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Banking
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September 11, 2025
Texas Justices Debate When Eco-Devo Public Purposes End
Texas Supreme Court justices seemed hesitant Thursday to give JPMorgan Chase Bank NA a green light to continue collecting payments on a $10 million economic development loan for a project that went belly up, asking what public purpose the payments would serve.
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September 11, 2025
Ex-BofA Exec Sues Insurer For Denied Disability Pay
Tennessee-based Provident Life & Accident Insurance Co. has been sued in North Carolina federal court by a former Bank of America vice president accusing it of unlawfully denying him disability benefits after he allegedly received a traumatic brain injury at work.
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September 11, 2025
Weedmaps Shouldn't Get To Exit Fraud Suit, Investor Says
Weedmaps Technology Inc., a cannabis tech company that was fined by federal regulators for allegedly misleading investors, shouldn't be allowed to escape an investor-led proposed class action, the lead plaintiff has told a California federal court, saying the company's arguments defy common sense and understandings of the word "engage."
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September 11, 2025
Dental Supply Co.'s $84M Price-Fixing Deal Gets Final OK
Dental supply company Dentsply Sirona Inc. and its investors have gotten final approval for an $84 million deal resolving consolidated shareholder class action claims that the company hurt investors by concealing a price-fixing scheme and a distributor's inventory buildup.
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September 11, 2025
DLA Piper Adds Leveraged Finance Partner In LA
DLA Piper has hired a former Katten Muchin Rosenman LLP attorney as a leveraged finance partner in Los Angeles, where she will also serve as leader of the firm's West Coast fund finance team.
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September 11, 2025
Execs Seek Exit From Predatory Loan Suit Naming Tribal Biz
Company executives accused of operating a predatory lending scheme involving the Crow Creek Sioux Tribe have asked a California federal judge to strike class allegations against them and send the suit to arbitration, saying the lead plaintiff waived his right to bring class actions in his loan agreement.
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September 11, 2025
BofA Wants Quick 4th Circ. Appeal In 401(k) Forfeiture Suit
Bank of America wants to appeal a North Carolina federal court's denial of its dismissal bid in a proposed class action filed on behalf of 401(k) participants alleging the bank misspent forfeitures from workers' retirement plan.
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September 11, 2025
Capital One Unit Can't Nix OT Misclassification Case
A Virginia federal judge ruled that a former Capital One employee can concurrently pursue claims under federal and state overtime laws, adding that the bank made some premature arguments when it tried to toss a suit accusing it of misclassifying learning associates as overtime-exempt.
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September 11, 2025
2nd Circ. Says 9/11 MDL Firm Must Wait To Appeal Sanctions
Sanctions imposed against a New York firm for leaking a document in violation of a protective order in the multidistrict litigation over the Sept. 11 attacks are too closely tied to the merits of the case for an appellate panel to consider tossing them, the Second Circuit has determined.
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September 11, 2025
Vet's Wells Fargo Credit Ding Didn't Break Law, Jury Finds
Wells Fargo didn't violate the federal Fair Credit Reporting Act by failing to recognize fraud affecting the account of a customer who described himself as a veteran of the U.S. military's special forces, a federal jury in Washington state has concluded.
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September 11, 2025
Sudanese 'Can't Prove' BNP Bankrolled Dictator, Jury Told
French banking giant BNP Paribas told a Manhattan federal jury on Thursday that three plaintiffs who fled Sudan amid horrific human rights abuses, later to become U.S. citizens, "can't prove" it contributed to former Islamist dictator Omar al-Bashir's killing and destruction.
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September 10, 2025
Latham-Led Stablecoin Firm Figure Prices Upsized $788M IPO
Stablecoin issuer Figure Technology Solutions began trading Thursday after it priced an upsized initial public offering that raised $787.5 million above its marketed range, in an offering guided by Latham & Watkins LLP and Davis Polk & Wardwell LLP.
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September 10, 2025
FINRA Fines Jefferies $1M Over Inaccurate Reserve Math
Financial services giant Jefferies LLC has been fined $1 million by the Financial Industry Regulatory Authority after its improper reserve calculations caused the firm to file a number of inaccurate reports, it said.
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September 10, 2025
Trump To Take Fed Gov. Cook's Removal Case To DC Circ.
President Donald Trump on Wednesday told a Washington, D.C., federal judge that the government will appeal the judge's decision granting a temporary win to Federal Reserve Gov. Lisa Cook in her challenge to the president's attempt to remove her from her position.
