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Banking
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October 07, 2025
Wine Co. Exec Cops To Wire Fraud Conspiracy In $99M Scam
A United Kingdom wine company executive pled guilty to wire fraud conspiracy in New York federal court Tuesday in a criminal case accusing him of scamming investors out of $99 million after persuading them to make loans using wine collections as collateral.
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October 07, 2025
Ex-Prisoners Push Back On Bid To Decertify Debit Card Class
Former prisoners accusing Central Bank of Kansas City of charging excessive fees on prepaid debit cards have pushed back on the bank's effort to undo their certified class, arguing they were subject to a "uniform pattern of conduct" that forced them to accept the cards.
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October 07, 2025
Mortgage Giants Shared Data To Fix Rates, Homeowners Say
A proposed class of homeowners has launched a sweeping class action against Rocket Mortgage, Wells Fargo, JPMorgan Chase and more than two dozen other mortgage lenders, accusing them of conspiring through Optimal Blue's pricing software to secretly share sensitive data and fix mortgage rates nationwide, allegedly inflating costs and deepening the U.S. housing affordability crisis.
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October 07, 2025
Bank's Ex-Compliance Chief Sues Over 'Bad Faith' Termination
A Florida community bank has been sued in New Jersey federal court by its former chief risk and compliance officer, who claims that he was fired without cause just months after signing a three-year contract with the bank at a $250,000 annual salary.
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October 07, 2025
Feds Seek 6 Years For Ex-Frank Exec's 'Brazen' $175M Con
Prosecutors asked a New York federal judge Monday to sentence a former executive at financial aid startup Frank to six years in prison for helping its founder Charlie Javice trick JPMorgan Chase & Co. into buying the company for $175 million, saying he deserves no leniency for the "brazen" fraud.
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October 07, 2025
Title Insurer Fights Mortgage Lender's Fraud Claim
A title insurer has no duty to pay a mortgage lender's claim over a $510,000 loan a borrower alleged was fraudulent, it told a North Carolina federal court, saying its closing protection letter explicitly excludes coverage for third-party fraud and that no policy was ever issued.
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October 07, 2025
Arnold & Porter Finance Leader Joins Seyfarth With 2 Peers
Seyfarth Shaw LLP announced Tuesday that it has hired the former chair of Arnold & Porter Kaye Scholer LLP's structured finance and derivatives practice to co-lead its structured finance team, as well as two of his colleagues.
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October 07, 2025
SEC's Atkins Wants To 'Future-Proof' Deregulatory Agenda
U.S. Securities and Exchange Commission Chairman Paul Atkins said Tuesday that he hopes that moving quickly to adopt new rules deregulating the public and private markets will "future-proof" his agenda against potential tampering by succeeding presidential administrations.
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October 07, 2025
FDIC, OCC Rule Proposals Seek To Rein In Bank Supervision
Federal banking regulators on Tuesday unveiled a pair of proposed curbs on their supervision programs that would formally ban the use of reputation risk as an exam factor and constrain what examiners can call out for criticism as an "unsafe or unsound" practice.
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October 06, 2025
Supreme Court Won't Review Russian Bank Jet Crash Suit
The U.S. Supreme Court on Monday declined to undo a precedential Second Circuit decision finding that Sberbank of Russia must face Anti-Terrorism Act litigation related to the 2014 downing of a commercial airliner over eastern Ukraine, rejecting the bank's argument it is entitled to sovereign immunity.
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October 06, 2025
OCC To Ease Exams, Simplify Licensing For Smaller Banks
The Office of the Comptroller of the Currency moved Monday to ease its oversight of banks with under $30 billion in assets, rolling out policy changes that include cutting back on their exam requirements and potentially expanding their access to expedited licensing options.
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October 06, 2025
FINRA Fines Ga. Broker-Dealer After Reps Forged Signatures
The broker-dealer unit of Synovus Financial Corp. will pay $315,000 to settle Financial Industry Regulatory Authority claims that a records review oversight prevented the firm from spotting an emerging "pattern of forging and falsifying customer electronic signatures" at one of its branches.
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October 06, 2025
Judge Voids $150M Worth Of Notes In Auto Mogul's Dispute
A Michigan federal judge found a businessman altered promissory notes worth $150 million to thwart efforts to collect on a separate judgment against him and his auto parts business, but he ruled the notes are unenforceable because they were issued when the company was insolvent.
