Banking

  • December 06, 2024

    FTX Says Three Arrows Can't Add $1.5B To Ch. 11 Claims

    FTX is pushing back against efforts by liquidators for defunct cryptocurrency hedge fund Three Arrows Capital to add more than $1.5 billion to its claims in FTX's Chapter 11 case in Delaware bankruptcy court.

  • December 06, 2024

    Jaguars Seek DraftKings Records In Suit Against Embezzler

    The Jacksonville Jaguars have asked a Massachusetts judge to let the team subpoena records from a DraftKings employee who handled the account of a former team executive who embezzled $22 million to support a gambling habit. 

  • December 06, 2024

    Google's Payments Unit Sues Over CFPB Supervision Order

    Google on Friday sued the Consumer Financial Protection Bureau in D.C. federal court almost immediately after the regulator said it ordered formal supervision for the tech giant's payments arm based on potential risks to consumers, a designation to which Google previously objected.

  • December 06, 2024

    CFPB Sues Comerica Over Gov't Benefit Card Management

    The Consumer Financial Protection Bureau on Friday sued Comerica Bank in Texas federal court over its handling of Direct Express benefits cards, marking the first contested enforcement action that the agency has brought against a bank in more than four years.

  • December 06, 2024

    2 Accused Of Using Paper As Crime Front Get 2025 Trial Date

    A Manhattan federal judge set a 2025 date Friday for former Epoch Times executive Weidong Guan to stand trial for allegedly using the newspaper as a front to launder $67 million of crime proceeds, following the extradition of a second defendant.

  • December 06, 2024

    FDIC Asked Banks To 'Pause' Crypto Activity, Letters Show

    The Federal Deposit Insurance Corp. directed some financial institutions to pause cryptocurrency-related activity while the agency evaluated regulatory concerns with the services, according to letters made public Friday in response to a suit a research consultancy filed on behalf of the crypto exchange Coinbase Global Inc.

  • December 06, 2024

    Gov't Appeals Texas Judge's Block On Anti-Laundering Law

    The U.S. government has appealed a Texas federal judge's order that halted the rollout of new reporting requirements aimed at unmasking anonymous shell companies, setting the stage for the Fifth Circuit to weigh in on the nationwide preliminary injunction.

  • December 06, 2024

    No Proof Man Promoted Over Woman At Banking Dept., NJ Says

    New Jersey has urged a state court to throw out gender discrimination and retaliation claims from a former acting director at the New Jersey Department of Banking and Insurance, arguing she didn't show she was passed over for a promotion because of her gender.

  • December 06, 2024

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

    This past week in London has seen Burberry file a copyright claim against discount store B&M, the former owner of Charlton Athletic file a debt claim against the football club, and British Airways and the U.K. government face a class action brought by flight passengers taken hostage at the start of the First Gulf War. Here, Law360 looks at these and other new claims in the U.K.

  • December 06, 2024

    Gordon Rees Adds Banking And Finance Partner In NY

    Gordon Rees Scully Mansukhani LLP has hired a banking and finance group partner, who joins with more than 24 years of experience representing fund finance clients, banks and financial institutions, and hedge funds, the firm announced Wednesday.

  • December 05, 2024

    Trump Taps Musk Ally David Sacks As 'AI & Crypto Czar'

    President-elect Donald Trump announced Thursday that he has selected David O. Sacks, a tech investor who worked alongside Elon Musk and entrepreneur Peter Thiel in the early days of PayPal, to be the newly created "White House AI & Crypto Czar."

  • December 05, 2024

    Rocket Mortgage Sues HUD, Hits Back At DOJ Race Bias Suit

    Rocket Mortgage, the largest U.S. mortgage lender, has punched back against housing discrimination claims brought by the U.S. government, countersuing in Colorado federal court to challenge what it argues are "conflicting and irreconcilable" mandates at play.

  • December 05, 2024

    Money Services Co.'s Arbitration Bid Revived In $9M Fraud Suit

    The Eighth Circuit on Thursday reversed an Arkansas federal judge's order denying money service business EZBanc Corp.'s motion to arbitrate financial services company BSI Group's $9 million fraud suit over alleged unauthorized withdrawals, finding there to be material factual disputes over whether an agreement to arbitrate was effectively communicated to BSI.

