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Banking
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October 01, 2025
SEC Gives Crypto Custody Nod To State Trust Companies
The U.S. Securities and Exchange Commission staff has assured registered investment advisers and certain fund issuers they won't risk an enforcement action by using state trust companies as cryptocurrency custodians in a move that some praised as widening access to more crypto-savvy custody options and others decried as an erosion of custody rules.
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October 01, 2025
SEC Wins Case Over Alpine's 'Worthless' Penny-Stock Sales
The U.S. Securities and Exchange Commission has secured a win in Nevada federal court in its lawsuit accusing a Utah securities firm of violating federal anti-fraud provisions by transferring roughly $54 million in client assets from customer accounts to state unclaimed property accounts.
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October 01, 2025
Ex-CFTC Enforcement Head, DOJ Veteran Joins Jones Day
Jones Day has hired a former director of the U.S. Commodity Futures Trading Commission's Division of Enforcement who is also a nearly two-decade alumnus of the U.S. Department of Justice.
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October 01, 2025
Wash. Appeals Panel Reopens Teachers' Pension Interest Suit
A Washington state appeals court unanimously revived a class action claim that accuses a state pension agency of unlawfully skimming interest from teachers' retirement accounts, holding that a lower court was wrong to decide that it couldn't take up the matter.
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October 01, 2025
Here's How The SEC Survived 2 Prior Shutdowns
The U.S. Securities and Exchange Commission sent home 90% of its staff Wednesday, including the bulk of its enforcement division, as the agency braces for a shutdown of uncertain length by drawing on lessons from two prior long-running impasses in the past 12 years.
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October 01, 2025
Trump Withdraws Nomination Of Quintenz For CFTC Chair
President Donald Trump has withdrawn his nomination of Brian Quintenz to lead the U.S. Commodity Futures Trading Commission, following a delay at the president's request of a Senate committee vote on the nomination and Quintenz's public feud with crypto exchange founders Tyler and Cameron Winklevoss.
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October 01, 2025
CFPB 'Will Continue Operations' As Gov't Shutdown Hits
The Consumer Financial Protection Bureau has told its staff to expect business as usual amid the government shutdown that began Wednesday, assuring them that operations, pay and benefits will continue uninterrupted, according to an internal email obtained by Law360.
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October 01, 2025
Trump Moves To Elevate FDIC's Hill To Permanent Chair
President Donald Trump has nominated the Federal Deposit Insurance Corp.'s acting Chairman Travis Hill to lead the deposit insurer on a permanent basis, the White House confirmed Wednesday.
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October 01, 2025
UBS Says Ex-Advisers Poached $1.4B In Clients For New Firm
UBS Financial Services has accused several of its former financial advisers of violating nonsolicitation and confidentiality agreements by plotting to launch a rival firm and poaching clients with $1.4 billion in assets, damaging UBS and its other former employees still entitled to client revenue.
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October 01, 2025
Mich. Judge Slashes RICO Claims Against Mortgage Lender
A Michigan federal judge has dismissed the bulk of a proposed class action accusing United Wholesale Mortgage of forcing mortgage brokers to originate loans with UWM instead of shopping around for the best options for borrowers.
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October 01, 2025
4th Circ. Won't Rehear Consultancy's $5M SBA Loan Suit
The Fourth Circuit declined to reconsider a global consultancy and risk management company's lawsuit against the U.S. Small Business Administration in which the consultant argued its $5 million loan was eligible for COVID-19 debt relief.
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October 01, 2025
Ga. Law Firm Looks To Ax Bank's Malpractice Suit Over Fraud
Stanley Esrey & Buckley LLP has urged a Georgia state appeals court to dismiss claims from a bank accusing it of legal malpractice and negligence, arguing that it did not cause the bank to lose more than $8 million through bogus loan transactions.
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October 01, 2025
Simpson Thacher Taps Barclays Atty For Shareholder Group
Simpson Thacher & Bartlett LLP announced on Wednesday it has hired a former Barclays Capital attorney to lead its shareholder engagement and activism defense group.
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October 01, 2025
3 Firms Guide Rocket Merger To Close With $14.2B Valuation
Online mortgage giant Rocket has finished its all-stock purchase of rival Mr. Cooper Group with help from Paul Weiss, Wachtell and Bradley Arant, noting Wednesday the now-$14.2 billion deal has a higher price tag because stock values have risen since the merger's announcement.
