Banking

  • 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.

  • October 31, 2024

    Meta Says CFPB Mulling Enforcement Action Over Advertising

    Meta, the parent company of Facebook and Instagram, said Thursday that it is facing a potential Consumer Financial Protection Bureau enforcement action following an agency probe into financial-related advertising on its platform.

  • October 30, 2024

    CFTC's Mersinger Wants Cooperation, Self-Reporting Reforms

    The Commodity Futures Trading Commission should reform its process for crediting those who self-report, cooperate and remediate in connection to enforcement proceedings, one of the agency's commissioners said Wednesday.

  • October 30, 2024

    PayPal Says CFPB Is Probing Its Credit Product, Digital Wallets

    PayPal has disclosed that it received an investigative demand from the Consumer Financial Protection Bureau over its PayPal Credit-branded product, as well as digital wallet payment options.

  • October 30, 2024

    Capital One Says It Disclosed Sale Of Consumer Account Data

    Capital One has urged a California federal judge to toss a proposed class action alleging that it surreptitiously disclosed the personal financial information of millions of consumers to Meta, Google, Microsoft and other third parties without consumers' consent, saying it "fully disclosed" to customers the bank's use of routine marketing and analytics software. 

  • October 30, 2024

    Mortgage Co. Says Pension Fund Can't Jump In To Lead Suit

    Rocket Companies Inc. has told a Michigan federal judge to reject a renewed class certification bid in a shareholder suit accusing the mortgage business of concealing a downturn in loan volume, arguing that the pension fund trying to take over as lead plaintiff is inadequate to represent the proposed class, among other things.

  • October 30, 2024

    Equifax Doesn't Report Ch. 7 Discharges, Suit Says

    Credit reporting bureau Equifax was recently hit with a proposed class action accusing it of failing to note discharged debts when debtors converted their bankruptcy cases from Chapter 13 to Chapter 7.

  • October 30, 2024

    TD Bank Hit With Suit Over 'Cash-Like' Advance Loans

    TD Bank was hit with a proposed class action accusing the bank of violating its cardholder agreement by considering undisclosed transactions "cash-like," and keeping the policies around what is considered a cash advance hidden from consumers while charging fees and interest.

  • October 30, 2024

    Amazon Escapes Biometric Data Suit Over Call Center Tech

    Amazon Web Services Inc. beat the last remaining claim in a proposed biometric privacy class action in Delaware federal court Wednesday, with a judge saying there's no evidence the tech giant's cloud-based call center service collects customer voice data.

  • October 30, 2024

    Judge Embraces 'Law School Geekiness' In Ill. Swipe Fee Row

    An Illinois federal judge said Wednesday that she'd be "going back to law school" to study up after hearing more than two hours of robust arguments about whether she should block a first-of-its-kind Illinois law restricting certain credit card fees, as the banking industry said at least one bank was "freaking out" over possible compliance.

  • October 30, 2024

    Mass. AG Seeks To Bar 'NYSE' Crypto Trading Scheme

    The Massachusetts attorney general has filed a complaint attempting to shut down a cryptocurrency investment scheme that allegedly uses the acronym of the New York Stock Exchange to dupe its victims.

  • October 30, 2024

    Feds Say No Time Left For Nebraska Tribal Debt Claims

    The Indian Health Service is asking a federal court to dismiss a challenge by a Nebraska tribe that claims the agency tried to collect millions on an already paid debt for construction of a wellness center, arguing that the lawsuit is time-barred and lacks merit.

  • October 30, 2024

    FTX Witness Who Saw Bankman-Fried's 'Evil' Avoids Prison

    A Manhattan federal judge allowed FTX's former chief engineer to avoid prison Wednesday, crediting his trial testimony against the crypto exchange's founder Sam Bankman-Fried, his ongoing cooperation and his relatively small role in the $11.2 billion fraud.

  • October 30, 2024

    Canadian Lender Seeks Ch. 15 With Wind-Down Or Sale Plans

    A Toronto-based specialty lender and 13 affiliates filed for Chapter 15 recognition of their Canadian insolvency proceedings on Wednesday, with Chesswood Group Ltd. blaming a rise in interest rates and U.S. regional bank failures for heavy losses that added to its over $148 million in debt.

  • October 30, 2024

    MVP: Sullivan & Cromwell's Mitch Eitel

    Mitch Eitel has had a busy year with Sullivan & Cromwell LLP's financial services practice group — from advising UBS Group AG in a $3.2 billion takeover of Credit Suisse that was one of the most significant bank deals since the 2008 financial crisis, to advising Fulton Bank on its acquisition of failed Republic First Bank — earning him a spot among the 2024 Law360 Banking MVPs.

  • October 29, 2024

    Alameda Research Wants Crypto Exchange To Return $50M

    Alameda Research, the crypto trading affiliate of the bankrupt FTX digital asset empire, has sued the operators of KuCoin cryptocurrency exchange in Delaware bankruptcy court seeking the return of $50 million of assets that continue to be held on the platform despite the debtors' requests.

