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Banking
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June 11, 2025
Holland & Knight Finance Ace Jumps To Norton Rose
Norton Rose Fulbright announced Wednesday that it has fortified its corporate finance offerings with a former Holland & Knight LLP partner who will share his time between Dallas and Chicago.
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June 10, 2025
Chamber Calls On Justices To Hear Auditor Fraud Case
The U.S. Chamber of Commerce is among the parties calling on the U.S. Supreme Court to take up a case accusing BDO USA LLP of securities fraud, telling the justices that allowing a Second Circuit ruling to stand could lead to more lawsuits against accountants, lawyers and underwriters.
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June 10, 2025
6th Circ. Probes Ambiguity Of Flagstar Overdraft Contract
A panel of Sixth Circuit appellate judges on Tuesday zeroed in on whether a Flagstar Bank customer had to read and understand an agreement to support claims a contract was ambiguous in her case alleging the bank charged surprise, repeated overdraft fees, noting that there is little benefit to reading an agreement if it's unclear.
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June 10, 2025
First Republic Brass Beat Investor Suit Over Bank Failure
A California federal judge dismissed for good a shareholder suit against the former directors and officers of now-failed First Republic Bank and its auditor over the lender's 2023 collapse, finding that the plaintiffs failed to first exhaust their required administrative remedies and, therefore, the court does not have jurisdiction to hear the case.
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June 10, 2025
Senate Dems Seek To Slow GOP Roll On CFPB Defunding Bill
Senate Banking Committee Democrats are demanding a hearing on GOP budget legislation that would defund the Consumer Financial Protection Bureau and make other financial agency cuts, arguing that its "sweeping" plans should be scrutinized before going to the floor.
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June 10, 2025
9th Circ. Says Legal Co.'s $1.7M Chase Check Suit Is Too Late
The Ninth Circuit affirmed a California federal court's ruling dismissing a suit by legal support company Nationwide Legal against JPMorgan Chase, saying its suit claiming Chase Bank acted negligently when it allowed a Nationwide Legal employee to deposit fraudulent checks was time-barred.
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June 10, 2025
Shaq To Pay $1.8M Over FTX Investors' Promotion Claims
Retired NBA star Shaquille O'Neal has agreed to pay $1.8 million to resolve claims he promoted crypto exchange FTX to the detriment of investors prior to its stunning collapse.
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June 10, 2025
Trump's CFTC Pick Won't Push To Fill Leadership Vacancies
President Donald Trump's pick to lead the U.S. Commodity Futures Trading Commission told senators Tuesday that the financial regulator would likely need to beef up its staff should Congress grant it more authority over the cryptocurrency industry, but he would not commit to pushing the president to fill vacancies at the top of the agency.
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June 10, 2025
Edward Jones Among 5 Firms Paying $9.3M Over Inflated Fees
Edward Jones, TD Ameritrade and three other wealth adviser firms have reached a $9.3 million settlement with the North American Securities Administrators Association after having been accused of overcharging fees for small-dollar investors.
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June 10, 2025
Farella Braun Wins Partial Fee Award In FDIC Dispute
A California federal judge has awarded Farella Braun & Martel LLP around $10,000 in attorney fees for the work its lawyers did for the bankrupt parent of Silicon Valley Bank, finding the receiver for the bank, the Federal Deposit Insurance Corp., failed to comply with discovery orders.
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June 10, 2025
SEC To Resume Review Of Swiss Adviser Registrations
Switzerland-based investment advisers seeking to do business in the U.S. can immediately resume submitting new and pending registration applications for consideration with the U.S. Securities and Exchange Commission, regulators said Tuesday.
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June 10, 2025
Sezzle Claims Shopify Is Stifling 'Buy Now, Pay Later' Services
Digital payment platform Sezzle Inc. has hauled Shopify Inc. into Minnesota federal court, accusing the Canadian e-commerce giant of abusing its market power in customizable online storefronts to further stifle competition for "buy-now, pay-later" services.
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June 10, 2025
Top CFPB Enforcer Quits Over 'Devastating' Agency Pullback
The Consumer Financial Protection Bureau's top enforcement official resigned Tuesday, saying she can no longer effectively do her job under leadership that "has no intention to enforce the law in any meaningful way."
