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Google's Payments Unit Sues Over CFPB Supervision Order
Google on Friday sued the Consumer Financial Protection Bureau in D.C. federal court almost immediately after the regulator said it ordered formal supervision for the tech giant's payments arm based on potential risks to consumers, a designation to which Google previously objected.
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August 08, 2025
CFPB Preps Complaint Against Failed Fintech Firm Synapse
The Consumer Financial Protection Bureau is getting ready to file a complaint against bankrupt Synapse Financial Technologies on allegations it failed to properly keep track of consumer funds and left as much as $90 million in consumer funds unrecovered, the fintech firm's trustee has told a bankruptcy judge in California.
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August 08, 2025
Frank Founder, Exec Can't Undo JPMorgan Fraud Convictions
Charlie Javice, the startup founder convicted of lying to JPMorgan Chase ahead of its $175 million purchase of her college-aid website Frank, and her former colleague have failed to show good reasons why they should now be acquitted, the judge on her case has found.
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August 08, 2025
9th Circ. Says Ex-Atty Sued By CFPB Still On Hook For $243M
The Ninth Circuit on Thursday refused to free a disbarred attorney from a $243 million order that included civil penalties to the Consumer Financial Protection Bureau for his role in a student loan scam, finding no genuine dispute whether the former lawyer violated consumer protection law.
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August 08, 2025
BofA Must Face Trust Property Suit, Ga. Judge Says
A Georgia federal judge refused to let Bank of America escape a proposed class action accusing it of overcharging residential trusts for insurance, ruling in part that the named plaintiff can seek damages for his breach of trust claim against the bank.
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August 08, 2025
Tight Budget Not Enough To Justify Delay In PrivatBank Case
A Florida federal magistrate judge has denied the U.S. State Department's bid to pause litigation by two associates of the former owners of Ukraine's largest bank, ruling that heavy workloads due to budget constraints do not justify delaying the case.
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August 08, 2025
DC Circ. Hands Banker's Estate Win In IRS Whistleblower Bid
A split D.C. Circuit sided with the estate of a former banker at Rabobank in ruling Friday that the Internal Revenue Service used the wrong legal standard to deny him an award for contributing to investigations into two companies' tax avoidance scheme.
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August 08, 2025
Trump Planning Fannie Mae, Freddie Mac Stock Sale This Year
The Trump administration may move to sell stock in federally backed mortgage bundlers Fannie Mae and Freddie Mac, with officials discussing the details of a possible sale later this year.
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August 08, 2025
GOP Sens. Call For Overhaul Of Bank Supervisory Warnings
Republican senators are pressing federal regulators for an overhaul of how they flag and track supervisory concerns at banks, warning that the current system of confidential notices lacks legal grounding and is "increasingly opaque, ineffective and inconsistent."
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August 08, 2025
Feds Rip Cuellar's Bid To Ax Entire Bribery Indictment
Federal prosecutors on Friday urged a Texas federal court to reject U.S. Rep. Henry Cuellar's bid to toss his entire indictment for bribery, saying its decision to strike some counts does not deprive the lawmaker of his Fifth Amendment right to have a grand jury determine what charges he should face.
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August 08, 2025
Conn. Legislation Highlights In The 1st Half Of 2025
The highest-profile bill of Connecticut's 2025 legislative session was the state's two-year, $55.8 billion budget, which increased salaries for judges, boosted access to early childhood education programs and made changes to corporate taxes that are expected to raise around $350 million. But lawmakers also tackled issues in family, criminal and employment law, with mixed success.
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August 08, 2025
Fight Over Choice Of Arbitrator Lands In Mass. Court
A weekslong disagreement over whether JAMS or the American Arbitration Association will serve as arbitrator in a dispute between a North Carolina bank and an employee in Massachusetts ended up in the place both sides were trying to avoid: a state court in Massachusetts.
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August 08, 2025
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen the U.S. Securities and Exchange Commission target a British investor over a $10 million microcap fraud scheme, Merck Sharp & Dohme move against Halozyme Inc. following a recent clash over its patented cancer medicine, and Birmingham City Council sue a school minibus operator years after ending its contract over DBS check failures. Here, Law360 looks at these and other new claims in the U.K.
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August 07, 2025
CFPB Mulls Cuts To Oversight Reach In 4 Nonbank Markets
The Consumer Financial Protection Bureau is considering formally scaling back the reach of its nonbank oversight, floating a series of early stage proposals that contemplate sharply reducing the number of firms it would supervise in four key financial services markets.