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October 06, 2025
Ex-UBS Reps Can't Solicit Bank Clients Amid Arbitration
UBS Financial Services has secured a preliminary injunction blocking former UBS advisers from soliciting the firm's account holders while arbitration accusing the representatives of violating nonsolicitation and confidentiality agreements proceeds, a decision the defendants say is the result of a mutual agreement between the parties.
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October 06, 2025
Morgan Stanley Race Bias Suit In NY Closed After Settlement
A decade-old suit accusing Morgan Stanley of discriminating against its African American financial advisers and depriving them of lucrative opportunities has come to a close after the final plaintiff reached a settlement with the financial institution.
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October 06, 2025
Baltimore Sues Fintech Over Digital Payday Lending Scheme
The city of Baltimore has sued MoneyLion in Maryland state court, accusing the fintech company of violating local consumer protection laws by disguising high-interest payday loans as "Instacash Advances" and trapping low-income residents in cycles of debt through excessive fees and "tips."
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October 06, 2025
Utah Bank Is No 'Dummy' Lender, OppFi Says In Calif. Fight
Opportunity Financial is looking to close the book on California's banking regulator's claims that it illegally evaded the state's interest rate caps through a sham lending partnership with an out-of-state bank, arguing in a summary judgment bid that its Utah partner, FinWise Bank, is the lawful lender and therefore exempt from California's rate limits.
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October 06, 2025
Coinbase Seeks OCC Charter To Expand Custody Business
Crypto exchange Coinbase is seeking a national trust company charter from the Office of the Comptroller of the Currency to expand its custody business and related services, joining a growing number of digital asset firms pursuing federal bank charters.
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October 06, 2025
Catching Up With Delaware's Chancery Court
Last week, the owner of the Kentucky Derby was hit with a suit accusing it of withholding escrow funds for environmental compliance violations owed under a 2022 deal with hospitality company Enchantment Holdings LLC.
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October 06, 2025
High Court Skips Review Of ERISA Liability For DuPont Heirs
The U.S. Supreme Court has declined to consider whether DuPont heirs should be held liable for alleged Employee Retirement Income Security Act violations for inadequately funding a now-insolvent trust established in 1947 by their grandmother to pay them and their workers retirement benefits.
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October 06, 2025
Sullivan, Wachtell Guide Fifth Third's $10.9B Comerica Buy
Fifth Third Bancorp and Comerica Inc. announced Monday that Fifth Third will acquire Comerica in an all‑stock transaction valued at $10.9 billion.
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October 06, 2025
Orrick Adds 37-Lawyer CLO Team From Cadwalader
Orrick Herrington & Sutcliffe LLP announced Monday that it has opened a new office in Charlotte, North Carolina, and added a 37-lawyer collateralized loan obligations and asset-backed lending team from Cadwalader Wickersham & Taft, part of a larger exodus of Cadwalader attorneys tracked by Law360 Pulse.
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October 06, 2025
Justices Won't Hear Coinbase's Calif. Arbitration Challenge
The U.S. Supreme Court on Monday declined to take up a case from Coinbase over whether federal arbitration laws preempt a California high court precedent that enabled a group of users to keep the crypto exchange in court over claims it misrepresented the security of its platform.
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October 06, 2025
Justices Will Not Review Question Of Credit Union's Liability
The U.S. Supreme Court on Monday declined to take up a petition to overturn a Fourth Circuit ruling that found banks cannot be held liable for fraudulent fund transfers made from their accounts without having "actual knowledge" that there were discrepancies between the intended beneficiary and the account receiving the deposit.
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October 06, 2025
Justices Deny Certiorari In Auditor's $1.5M Retaliation Suit
The U.S. Supreme Court on Monday declined to hear Axos Bank's petition challenging a $1.5 million award to a former auditor who claimed he was fired for whistleblowing, rejecting a matter that concerns how companies defend against such retaliation claims.
Expert Analysis
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Digital Asset Report Opens Doors For Banks, But Risks Linger
A recent report from a White House working group discussing digital asset market structure signals how banks may elect to expand into digital asset custody, trading and related services in the years ahead, but the road remains layered with challenges, say attorneys at Foley & Lardner.
