to no corresponding benefits," the Managed Funds Association said in a letter to the regulator Tuesday.

  • March 11, 2025

    NY's Banking Regulator Hangs 'Help Wanted' Sign In DC

    At a Washington, D.C., appearance on Tuesday, New York's top financial services regulator Adrienne Harris had a message for the legions of federal financial agency employees who have been cut loose by the Trump administration in recent weeks: She's hiring.

  • March 11, 2025

    EPA Officially Cuts $20B In Funding For Climate Projects

    The U.S. Environmental Protection Agency on Tuesday canceled $20 billion in congressionally approved grant funding for climate change projects that it had frozen for weeks and criticized as wasteful and out of step with the Trump administration's priorities.

  • March 11, 2025

    House Mulls Stablecoin Draft As Senate Bill Heads To Vote

    House lawmakers continued to hash out the level of consumer protections and the size of state regulatory power that belongs in a federal framework for stablecoins on Tuesday as the Senate said it plans to push forward with a markup of its own Republican-led proposal.

  • March 11, 2025

    12 Govs. Assert States' Sovereignty Against CTA In 5th Circ.

    A dozen Republican governors, led by Georgia Gov. Brian Kemp, urged the Fifth Circuit to maintain a nationwide block of enforcement of the Corporate Transparency Act, arguing the law undermines the traditional authority states have to regulate businesses.

  • March 11, 2025

    White House Names Ex-Goldman Sachs Atty To Lead USPTO

    U.S. President Donald Trump has nominated John Squires, Goldman Sachs' former longtime chief intellectual property counsel, to serve as the next U.S. Patent and Trademark Office director.

  • March 10, 2025

    CFPB Hasn't Justified Pausing Comerica Suit, Judge Rules

    A Texas federal judge on Monday refused to pause the Consumer Financial Protection Bureau's case accusing Comerica of mismanaging a government benefit card program, ruling that the CFPB hasn't explained why staying the case "would be in the interest of justice."

  • March 10, 2025

    Fifth Third Borrowers Win $3.6M Atty Fee Despite Trial Finish

    An Ohio federal judge awarded $3.6 million in attorney fees and costs to a class of Fifth Third Bank borrowers who convinced the court the bank violated the Truth in Lending Act with its Early Access loan program, but lost other claims at trial two years ago.

  • March 10, 2025

    Alsup Refuses To Vacate Hearing Into OPM Mass Firings

    U.S. District Judge William Alsup on Monday denied the Trump administration's request to vacate an upcoming evidentiary hearing into the U.S. Office of Personnel Management's mass firings of probationary federal employees, and required OPM director Charles Ezell to appear in person or else be deposed.

Expert Analysis

  • The Implications Of E-Cigarette Cos. Taking Suits To 5th Circ.

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    The U.S. Supreme Court recently heard oral arguments in U.S. Food and Drug Administration v. R.J. Reynolds over the definition of an "adversely affected" person under the Tobacco Control Act, and the justices' ruling will have important and potentially wide-ranging implications for forum shopping claims, says Trillium Chang at Zuckerman Spaeder.

  • Del. Dispatch: Lessons From Failed Albertsons-Kroger Merger

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    The allegations in Albertsons' lawsuit against Kroger following the grocery stores' blocked merger demonstrate how a target company can best ensure that a buyer timely and effectively complies with its obligations to pursue the necessary regulatory approvals for a deal, say attorneys at Fried Frank.

  • Series

    Adventure Photography Makes Me A Better Lawyer

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    Photographing nature everywhere from Siberia to Cuba and Iceland to Rwanda provides me with a constant reminder to refresh, refocus and rethink the legal issues that my clients face, says Richard Birmingham at Davis Wright.

  • How Cos. Can Respond To CFPB Digital Asset Safeguard Plan

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    Though the Consumer Financial Protection Bureau’s proposal to regulate online payment platforms via existing federal laws would create new challenges, digital payment companies that engage with the rulemaking process could help shape a win-win regulatory framework that protects consumer data and ensures the sector’s growth, says Allison Raley at Arnall Golden.

  • How Ch. 11 Can Alleviate Merchant Cash Advance Concerns

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    Merchant cash advance funding is one of the biggest challenges for small businesses today because funders are so prevalent, aggressive and expensive, but bankruptcy can provide several tools for dealing with MCA agreements that may allow the debtor business to restructure and survive, says Patricia Fugée at FisherBroyles.

  • Future Of Crypto-Asset Classification Is In 2nd Circ.'s Hands

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    A definitive ruling from the Second Circuit in a rare interlocutory appeal in the U.S. Securities and Exchange Commission's ongoing court battle with Coinbase could finally establish clear guidelines on the classification of digital assets, influencing how they are regulated and traded in the U.S., say attorneys at Manatt.

  • 5 Ways To Create Effective Mock Assignments For Associates

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    In order to effectively develop associates’ critical thinking skills, firms should design mock assignments that contain a few key ingredients, from messy fact patterns to actionable feedback, says Abdi Shayesteh at AltaClaro.

  • Assessing Gary Gensler's Legacy At The SEC

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    Gary Gensler's tenure as U.S. Securities and Exchange Commission chair is defined by a record of commonsense regulation in some areas and social activism in others, and by increasing judicial skepticism about the SEC's authority to fulfill its regulatory, enforcement, administrative law and adjudicatory functions, say attorneys at Arnold & Porter.

  • Takeaways From DOJ Fraud Section's 2024 Year In Review

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    Attorneys at Paul Weiss highlight notable developments in the U.S. Department of Justice Fraud Section’s recently released annual report, and discuss what the second Trump administration could mean for enforcement in the year to come.

  • A Defendant's Guide To 4 Common CFPB Discovery Tactics

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    With the Consumer Financial Protection Bureau's recent flurry of new lawsuits showing no signs of stopping, defendants should know the bureau's most relied-upon discovery strategies — and be prepared to resist them, say attorneys at Goodwin.

  • The 7th Circ.'s Top 10 Civil Opinions Of 2024

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    Attorneys at Jenner & Block examine the most significant decisions issued by the Seventh Circuit in 2024, and explain how they may affect issues related to mass arbitration, consumer fraud, class certification and more.

  • Kansas Bank's Suit Could Upend FDIC Enforcement Authority

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    ​​​​​​​Should CBW Bank's federal lawsuit in Kansas challenging the Federal Deposit Insurance Corp.'s enforcement authority gain traction with a post-Chevron U.S. Supreme Court, it could have profound implications for the FDIC and the banking industry at large, says Jack Harrington at Bradley Arant.

  • Class Actions At The Circuit Courts: Nov. And Dec. Lessons

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    In this month's review of class action appeals, Mitchell Engel at Shook Hardy discusses five federal court decisions and identifies practice tips from cases involving takings clause violations, breach of contract with banks, life insurance policies, employment and automobile defects.

  • Mentorship Resolutions For The New Year

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    Attorneys tend to focus on personal achievements or career milestones when they set yearly goals, but one important area often gets overlooked in this process — mentoring relationships, which are some of the most effective tools for professional growth, say Kelly Galligan at Rutan & Tucker and Andra Greene at Phillips ADR.

  • Insights For Finance Firms, Regulators From House AI Report

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    Though a U.S. House of Representatives report encourages the financial sector to embrace artificial intelligence tools, its focus on ensuring high-quality datasets, transparent development and equitable access underscores that firms and regulators must strike a delicate balance between technological innovation and responsible implementation, says Brendan Palfreyman at Harris Beach.

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