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February 03, 2025
Treasury's Bessent Takes CFPB Reins, Halts Agency Actions
President Donald Trump has handed the reins of the Consumer Financial Protection Bureau to U.S. Department of the Treasury Secretary Scott Bessent, who moved Monday to halt rulemaking and other activities at the agency after the ouster of its director, Rohit Chopra.
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February 03, 2025
Weil Adds Ex-A&O Shearman Financing Pro As Partner In NY
Weil Gotshal & Manges LLP has added a banking and finance attorney previously with Allen Overy Shearman Sterling as a partner in its New York office, the firm announced Monday.
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February 01, 2025
Trump Fires CFPB Director Chopra, Eliciting Praise, Lament
President Donald Trump has fired Rohit Chopra as director of the Consumer Financial Protection Bureau in a widely expected move to purge another holdover of the Biden administration, drawing cheers from Republicans as Democrats warn of danger for the agency's future.
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January 31, 2025
$577M In Virus Fraud Cases At Risk Unless Congress Acts: IG
The federal government's top pandemic relief watchdog has issued an urgent plea for Congress to save his agency from imminent closure, warning that hundreds of millions of dollars in ongoing fraud investigations hang in the balance.
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January 31, 2025
FDIC Fines Fintech Bank Over Fee, Disclosure Issues
Fintech bank Wex Bank has agreed to pay a $650,000 fine to the Federal Deposit Insurance Corp. to settle claims it allegedly failed to disclose certain fees and charged some customers higher fees than they agreed to pay, among other things.
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January 31, 2025
Small Biz Attys Jump Into 4th Circ. Shell Co. Law Challenge
A business group has urged the Fourth Circuit to stop the U.S. Department of the Treasury from enforcing a law that requires companies to disclose personal identifying information about their beneficial owners and applicants to the agency, saying the law exceeds the limit of Congress' power to regulate intrastate economic activity.
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January 31, 2025
January's IPO Market Was Active Despite Tepid Debuts
Capital markets lawyers kept busy in January thanks to a sizable increase in initial public offerings, but the largest IPOs performed weaker than expected, likely sobering market participants' expectations going forward.
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January 31, 2025
Bank Wants Investment Co.'s $60M RICO Suit Tossed
Western Alliance Bank is seeking the dismissal of a $60 million suit filed by an investment management firm alleging the bank played a role in a mortgage loan sale scheme to steam the firm's property rights in the loans and their proceeds, saying the complaint "attempts to recast a series of secured lending transactions as a vast racketeering conspiracy."
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January 31, 2025
Visa, Mastercard And Banks Oppose Swipe Fee Do-Over Bid
Visa, Mastercard and several major banks have filed a motion opposing cardholders' solicitations for a New York federal judge to reconsider dismissing claims from their interchange fee suit.
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January 31, 2025
Supreme Court Eyes Its 'Next Frontier' In FCC Delegation Case
A case about broadband subsidies will give the U.S. Supreme Court the chance to revive a long-dormant separation of powers principle that attorneys say could upend regulations in numerous industries and trigger a power shift that would make last term's shake-up of federal agency authority pale in comparison. And a majority of the court already appears to support its resurrection.
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January 31, 2025
Former Fed Adviser Charged With Spying For China
A former senior adviser to the Federal Reserve Board of Governors was arrested Friday on charges of stealing confidential data for the government of China, which prosecutors said could be used to conduct market manipulation.
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February 14, 2025
Law360 Seeks Members For Its 2025 Editorial Boards
Law360 is looking for avid readers of our publications to serve as members of our 2025 editorial advisory boards.
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January 31, 2025
Trump Funding Freeze Blocked As Court Doubts Reversal
A Rhode Island federal judge on Friday issued a temporary restraining order barring the Trump administration from freezing spending on federal grant and aid programs, calling the move illegal and saying the issue was not mooted by a White House memo claiming the directive had been rescinded.
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January 31, 2025
Seasoned Patterson Belknap Trial Team Joins Linklaters In NY
Linklaters LLP announced Friday it has brought aboard a high-profile team of litigation partners from Patterson Belknap Webb & Tyler LLP, including one who is the current president of the New York City Bar Association and a lawyer former President Joe Biden had nominated to the Third Circuit.