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Series
Power To The Paralegals: How And Why Training Must Evolve
Empowering paralegals through new models of education that emphasize digital fluency, interdisciplinary collaboration and human-centered lawyering could help solve workforce challenges and the justice gap — if firms, educators and policymakers get on board, say Kristine Custodio Suero and Kelli Radnothy.
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5 Real Estate Takeaways From Trump's Sweeping Tax Law
Changes to the Internal Revenue Code included in the One Big Beautiful Bill Act will have a range of effects on real estate sponsors, investors and real estate investment trusts — from more compliance flexibility around taxable REIT subsidiary limits to new considerations raised by a key retaliatory tax provision that was left out, say attorneys at DLA Piper.
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Series
Playing Softball Makes Me A Better Lawyer
My time on the softball field has taught me lessons that also apply to success in legal work — on effective preparation, flexibility, communication and teamwork, says Sarah Abrams at Baleen Specialty.
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Analyzing AI's Evolving Role In Class Action Claims Admin
Artificial intelligence is becoming a strategic asset in the hands of skilled litigators, reshaping everything from class certification strategy to claims analysis — and now, the nuts and bolts of settlement administration, with synthetic fraud, algorithmic review and ethical tension emerging as central concerns, says Dominique Fite at CPT Group.
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11th Circ.'s FCRA Standing Ruling Offers Compliance Lessons
The Eleventh Circuit's recent decision in Nelson v. Experian on establishing Article III standing under the Fair Credit Reporting Act should prompt businesses to survey FCRA compliance programs, review open matters for standing defenses and refresh training materials, say attorneys at Nixon Peabody.
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Series
Law School's Missed Lessons: Mastering Time Management
Law students typically have weeks or months to prepare for any given deadline, but the unpredictability of practicing in the real world means that lawyers must become time-management pros, ready to adapt to scheduling conflicts and unexpected assignments at any given moment, says David Thomas at Honigman.
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How Prohibiting Trigger Leads May Affect Mortgage Marketing
Recent amendments to the Fair Credit Reporting Act prohibiting the sale of trigger leads mark a significant shift in the regulatory landscape for mortgage lenders, third-party lead generators and their legal counsel, who should reevaluate lead generation strategies and compliance protocols, say Joel Herberman, Rob Robilliard and Leah Dempsey at Brownstein Hyatt.
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How Hyperlinks Are Changing E-Discovery Responsibilities
A recent e-discovery dispute over hyperlinked data in Hubbard v. Crow shows how courts have increasingly broadened the definition of control to account for cloud-based evidence, and why organizations must rethink preservation practices to avoid spoliation risks, says Bree Murphy at Exterro.
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Pemex Bribery Charges Provide Glimpse Into FCPA Evolution
A recently unsealed indictment against two Mexican nationals for allegedly bribing officials at Pemex, Mexico’s state-owned oil company, reveals that Foreign Corrupt Practices Act enforcement is adapting to new priorities, but still remains active, and compliance programs should continue apace, say attorneys at Crowell & Moring.
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CFPB Proposal Defining Consumer Risk May Add Uncertainty
Though a recent Consumer Financial Protection Bureau proposal would codify when risks to consumers justify supervisory intervention against nonbanks, furthering Trump administration plans to curtail CFPB authority, firms may still struggle to identify what could attract supervisory designation under the new rule, say attorneys at Steptoe.
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Key Points From DOJ's New DeFi Enforcement Outline
Recent remarks by the U.S. Department of Justice's Criminal Division head Matthew Galeotti reveal several issues that the decentralized finance industry should address in order to minimize risk, including developers' role in evaluating protocols and the importance of illicit finance risk assessments, says Drew Rolle at Alston & Bird.
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Earned Wage Access Providers Face State Law Labyrinth
At least 12 states have established laws or rules regulating services that allow employees to access earned wages before payday, with more laws potentially to follow suit, creating an evolving state licensing maze even for fintech providers that partner with banks, say attorneys at Venable.
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Series
Writing Musicals Makes Me A Better Lawyer
My experiences with writing musicals and practicing law have shown that the building blocks for both endeavors are one and the same, because drama is necessary for the law to exist, says Addison O’Donnell at LOIS Law.
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Genius Act Poses Strategic Hurdles For Community Banks
The pace of change in digital asset policy, including the recent arrival of the Genius Act, suggests that strategic planning should be a near-term priority for community banks, with careful attention to customer relationships, regulatory developments and the local communities they serve, say attorneys at Jones Walker.