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Banking
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July 29, 2025
Pa. Bank Slams Ponzi Investors' 'Search For Scapegoats'
A Pennsylvania-based community bank has urged a federal judge to dismiss a proposed class action accusing it of enabling a $155 million Ponzi scheme carried out by a Pennsylvania dentist and a Texas attorney, arguing that the case attempts to unconstitutionally import Texas securities law into the Keystone State.
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July 29, 2025
Prime Core Ch. 11 Trust Seeks Return Of $2.1M In Transfers
The litigation trust for Prime Core Technologies has sued to claw back $2.1 million in cash and cryptocurrency paid out to customers in the weeks before its bankruptcy filing, saying other creditors are facing a serious recovery shortfall worsened by the payments.
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July 29, 2025
Crypto Mixer Execs To Change Plea In Samourai Wallet Case
The two co-founders of crypto mixer Samourai Wallet told a New York federal judge on Tuesday that they intend to change their not guilty pleas after initially fighting charges that they facilitated over $2 billion in unlawful transactions.
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July 29, 2025
REIT Shareholders File 'Improper Lending' Suit Against Execs
Two Arbor Realty Trust Inc. shareholders hit several of the real estate investment trust's executives, including its president and CEO Ivan Kaufman, with a derivative suit on Tuesday alleging they made the REIT use "improper lending practices" that saddled the company "with a severely distressed loan portfolio."
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July 29, 2025
Flywire Hid Impact Of Student Visa Restrictions, Investor Says
Payment technology company Flywire Inc. has been hit with a proposed shareholder class action in New York federal court accusing the company of attempting to minimize the impact of international student visa restrictions, particularly in Australia and Canada, on its revenues.
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July 29, 2025
BofA Accuses FDIC Of $250M Rate Flip-Flop In Premiums Suit
Bank of America has accused the Federal Deposit Insurance Corp. of making a "startling" about-face in their long-running deposit insurance dispute in Washington, D.C., federal court, claiming the agency is pushing to extract hundreds of millions in extra interest after the bank paid what it says was the full $657 million judgment owed.
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July 29, 2025
Calif. Privacy Agency Fines Data Broker For Skirting Registry
The California Privacy Protection Agency on Tuesday announced its latest enforcement action under a groundbreaking state data deletion law, imposing a more than $55,000 fine on a Washington-based data broker on allegations it failed to fulfill its registration obligations last year.
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July 29, 2025
Oft-Penalized Deutsche Bank Finds New GC From Freshfields
Deutsche Bank AG on Tuesday said a senior partner at Freshfields LLP who specializes in corporate criminal defense will become its new general counsel on Sept. 15.
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July 29, 2025
SEC, Crypto Bank Veteran Joins DeFi Platform As GC
A former senior attorney with the U.S. Securities and Exchange Commission, who most recently served as cryptocurrency bank Anchorage Digital's general counsel, is taking her experience navigating federal regulations and institutional demands to decentralized finance infrastructure platform Veda, the firm announced Tuesday.
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July 29, 2025
4th Circ. Rejects BofA's Claim Of Tax Offsets After Mergers
Bank of America cannot use its tax overpayments to offset interest on tax underpayments by Merrill Lynch just because the two companies later merged, the Fourth Circuit affirmed Tuesday in a $163 million case that affects more than 20 years' worth of tax adjustments.
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July 29, 2025
What To Watch As Deadline Looms For Jay Clayton At SDNY
The clock is ticking closer to the expiration of Jay Clayton's appointment as interim U.S. attorney for the Southern District of New York, setting him on a likely collision course with the district's judges, who have the power to vote on whether he can continue overseeing one of the top prosecutorial offices in the country.
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July 28, 2025
Rocket Cos. Investor Ends Fraud Suit After Class Cert. Denial
A pension fund that had previously attempted to lead a suit in Michigan federal court against Rocket Companies Inc. has agreed to drop all its claims in the shareholder litigation accusing the mortgage business of concealing a downturn in loan volume.
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July 28, 2025
Fed Committee Meetings Will Remain Closed, Judge Rules
A D.C. federal judge shot down a President Donald Trump ally's bid to open up the Federal Reserve's Federal Open Market Committee meetings to the public Monday, questioning whether the suit was a stunt to gin up interest in his new "anti-DEI" investment fund.
