Analysis

As FDIC Walks Back Biden-Era Policies, Bank Groups Applaud

By Sarah Jarvis

The financial services industry has welcomed the Federal Deposit Insurance Corp.'s recent moves withdrawing various rule proposals from the Biden administration, delaying the compliance deadline for another measure and proposing to rescind a policy statement on bank mergers. 

3 documents attached | Read full article » | Save to favorites »

Senate Panel Backs McKernan For CFPB, 3 Other Trump Picks

By Jon Hill

A U.S. Senate panel on Thursday advanced President Donald Trump's nomination of Jonathan McKernan to head the Consumer Financial Protection Bureau, setting him up for likely confirmation to the beleaguered agency.

Read full article » | Save to favorites »

'Debanking' In Crosshairs Of GOP Bill On Reputational Risk

By Jon Hill

Senate Republicans on Thursday unveiled legislation that would bar federal regulators from scrutinizing for "reputational risk" in bank supervision, a measure aimed at curbing the so-called debanking of crypto firms and other politically sensitive customer categories.

Bill attached | Read full article » | Save to favorites »

Comerica Demands To Face Music In CFPB Suit Amid Stay Bid

By Sarah Jarvis

Comerica Bank has urged a Texas federal judge to reject the Consumer Financial Protection Bureau's request for a stay of its lawsuit accusing the bank of mismanaging a government benefit card program, arguing the delay lacks "any legal justification" and would harm the bank.

Response attached | Read full article » | Save to favorites »

Frank Wanted Artificial Data To Ensure $175M Deal, Jury Told

By Stewart Bishop

A JPMorgan Chase & Co. engineering executive on Thursday told a Manhattan federal jury that Frank founder Charlie Javice and her deputy asked him to produce artificial data for millions of purported users of the education company's services, in order to induce the bank into buying the startup for $175 million.

Read full article » | Save to favorites »

Trump Tells Admin To Yank Perkins Coie Security Clearance

By Lauren Berg

Perkins Coie LLP is the latest law firm to face the ire of President Donald Trump, with Trump ordering on Thursday the immediate suspension of the firm's security clearances over its diverse hiring efforts and its representation of certain political figures, including former presidential candidate Hillary Clinton.

Read full article » | Save to favorites »

Bank Of England Official Warns Of US Tariff Threat

By Natalie Olivo

U.S. tariffs and related trade tensions could pose "substantial" risks to the U.K. and world economies, Bank of England Governor Andrew Bailey told British lawmakers.

Read full article » | Save to favorites »

Senate Dems Press Citibank To Thaw Frozen EPA Grant Funds

By Juan-Carlos Rodriguez

A group of Democratic U.S. senators on Thursday urged Citibank to immediately release federal funding that's been frozen as the U.S. Environmental Protection Agency investigates how a climate change grant program was run.

Letter attached | Read full article » | Save to favorites »

Amid Court Setbacks, Trump Wants Foes To Foot Legal Bills

By Jeff Overley

With judges hitting the brakes on the White House's aggressive agenda, President Donald Trump on Thursday vowed to up the ante with his legal adversaries by seeking legal costs and damages if his administration ultimately prevails after initial setbacks in litigation.

Memorandum attached | Read full article » | Save to favorites »

Ex-Credit Suisse Banker Avoids Prison In 'Tuna Bond' Fraud

By Elliot Weld

A Brooklyn federal judge spared a former Credit Suisse banker from prison time Thursday, after he pled guilty and became a testifying government cooperator over a plot to defraud investors in a $2 billion state-backed development initiative in Mozambique.

Read full article » | Save to favorites »

Citi's Appeal Gamble Is A Loser For All, NY AG Says

By Katryna Perera

New York's attorney general has urged a Manhattan federal judge to deny Citibank's bid to appeal the judge's decision allowing the state's wire transfer fraud protection case against the bank to proceed, arguing that an immediate appeal would not benefit any party, even the bank.

Memorandum attached | Read full article » | Save to favorites »

CFPB Pulls Plug On Acima Suit In Latest Enforcement Retreat

By Jon Hill

The Consumer Financial Protection Bureau's purge of its enforcement docket continued Thursday as the agency dropped a predatory lending lawsuit against Acima, a fintech lease-to-own company and affiliate of Rent-A-Center.

Notice attached | Read full article » | Save to favorites »

Veterans Slam BofA's 'Recycled' Defense In Interest Cap Suit

By Sydney Price

Veterans have opposed Bank of America's bid to toss their proposed class claims accusing the financial giant of violating an interest cap law for military service members, arguing its "recycled" defenses were already rejected in a similar suit in the same North Carolina federal court.

Brief attached | Read full article » | Save to favorites »

BofA Says COVID-Era Workers Too Dissimilar For Class Cert.

By Emilie Ruscoe

Proposed classes of Bank of America loan officers include too many individualized claims for certification, the bank has argued in litigation alleging the loan officers were "short-changed" as they processed emergency small business loans during the pandemic.

Memorandum attached | Read full article » | Save to favorites »

Exec Says Signature Was Forged In Case Against Pot Bank

By Mike Curley

An executive for a venture capital firm is asking an Oregon federal judge to set aside default judgments entered this week against him and his company in a suit against a defunct cannabis "neobank," saying his signature was forged on the proof of service.

Motion attached | Read full article » | Save to favorites »

Engineer Denies WSFS Contract In 40-Story Sign Crash Dispute

By Carla Baranauckas

A Garden State engineering firm has asked a New Jersey federal judge to dismiss Wilmington Savings Fund Society FSB's lawsuit after part of the bank's iconic logo sign crashed 40 stories to the ground in Philadelphia, arguing that it has no contract with the financial institution. 

