Banking

  • October 22, 2024

    Ex-Trucking Worker Nabs Class Status In 401(k) Fee Suit

    A South Carolina federal judge approved a nearly 10,000-member class in a suit claiming a trucking company failed to keep its employee 401(k) plan's fees in check, but refused to expand the class definition.

  • October 22, 2024

    The 2024 Prestige Leaders

    Check out our Prestige Leaders ranking, analysis and interactive graphics to see which firms stand out for their financial performance, attractiveness to attorneys and law students, ability to secure accolades and positive legal news media representation.

  • October 22, 2024

    How Law Firms Get And Keep Elite Status

    For decades, a handful of New York-based law firms thoroughly dominated the national consciousness when it came to power, profitability and prestige. But in today's legal market, increased movement of partners and clients from one firm to the next has begun to shake things up and create opportunities for go-getters to ascend the ranks.

  • October 22, 2024

    CFPB's Open Banking Rule Flops With Industry, Lands In Court

    Banks will face new requirements to make account data freely available for consumers to share with fintech firms and other competitors under a long-awaited rule that the Consumer Financial Protection Bureau unveiled Tuesday, drawing an immediate industry legal challenge seeking to block it.

  • October 21, 2024

    Mastercard's Legal Chief Departs For Tech Co. Coherent

    Rob Beard is leaving his post as Mastercard Inc.'s chief legal officer and global policy head to join Coherent Corp. as its CLO, the industrial laser technology company announced Monday.

  • October 21, 2024

    Rocket Mortgage Faces DOJ Suit Alleging Refi Race Bias

    The U.S. Department of Justice on Monday sued Rocket Mortgage and two appraisal companies in Colorado federal court for allegedly undervaluing a woman's Denver home because she was Black, asserting that the mortgage company then canceled her refinancing application when she reported the alleged discrimination.

  • October 21, 2024

    SEC To Focus On Advisers' Investment Outsourcing In '25

    U.S. Securities and Exchange Commission examiners are poised to generally stay the course with their exam priorities in the coming year, with a particular focus on investment advisers that outsource their investment functions, according to a report released Monday.

  • October 21, 2024

    NYSE, Cboe Win SEC Approval For Bitcoin ETP Options

    The U.S. Securities and Exchange Commission has given the New York Stock Exchange and Cboe Global Markets permission to list and trade options of certain bitcoin exchange-traded products, following the long-anticipated approval of the ETPs themselves at the start of this year.

  • October 21, 2024

    SEC, CFTC Chairs Talk Crypto, AI & Wall Street Texting Sweep

    The leaders of the U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission appeared before an audience of top financial professionals Monday to discuss the future of cryptocurrency and artificial intelligence regulations and to defend against accusations that ongoing probes of brokers' use of off-channel communications were too harsh.

  • October 21, 2024

    CFPB Funding No Reason To Ax SoLo Suit, Calif. Judge Says

    Another federal judge has refused to dismiss a Consumer Financial Protection Bureau lawsuit on the grounds that the agency lacks valid funding, and has found that the agency has pled plausible deceptive advertising, state violations and other counts against fintech lender SoLo Funds Inc.

  • October 21, 2024

    2nd Circ. Won't Revive $500M Plunge Suit Against Wells Fargo

    The Second Circuit on Monday refused to revive a proposed class action accusing Wells Fargo of causing a Chicago fund manager to lose at least $500 million by wrongfully forcing the liquidation of its mutual fund and other investments, finding that the district court was correct in dismissing the suit entirely.

  • October 21, 2024

    Belgium Joins French Courts In Telegram CEO Criminal Probe

    Belgian investigators have joined French law enforcement in the criminal investigation of Pavel Durov, the CEO of encrypted messaging-platform Telegram, who is charged in France with aiding illegal child pornography, fraud and other crimes, the Paris prosecutor's office announced.

  • October 21, 2024

    Truist Bank To Pay $9.1M Over 'Unwise' Trust Administration

    Charlotte-based Truist Bank has agreed to pay the federal government $9.1 million to resolve claims that its predecessor SunTrust Bank ran afoul of the law by approving unwise disbursements for beneficiaries of a lead poisoning settlement, the U.S. Department of Justice announced Monday.

  • October 21, 2024

    Cannabis Financing Co. Sues Over Dubious $3M Merger Demand

    A Colorado-based company that provides banking services to cannabis companies is suing three shareholders of a company it acquired in a $30 million merger, saying in the last few days they've attempted to change the way the merger payments are distributed.

