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Banking
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September 26, 2025
United Bank To Pay $2M Settling ESOP Class Action
United Bank Corp. has agreed to pay $2 million to settle claims it booted former employees out of its employee stock ownership plan and cut them out of the proceeds of a $23.3 million dividend, according to a filing in Georgia federal court.
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September 26, 2025
2nd Circ. Urged To Rethink Afghan Central Bank Ruling
Victims of two terrorist attacks have called on the en banc Second Circuit to reconsider a panel's August decision rejecting their attempts to secure blocked funds held by the central bank of Afghanistan, arguing the panel ignored U.S. Supreme Court and Second Circuit precedents.
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September 26, 2025
Capital One Resolves Ex-Workers' 401(k) Forfeiture Suit
Capital One has agreed to end a proposed class action alleging it unlawfully used tens of millions of dollars in forfeited 401(k) funds to reduce its own contributions to the plan rather than curtail administrative costs, the company told a New York federal court.
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September 26, 2025
JPMorgan Must Face Mich. Firm's Fraud Debt Collection Suit
JPMorgan Chase Bank must face a Michigan law firm's claim that the firm shouldn't have to repay debt for lines of credit a former controller took out fraudulently in the firm's name, a Michigan federal judge said, but the bank escaped allegations under the Michigan Consumer Protection Act.
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September 26, 2025
Wells Fargo Nears Deal With Investors In 'Sham' Hiring Suit
Wells Fargo and investors who said they lost money after allegations surfaced that the bank conducted fake interviews to show it met diversity goals have told a California federal court they've reached a settlement in principle, less than two weeks after the company announced a deal in a derivative lawsuit over similar claims.
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September 26, 2025
Jones Day Hires NY Public Finance Attorney From Orrick
Jones Day announced that its New York office has gained a former Orrick Herrington & Sutcliffe LLP lawyer who advises issuers, underwriters and lenders on public finance and real assets transactions.
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September 26, 2025
Taxation With Representation: De Brauw, Hengeler Mueller
In this week's Taxation With Representation, power grid operator TenneT Holding sells a stake in its German transmission business to institutional investors, Pfizer Inc. acquires biotechnology company Metsera Inc., and Dutch brewer Heineken NV buys most of Costa Rica's FIFCO beverage and retail operations.
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September 26, 2025
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen Sanjeev Gupta’s Liberty OneSteel sue its collapsed former lender Greensill Capital, television personality Janice Dickinson hit ITV with a personal injury claim after falling over while appearing on “I’m a Celeb …”, and energy investor Blasket bring fresh litigation against Spain amid a row over a $416 million arbitration award. Here, Law360 looks at these and other new claims in the U.K.
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September 25, 2025
Standing Questions Loom In Mozambique LNG Loan Dispute
The requirements for organizational standing dominated much of Thursday's oral argument over the Export-Import Bank of the United States' decision to back a massive liquefied natural gas project in Mozambique, as the challengers sought a preliminary injunction that could hinge on recent standing rulings from the D.C. Circuit and U.S. Supreme Court.
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September 25, 2025
Fed's Cook Warns Justices Of Fed Independence 'Death Knell'
Federal Reserve Gov. Lisa Cook urged the U.S. Supreme Court on Thursday to reject President Donald Trump's bid to immediately oust her, warning that allowing her dismissal at this juncture would "sound the death knell" for an independent Fed.
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September 25, 2025
CashCall Urges Justices To Overturn $134M CFPB Award
CashCall is asking the U.S. Supreme Court to overturn a Ninth Circuit order that left the loan company on the hook for $134 million in restitution to the Consumer Financial Protection Bureau, despite the firm's insistence that conflicting precedent deprived it of its right to a jury trial.
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September 25, 2025
Big Banks Beat Yearslong Libor-Rigging Claims In NY
A New York federal judge Thursday disposed of the remaining claims in long-running multidistrict litigation accusing Bank of America, Merrill Lynch and more than a dozen other large banks of Libor manipulation.
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September 25, 2025
Atkins Hints At Flexible Reporting Deadlines For Public Cos.
With the U.S. Securities and Exchange Commission preparing to seek public feedback on President Donald Trump's proposal that public companies be allowed to report their financial results only twice a year, agency Chair Paul Atkins suggested Thursday that the SEC may not take a "one-size-fits-all" approach.