  • October 29, 2024

    DOJ Will Restrict Data Swapping With 'Countries Of Concern'

    The U.S. Department of Justice has proposed new rules that will make it the regulator of any type of transaction that would put certain kinds of sensitive privacy data in the hands of any "covered persons" or "country of concern."

  • October 29, 2024

    Wells Fargo Fights To Ax Suit Over Identify Fraud Accounts

    Wells Fargo urged a California federal judge Tuesday to toss a proposed class action accusing the bank of violating the Fair Credit Report Act by accessing consumers' credit reports after fraudsters applied to open accounts with stolen information, saying Wells Fargo followed industry standards and the alleged damages are "conclusory."

Expert Analysis

  • Series

    Collecting Art Makes Me A Better Lawyer

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    The therapeutic aspects of appreciating and collecting art improve my legal practice by enhancing my observation skills, empathy, creativity and cultural awareness, says attorney Michael McCready.

  • A Look At Recent Case Law On Expedited Judgment In NY

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    A number of recent New York state court decisions clarify and refine the contours surrounding Civil Practice Law and Rule 3213, providing landlords, lenders and other payees guidance on how to seek accelerated judgment in certain litigation, says Alexander Lycoyannis at Holland & Knight.

  • Series

    A Day In The In-House Life: Best Egg CLO Talks Power Of Prep

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    On a typical Monday in her life, Best Egg Chief Legal Officer Amy Thoreson Long chronicles a remote workday in which she makes time for everything from getting ahead on regulatory issues and researching recent Supreme Court decisions to dog walks and podcast breaks.

  • Secret Service Failures Offer Lessons For Private Sector GCs

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    The Secret Service’s problematic response to two assassination attempts against former President Donald Trump this summer provides a crash course for general counsel on how not to handle crisis communications, says Keith Nahigian at Nahigian Strategies.

  • Managing Sanctions Defense Across Multiple Jurisdictions

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    Companies called before multiple regulators to account for the same conduct in this era of increased global sanctions and import-control enforcement should consider national differences in law and policy, and proactively coordinate their responses in certain key areas, say attorneys at Baker McKenzie.

  • Series

    Colorado Banking Brief: All The Notable Legal Updates In Q3

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    In the third quarter of 2024, Colorado's banking and financial services sector faced both regulatory updates and changes to state law due to recent federal court decisions — with consequences for local governments, mortgage lenders, state-chartered trust companies and federally chartered lenders serving Colorado consumers, says Sarah Auchterlonie at Brownstein Hyatt.

  • Litigation Inspiration: Honoring Your Learned Profession

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    About 30,000 people who took the bar exam in July will learn they passed this fall, marking a fitting time for all attorneys to remember that they are members in a specialty club of learned professionals — and the more they can keep this in mind, the more benefits they will see, says Bennett Rawicki at Hilgers Graben.

  • Series

    In The CFPB Playbook: No Lazy, Hazy Days Of Summer

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    The Consumer Financial Protection Bureau is headed for a brisk fall season, on the heels of a heated summer, which included the U.S. Supreme Court's ruling that the CFPB funding structure is constitutional, and in advance of the November election, says Eamonn Moran at Holland & Knight.

  • Payward And The Secondary Crypto Transaction Confusion

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    Following orders in cases against Coinbase and Binance, the recent California federal court ruling in U.S. Securities and Exchange Commission v. Payward raises even more questions about regulation of secondary transactions involving crypto-assets, as it tries to sidestep fundamental flaws in the SEC's legal theories, say attorneys at Cahill Gordon.

  • Opinion

    AI May Limit Key Learning Opportunities For Young Attorneys

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    The thing that’s so powerful about artificial intelligence is also what’s most scary about it — its ability to detect patterns may curtail young attorneys’ chance to practice the lower-level work of managing cases, preventing them from ever honing the pattern recognition skills that undergird creative lawyering, says Sarah Murray at Trialcraft.

  • A Class Action Trend Tests Limit Of Courts' Equity Powers

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    A troubling trend has developed in federal class action litigation as some counsel and judges attempt to push injunctive relief classes under Rule 23(b)(2) of the Federal Rules of Civil Procedure beyond the traditional limits of federal courts' equitable powers, say attorneys at Jones Day.

  • Key Takeaways From DOJ's New Corp. Compliance Guidance

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    The U.S. Department of Justice’s updated guidance to federal prosecutors on evaluating corporate compliance programs addresses how entities manage new technology-related risks and expands on preexisting policies, providing key insights for companies about increasing regulatory expectations, say attorneys at Debevoise.

  • The Key Changes In Revised FDIC Hiring Regulations

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    Attorneys at Ogletree break down the Federal Deposit Insurance Corp.'s new rule, effective Oct. 1, that will ease restrictions on financial institutions hiring employees with criminal histories, amend the FDIC's treatment of minor offenses and clarify its stance on expunged or dismissed criminal records.

  • FDIC's Cautious Approach To Industrial Banks, Reaffirmed

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    Although the Federal Deposit Insurance Corp. recently approved an industrial loan company's deposit insurance application and proposed new rules regarding parent companies, these developments do not represent a liberalization or modernization of the FDIC's regulatory framework, say Max Bonici and Andrew Bigart at Venable.

  • 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.

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