  • October 21, 2024

    Ga. Atty Admits To Role In $1.3B Tax Shelter Scheme

    A Georgia attorney has pled guilty in federal court related to helping orchestrate a $1.3 billion tax scheme involving fraudulent conservation easements, making him the 12th person convicted over the plot, including another attorney who was handed a 23-year prison sentence.

  • October 21, 2024

    Consultants' Bank Data Breach Claim Too Late, Insurer Says

    An insurer owes no coverage to consultants defending against a data breach lawsuit involving a California bank because the consultants failed to notify the insurer of the claim in time, the company told a Washington federal court.

  • October 21, 2024

    Judge Upholds Ginnie Mae's Authority To Vacate Bank's Lien

    A Texas federal judge ruled that the Government National Mortgage Association didn't overstep its authority when it vacated a bank's lien on a loan worth tens of millions of dollars, rejecting Texas Capital Bank's bid for partial summary judgment.

  • October 21, 2024

    Davis Polk, Kilpatrick Guide $1.6B Mid-Atlantic Bank Merger

    Davis Polk & Wardwell LLP and Kilpatrick Townsend & Stockton LLP are guiding a $1.6 billion deal that will see Virginia-based Atlantic Union Bankshares Corp. absorb Maryland's Sandy Spring Bancorp in what the companies said Monday will create a lower Mid-Atlantic region bank holding company with more than $39 billion in assets. 

  • October 18, 2024

    Law360 MVP Awards Go To Top Attys From 74 Firms

    The attorneys chosen as Law360's 2024 MVPs have distinguished themselves from their peers by securing hard-earned successes in high-stakes litigation, complex global matters and record-breaking deals.

  • October 18, 2024

    Fintech Group Challenges CFPB's Buy Now, Pay Later Policy

    The Financial Technology Association on Friday asked a D.C. federal court to strike down the Consumer Financial Protection Bureau's first-ever rule directed at the fintech-dominated market for buy now, pay later loans, claiming that it violates procedural requirements and "misunderstands" relevant law. 

  • October 18, 2024

    Walmart Scores Quick Appeal In FTC's Money Transfer Suit

    An Illinois federal judge refused Friday to reconsider a prior decision trimming the Federal Trade Commission's suit alleging Walmart facilitated fraud through its money transfer services, while allowing Walmart to seek interlocutory review regarding the FTC's litigating authority. 

  • October 18, 2024

    Consumer Capital One-Discover Suit Paused For Gov't Review

    A Virginia federal judge hit pause Friday on a private cardholder proposed class action challenging Capital One's planned $35 billion acquisition of Discover Financial Services, agreeing with the companies that it's best to let still-pending review by banking regulators play out first.

  • October 18, 2024

    Fed. Circ. Sinks BofA's Fight Over Image Recognition Patents

    Bank of America had no luck Friday in an appeal seeking to revive a handful of challenges targeting patents owned by companies run by billionaire Patrick Soon-Shiong that are suing the bank in California federal court.

  • October 18, 2024

    Judge Slams 'Lazy Lawyering' In Amazon Biometric Data Suit

    The judge overseeing a proposed biometric privacy class action against Amazon Web Services Inc. in Delaware federal court chastised the plaintiffs' counsel for identically repleading a previously dismissed claim, calling the move "lazy lawyering" and warning of potential ramifications for "lying to the court."

  • October 18, 2024

    FCC Tells Provider Carrying Bank Scam Calls To Cut It Out

    The Federal Communications Commission on Friday told a Miami-based advertising company to stop transmitting scam robocalls, warning that if it doesn't comply, all its call traffic may be cut off by voice service providers.

Expert Analysis

  • Basel Endgame Rules: A Change Is Coming

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    The Federal Reserve Board's recently announced recalibration of the Basel endgame proposal begins a critical chapter in the evolution of not only the safety and soundness of U.S. banks, but also of banks' abilities to lend and support American businesses and consumers, say attorneys at Davis Wright.

  • 4 Takeaways From The FDIC's Proposed Recordkeeping Rule

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    The Federal Deposit Insurance Corp.'s new proposed rule would impose recordkeeping and other compliance requirements on custodial deposit accounts with transactional features, and practitioners should be aware of four important factors, including who is affected and who is exempt, say attorneys at Covington.

