Banking

  • March 14, 2025

    Judge Splits $79M Judgment In Danish Tax Fraud Case

    A New York federal judge divided a nearly $79 million judgment against four investors and their pension plans after a jury in February found them liable for participating in a tax fraud scheme against the Danish government.  

  • March 14, 2025

    Taxation With Representation: Davis Polk, Paul Weiss

    In this week's Taxation With Representation, Mallinckrodt PLC and Endo Inc. combine, Rocket Cos. buys Redfin, and Endo divests its international pharmaceuticals business to Knight Therapeutics Inc.

  • March 14, 2025

    Judge Refuses To Halt CFPB Defunding

    A Maryland federal judge on Friday denied the city of Baltimore's bid for a preliminary injunction barring the Trump administration from stripping away the Consumer Financial Protection Bureau's budget, unpersuaded that it is in imminent danger of defunding.

  • March 13, 2025

    Squires' Breadth Sets Him Apart From Recent USPTO Leaders

    President Donald Trump's nominee to lead the U.S. Patent and Trademark Office would be the first director who is not an engineer since the final George W. Bush administration, and he'd be the first with both law firm and in-house experience since 2017, a combination attorneys say makes him particularly suited for the role.

  • March 13, 2025

    Vought-Led CFPB Still Wants $43M Order In Debt Relief Case

    The Consumer Financial Protection Bureau urged an Illinois federal judge Thursday to order the head of a defunct debt-relief company to pay $43 million in fines and restitution, sticking with a Biden-era request for penalties in the case.

  • March 13, 2025

    Interactive Brokers Tells Justices To Skip Trading Patent Case

    Trading software company Interactive Brokers has shot back at a rival's effort to persuade the U.S. Supreme Court to look at an "illusory" split between appeals courts over the standard for introducing post-trial fraud evidence in a long-litigated patent case. 

  • March 13, 2025

    Bankers Seek 1-Year Waiver Of TCPA Consent Rule

    Banking organizations asked the Federal Communications Commission for a one-year waiver of a consumer consent rule under the Telephone Consumer Protection Act that restricts their ability to make prerecorded calls and texts once consent has been revoked.

  • March 13, 2025

    NY AG James Pitches Bill To Expand Consumer Protection Law

    New York Attorney General Letitia James on Thursday announced legislation that would expand the state's ban on deceptive business practices to also protect against unfair and abusive practices, an idea backed by Biden-era Federal Trade Commission and Consumer Financial Protection Bureau heads.

  • March 13, 2025

    Judge Won't Toss $35M Ch. 11 Bank Fee Clawback Lawsuit

    A Delaware bankruptcy judge has denied a summary judgment bid to dismiss a lawsuit alleging that an $1.8 billion loan set medical testing company Millennium Laboratories on course for its 2015 Chapter 11.

  • March 13, 2025

    Stifel Owes $132.5M Over Structured Notes, FINRA Panel Says

    Broker-dealer Stifel Nicolaus & Co. Inc. owes a family more than $132.5 million in a Financial Industry Regulatory Authority arbitration stemming from allegations their accounts were overinvested in structured notes.

  • March 13, 2025

    Ohio Co. Can't Get New Trial After Scrapped $18M Award

    An Ohio startup on Thursday lost its latest bid to revive an $18.3 million jury verdict it won against TransUnion for allegedly holding its source code hostage after ending a business deal.

  • March 13, 2025

    US Bank Agrees To Massive Class In 401(k) Fee Suit

    U.S. Bancorp told a Minnesota federal court Thursday that it agreed to the certification of an approximately 93,000-member class in a lawsuit alleging the financial company allowed its employee 401(k) to pay exorbitant recordkeeping fees.

  • March 13, 2025

    Senate Stablecoin Bill Advances With Democrats Divided

    The Republican-led U.S. Senate Banking Committee advanced its stablecoin framework Thursday with the help of Democrats who broke from ranking member Sen. Elizabeth Warren's opposition, while a separate bill on what is being called debanking passed along party lines.

  • March 13, 2025

    5th Circ. Asks If Enforcement Delay Affects CTA Challenge

    The Fifth Circuit has asked for supplemental briefing in a challenge against the Corporate Transparency Act, asking whether the case is affected by the U.S. Treasury Department's recent decision to suspend enforcement of reporting rules for domestic companies.

