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Banking
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June 24, 2025
Visa Can't Duck DOJ's Debit Card Monopoly Case
A New York federal court has refused to throw out the U.S. Department of Justice's case accusing Visa of illegally maintaining a monopoly over debit card networks, rejecting arguments about the market at issue, discounts offered and the scope of deals with would-be competitors.
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June 24, 2025
CoastalSouth Bank Targets $59M IPO, Guided By 2 Firms
CoastalSouth Bancshares Inc., the bank holding company for South Carolina state-chartered commercial bank Coastal States Bank, on Tuesday announced the launch of its initial public offering with plans to raise $58.5 million.
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June 24, 2025
Simpson Thacher Grows In Houston With Ex-Latham Atty
An attorney with expertise on financial transactions in the energy and infrastructure industries has moved his practice to Simpson Thacher & Bartlett LLP's Houston office after nearly 12 years with Latham & Watkins LLP.
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June 24, 2025
Amundsen Davis Guiding First Financial On Westfield Buy
Amundsen Davis LLC is advising First Financial Bancorp on a new agreement to purchase Westfield Bancorp for $325 million, while SquirePatton Boggs (US) LLP is representing the seller, Westfield parent Ohio Farmers Insurance Co.
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June 23, 2025
GOP Plan For Merging Agencies Faces Reckoning, And Alarm
The Senate parliamentarian has given a thumbs-down to a Republican budget proposal that would allow President Donald Trump to unilaterally eliminate agencies through mergers and consolidation, adding to what experts say are a host of problems with the little-noticed provision.
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June 23, 2025
Muddy Waters Must Face Suit Over $14M SEC Tipster Award
Investment research service Muddy Waters LLC and its founder cannot escape a lawsuit alleging they stiffed a purported former partner out of his share of a $14 million whistleblower award from the U.S. Securities and Exchange Commission, a New York federal judge ruled Monday.
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June 23, 2025
Visa Defeats Class Claims Over Third-Party Gift Card Scams
A New York federal judge on Monday threw out a proposed class action accusing Visa of knowingly peddling gift cards that are susceptible to scams, ruling that "no reasonable consumer would fail to recognize the possibility that a gift card they bought may be subject to a third-party scam."
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June 23, 2025
Fed Joins Peers In Axing Reputational Risk As Exam Factor
The Federal Reserve Board on Monday became the latest regulator to announce that it will no longer consider reputational risk in its examination programs for the supervision of banks.
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June 23, 2025
Binance Agrees To Shutter Conn. Trading Operations
Crypto platform Binance has agreed to shut down the Connecticut operations of its U.S. subsidiary BAM Trading Services Inc. after a majority owner of the company was convicted of money laundering and also admitted to violating state statutes, according to a new consent order.
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June 23, 2025
NC Judge Axes Trucking Co.'s Noncompete For Overreach
A North Carolina state court judge has truncated a freight factoring company's suit accusing its former client services supervisor of luring clients to a competing business, finding that the complaint fell short of identifying the allegedly stolen trade secrets and that the former employee's noncompete is too broad to be enforced.
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June 23, 2025
Wolfspeed To File Ch. 11 With Plan To Cut $4.6B Debt
Semiconductor manufacturer Wolfspeed Inc. said it plans to file for Chapter 11 bankruptcy in the near future as part of a restructuring plan to reduce its total debt by approximately 70%, which is approximately $4.6 billion.
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June 23, 2025
CFPB, MoneyLion Ask To Pause Suit For Settlement Talks
The Consumer Financial Protection Bureau and MoneyLion Technologies Inc. are in talks to settle the agency's lawsuit accusing the fintech lender of overcharging military service members, according to a filing in New York federal court.
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June 23, 2025
Shift4 Buying New Zealand Fintech Smartpay In $180M Deal
Allentown, Pennsylvania-based payments company Shift4 has agreed to acquire Smartpay, an independent provider of payment processing solutions in Australia and New Zealand, for NZ$296.4 million ($180 million).
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June 23, 2025
Ohio Debt Collector Calls Robocall Claims Too Thin To Pursue
A debt collection agency in Marietta, Ohio, asked a federal judge to toss part of a proposed class action brought against it for allegedly violating the Telephone Consumer Privacy Act by placing unsolicited robocalls to debtors, saying the suit failed to allege that the company actually used automatic calling systems.
