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Banking
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April 25, 2025
Nutter McClennen, Goodwin Steer $490M Mass. Banking Deal
Eastern Bankshares Inc. has agreed to acquire HarborOne Bancorp in a $490 million deal steered respectively by Nutter McClennen & Fish LLP and Goodwin Procter LLP, expanding Eastern's regional banking footprint across Massachusetts and into Rhode Island.
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April 24, 2025
Ex-Biscayne CEO Gets 10 Years For $130M Ponzi Scheme
The co-founder and CEO of defunct investment advisory firm Biscayne Capital on Thursday was sentenced in New York federal court to 10 years in prison, over his admitted role in a $130 million Ponzi scheme that defrauded banks and investors in a purported luxury real estate fund.
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April 24, 2025
Trump's Regulatory Thaw On Crypto Reaches Federal Reserve
The Federal Reserve on Thursday scrapped guidance that had instructed banks to consult with it before taking up cryptocurrencies, marking the latest step in a broader push to ease regulatory friction for digital assets under President Donald Trump's administration.
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April 24, 2025
FDIC's Hill Faces Dems' Questions Over DOGE Access, Job Cuts
U.S. Sen. Elizabeth Warren and other Democrats called Thursday for the Federal Deposit Insurance Corp. to provide details about the presence of Elon Musk's Department of Government Efficiency at the agency, citing concerns the regulator could be weakened as it looks to reduce its headcount by roughly 1,250 staffers.
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April 24, 2025
Bankers Push FCC For Caller ID To Combat Fraud
The American Bankers Association has urged the Federal Communications Commission to move forward on a plan to reduce bank-impersonating phone calls by ensuring certain voice service providers implement a new caller identification authentication process within two years.
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April 24, 2025
9th Circ. Backs Oppenheimer Bid To Avoid FINRA Arbitration
The Ninth Circuit unanimously affirmed Thursday a lower court's ruling blocking two Washington state couples' bid to arbitrate claims against Oppenheimer & Co. Inc. before the Financial Industry Regulatory Authority, saying the couples weren't customers of the financial services company despite getting caught up in a former Oppenheimer employee's Ponzi scheme.
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April 24, 2025
Ex-Bank GC Gets 4-Year Sentence In $7.4M Fraud Scheme
A former Webster Bank general counsel and corporate secretary was sentenced Thursday to four years behind bars after pleading guilty to spending nearly eight years embezzling $7.4 million and funneling at least some of the money through his personal attorney trust accounts.
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April 24, 2025
Ready Capital Sued Again Over Real Estate Loan Losses
Ready Capital Corp. and two executives were hit with another derivatives suit alleging statements made in the back half of 2024 about the company's performance misled investors about the significance of several nonperforming commercial real estate loans.
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April 24, 2025
Pardon Me? Why Offers To Secure Clemency Might Be A Scam
Some white collar lawyers and consultants say their clients are increasingly being solicited by potential scammers with promises to leverage supposed White House connections to secure pardons and other forms of clemency in exchange for big fees.
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April 24, 2025
9th Circ. Won't Rehear CashCall Appeal Of $134M CFPB Order
The Ninth Circuit on Thursday declined to rehear loan company CashCall's petition challenging $134 million in legal restitution it was ordered to pay to the Consumer Financial Protection Bureau over alleged unfair loan collection practices, rejecting its argument that legal restitution triggered its jury trial right and finding CashCall waived that right.
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April 24, 2025
Pa. Justices To Say If Wage Law Permits Suits Over Late Pay
The Pennsylvania Supreme Court will determine if employees can sue for withheld wages and the liquidated damages state law allows if their employer misses payday but catches up more than a month later, the court announced Wednesday.
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April 24, 2025
NY AG Says Housing Fraud Claim Is 'Retribution' By Trump
New York Attorney General Letitia James on Thursday pushed back on claims by a federal housing official that she committed mortgage fraud, with her counsel branding it "the latest act of improper political retribution" directed by President Donald Trump after James' office secured a nearly half-billion dollar civil fraud judgment against him.
