Banking

  • March 21, 2024

    Shumaker Hires Kass Shuler Atty In Tampa As Partner

    A 13-year Kass Shuler PA attorney and one-time Florida assistant state's attorney, has joined Shumaker Loop & Kendrick LLP in Tampa as a partner, the firm announced Thursday.

  • March 21, 2024

    Wyden Probes Swiss Bank's Ties To Billionaire Under Scrutiny

    The Senate Finance Committee's Democratic majority launched an inquiry into Swiss bank Pictet Group's involvement with a U.S. billionaire under criminal investigation, raising questions about the bank's deferred prosecution agreement and $123 million fine by the U.S. Justice Department, committee Chairman Ron Wyden announced Thursday.

  • March 21, 2024

    6th Circ. Judge Doubts Challenge To $39B Student Debt Relief

    A Sixth Circuit judge was skeptical Thursday that two libertarian think tanks had shown the Biden administration's plan to wipe out billions of dollars in student loan debt puts them at a disadvantage to recruit indebted lawyers, saying the groups didn't fully explain who they were competing against.

  • March 21, 2024

    FDIC To Target Deals Creating Cos. With $100B-Plus In Assets

    The Federal Deposit Insurance Corp. on Thursday approved a policy proposal that floats new ways the agency would assess the "financial stability" of proposed mergers between insured depository institutions, for the first time identifying $100 billion in assets as the threshold for deals that would get "added scrutiny."

  • March 20, 2024

    RBC Top Atty Sees Role Expand As Strategy Officer Exits

    Royal Bank of Canada confirmed Wednesday that its top attorney has taken on an expanded role as a key strategy executive with the financial institution prepares to leave.

  • March 20, 2024

    Spanish Investment Co. Beats Slovak TM Opposition In EU

    A Spanish investment company has won an appeal to revive its trademark application, as European officials ruled that buyers of financial services paid a "high degree of attention" and wouldn't think that the sign was linked to a Slovak company.

  • March 20, 2024

    NY AG Scoffs At Trump's Claim Of 'Impossible' $465M Bond

    The New York Attorney General's office on Wednesday disputed Donald Trump's claim that posting bond while he appeals a $465 million civil fraud judgment is a "practical impossibility," arguing the former president and his business empire haven't exhausted all avenues.

  • March 20, 2024

    Health And Safety Top Risk For Directors, Global Survey Says

    Health and safety is the top risk for directors and officers worldwide, according to a survey published Wednesday, in a "surprise" result partly attributed to the lingering impact of the COVID-19 pandemic on businesses and increasing mental health considerations.

  • March 20, 2024

    Bank of Cyprus Eyes €137M Investor Return After ECB Nod

    The Bank of Cyprus Group said Wednesday it intends to boost shareholder returns to €137 million ($149 million) by launching a share buyback and ramping up dividends, after receiving the green light for both payouts from the regional banking watchdog.

  • March 20, 2024

    Swiss Watchdog To Inspect UBS Closely For Merger Impact

    The Swiss financial markets regulator said Wednesday it plans 40 on-site supervisory reviews at UBS AG in Switzerland and abroad and two in-depth stress tests in 2024 to assess the result of the bank's merger with Credit Suisse last year.

  • March 20, 2024

    Russian Exec Argues Jailed Biz Partner Can't Escape Judgment

    A Russian businessman has pressed a California federal court not to vacate a default entered against his former business partner as the businessman attempts to collect an award of more than $92 million, saying it "strains credulity" to believe that his ex-partner couldn't answer the litigation while jailed in France.

  • March 20, 2024

    SEC Proxy Roundup: Verizon, UPS Escape ESG Proposals

    Verizon and UPS may exclude from their proxy statements shareholder proposals on social policy and climate change matters, according to U.S. Securities and Exchange Commission staff, who also denied various other requests from corporations looking to escape separate social and politics-related proposals.

  • March 20, 2024

    British Bank CEOs Shift Blame For Pay Fraud To Social Media

    Britain's largest banks told a cross-party group of MPs Wednesday they blamed social media and telecommunications companies for a rise in authorized push payment fraud in the banking sector, calling for mandatory requirements to help prevent it.

  • March 20, 2024

    How The Supreme Court Could Narrow Chevron

    After hours of oral argument in a closely watched administrative law case, it appeared that some U.S. Supreme Court justices could be open to limiting the opportunities for lower courts to defer to federal agencies' legal interpretations in disputes over rulemaking — and legal experts said there are a number of ways they could do it.

