Banking

  • January 06, 2025

    Medical Debt Suit Against Credit Bureaus Tossed, For Now

    A California federal judge tossed a proposed class action accusing Equifax, Experian and TransUnion of violating antitrust law by agreeing to exclude medical debt under $500 from consumer credit reports, but the judge gave the medical providers that filed the suit a chance to amend their complaint.

  • January 06, 2025

    Tether, Bitfinex Tap New GC After Longtime Lawyer Retires

    Stablecoin issuer Tether and its sister company, crypto exchange Bitfinex, have tapped an in-house lawyer to become general counsel after their top lawyer of more than a decade retires.

  • January 06, 2025

    Law School Grad Gets 2 Years For JPMorgan Insider Trading

    A law school graduate was sentenced in California federal court Monday to two years in prison for insider trading on tips from a JPMorgan Chase analyst, while another defendant was spared jail time for his role in the same scheme.

  • January 06, 2025

    Terraform Victims May Exceed 1M, Feds Say In Notice Request

    The U.S. Department of Justice on Monday asked a Manhattan federal judge for permission to issue a public notice to notify potential victims of defunct cryptocurrency firm Terraform Labs' creator Do Kwon's alleged $40 billion fraud, saying there are too many victims — potentially more than one million — to do individual outreach.

  • January 06, 2025

    CFPB Sues Berkshire-Owned Lender Over 'Risky' Home Loans

    The Consumer Financial Protection Bureau filed suit Monday against a lending arm of Clayton Homes Inc., the Berkshire Hathaway-owned builder of manufactured homes, accusing it of underwriting failures that stuck vulnerable borrowers with unaffordable loans.

  • January 06, 2025

    Fed's Barr To Step Down As Supervision Head Next Month

    Federal Reserve Vice Chair for Supervision Michael S. Barr announced Monday that he will step down from his current role next month, a reversal that paves the way for President-elect Donald Trump to appoint his own head of the central bank's oversight of big banks and regulatory policymaking.

  • January 03, 2025

    Dallas Fed Hit With Discrimination Suit From Ex-Employee

    The Federal Reserve Bank of Dallas has been sued by a former employee who says he was discriminated against and terminated due to his race, skin color and age after complaining to management about himself and other employees of color receiving unfair performance ratings from their supervisor, who is white.

  • January 03, 2025

    CashCall Still On Hook For $134M To CFPB, 9th Circ. Rules

    The Ninth Circuit on Friday affirmed a $134.1 million restitution payment CashCall Inc. owes to the Consumer Financial Protection Bureau, saying in a published opinion that the loan company's voluntary participation in a bench trial meant that it had waived a right to a jury trial.

  • January 03, 2025

    CFPB Flags Concerns About Workplace Collections Calls

    The Consumer Financial Protection Bureau has urged federal and state counterparts to "be on the lookout" for companies that call people at work in pursuit of past due debts, a practice the agency said can be unlawful and may need further legislative attention.

  • January 03, 2025

    Justices Urged To Review Late-Found Fraud, Int'l IP Damages

    The winner of a $6.6 million patent infringement verdict is asking the U.S. Supreme Court to review the Federal Circuit's refusal to increase those damages, saying the court set an improper standard for introducing fraud evidence discovered post-trial and overstepped when making unbriefed decisions on foreign damages.

  • January 03, 2025

    FDIC 'Pause' Letters Focused On Banks' Crypto Activity

    The Federal Deposit Insurance Corporation directed banks to pause the development of certain crypto products and services in 2022 but stopped short of scrutinizing banks' decisions to provide traditional services to crypto-focused customers, according to documents released by the regulator on Friday.

  • January 03, 2025

    Student Loan Servicer Gets CFPB Deal Paused Amid Appeal

    Student-loan servicer Pennsylvania Higher Education Assistance Agency can pause its work on fulfilling a settlement with the Consumer Financial Protection Bureau while an appeal to the Third Circuit of an "intertwined" settlement with the loan holders plays out, a federal judge ruled Friday.

  • January 03, 2025

    Outcome Execs Say Ill. Judge Should End Restitution Process

    Outcome Health's former executives say the Illinois federal judge working to calculate how much they should repay investors following their fraud conviction should end the "largely academic" exercise because prosecutors haven't shown financial loss, and other repayment avenues remain open.

