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March 21, 2025
Only FDIC Can Sue Over Signature Bank Collapse, Judge Says
A New York federal judge on Friday tossed a shareholder lawsuit over alleged misstatements about Signature Bank's health ahead of its 2023 collapse, saying shareholders lacked standing to sue in light of the FDIC being a receiver of both the failed bank's assets and rights of the bank's stockholders.
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March 21, 2025
4th Circ. Won't Pause Order To Reinstate Federal Workers
The Fourth Circuit on Friday refused to pause a Maryland federal judge's restraining order requiring the reinstatement of thousands of probationary workers who were fired from 18 federal agencies.
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March 21, 2025
Barclays Beats Investor Suits Over Unregistered Securities
A New York federal judge tossed Friday a pair of proposed securities class actions alleging Barclays misled investors about its internal controls and its unregistered securities sales, which eventually triggered so-called short squeezes, finding that the statements aren't actionable and the investors haven't sufficiently pled scienter, among other pleading failures.
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March 21, 2025
SEC Crypto Roundtable Puts 'Howey' To The Test
The U.S. Securities and Exchange Commission brought a dozen cryptocurrency legal experts together on Friday to wrestle with how to define security status for digital assets, and their in-depth discussion left the regulator with more questions or suggestions than agreed-upon definitions.
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March 21, 2025
SEC Guidance Moves Needle In Favor Of Private Fundraising
The U.S. Securities and Exchange Commission's recent guidance on how accredited investors can self-certify when participating in broadly publicized private placements simplifies legal compliance for issuers, according to attorneys, though the jury is still out on whether market participants will embrace the new framework.
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March 21, 2025
Ex-Jefferies Employee Says Age Bias Led To Termination
Investment bank Jefferies LLC has been sued by a former assistant vice president who alleged he was fired under the pretext of working from home too much and that he was actually a victim of age discrimination.
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March 21, 2025
Mexican Citizen Stole $1M From Fruit Wholesaler, Feds Say
The U.S. Department of Justice announced a federal grand jury returned a six-count indictment against a Mexican citizen residing in California for allegedly defrauding a fruit wholesaler out of over a million dollars and falsifying his employment documents.
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March 21, 2025
Loan Servicer Faces 'Zombie Mortgage' Truth In Lending Suit
A mortgage loan servicer that allegedly tried to charge a North Carolina borrower $160,000 for a mortgage he discharged in bankruptcy during the Great Recession got hit with a proposed federal class action accusing it and a trust that purportedly attempted to foreclose his house of violating the Truth in Lending Act.
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March 21, 2025
Treasury Lifts Sanctions Against Crypto Mixer Tornado Cash
The U.S. Department of the Treasury said Friday that it has removed U.S. government sanctions against cryptocurrency mixer Tornado Cash, ending the Biden-era blacklisting after the Fifth Circuit said last year that key code underpinning the service wasn't sanctionable.
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March 21, 2025
CFPB Says Comerica Trying To Forestall Agency Suit
The Consumer Financial Protection Bureau told a Texas federal judge on Friday that Comerica Bank was merely trying to use a lawsuit against the agency to forestall an enforcement action over the bank's handling of a government benefit card program.
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March 21, 2025
Cigna Wants Fees After Being Cleared In Payment IP Row
Cigna has urged a Texas federal court to award it legal fees in a case where it was cleared of infringing a card payment patent, saying the patent owner was trying to get the court to rule that a Federal Circuit ruling on the same patent in another case was wrong.Â
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March 21, 2025
Ex-UBS North America CEO Agrees To $4.9M FBAR Judgment
The former North American CEO for Swiss bank UBS on Friday agreed to a $4.9 million judgment to end claims that he failed to file timely or accurate foreign bank account reports with the Internal Revenue Service between 2003 and 2013.
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March 21, 2025
Fed Defends Swipe Fee Cap Against Ky. Pizzeria's Challenge
The Federal Reserve Board asked a Kentucky federal judge to uphold its existing cap on debit card swipe fees, defending the regulatory measure's substantive and procedural merits in a suit brought by a family-owned pizza shop operating in the state.
