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Banking
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October 22, 2024
Crypto Bills Have Lame Duck Potential, Rep. Hill Says
The chair of the U.S. House's digital asset subcommittee said Tuesday he is "still optimistic" a market structure bill for crypto and a framework for so-called stablecoins might move forward in some way during the upcoming lame duck session of Congress.
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October 22, 2024
BofA, Others Say Bond-Rigging Suit Still Can't Prove Conspiracy
Bank of America Corp., Wells Fargo & Co., JPMorgan Chase & Co. and others have argued the amended complaint in a recently revived securities suit accusing them of conspiring to rig corporate bonds fails to adequately allege a "farfetched" antitrust conspiracy.
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October 22, 2024
Halkbank Not Immune In Sanctions Case, 2nd Circ. Says
The Second Circuit ruled Tuesday that Turkish state-owned bank Halkbank doesn't have common-law foreign sovereign immunity from charges that it laundered about $1 billion in sanctioned Iranian oil proceeds if the U.S. government's executive branch says it doesn't.
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October 22, 2024
SunTrust Argues Overdraft Fees Didn't Violate Ga. Usury Law
SunTrust Bank urged the Georgia Court of Appeals on Tuesday to overturn a trial court's denial of summary judgment in a decade-long class action alleging the bank's overdraft fees were unlawful interest charges that violated the state's usury laws, arguing courts overwhelmingly agree that the fees are not interest.
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October 22, 2024
Ex-Atty Charged With Stealing Settlement Funds From Clients
A former attorney who practiced in Oklahoma and gave up his law license in 2020 amid a disciplinary investigation has been charged in federal court with stealing money his then-clients were owed from settlements between 2015 and 2020.
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October 22, 2024
Winston & Strawn Finance Pro Joins Mayer Brown In New York
Mayer Brown LLP announced that a longtime finance attorney at Winston & Strawn LLP has joined the firm's New York office as a partner in what it said is part of a strategic priority to expand its global leveraged finance and private credit platform.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
Expert Analysis
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A Look At The Regulatory Scrutiny Facing Liquid Restaking
Recent U.S. Securities and Exchange Commission enforcement actions highlight the regulatory challenges facing emerging financial instruments like liquid restaking tokens and services, say Daniel Davis and Alexander Kim at Katten.
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5 Insights Into FDIC's Final Rule On Big-Bank Resolution Plans
Although the Federal Deposit Insurance Corp.'s recently finalized rule expanding resolution planning requirements for large banks was generally adopted as proposed, it includes key changes related to filing deadlines, review and feedback, and incorporates lessons learned — particularly from last year's bank failures, say attorneys at Cleary.
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3 Leadership Practices For A More Supportive Firm Culture
Traditional leadership styles frequently amplify the inherent pressures of legal work, but a few simple, time-neutral strategies can strengthen the skills and confidence of employees and foster a more collaborative culture, while supporting individual growth and contribution to organizational goals, says Benjamin Grimes at BKG Leadership.
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Cannabis Biz Real Estate Loan Considerations For Lenders
Now that cannabis sales are legal in some states, real estate lenders are interested in financing the land used by cannabis companies, but because cannabis sales are still illegal under federal law, lenders must make adjustments for cannabis-adjacent transactions, say Mark Levenson and Jeffrey Wendler at Sills Cummis.
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Series
After Chevron: Don't Let Loper Lead To Bank Compliance Lull
Banking organizations are staring down a period of greater uncertainty over the next few years as the banking agencies and industry navigate the post-Chevron world, but banks must continue to have effective compliance programs in place even in the face of this unpredictability, say Lee Meyerson and Amanda Allexon at Simpson Thacher.
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E-Discovery Quarterly: Rulings On Hyperlinked Documents
Recent rulings show that counsel should engage in early discussions with clients regarding the potential of hyperlinked documents in electronically stored information, which will allow for more deliberate negotiation of any agreements regarding the scope of discovery, say attorneys at Sidley.
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Enron Law Is Still Threat To Execs After Justices' Jan. 6 Ruling
While the U.S. Supreme Court’s recent Fischer v. U.S. decision is a setback for prosecutors’ obstruction charges against Jan. 6 defendants, it also represents a strong endorsement of the post-Enron Sarbanes-Oxley Act’s original purpose, serving as a corporate compliance reminder for executives, say Michael Peregrine and Ashley Hoff at McDermott.
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Loper Bright Limits Federal Agencies' Ability To Alter Course
The U.S. Supreme Court's recent decision to dismantle Chevron deference also effectively overrules its 2005 decision in National Cable & Telecommunications Association v. Brand X, greatly diminishing agencies' ability to change regulatory course from one administration to the next, says Steven Gordon at Holland & Knight.
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How 3 Recent High Court Rulings Could Shape Fintech Policy
The U.S. Supreme Court's recent decisions in Jarkesy, Loper Bright and Corner Post provide fintech companies with new legal strategies to challenge regulatory actions, but agency reactions to these rulings and inconsistent judicial interpretations could bring compliance challenges and uncertainties, says Amy Whitsel at FS Vector.
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What Cos. Should Note In DOJ's New Whistleblower Pilot
After the U.S. Department of Justice unveiled a new whistleblower pilot program last week — continuing its efforts to incentivize individual reporting of misconduct — companies should review the eligibility criteria, update their compliance programs and consider the risks and benefits of making their own self-disclosures, say attorneys at Skadden.
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CFPB's Medical Debt Proposal May Have Side Effects
The Consumer Financial Protection Bureau’s recent proposal to prevent medical debt information from appearing on consumer reports and creditors from basing lending decisions on such information may have initial benefits for some consumers, but there are potential negative consequences that should also be considered, say attorneys at Cooley.
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Series
Teaching Scuba Diving Makes Me A Better Lawyer
As a master scuba instructor, I’ve learned how to prepare for the unexpected, overcome fears and practice patience, and each of these skills – among the many others I’ve developed – has profoundly enhanced my work as a lawyer, says Ron Raether at Troutman Pepper.
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Lawyers Can Take Action To Honor The Voting Rights Act
As the Voting Rights Act reaches its 59th anniversary Tuesday, it must urgently be reinforced against recent efforts to dismantle voter protections, and lawyers can pitch in immediately by volunteering and taking on pro bono work to directly help safeguard the right to vote, says Anna Chu at We The Action.
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Evolving Regulatory Oversight For AI And Asset Management
Attorneys at K&L Gates discuss the evolving regulatory and legislative landscape for artificial intelligence in the asset management industry, as the U.S. Securities and Exchange Commission, the Commodity Futures Trading Commission and Congress consider how to address potential investor protection and systemic risks associated with AI.
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Decoding CFPB Priorities Amid Ramp-Up In Nonbank Actions
Based on recent Consumer Financial Protection Bureau enforcement actions and press releases about its supervisory activities, the agency appears poised to continue increasing its scrutiny over nonbank entities — particularly with respect to emerging financial products and services — into next year, say attorneys at Wiley.