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June 10, 2025
MoFo Adds Troutman Pepper Financial Services Duo In DC
Morrison Foerster LLP said Tuesday it is boosting its financial services and fintech groups with the addition of a former Federal Deposit Insurance Corp. executive and a past Federal Reserve Board attorney.
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June 09, 2025
OCC Rebuffs State Bankers' Call To Rescind Preemption Rules
The Office of the Comptroller of the Currency said Monday that it is standing by its regulations that purport to exempt banks it oversees from a swath of state-law limitations, swatting down a request from state regulators that want these rules overturned.
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June 09, 2025
Russian Crypto CEO, Charged With $530M Fraud, Can't Get Bail
The Russian CEO of Miami-based cryptocurrency firm Evita was arrested and charged Monday with 22 criminal counts for allegedly orchestrating a $530 million scheme to dodge U.S. sanctions and export controls and launder funds, prompting a New York federal judge to deny him bail given his incentive to flee.
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June 09, 2025
CFPB Will Move Ahead With Rest Of Calif. Debt Relief Suit
The Consumer Financial Protection Bureau told a California federal court on Monday that its new Trump-appointed leadership has decided to proceed with a debt relief services enforcement lawsuit that was paused after control of the agency changed hands in February.
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June 09, 2025
Treasury Warns Of Iranian 'Shadow Banking,' Oil Smuggling
The Treasury Department has laid out red flags that financial institutions should monitor for identifying and reporting possible sanctions evasion schemes and other suspicious activity tied to the Islamic Republic of Iran, including illicit oil smuggling and the use of "shadow banking" networks.
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June 09, 2025
Carebourn Opposes SEC's Bid To Remand 'Dealer' Case
Financial firm Carebourn Capital LP on Monday urged the Eighth Circuit to reject the U.S. Securities and Exchange Commission's bid to remand a $12 million unregistered dealer judgment the agency won, arguing the SEC is trying to skirt the case's liability issues.
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June 09, 2025
Bitcoin Platform Parataxis Eyes Public Listing Via SPAC Deal
Bitcoin-focused investment startup Parataxis Holdings LLC plans to go public through a merger with special purpose acquisition company SilverBox Corp IV, both parties announced Monday, marking the latest crypto-related foray into public markets.
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June 09, 2025
6th Circ. Urged To Revive Suit Over Student Loan Freeze
A Michigan think tank has urged the Sixth Circuit to revive its challenge to a Biden-era student loan forgiveness program during the COVID-19 pandemic, telling the appellate court that a district judge was wrong to find it didn't have standing.
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June 09, 2025
MoneyLion Must Wait To Challenge CFPB's Fed Funding
A New York federal judge has said that while MoneyLion may challenge the Consumer Financial Protection Bureau's funding as a defense to an enforcement lawsuit, the fintech must first answer the agency's allegations that it overcharged service members.
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June 09, 2025
Justices Urged To Keep Pause On 'Breakneck' Gov't Overhaul
The U.S. Supreme Court should leave in place a California federal judge's order barring implementation of layoffs and reorganizations at various federal departments and agencies, several unions and nonprofits argued Monday, claiming a decision allowing the changes would irreversibly harm the federal government and render Congress and the judiciary powerless.
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June 09, 2025
Mayer Brown Adds Banking Finance Partner In NY
A former Cadwalader Wickersham & Taft LLP counsel has moved to Mayer Brown LLP’s New York office as a banking and finance and collateralized loan obligations partner.
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June 09, 2025
TTAB Precedent Bars 'Repeats And Restates' Tactic In Appeals
The Trademark Trial and Appeal Board has rejected an application to register Princeton Equity Group for financial services, deeming the mark geographically descriptive in a precedential opinion warning applicants that arguments incorporated by reference in appeals will be considered forfeited in the future.
Expert Analysis
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How Banks Can Prepare For NYDFS Overdraft Overhaul
The New York State Department of Financial Services' recent proposal to amend overdraft rules for financial institutions underscores states' potential to create consumer protection mechanisms in the absence of meaningful federal action, say attorneys at Steptoe.
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Terraform Case May Be Bellwether For Crypto Enforcement
The prosecution of crypto company Terraform Labs and its CEO, Do Kwon, offers a unique test of the line between lawful and unlawful conduct in digital transactions, and the Trump administration’s posture toward the case will provide clues about its cryptocurrency enforcement agenda in the years to come, say attorneys at Brooks Pierce.