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July 28, 2025
SEC Gets Early Win In Fraud Case Against Ex-Citi, Cetera Rep
A New York federal court has granted the U.S. Securities and Exchange Commission a summary judgment win in the regulator's securities fraud case against a former Citigroup and Cetera registered representative, in a case accusing her of stealing $2.4 million from an elderly client.
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July 28, 2025
Fiserv Misled Investors On Platform Growth, Suit Says
Fiserv has been hit with a proposed shareholder class action in New York federal court accusing the payment processing technology company of artificially inflating its growth numbers through the forced migration of customers from its older platform to a newer, more expensive system.
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July 28, 2025
Newly Public Crypto Platform Tron Files Plans To Raise $1B
Crypto platform Tron on Monday filed plans with the U.S. Securities and Exchange Commission to raise $1 billion over time, making preliminary plans for future capital raises following its public listing on Nasdaq through a reverse merger.
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July 28, 2025
Insurers Sued Over Refusal To Cover Arbitration Defense
Institutional financial services venture StoneX Group Inc. sued XL Specialty Insurance Co., Ironshore Indemnity Inc. and others in Delaware state court, alleging multiple unjustified refusals to provide defense coverage in arbitration over trade secret and no-compete violations by five employees.
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July 28, 2025
Catching Up With Delaware's Chancery Court
A Delaware vice chancellor last week sent several coordinated derivative suits seeking millions of dollars in damages from AT&T to trial and also chose a boutique firm to lead a potential "blockbuster" suit challenging a take-private deal of a sports and entertainment group after "heated" attacks between competing counsel.
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July 28, 2025
Judge To Weigh If FTX Prosecutors Broke Plea Promise
A Manhattan federal judge said Monday he will investigate an allegation by crypto lobbyist Michelle Bond that she was charged with campaign finance crimes despite a promise that a guilty plea by her husband, former FTX executive Ryan Salame, would leave her in the clear.
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July 25, 2025
Pullman & Comley Didn't Flag 'Falsified' $16M Loan, Suit Says
Pullman & Comley LLC didn't discover that the executive director of a Connecticut municipal housing authority had allegedly forged a connected company's $16.2 million loan application before penning a letter claiming the deal appeared solid, the lender, who was not a client, has alleged in a lawsuit.
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July 25, 2025
DC Circ. Pauses Order Reinstating 2 NCUA Members
The D.C. Circuit on Friday intervened and granted the Trump administration's request to pause a Washington federal judge's order reinstating two National Credit Union Administration board members fired by President Donald Trump, after the federal judge declined to pause the order himself.
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July 25, 2025
Texas Justices Leave Atty Fees In UDJA Cases Alone, For Now
The Texas Supreme Court declined to take up a case dealing with attorney fees in suits where a court defines a legal relationship, but in a Friday opinion one justice wrote that the court will eventually need to address how jurisdiction plays into the issue.
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July 25, 2025
Veteran CFPB Enforcement Atty Heads For The Exit
A longtime Consumer Financial Protection Bureau litigator told a Virginia federal court on Friday that she is leaving after more than a decade at the agency, becoming the latest departure at the regulator as its future under the Trump administration remains in limbo.
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July 25, 2025
3rd Circ. Won't Review $3.2M Wawa Breach Fee Award
The Third Circuit on Thursday won't revisit its prior decision upholding $3.2 million in fees to plaintiffs' counsel in a case that secured a $12 million deal for Wawa shoppers affected by a data breach after attorney Ted Frank argued the fees were disproportionate to the class' recovery.
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July 25, 2025
Ex-Credit Suisse Client Gets 2½ Years For Hiding Assets
A Florida federal judge on Friday sentenced a Colombian-American businesswoman and former Credit Suisse client to two and a half years in prison for conspiring with family members to hide more than $90 million in assets from the IRS through a series of foreign bank accounts.
Expert Analysis
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Lessons From FTC Action On Dark Patterns In User Interfaces
The Federal Trade Commission's recent complaint against Uber for its billing and cancellation practices comes amid other actions addressing consumer confusion and deception, so it is paramount to deploy tools that assess customers' cognitive states of mind to separate lawful marketing from misconduct, says Ceren Canal Aruoba at Berkeley Research Group.
