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Banking
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November 03, 2025
'Pay-To-Pay' PenFed Fee Class Scores Cert. In West Virginia
A West Virginia federal judge granted certification Monday to a class of borrowers who claim Pentagon Federal Credit Union illegally charged them a $5 fee for making loan payments by phone or online, finding that the class meets all the requirements for certification.
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November 03, 2025
Capital One 'Refer-a-Friend' Text Suit Dropped In Wash.
People who say they were pelted with unsolicited Capital One texts due to the bank's "refer a friend" marketing initiatives have quietly dropped their suit against the financial institution in Washington federal court.
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November 03, 2025
Judge Reminds Gov't To Follow Media Rules In James Case
A Virginia federal judge has reminded the parties in the government's alleged bank fraud case against New York Attorney General Letitia James not to publicly discuss grand jury proceedings after U.S. Attorney Lindsey Halligan texted with a reporter about the case in October.
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November 03, 2025
Investors Seek Class Cert. In Antitrust Suit Over Securities IDs
Investment management firms urged a New York federal judge to certify their proposed class action against S&P Global and others over the use of identification numbers for financial instruments, arguing Monday there's common evidence showing the defendants maintained monopoly power through licensing terms.
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November 03, 2025
Williams & Connolly Loses FOIA Suit For Halkbank Documents
Federal agencies including U.S. Immigration and Customs Enforcement have fulfilled their obligations responding to certain Freedom of Information Act requests made by Williams & Connolly LLP in connection with its defense of Turkish state-owned bank Halkbank, a D.C. federal judge has determined.
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November 03, 2025
Fla. Cannabis Banking Biz Broke Law, Investor Suit Says
An investor in Florida-based First National Bank of Pasco hit the bank with a lawsuit alleging that its inability to manage lending to cannabis industry operators has made it prone to regulatory scrutiny and financial harm, including a recent investigation by the Office of the Comptroller of the Currency.
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November 03, 2025
Suit Claims Cos. Fraudulently Charging 'Zombie' Loan Interest
A proposed class of borrowers is accusing a mortgage servicer and a debt owner in Virginia federal court of fraudulently charging them thousands of dollars of retroactive interest fees for their "long-dormant," "zombie" mortgage loans.
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October 31, 2025
JPMorgan Kept Biz With 'Child Sleaze' Epstein Despite Flags
JPMorgan Chase reported Jeffrey Epstein's suspicious cash transactions suggesting sex-trafficking years before the financier faced felony charges, but the bank continued to do business with him even as banking executives joked internally about Epstein as a "known child sleaze," according to documents unsealed in New York federal court Friday.
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October 31, 2025
Bank Group Cautions OCC On Fintech Trust Charter Bids
Another major banking trade group is pushing back on efforts by a string of digital asset and payment firms to obtain federal banking charters from the Office of the Comptroller of the Currency, warning that granting the charters would invite legal and systemic risks.
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October 31, 2025
Banking, Business Groups Call For Federal AI Regulations
Business and banking industry groups are calling for federal legislation to preempt what they say is a patchwork of state and local regulations on artificial intelligence, throwing their support behind the Trump administration's policy blueprint for "winning the AI race."
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October 31, 2025
Wheeling & Appealing: The Latest Must-Know Appellate Action
In this installment of Wheeling & Appealing, November's appellate calendar features a Trump lawsuit against Hillary Clinton, New York City housing disputes, drug pricing battles, immigrant rights cases, and challenges to so-called patent troll laws.
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October 31, 2025
10th Circ. Rules Fed Can Reject Master Account Access
A divided Tenth Circuit panel ruled Friday that Federal Reserve banks have the discretion to reject master account access requests from eligible entities, rejecting crypto-focused Custodia Bank's claim that it is entitled to a master account in a decision that prompted a dissenting judge to say "the Fed has gone too far."
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October 31, 2025
MV Realty Will Pay $2.8M To End NJ Suit Lien Agreements
Florida-based MV Realty has entered into a $2.8 million settlement with New Jersey to resolve a lawsuit claiming it duped cash-strapped homeowners into signing agreements with predatory terms that placed liens on their homes for a one-time cash payment, the state's attorney general's office said Friday.
