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Banking
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July 21, 2025
11th Circ Says. Experian Not Liable For Credit Dispute Costs
The Eleventh Circuit upheld a win for Experian PLC when it held that a consumer's attempts to correct inaccurate information in a credit report can't constitute an injury without evidence that the data was published to a third party or some other actual or imminent harm.
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July 21, 2025
Feds Want Early Out For Bank In $3M Redlining Case
The government told a Pennsylvania federal judge on Monday that a bank it previously accused of discriminatory lending should be released from court oversight because it fulfilled the bulk of its obligations stemming from an approximately $3 million settlement.
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July 21, 2025
Feds Move To Drop Some Counts Against Texas Rep. Cuellar
The federal government on Friday moved to drop counts of a bribery indictment against U.S. Rep. Henry Cuellar and his wife, citing "prosecutorial discretion."
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July 21, 2025
DOL Rescinds ERISA Guidance On Citi Racial Equity Program
The U.S. Department of Labor rescinded a Biden-era opinion letter Monday that had backed Citi's commitment to pay fees for diverse investment managers overseeing Citi-sponsored benefit plans regulated by the Employee Retirement Income Security Act, saying the letter no longer reflected the department's views.
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July 21, 2025
Not So Fast: CFPB Shelves Bid To Scrap State Notice Rules
The Consumer Financial Protection Bureau on Monday withdrew a plan to repeal rules that regulate how state officials are supposed to alert it before suing companies under its federal enforcement authority, reversing course after industry groups lobbied to tighten, not toss, the requirements.
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July 21, 2025
2nd Circ. Affirms Big Banks' Win In Terrorism Financing Fight
A New York federal judge was right to dismiss a suit seeking to hold Deutsche Bank, Standard Chartered Bank and Danske Bank liable for aiding and abetting terrorist bombings in Afghanistan, a Second Circuit panel ruled Monday.
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July 21, 2025
Capital One Board Ignored Account Scheme Risks, Suit Says
The board and executives at Capital One left the bank exposed to legal and regulatory problems when it hid high-yield savings accounts from legacy customers to boost profits, an investor has alleged in a derivative lawsuit brought in Virginia federal court.
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July 18, 2025
Law360 Names 2025's Top Attorneys Under 40
Law360 is pleased to announce the Rising Stars of 2025, our list of more than 150 attorneys under 40 whose legal accomplishments belie their age.
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July 18, 2025
As Trump Signs Stablecoin Bill, Attorneys Talk Compliance
President Donald Trump on Friday signed into law a bill to regulate stablecoins, known as the Genius Act, and practitioners are now turning their attention to helping firms comply with both the provisions of the statute and the coming rulemakings from regulators.
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July 18, 2025
Crypto Firms' OCC Charter Bids Draw Bank Industry Scrutiny
Major banking industry groups are warning the Office of the Comptroller of the Currency that approving pending bank charter bids from crypto-linked firms like Ripple could "represent a fundamental departure" from long-standing policy, urging the agency to delay action until more information about their plans is made public.
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July 18, 2025
6th Circ. Won't Revive Ex-Ruby Tuesday Execs' Benefits Fight
The Sixth Circuit refused to reopen a suit from former Ruby Tuesday managers and executives alleging Regions Bank inadequately protected their retirement plan benefits that were liquidated in bankruptcy, concluding a lower court was right to end the case in the bank's favor.
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July 18, 2025
2 Firms Score $35.5M Atty Fees In $71M Rate-Swaps Deal
Cohen Milstein Sellers & Toll PLLC and Quinn Emanuel Urquhart & Sullivan LLP have been awarded $35.5 million for their work on scoring $71 million in settlements of multidistrict litigation with top international investment banks, ending claims they allegedly schemed to limit market competition over interest rate swaps.
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July 18, 2025
2nd Circ. Shields Official From NRA's Free Speech Suit Again
A Second Circuit panel has said National Rifle Association's First Amendment lawsuit cannot survive a motion to dismiss because the former New York official accused of pressuring financial institutions to cut ties with the organization has qualified immunity.
