Banking

  • September 24, 2021

    Cannabis Bill Roundup: House OKs SAFE Act In Defense Bill

    The U.S. House of Representatives once again passed cannabis banking legislation, this time as part of a must-pass defense package, while Mississippi lawmakers announced that they had a deal for legalizing medical marijuana. Here are the major developments in cannabis reform policy from the past week.

  • September 24, 2021

    China Bans All Crypto Transactions In Broad Clampdown

    China declared all cryptocurrency transactions in the country illegal Friday, marking its harshest crackdown yet on the burgeoning industry.

  • September 24, 2021

    CFPB Nabs $20M Penalty Against Mortgage Lender Exec

    A California federal judge has ordered an executive of mortgage lender Monster Loans to pay a $20 million civil penalty to the Consumer Financial Protection Bureau, which accused him of illegally accessing credit reports for allegedly predatory student debt refinancing companies.

  • September 24, 2021

    Crypto Exchange Blacklisting To Test US Sanctions' Teeth

    The U.S. Department of the Treasury's unprecedented blacklisting of a cryptocurrency platform accused of helping cybercriminals convert funds into real-world currency will test its ability to sway ransomware actors' behavior, as officials sharpen their pitch for victims to report attacks.

  • September 24, 2021

    SEC Says $100M Auto-Loan Securitization Was Fraudulent

    The U.S. Securities and Exchange Commission has filed suit against two former executives of an Illinois-based automobile finance company for allegedly misleading investors about the subprime automobile loans that backed a $100 million offering by the company.

  • September 24, 2021

    Robinhood Taps Crypto CCO, And Other Top People Moves

    Robinhood Markets Inc. has hired an ex-counsel with Ripple and Blockchain.com as the new chief compliance officer of its cryptocurrency trading unit, while an ex-J.P. Morgan attorney landed at a New York-based private equity firm and Swedbank launched a search to replace its retiring compliance chief. 

  • September 24, 2021

    Huawei CFO Admits Duping HSBC On Iran Dealings

    Huawei Chief Financial Officer Meng Wanzhou on Friday entered into a deferred prosecution agreement with U.S. authorities and admitted to deceiving global lender HSBC about Huawei's business dealings with Iran.

  • September 24, 2021

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

    This past week in London has seen two energy drink giants lock horns, Standard Chartered sued by the state of Wisconsin and IBM take aim at a Swiss software company. Law360 looks at these and other new claims in the U.K. 

  • September 24, 2021

    Trump Org Ordered To Comply With NY AG's Subpoenas

    A New York state court ordered the Trump Organization to comply with state attorney general subpoenas for information related to former President Donald Trump as part of a civil probe over whether he inflated the value of his assets.

  • September 23, 2021

    BofA Defeats Maryland Escrow Interest Suit

    A Baltimore federal judge freed Bank of America from a proposed consumer class action that sought to hold it liable for millions of dollars in escrow interest allegedly owed to Maryland mortgage borrowers, handing the bank a notable win in a case that's paralleled national litigation.

  • September 23, 2021

    Schwab Clients Urge Cert. Over Trades Routed Through UBS

    Charles Schwab clients urged a California federal judge Thursday to grant them class status in their securities lawsuit accusing the financial services giant of violating its duty to get them the "best execution" on trade orders by intentionally concealing an agreement routing trade orders through UBS Securities LLC.

  • September 23, 2021

    SEC Letter Raises Climate Reporting Bar Before Rules Drop

    The U.S. Securities and Exchange Commission has begun rolling out letters nudging public companies to bolster their disclosures related to climate-related risks in SEC filings, an apparent effort to set a higher bar for business in anticipation of the agency's long-awaited rulemaking on the matter.

  • September 23, 2021

    CashCall Still Owes $200M After Landmark Liu, 9th Circ. Told

    The Consumer Financial Protection Bureau told the Ninth Circuit during oral arguments Thursday that a recent U.S. Supreme Court decision that held disgorgement awards can't exceed a defendant's net profits doesn't affect whether CashCall Inc. should pay over $200 million in restitution for deceptively collecting on illegal payday loans.

  • September 23, 2021

    Money Transfer Firm Remitly Leads Trio Of Fintech IPOs

    A trio of financial technology companies started trading Thursday led by a $523 million initial public offering from Remitly, which offers a mobile app for remittances and financial services.

  • September 23, 2021

    Attys Want $23M In Fees For Wells Fargo Auto Loan Fees Suit

    Attorneys representing a class of Wells Fargo customers that sued over certain fees tied to auto loans asked a California federal judge Wednesday for $23.1 million in fees and $260,000 in litigation reimbursements for their role in securing a nearly $500 million settlement for the consumers.

