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Banking
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September 23, 2025
Ex-Discover Financial Exec Can Pursue Equity Clawback Suit
An Illinois federal judge has rejected a bid to toss a retired Discover Financial Services executive's age and gender discrimination lawsuit, finding she has sufficiently alleged at this point that she faced disparate treatment tied to her sex and that Discover's arguments against her age discrimination claim don't hold weight.
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September 23, 2025
Hedge Funds Call For CFTC To End Dual Registration
A group representing the hedge fund industry is calling on the U.S. Commodity Futures Trading Commission to drop the need for industry participants to submit to agency oversight in cases where fund managers are already registered with the U.S. Securities and Exchange Commission, calling the dual registration requirement "costly" and "inefficient."
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September 23, 2025
CFPB Frees Apple, US Bank From Biden-Era Consent Orders
The Consumer Financial Protection Bureau has lifted two more enforcement orders issued during the Biden administration, this time granting both Apple Inc. and U.S. Bank NA an early release from ongoing monitoring years ahead of schedule.
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September 23, 2025
DHS Floats H-1B Rule To Prioritize Higher-Paid Workers
The Trump administration proposed a rule on Tuesday to change the H-1B lottery process to one that gives priority to higher-skilled workers at companies offering better pay, according to a Federal Register notice.
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September 23, 2025
Chair Of Puerto Rican Bank Pleads Guilty To $13.6M Fraud
The chairman of the board of Puerto Rico-based Nodus International Bank has pled guilty to leading a scheme through which he and the bank's former CEO stole more than $13.6 million from Nodus and used it for their own benefit.
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September 23, 2025
Cantor Fitzgerald, Citibank Hit With Trading Patent Suits
Several financial services businesses, including Citibank and Secretary of Commerce Howard Lutnick's former firm Cantor Fitzgerald, have been sued in New York and Texas federal court over their alleged infringement of a trading patent.
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September 23, 2025
Wilmington Trust Seeks Receiver After $19M Loan Default
A single-asset real estate firm that owns an office building in the Denver Technological Center, or DTC, filed for Chapter 11 and faces a request for a receiver over the building it owns after it defaulted on a $19 million loan last year, according to court filings.
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September 23, 2025
LPL Financial Nabs Ex-AUSA, Eversheds Investigations Head
LPL Financial has hired a former Manhattan federal prosecutor as head of litigation and arbitration following her time as co-leader of Eversheds Sutherland's corporate crime and investigations practice.
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September 23, 2025
Climate Transition-Focused SPAC Plans For $150M IPO
Special purpose acquisition company Climate Transition Special Opportunities SPAC I has filed plans with U.S. regulators to raise up to $150 million in its initial public offering, with the goal of acquiring a company in the renewable energy or specialty finance space.
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September 23, 2025
1st Circ. Won't Let Citizens Bank Escape Escrow Interest Suit
The First Circuit has revived a proposed class action accusing Citizens Bank of violating Rhode Island law by not making interest payments for mortgage escrow accounts, ruling the action must be reinstated in part because of a U.S. Supreme Court decision handed down after the case was dismissed.
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September 22, 2025
Ex-Joseph Gunnar Broker Cops To $1M Insider Trading Scheme
A former Joseph Gunnar & Co. broker Monday admitted to his role in what prosecutors say was a scheme to use confidential information about upcoming secondary stock offerings to make over $1 million in illicit profits.
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September 22, 2025
Davis Polk, Goodwin Guide $675M Bitcoin Treasury Merger
Strive Inc. announced Monday that it plans to purchase $675 million worth of bitcoin and acquire Semler Scientific Inc. in an all-stock transaction in a deal guided by Davis Polk & Wardwell LLP and Goodwin Procter LLP.
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September 22, 2025
$100K H-1B Fee Will Likely Hurt Both US And Foreign Workers
The new $100,000 fee for H-1B visas, which took effect on Sunday with little advance notice, blindsided immigration attorneys who told Law360 that it could ultimately hurt domestic workers by driving U.S. companies to do business elsewhere.
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September 22, 2025
SEC Sues NC Man For 'Free-Riding' Securities Scheme
A North Carolina man faces U.S. Securities and Exchange Commission allegations that he systematically gamed certain broker-dealers to engage in a so-called free-riding scheme that enabled him to trade nearly $900,000 worth of securities despite not actually possessing the funds to do so.