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April 24, 2025
Silicon Valley Bank Liquidators Fight $41M Bill In Tax Court
The trust responsible for liquidating assets of the shuttered Silicon Valley Bank told the U.S. Tax Court that the IRS has wrongly charged the bank's operator more than $41 million in additional taxes by claiming it didn't substantiate losses and research activities in the years leading up to its bankruptcy.
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April 24, 2025
NY IP Lawyer Failed To Pay PPP Loans, Philly Bank Says
A Syracuse, New York, patent lawyer who maintains a whimsical, rainbow-filled website has been sued by a Philadelphia-based bank for allegedly not paying back a nearly $15,000 Paycheck Protection Program loan he received through the bank.
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April 24, 2025
JPMorgan, Retiree Resolve Benefits Freeze Suit
A former JPMorgan worker dropped a Second Circuit bid to revive his lawsuit claiming the financial giant failed to properly disclose how changes to an employee pension plan could result in a freeze on participants' benefits.
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April 24, 2025
Sullivan & Cromwell Guides Columbia Banking On $2B Deal
Sullivan & Cromwell LLP is advising Columbia Banking System Inc., the parent company of Umpqua Bank, on an agreement to acquire Holland & Knight LLP-advised Pacific Premier Bancorp Inc. in an all-stock transaction valued at approximately $2 billion.
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April 23, 2025
Trump Admin's Border Cash Reporting Order Halted
A California federal judge has temporarily blocked the Trump administration's order singling out cash-moving businesses along the southwest border for heightened anti-money laundering reporting, saying that, among other things, the plaintiffs have sufficiently pled that the order is arbitrary and capricious.
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April 23, 2025
CFPB Walks Away From Horizon Credit Card Suit
The Consumer Financial Protection Bureau on Wednesday dropped another Biden-era enforcement action, this time pulling the plug on a Pennsylvania federal court lawsuit over what the agency had previously alleged was a deceptive and abusive membership credit card program that took in tens of millions of dollars in consumer fees.
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April 23, 2025
Latest CFPB Layoffs Need Court's Scrutiny, DC Circ. Told
The National Treasury Employees Union has hit back at a Trump administration bid to resume mass layoffs of nearly all the Consumer Financial Protection Bureau's workforce, urging the D.C. Circuit to leave a federal judge's temporary restraining order in place.
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April 23, 2025
Firm Can't Fight Conn. Scam Suit Fee Rulings, Ex-Client Says
A Connecticut judge should not reconsider an award of attorney fees and interest against the law firm Mancini Provenzano & Futtner LLC because it already waived its arguments or brought them up in a pending appeal of a negligence judgment, a former client said this week.
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April 23, 2025
Citi Gets NY AG's Suit Paused For 2nd Circ. Review
Citibank can appeal a ruling in a lawsuit brought by the New York attorney general over the bank's response to incidents of online wire transfer fraud, with a federal judge saying that while he does not think the bank will prevail on appeal, its arguments "merit serious consideration."
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April 23, 2025
Ex-Rabobank Exec Seeks $5M To Cover OCC Fight Legal Bill
A former Rabobank chief compliance officer has asked the Ninth Circuit to award her more than $5 million in attorney fees and expenses to cover both her defense of a now-discontinued Office of the Comptroller of the Currency enforcement action and her unsuccessful lawsuit to get the matter expunged.
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April 23, 2025
Silvergate Settles Securities Class Action For $37.5M In Ch. 11
The parent company of Silvergate Bank has asked a Delaware bankruptcy judge to approve a new deal to settle a securities class action for $37.5 million and resolve a slew of indemnification issues in its Chapter 11, a resolution that the debtor said would save it potentially millions of dollars in legal fees.
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April 23, 2025
Morgan Stanley's Capital Markets Lead Joins A&O Shearman
Allen Overy Shearman Sterling has hired the former head of capital markets legal at Morgan Stanley as a partner in its capital markets practice in New York City, the firm recently announced.
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April 23, 2025
Judge Exits Allied Wallet Exec's Trial Over Plea Interference
A Massachusetts federal judge agreed to step aside Wednesday from the criminal bank fraud case of a former Allied Wallet executive after acknowledging that he had improperly inserted himself into plea negotiations.