  • March 13, 2025

    NY Taps Ex-CFPB Official For Top Financial Enforcement Role

    New York's financial services regulator said Thursday that it has hired a new top consumer protection cop, bringing aboard a veteran enforcement official recently departed from the Consumer Financial Protection Bureau.

  • March 13, 2025

    Judge Orders Reinstatement Of Many Fired Federal Workers

    A California federal judge on Thursday ordered the immediate reinstatement of certain probationary employees fired from six federal agencies, saying the Office of Personnel Management did not have the authority to direct those terminations, making the firings "unlawful."

  • March 13, 2025

    Willkie Farr Hires Kirkland Private Funds Partner In NY

    Willkie Farr & Gallagher LLP has hired a private funds attorney in New York who spent the past four years at Kirkland & Ellis LLP advising fund sponsors on operational and other matters, the firm announced Wednesday.

  • March 12, 2025

    GOP Senators Take Aim At CFPB Medical Debt Rule

    Republican senators have introduced a measure to overturn the Consumer Financial Protection Bureau's recent rule banning medical debt from credit reports, one of the latest Biden-era regulations to be targeted for legislative repeal.

  • March 12, 2025

    Capital One Nearly Bought Frank For $125M, Javice Jury Told

    A Capital One investment banker told a New York federal jury on Wednesday that the lender was eyeing student financial aid startup Frank for a potential $125 million acquisition before backing out, $50 million less than what JPMorgan Chase & Co. ultimately paid for the company, the result of what prosecutors say was a scheme to fraudulently induce JPMorgan to make the purchase.

  • March 12, 2025

    Wells Fargo Can't Force Adviser's Widow To Arb., Panel Finds

    Wells Fargo can't force a deceased employee's widow to arbitrate her claims that she never received certain stipulated benefits after her husband's death because the widow never agreed to arbitrate those claims, a California state appeals court has determined.

  • March 12, 2025

    EPA Says Grant Termination Moots Climate Group's Challenge

    The U.S. Environmental Protection Agency told a D.C. federal judge Wednesday that its cancelation of $20 billion in grant funding for climate change projects renders moot Climate United Fund's claim that Citibank is illegally denying its disbursement requests.

  • March 12, 2025

    Look At All These 1-Word Orders In IP Cases, Justices Told

    A patent owner has told the U.S. Supreme Court that there's momentum behind its push for scrutiny of the Federal Circuit's one-word orders in patent cases and its challenge to courts' summary judgment practices in such matters.

  • March 12, 2025

    Binance Asks Judge To Rethink Upholding Terror Victims' Suit

    Cryptocurrency exchange Binance and its former CEO Changpeng Zhao have asked a New York federal judge to reconsider his ruling allowing a bulk of claims from a group of Hamas attack survivors to move forward, arguing that the survivors do not allege that Binance had a "close nexus" to the terrorist groups that allegedly used its platforms.

  • March 12, 2025

    Convicted Insurance Magnate Settles SEC's $57M Fraud Suit

    Convicted insurance mogul Greg Lindberg has netted a deal with the U.S. Securities and Exchange Commission to resolve claims he misappropriated $57 million in client funds, tying up the civil suit just four months after he copped to related criminal charges.

  • March 12, 2025

    Borrowers Claim Cash Advance Co. Charged 1,000% Interest

    A prospective class of borrowers has hit Klover Holdings Inc. with a lawsuit claiming that the cash advance business charged interest rates that can reach 1,000% or more, far exceeding Pennsylvania's 6% legal limit.

Expert Analysis

  • Deficiency Trends In National Futures Association Exams

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    A recent notice from the National Futures Association outlining the most common deficiencies uncovered during exams gives member firms an opportunity to review prior guidance, particularly regarding the hot topic of implementing procedures governing the use of outsourced service providers, say attorneys at Akin.

  • A Judge's Pointers For Adding Spice To Dry Legal Writing

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    U.S. District Judge Fred Biery shares a few key lessons about how to go against the grain of the legal writing tradition by adding color to bland judicial opinions, such as by telling a human story and injecting literary devices where possible.

  • A Closer Look At Money Laundering Sentencing Issues

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    Federal money laundering cases are on the rise, often involving lengthy prison sentences for defendants who have little to no criminal history, but a closer look at the statistics and case law reveal some potentially valuable arguments that defense attorneys should keep in their arsenal, says Sarah Sulkowski at Gelber & Santillo.

