Banking

  • January 08, 2025

    Criminal Case Against Terraform Founder Said To Exceed SEC's

    The $40 billion criminal case against Terraform founder Do Kwon contains evidence such as recordings and seized mobile phones that exceed what securities regulators presented when they prevailed against him at a civil fraud trial, prosecutors said Wednesday.

  • January 08, 2025

    BOK Financial Didn't Pay For Missed Breaks, Court Told

    BOK Financial violated Colorado law by failing to provide employees with rest breaks or pay them accordingly when they were unable to take them, a bank worker said in a proposed class action in state court.

  • January 08, 2025

    Mortgage Cos. Fined $20M Over Cybersecurity Breach

    Bayview Asset Management LLC and three affiliates on Wednesday agreed to pay a $20 million fine and improve their cybersecurity programs to settle allegations from 53 state financial regulators that the mortgage companies had deficient cybersecurity practices and didn't fully cooperate with regulators after a 2021 data breach.

  • January 07, 2025

    JPMorgan Ditches Climate Coalition Ahead Of Trump 2.0

    JPMorgan Chase & Co. on Tuesday joined a slew of banks in departing the United Nations-convened Net Zero Banking Alliance, apparently bowing to regulatory pressure and jumping ship ahead of a second Trump term.

  • January 07, 2025

    2nd Circ. Denies BDO Second Shot At AmTrust Appeal

    The Second Circuit Tuesday denied BDO USA LLP's request for a rehearing of an appellate panel's decision not to overturn a suit brought by AmTrust Financial Services Inc. that alleged the auditor did a poor job reviewing the insurer's financial statements.

  • January 07, 2025

    Mortgage Servicer Makes Borrowers To 'Pay-To-Pay,' Suit Says

    Residential mortgage servicer Select Portfolio Servicing Inc. must face a customer's proposed class action alleging it breaks North Carolina state laws with $15 fees it charges borrowers who make monthly payments over the phone.

  • January 07, 2025

    CFPB Senior Litigator Who Defended Key Rules Is Departing

    A veteran Consumer Financial Protection Bureau litigator who represented the agency in a slew of high-profile cases challenging its rulemakings and constitutionality is heading for the exit after more than a decade at the consumer watchdog.

  • January 07, 2025

    Law Firm Sought To Collect Expired Debts, 3rd Circ. Told

    A New Jersey woman has urged the Third Circuit to revive her proposed class action against Garden State law firm Cohn Lifland Pearlman Herrmann & Knopf LLP over its debt collection practices, arguing a lower court was too loose with its standard for the timeliness of the two lawsuits involved.

  • January 07, 2025

    Ex-Ozy Media Exec Who Testified Against Founder Avoids Jail

    A Brooklyn federal judge allowed a former Ozy Media executive to avoid prison Tuesday for furthering a fraud that sunk the high-profile media startup, citing his cooperation with prosecutors who convicted company founder Carlos Watson of swindling tens of millions of dollars.

  • January 07, 2025

    Here's How Paul Hastings' Big Bet On Finance Paid Off

    As the financial markets swayed between booms and busts in recent years following the waning of the COVID-19 pandemic, Paul Hastings LLP stayed the course, doubling down on its transactional practices by recruiting top-tier talent across key global markets like New York and London, and rising hubs such as Texas.

  • January 07, 2025

    CFPB Accuses Experian Of 'Sham' Dispute Investigations

    The Consumer Financial Protection Bureau on Tuesday sued credit reporting giant Experian in California federal court, alleging it conducts shoddy investigations into consumer-flagged reporting errors and allows previously deleted errors to reappear.

  • January 07, 2025

    CFPB Adopts Rule To Take Medical Debt Off Credit Reports

    The Consumer Financial Protection Bureau moved ahead Tuesday with plans to restrict the use of medical debt information in credit scoring and lending, finalizing a rule that it said will take an estimated $49 billion in unpaid medical bills off consumers' credit reports.

  • January 06, 2025

    Broadridge 'Mommy Tracked' Pregnant Manager, Says Suit

    Broadridge Financial Solutions and three of its executives were slapped with a pregnancy discrimination suit Monday in New Jersey federal court from a former senior director who claims she was "mommy tracked" after she became pregnant, being stripped of her responsibilities and ultimately booted from the fintech company.

  • January 06, 2025

    Trucking Financial Co. Says Ex-Worker Broke Noncompete

    The former face of customer service for a Charlotte, North Carolina, branch of a full-service provider for companies in the logistics and transportation industries has been hit with a suit by his former employer alleging he violated his noncompete agreement by joining a rival business and enticing "significant customers" to follow him.