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October 01, 2025
High Court Lets Fed's Cook Keep Job For Now
The U.S. Supreme Court said Wednesday that it will wait to hear oral arguments early next year before ruling on President Donald Trump's bid to immediately oust Federal Reserve Gov. Lisa Cook, a move that will allow her to remain on the job in the meantime.
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September 30, 2025
Banker Defamed Jack Nicklaus After Pact Ended, Jury Told
Jack Nicklaus told a Florida state court jury on Tuesday that a banker and his associates defamed him after discontinuing a 15-year business relationship, saying their public relations campaign intentionally smeared his reputation after he refused to make a deal with Saudi Arabia.
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September 30, 2025
Merrill Lynch Denied Bid To Block Rival Firm's Launch
A Georgia federal judge on Tuesday refused to grant Merrill Lynch's bid for a temporary restraining order against a dozen former employees, Charles Schwab and Dynasty Financial Partners in a case concerning an alleged attempt to start a new independent financial advisory firm with Merrill's staff and confidential information.
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September 30, 2025
Morgan Stanley Gets Fed Capital Buffer Break After Review
The Federal Reserve Board said Tuesday that it has lowered a key capital requirement for Morgan Stanley after reconsidering its stress-testing results, marking the second time a bank has successfully petitioned for such a break.
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September 30, 2025
Murdaugh's Banker Sentenced To 60 Months After Guilty Plea
The onetime bank CEO who pled guilty in South Carolina federal court to helping ex-lawyer and convicted murderer Alex Murdaugh steal client money has been sentenced to 60 months in prison, the same amount specified in his plea deal.
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September 30, 2025
Regions Bank Brass Must Face Suit Over $191M CFPB Fine
A Delaware chancellor ruled Tuesday that most board members of Regions Bank cannot escape a shareholder derivative suit over a $191 million fine the bank paid to the Consumer Financial Protection Bureau in 2022 for charging unlawful "surprise" overdraft fees on certain debit card transactions and ATM withdrawals.
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September 30, 2025
Credit Suisse Aided Looting Of Tech Exec's Stock, Suit Says
The co-founder of sensing-tech company Aeva Technologies says Credit Suisse provided "institutional cover" to conspirators who stole tens of millions of dollars in Aeva shares from him in what he described as a "calculated, multi-year orchestrated racketeering scheme," according to a suit filed Tuesday in New York federal court.
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September 30, 2025
Waters Warns CFPB Furloughs Would Be 'Baseless,' 'Harmful'
A senior Democrat in the U.S. House of Representatives is warning the Consumer Financial Protection Bureau not to use a looming government shutdown as a "pretext" to furlough employees at the agency, arguing that such an unpaid work stoppage would be unnecessary and dangerous.
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September 30, 2025
FinCEN Seeks Feedback On Financial Compliance Burden
The U.S. Treasury Department's enforcement arm requested feedback Tuesday on the compliance burden for financial institutions responding to the agency's information requests "as part of its continuing efforts to reduce paperwork and respondent burden."
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September 30, 2025
UBS Beats Investors' Swiss Franc Rate Rigging Suit For Good
A New York federal judge has dismissed claims against UBS AG in a long-running case alleging financial institutions conspired to rig the Swiss franc Libor, saying the plaintiffs failed to demonstrate they had been assigned the necessary recovery rights to pursue their claims.
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September 30, 2025
SEC Approves Cost Cuts For Consolidated Audit Trail
The U.S. Securities and Exchange Commission on Tuesday approved a plan that it says could save at least $20 million a year by adopting new data retention standards for a key market surveillance tool, with the agency's chair promising to cut the "ballooning" costs of the market tool even further in the coming months and years.
Expert Analysis
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Comparing Stablecoin Bills From UK, EU, US And Hong Kong
For multinational stablecoin issuers, navigating the differences and similarities among regimes in the U.K., EU, Hong Kong and U.S., which are currently unfolding in several key ways, is critical to achieving scalable, compliant operations, say attorneys at Morgan Lewis.
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Tips For Litigating Apex Doctrine Disputes Amid Controversy
Litigants once took for granted that deposition requests of high-ranking corporate officers required a greater showing of need than for lower-level witnesses, but the apex doctrine has proven controversial in recent years, and fights over such depositions will be won by creative lawyers adapting their arguments to this particular moment, say attorneys at Hangley Aronchick.