  • January 03, 2025

    PayPal's Minority Program Biased Against Asians, Suit Says

    A lawsuit filed in New York federal court alleges that PayPal's $535 million investment program for Black- and minority-led businesses is racially biased against Asian Americans and violates federal civil rights laws. 

  • January 03, 2025

    Victims Say Crypto Isn't Money, Safeco Must Cover Hack

    A Washington couple is accusing Safeco Insurance Co. of illegally refusing coverage for $600,000 in cryptocurrency stolen by hackers, saying in a complaint removed to Seattle federal court on Thursday that the tokens should be classified as personal property, not money, which has a $250 loss limit on the pair's homeowners' policy.

  • January 03, 2025

    Bank's Refund Doesn't End Proposed Class Action Over Fees

    A bank's "apparent attempt" to "pick off" a plaintiff in a proposed class action by refunding overdraft fees that are the basis for the complaint "will not be permitted," a Massachusetts judge said in denying the bank's bid to dismiss the case.

  • January 03, 2025

    UK Litigation Roundup: Here's What You Missed In London

    This past week in London has seen Chris Eubank Jr. hit with a libel claim from a boxing promoter, a perfume boss face proceedings from his businesses following sanctions violations claims, and Israeli broadcasters file intellectual property claims against BT and Sky. Here, Law360 looks at these and other new claims in the U.K.

  • January 02, 2025

    Murdaugh Hit With $15M Tab In Insurance Case Set For Trial

    A South Carolina federal judge hit ex-lawyer and convicted murderer Alex Murdaugh with a $14.8 million default judgment Thursday in favor of Nautilus Insurance Co., days before the insurer is set for trial against another lawyer and law firm who allegedly should have known about Murdaugh's insurance fraud.

  • January 02, 2025

    Ex-Bank Chair Asks 7th Circ. To Halt FDIC Enforcement Order

    An Illinois community bank's onetime chairman has asked the Seventh Circuit for an emergency stay of professional sanctions ordered by the Federal Deposit Insurance Corp. after an in-house proceeding that he argues was unconstitutional and wrongly decided.

  • January 02, 2025

    9th Circ. Partly Revives Casino ATM Contract Dispute, Again

    A unanimous panel of the Ninth Circuit partially reversed a bench trial verdict Thursday in two merchant service companies' dispute, in which a payment processor alleged a business it partnered with breached their contract by failing to adapt to chip-based credit card technology by a key deadline, reinstating the case for a second time.

  • January 02, 2025

    Barclays To Pay $1M Fine Over Net Capital Rules Violations

    The Financial Industry Regulatory Authority has fined Barclays Capital $1 million to settle claims that the investment bank violated certain requirements of the self-regulatory organization's net capital rules between 2020 and 2021.

  • January 02, 2025

    DOJ Joins FTC Suit Against Fintech Lender Dave

    The U.S. Department of Justice has taken the reins in the Federal Trade Commission's suit against fintech app Dave and added its CEO as a defendant, while the mobile banking platform decried the updated complaint as "a continued example of government overreach."

  • January 02, 2025

    Citi Unit Fined Over Analysts Who Didn't Take FINRA Exam

    Citigroup Global Markets Inc. has agreed to pay $100,000 to resolve Financial Industry Regulatory Authority claims that three of its municipal securities research analysts authored hundreds of research reports without having taken their subject area's required exam.

  • January 02, 2025

    Republicans Want Yellen To Answer For Chinese Cyberattack

    Congressional Republicans want U.S. Treasury Secretary Janet Yellen to explain how a Chinese state-sponsored entity hacked into Treasury's computer systems and accessed potentially sensitive information.

  • January 02, 2025

    Feds Ask High Court To Unpause Corporate Transparency Law

    The federal government is asking the U.S. Supreme Court to lift a Texas judge's injunction against the Corporate Transparency Act, telling the justices in a new application that the 2021 anti-money laundering law's compliance deadlines should take effect while the Fifth Circuit hears the full case.

Expert Analysis

  • Series

    Playing Diplomacy Makes Us Better Lawyers

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    Similar to the practice of law, the rules of Diplomacy — a strategic board game set in pre-World War I Europe — are neither concise nor without ambiguity, and weekly gameplay with our colleagues has revealed the game's practical applications to our work as attorneys, say Jason Osborn and Ben Bevilacqua at Winston & Strawn.

  • Proposed Mortgage Assistance Rule: Tips For Servicers

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    The Consumer Financial Protection Bureau's recent proposal to alter Regulation X mortgage servicing procedures to broadly construe requests for assistance, and stay foreclosure proceedings during loss mitigation review, will, if finalized, require mortgage servicers to make notable procedural changes to comply, says Louis Manetti at Locke Lord.