  • September 23, 2021

    JPMorgan To Pay Treasury Futures Investors $16M For Spoofs

    JPMorgan Chase and a proposed class of investors have reached a $15.7 million settlement over allegations of harm from a yearslong scheme by the bank's traders to manipulate the U.S. Treasury futures market.

  • September 23, 2021

    Objector Rips Wells Fargo Consultants' $95.7M Wage Deal

    An objector urged a California federal judge Thursday to throw out Wells Fargo's aggregated $95.7 million deal to resolve multiple class actions claiming it stiffed thousands of mortgage consultants' wages, arguing that the deal unfairly claws back $25.7 million already awarded to some class members and dilutes their recovery.

  • September 23, 2021

    Biden Picks Ex-Davis Polk Atty, Law Prof For OCC Chief

    President Joe Biden has tapped a former Davis Polk & Wardwell LLP lawyer turned academic to head up the Office of the Comptroller of the Currency in a move that could position the national bank regulator for a continued shift toward crypto-skepticism.

  • September 23, 2021

    Ex-MoFo Investment Management Chair Joins Stradley Ronon

    Stradley Ronon Stevens & Young added Morrison & Foerster LLP's former investment management chair as a Washington, D.C.-based partner and the new chair of its fintech practice, the firm announced.

  • September 23, 2021

    Slaughter And May Picks Woman To Be 1st Managing Partner

    London-based Slaughter and May has chosen an experienced female litigator to be its first-ever managing partner, the firm said Wednesday, joining a bevy of law firms in the U.S. and U.K. that have recently named women for top leadership roles.

  • September 23, 2021

    EU Warns 4 Member Countries Over Tax Infractions

    The European Union's executive body flagged four member countries Thursday for violations of EU tax law in areas including anti-avoidance rules, taxes on automobiles and value-added tax.

  • September 23, 2021

    3 Firms Build $1.15B Valley National-Leumi Banking Merger

    Wachtell Lipton-led Valley National Bancorp will pay about $1.15 billion for the U.S. business of Israel-based Bank Leumi, advised by Davis Polk and Meitar, the companies said Thursday, in a transaction that will result in a single entity with roughly $49.4 billion of assets under management.

  • September 22, 2021

    Fed 'Closely Monitoring' Wells Fargo's Cleanup, Powell Says

    Federal Reserve Chair Jerome Powell said Wednesday that Wells Fargo could face further supervisory action if it doesn't satisfactorily fix the problems that led the central bank to slap a $2 trillion asset cap on the bank.

  • September 22, 2021

    NY Law Firm Slams Intuit Over QuickBooks Transaction Fees

    A New York law firm hit Intuit with a proposed class action in California federal court Tuesday, arguing that Intuit's cloud-based accounting service, QuickBooks, breached its agreement with users when it charged additional fees for bank transfer payments despite explicitly saying it would not do so.

  • September 22, 2021

    Senators Probe SPAC Creators Over Possible Market Abuses

    Four Democratic U.S. senators Wednesday sent letters to six creators of special purpose acquisition companies, or SPACs, raising concerns about potentially "significant market dysfunction" connected to the alternate funding vehicles and requesting information for possible congressional or regulatory action.

Expert Analysis

  • 3 Attorney Ethics Considerations For Litigation Funding

    Author Photo

    The growth of the litigation finance industry has generated questions on the obligations of counsel when their clients are seeking outside capital to fund litigation, which litigators must understand when providing information to a third-party funder and discussing legal strategy with a client, says Matthew Oxman at LexShares.

  • Key Trends In Recent Cyber-Related Securities Class Actions

    Author Photo

    ​​​​​​​A review of trends from recent cyber-related securities class actions suggests that shareholder plaintiffs will likely continue to focus on public companies' reporting deficiencies, so companies should evaluate and update their disclosures in light of litigation and information security risks, say Cara Peterman and Sierra Shear at Alston & Bird.

  • NY Debt Collection Ruling's Narrow Application For Lenders

    Author Photo

    The New York Supreme Court's recent ruling in Citibank v. Yanling Wu, that licensure as a debt collection agency wasn't necessary to prosecute a mortgage foreclosure, should not be read too expansively, and leaves open whether the failure to meet the licensure requirements could constitute a foreclosure defense, says Christopher Gorman at Abrams Fensterman.

  • 4 Steps For Improving Board Diversity Per New Nasdaq Rule

    Author Photo

    Companies should view Nasdaq's recently finalized board diversity rules as an opportunity to tap into the knowledge and resources of potential board members who may not look like or have the same life experiences as individuals who have historically served on boards, say attorneys at Shook Hardy.