  • Series

    Round-Canopy Parachuting Makes Me A Better Lawyer

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    Similar to the practice of law, jumping from an in-flight airplane with nothing but training and a few yards of parachute silk is a demanding and stressful endeavor, and the experience has bolstered my legal practice by enhancing my focus, teamwork skills and sense of perspective, says Thomas Salerno at Stinson.

  • Why Now Is The Time For Law Firms To Hire Lateral Partners

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    Partner and associate mobility data from the second quarter of this year suggest that there's never been a better time in recent years for law firms to hire lateral candidates, particularly experienced partners — though this necessitates an understanding of potential red flags, say Julie Henson and Greg Hamman at Decipher Investigative Intelligence.

  • Considering Possible PR Risks Of Certain Legal Tactics

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    Disney and American Airlines recently abandoned certain litigation tactics in two lawsuits after fierce public backlash, illustrating why corporate counsel should consider the reputational implications of any legal strategy and partner with their communications teams to preempt public relations concerns, says Chris Gidez at G7 Reputation Advisory.

  • Integrating ESG Into Risk Management Programs

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    Amid increasing regulations and reporting requirements for corporate sustainability in the European Union and the U.S., companies might consider how to incorporate environmental, social and governance factors into more formalized risk management, say directors at Alvarez & Marsal.

  • How Increased Sanctions Scrutiny Is Affecting Debt Markets

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    U.S. sanctions and export control regulators have recently taken several steps that broaden financial sector oversight, and banks, lenders and borrowers must adapt their syndication and risk assessment processes in different ways or risk incurring substantial penalties, say Cristina Brayton-Lewis and Kerrick Seay at White & Case.

  • What The SEC Liquidity Risk Management Amendments Entail

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    Fund managers should be cognizant of the U.S. Security and Exchange Commission's recent changes to certain reporting requirements and guidance related to open-end fund liquidity risk management programs, and update their filing systems if need be, says Rachael Schwartz at Sullivan & Worcester.

  • It's No Longer Enough For Firms To Be Trusted Advisers

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    Amid fierce competition for business, the transactional “trusted adviser” paradigm from which most firms operate is no longer sufficient — they should instead aim to become trusted partners with their most valuable clients, says Stuart Maister at Strategic Narrative.

  • Avoid Getting Burned By Agencies' Solar Financing Spotlight

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    Recently coordinated reports and advisories from the U.S. Department of the Treasury, the Consumer Financial Protection Bureau and the Federal Trade Commission maximize the spotlight on the consumer solar financing market and highlight pitfalls for lenders to avoid in this burgeoning field, says Mercedes Tunstall at Cadwalader.

  • Calif. Bill, NTIA Report Illustrate Open-Model AI Safety Debate

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    The National Telecommunications and Information Administration’s balanced recommendations for preventing misuse of open artificial intelligence models, contrasted with a more aggressive California bill, demonstrate an evolving regulatory debate about balancing democratic access to this powerful new technology against potential risks to the public, say Stuart Meyer and Fredrick Tsang at Fenwick.

  • 7 Takeaways For Investment Advisers From FinCEN AML Rule

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    With a new FinCEN rule that will require covered investment advisers to implement anti-money laundering programs and comply with extra recordkeeping requirements by 2026, companies should begin planning necessary updates to their policies and procedures by focusing on seven of the rule’s key requirements, identified by attorneys at Simpson Thacher.

  • Mitigating Risk In Net Asset Value Facility Bankruptcies

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    In times of economic turbulence, parties to bankruptcy proceedings that involve net asset value facilities can mitigate risk by understanding the purpose of the automatic stay, complications it can create for NAV facility lenders and options for relief, say attorneys at Mayer Brown.

  • Opinion

    A Fuzzy Label With Bite: FTC Must Define Surveillance Pricing

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    The Federal Trade Commission recently issued orders to eight companies — including Mastercard, McKinsey and Chase — seeking information on "surveillance pricing," but the order doesn't explain the term or make the distinction between legal and illegal practices, leaving any company that uses personalized pricing in the dark, says Chris Wlach at Huge.

  • Missouri Injunction A Setback For State Anti-ESG Rules

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    A Missouri federal court’s recent order enjoining the state’s anti-ESG rules comes amid actions by state legislatures to revise or invalidate similar legislation imposing disclosure and consent requirements around environmental, social and governance investing, and could be a blueprint for future challenges, say attorneys at Paul Hastings.

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