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March 21, 2025
Conn. Firm Appeals Client's Win In Suit Over Email Scam
The Connecticut law firm Mancini Provenzano & Futtner LLC says it will appeal a negligence verdict won by a client after a fraudster infiltrated one of its attorney's emails and tricked the client into wiring $90,586 to an incorrect account.
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March 21, 2025
US-Swiss Agreement Exempts Retirees' Dividends, IRS Says
U.S. retirement accounts, including trusts, qualified annuity plans and other schemes, are exempt from Swiss taxes on dividends from Swiss companies in which they don't own a controlling interest, according to a U.S.-Switzerland competent authority agreement released Friday by the IRS.
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March 21, 2025
Spencer Fane Adds Armstrong Teasdale Debt Finance Chair
Spencer Fane LLP has hired the former chair of Armstrong Teasdale LLP's debt finance practice, who is joining the firm in St. Louis as a partner in several practices related to financial and corporate services, according to a recent announcement.
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March 21, 2025
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen a sub-postmaster sue the Post Office and Fujitsu, Russian insurer Ingosstrakh hit the Financial Times with a defamation claim, and Britvic-owned Robinsons Soft Drinks file a passing off claim against Aldi. Here, Law360 looks at these and other new claims in the U.K.
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March 21, 2025
High Court Says Misleading Statements To FDIC Not Criminal
The U.S. Supreme Court on Friday overturned a Seventh Circuit ruling that upheld the conviction of a former Chicago alderman for making false statements about loans from a defunct bank, clarifying that the federal law in question criminalizes false statements but not those that are merely misleading.
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March 20, 2025
OCC Says It Will Stop Examining Banks For Reputation Risk
The Office of the Comptroller of the Currency said Thursday that it will no longer examine banks for reputation risk, adopting a policy change that some Republican lawmakers want to require for all federal banking regulators to help curb so-called debanking.
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March 20, 2025
Iowa Adviser To Pay $15M Over SEC Conflict Claims
An Iowa-based adviser has been ordered to pay $15 million over claims from the U.S. Securities and Exchange Commission that it invested client assets in funds that benefited an affiliated broker-dealer instead of lower-cost alternatives, without disclosing its conflicts of interest.
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March 20, 2025
Payday Lender Gets Appeal On Lawyer's Blackmail Conflict
The Second Circuit has decided to let a former payday lending executive, now incarcerated on charges that he ran a fraudulent $2 billion lending scheme, move ahead with a new appeal after hearing that his trial counsel faced blackmail from another client.
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March 20, 2025
Mortgage Co. Denied Legal Fees In EEOC Suit
A Washington federal judge has rejected mortgage and financial services company Covius Services LLC's bid for attorney fees after it defeated an Equal Employment Opportunity Commission employment suit alleging that it unlawfully refused to hire a woman because she took pain medication, saying the mortgage company had not shown that the suit was ill-conceived.
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March 20, 2025
Suit Says Stifel Underpaid Clients In Cash Sweep Accounts
Wealth management company Stifel Financial Corp. and its brokerage arm were hit with a proposed class action by two customers alleging Stifel systematically underpaid clients on cash sweep accounts while profiting from rising interest rates.
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March 20, 2025
Feds Say Crypto Lobbyist Can't Delay FTX-Tied Case
New York federal prosecutors Thursday opposed a request from attorney and crypto lobbyist Michelle Bond to extend filing deadlines for pre-trial motions in her criminal case until June, saying Bond's inability to access her assets due to bankruptcy proceedings involving her FTX-affiliated husband is not enough to warrant a delay.
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March 20, 2025
Pot Co. Disputes 'Forgery' Of Service In Banking Suit
A cannabis company is urging an Oregon federal court to reject a venture capital firm's bid to vacate a default judgment in a suit against a defunct cannabis "neobank," saying the evidence shows the suit was properly served and that receipts weren't forged.
Expert Analysis
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6 Predictions For Cyber Risk And Insurance In 2025
This year is likely to bring with it some thorny and expensive cyber challenges, including increased ransomware activity, more data breach class actions and continued efforts to define business interruption loss calculations, say attorneys at Wiley.