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June 23, 2025
Catching Up With Delaware's Chancery Court
The Delaware Supreme Court reversed a year-old $199 million judgment against TransCanada in a suit challenging a merger that occurred nearly a decade ago, Aspen Technology Inc. was hit with another suit over its pending $7.2 billion merger with Emerson Electric, and Nielson Holdings Ltd. secured a temporary restraining order against its spinoff. In case you missed it, here's the latest from the Delaware Chancery Court.
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June 23, 2025
Crypto Exec Seeks 5th Circ. Redo Over IRS Summonses
A cryptocurrency executive asked the Fifth Circuit to reconsider his request to quash IRS summonses for his bank records, saying its decision that he was prematurely trying to appeal a lower court's ruling ignored his claims that the agency's documents were incomplete and lacked legal power.
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June 20, 2025
6th Circ. Upends Flagstar Bank Win In Overdraft Fees Suit
The Sixth Circuit on Friday undid Flagstar Bank's win against a putative consumer protection class action accusing it of charging customers surprise overdraft fees, saying in an unpublished opinion that a rational factfinder could possibly conclude that the bank breached its terms and conditions.
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June 20, 2025
Trump Inks Rollback Of Biden-Era OCC Bank Merger Rule
President Donald Trump on Friday signed legislation nullifying the Office of the Comptroller of the Currency's Biden-era bank merger rule, clinching a Republican campaign to overturn what industry groups criticized as an overly restrictive and unclear framework for reviewing proposed transactions.
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June 20, 2025
Democrats Probe Credit Union Board's Authority After Firings
Top Democrats on Friday questioned the National Credit Union Administration's chairman about his authority to run the agency solo since President Donald Trump fired the agency's other two board members, raising concerns about the legality of recent agency actions.
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June 20, 2025
Healthcare Suit Financer Faces New Suit Over Data Breach
Omni Healthcare Financial, which provides financial services to healthcare companies facing personal injury suits, has been hit with a fresh proposed class action alleging it allowed hackers access to health records and other personal information of more than 16,000 individuals in a data breach last year.
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June 20, 2025
Legal And Finance Influencer To Settle Over FTX Promotion
Attorney and personal finance influencer Erika Kullberg and the talent agency she founded have reached a deal with FTX investors over their alleged roles promoting the now-collapsed crypto exchange.
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June 20, 2025
Walmart Shells Out $10M To Resolve FTC Money Transfer Suit
Walmart has agreed to pay $10 million to put to rest the Federal Trade Commission's allegations that the retailer "turned a blind eye to scammers" who facilitated fraud through its money transfer services, according to an announcement made Friday.
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June 20, 2025
8th Circ. Sends SEC's $12M Dealer Suit Back To District Court
The Eighth Circuit on Friday granted a request from the U.S. Securities and Exchange Commission to remand a $12 million unregistered dealer judgment the agency won against financial firm Carebourn Capital LP back to the district court, despite Carebourn's bid to keep the matter in the federal appeals court.
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June 20, 2025
Senate's CFPB, PCAOB Cuts Hit Parliamentarian Roadblock
The U.S. Senate parliamentarian has thrown cold water on the Senate Banking Committee's bids to defund the Consumer Financial Protection Bureau and eliminate the Public Company Accounting Oversight Board as part of the "One Big Beautiful" budget megabill, but the panel's top Republican is vowing to keep seeking further spending cuts.
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June 20, 2025
Apple Opposes Class Cert. Bid In Mobile Wallet Monopoly Suit
Apple Inc. has pushed back against a bid for class certification in a suit accusing it of unlawfully monopolizing the "tap and pay" mobile wallet market for its own devices by blocking competition, saying the bid does not offer common evidence to support the plaintiffs' various claims.
Expert Analysis
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Strategies To Limit Inherent Damage Of Multidefendant Trials
As shown by the recent fraud convictions of two executives at the now-shuttered education startup Frank, multidefendant criminal trials pose unique obstacles, but with some planning, defense counsel can mitigate the harm and maximize the chances of a good outcome, says Kenneth Notter at MoloLamken.
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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.