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Banking
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April 04, 2025
11th Circ. Told Omitted Issues Void UBS Arbitration Award
A Puerto Rican man urged the Eleventh Circuit on Friday to vacate a roughly $6.5 million arbitration award given to UBS Financial Services Inc. stemming from a long-running account contract dispute, arguing he didn't receive a fair hearing and because key issues to be resolved weren't identified in the award.
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April 04, 2025
Nissan Settles With NJ Dealers In Suit Over Predatory Loans
Nissan North America Inc. and its financing arm have settled a dispute with New Jersey auto dealers who said they were forced to take $20 million worth of predatory loans that financed an overabundance of inventory the car giant ordered them to carry amid corporate pressure to raise sales, according to a letter filed in federal court.
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April 04, 2025
Citizens Bank Sues Valley National Over Loan Dispute
Citizens Bank alleged in New Jersey federal court that Valley National Bank broke a loan participation agreement by failing to disclose borrower defaults and refusing to repurchase Citizens' $30 million stake in a troubled $65 million mortgage loan.
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April 04, 2025
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen Russian industrialist Oleg Deripaska target the intelligence arm of CT Group with a commercial fraud claim, Big Technologies sue its former CEO for allegedly concealing interests in several shareholders, and an investment firm tackle a professional negligence claim by Adidas. Here, Law360 looks at these and other new claims in the U.K.
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April 04, 2025
Taxation With Representation: Ropes & Gray, Paul Hastings
In this week's Taxation With Representation, Siemens AG acquires Dotmatics from Insight Partners, LPL Financial acquires Commonwealth Financial Network, Brookfield Asset Management takes a majority stake in Angel Oak Cos., and TowneBank acquires Old Point Financial Corp.
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April 03, 2025
CFPB Says It Will Reopen Small-Biz Lending Rule
The Consumer Financial Protection Bureau said Thursday that it will reopen its Biden-era rule requiring financial institutions to report data on their small business lending activity, the latest policy pivot for the agency under its new Trump-appointed leadership.
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April 03, 2025
Laos Can't Get $5M Award Enforced Against Businessman
A federal judge on Thursday shut down the government of Laos' bid to enforce some $5 million in arbitral awards against an entrepreneur who was not party to an underlying arbitration stemming from an ill-fated casino venture, saying the actual award debtors are the ones that should be targeted.
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April 03, 2025
Georgia Credit Union Hit With DACA-Recipient Bias Suit
The Credit Union of Georgia was hit with a proposed class action in federal court on Thursday by a Deferred Action for Childhood Arrivals recipient who claims the credit union uses immigration status as a basis to reject potential customers.
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April 03, 2025
DC Circ. Steps In To Pause CFPB Order As Judge Denies Stay
A D.C. Circuit panel on Thursday put a temporary, limited hold on a federal judge's preliminary injunction barring further cuts at the Consumer Financial Protection Bureau, even as the judge herself largely denied a Trump administration bid to stay it for appeal.
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April 03, 2025
Fulton Bank Keeps $7.7M Win In Pa. Development Loan Fight
The Pennsylvania Superior Court has affirmed a $7.7 million judgment in favor of Fulton Bank in legal battle with developers over construction loans used to build a manufactured home community, reasoning the companies' arguments that they were entitled to a jury trial didn't move the needle in their favor.
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April 03, 2025
House Moves Stablecoin Bill Despite Dems' Conflict Concerns
The House Financial Services Committee advanced its federal framework for stablecoins just before midnight Wednesday following hours of markup during which Democrats raised concerns that the Trump family and administration officials' involvement with crypto ventures will create conflicts of interest.
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April 03, 2025
Feds Say Cash Advance Biz Owner Ran $40M Ponzi Scheme
Federal prosecutors said Thursday that a Miami man ran a $40 million Ponzi scheme through a company that purported to make money through quick loans to small businesses.
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April 03, 2025
ATM Company Sanctioned For 'Objectively Frivolous' Claim
A Georgia federal judge on Wednesday tossed an attempt to relitigate a patent infringement suit brought by an ATM technology company against a competitor, and sanctioned its attorneys for bringing the "objectively frivolous" claim that the competitor defrauded the court in a previous suit.