Brief attached | Read full article » | Save to favorites »

ND High Court Nixes Greenpeace Transfer Bid In $300M Trial

By Joyce Hanson

The North Dakota Supreme Court has denied Greenpeace's motion to transfer venue in an ongoing $300 million defamation trial by pipeline-builder Energy Transfer out of a district where all local judges earlier recused themselves before the case finally landed in a state judge's court.

Order attached | Read full article » | Save to favorites »

Deals Rumor Mill

Fintech Startup Klarna Ready For $1B IPO, Plus More Rumors

By Tom Zanki

Fintech startup Klarna is readying a $1 billion initial public offering, Apollo Global Management is keen to lead a $35 billion funding package to help Meta build new data centers, and Italian fashion house Prada is near to closing a $1.6 billion deal to acquire luxury clothier Versace from Capri Holdings Ltd.

Read full article » | Save to favorites »

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

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.

Bill attached | Read full article » | Save to favorites »

Series

Playing Beach Volleyball Makes Me A Better Lawyer

My commitment to beach volleyball has become integral to my performance as an attorney, with the sport continually reminding me that teamwork, perseverance, professionalism and stress management are essential to both undertakings, says Amy Drushal at Trenam.

Read full article » | Save to favorites »

7 Tips For Associates To Thrive In Hybrid Work Environments

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.

Read full article » | Save to favorites »

Ex-GMU Prof Ends Defamation Suit Against Former Students

By Aebra Coe

Former George Mason University Law professor Joshua Wright has ended his $108 million defamation lawsuit against two former students who accused him of sexual misconduct, dropping the suit late Thursday just four days before a jury trial in the case was set to begin.

Motion attached | Read full article » | Save to favorites »

Diverse Judiciary Is Crucial, Justice Jackson Tells Attys

By Carolina Bolado

U.S. Supreme Court Justice Ketanji Brown Jackson told attorneys in Miami on Thursday at the American Bar Association's annual White Collar Crime Institute that her judicial philosophy is "still under development" and said diversity in the judiciary is necessary to help instill confidence in the judicial branch of government.

Read full article » | Save to favorites »

Bove May Sidestep Discipline In Adams Scandal, Experts Say

By Phillip Bantz

Ethics complaints piling up against acting Deputy Attorney General Emil Bove over his efforts to drop the corruption case against New York City Mayor Eric Adams could result in disciplinary action at the state level, but it's highly unlikely that he'll face any consequences from the U.S. Department of Justice and its office charged with investigating attorney misconduct, experts say.

5 documents attached | Read full article » | Save to favorites »

Contempt Of Atty's 'Own Making,' Judge Says In Allowing Trial

By Hayley Fowler

A Dutch software company can't push back a copyright trial after one of its attorneys from Womble Bond Dickinson was held in contempt and was temporarily kicked off the case, a North Carolina federal judge ruled, finding the predicament "entirely of counsel's own making."

Order attached | Read full article » | Save to favorites »

Holland & Knight Adds Partner Who Was FBI General Counsel

By Daniel Connolly

The FBI has lost its general counsel, who has joined Holland & Knight LLP as a partner in its national security and defense industry group, the firm announced Thursday.

Read full article » | Save to favorites »

Bankruptcy Court's Input Sought In Judge Romance Row

By Catherine Marfin

A federal judge asked a Texas bankruptcy court to determine if the CEO of a now-bankrupt barge company has standing to sue over a former judge's secret romance with a Jackson Walker partner.

Order attached | Read full article » | Save to favorites »

Meltzer Lippe, Fired Partner Agree To End Sex Bias Suit

By Grace Elletson

Meltzer Lippe Goldstein & Breitstone LLP and a former partner have agreed to end her New York federal court suit claiming she was fired from the firm after she complained about its sexist work environment, according to a Thursday court filing.

1 document attached | Read full article » | Save to favorites »

State Attacks Atty's Self-Defense Claim In Law Firm Shooting

By Aaron Keller

A prosecutor says Connecticut law allows jurors to mull whether a Cramer & Anderson LLP partner reopened a fight with a man who allegedly followed him into his law firm's parking lot and attacked him, teeing up a Friday ruling that could threaten the lawyer's self-defense claims against a manslaughter charge.

1 document attached | Read full article » | Save to favorites »

Analysis

Wheeling & Appealing: The Latest Must-Know Appellate Action

By Jeff Overley

Believe it or not, there's still important litigation happening that doesn't involve President Donald Trump, and the proof exists in this month's circuit court calendars. During the remaining weeks of March, arguments will explore numerous high-profile topics, including a law firm's severe punishment for alleged misconduct in 9/11 litigation and a judicial rebuke of Trader Joe's for "an attempt to weaponize the legal system."

1 document attached | Read full article » | Save to favorites »

Judges Urge Attys To Help Restore Confidence In Judiciary

By Carolina Bolado

Federal district judges at the American Bar Association's white collar conference Thursday decried threats and attacks on judges and urged attorneys to help them restore public confidence in the judiciary.

Read full article » | Save to favorites »

Fake NY Lawyer Charged With Stealing $200K From Clients

By Emily Sawicki

A New York man has been indicted on charges he impersonated a lawyer and stole $200,000 from clients over the course of nearly three years, the Manhattan District Attorney's Office announced Thursday.

Indictment attached | Read full article » | Save to favorites »

Brief

Dems Intro Their Own Version Of The JUDGES Act

By Courtney Bublé

Top Democrats on the House Judiciary Committee reintroduced a version of the JUDGES Act on Thursday that would not take effect until after the next president is elected, unlike a version from their Republican counterparts that would take effect this year.

Bill attached | Read full article » | Save to favorites »