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October 31, 2025
SEC Extends Fee Cap Compliance Dates After DC Circ. Ruling
The U.S. Securities and Exchange Commission on Friday extended the compliance deadlines for new rules that will cap the fees that exchanges can charge investors and allow exchanges to quote stock prices in half-penny increments after the D.C. Circuit rejected calls to overturn the rules.
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October 31, 2025
CFPB Union Sounds Alarm As Funding 'Approaches Zero'
The Consumer Financial Protection Bureau's employee union warned that the agency is on the verge of running out of money and called for its acting Director Russell Vought to immediately request additional funds from the Federal Reserve.
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October 31, 2025
Insurers Denied Bid To Stay Avon's Ch. 11 Plan For Appeal
A Delaware bankruptcy judge denied a motion Thursday from insurers at Lloyd's of London to stay Avon Inc.'s Chapter 11 plan while the insurers appeal, finding the insurers had not shown they would be irreparably harmed by the plan taking effect.
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October 31, 2025
Ed Dept. Pushing Millions Of Borrowers Into Default, Suit Says
The secretary of the U.S. Department of Education and three major credit bureaus were hit with a proposed class action in Georgia federal court for allegedly forcing millions of student loan borrowers into delinquency and default due to operational failures in loan servicing after the COVID-19 deferment period ended earlier this year.
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October 31, 2025
TXSE Boasts $250M Total Capital After Latest Funding Round
TXSE Group, a company preparing to launch a Texas-based stock exchange similar to the likes of the New York Stock Exchange, revealed Friday it has raised more than $250 million in total capital following its second financing round that welcomed new investor J.P. Morgan.
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October 30, 2025
Snowflake, Clients Can't Escape MDL Over Cloud Data Breach
Cloud storage provider Snowflake, along with its clients Ticketmaster and LendingTree, will continue to face sprawling multidistrict litigation over a data breach that hit Snowflake last year, after a Montana federal judge refused several bids to ax or force arbitration of negligence and other claims brought by a wide range of consumers who were impacted by the incident.
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October 30, 2025
Small Biz Groups Seek Quick Win In CFPB Lending Data Fight
A coalition of consumer-aligned advocacy groups is seeking summary judgment in Washington, D.C., federal court in their suit aiming to compel the Consumer Financial Protection Bureau to implement a 15-year-old Congressional mandate to collect lending data for women- and minority-owned small businesses.
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October 30, 2025
FDIC's Hill Says Deposit Insurance Boost May Not Raise Costs
The Federal Deposit Insurance Corp.'s top official said at his Thursday confirmation hearing that a targeted increase in his agency's coverage limits could dampen depositor run risk without necessarily requiring it to charge all banks more for the extra protection.
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October 30, 2025
GOP Senator Floats Fair Access Bill In 'Debanking' Push
Sen. Thom Tillis, R-N.C., introduced draft legislation Thursday that he says builds on an earlier attempt to prevent banks from blocking conservatives or disfavored industries from opening accounts, proposing the creation of a fair access standard that allows regulators and attorneys general to sue noncompliant banks.
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October 30, 2025
Defamation Litigation Roundup: Drake, IRS, Greenpeace
In this month's review of defamation fights, Law360 highlights notable developments in California's anti-SLAPP law following a major Ninth Circuit opinion, as well as a decision — and appeal — in Drake's fight with his record label over Kendrick Lamar's diss track.
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October 30, 2025
Nicaraguan Businessman Sues Citi Over $270K Account Freeze
A Nicaraguan businessman has sued Citibank in Florida federal court, alleging the bank froze and closed his accounts holding more than $270,000 without explanation and has failed to return the money to him.
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October 30, 2025
Meta Says CFPB Has Dropped Biden-Era Advertising Probe
Meta Platforms Inc. said Thursday that the Consumer Financial Protection Bureau has closed an investigation into its finance-related advertising practices, a disclosure that comes a year after the agency signaled it was considering a possible enforcement action.
Expert Analysis
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Series
Quilting Makes Me A Better Lawyer
Turning intricate patterns of fabric and thread into quilts has taught me that craftsmanship, creative problem-solving and dedication to incremental progress are essential to creating something lasting that will help another person — just like in law, says Veronica McMillan at Kramon & Graham.