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SEC Staff Input Eases Path For Broker-Dealer Crypto Activities
Recent guidance from U.S. Securities and Exchange Commission staff on broker-dealer and transfer agent crypto-asset activities suggests a more constructive regulatory posture on permissibility and application of financial responsibility rules, bringing welcome clarity for blockchain market participants and traditional financial institutions alike, say attorneys at Sidley.
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Compliance Essentials To Mitigate AI Crime Enforcement Risk
As artificial intelligence systems move closer to accurately mimicking human decision-making, companies must understand how the U.S. Department of Justice might prosecute them for crimes committed by AI tools — and how to mitigate enforcement risks, say attorneys at Paul Hastings.
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Series
Adapting To Private Practice: From US Attorney To BigLaw
When I transitioned to private practice after government service — most recently as the U.S. attorney for the Eastern District of Virginia — I learned there are more similarities between the two jobs than many realize, with both disciplines requiring resourcefulness, zealous advocacy and foresight, says Zach Terwilliger at V&E.
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11th Circ. Ruling Warns Parties To Follow Arbitral Rules
The Eleventh Circuit's recent decision in Merritt Island Woodwerx v. Space Coast is important for companies utilizing arbitration clauses because it clearly demonstrates the court's intent to hold noncompliant parties responsible in federal court — regardless of subsequent efforts to cure, says Ed Mullins at Reed Smith.
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How The DOJ Is Redesigning Its Approach To Digital Assets
Two key digital asset enforcement policy pronouncements narrow the Justice Department's focus on threats like fraud, terrorism, trafficking and sanctions evasion and dial back so-called regulation by prosecution, but institutions prioritizing compliance must remember that the underlying statutory framework hasn't changed, say attorneys at Blank Rome.
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At 'SEC Speaks,' Leaders Frame New Views
At the Practising Law Institute's recent SEC Speaks conference, U.S. Securities and Exchange Commission leadership highlighted the agency's significant priority changes, including in enforcement, crypto and artificial intelligence, say attorneys at Perkins Coie.
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The Ins And Outs Of Consensual Judicial References
As parties consider the possibility of judicial reference to resolve complex disputes, it is critical to understand how the process works, why it's gaining traction, and why carefully crafted agreements make all the difference, say attorneys at Pillsbury.
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Calif. Digital Assets Proposal Provides Only Partial Clarity
Recently proposed regulations under California's Digital Financial Assets Law answer some important questions about the new regime, particularly regarding its interaction with the state's money transmission law, but many key compliance questions remain, say attorneys at Stinson.
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Opinion
The BigLaw Settlements Are About Risk, Not Profit
The nine Am Law 100 firms that settled with the Trump administration likely did so because of the personal risk faced by equity partners in today's billion‑dollar national practices, enabled by an ethics rule primed for modernization, says Adam Forest at Scale.
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Fla. Bill May Curb Suits Over Late-Night Collections Emails
A recently passed Florida bill exempting email communications from the Florida Consumer Collection Practices Act's quiet hours ban may significantly reduce frivolous lawsuits aimed at creditors and debt collectors who use email communications to collect outstanding balances from consumers, say attorneys at Holland & Knight.
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Series
Brazilian Jiujitsu Makes Me A Better Lawyer
Competing in Brazilian jiujitsu – often against opponents who are much larger and younger than me – has allowed me to develop a handful of useful skills that foster the resilience and adaptability necessary for a successful legal career, says Tina Dorr of Barnes & Thornburg.
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Birthright Ruling Could Alter Consumer Financial Litigation
The U.S. Supreme Court’s upcoming decision about the validity of the nationwide injunctions in the birthright citizenship cases, argued on May 15, could make it much harder for trade associations to obtain nationwide relief from the Consumer Financial Protection Bureau's enforcement of invalid regulations, says Alan Kaplinsky at Ballard Spahr.
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Energy Order Brings Risks For Lenders And Borrowers Alike
A recent executive order directing the attorney general to submit a report next month with recommendations for halting enforcement of state laws the administration says are hampering energy resources presents risks for lenders and borrowers using state-generated carbon credits, but proactive steps now can help insulate against adverse consequences, say attorneys at Faegre Drinker.
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Series
Power To The Paralegals: An Untapped Source For Biz Roles
Law firms looking to recruit legal business talent should consider turning to paralegals, who practice several key skills every day that prepare them to thrive in marketing and client development roles, says Vanessa Torres at Lowenstein Sandler.