  • December 05, 2024

    CFTC Flags AI Compliance Obligations In New Advisory

    The Commodity Futures Trading Commission on Thursday issued a staff advisory outlining its registrants' compliance obligations under the Commodity Exchange Act regarding the myriad of ways they may be using artificial intelligence, with the agency's chair painting the guidance as a first step ahead of potential policies.

  • December 05, 2024

    Freddie Mac Beats Suit Over Payoff Statement Fees, For Now

    A Washington federal judge has tentatively let Freddie Mac off the hook in borrowers' proposed class action alleging loan servicer Nationstar Mortgage illegally charged fees for payoff statements, ruling Thursday that Freddie Mac can't be liable for conduct it didn't authorize — even if it did own one loan at issue.

  • December 05, 2024

    Gov't Efficiency Push Is A 'New Day,' House Speaker Says

    House Speaker Mike Johnson, R-La., spoke excitedly Thursday about the new government efficiency operation helmed by billionaire Elon Musk and former presidential candidate Vivek Ramaswamy and touted the budding bipartisan lineup of a congressional caucus that will work with it.

  • December 05, 2024

    First Citizens Accused Of $3M High-Yield Bait-And-Switch

    First Citizens Bank & Trust Company faces claims from an agritourism nonprofit and its registered agent that they invested $3 million with the bank expecting a competitive rate of return before finding those funds were actually in products yielding a much lower interest rate.

  • December 05, 2024

    Chinese Bank Faces New Suit Alleging Reinsurance Fraud

    Another group of insurers has accused one of China's largest banks of participating in a "multi-billion-dollar fraud" in the reinsurance market, telling a New York federal court Thursday that the bank, including its New York branch, has refused to honor over $890 million worth of letters of credit.

  • December 05, 2024

    FTX Clawback Deal With Ex-Alameda Co-CEO Gets Court Nod

    A Delaware bankruptcy judge has approved a deal to settle clawback claims by FTX against former Alameda Research Ltd. executive John Samuel Trabucco, who agreed to hand over two San Francisco apartments purchased in 2021 for $8.7 million and a 53-foot yacht bought in 2022 for $2.5 million.

  • December 05, 2024

    SpaceX Seeks Astronomical $350B Value, And More Rumors

    SpaceX is in discussions for a transaction that could value the rocket and spacecraft maker at about $350 billion, the private equity owner of Crunch Fitness could sell the health club at a $1.5 billion value, and the management group looking to buy the Japanese owner of 7-Eleven may launch an IPO. Here, Law360 breaks down these and other notable deal rumors from the past week.

  • December 05, 2024

    Barclays GC To Join A&O Shearman Cyber Team

    A&O Shearman has tapped the current general counsel for Barclays Execution Services to co-head its global cybersecurity team, the firm announced Thursday, with the lawyer set to make the jump early next year.

  • December 04, 2024

    Trump Taps Ex-Sen. Loeffler For SBA, Fiserv CEO For SSA

    President-elect Donald Trump has nominated former Sen. Kelly Loeffler, a Republican from Georgia, to lead the Small Business Administration and Fiserv Inc. CEO Frank Bisignano to serve as Social Security Administration commissioner, according to announcements made Wednesday.

  • December 04, 2024

    Rep. Hill Vows To Tackle Crypto 'De-Banking' In Next Congress

    Lawmakers on both sides of the aisle plan to investigate alleged government efforts to cut off cryptocurrency businesses from the traditional banking system, Rep. French Hill, R-Ark., said Wednesday during a House Financial Services Committee hearing that also saw its retiring chair feted with a celebration of bow ties.

  • December 04, 2024

    'Side Deal' Unlikely To Ax Fees In $10M Morgan Stanley Deal

    A California federal judge said Wednesday he isn't inclined to strip counsel who negotiated Morgan Stanley's $10 million deal with its financial advisers of their fees over an abandoned "side deal" between the company and the lead plaintiff, saying it should have been disclosed but didn't impact the deal's fairness.

  • December 04, 2024

    Acima Can't 'Outrace' CFPB To Texas Court, Utah Judge Says

    A Utah federal judge has smacked down a bid by Rent-A-Center affiliate Acima to move its fight against a Consumer Financial Protection Bureau lawsuit to Texas, where the lease-to-own fintech filed a slightly earlier, preemptive challenge to the agency's jurisdiction that remains pending.

Expert Analysis

  • Ex-Chicago Politician's Case May Further Curb Fraud Theories

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    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.

