Banking

  • May 08, 2025

    Rising Tide Of Trump Pardons Not Lifting All Boats, Attys Say

    President Donald Trump signed off on more pardons and commutations during his first 100 days in office than any president in modern history while bypassing the traditional clemency process that goes through the U.S. Department of Justice, potentially giving false hope to those who believe they have a chance to benefit from the executive actions but lack White House connections.

  • May 07, 2025

    Senate Backs Bid To Scrap Biden-Era OCC Bank Merger Rule

    Senators voted Wednesday to repeal the Office of the Comptroller of the Currency's Biden-era revamp of its bank merger review standards, advancing an effort to undo a rule that banks criticized as creating more complication and uncertainty for their deals.

  • May 07, 2025

    OCC Affirms Banks' Crypto Custody, Execution Capabilities

    The Office of the Comptroller of the Currency on Wednesday made clear that banks can buy and sell crypto on behalf of their customers and outsource custody services to third parties, reaffirming a stance the regulator first took in 2020.

  • May 07, 2025

    Upstart Says SEC Has Ended Probe Into AI, Loan Disclosures

    The U.S. Securities and Exchange Commission has closed an investigation into online lender Upstart's disclosures around the use of artificial intelligence for underwriting and loans, according to the firm's latest agency filing.

  • May 07, 2025

    Moelis Atty Says Chancery Ruling 'Handcuffed' Co.

    A Delaware Court of Chancery ruling that last year invalidated a decade-old stockholder agreement granting broad corporate powers to investment bank Moelis & Co.'s founder "handcuffed for no reason" directors of state-chartered corporations, an attorney for the company told Delaware's Supreme Court on Wednesday.

  • May 07, 2025

    Deutsche Bank, Computacenter Sued For Firing Whistleblower

    An ex-information technology employee at Computacenter has sued the company, Deutsche Bank and his ex-supervisor for $25 million in New York state court alleging he was fired for blowing the whistle on a security breach in which his colleague's girlfriend purportedly accessed private client information.

  • May 07, 2025

    Walgreens Wants 'Far-Fetched' Shareholder Suit Tossed

    Walgreens contends that a proposed class action alleging it inflated share prices by concealing the lack of viability of its pharmacy division and primary clinic investment must be dismissed because it lacks factual allegations to back its claim that Walgreens made any misstatements to shareholders about its financial outlook, let alone with fraudulent intent.

  • May 07, 2025

    Boston Judge Tosses Mastercard Payments Monopoly Claims

    Payments giant Mastercard Inc. no longer faces a cross-platform tap & pay mobile wallet company's monopolization claims after a Massachusetts federal judge found, among other things, that Mastercard doesn't actually dominate the relevant market.

  • May 07, 2025

    FSOC Rethink Of SIFI Labeling 'Is On Agenda,' Bessent Says

    U.S. Treasury Secretary Scott Bessent signaled at a U.S. House hearing on Wednesday that the Financial Stability Oversight Council may seek again to curb its power to single out large asset managers and other nonbank financial firms for heightened regulation.

  • May 07, 2025

    Wells Fargo Forced Short Sales Despite CARES Act, Suit Says

    Wells Fargo forced the short sale of a North Carolina woman's home by denying her forbearance on her mortgage as mandated under federal law at the onset of the COVID-19 pandemic, she alleged in a proposed class action filed in California federal court.

  • May 07, 2025

    US Bancorp Retirees Pare Down Class Status Request

    A trio of U.S. Bancorp retirees asked a Minnesota federal judge for class status in their lawsuit claiming the company underpaid workers who opted for early retirement, arguing that a narrowed class definition should allay concerns previously identified by the court.

  • May 07, 2025

    Cannabis Firm Faces $11M Loan Default Lawsuit In Colo.

    A lender is suing a cannabis company that operates cultivators and more than 60 dispensaries in Colorado and Mexico, alleging it owes more than $11 million on a loan, has defaulted on that loan, and has been attempting to devalue collateral held by the lender.

  • May 07, 2025

    Edward Jones' Arbitration Delay Lets Worker Return To Court

    Edward Jones' delay in paying the required fees to arbitrate a former employee's wage and hour claims allows the worker to take her claims back to court, a California appeals court ruled.

