Banking

  • November 01, 2024

    CFPB Fines VyStar $1.5M For 'Botched' Web Platform Rollout

    The Consumer Financial Protection Bureau has fined VyStar Credit Union $1.5 million for an alleged "botched" rollout of a new online banking platform that made it hard for members to perform basic banking functions for weeks, with some features unavailable for more than six months.

  • November 01, 2024

    Cross River Bank Drops Contract Suit Against Fintech Biz

    Cross River Bank on Friday voluntarily dropped its suit against First Data Merchant Services LLC over the payment processor's alleged attempt to "wriggle" its way out of a contract to save itself from paying nearly $4 million in commissions for the bank's referrals to customers, including Coinbase.

  • November 01, 2024

    Capital One Says CFPB Eyeing Case Over Savings Accounts

    The Consumer Financial Protection Bureau is considering whether to pursue an enforcement action against Capital One over the interest rates it pays on high-yield savings accounts that are the subject of ongoing class action litigation, the financial services company said.

  • November 01, 2024

    Danish Tax Agency To Settle With Atty In $2.1B Tax Fraud Suit

    Denmark's tax authority has agreed to settle with an attorney whom it has accused of helping clients claim fraudulent tax refunds in a sprawling $2.1 billion case, according to a letter by its attorney in New York federal court.

  • November 01, 2024

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

    This past week in London has seen two industry magnates take on the Gambling Commission, Ordinance Survey hit with a claim from a Swiss GPS maker, and China's largest oil company PetroChina face a claim from a Polish documentary maker. Here, Law360 looks at these and other new claims in the U.K.

  • November 01, 2024

    MVP: Paul Weiss' Staci Yablon

    Paul Weiss Rifkind Wharton & Garrison LLP's Staci Yablon provided ace counsel to Goldman Sachs that helped it beat back class certification in a sprawling interest-rate swaps antitrust case, deal a major blow to a New Mexico case involving credit default swaps and clinch a win against U.S. government bond-rigging claims, landing her a spot as one of the 2024 Law360 Banking MVPs.

  • November 01, 2024

    Pillar Aught, Kilpatrick Guide $127M Pa. Bank Merger

    Pillar Aught and Kilpatrick Townsend & Stockton LLP are guiding a roughly $127 million all-stock merger of two Pennsylvania community banks, Mid Penn Bancorp Inc. and William Penn Bancorporation, the banks announced Friday.

  • October 31, 2024

    Ex-Goldman Exec Says 1MDB Judge Thwarted His Defense

    Former Goldman Sachs executive Roger Ng on Thursday told the Second Circuit that his trial defense over the massive $6.5 billion 1MDB scheme was marred by the wrongful exclusion of video evidence that supported his claim that $35 million he received in alleged kickbacks was actually investment proceeds.

  • October 31, 2024

    Berkshire Bank Escapes Claims It Aided $90M Ponzi Scheme

    A New York federal judge on Thursday freed Berkshire Bank from a proposed class action that alleged it helped a local businessman's $90 million Ponzi scheme for roughly a decade, saying an investor in a fund central to the scheme didn't show the bank had actual knowledge of the fraud.

  • October 31, 2024

    2nd Circ. Draws BDO Back In Investor Suit In Revised Opinion

    The Second Circuit on Thursday reversed course in an amended opinion about an investor suit over financial restatements made by AmTrust Financial Services Inc., finding that auditor BDO USA LLP is not off the hook for certifying the insurer's financial statements.

  • October 31, 2024

    Hinshaw Sees Fintech Pro Rejoin Firm From Ballard Spahr

    Hinshaw & Culbertson LLP on Thursday said a former partner has returned to the firm's consumer financial services practice in Los Angeles after two years at Ballard Spahr. 

  • October 31, 2024

    JPMorgan To Pay $151M To Resolve SEC Disclosure Claims

    The U.S. Securities and Exchange Commission announced Thursday that two JPMorgan Chase & Co. affiliates agreed to pay $151 million to resolve five separate enforcement actions over a number of allegations, including making misleading disclosures to investors and failing to make recommendations in the best interest of customers.

  • October 31, 2024

    Latham Hit With Sanctions In Banc Of California Securities Suit

    A California federal judge found Latham & Watkins LLP and its ex-client, former Banc of California CEO Steven A. Sugarman, in civil contempt for "flagrant violations" of a protective order covering discovery produced by investment firm Muddy Waters Capital in a securities fraud class action, according to an order unsealed this week.

