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Banking
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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.
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October 30, 2025
NYC Hotel Co. Owners Charged With Fraud Over Loan Scheme
Two owners of a Brooklyn hotel management company "fraudulently obtained" nearly $2 million worth of COVID-19 relief loans in a wire and bank fraud scheme that stretched from at least March 2020 to April 2022, the federal government alleged in New York federal court on Thursday.
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October 30, 2025
Ex-Amazon Coder Again Avoids Prison For Capital One Hack
A former Amazon coder who exposed personal information belonging to nearly 100 million people amid a data breach targeting Capital One in 2019 was resentenced Wednesday in Washington federal court to time served, plus two years of supervised release and community service and ordered to pay nearly $41 million in restitution.
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October 30, 2025
Sidley's 'Incomplete' Story Hid Fraud Scheme, Family Says
A family alleging it was roped into an illegal tax sheltering scheme on the advice of a former Sidley Austin LLP attorney has urged a Georgia federal judge to keep its suit against the firm alive, arguing a jury should decide when the family knew enough about the fraud to move forward with its claims.
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October 30, 2025
Ethics Atty Says Tattler's Timing Supports 'Blackmail' Threat
A Pennsylvania attorney told a Florida bankruptcy court that debtors he'd been trying to collect from for years had unreported assets, just days after he allegedly threatened their lawyer that he would do so if they didn't pay up, state ethics watchdogs told a disciplinary panel Thursday.
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October 30, 2025
OpenAI Preps For IPO At $1T Valuation, Plus More Rumors
Sam Altman's OpenAI is prepping plans for an initial public offering that could value the artificial intelligence behemoth at up to $1 trillion, Facebook-owner Meta is preparing for an up to $25 billion bond offering, and major banks are gearing up for the launch of a $38 billion debt offering to fund data centers to be used by technology giant Oracle.
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October 30, 2025
NYSDFS Superintendent Returns To Sullivan & Cromwell
Sullivan & Cromwell LLP announced Thursday that the former superintendent of the New York State Department of Financial Services is returning to the firm where she began her legal career.
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October 30, 2025
Ga. Panel Finds No 'Bad Faith' In Wells Fargo Trust Suit
The Georgia Court of Appeals has reversed a trial court's finding that Wells Fargo Bank, as trustee, misinterpreted language in a trust established in a man's last will and testament and its order that numerous distributions be made to one of the trust beneficiaries.
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October 29, 2025
Greenpeace Gets Dakota Pipeline Damages Cut To $345M
A North Dakota state judge Wednesday reduced a jury's $666 million damages award against Greenpeace to $345 million in litigation claiming the group falsely disparaged the Dakota Access Pipeline project during environmental protests, finding that some of the damages awarded by the jury weren't backed by evidence.
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October 29, 2025
FDIC's Hill To Cite Reform Focus, Experience At Senate Vetting
Acting Federal Deposit Insurance Corp. Chairman Travis Hill plans to kick off his Thursday pitch for U.S. Senate confirmation by stressing priorities that have included sharpening the agency's focus on "material financial risks" and strengthening its readiness to handle major bank failures.
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October 29, 2025
Visa Must Face Cardholders' Antitrust Claims, Judge Says
A New York federal judge has trimmed two antitrust suits against Visa Inc. over its use of exclusive contracts in the U.S. debit card market, axing certain state law and damages claims but also finding that the consumer plaintiffs plausibly alleged the company's conduct suppressed competition.
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October 29, 2025
Bank Groups Press 5th Circ. To Rehear OCC In-House Case
Banking industry groups have urged the Fifth Circuit to revisit a panel decision allowing federal regulators to try banking enforcement cases in-house, arguing the ruling was wrong and risks stripping thousands of banks and millions of bankers of their right to a jury trial.
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October 29, 2025
CFPB's Biden-Era Open Banking Rule Put On Hold
A Kentucky federal judge on Wednesday barred the Consumer Financial Protection Bureau from enforcing its open banking rule until the regulator completes its reconsideration of the controversial data-sharing mandate.
Expert Analysis
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Agentic AI Puts A New Twist On Attorney Ethics Obligations
As lawyers increasingly use autonomous artificial intelligence agents, disciplinary authorities must decide whether attorney responsibility for an AI-caused legal ethics violation is personal or supervisory, and firms must enact strong policies regarding agentic AI use and supervision, says Grace Wynn at HWG.
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The Consequences Of OCC's Pivot On Disparate Impact
The Office of the Comptroller of the Currency's recent move to stop scrutinizing facially neutral lending policies that disproportionately affect a protected group reflects the administration's ongoing shift in assessing discrimination, though this change may not be enough to dissuade claims by states or private plaintiffs, says Travis Nelson at Polsinelli.
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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.