Expert Analysis
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Series
Coaching Little League Makes Me A Better Lawyer
While coaching poorly played Little League Baseball early in the morning doesn't sound like a good time, I love it — and the experience has taught me valuable lessons about imperfection, compassion and acceptance that have helped me grow as a person and as a lawyer, says Alex Barnett at DiCello Levitt.
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How Fintechs Can Respond To New CFPB Supervisory Rule
Even though a new Consumer Financial Protection Bureau rule pulling large payment apps into supervision faces an uncertain fate in the new administration, providers should still examine the rule's definitions and prepare for increased compliance costs and more consumer-friendly practices, say attorneys at DLA Piper.
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5 Litigation Funding Trends To Note In 2025
Lawyers and their clients must be prepared to navigate an evolving litigation funding market in 2025, made more complicated by a new administration and the increasing overall cost of litigation, says Jeffery Lula at GLS Capital.
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Predicting Where State AGs Will Direct Their Attention In 2025
In 2025, we expect state attorneys general will navigate a new presidential administration while continuing to further regulate and police financial services, artificial intelligence, junk fees and antitrust, say attorneys at Troutman Pepper.
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The Blueprint For A National Bitcoin Reserve
The new administration has the opportunity to pave the way for a U.S.-backed crypto reserve, which could conceptually function as a strategic asset akin to traditional reserves like gold markets, hedge against economic instability, and influence global crypto adoption, say attorneys at Duane Morris.
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Student Loan Entities In Hot Seat After CFPB Goes To College
While the direction of student loan servicer oversight in the new presidential administration is unclear, recent Consumer Financial Protection Bureau actions still signal heightened regulatory scrutiny at both the federal and state levels of college institutional loan programs, along with their service providers, says attorney Jonathan Joshua.
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Rethinking Litigation Risk And What It Really Means To Win
Attorneys have a tendency to overestimate litigation risk before summary judgment and underestimate risk after it, but an eight-stage litigation framework can clarify risk at different points and help litigators reassess what true success looks like in any particular case, says Joshua Libling at Arcadia Finance.
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Takeaways From SEC's Registered Investment Cos. Risk Alert
The U.S. Securities and Exchange Commission's Division of Examinations' recent risk alert pertaining to registered investment companies provides a high-level overview of its risk-based approach to selecting RICs for examination — a potential hint that the division is investigating some of the covered topics, say attorneys at Simpson Thacher.
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Roundup
Banking Brief: State Law Recaps From Each Quarter Of 2024
In this Expert Analysis series, throughout 2024 attorneys provided quarterly recaps discussing the biggest developments in banking regulation, litigation and policymaking in various states, including New York, California and Illinois.
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How DOGE's Bite Can Live Up To Its Bark
All signs suggest that the Department of Government Efficiency will be an important part of the new Trump administration, with ample tools at its disposal to effectuate change, particularly with an attentive Republican-controlled Congress, say attorneys at K&L Gates.
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Small Biz Caught In Corporate Transparency Act Crossfire
Despite compliance being put on hold due to a nationwide preliminary injunction, small businesses have been caught in the middle of the legal battle over the Corporate Transparency Act — and confusion over the law's requirements could result in major penalties, say attorneys at Snell & Wilmer.
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5 Notable Information Security Events In 2024
B. Stephanie Siegmann at Hinckley Allen discusses 2024's largest and most destructive data breaches seen yet, ranging from ransomware disrupting U.S. healthcare systems on a massive scale, to tensions increasing between the U.S. and China over cyberespionage and the control of U.S. data.
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Roundup
Texas Banking Brief
In this Expert Analysis series, attorneys provide quarterly recaps discussing the biggest developments in Texas banking regulation and policymaking.
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Series
Playing Rugby Makes Me A Better Lawyer
My experience playing rugby, including a near-fatal accident, has influenced my legal practice on a professional, organizational and personal level by showing me the importance of maintaining empathy, fostering team empowerment and embracing the art of preparation, says James Gillenwater at Greenberg Traurig.
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What Broker-Dealers Must Know Before Selling Bitcoin ETPs
Interest in bitcoin exchange-traded products is already high, and only expected to grow in light of the incoming Trump administration's pro-crypto stance, but broker-dealers must still consider numerous regulatory requirements before recommending a bitcoin ETP to a client, say Frank Weigand and Justine Woods at Cahill Gordon.