  • May 06, 2025

    PennyMac Wins Quick 9th Circ. Appeal Of Libor-Rate Ruling

    A California federal judge on Monday allowed PennyMac entities to pursue their quick appeal in a proposed class action alleging they illegally imposed a lower fixed interest rate instead of a variable rate on preferred-stock dividends, asking the Ninth Circuit to clarify whether the Libor Act bars such fixed rates.

  • May 06, 2025

    VIX Note Investors Can't Revise Revived Suit, Judge Finds

    Investors who claimed Credit Suisse manipulated the market for a certain exchange-traded note it issued can't revise their suit to add claims about the bank's lending practices and internal calculations, a New York federal judge has determined.

  • May 06, 2025

    DC Circ. Sides With BofA In COVID Market Loss 'Uphill Battle'

    The D.C. Circuit on Tuesday refused to revive a Bank of America client's suit claiming the bank should've tried to stop him from dumping his investments when the market tanked at the beginning of the pandemic, finding the bank is shielded by an investment contract and calling his claims an "uphill battle."

  • May 06, 2025

    SDNY Taps Sullivan & Cromwell Atty To Lead Criminal Division

    A former Sullivan & Cromwell LLP partner has been selected to lead the U.S. Attorney's Office for the Southern District of New York's criminal division, according to an announcement made Tuesday.

  • May 06, 2025

    Judge Scolds US Over 'Vague' Bid To Stay $380M Award Row

    A California federal judge has scolded the Trump administration as it tries to seize part of a $380 million arbitral award purportedly tied to embezzled Malaysian funds, saying it has not constructively engaged in the discovery process while seeking a stay during related criminal proceedings.

  • May 06, 2025

    Experian Trims But Can't Ditch CFPB's Credit Reporting Suit

    Experian must continue facing the U.S. Consumer Financial Protection Bureau's lawsuit accusing it of mishandling consumer credit reporting disputes as a California federal judge on Monday tossed some but not all of the bureau's claims against the credit reporting agency.

  • May 06, 2025

    4th Circ. Affirms Win For Ariz. Law Firm In 'Sham' TCPA Suit

    The Fourth Circuit on Tuesday upheld a lower court's decision to vacate a $2 million jury award against a Phoenix-based law firm, saying the dozens of Telephone Consumer Protection Act cases the firm brought against a student loan servicer shouldn't be considered "sham litigation" as the jury initially held.

  • May 06, 2025

    B. Riley Escapes Investor Suit Over National Holdings Buyout

    Delaware's Chancery Court has dismissed B. Riley Financial Inc. from a suit challenging its 2021 acquisition of National Holdings Corp., rejecting a former National stockholder's claim that B. Riley controlled the negotiations in the shadow of its significant stake in National.

  • May 06, 2025

    Morgan Stanley Says SEC Has Closed Cash Sweep Probe

    The U.S. Securities and Exchange Commission has ended an investigation into Morgan Stanley's cash sweep program without recommending an enforcement action, the bank told investors.

  • May 06, 2025

    CFPB Abandons Enforcement Of Buy Now, Pay Later Rule

    The Consumer Financial Protection Bureau announced Tuesday that it will not prioritize enforcement actions taken on buy now, pay later products, adding to the list of positions the agency is reviewing or rolling back under the organization's new leadership.

  • May 06, 2025

    3rd Circ. Won't Review PNC's $106M No-Coverage Ruling

    The Third Circuit declined Tuesday to reconsider its decision that PNC Bank isn't owed coverage for a $106 million judgment it incurred over claims that its predecessor mismanaged funeral trust accounts.

  • May 06, 2025

    EPA Urges DC Circ. To Block Climate Change NGO Grants

    The U.S. Environmental Protection Agency asked the D.C. Circuit to allow it to restart its effort to reclaim billions of dollars in congressionally approved funding for nonprofits the Biden administration picked to carry out climate change projects.

Expert Analysis

  • Series

    Documentary Filmmaking Makes Me A Better Lawyer

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    Becoming a documentary filmmaker has allowed me to merge my legal expertise with my passion for storytelling, and has helped me to hone negotiation, critical thinking and problem-solving skills that are important to both endeavors, says Robert Darwell at Sheppard Mullin.

  • Litigation Funding Disclosure Debate: Strategy Considerations

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    In the ongoing debate over whether courts should require disclosure of litigation funding, funders and plaintiffs tend to argue against such mandates, but voluntarily disclosing limited details about a funding arrangement can actually confer certain benefits to plaintiffs in some scenarios, say Andrew Stulce and Marc Cavan at Longford Capital.