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What's Next For Russia Sanctions After Task Force Disbanded
Attorney General Pam Bondi’s recent disbanding of Task Force KleptoCapture, which was initially aimed at seizing Russian oligarchs’ funds and assets, is unlikely to mean the end of Russia sanctions enforcement and other economic countermeasures, as the architecture for criminal enforcement remains in place, say attorneys at BakerHostetler.
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Texas Banking Dept. Memo Demystifies Crypto Classifications
A recent memorandum from the Texas Department of Banking provides clarity with respect to the classification of both stablecoins and nonstablecoin virtual currencies under the state's Money Services Modernization Act, flagging for firms that stablecoins may be scrutinized more closely as money transmission, say attorneys at Lowenstein Sandler.
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How Law Firms Can Counteract The Loneliness Epidemic
The legal industry is facing an urgent epidemic of loneliness, affecting lawyer well-being, productivity, retention and profitability, and law firm leaders should take concrete steps to encourage the development of genuine workplace connections, says Michelle Gomez at Littler and Gwen Mellor Romans at Herald Talent.
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What Remedies Under New Admin's SEC Could Look Like
The U.S. Securities and Exchange Commission is likely to substantially narrow the remedies it pursues over the next few years, driven by the mounting challenges it faces in court, as well as the views of its incoming chair and fellow Republican commissioners on injunctions, penalties and disgorgement, say attorneys at Milbank.
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Texas Fraud Case Shows Dangers Of Faulty Crypto Reporting
The recent sentencing of a man who failed to properly report capital gains from bitcoin sales is a reminder that special attention must be given to the IRS' reporting requirements in order to stay out of the government's crosshairs, says Saverio Romeo at Fox Rothschild.
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5 Keys To Building Stronger Attorney-Client Relationships
Attorneys are often focused on being seen as the expert, but bonding with clients and prospects by sharing a few key personal details provides the basis for a caring, trusted and profoundly deeper business relationship, says Deb Feder at Feder Development.
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BlackRock Suit Highlights Antitrust Risks Of ESG
In Texas v. BlackRock, pending in Texas federal court, 13 state attorneys general are suing large institutional investors in the coal business, underscoring key reasons companies may want to alter their approach to developing and implementing policies related to environmental, social, and governance factors, especially if coordination with competitors is involved, say attorneys at Manatt.
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Suggestions For CFTC Enforcement's New Leadership
The recent change in leadership at the U.S. Commodity Futures Trading Commission presents an opportunity to reflect on past practices and consider opportunities for improvement at the commission's Enforcement Division, including in observing precedent and providing greater enforcement transparency, say attorneys at Clifford Chance.
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How Crypto Firms Should Approach Patchwork Of State Laws
The Money Transmission Modernization Act was designed to create uniformity across state digital regulations, but the reality remains far from consistent — as demonstrated by the patchwork of laws in states like Texas, Vermont, New York and California — so as state legislatures convene in the coming weeks, crypto firms should watch closely for developments that could shape the regulatory landscape, say attorneys at Paul Hastings.
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The Current And Future State Of Bank-Fintech Partnerships
Though the Consumer Financial Protection Bureau under President Donald Trump seems likely to cultivate an environment friendlier to the financial services industry, bank-fintech partnerships should stay devoted to proactive compliance and be ready to adapt to regulatory shifts that may intensify scrutiny from enforcers, say attorneys at Greenberg Traurig.
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Opinion
NFT Bill Needs Refining To Effectively Regulate Digital Assets
A recent bill in the U.S. House proposing to regulate nonfungible tokens as digital assets would leave key concepts undefined until the U.S. comptroller general completes an after-the-fact study of NFTs, showing it needs more work before it is comprehensive enough to meaningfully protect the market, say attorneys at Duane Morris.
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Series
Racing Corvettes Makes Me A Better Lawyer
The skills I use when racing Corvettes have enhanced my legal practice in several ways, because driving, like practicing law, requires precision, awareness and a good set of brakes — complete with the wisdom to know how and when to use them, says Kat Mateo at Olshan Frome.
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Opinion
Attorneys Must Act Now To Protect Judicial Independence
Given the Trump administration's recent moves threatening the independence of the judiciary, including efforts to impeach judges who ruled against executive actions, lawyers must protect the rule of law and resist attempts to dilute the judicial branch’s authority, says attorney Bhavleen Sabharwal.