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Series
Performing As A Clown Makes Me A Better Lawyer
To say that being a clown in the Macy’s Thanksgiving Day Parade has changed my legal career would truly be an understatement — by creating an opening to converse on a unique topic, it has allowed me to connect with clients, counsel and even judges on a deeper level, says Charles Tatelbaum at Tripp Scott.
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A Guide To Permanent Capital Vehicles As Access Widens
Recent regulatory and legislative actions are making it easier for retail investors to access permanent capital vehicles like closed-end, interval, tender offer and open-end funds, which each offer distinct advantages that are important to review, say attorneys at Mayer Brown.
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Series
Law School's Missed Lessons: Rejecting Biz Dev Myths
Law schools don’t spend sufficient time dispelling certain myths that prevent young lawyers from exploring new business opportunities, but by dismissing these misguided beliefs, even an introverted first-year associate with a small network of contacts can find long-term success, says Ronald Levine at Herrick Feinstein.
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Shareholder Takeaways From NY Internal Affairs Doctrine Suit
A May New York Court of Appeals decision in Ezrasons v. Rudd involving Barclays — affirming the state's "firmly entrenched" internal affairs doctrine — is a win for all corporate stakeholders seeking stability in resolving disputes between shareholders and directors and officers, say attorneys at Sadis & Goldberg.
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Move Beyond Surface-Level Edits To Master Legal Writing
Recent instances in which attorneys filed briefs containing artificial intelligence hallucinations offer a stark reminder that effective revision isn’t just about superficial details like grammar — it requires attorneys to critically engage with their writing and analyze their rhetorical choices, says Ivy Grey at WordRake.
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Best Practices For State Banks Eyeing Federal Conversions
Amid a notable uptick — fueled by ongoing regulatory upheaval — in state-chartered banks exploring conversion to national bank charters, banks contemplating the decision should weigh the benefits, like uniform supervision, and potential impediments, like costly exam fees, say attorneys at Skadden.
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EDNY Ruling May Limit Some FARA Conspiracy Charges
Though the Eastern District of New York’s recent U.S. v. Sun decision upheld Foreign Agents Registration Act charges against a former aide to New York Gov. Kathy Hochul, its recognition of an affirmative legislative policy to exempt some officials may help defendants charged with related conspiracies, say attorneys at ArentFox Schiff.
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9th Circ. Has Muddied Waters Of Article III Pleading Standard
District courts in the Ninth Circuit continue to apply a defunct and especially forgiving pleading standard to questions of Article III standing, and the circuit court itself has only perpetuated this confusion — making it an attractive forum for disputes that have no rightful place in federal court, say attorneys at Gibson Dunn.
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Series
Competing In Modern Pentathlon Makes Me A Better Lawyer
Opening myself up to new experiences through competing in modern Olympic pentathlon has shrunk the appearance of my daily work annoyances and helps me improve my patience, manage crises better and remember that acquiring new skills requires working through your early mistakes, says attorney Mary Zoldak.
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Shifting DEI Expectations Put Banks In Legal Crosshairs
The Trump administration's rollbacks on DEI-friendly policies create something of a regulatory catch-22 for banks, wherein strict compliance would contradict established statutory and administrative mandates regarding access to credit for disadvantaged communities, say attorneys at Husch Blackwell.
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Atkins' Crypto Remarks Show SEC Is Headed For A 'New Day'
A look at U.S. Securities and Exchange Commission Chairman Paul Atkins' recent speeches provides significant clues as to where the SEC is going next and how its regulatory approach to crypto will differ from that of the previous administration, say attorneys at Eversheds Sutherland.
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DOJ Memo Lays Groundwork For Healthy Bank Sponsorships
The U.S. Department of Justice's recent digital asset policy shift offers potential clarity in the murky waters of sponsor bank relationships, presenting nontraditional financial companies with both a moment of opportunity and a test of maturity, say attorneys at Arnall Golden.
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Series
Law School's Missed Lessons: Teaching Yourself Legal Tech
New graduates often enter practice unfamiliar with even basic professional software, but budding lawyers can use on-the-job opportunities to both catch up on technological skills and explore the advanced legal and artificial intelligence tools that will open doors, says Alyssa Sones at Sheppard Mullin.