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September 25, 2025
Cleo AI Military Lending Suit Paused Amid 9th Circ. Appeal
A Washington federal judge has halted proceedings in an Army staff sergeant's proposed class action alleging Cleo AI Inc. violates the Military Lending Act by employing predatory lending practices through its cash advances.
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September 25, 2025
BBVA's Boosted $23B Sabadell Bid Gets Approval In Spain
Spain's securities regulator, the Comisión Nacional del Mercado de Valores, has approved BBVA's revised offer to Banco Sabadell shareholders, which includes a 10% increase in consideration and more favorable tax treatment, the lender announced Thursday.
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September 25, 2025
Mich. Judge Backs $778M Judgment Against Auto Parts Mogul
A Michigan federal judge on Thursday said Alter Domus LLC can pursue a judgment against a Detroit-area businessman's trust in a decades-old dispute over a guaranty agreement, renewing the more than $770 million award to the administrative agent after determining it properly took over the case from JPMorgan Chase.
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September 25, 2025
DC Circ. Backs Whistleblower In IRS Award Dispute
A whistleblower who received millions of dollars in awards for helping the IRS nab prominent Wall Street firms that helped offshore hedge funds evade taxes was wrongly blocked from receiving millions more, the D.C. Circuit ruled.
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September 25, 2025
Flagstar Seeks Instant Win In Ex-Live Well VP Fraud Case
Flagstar Bank has urged a Michigan federal judge to grant it an early win against a former executive of the now-bankrupt Live Well for his role in a scheme to defraud lenders by inflating the value of bonds, saying because the executive already pled guilty to securities fraud, he cannot now deny liability in the bank's civil case.
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September 25, 2025
First Merchants, First Savings Merge In $241M All-Stock Deal
Dentons-advised First Merchants Corp. and First Savings Financial Group Inc., led by Luse Gorman PC, on Thursday unveiled plans to merge in an all-stock deal valued at roughly $241 million.
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September 25, 2025
3rd Circ. Won't Revive Debt Collection Suit Against NJ Firm
The Third Circuit rejected a bid Thursday from a woman suing Cohn Lifland Pearlman Herrmann & Knopf LLP to revive her proposed class action over allegedly unfair debt collection practices after a federal trial court ruled that she filed her suit too late.
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September 25, 2025
Fed. Circ. Revives Apex Bank's TM Bid Over TTAB Error
The Trademark Trial and Appeal Board incorrectly prevented a Tennessee bank from registering "Aspire Bank" for banking and financial services because of potential confusion with a credit card company's existing "Aspire" mark, the Federal Circuit said in a precedential decision Thursday that remanded the case for further analysis.
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September 24, 2025
Robocall Recipients Get Class Cert. Against Ill. Bank
Consumers who allegedly received unwanted robocalls from Illinois-based Federal Savings Bank will secure certification of a nationwide class of nearly 2.3 million consumers in a proposed Telephone Consumer Protection Act class action, an Illinois federal judge has decided.
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September 24, 2025
SEC Gets $7M Default Insider Trading Win Against UK Trader
A Manhattan federal judge on Wednesday ordered a British-Lebanese trader to pay over $7.7 million, stemming from the U.S. Securities and Exchange Commission's insider trading allegations, months after the defendant avoided extradition from the U.K. on parallel criminal charges.
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September 24, 2025
Texas Banker Says Co.'s $30M Fraud Suit Must Be Arbitrated
A South African company's lawsuit accusing a Texas family, a wealth manager and Frost Bank of orchestrating a $30 million embezzlement and money laundering scheme belongs in arbitration, the defendants have told a Fort Worth federal judge.
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September 24, 2025
FINRA To Nix Minimum Equity Requirement For Day Traders
The Financial Industry Regulatory Authority announced Wednesday that its board approved changes to its rules for so-called pattern day trading that would remove a minimum equity requirement for such traders.
Expert Analysis
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Series
Being A Professional Wrestler Makes Me A Better Lawyer
Pursuing my childhood dream of being a professional wrestler has taught me important legal career lessons about communication, adaptability, oral advocacy and professionalism, says Christopher Freiberg at Midwest Disability.
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How FDIC Appeals Plan Squares With Fed, OCC Processes
The Federal Deposit Insurance Corp.'s recent proposal to revise its appeals process merits a fresh comparison to the appeals systems of the Federal Reserve and Office of the Comptroller of the Currency, and would provide institutions with greater transparency and independence, say attorneys at Alston & Bird.