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August 07, 2025
Experian Gets CFPB Credit Reporting Suit Tossed, For Now
A California federal judge dismissed a Consumer Financial Protection Bureau lawsuit accusing Experian of mishandling consumer credit reporting disputes, saying the agency hasn't sufficiently shown that a tolling agreement with Experian's parent company stopped the clock on the claims, but gave the agency a chance to rework its complaint.
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August 07, 2025
ND Judge Strikes Down Fed's Debit Card Fee Regulation
A North Dakota federal judge has invalidated the Federal Reserve's regulation limiting certain debit card fees charged in merchant transactions, ruling in favor of a truck stop and convenience store in finding that the Fed had attempted to "improperly repackag[e] the defunct-Chevron deference under a different name."
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August 07, 2025
9th Circ. Revives Homeowners' 'Reverse Mortgage Loan' Suit
A Ninth Circuit panel has revived a proposed class action against a company offering homeowners cash in exchange for a slice of their home equity, finding a Washington couple has shown their arrangement amounted to a reverse mortgage loan subject to special statutory requirements.
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August 07, 2025
Eventide Creditors Seek Trustee To Take Over Ch. 11 Case
The official committee of unsecured creditors in the Chapter 11 case of consumer lending company Eventide Credit Acquisitions has asked a Texas judge for the appointment of a trustee to oversee the proceedings, saying the debtor and its principal have flouted the rules of bankruptcy since the case began in 2023.
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August 07, 2025
Trump Taps Economic Adviser Miran For Fed Board Vacancy
President Donald Trump said Thursday that he has chosen Stephen Miran, the chairman of his Council of Economic Advisers, to fill a vacancy on the Federal Reserve's Board of Governors until early 2026 while continuing to search for a permanent replacement.
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August 07, 2025
Novartis Faces $291M Trade Secrets Suit From Hedge Fund
A hedge fund on Thursday accused Novartis, a former investment executive and the executive's longtime friend and business partner of scheming to steal its "innovative hedge fund strategy" after an investment deal between the biotech giant and the hedge fund went south.
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August 07, 2025
Binance Partner To Pay $48.5M For Compliance Failure Claims
Cryptocurrency trust Paxos Trust Co. has agreed to pay a $26.5 million fine and place $22 million into beefing up its compliance program in a settlement with a New York regulator over its anti-money laundering policies and other alleged due diligence failures related to its stablecoin partnership with crypto exchange Binance.
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August 07, 2025
Trump 'Debanking' Order Calls For Scrutiny Of Bank Practices
President Donald Trump on Thursday directed federal regulators to investigate and potentially punish banks if they have turned away customers based on their political or religious beliefs, escalating his administration's crackdown on so-called debanking.
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August 07, 2025
Haynes Boone Grows NY Office With Ex-Winston Strawn Atty
Haynes Boone has added a litigator previously with Winston & Strawn LLP who once headed the Internal Revenue Service's Criminal Investigation division as chair of its financial services investigations and enforcement practice in New York, the firm has announced.
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August 07, 2025
NC Biz Court Bulletin: Divorce Dust-Ups And Judicial Rebukes
Litigation in the North Carolina Business Court is heating up this summer with new complaints centered on fears a former state politician's divorce proceedings will impede his companies' operations and accusations that a climate technology company has failed to pay out a former engineer's ownership interest.
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August 06, 2025
Womble Bond Adds Hill Dickinson Atty As Disputes Partner
Womble Bond Dickinson has appointed a new London-based partner for its commercial disputes team, saying he will help strengthen the law firm's international arbitration practice following his move from Hill Dickinson LLP.
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August 06, 2025
Texas Hospital Should Face Retirement Plan Suit, Judge Says
A Houston hospital shouldn't dodge a proposed class action claiming it failed to remove a J.P. Morgan fund from its $2.8 billion employee retirement plan despite the investment option's consistent underperformance, a Texas federal magistrate judge recommended Wednesday, saying the allegations are solid enough to stay in court.
Expert Analysis
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What's At Stake In High Court Review Of Funds' Right To Sue
The U.S. Supreme Court's upcoming review of FS Credit Opportunities v. Saba Capital Master Fund, a case testing the limits of using Investment Company Act Section 47(b) to give funds a private right of action to enforce other sections of the law, could either encourage or curb similar activist investor lawsuits, say attorneys at Goodwin.