  • 2025 May Be A Breakout Year For The Cannabis Industry

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    The cannabis industry faced a slow and frustrating 2024, but consumer trends continue to shift in favor of cannabis, and the new administration may provide the catalyst that the industry needs, says Lynn Gefen at TerrAscend.

  • Mass. Law Shows Patchwork Money Transfer Rules Persist

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    Though Massachusetts' recently passed law governing domestic money transfers means 26 states now have a version of the Model Money Transmission Modernization Act on the books, the national framework remains a patchwork that will continue to force industry players to pay sharp attention to state variations, say attorneys at Manatt.

  • Top Considerations For Insurance Companies In 2025

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    As insurance industry participants look to plan for the year, regulatory changes, climate-related challenges, the ongoing effects of social inflation and the potential for significant mergers and acquisitions will be among the key items for insurer boards and management to have on their radar, say attorneys at Debevoise.

  • Scope And Nature Of Judicial Relief Will Affect Loper's Impact

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    The practical result of post-Loper Bright rulings against regulatory actions will depend on the relief courts grant — and there has been controversy in these types of cases over whether the ruling is applied just to the parties or nationwide, and whether the action can be left in place while it's corrected, says Steven Gordon at Holland & Knight.

  • The Implications Of E-Cigarette Cos. Taking Suits To 5th Circ.

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    The U.S. Supreme Court recently heard oral arguments in U.S. Food and Drug Administration v. R.J. Reynolds over the definition of an "adversely affected" person under the Tobacco Control Act, and the justices' ruling will have important and potentially wide-ranging implications for forum shopping claims, says Trillium Chang at Zuckerman Spaeder.

  • Del. Dispatch: Lessons From Failed Albertsons-Kroger Merger

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    The allegations in Albertsons' lawsuit against Kroger following the grocery stores' blocked merger demonstrate how a target company can best ensure that a buyer timely and effectively complies with its obligations to pursue the necessary regulatory approvals for a deal, say attorneys at Fried Frank.

  • Series

    Adventure Photography Makes Me A Better Lawyer

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    Photographing nature everywhere from Siberia to Cuba and Iceland to Rwanda provides me with a constant reminder to refresh, refocus and rethink the legal issues that my clients face, says Richard Birmingham at Davis Wright.

  • How Cos. Can Respond To CFPB Digital Asset Safeguard Plan

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    Though the Consumer Financial Protection Bureau’s proposal to regulate online payment platforms via existing federal laws would create new challenges, digital payment companies that engage with the rulemaking process could help shape a win-win regulatory framework that protects consumer data and ensures the sector’s growth, says Allison Raley at Arnall Golden.

  • How Ch. 11 Can Alleviate Merchant Cash Advance Concerns

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    Merchant cash advance funding is one of the biggest challenges for small businesses today because funders are so prevalent, aggressive and expensive, but bankruptcy can provide several tools for dealing with MCA agreements that may allow the debtor business to restructure and survive, says Patricia Fugée at FisherBroyles.

  • Future Of Crypto-Asset Classification Is In 2nd Circ.'s Hands

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    A definitive ruling from the Second Circuit in a rare interlocutory appeal in the U.S. Securities and Exchange Commission's ongoing court battle with Coinbase could finally establish clear guidelines on the classification of digital assets, influencing how they are regulated and traded in the U.S., say attorneys at Manatt.

  • 5 Ways To Create Effective Mock Assignments For Associates

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    In order to effectively develop associates’ critical thinking skills, firms should design mock assignments that contain a few key ingredients, from messy fact patterns to actionable feedback, says Abdi Shayesteh at AltaClaro.

  • Assessing Gary Gensler's Legacy At The SEC

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    Gary Gensler's tenure as U.S. Securities and Exchange Commission chair is defined by a record of commonsense regulation in some areas and social activism in others, and by increasing judicial skepticism about the SEC's authority to fulfill its regulatory, enforcement, administrative law and adjudicatory functions, say attorneys at Arnold & Porter.

  • Takeaways From DOJ Fraud Section's 2024 Year In Review

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    Attorneys at Paul Weiss highlight notable developments in the U.S. Department of Justice Fraud Section’s recently released annual report, and discuss what the second Trump administration could mean for enforcement in the year to come.

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