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July 18, 2025
9th Circ. Turns Away Wells Fargo's 'Sham' Hiring Appeal
The Ninth Circuit has said it will not hear Wells Fargo's appeal of an investor lawsuit accusing the company of conducting "sham" job interviews to meet a diversity quota, allowing thousands of shareholders to move forward with their claims as a class.
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July 18, 2025
Norton Rose, Wachtell Guide $321.5M Texas Bank Deal
Wachtell Lipton-led Prosperity Bancshares Inc. said Friday it will acquire American Bank, advised by Norton Rose Fulbright, in an all-stock deal valued at roughly $321.5 million, expanding the Texas lender's footprint in key South and Central Texas markets.
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July 18, 2025
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen the former owner of British oil refinery Prax Group sued following the collapse of his business empire, a unit of Shard Credit Partners target a married couple believed to have inflated the value of their companies before selling them, and Aerofoil Energy reignite patent action against AFE Group over the design of its F1-inspired cooling units.
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July 17, 2025
2nd Circ. Overturns Ex-HSBC Exec's 2017 Fraud Conviction
The Second Circuit on Thursday overturned the conviction of a former HSBC executive accused of defrauding a Scottish oil and gas company in a $3.5 billion currency exchange deal, finding his jury was improperly instructed on a now-invalid "right-to-control" theory of fraud.
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July 17, 2025
'Troubling': Dems Press CFPB Over Nixed Navy Federal Order
U.S. Senate Democrats are demanding answers from the Consumer Financial Protection Bureau over its decision to cancel a $95 million enforcement order against Navy Federal Credit Union, slamming the "abrupt reversal" as a betrayal of military families.
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July 17, 2025
Circle's Bank Plans Include Regulatory Vets At Helm
Stablecoin giant Circle has tapped Heath Tarbert, its president and former top derivatives regulator, as well as a former Office of the Comptroller of the Currency chief counsel to help oversee its proposed national trust bank, according to application materials made public Thursday.
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July 17, 2025
3 Crypto Bills Pass House, With Stablecoins Headed To Trump
The House of Representatives on Thursday agreed to send a bill to regulate stable-value tokens to the president's desk, in addition to advancing proposals to regulate crypto markets and ban the government from exploring the issuance of a digital dollar onto the Senate.
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July 17, 2025
SEC Atty Exits After Hiding Revoked License, OIG Says
A longstanding employee of the U.S. Securities and Exchange Commission resigned after it was discovered that they had falsely reported being in good standing with a state bar association, according to the regulator's inspector general.
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July 17, 2025
Mortgage Cos.' Wage Deal OK'd Without Waiver Language
A settlement resolving an overtime suit by former mortgage company workers will move forward, but without language saying the company's owners and its successor waived certain defenses against a former co-owner in his separate New Jersey state court case, a federal judge ruled.
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July 17, 2025
NC Justices Urged To Let Property Foreclose In Debt Fight
A company on the cusp of wrapping up the foreclosure sale of a Cornelius, North Carolina, land tract that is planned to be part of a larger mixed-use development has implored the state Supreme Court not to temporarily stay the sale.
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July 17, 2025
JPMorgan Chase Can't Force Arbitration In Client Racism Suit
A Washington federal judge has rejected a bid by JPMorgan Chase Bank NA to send a customer's racial discrimination suit to arbitration, concluding the bank did not show the arbitration clause in its deposit account agreement is valid and enforceable against the plaintiff family.
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July 17, 2025
Mortgage Co. Says Military Service Rule Bars Interest Lawsuit
A mortgage loan servicer accused of charging military members interest rates that exceeded a federal statutory cap says the leader of a proposed class action didn't perform qualifying service under the statute he invoked and his Connecticut federal case should probably be dismissed.
Expert Analysis
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Russia Sanctions Spotlight: Divergent Approaches Emerge
With indications of greater divergence and uncertainty in Russia sanctions policy between the U.K., European Union and U.S., there are four general principles and a range of compliance steps that businesses should bear in mind when assessing the impact of a potentially shifting landscape, says Alexandra Melia at Steptoe.
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CFTC Memos Clarify When 'Sorry' Still Gets You Subpoenaed
A pair of Commodity Futures Trading Commission advisories released in February and April open a new path to self-reporting but emphasize that serious breaches still warrant a trip to the penalty box, prompting firms to weigh whether — and how — to disclose potential violations in the future, say attorneys at Pryor Cashman.