  • Lawyers With Disabilities Are Seeking Equity, Not Pity

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    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.

  • How DOJ's Visa Debit Monopolization Suit May Unfold

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    The U.S. Department of Justice's recently filed Section 2 monopolization suit against Visa offers several scenarios for a vigorous case and is likely to reveal some of the challenges faced by antitrust plaintiffs following the U.S. Supreme Court's split 2018 American Express decision, say attorneys at Mintz.

  • New Export Control Guidance Raises The Stakes For Banks

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    Recent guidance from the Bureau of Industry and Security alerts banks that they could be liable for facilitating export control violations, the latest example of regulators articulating the expectation that both financial institutions and corporations serve as gatekeepers to mitigate crime and aid enforcement efforts, say attorneys at Freshfields.

  • Opinion

    Judicial Committee Best Venue For Litigation Funding Rules

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    The Advisory Committee on Civil Rules' recent decision to consider developing a rule for litigation funding disclosure is a welcome development, ensuring that the result will be the product of a thorough, inclusive and deliberative process that appropriately balances all interests, says Stewart Ackerly at Statera Capital.

  • The Strategic Advantages Of Appointing A Law Firm CEO

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    The impact on law firms of the recent CrowdStrike outage underscores that the business of law is no longer merely about providing supplemental support for legal practice — and helps explain why some law firms are appointing dedicated, full-time CEOs to navigate the challenges of the modern legal landscape, says Jennifer Johnson at Calibrate Strategies.

  • Why Diversity Jurisdiction Poses Investment Fund Hurdles

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    Federal courts' continued application of the exacting rules of diversity jurisdiction presents particular challenges for investment funds, and in the absence of any near-term reform, those who manage such funds should take action to avoid diversity jurisdiction pitfalls, say attorneys at Sher Tremonte.

  • The Ups And Downs Of SEC's Now-Dissolved ESG Task Force

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    The U.S. Securities and Exchange Commission's Climate and ESG Enforcement Task Force, which was quietly disbanded sometime over the summer, was marked by three years of resistance from some stakeholders to ESG regulation, a mixed record in the courts and several successful enforcement actions, say attorneys at Crowell & Moring.

  • FDIC Guidance Puts Next-Gen ATMs In Regulatory Spotlight

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    The boring existence of ATMs is changing thanks to the emergence of new-age interactive teller machines, prompting the Federal Deposit Insurance Corp. to sound off in a potentially influential August letter to branches on which services might need regulatory approval, says Thomas Walker at Jones Walker.

  • Series

    Beekeeping Makes Me A Better Lawyer

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    The practice of patent law and beekeeping are not typically associated, but taking care of honeybees has enriched my legal practice by highlighting the importance of hands-on experience, continuous learning, mentorship and more, says David Longo at Oblon McClelland.

  • Understanding New ACH Network Anti-Fraud Rules

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    Many of the National Automated Clearing House Association’s recent amendments to ACH network risk management rules went into effect this month, so financial institutions and corporations must review and update their internal policies as needed, says Aisha Hall at Taft.

  • Anticipating Jarkesy's Effect On Bank Agency Enforcement

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    Following the U.S. Supreme Court’s decision in U.S. Securities and Exchange Commission v. Jarkesy, federal courts may eventually issue decisions on banking law principles and processes that could fundamentally alter the agencies' enforcement action framework, and the relationship between banks and examiners, says Brendan Clegg at Luse Gorman.

  • CFTC Anti-Fraud Blitz Is A Warning To Carbon Credit Sellers

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    With its recent enforcement actions against a carbon offset project developer and its senior executives for reporting false information about the energy savings of the company's projects, the Commodity Futures Trading Commission is staking out its position as a primary regulator in the voluntary carbon credit market, say attorneys at Morgan Lewis.

  • Opinion

    Legal Institutions Must Warn Against Phony Election Suits

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    With two weeks until the election, bar associations and courts have an urgent responsibility to warn lawyers about the consequences of filing unsubstantiated lawsuits claiming election fraud, says Elise Bean at the Carl Levin Center for Oversight and Democracy.

  • Peeling Back The Layers Of SEC's Equity Trading Reforms

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    The U.S. Securities and Exchange Commission's recently adopted amendments lowering the tick sizes for stock trading and reducing access fee caps will benefit investors and necessitate broad systems changes — if they can first survive judicial challenges, say attorneys at Sidley.

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