  • NY Debt Enforcement Alternatives For Cannabis Lenders

    Author Photo

    As the cannabis regulatory landscape continues to develop in New York, lenders contemplating extending credit to state-legal cannabis businesses must be acutely aware of procedures under state debt enforcement alternatives, set realistic expectations, and draft their agreements to maximize potential recoveries, say attorneys at Davis & Gilbert.

  • How ABA Opinion Shifts Alternative Biz Structure Landscape

    Author Photo

    A recent American Bar Association opinion approving lawyers' passive investment in nonlawyer-owned firms eliminates a hurdle for law firms wishing to scale their practice through alternative business structures, but aspiring investors should follow a few best practices, say Hilary Gerzhoy and Deepika Ravi at Harris Wiltshire.

  • How Crypto Cos. Can Help Curb Pandemic Relief Fraud

    Author Photo

    The conversion of pandemic relief funds to cryptocurrency impedes oversight and raises questions about whether taxpayer dollars are going to bad actors, so crypto companies should partner with law enforcement to curb fraud, while gaining credibility and protecting the industry's reputation, say Special Inspector General for Pandemic Recovery Brian Miller and former SIGPR special counsel Chris Cooke.

  • Opinion

    Why Coinbase Was Destined To Lose Its Battle With The SEC

    Author Photo

    In the wake of Coinbase's pulling of its new lending product, despite the crypto platform's initial rejection of U.S. Securities and Exchange Commission scrutiny, cybersecurity consultant John Reed Stark explains why Coinbase's defenses were doomed and that the program was obviously a security.

  • Series

    Embracing ESG: HPE Counsel Talk Effective Board Oversight

    Author Photo

    Governance teams can more effectively shape board oversight of environmental, social and governance issues by ensuring organizationwide agreement on the most relevant issues, building a materiality framework that reflects stakeholder input, and monitoring the integration of ESG into operations, say Rishi Varma and Derek Windham at Hewlett Packard Enterprise.

  • Opinion

    Justice Gap Demands Look At New Legal Service Models

    Author Photo

    Current restrictions on how lawyers structure their businesses stand in the way of meaningful access to justice for many Americans, so states should follow the lead of Utah and Florida and test out innovative law firm business models through regulatory sandboxes, says Zachariah DeMeola at the Institute for the Advancement of the American Legal System.

  • Despite Risks, Venezuela May Rekindle Investor Interest

    Author Photo

    Even in the face of stringent international sanctions against Venezuela, and the country's withdrawal from an investor-state dispute convention, hints of thawing relations between the Maduro regime and the U.S. offer hope for investors with a high risk tolerance, say Stephanie Limaco and Leigh Crestohl at Zaiwalla & Co.

  • OFAC Settlement Extends Sanctions' Reach Beyond US Dollar

    Author Photo

    The recent Office of Foreign Assets Control settlement with JC Flowers & Co. over sanctions arising from non-U.S. currency services provided by its Romanian bank subsidiary extends OFAC's reach outside the U.S. financial system, and highlights the need to educate foreign affiliates about U.S. sanctions compliance, say attorneys at Arnold & Porter.

  • Board Diversity Considerations In Light Of New Nasdaq Rules

    Author Photo

    Public companies of varying sizes may face discrete challenges meeting Nasdaq's recently finalized board diversity objectives, which could be a harbinger of further U.S. Securities and Exchange Commission rulemaking on environmental, social and governance issues, say attorneys at Paul Weiss.

  • Series

    Embracing ESG: Leidos GC Talks Social Responsibility

    Author Photo

    Recent criticisms of corporate commitments to stakeholders such as employees and communities — implicitly opposing environmental, social and governance initiatives — are fundamentally flawed and display a serious misunderstanding of contemporary investor priorities and dynamics, says Jerald Howe at Leidos.

  • Fraud Enforcement Risk Mitigation Steps For PPP Lenders

    Author Photo

    Notwithstanding hold-harmless provisions included in the Paycheck Protection Program, lenders are not protected from U.S. Department of Justice fraud investigations or False Claims Act qui tam suits and should consider strategies to reduce potential liability, say Derek Adams at Potomac Law and Jesse Morton at Stout Risius.

Want to publish in Law360?


Submit an idea
Hello! I'm Law360's automated support bot.

How can I help you today?

For example, you can type:
  • I forgot my password
  • I took a free trial but didn't get a verification email
  • How do I sign up for a newsletter?
Ask a question!