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Reassessing Corporate Separateness After Explosion Of LLCs
Following the dramatic increase of limited liability companies in the U.S., the Corporate Transparency Act's enactment and the Trump administration's subsequent narrowing of that law, it's worth revisiting the underlying legal principles that govern shell companies in order to remedy the problems that initially motivated the CTA, says Jeff Newton at Omni Bridgeway.
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What Banks Should Note As Regulators Plan To Nix CRA Rule
While federal bank regulators’ recently announced intent to rescind a Biden-era Community Reinvestment Act final rule will loosen the framework for evaluating banks’ lending, service and investing activities, the decision means industry innovations and changes will remain unaddressed, say attorneys at Alston & Bird.
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Series
Playing Guitar Makes Me A Better Lawyer
Being a lawyer not only requires logic and hard work, but also belief, emotion, situational awareness and lots of natural energy — playing guitar enhances all of these qualities, increasing my capacity to do my best work, says Kosta Stojilkovic at Wilkinson Stekloff.
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Crisis Management Lessons From The Parenting Playbook
The parenting skills we use to help our kids through challenges — like rehearsing for stressful situations, modeling confidence and taking time to reset our emotions — can also teach us the fundamentals of leading clients through a corporate crisis, say Deborah Solmor at the Wisconsin Alumni Research Foundation and Cara Peterman at Alston & Bird.
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CFPB Vacatur Bid Sheds Light On Agency Decision-Making
While the CFPB's joint motion to vacate the settlement it reached with Townstone Financial last year won't affect precedent on the Equal Credit Opportunity Act's scope, it serves as a road map to CFPB decisional processes and provides insight into how other regulators make similar decisions, says Jason McElroy at Saul Ewing.
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The Potential Efficiencies, Risks Of Folding PCAOB Into SEC
Integrating the Public Company Accounting Oversight Board into the U.S. Securities and Exchange Commission offers the potential for regulatory efficiencies, as well as a more streamlined and consistent enforcement approach, but it also presents constitutional and operational uncertainties, say attorneys at Hilgers Graben.
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Series
Adapting To Private Practice: From NY Fed To BigLaw
While the move to private practice brings a learning curve, it also brings chances to learn new skills and grow your network, requiring a clear understanding of how your skills can complement and contribute to a firm's existing practice, and where you can add new value, says Meghann Donahue at Covington.
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Reviewing Trump Admin's Rapid Pro-Crypto Regulatory Pivot
The digital asset industry has received a boost from the explicitly pro-crypto Trump administration, which in its first few months reversed Biden-era rules and installed industry proponents at regulatory agencies, marking one of the biggest regulatory about-faces by a government in recent memory, says Robert Appleton at Olshan Frome.
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Top 3 Litigation Finance Deal-Killers, And How To Avoid Them
Like all transactions, litigation finance deals can sometimes collapse, but understanding the most common reasons for failure, including a lack of trust or a misunderstanding of deal terms, can help both parties avoid problems, say Rebecca Berrebi at Avenue 33 and Boris Ziser at Schulte Roth.
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How Attys Can Use A Therapy Model To Help Triggered Clients
Attorneys can lean on key principles from a psychotherapeutic paradigm known as the "Internal Family Systems" model to help manage triggered clients and get settlement negotiations back on track, says Jennifer Gibbs at Zelle.
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Tracking The Evolution Of Liability Management Exercises
As liability management exercises face increasing legal scrutiny, understanding the history of these debt restructuring tools can help explain how the playbook keeps adapting — and why the next move is always just one ruling or transaction away, say attorneys at Weil.
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How Banks Can Manage Risk As AI Adoption Expands
Following new, supportive comments from financial regulatory leaders about the use of artificial intelligence in the industry, banks may move toward wider, less-tentative adoption of the technology, but will also need to deploy important risk management measures, say attorneys at WilmerHale.
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What Banks Must Do To Attract Gen Z Customers
The young adults of Generation Z bank differently, so financial institutions must engage appropriately if they wish to attract this key population, including by leveraging savvy marketing, well-designed online interfaces and top-notch customer service, says Madeline Thieschafer at Fredrikson & Byron.