  • October 31, 2024

    Feds: No 'Willfulness' Needed In Texas AG-Tied Investor Case

    Federal prosecutors asked a Texas federal judge to reject an attempt by an investor at the center of the failed impeachment of Texas Attorney General Ken Paxton to toss the fraud case, saying Wednesday that "willfulness" isn't needed for a conspiracy to commit wire fraud conviction.

  • October 31, 2024

    NY Court Urged To Reject 'Audacious' Shareholder Test Cases

    Leading business groups have come to the aid of Bayer AG and Barclays PLC as the companies seek to fend off a pair of "audacious" test cases that have landed in New York's highest court, with the groups arguing that allowing the lawsuits to move forward would flood the state court with derivative lawsuits against foreign companies and overturn decades of precedent.

  • October 31, 2024

    Warren Says DOJ's 'Legal Gymnastics' Let TD Bank Off Easy

    U.S. Sen. Elizabeth Warren, D-Mass., pressed Attorney General Merrick Garland on Thursday over what she characterized as a lax settlement agreement for TD Bank earlier this month and the Justice Department's "legal gymnastics" that left top bank executives off the hook.

  • October 31, 2024

    Scott + Scott Sues Robins Kaplan For $5M In Swipe Deal Fees

    Scott + Scott Attorneys at Law LLP alleged in a New York state court lawsuit that Robins Kaplan LLP, its co-counsel in antitrust litigation over Visa Inc. and Mastercard's interchange fees, is withholding $5 million in promised payouts from the case's $5.6 billion settlement.

  • October 31, 2024

    What DOJ's New National Security Obsession Means For Attys

    The Justice Department’s emerging criminal crackdown on corporate national security violations is putting increased pressure on white collar lawyers to be conversant, if not experts, on opaque, complex and swiftly evolving regulations.

  • October 31, 2024

    Vinson & Elkins To Open Denver Office With Plans To Expand

    Three Vinson & Elkins LLP partners have been tapped to open the firm's newest office in Denver, the firm announced Thursday, amid an effort to expand its client base and talent roster in the Mountain West region.

  • October 31, 2024

    NJ Agency Accused Of Wrongfully Firing Legal Professional

    A former legal professional for the New Jersey Economic Development Authority has filed a lawsuit against her ex-employer in state court, alleging the agency discriminated against her because of her disability and wrongfully fired her during a trying time in her life.

  • October 31, 2024

    MVP: Paul Hastings' Morgan Bale

    Morgan Bale of Paul Hastings LLP's global finance practice leads investment and commercial banks — including Bank of America, Barclays, Citi, Goldman Sachs, JPMorgan Chase & Co., Morgan Stanley and Wells Fargo — in acquisition finance and other complex multibillion-dollar lending transactions, earning him a spot as one of the 2024 Law360 Banking MVPs.

  • October 31, 2024

    3rd Circ Rejects Charter Co. Exec's Ineffective Counsel Claims

    The co-founder and former executive of a now-defunct public air charter operator has lost a bid to escape a fraud conviction on the grounds her lawyers provided ineffective counsel in her criminal trial, with a unanimous Third Circuit panel determining the jury would not have been swayed by a different trial strategy.

  • October 31, 2024

    The 2024 Law360 Pulse Leaderboard

    Check out the Law360 Pulse Leaderboard to see which firms made the list of leaders in all-around excellence this year.

  • October 31, 2024

    Firms' Hiring Strategies Are Evolving In Fight For Top Spot

    Competition for top talent among elite law firms shows no signs of slowing down, even amid economic uncertainty, with financially strong firms deploying aggressive strategies to attract and retain skilled professionals to solidify their market position.

  • October 31, 2024

    Davis Wright Tremaine Adds Bank Regulatory Attorney In DC

    A bank regulatory attorney who worked previously with the International Monetary Fund and the Federal Deposit Insurance Corp. has joined Davis Wright Tremaine LLP as a partner, the firm announced Wednesday.

Expert Analysis

  • 3 Patent Considerations For America's New Quantum Hub

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    Recent developments signal an incredibly bright future for Chicago as the new home of quantum computing, and it is crucial that these innovators — whose technology has the potential to transform many industries — prioritize intellectual property strategy, says Andrew Velzen at McDonnell Boehnen.