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January 30, 2025
Wise Reaches $2.5M CFPB Deal Over Disclosure, Fee Issues
In its first new enforcement action since President Donald Trump's return to office, the Consumer Financial Protection Bureau on Thursday ordered Wise, a global money transfer fintech, to pay nearly $2.5 million on allegations it committed misleading fee marketing and disclosure-related violations.
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January 30, 2025
R. Allen Stanford's $6.8B SEC Bill In Ponzi Suit Finalized
A Texas federal court on Wednesday entered a judgment finalizing a 2013 order requiring convicted Ponzi schemer Robert Allen Stanford to fork over $6.76 billion in the U.S. Securities and Exchange Commission's nearly 16-year-old suit over the $7 billion fraud scheme.
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January 30, 2025
PNC Units Face Investor Suit Over 'Cash Sweep' Program
PNC Financial and its investment unit are the latest to face a proposed class action alleging their cash sweep program funneled customer funds into low interest-bearing accounts, hurting investors who should have seen their money earn a reasonable market interest rate.
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January 30, 2025
Ex-Rabobank Exec Asks Justices To Hear 9th Circ. OCC Fight
A former Rabobank compliance chief who wants to clear her name after a now-abandoned Office of the Comptroller of the Currency enforcement action has asked the U.S. Supreme Court to take up her case following the Ninth Circuit's dismissal of her appeal for lack of standing.
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January 30, 2025
Card Co. Netspend Inks $1.1M NY AG Deal Over Fees, Freezes
The New York Attorney General's Office said Thursday that Netspend, a fintech debit and prepaid card provider, will pay nearly $1.1 million to settle claims that it charged New Yorkers illegal fees and allowed debt collectors to seize protected funds.
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January 30, 2025
Investors Push To Consolidate Suits On Cash Sweep Programs
Investors claiming brokerage firms' cash sweep investment programs unfairly enriched the brokers at the expense of customers asked the U.S. Judicial Panel on Multidistrict Litigation Thursday to consolidate their suits, arguing they risk ending up with wildly different judicial rulings without it.
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January 30, 2025
Chancery Tosses Last Of Deutsche Bank, Vik Debt Suit
A more than seven-year Delaware Court of Chancery battle tied to Norwegian billionaire Alexander Vik's alleged efforts to avoid a $236 million U.K. judgment in 2009 ended on Wednesday with a quiet fizzle.
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January 30, 2025
SEC Eyes Pretrial Win On $57M Fraud After Lindberg Plea Deal
The U.S. Securities and Exchange Commission asked a North Carolina federal judge to give it a pretrial win on its fraud claims against convicted former insurance mogul Greg Lindberg and his investment adviser firm, arguing multiple convictions in parallel criminal cases against Lindberg and others are a "straightforward" indicator of his liability.
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January 30, 2025
NC Biz Court Bulletin: Sanctions Miss, Philip Morris Refund
In the second half of January, the North Carolina Business Court tussled with sanctions against a biogas company, heard claims an insurer tried to deliberately embarrass Cadwalader Wickersham & Taft LLP and ordered an $11 million tax refund for Philip Morris.
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January 30, 2025
Orrick Adds Head Of Antitrust Litigation From Weil
Orrick Herrington & Sutcliffe LLP has hired Eric Hochstadt from Weil Gotshal & Manges LLP as the firm's new head of antitrust litigation and a member of its management committee, the firm announced Thursday.
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January 29, 2025
'DO NOT RESPOND': CFPB Union Calls Buyout Email A Trap
The Consumer Financial Protection Bureau's union has urged staff at the agency to refrain from responding to the Trump administration's buyout offer for federal employees, describing it as a potential trap and suggesting they consider marking it as spam instead.
Expert Analysis
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Striking A Balance Between AI Use And Attorney Well-Being
As the legal industry increasingly adopts generative artificial intelligence tools to boost efficiency, leaders must note the hidden costs of increased productivity, and work to protect attorneys’ well-being while unlocking AI’s full potential, says Ed Sohn at Factor.
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Takeaways From The IRS' Crypto Doc Summons Win
A recent First Circuit decision holding that taxpayers do not have a Fourth Amendment reasonable expectation of privacy in cryptocurrency transaction records should prompt both taxpayers and exchanges to take stock of past transactions and future plans, say attorneys at BakerHostetler.