  • March 20, 2024

    Ex-LC&F Chief Says SFO And FCA 'Wrecked' His Career

    A former director of London Capital & Finance had his career "wrecked" by the finance regulator and fraud investigation agency when they forced the investment company into administration without reason, his lawyers said at his trial Wednesday.

  • March 20, 2024

    Law360 Announces The Members Of Its 2024 Editorial Boards

    Law360 is pleased to announce the formation of its 2024 Editorial Advisory Boards.

  • March 20, 2024

    US Chamber's Litigation Funding Concerns Spur 2 State Laws

    Amid concerns from the U.S. Chamber of Commerce about third-party litigation funding, including from potentially hostile foreign entities, state legislatures in Indiana and West Virginia have recently passed bills imposing restrictions on the practice.

  • March 20, 2024

    Wise Hits Back At Bad Faith TM Allegations From Tech Rival

    Payments firm Wise has hit back at a counterclaim from software company WithWise, urging the High Court to reject WithWise's claim that Wise's trademark is invalid because it is overbroad and being used as a legal weapon.

  • March 19, 2024

    5th Circ. Ducks 'Pandora's Box' In Tossing SEC Gag Rule Row

    The U.S. Securities and Exchange Commission on Tuesday defeated a challenge to its so-called gag rule against settling defendants, with the Fifth Circuit writing that it didn't want to open a "Pandora's box" by ruling that it had jurisdiction to review a financial radio show host's appeal of a decision that wasn't a final judgment.

  • March 19, 2024

    Top Bank Lobbyist To Biden: Stop The Regulatory 'Tsunami'

    The head of the largest U.S. banking trade group vowed Tuesday to keep litigation on the table if federal regulators don't back off their rulemaking "tsunami," tough talk that comes as the group's latest such legal challenge has hit potential turbulence in Texas.

  • March 19, 2024

    CFTC Decries Forex Firm's 'Strong-Arm' Sanctions Bid

    The U.S. Commodity Futures Trading Commission has admitted in a court filing that it made an error in a lawsuit accusing a foreign exchange firm of defrauding its customers but said the now-corrected error does not merit sanctions, and the defendants appear to be abusing the sanctions process to "strong-arm" their way into a better settlement.

  • March 19, 2024

    Wells Fargo Race Bias Suit Sent To Arbitration In NC

    Wells Fargo won its bid to arbitrate hiring discrimination claims brought by two Black temp workers in North Carolina alleging they were overlooked for full-time positions at the bank and forced out after raising concerns.

  • March 19, 2024

    SEC Gambles Climate Rule Fate On Circuit Court Lottery

    The U.S. Securities and Exchange Commission on Tuesday asked the U.S. Judicial Panel on Multidistrict Litigation to consolidate legal challenges to its climate disclosure regulations before a single federal circuit court, leaving the fate of the hotly debated rules in the hands of a randomly selected appellate panel.

  • March 19, 2024

    Atty, Ex-NY Bank Director Gets 30 Mos. In Loan Scheme

    An attorney who served as a director for the since-closed Park Avenue Bank was sentenced to 30 months in prison Tuesday for his alleged role in a scheme to profit off a loan using a straw borrower.

  • March 19, 2024

    3rd Circ. Says CFPB Can Go After Student Loan Trusts

    The Third Circuit ruled Tuesday that the Consumer Financial Protection Bureau can carry on with its debt collection practices suit against a group of Delaware student loan trusts, rejecting their claims that they are just passive financing entities outside the reach of the agency's enforcement authority.

Expert Analysis

  • Think Like A Lawyer: Forget Everything You Know About IRAC

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    The mode of legal reasoning most students learn in law school, often called “Issue, Rule, Application, Conclusion,” or IRAC, erroneously frames analysis as a separate, discrete step, resulting in disorganized briefs and untold obfuscation — but the fix is pretty simple, says Luke Andrews at Poole Huffman.

  • The Corporate Transparency Act Isn't Dead Yet

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    After an Alabama federal court's ruling last week rendering the Corporate Transparency Act unconstitutional, changes to the law may ultimately be required, but ongoing compliance is still the best course of action for most, says George Singer at Holland & Hart.