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September 10, 2025
Trump's Pick For Fed Board Seat Moves Ahead To Full Senate
The U.S. Senate Banking Committee on Wednesday endorsed President Donald Trump's bid to install Stephen Miran, a top White House economist, at the Federal Reserve, advancing his nomination over Democratic objections that he would be a Trump loyalist rather than an independent central banker.
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September 10, 2025
DOJ Must Hand Over Documents To Ex-JPMorgan Trader
A Washington, D.C., federal judge has ruled that the U.S. Department of Justice did not properly withhold portions of documents that reference grand jury exhibits from a former JPMorgan trader that were part of a market manipulation case that he beat in 2018, and ordered the DOJ to turn over the documents in question.
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September 10, 2025
McCarter & English Atty Admitted Breaches, Insurers Claim
Two insurance companies have asked a Connecticut Superior Court judge's permission to file a late request for a quick win on two breach of contract claims against McCarter & English LLP and one of its attorneys, saying the lawyer's deposition left no facts in dispute on those specific counts.
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September 10, 2025
Subprime Lender Tricolor Auto Hits Ch. 7 With Over $1B Debt
Tricolor Holdings, a Texas-based company that provides car loans to low-income buyers, and several affiliates filed for Chapter 7 liquidation in Texas bankruptcy court Wednesday with more than $1 billion of debt.
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September 10, 2025
Kirkland Adds Fintech Regulatory Partner From McDermott
Kirkland & Ellis LLP has enhanced its fintech regulatory compliance capabilities in New York with the addition of an experienced corporate partner who joins the firm from McDermott Will & Schulte.
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September 09, 2025
Fed Reserve Gov. Cook Wins Removal Reprieve For Now
Federal Reserve Gov. Lisa Cook, for now, can stay on the Fed's board while she challenges President Donald Trump's attempt to strip her of her position, a D.C. federal judge ruled late Tuesday, saying Cook has "made a strong showing" that her purported removal was likely illegal.
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September 09, 2025
Block Beats Investor Action Over 2021 Customer Data Breach
A Manhattan federal judge Tuesday knocked out consolidated litigation alleging Block's stock price plummeted after the financial technology company dilly-dallied disclosing a 2021 data breach stemming from a former employee's alleged theft of customer information, saying the complaint doesn't allege Block made misleading statements or knew it was misleading investors.
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September 09, 2025
Davis Polk Leads Klarna's Above-Range $1.4B IPO
Swedish fintech startup Klarna, led by Davis Polk & Wardwell LLP, priced its highly anticipated initial public offering above its range on Tuesday, raising $1.37 billion, a move that comes months after its public debut was paused amid backlash to President Donald Trump's tariff announcement in April.
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September 09, 2025
FDIC Eases Standards For Lifting Cease-And-Desist Orders
The Federal Deposit Insurance Corp. is giving banks a quicker potential path out of its doghouse, rolling out a policy change that allows more flexibility to close out enforcement orders before firms have finished satisfying all their terms.
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September 09, 2025
OCC Taps Cravath Atty As Principal Deputy Chief Counsel
A former Cravath Swaine & Moore LLP corporate attorney has been tapped to serve as the principal deputy chief counsel of the Office of the Comptroller of the Currency, while a longtime agency official has been promoted to oversee its newly elevated chartering and licensing process, the regulator said Tuesday.
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September 09, 2025
5th Circ. Says Jarkesy Doesn't Doom OCC Enforcement Action
A Fifth Circuit panel has upheld industry bans and $250,000 fines against two former top executives of a failed Texas bank, rejecting their bid to overturn an Office of the Comptroller of the Currency enforcement order, finding that the OCC's in-house proceedings and ordered sanctions did not violate the executives' constitutional right to a jury trial.
Expert Analysis
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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.
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In 2nd Term, Trump Has New Iran Sanctions Enforcement Tool
As tensions between the U.S. and Iran escalate, the Trump administration may use a whistleblower program enacted in 2022 to target violations that were previously more difficult to detect, thus expanding enforcement of economic sanctions, say attorneys at MoloLamken and Zuckerman Law.
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How AI May Reshape The Future Of Adjudication
As discussed at a recent panel at Texas A&M, artificial intelligence will not erase the human element of adjudication in the next 10 to 20 years, but it will drive efficiencies that spur private arbiters to experiment, lead public courts to evolve and force attorneys to adapt, says Christopher Seck at Squire Patton.
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What Money Transmitters Need To Know About New Colo. Law
Colorado's new Money Transmission Modernization Act updates standards for the licensing, supervision and regulation of money transmitters while codifying an agent-to-payee exemption, and represents another step toward standardizing these rules across state governments, say Sarah Auchterlonie and Joel Herberman at Brownstein Hyatt.