Banking

  • July 11, 2025

    Wine Exec Extradited From UK Denies $99M Fraud Scheme

    One of two executives of a United Kingdom wine company was extradited to the U.S. and pled not guilty on Friday in Brooklyn federal court to charges that he conned investors into making loans using wine collections as collateral, cheating them out of $99 million.

  • July 11, 2025

    Courts Face Early Push To Expand Justices' Injunction Ruling

    In the two weeks since the U.S. Supreme Court curtailed federal judges' ability to issue universal injunctions, Trump administration attorneys have begun pushing to expand the decision's limits to other forms of relief used in regulatory challenges and class actions. So far, judges don't appear receptive to those efforts. 

  • July 11, 2025

    Ga. Judge Pauses Discovery In Suit Against Ex-Atlanta IG

    A Georgia federal judge has stayed discovery in a case in which a lobbyist and city contractor sued Atlanta's former inspector general for allegedly violating state law by issuing subpoenas for the lobbyist's bank records in order to bolster a frivolous corruption probe.

  • July 11, 2025

    Capgemini Asks Judge To Toss MoneyGram Data Breach Suit

    Capgemini America Inc. has asked a Texas federal judge to toss a suit from MoneyGram Payment Systems Inc. blaming the IT company for a sweeping data breach, saying it never had access to the data that cybercriminals absconded with in September 2024.

  • July 11, 2025

    FTX Trust Says Blockchain Co. Hasn't Delivered $1.3M Coins

    A recovery trust for the bankrupt cryptocurrency exchange FTX filed a Chapter 11 adversary proceeding in Delaware bankruptcy court seeking turnover of $1.3 million worth of $XION digital tokens that the debtor's subsidiaries purchased prior to the bankruptcy filing.

  • July 11, 2025

    Feds Flag Possible Atty Conflict In Cuellar Bribery Case

    Federal prosecutors on Friday asked for a hearing in the bribery case of U.S. Rep. Henry Cuellar of Texas to determine if one of his lawyers should bow out because he previously represented a witness whom he helped set up a consulting firm allegedly used to funnel money to the congressman.

  • July 11, 2025

    Coverage For RV Dealer's $1.2M Fraud Loss Limited To $100K

    A Texas federal court tossed an RV dealer's suit seeking to recover more than $1 million it lost after transferring funds to a fraudster posing as a general contractor, saying the dealer's insurer already paid the maximum amount owed under the policy's deception fraud provision.

  • July 11, 2025

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

    This past week in London has seen HS2 hit with a defamation claim by two ex-employees who blew the whistle on alleged under-reporting of costs, Craig Wright and nChain face legal action brought by its former chief financial officer over a fraud scheme, and pro-footballer Axel Tuanzebe bring a clinical negligence claim against his former club Manchester United F.C. Here, Law360 looks at these and other new claims in the U.K.

  • July 10, 2025

    Russian Banker Inks Sanctions DPA After FBI Botches Warrant

    The founder of Bank Otkritie on Thursday secured a deferred prosecution agreement with Manhattan federal prosecutors to resolve allegations of assisting the head of Russian state-backed lender VTB Bank in evading U.S. sanctions, just a month after a swath of email evidence was thrown out over a botched FBI search warrant.

  • July 10, 2025

    Apple, Visa And Mastercard Beat Payment Fee Collusion Suit

    An Illinois federal judge on Wednesday dismissed several retailers' proposed antitrust class action that accused Apple, Visa and Mastercard of scheming to restrain competition in point-of-sale transaction payment networks, saying the express terms of agreements retailers had claimed were anti-competitive showed otherwise.

  • July 10, 2025

    Fed Floats Revision Of Large Bank Rating Framework

    The Federal Reserve on Thursday floated a proposed revision to its supervisory rating framework that would allow large bank holding companies to retain a certain stamp of regulatory approval even if they receive a low rating in one area of assessment.

  • July 10, 2025

    NJ Developer Charged With Fraud, Bribing Local Official

    A New Jersey real estate investor and developer has been indicted on a raft of charges for allegedly running a Ponzi-like investment fraud scheme, conspiring to launder drug proceeds, laundering money represented to be drug proceeds as part of a sting operation and bribing a New Jersey politician.

  • July 10, 2025

    States Fine Payment Co. Wise $4.2M Over Compliance Lapses

    Wise has agreed to pay $4.2 million and take various remediating actions to end six states' claims that the global money transfer fintech had inadequate anti-money laundering programs.