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Empathy In Mediation Offers A Soft Landing For Disputes
Experiencing a crash-landing on a recent flight underscored to me how much difference empathy makes in times of crisis or stress, including during mediation, says Eydith Kaufman at Alternative Resolution Centers.
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A Look At The Increased Scrutiny Of Cash Sweep Programs
Financial industry regulators have increasingly probed the adequacy of so-called cash sweep disclosures and policies, underscoring the heightened risk faced by investment advisers and broker-dealers, as well as the importance of adequately disclosing material conflicts of interest, say attorneys at Dechert.
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Series
Being An Artist Makes Me A Better Lawyer
My work as an artist has highlighted how using creativity and precision together — qualities that are equally essential in both art and law — not only improves outcomes, but also leads to more innovative and thoughtful work, says Sarah La Pearl at Segal McCambridge.
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Reading Tea Leaves In Fed. Circ. Deep Dive On Review Scope
Roy Wepner at Kaplan Breyer investigates why a recent Federal Circuit opinion spent six pages explaining its unsurprising conclusion on proper scope of review — that no deference need be afforded to the trial court in a case dismissed for failure to state a claim.
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Election Outcome Could Reshape Financial Industry
The policies of the next presidential administration and Congress will shape the landscape of financial services in the U.S. — including banking, mortgage, investment and credit services — for years to come, affecting Wall Street investors and aspiring homeowners alike, say Alexander Hecht and Frank Guinta at Mintz.
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How Judiciary Can Minimize AI Risks In Secondary Sources
Because courts’ standing orders on generative artificial intelligence and other safeguards do not address the risk of hallucinations in secondary source materials, the judiciary should consider enlisting legal publishers and database hosts to protect against AI-generated inaccuracies, say attorneys at Lankler Siffert & Wohl.
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NY Tax Talk: Questions In Corporate Franchise Tax Regs Case
In the first challenge to New York's Corporate Franchise Tax regulations — Paychex v. Department of Taxation and Finance — the court has an important opportunity to provide clarity on a major retroactive application issue, say attorneys at Eversheds Sutherland.
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Digging Into CFPB's Overdraft Fee Consent Guidance
Although a recent Consumer Financial Protection Bureau circular may seem unassuming, a closer read reveals the bureau is escalating its clampdown on nonconsensual debit card overdraft fees by expanding financial institutions' record-retention obligations beyond a two-year statutory requirement, say attorneys at Cooley.
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How Attorneys Can Break Free From Career Enmeshment
Ambitious attorneys can sometimes experience career enmeshment — when your sense of self-worth becomes unhealthily tangled up in your legal vocation — but taking the time to discover and realign with your core personal values can help you recover your identity, says Janna Koretz at Azimuth Psychological.
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UCC Article 12 Offers Banks A Chance To Dive Into 'DePINs'
The 2022 update to Article 12 of the Uniform Commercial Code, which provides a legal framework for decentralized physical infrastructure networks, could offer trade and commodity finance banks attractive opportunities, like the energy-related DePIN projects that have recently made headlines, says Chris McDermott at Cadwalader.
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11th Circ. Ruling Offers Refresher On 'Sex-Plus' Bias Claims
While the Eleventh Circuit’s recent ruling in McCreight v. AuburnBank dismissed former employees’ sex-plus-age discrimination claims, the opinion reminds employers to ensure that workplace policies and practices do not treat a subgroup of employees of one sex differently than the same subgroup of another sex, say attorneys at Bradley Arant.
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Ex-Chicago Politician's Case May Further Curb Fraud Theories
The U.S. Supreme Court recently agreed to hear Thompson v. U.S. to determine whether a statement that is misleading but not false still violates federal law, potentially heralding the court’s largest check yet on prosecutors’ expansive fraud theories, with significant implications for sentencing, say attorneys at the Law Offices of Alan Ellis.
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Lawyers With Disabilities Are Seeking Equity, Not Pity
Attorneys living with disabilities face extra challenges — including the need for special accommodations, the fear of stigmatization and the risk of being tokenized — but if given equitable opportunities, they can still rise to the top of their field, says Kate Reder Sheikh, a former attorney and legal recruiter at Major Lindsey & Africa.