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September 22, 2025
Judge Blocks New Claims In BNY Mellon Self-Dealing Suit
A pair of investors with the Bank of New York Mellon can't use an amended complaint to raise a relatively new theory of liability against the bank nearly five years after filing their original suit, a Pennsylvania federal judge ruled Monday.
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September 22, 2025
UK, US To Collaborate On Capital Markets, Crypto Policy
The U.S. Department of the Treasury and the United Kingdom's financial ministry on Monday announced the formation of a joint taskforce to explore ways to collaborate on digital asset policy and "improve links" between the two countries' capital markets.
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September 22, 2025
Fifth Third Can Keep $30M In Escrow Fight, Judge Rules
A New York federal judge has sided with Fifth Third Bank in a $30 million escrow fight, finding its claim notice over alleged "platform fee" violations was timely and valid, in a ruling that will require the suing private equity seller to return $10 million that was already released.
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September 22, 2025
Catching Up With Delaware's Chancery Court
Last week, Match.com secured approval for a $30M settlement over its 2019 reverse spinoff from IAC, and Vice Chancellor Morgan T. Zurn urged decorum among Delaware lawyers, comparing recent legal turmoil to dark times in British monarchy history. Here's the latest from the Chancery Court.
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September 22, 2025
Experian Asks 4th Circ. To Reverse Arb. Ruling In FCRA Suit
Consumer reporting agency Experian has asked the Fourth Circuit to overturn a lower court's decision concerning the arbitration of a lawsuit brought by a consumer falsely reported as dead, saying the judge was wrong not to enforce clauses in the consumer's agreement that delegated such decisions to an arbitrator.
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September 22, 2025
Amex Can't Push 'Illusory' Arbitration Over 'Anti-Steering' Rule
A putative class of businesses does not have to arbitrate claims that American Express violated antitrust laws by effectively preventing merchants that accept credit cards from incentivizing customers to use lower-fee cards, after a Massachusetts federal court ruled it will not "close its eyes" to the "illusory" arbitration agreement.
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September 22, 2025
Credit Union, Insurers End Embezzlement Coverage Dispute
A credit union seeking coverage for $5.5 million in embezzled funds agreed to end a suit accusing its fidelity bond insurers of secretly amending policy language to avoid coverage for "virtually any catastrophic loss," according to a notice filed Monday in Georgia federal court.
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September 22, 2025
Toy Company Eyes UBS Records Amid FINRA Arbitration
A toy company whose brands include Bratz dolls and Little Tikes has urged an Iowa federal judge to unseal records that it says will bolster its arbitration against UBS over claims that the global wealth manager wrongly advised the company to short-sell Tesla stock.
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September 22, 2025
Barclays Credit Card User Must Arbitrate Meta Privacy Suit
A Barclays customer must arbitrate his putative class action alleging it discloses his interactions on the bank's website with Meta Platforms Inc. while logged into his Barclays account, after a New York federal judge said Friday his subsequent use of his credit cards supports that he received cardholder agreements containing arbitration provisions.
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September 22, 2025
Atty Gets Last Chance To Sue Ex After $30K Loan Judgment
A Florida employment lawyer suing his ex and her attorneys for bringing an allegedly vexatious lawsuit will have one more chance to file "simple, concise and direct" claims in a fourth amended complaint, a Connecticut federal judge ruled Monday while dismissing Wells Fargo and a mortgage consultant as defendants.
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September 22, 2025
Cuellar Bribery Indictment Survives Despite Speech Defense
A Texas federal judge has rejected a bid from U.S. Rep. Henry Cuellar, D-Texas, to escape bribery charges on the grounds that he is immune from prosecution under the Constitution's speech or debate clause, saying the government has alleged misconduct that is not shielded through a relationship to official legislative acts.
Expert Analysis
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Opinion
Senate's 41% Litigation Finance Tax Would Hurt Legal System
The Senate’s latest version of the Big Beautiful Bill Act would impose a 41% tax on the litigation finance industry, but the tax is totally disconnected from the concerns it purports to address, and it would set the country back to a time when small plaintiffs had little recourse against big defendants, says Anthony Sebok at Cardozo School of Law.
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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.