  • July 10, 2025

    Ex-Bank CEO Depo Blocked On 5th Amendment Concerns

    A Florida federal judge Thursday blocked the deposition of a former Puerto Rican bank CEO in a suit alleging a $28 million fraud while a related criminal case is pending against him, but suggested the plaintiffs move forward requesting other documents and depositions that would not implicate the CEO's Fifth Amendment right.

  • July 10, 2025

    Student Loan Lender Settles AI Bias, Fair Lending Claims

    Massachusetts Attorney General Andrea Joy Campbell on Thursday said her office has reached a $2.5 million deal with a Delaware-based student loan company to settle allegations that it utilized artificial intelligence models that could disproportionately harm Black and Hispanic applicants.

  • July 10, 2025

    IRS Leaker Fairly Sentenced To 5 Years, Gov't Tells DC Circ.

    The judge who sentenced an IRS contractor for leaking thousands of wealthy people's tax returns to the media, including those of President Donald Trump, kept an open mind when she decided to deliver the maximum five-year prison term, the government told the D.C. Circuit, arguing the sentence was fair.

  • July 10, 2025

    Senate Confirms Gould As OCC Head

    The U.S. Senate on Thursday confirmed Jones Day partner Jonathan Gould as Comptroller of the Currency in a 50-45 vote along party lines, marking his return to the agency where he spent more than two years as chief counsel.

  • July 09, 2025

    Florida Court Nixes $5.8M Ruling, Says Loans Not Securities

    Florida's Third District Court of Appeal on Wednesday reversed and remanded a roughly $5.8 million judgment in a dispute regarding loan participation agreements between a commercial lender and an investment firm, saying the agreements weren't securities and were instead "routine commercial transactions."

  • July 09, 2025

    Senators Weigh Principles To Guide Crypto Market Rules

    Senate Democrats and a former chair of the U.S. Commodity Futures Trading Commission homed in on the importance of preserving the strength of existing securities laws during a Wednesday hearing where senators and industry experts previewed their priorities for the chamber’s coming crypto market structure proposal.

  • July 09, 2025

    NC Man Gets 15 Years For Leading Sham $17M Loan Scheme

    The ringleader of a $17 million loan scheme has been sentenced to 15 years in prison after federal prosecutors in North Carolina said he defrauded banks by directing a network of conspirators to file dozens of bogus loan applications on other people's behalf.

  • July 09, 2025

    Most Claims Tossed In $60M Mortgage Loan Sale Fraud Case

    Western Alliance Bank and others have escaped several claims in a $60 million suit accusing them of conducting a mortgage loan sale scheme to steal an investment management firm's property rights in the loans and their proceeds.

  • July 09, 2025

    Former SEC Officials Discuss Agency's New Priorities

    Though swift regulatory and enforcement changes at the U.S. Securities and Exchange Commission have created a more business-friendly environment, three agency veterans now at Gibson Dunn & Crutcher LLP caution to watch out for compliance landmines.

  • July 09, 2025

    Feds Charge Pair In Alleged $650M Investment, Crypto Scam

    Two men have been indicted in Puerto Rico for allegedly operating and promoting OmegaPro, an international investment scheme that prosecutors say defrauded investors of more than $650 million.

  • July 08, 2025

    Puerto Rico Bond Suit Doesn't Belong In Conn., Insurers Say

    The insurers of billions in bonds issued by the Puerto Rico Sales Tax Financing Corp. say a Connecticut federal judge can't hear a proposed class action accusing them of failing to pay bondholders the full value of their investments after a 2016 bankruptcy default.

  • July 08, 2025

    Crypto Firm ReserveOne To Go Public Via $1B SPAC Merger

    Crypto asset management firm ReserveOne announced Tuesday that a special purpose acquisition company plans to take it public in a transaction that's expected to bring in more than $1 billion in proceeds as it pursues its novel crypto reserve strategy.

Expert Analysis

  • Key Aspects Of FDIC's Resolution Planning FAQ

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    The Federal Deposit Insurance Corp.'s recent FAQ on changes to its resolution plan rule ease burdensome requirements for some large institutions and exempt others from discussion of franchise components, making it easier for banks to finalize submissions before the July 1 deadline, say attorneys at Moore & Van Allen.

  • Series

    Law School's Missed Lessons: Becoming A Firmwide MVP

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    Though lawyers don't have a neat metric like baseball players for measuring the value they contribute to their organizations, the sooner new attorneys learn skills frequently skipped in law school — like networking, marketing, client development and case evaluation — the more valuable, and less replaceable, they will be, says Alex Barnett at DiCello Levitt.