  • Why NY May Want To Reconsider Its LLC Transparency Law

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    Against the backdrop of the myriad challenges to the federal Corporate Transparency Act, it may be prudent for New York to reconsider its adoption of the LLC Transparency Act, since it's unclear whether the Empire State's "baby-CTA" statute is still necessary or was passed prematurely, say attorneys at Pillsbury.

  • Pleading Rules At Stake In High Court Hamas Banking Case

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    While a case between victims of Hamas terrorist attacks and a Lebanese bank, recently argued before the U.S. Supreme Court, appears to ask a narrow question of which civil procedure rules apply to requests to reopen final judgments, how the justices rule could drastically change pleading strategies for future plaintiffs, say attorneys at Dorsey & Whitney.

  • Expectations For SEC Exams As Private Credit Market Grows

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    The U.S. Securities and Exchange Commission may rely heavily on its Division of Examinations for regulating private credit markets amid their expansion into the retail investor space, so investment advisers should be prepared to address several likely areas of focus when confronted with an exam, say attorneys at Dechert.

  • Considerations As Trump Admin Continues To Curtail CFPB

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    Recent sweeping moves from the Consumer Financial Protection Bureau's new leadership have signaled a major shift in the agency's trajectory, and regulated entities should prepare for broader implications in both the near and long term, say attorneys at Pryor Cashman.

  • 6th Circ. Ruling Paves Path Out Of Loper Bright 'Twilight Zone'

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    The U.S. Supreme Court’s Loper Bright ruling created a twilight zone between express statutory delegations that trigger agency deference and implicit ones that do not, but the Sixth Circuit’s recent ruling in Moctezuma-Reyes v. Garland crafted a two-part test for resolving cases within this gray area, say attorneys at Wiley.

  • Cos. Should Prepare For Mexican Payments Surveillance Tool

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    The recent designation of six Mexican cartels as "specially designated global terrorists" will allow the Treasury Department to scrutinize nearly any Mexico-related payment through its Terrorist Finance Tracking Program — a rigorous evaluation for which even sophisticated sanctions compliance programs are not prepared, says Jeremy Paner at Hughes Hubbard.

  • What's Potentially In Store For CFTC Under New Leadership

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    Under the leadership of acting U.S. Commodity Futures Trading Commission Chairman Caroline Pham, and with the nomination of former commissioner Brian Quintenz to serve as permanent chair, the commission is set to widely embrace digital assets and event contracts, say attorneys at Davis Wright.

  • Revived Executive Order Is A Deregulatory Boon To Banks

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    A recently reinstated 2019 executive order reveals the Trump administration’s willingness to provide unprecedented protections for regulated parties — including financial institutions — but to claim them, banks and other entities must adopt a forward-leaning posture to work with the regulators, say attorneys at Davis Wright.

  • 2 Practical Ways For Banks To Battle Elder Financial Abuse

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    Federal regulators' recent statement raising awareness of elder financial exploitation provides a useful catalog of techniques that banks can employ to fight fraud, particularly encouraging older account holders to establish trusted contacts and sharing timely warnings about the latest scams with customers, say attorneys at Nutter.

  • A Look At The Student Loan Case Pending At Supreme Court

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    The Trump administration is likely to drop the U.S. Supreme Court case of U.S. Department of Education v. Career Colleges and Schools of Texas after its review of the 2022 borrower defense to repayment rule, but any outcome will be significant for institutions participating in programs covered by Title IV of the Higher Education Act, say attorneys at Duane Morris.

  • New Fla. Financial Abuse Law May See Limited Buy-In

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    Florida's newly effective financial protection law comes with compliance burdens and uncertainties that could discourage financial institutions from participating, even though the law aims to shield them from liability for delaying transactions when they suspect exploitation of elderly and vulnerable account holders, say attorneys at Shutts & Bowen.

  • 7 Tips For Associates To Thrive In Hybrid Work Environments

    Excerpt from Practical Guidance
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    As the vast majority of law firms have embraced some type of hybrid work policy, associates should consider a few strategies to get the most out of both their in-person and remote workdays, says James Argionis at Cozen O’Connor.

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