  • Antitrust In Retail: Why FTC Is Studying 'Surveillance Pricing'

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    The Federal Trade Commission's decision to study targeted "surveillance pricing" should provide greater clarity into the nature of the data aggregation industry, but also raises several issues, including whether these practices are in fact illegal under any established interpretations of U.S. antitrust law, say attorneys at Holland & Knight.

  • Mental Health First Aid: A Brief Primer For Attorneys

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    Amid a growing body of research finding that attorneys face higher rates of mental illness than the general population, firms should consider setting up mental health first aid training programs to help lawyers assess mental health challenges in their colleagues and intervene with compassion, say psychologists Shawn Healy and Tracey Meyers.

  • Series

    Calif. Banking Brief: All The Notable Legal Updates In Q3

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    In the third quarter of the year, California continued to be at the forefront of banking regulation as it enacted legislation on unfair banking practices and junk fees, and the state Department of Financial Protection and Innovation notably initiated enforcement actions focused on crypto-assets and student loan debt relief, say Stuart Richter and Eric Hail at Katten.

  • What 2 Key Rulings Mean For Solicitation Under TCPA

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    Two recent rulings from federal district courts in New York and California — each of which came to a different conclusion — bring to light courts' continued focus on and analysis of when an alleged communication constitutes a solicitation under the Telephone Consumer Protection Act, say Felix Shipkevich and Jessica Livingston at Shipkevich.

  • Series

    NY Banking Brief: All The Notable Legal Updates In Q3

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    In a relatively light few months for banking legal updates in New York, the state Department of Financial Services previewed its views on banking sector artificial intelligence use via insurer guidance, and an anti-money laundering enforcement action underscored the importance of international monitoring processes, say Eric McLaughlin and Dana Bayersdorfer at Davis Polk.

  • Series

    Collecting Art Makes Me A Better Lawyer

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    The therapeutic aspects of appreciating and collecting art improve my legal practice by enhancing my observation skills, empathy, creativity and cultural awareness, says attorney Michael McCready.

  • A Look At Recent Case Law On Expedited Judgment In NY

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    A number of recent New York state court decisions clarify and refine the contours surrounding Civil Practice Law and Rule 3213, providing landlords, lenders and other payees guidance on how to seek accelerated judgment in certain litigation, says Alexander Lycoyannis at Holland & Knight.

  • Series

    A Day In The In-House Life: Best Egg CLO Talks Power Of Prep

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    On a typical Monday in her life, Best Egg Chief Legal Officer Amy Thoreson Long chronicles a remote workday in which she makes time for everything from getting ahead on regulatory issues and researching recent Supreme Court decisions to dog walks and podcast breaks.

  • Secret Service Failures Offer Lessons For Private Sector GCs

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    The Secret Service’s problematic response to two assassination attempts against former President Donald Trump this summer provides a crash course for general counsel on how not to handle crisis communications, says Keith Nahigian at Nahigian Strategies.

  • Managing Sanctions Defense Across Multiple Jurisdictions

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    Companies called before multiple regulators to account for the same conduct in this era of increased global sanctions and import-control enforcement should consider national differences in law and policy, and proactively coordinate their responses in certain key areas, say attorneys at Baker McKenzie.

  • Series

    Colorado Banking Brief: All The Notable Legal Updates In Q3

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    In the third quarter of 2024, Colorado's banking and financial services sector faced both regulatory updates and changes to state law due to recent federal court decisions — with consequences for local governments, mortgage lenders, state-chartered trust companies and federally chartered lenders serving Colorado consumers, says Sarah Auchterlonie at Brownstein Hyatt.

  • Litigation Inspiration: Honoring Your Learned Profession

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    About 30,000 people who took the bar exam in July will learn they passed this fall, marking a fitting time for all attorneys to remember that they are members in a specialty club of learned professionals — and the more they can keep this in mind, the more benefits they will see, says Bennett Rawicki at Hilgers Graben.

  • Series

    In The CFPB Playbook: No Lazy, Hazy Days Of Summer

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    The Consumer Financial Protection Bureau is headed for a brisk fall season, on the heels of a heated summer, which included the U.S. Supreme Court's ruling that the CFPB funding structure is constitutional, and in advance of the November election, says Eamonn Moran at Holland & Knight.

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