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Handling Sanctions Risk Cartel Control Brings To Mexico Port
Companies operating in or trading with Mexico should take steps to mitigate heightened exposure triggered by routine port transactions following the U.S. Treasury’s recent unequivocal statement that a foreign terrorist organization controls the port of Manzanillo, says Jeremy Paner at Hughes Hubbard.
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The Road Ahead For Digital Assets Looks Promising
With new legislation expected to accelerate the adoption of blockchain technology, and with regulators taking a markedly more permissive approach to digital assets, the convergence of traditional finance and decentralized finance is closer than ever, say attorneys at Dechert.
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Unpacking The Supreme Court's Views On Judgment Finality
The U.S. Supreme Court's June opinion in BLOM Bank SAL v. Honickman reaffirmed that the bar for reopening a final judgment remains exceptionally high — even when the movant seeks to amend their complaint based on a new legal development, say attorneys at Venable.
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Series
Creating Botanical Art Makes Me A Better Lawyer
Pressing and framing plants that I grow has shown me that pursuing an endeavor that brings you joy can lead to surprising benefits for a legal career, including mental clarity, perspective and even a bit of humility, says Douglas Selph at Morris Manning.
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Supreme Court's Criminal Law Decisions: The Term In Review
Though the U.S. Supreme Court’s criminal law decisions in its recently concluded term proved underwhelming by many measures, their opinions revealed trends in how the justices approach criminal cases and offered reminders for practitioners, says Kenneth Notter at MoloLamken.
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Compliance Is A New Competitive Edge For Mortgage Lenders
So far, 2025 has introduced state and federal regulatory turbulence that is pressuring mortgage lenders to reevaluate the balance between competitive and compliant employee and customer recruiting practices, necessitating a compliance recalibration that prioritizes five key strategies, say attorneys at Mitchell Sandler.
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Even As States Step Up, They Can't Fully Fill CFPB's Shoes
The Trump administration's efforts to scale down the Consumer Financial Protection Bureau have prompted calls for state regulators to pick up the slack, but there are also important limitations on states' ability to fill the gap left by a mostly dormant CFPB, say attorneys at Covington.
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Opinion
The Legal Education Status Quo Is No Longer Tenable
As underscored by the fallout from California’s February bar exam, legal education and licensure are tethered to outdated systems, and the industry must implement several key reforms to remain relevant and responsive to 21st century legal needs, says Matthew Nehmer at The Colleges of Law.
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What Dismissal Rulings May Mean For ERISA Forfeiture Cases
Following an influx of Employee Retirement Income Security Act class actions challenging the long-standing practice of plan sponsors using plan forfeitures to offset employer contributions, recent motion to dismiss rulings and a U.S. Department of Labor amicus brief may encourage more courts to reject plaintiffs' forfeiture theories, say attorneys at Mayer Brown.
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'Pig Butchering' Seizure Is A Milestone In Crypto Crime Fight
The U.S.' recent seizure of $225 million in crypto funds in a massive "pig butchering" scheme highlights the transformative impact of blockchain analysis in law enforcement, and the increasing necessity of collaboration between law enforcement agencies, cryptocurrency exchanges and stablecoin issuers, says David Zaslowsky at Baker McKenzie.
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The Pros, Cons Of A Single Commissioner Leading The CFTC
While a single-member U.S. Commodity Futures Trading Commission may require fewer resources and be more efficient, its internal decision-making process would be less transparent to those outside the agency, reflect less compromise between competing viewpoints and provide the public with less predictability, says former CFTC Commissioner Dan Berkovitz.
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E-Discovery Quarterly: Rulings On Relevance Redactions
In recent cases addressing redactions that parties sought to apply based on the relevance of information — as opposed to considerations of privilege — courts have generally limited a party’s ability to withhold nonresponsive or irrelevant material, providing a few lessons for discovery strategy, say attorneys at Sidley.
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Opinion
Section 1983 Has Promise After End Of Nationwide Injunctions
After the U.S. Supreme Court recently struck down the practice of nationwide injunctions in Trump v. Casa, Section 1983 civil rights suits can provide a better pathway to hold the government accountable — but this will require reforms to qualified immunity, says Marc Levin at the Council on Criminal Justice.
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Why Bank Regulators' Proposed Leverage Tweak Matters
Banking agencies' recent proposal to modify the enhanced supplementary leverage ratio framework applicable to the largest U.S. banks shows the regulators are keen to address concerns that the regulatory capital framework is too restrictive, say attorneys at Moore & Van Allen.