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April 03, 2025
Fla. Atty Cites Law School Debt In Bid To Skip Conn. Oral Args
A Florida employment attorney embroiled in state and federal proceedings over a judgment requiring him to repay his ex's $30,000 contribution toward his law school loans says he can't afford to travel to Connecticut to argue an appeal because his debts and lack of income while traveling make in-person attendance difficult.
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April 03, 2025
'No Serious Question' Federal Firings Broke Law, Justices Told
Federal employee unions and advocacy groups urged the U.S. Supreme Court on Thursday to reject the Trump administration's bid to pause a California court order reinstating tens of thousands of probationary workers fired from six agencies, arguing the government can't escape self-inflicted harms brought on by its allegedly unlawful actions.
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April 03, 2025
Ginnie Mae Wins Fight Over Reverse Mortgage Collateral
A Texas federal judge granted a win to Ginnie Mae and the U.S. Department of Housing and Urban Development over challenges to their decision to extinguish Texas Capital Bank's lien on reverse mortgage assets, holding that Ginnie Mae's statutory authority extends to the entire mortgage once an issuer defaults.
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April 03, 2025
Senate Advances Noms Of Trump's SEC, OCC Picks
The U.S. Senate Banking Committee voted along party lines Thursday to advance the nominations of President Donald Trump's chosen leaders for the U.S. Securities and Exchange Commission and the Office of the Comptroller of the Currency, sending both to the full Senate for a final confirmation vote.
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April 03, 2025
Mayer Brown Lures Structured Finance Duo From Kirkland
Mayer Brown LLP has expanded its complex structured financing capabilities by bringing on two former Kirkland & Ellis LLP attorneys to its banking and finance practice, including a counsel who is also a medical doctor, the firm said in a Thursday announcement.
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April 03, 2025
Ally Bank, White Ex-Worker End Suit Alleging Illegal Quotas
Ally Bank and a white, male former employee have agreed to end his discrimination suit alleging he was passed over for a senior role in favor of a woman with less experience so the company could check off diversity quotas, according to a North Carolina federal court filing.
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April 03, 2025
Atty Suspended Over Billing Lapses In State Street Case
The former managing partner of Thornton Law Firm LLP has received a 30-day license suspension for his decision to sign an inaccurate billing declaration to a federal judge in an investor action against State Street Bank.
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April 03, 2025
Ex-JPMorgan Atty Gets Probation For NYC Housing Fraud
A former Bronx prosecutor and JPMorgan attorney was sentenced in New York state court Thursday to probation and community service for fraud and grand larceny, after she pled guilty to using forged records to obtain low-rent apartments.
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April 03, 2025
Cango Selling China Biz For $352M In Bitcoin Mining Push
Cango Inc. said Thursday it has agreed to sell its existing business in China to Ursalpha Digital Ltd. for roughly $352 million in cash, as the company looks to transition from its Chinese automotive roots to focus on its growing international cryptocurrency operations.
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April 03, 2025
TowneBank Acquires Old Point In $203M Deal
Wachtell Lipton Rosen & Katz-led TowneBank on Thursday announced plans to acquire Old Point Financial Corp., advised by Troutman Pepper Locke LLP, in a $203 million deal.
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April 02, 2025
DC Judge Probes EPA's Reasons For Freezing Climate Funds
A D.C. federal judge on Wednesday pressed a U.S. Department of Justice lawyer about the U.S. Environmental Protection Agency's explanation for cutting off $20 billion in grant money for climate change projects as a trio of nonprofits seek to turn the funding back on.
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April 02, 2025
DC Circ. To Hear Trump Admin's Bid To Stay CFPB Injunction
A D.C. Circuit panel said Wednesday that it will hold a hearing next week on whether to stay a federal judge's order barring the Trump administration from shutting down the Consumer Financial Protection Bureau, taking up what has also become a jurisdictional dispute.
Expert Analysis
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AI Will Soon Transform The E-Discovery Industrial Complex
Todd Itami at Covington discusses how generative artificial intelligence will reshape the current e-discovery paradigm, replacing the blunt instrument of data handling with a laser scalpel of fully integrated enterprise solutions — after first making e-discovery processes technically and legally harder.