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Illinois Banking Brief: All The Notable Legal Updates In Q4
While the last quarter of 2024 didn't bring any notable state financial legislation, Illinois banks did see developments in the challenge to the Interchange Fee Prohibition Act, and received some awaited guidance on credit line disclosures and bank-fintech relationships, say attorneys at Dykema.
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7 Ways 2nd Trump Administration May Affect Partner Hiring
President-elect Donald Trump's return to the White House will likely have a number of downstream effects on partner hiring in the legal industry, from accelerated hiring timelines to increased vetting of prospective employees, say recruiters at Macrae.
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How Trump 2.0 May Change Business In Latin America
Companies in Latin America should expect to face more trade restrictions, tighter economic sanctions and enhanced corruption risks, as the incoming administration shifts focus to certain non-U.S. actors, most notably China, says Matteson Ellis at Miller & Chevalier.
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E-Discovery Quarterly: Rulings On Custodian Selection
Several recent rulings make clear that the proportionality of additional proposed custodians will depend on whether the custodians have unique relevant documents, and producing parties should consider whether information already in the record will show that they have relevant documents that otherwise might not be produced, say attorneys at Sidley.
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Impact Of Successful Challenges To SEC's Rulemaking Ability
In 2024, the U.S. Securities and Exchange Commission faced significant legal challenges to its aggressive rulemaking agenda as several of its rules were vacated by the Fifth Circuit, which could hinder the SEC's ability to enact rules extending beyond express statutory authority in the future, say attorneys at Debevoise.
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NY Banking Brief: All The Notable Legal Updates In Q4
In 2024's final quarter, the New York State Department of Financial Services published guidance on mitigating the rising cybersecurity risks of artificial intelligence and remote technology workers with North Korean ties, and the state attorney general launched an antitrust investigation into Capital One's proposed Discover merger, say attorneys at Haynes Boone.
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Exercising On My Peloton Bike Makes Me A Better Lawyer
While I originally came to the Peloton bike for exercise, one cycling instructor’s teachings have come to serve as a road map for practicing law thoughtfully and mindfully, which has opened opportunities for growth and change in my career, says Andrea Kirshenbaum at Littler.
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How To Manage During A Trade Dispute With USMCA Partners
Companies can try to minimize the potential impacts of future tariffs on Mexican and Canadian goods, and uncertainty about future trade relations, by evaluating supply chains, considering how they may be modified, and engaging with the new administration over exemptions and the upcoming review of the U.S.-Mexico-Canada Agreement, say attorneys at Holland & Knight.
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In The CFPB Playbook: A Sprint To The Finish Line
The fourth quarter of 2024 was an impressive demonstration of the Consumer Financial Protection Bureau's ability to regulate, enforce and supervise, even on borrowed time following the election results, and we should expect the current bureau to run nonstop until Jan. 20, say attorneys at Covington.
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Predicting What's Next For SEC By Looking At Past Dissents
While Paul Atkins' nomination to be the next chair of the U.S. Securities and Exchange Commission has taken center stage, an analysis of Republican Commissioners Hester Peirce and Mark Uyeda's past votes and dissents provides a preview of where enforcement may shift in the new administration, say attorneys at Gibson Dunn.
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Exploring Venue Strategy For Trump-Era Regulatory Litigation
Litigation will likely play a prominent role in shaping policy outcomes during the second Trump administration, and stakeholders have several tools at their disposal to steer regulatory litigation toward more favorable venues, say attorneys at Covington.
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What 2024's Noncompete Turmoil Means For Banks In 2025
A look back at the most significant legal challenges to the enforceability of various restrictive covenants like noncompete and nonsolicitation agreements in 2024 can help financial institutions address the use of these critical tools this year, say attorneys at Maynard Nexsen.
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New Year, New Risks: 8 Top Cyber Issues For Finance In 2025
As financial institutions forge ahead in 2025, they must strike a delicate balance between embracing technological innovation and guarding against its darker threats, which this year could include everything from supply chain vulnerabilities to deepfakes, say attorneys at Baker Donelson.
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Series
Playing Esports Makes Me A Better Lawyer
Competing in a global esports tournament at Wimbledon last year not only fulfilled my childhood dream, but also sharpened skills that are essential to my day job, including strategic thinking, confidence and networking, says AJ Schuyler at Jackson Lewis.