  • How NY's FAIR Act Mirrors CFPB State Recommendations

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    New York's proposed FAIR Business Practices Act, which targets predatory lending and junk fees, reflects the Rohit Chopra-era Consumer Financial Protection Bureau's recommendations to states in a number of ways, including by defining "abusive" conduct and adding a new right to file class actions, says Christian Hancock at Bradley Arant.

  • How Cos. Can Navigate Risks Of New Cartel Terrorist Labels

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    The Trump administration’s recent designation of eight drug cartels as foreign terrorist organizations gives rise to new criminal and civil liabilities for companies that are unwittingly exposed to cartel activity, but businesses can mitigate such risks in a few key ways, say attorneys at Steptoe.

  • What We Lost After SEC Eliminated Regional Director Role

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    Former U.S. Securities and Exchange Commission Regional Director Marc Fagel discusses the recent wholesale elimination of the regional director position, the responsibilities of the job itself and why discarding this role highlights how the appearance of creating a more efficient agency may limit the SEC's effectiveness.

  • Mass. Suit Points To New Scrutiny For Home Equity Contracts

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    The Massachusetts attorney general’s recent charge that a lender sold unregulated reverse mortgages shows more regulators are scrutinizing mortgage alternatives like home equity contracts, but a similar case in the Ninth Circuit suggests more courts need to help develop a consensus on these products' legality, say attorneys at Weiner Brodsky.

  • $38M Law Firm Settlement Highlights 'Unworthy Client' Perils

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    A recent settlement of claims against law firm Eckert Seamans for allegedly abetting a Ponzi scheme underscores the continuing threat of clients who seek to exploit their lawyers in perpetrating fraud, and the critical importance of preemptive measures to avoid these clients, say attorneys at Lockton Companies.

  • Hints Of Where Enforcement May Grow Under New CFPB

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    Though the Consumer Financial Protection Bureau has significantly scaled back enforcement under the new administration, states remain able to pursue Consumer Financial Protection Act violators and the CFPB seems set to enhance its focus on predatory loans to military members and fraudulent debt collection and credit reporting practices, say attorneys at MoFo.

  • Assessing Jurisdictional Issues In 2nd Circ. Bank Audi Case

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    The Second Circuit's reasoning last month in Raad v. Bank Audi that the exercise of personal jurisdiction must be based on conduct taking place within the jurisdiction reminds foreign financial institutions to continually monitor how plaintiffs are advocating for an expansive view of personal jurisdiction in the U.S., say attorneys at Freshfields.

  • Series

    Teaching Business Law Makes Me A Better Lawyer

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    Teaching business law to college students has rekindled my sense of purpose as a lawyer — I am more mindful of the importance of the rule of law and the benefits of our common law system, which helps me maintain a clearer perspective on work, says David Feldman at Feldman Legal Advisors.

  • SEC's Crypto Statement Offers Clarity On Disclosures

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    While the crypto industry awaits a definitive rule from the U.S. Securities and Exchange Commission on whether a crypto-asset is a security, its recent guidance provides a road map for registrants seeking to comply with current disclosure requirements and shows the commission is working toward a comprehensive regulatory framework, say attorneys at Debevoise.

  • Evolving Federal Rules Pose Further Obstacles To NY LLC Act

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    Following the Financial Crimes Enforcement Network's recent changes to beneficial ownership information reporting under the federal Corporate Transparency Act — dramatically reducing the number of companies required to make disclosures — the utility of New York's LLC Transparency Act becomes less apparent, say attorneys at Pillsbury.

  • Deregulation Memo Presents Risks, Opportunities For Cos.

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    A recent Trump administration memo providing direction to agencies tasked with rescinding regulations under an earlier executive order — without undergoing the typical notice-and-review process — will likely create much uncertainty for businesses, though they may be able to engage with agencies to shape the regulatory agenda, say attorneys at Blank Rome.

  • 4th Circ. 'Actionable Inaccuracy' Finding Deepens FCRA Split

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    The Fourth Circuit's March finding in Roberts v. Carter-Young Inc. that an actionable inaccuracy under the Fair Credit Reporting Act can be both legal and factual widens an existing circuit split and should prompt furnishers to review their processes for investigating readily verifiable information, say attorneys at Blank Rome.

  • Series

    Law School's Missed Lessons: Mastering Discovery

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    The discovery process and the rules that govern it are often absent from law school curricula, but developing a solid grasp of the particulars can give any new attorney a leg up in their practice, says Jordan Davies at Knowles Gallant.

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