  • Navigating A Potpourri Of Possible Transparency Act Pitfalls

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    Despite the Financial Crimes Enforcement Network's continued release of guidance for complying with the Corporate Transparency Act, its interpretation remains in flux, making it important for companies to understand potentially problematic areas of ambiguity in the practical application of the law, say attorneys at Sidley.

  • A Preview Of AI Priorities Under The Next President

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    For the first time in a presidential election, both of the leading candidates and their parties have been vocal about artificial intelligence policy, offering clues on the future of regulation as AI continues to advance and congressional action continues to stall, say attorneys at Mintz.

  • How Companies Are Approaching Insider Trading Policies

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    An analysis of insider trading policies recently disclosed by 49 S&P 500 companies under a new U.S. Securities and Exchange Commission rule reveals that while specific provisions vary from company to company, certain common themes are emerging, say attorneys at Gibson Dunn.

  • What To Know About CFPB Stance On Confidentiality Terms

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    A recent circular from the Consumer Financial Protection Bureau represents a growing effort across government agencies to address overbroad confidentiality agreements, and gives employers insight into the bureau's perspective on the issue as it relates to the Consumer Financial Protection Act, say Holly Williamson and Elizabeth King at Hunton.

  • How Methods Are Evolving In Textualist Interpretations

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    Textualists at the U.S. Supreme Court are increasingly considering new methods such as corpus linguistics and surveys to evaluate what a statute's text communicates to an ordinary reader, while lower courts even mull large language models like ChatGPT as supplements, says Kevin Tobia at Georgetown Law.

  • What's Next For Federal Preemption In Financial Services

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    The Office of the Comptroller of the Currency's review of its preemption interpretations and growing pressure from state regulators signal potential changes ahead for preemption in U.S. financial services, and the path forward will likely involve a reevaluation of the entire framework, say attorneys at Clark Hill.

  • Unpacking Jurisdiction Issues In 3rd Circ. Arbitration Ruling

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    The Third Circuit's recent ruling in George v. Rushmore Service Center could be interpreted to establish three principles regarding district courts' jurisdiction to enter arbitration-related orders under the Federal Arbitration Act, two of which may lead to confusion, says David Cinotti at Pashman Stein.

  • Why Attorneys Should Consider Community Leadership Roles

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    Volunteering and nonprofit board service are complementary to, but distinct from, traditional pro bono work, and taking on these community leadership roles can produce dividends for lawyers, their firms and the nonprofit causes they support, says Katie Beacham at Kilpatrick.

  • 'Pig Butchering': The Scam That Exploits Crypto Confusion

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    Certain red flags can tip off banks to possible "pig-butchering," and with the scam's increasing popularity, financial institutions need to take action to monitor entry points into the crypto space, detect suspicious activity and provide a necessary backstop to protect customers, say Brandon Essig and Mary Parrish McCracken at Lightfoot Franklin.

  • Opinion

    Agencies Should Reward Corporate Cyber Victim Cooperation

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    The increased regulatory scrutiny on corporate victims of cyberattacks — exemplified by the U.S. Securities and Exchange Commission's case against SolarWinds — should be replaced with a new model that provides adequate incentives for companies to come forward proactively and collaborate with law enforcement, say attorneys at McDermott.

  • 9 Liability Management Tips As Debt Maturity Cliff Looms

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    As the debt maturity cliff swiftly approaches in this challenging environment, attorneys at Winston & Strawn highlight the top considerations for boards of directors and finance professionals to think about when structuring and executing liability management transactions, including reviewing capital structure, evaluating debt covenants, and more.

  • How Transaction Lookbacks Can Guide Fintech Companies

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    As transaction lookbacks continue to be a key focus of enforcement actions, newer financial institutions like fintech companies should know they can benefit from proactively investigating their potential failure to identify suspicious activity, creating a compliance road map and building trust with regulators in the process, say attorneys at Jenner & Block.

  • Firms Must Offer A Trifecta Of Services In Post-Chevron World

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    After the U.S. Supreme Court’s Loper Bright Enterprises v. Raimondo decision overturning Chevron deference, law firms will need to integrate litigation, lobbying and communications functions to keep up with the ramifications of the ruling and provide adequate counsel quickly, says Neil Hare at Dentons.

  • Roundup

    A Day In The In-House Life

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    As more attorneys make the jump to fintech companies, and the regulatory landscape continues to shift, this Expert Analysis series follows in-house fintech counsel on an average workday as they grapple with everything from regulatory challenges and product launches to work-life balance and lunch orders.

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