  • 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.

Expert Analysis

  • Series

    Playing Esports Makes Me A Better Lawyer

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    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.

  • The 6 Most Significant FCRA Litigation Developments Of 2024

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    From a key sovereign immunity decision at the U.S. Supreme Court to a ruling on creditworthiness out of the Seventh Circuit, several important Fair Credit Reporting Act cases wound their way through the courts in 2024, each offering takeaways for both plaintiffs and defendants, say attorneys at Shipkevich.

  • An Associate's Guide To Career Development In 2025

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    As the new year begins, associates at all levels should consider establishing career metrics, fostering key relationships and employing other specific strategies to help move through the complexities of the legal profession with confidence and emerge as trailblazers, say EJ Stern and Amanda George at Fractional Law Firm.

  • The Securities Litigation Trends That Will Matter Most In 2025

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    2025 is shaping up to be a significant year for securities litigation, as plaintiffs and defendants alike navigate shifting standards for omission theories of liability, class certification, risk disclosure claims and more, say attorneys at Willkie.

  • Predicting The Lasting Changes CFPB May Face In 2025

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    President-elect Donald Trump and the incoming Republican-controlled Congress' likely attempts to reshape the Consumer Financial Protection Bureau could significantly alter its rulemaking, supervisory and enforcement abilities for years to come, says Jim Sandy at McGlinchey Stafford.

  • How White Collar Enforcement May Shift In Trump's 2nd Term

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    After President-elect Donald Trump returns to the White House next month, the administration’s emphasis on immigration laws, drug offenses and violent crime will likely reduce the focus on white collar crime overall, but certain areas within the white collar world may see increased activity, say attorneys at Keker Van Nest.

  • The Justices' Securities Rulings, Dismissals That Defined '24

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    The U.S. Supreme Court's 2024 securities rulings led to increased success for defendants' price impact arguments, but the justices' decisions not to weigh in on important issues relating to the Private Securities Litigation Reform Act's pleading requirements may be just as significant, say attorneys at Skadden.

  • 10 Noteworthy CFPB Developments From 2024

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    In a banner year for consumer finance regulation, the Consumer Financial Protection Bureau made significant strides in its efforts to rein in Big Tech and nonbank financial firms, including via rules regarding open banking, credit card late fees, and buy now, pay later products, say attorneys at Wiley.

  • Series

    Fixing Up Cars Makes Me A Better Lawyer

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    From problem-solving to patience and adaptability to organization, the skills developed working under the hood of a car directly translate to being a more effective lawyer, says Christopher Mdeway at Kaufman Dolowich.

  • 2024 Has Been A Momentous Year For ESG

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    Significant developments in the environmental, social and governance landscape this year include new legislation, evolving global frameworks, continued litigation and enforcement actions, and a U.S. Supreme Court decision that has already affected how lower courts have viewed some ESG challenges, say attorneys at Katten.

  • Making The Pitch To Grow Your Company's Legal Team

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    In a compressed economy, convincing the C-suite to invest in additional legal talent can be a herculean task, but a convincing pitch — supported by metrics and cost analyses — may help in-house counsel justify the growth of their team, say Elizabeth Smith and Roger Garceau at Major Lindsey.

  • The Story Of 2024's Biggest Bank Regs, And Their Fate In 2025

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    U.S. federal bank regulators were very active in 2024 with initiatives ranging from antitrust and capital to proposals regarding controlling shareholders and incentive-based compensation, but many regulations face an uncertain future under the new administration, say attorneys at Latham.

  • Conducting A 'Reasonably Expected Market Area' Analysis

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    Regardless of whether the incoming administration scales back on redlining examinations and investigations, lenders should take steps to understand how regulators define "reasonably expected market areas," and how to conduct analyses of such areas, say attorneys at Mitchell Sandler.

  • Gov't Scrutiny Of Workplace Chat Apps Set To Keep Growing

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    The incoming Trump administration and Republican majorities in Congress are poised to open numerous investigations that include increasing demands for entities to produce communications from workplace chat apps, so companies must evaluate their usage and retention policies, say attorneys at Orrick.

  • Del. Dispatch: The 2024 Corporate Cases You Need To Know

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    The Delaware Court of Chancery in 2024 issued several decisions that some viewed as upending long-standing corporate practices, leading to the amendment of the Delaware General Corporation Law and debates at some Delaware corporations about potentially reincorporating to another state, say attorneys at Fried Frank.

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