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SEC Rulemaking Radar: The Debut Of Atkins' 'New Day'
The U.S. Securities and Exchange Commission's regulatory flex agenda, published last week, demonstrates a clear return to appropriately tailored and mission-focused rulemaking, with potential new rules applicable to brokers, exchanges and trading, among others, say attorneys at Goodwin.
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Series
Law School's Missed Lessons: Adapting To The Age Of AI
Though law school may not have specifically taught us how to use generative artificial intelligence to help with our daily legal tasks, it did provide us the mental building blocks necessary for adapting to this new technology — and the judgment to discern what shouldn’t be automated, says Pamela Dorian at Cozen O'Connor.
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Ch. 11 Ruling Voiding $2M Litigation Funding Sends A Warning
A recent Texas bankruptcy court decision that a postconfirmation litigation trust has no obligations to repay a completely drawn down $2 million litigation funding agreement serves as a warning for estate administrators and funders to properly disclose the intended financing, say attorneys at Kleinberg Kaplan.
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Why Fla. Ruling Is A Call To Action For Foreclosure Counsel
A Florida state court's recent decision in Open Range Properties v. AmeriHome Mortgage has sent ripples through the banking industry and the legal community, and signals a new era of heightened scrutiny and procedural rigor in foreclosure litigation, says Andrew McBride and Adams & Reese.
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Demystifying The Civil Procedure Rules Amendment Process
Every year, an advisory committee receives dozens of proposals to amend the Federal Rules of Civil Procedure, most of which are never adopted — but a few pointers can help maximize the likelihood that an amendment will be adopted, says Josh Gardner at DLA Piper.
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A Foreign Currency Breach Won't Always Sink EB-5 Cases
Recent court decisions show that, while EB-5 investors must be able to show the lawfulness of their funds and methods of transfer, a third-party currency exchanger's violation of another country’s currency export control law does not, by itself, taint the funds for purposes of U.S. investment, says Jun Li at Reid & Wise.
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With Obligor Ruling, Ohio Justices Calm Lending Waters
A recent decision by the Ohio Supreme Court, affirming a fundamental principle that lenders have no duty to disclose material risks to obligors, provides clarity for commercial lending practices in Ohio and beyond, and offers a reminder of the risks presented by guarantee arrangements, says Carrie Brosius at Vorys.
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Evaluating The SEC's Rising Whistleblower Denial Rate
The rising trend of U.S. Securities and Exchange Commission whistleblower award claim denials represents a departure from the SEC's previous track record and may reflect a more conservative approach to whistleblower award determinations under the current administration, say attorneys at Troutman Pepper.
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State Crypto Regs Diverge As Federal Framework Dawns
Following the Genius Act's passage, states like California, New York and Wyoming are racing to set new standards for crypto governance, creating both opportunity and risk for digital asset firms as innovation flourishes in some jurisdictions while costly friction emerges in others, say attorneys at Sheppard Mullin.
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Parenting Skills That Can Help Lawyers Thrive Professionally
As kids head back to school, the time is ripe for lawyers who are parents to consider how they can incorporate their parenting skills to build a deep, meaningful and sustainable legal practice, say attorneys at Alston & Bird.
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Series
Teaching Trial Advocacy Makes Us Better Lawyers
Teaching trial advocacy skills to other lawyers makes us better litigators because it makes us question our default methods, connect to young attorneys with new perspectives and focus on the needs of the real people at the heart of every trial, say Reuben Guttman, Veronica Finkelstein and Joleen Youngers.
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What New CFPB Oversight Limits Would Mean For 4 Markets
As the Consumer Financial Protection Bureau continues to centralize its resources, proposals to alter the definition of larger market participants in the automobile financing, international money transfer, consumer reporting and consumer debt collection markets would reduce the scope of the bureau's oversight, say attorneys at Holland & Knight.
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Potential Paths To Modernizing The Bank Secrecy Act
The Bank Secrecy Act's analog design has become increasingly incompatible with today's digital financial ecosystem, but legislative reforms, coupled with regulatory adjustments including updated thresholds, feedback mechanisms and innovation sandboxes, would help adjust the act to the unique challenges of modern technology, says Matthew Biben at King & Spalding.