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2 Appellate Rulings Offer Clickwrap Enforcement Road Map
Two recent decisions from the Fourth and Eleventh Circuits in cases involving Experian signal that federal appellate courts are recognizing clickwrap agreements' power in spite of their simplicity, and offer practical advice on how companies can sufficiently demonstrate notice and assent when attempting to enforce contractual terms, says Brian Willett at Saul Ewing.
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How To Prep For Potential Passage Of SAFER Banking Act
The Secure and Fair Enforcement Regulation, or SAFER, Banking Act, could fundamentally reshape how financial institutions interact with cannabis businesses, so operators that move now to get their house in order will be best positioned to capitalize if and when change comes, says Alex Leonowicz at Howard & Howard.
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How AI Is Easing Digital Asset Recovery In Fraud Cases
In combination with recent legislation and a maturing digital asset infrastructure, artificial intelligence tools are making it easier to recover stolen assets, giving litigants a more specific understanding of financial fraud earlier in the process and making it economically feasible to pursue smaller fraud claims, says Solomon Shinerock at Lewis Baach.
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5 Critical Changes Coming To Bankruptcy Rule 3002.1
Residential mortgage lenders and servicers should prepare for significant amendments to Bankruptcy Rule 3002.1 taking effect this December that will impose new filing requirements, codify how creditors handle untimely payment change notices and allow debtors to request status updates, say attorneys at Bradley Arant.
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Sanctions Considerations For Reentering The Syrian Market
Reentering or opening new markets in Syria, now that the Trump administration has revoked certain long-standing sanctions and export controls, necessitates increased due diligence and best practices capable of adapting to a changing local environment as well as future changes in U.S. law, say attorneys at Nixon Peabody.
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What 2 Profs Noticed As Transactional Law Students Used AI
After a semester using generative artificial intelligence tools with students in an entrepreneurship law clinic, we came away with numerous observations about the opportunities and challenges such tools present to new transactional lawyers, say professors at Cornell Law School.
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Despite SEC Reset, Private Crypto Securities Cases Continue
While the U.S. Securities and Exchange Commission under the Trump administration has charted a new approach to crypto regulation, the industry still lacks comprehensive rules of the road, meaning private plaintiffs continue to pursue litigation, and application of securities laws to crypto-assets will be determined by the courts, say attorneys at Skadden.
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Crypto Custody Guidelines Buoy Both Banks And Funds
A statement released last month by banking regulators — highlighting risks that the agencies expect banks holding crypto-assets to mitigate — may encourage more traditional institutions to offer crypto-asset safekeeping and thereby offer asset managers more options for qualified custodians to custody crypto-assets for their clients, say attorneys at Dechert.
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Rebuttal
BigLaw Settlements Should Not Spur Ethics Deregulation
A recent Law360 op-ed argued that loosening law firm funding restrictions would make BigLaw firms less inclined to settle with the Trump administration, but deregulating legal financing ethics may well prove to be not merely ineffective, but counterproductive, says Laurel Kilgour at the American Economic Liberties Project.
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What FinCEN's AML Rule Delay Means For Advisers
Even with the Financial Crimes Enforcement Network's statement last month delaying the compliance date for a rule requiring advisers to report suspicious activity, advisers can expect some level of U.S. Securities and Exchange Commission oversight in connection with anti-money laundering compliance, say attorneys at Simpson Thacher.
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5 Ways Lawyers Can Earn Back The Public's Trust
Amid salacious headlines about lawyers behaving badly and recent polls showing the public’s increasingly unfavorable view of attorneys, we must make meaningful changes to our culture to rebuild trust in the legal system, says Carl Taylor at Carl Taylor Law.
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State Laws Show Uniformity Is Key To Truly Fair Bank Access
The lack of uniformity among state laws — including new Idaho legislation — that forbid banks from discriminating against customers based on ideology shows that a single set of federally administered fair access rules would better serve financial institutions and American consumers, say attorneys at Bradley Arant.
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Class Actions At The Circuit Courts: August Lessons
In this month's review of class action appeals, Mitchell Engel at Shook Hardy discusses key takeaways from federal appellate decisions involving topics including antitrust, immigration, consumer fraud, birthright citizenship under the Fourteenth Amendment, and product defects.
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Series
Hiking Makes Me A Better Lawyer
On the trail, I have thought often about the parallels between hiking and high-stakes patent litigation, and why strategizing, preparation, perseverance and joy are important skills for success in both endeavors, says Barbara Fiacco at Foley Hoag.