  • Employers, Prep For Shorter Stock Awards Settlement Cycle

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    Companies that provide equity compensation in the form of publicly traded stock will soon have one less day to complete such transactions under U.S. Securities and Exchange Commission and Nasdaq rules — so employers should implement expedited equity compensation stock settlement and payroll tax deposit procedures now, say attorneys at Morgan Lewis.

  • New FinCEN Guide Provides Useful BOI Context For Banks

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    Financial institutions should review a new Financial Crimes Enforcement Network compliance guide for helpful details about how the agency's beneficial ownership information database should be used, though questions remain about the access rule and whether it will truly streamline bank borrowers' Corporate Transparency Act due diligence, says George Singer at Holland & Hart.

  • How Firms Can Ensure Associate Gender Parity Lasts

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    Among associates, women now outnumber men for the first time, but progress toward gender equality at the top of the legal profession remains glacially slow, and firms must implement time-tested solutions to ensure associates’ gender parity lasts throughout their careers, say Kelly Culhane and Nicole Joseph at Culhane Meadows.

  • Regulatory Trends Offer 4 Lessons For Debt Relief Providers

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    A string of enforcement actions, including a New York lawsuit filed last month by seven states and the Consumer Financial Protection Bureau, underscore the regulatory scrutiny that debt relief and credit repair companies face and offer important lessons on telemarketing and deceptive practices compliance, say attorneys at Sheppard Mullin.

  • 7 Common Myths About Lateral Partner Moves

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    As lateral recruiting remains a key factor for law firm growth, partners considering a lateral move should be aware of a few commonly held myths — some of which contain a kernel of truth, and some of which are flat out wrong, says Dave Maurer at Major Lindsey.

  • Basics Of Bank Regulators' Push For Discount Window Use

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    As the Federal Reserve and Office of the Comptroller of the Currency emphasize short-term liquidity risk management as central to preventing spring 2023-style bank collapses, banks should carefully tune into regulators’ remarks encouraging use of the Fed’s discount window, which some policymakers identify as a key component in the evolution of liquidity regulation and backstop lending, say attorneys at Arnold & Porter.

  • 2 Emerging Defenses For Website Tracking Class Actions

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    Putative class actions premised on state wiretapping statutes that bar website activity tracking continue to be on the rise, but they are increasingly being dismissed on two procedural grounds, says Sheri Pan at ZwillGen.

  • Series

    Cheering In The NFL Makes Me A Better Lawyer

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    Balancing my time between a BigLaw career and my role as an NFL cheerleader has taught me that pursuing your passions outside of work is not a distraction, but rather an opportunity to harness important skills that can positively affect how you approach work and view success in your career, says Rachel Schuster at Sheppard Mullin.

  • Communication Is Key As CFPB Updates Appeals Process

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    Though a recently updated Consumer Financial Protection Bureau rule expands financial institutions' abilities to appeal supervisory decisions, creating strong relationships and open communication channels with CFPB examiners may help resolve disputes faster than the more cumbersome formal process, says Jason McElroy at Saul Ewing.

  • Unpacking The New Russia Sanctions And Export Controls

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    Although geographically broad new prohibitions the U.S., U.K. and EU issued last week are somewhat underwhelming in their efforts to target third-country facilitators of Russia sanctions evasion, companies with exposure to noncompliant jurisdictions should pay close attention to their potential impacts, say attorneys at Shearman.

  • Args In APA Case Amplify Justices' Focus On Agency Power

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    In arguments last week in Corner Post v. Federal Reserve, the U.S. Supreme Court justices paid particular importance to the possible ripple effects of their decision, which will address when a facial challenge to long-standing federal rules under the Administrative Procedure Act first accrues and could thus unleash a flood of new lawsuits, say attorneys at Snell & Wilmer.

  • Mitigating Whistleblower Risks After High Court UBS Ruling

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    While it is always good practice for companies to periodically review whistleblower trainings, policies and procedures, the U.S. Supreme Court’s recent whistleblower-friendly ruling in Murray v. UBS Securities helps demonstrate their importance in reducing litigation risk, say attorneys at Arnold & Porter.

  • Series

    ESG Around The World: Gulf Cooperation Council

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    The Gulf Cooperation Council is in the early stages of ESG policy implementation, but recent commitments by both states and corporations — including increases in sustainable finance transactions, environmental commitments, female representation on boards and human rights enforcement — show continuing progress toward broader ESG goals, say attorneys at Cleary.

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