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When Innovation Overwhelms The Rule Of Law
In an era where technology is rapidly evolving and artificial intelligence is seemingly everywhere, it’s worth asking if the law — both substantive precedent and procedural rules — can keep up with the light speed of innovation, says Reuben Guttman at Guttman Buschner.
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What Compensation Committees Must Keep In Mind In 2025
New disclosure obligations, an evolving discussion on the analysis of executive perks and updated proxy adviser policies — on top of a new presidential administration — are all important things compensation committees must pay close attention to in 2025, say attorneys at Simpson Thacher.
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Likely Doomed CFPB Contract Rule Still Has Industry Pointers
While the Consumer Financial Protection Bureau's January proposal on consumer financial contract provisions is unlikely to be finalized under the new administration, its provisions are important for industry to recognize, particularly if state attorneys general decide to take up the enforcement mantle, say attorneys at Saul Ewing.
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Drug Cartels' Terrorist Label Raises Litigation Risk For Cos.
President Donald Trump's planned designation of some Latin American drug-trafficking groups as foreign terrorist organizations creates an additional and little-noticed source of legal exposure: U.S. civil litigation risk involving terrorism claims by victims of those groups, say attorneys at Covington.
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Best Practices To Optimize Cybersecurity Insurance
As cyberthreats continue to evolve, the risks associated with third-party vendor breaches are an increasing concern, so businesses must not only reevaluate their internal cybersecurity insurance, but also take proactive steps to evaluate and manage the risks posed by their third-party relationships, say attorneys at Reed Smith.
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The Tides Are Changing For Fair Access Banking Laws
The landscape of fair access banking laws, which seek to prevent banks from denying services based on individuals' ideological beliefs, has shifted in the last few years, but a new presidential administration provides renewed momentum for advancing such legislation against the backdrop of state efforts, say attorneys at Latham.
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Imagine The Possibilities Of Openly Autistic Lawyering
Andi Mazingo at Lumen Law, who was diagnosed with autism about midway through her career, discusses how the legal profession can create inclusive workplaces that empower openly autistic lawyers and enhance innovation, and how neurodivergent attorneys can navigate the challenges and opportunities that come with disclosing one’s diagnosis.
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A Halftime Analysis Of DOJ's Compensation Pilot Program
The U.S. Department of Justice appears to consider the first half of its three-year pilot program on compensation incentives and clawbacks to be proceeding successfully, so companies should expect prosecutors to emphasize the program and other compliance-related considerations early in investigations, say attorneys at Debevoise.
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Opinion
How Congress Can Stem Consumer Finance Law Uncertainty
In the face of rising uncertainty about consumer finance laws that are based largely on fluctuating administrative rules, Congress should cement certain existing laws into statute and clarify federal agencies' delegations of authority, say attorneys at Bradley Arant.
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Series
Documentary Filmmaking Makes Me A Better Lawyer
Becoming a documentary filmmaker has allowed me to merge my legal expertise with my passion for storytelling, and has helped me to hone negotiation, critical thinking and problem-solving skills that are important to both endeavors, says Robert Darwell at Sheppard Mullin.
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Litigation Funding Disclosure Debate: Strategy Considerations
In the ongoing debate over whether courts should require disclosure of litigation funding, funders and plaintiffs tend to argue against such mandates, but voluntarily disclosing limited details about a funding arrangement can actually confer certain benefits to plaintiffs in some scenarios, say Andrew Stulce and Marc Cavan at Longford Capital.
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2025 May Be A Breakout Year For The Cannabis Industry
The cannabis industry faced a slow and frustrating 2024, but consumer trends continue to shift in favor of cannabis, and the new administration may provide the catalyst that the industry needs, says Lynn Gefen at TerrAscend.
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Mass. Law Shows Patchwork Money Transfer Rules Persist
Though Massachusetts' recently passed law governing domestic money transfers means 26 states now have a version of the Model Money Transmission Modernization Act on the books, the national framework remains a patchwork that will continue to force industry players to pay sharp attention to state variations, say attorneys at Manatt.
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Top Considerations For Insurance Companies In 2025
As insurance industry participants look to plan for the year, regulatory changes, climate-related challenges, the ongoing effects of social inflation and the potential for significant mergers and acquisitions will be among the key items for insurer boards and management to have on their radar, say attorneys at Debevoise.