Banking

  • February 06, 2025

    DOJ To Weigh Criminal Action Against Cos. With DEI Policies

    The U.S. Department of Justice will consider bringing criminal and civil investigations against companies over their diversity, equity and inclusion policies, according to a new memorandum from Attorney General Pam Bondi.

  • February 06, 2025

    ERISA Preempts Banker's $5.5M Deferred Comp, Judge Rules

    The Employee Retirement Income Security Act preempts a former Leerink Partners employee's claims that she was cheated out of about $5.5 million in deferred compensation after the bank hired her under allegedly false pretenses from Goldman Sachs, a Massachusetts federal judge ruled Thursday.

  • February 06, 2025

    JPMorgan's State Trade Secret Data Row Claim Axed, For Now

    A federal judge in Delaware has ruled that JPMorgan Chase & Co. sufficiently alleged Argus Information & Advisory Services violated a federal trade secrets law by allegedly misusing anonymized credit card data collected from banks, but said JPMorgan's contention Argus violated a Delaware trade secret law could not stand.

  • February 06, 2025

    Detroit Public School District Can't Get Quick Tax Ruling

    A Michigan judge has refused to issue an order guaranteeing in the short term that Detroit Public Schools can keep collecting a property tax to pay down debt, finding on Wednesday the debt-burdened school district is not facing imminent harm. 

  • February 06, 2025

    Brink's To Pay $42M To End Feds' Money Laundering Probes

    A Brink's Co. subsidiary has agreed to pay a total of $42 million to resolve separate money laundering probes by the U.S. Department of the Treasury's Financial Crimes Enforcement Network and the U.S. Department of Justice, which generally accuse Brink's of transporting $800 million in potential illicit cross-border transactions.

  • February 06, 2025

    Democrats Press Trump's USTR Pick On Tariff Approach

    Senate Finance Committee Democrats pressed President Donald Trump's pick for U.S. Trade Representative on Thursday over Trump's universal tariff proposal and the 25% across-the-board tariffs on Canadian and Mexican imports, suspended for one month, arguing that constituents are facing consequences.

  • February 06, 2025

    CFPB's Frotman To Depart As General Counsel

    The Consumer Financial Protection Bureau's top lawyer is resigning, Law360 has learned, marking the latest high-level exit from the agency following President Donald Trump's firing of its former director Rohit Chopra.

  • February 06, 2025

    MLB Star Ohtani's Ex-Interpreter Gets 57 Months For $17M Theft

    A California federal judge on Thursday ordered Shohei Ohtani's former interpreter to serve 57 months in prison for stealing nearly $17 million from the Los Angeles Dodgers superstar to pay off massive gambling debts, remarking that he found the defendant's claims regarding his financial stress "to be a bit misleading."

  • February 06, 2025

    US To Appeal Block On Corporate Transparency Act

    The federal government plans to challenge an order preventing it from enforcing the Corporate Transparency Act's reporting requirements for businesses, following the U.S. Supreme Court's pause of another nationwide block on the law in a separate case, according to a notice filed in a Texas federal court.

  • February 06, 2025

    No Bail For Ex-Federal Reserve Adviser In Espionage Case

    A former senior adviser to the Federal Reserve Board of Governors was ordered to be detained by a D.C. federal judge Wednesday at the request of prosecutors who warned that his significant ties to China put him at high risk of fleeing his charges of stealing classified information for that nation.

  • February 06, 2025

    Judges Balk At CFPB's Stay Bids In Capital One, SoLo Suits

    Two federal judges have turned down requests from the Consumer Financial Protection Bureau to suspend activity in ongoing enforcement lawsuits amid its acting director's litigation freeze, including in the agency's case against Capital One NA.

  • February 06, 2025

    Musk's Access To Records Blocked In DOGE, Treasury Suit

    A Washington, D.C., federal judge on Thursday approved a consent order blocking Elon Musk and additional Department of Government Efficiency employees from accessing the federal government's payment systems, although a "special government employee" will have limited access as the Treasury Department and suing plaintiffs spar over a preliminary injunction.

  • February 05, 2025

    House Republicans Target CFPB's Small-Biz Rule For Repeal

    House Republicans at a Wednesday hearing sought to build momentum for reversing the Consumer Financial Protection Bureau's small-business loan data rule, casting it as harmful to smaller banks while Democrats argued the real danger is the Trump administration itself.

  • February 05, 2025

    FDIC Letters Show It Met Crypto With 'Resistance,' Hill Says

    The Federal Deposit Insurance Corp.'s acting Chairman Travis Hill said Wednesday that he has jump-started a "comprehensive review" of the regulator's past crypto-focused communications with supervised banks, releasing a trove of documents he said shows that many banks abandoned their cryptocurrency plans after the FDIC met them with "resistance."

  • February 05, 2025

    Blue Ridge Bankshares, Investors Reach $2.5M Deal

    Blue Ridge Bankshares Inc. and a proposed class of investors have reached a $2.5 million settlement to resolve claims that the multi-state bank holding company engaged in improper loan accounting practices.

  • February 05, 2025

    Schwab To Add Oversight To End TD Ameritrade Buy Suit

    The Charles Schwab Corp. has agreed to implement an antitrust compliance program designed by an independent consultant in order to settle claims from a proposed class of retail investors who alleged they were forced to pay increased transaction costs for trades following the Schwab-TD Ameritrade merger in 2020.

  • February 05, 2025

    What Patent Attys Should Know About Trump's Commerce Pick

    The CEO of financial services firm Cantor Fitzgerald, who has been tapped to lead the Commerce Department, is an inventor on hundreds of patents and has identified the patent application backlog as a key concern. Here's what to know about Commerce secretary nominee Howard Lutnick.

  • February 05, 2025

    Cannabis Industry Frozen Out Of Banks, Senators Told

    The cannabis industry's difficulty securing access to financial services was raised Wednesday during a Senate committee hearing focused on the issue of debanking, or excluding individuals and companies from financial services.

  • February 05, 2025

    'Pay-To-Pay' Fees Are Unfair Debt Practice, 11th Circ. Rules

    The Eleventh Circuit said a mortgage servicing company illegally charged borrowers fees for online and phone payments, upholding a Florida federal court's decision that it improperly collected so-called pay-to-pay convenience fees that were not expressly allowed by underlying loan agreements.

  • February 04, 2025

    Russian Bank Can't Ditch Jet Crash Suit, 2nd Circ. Agrees

    The Second Circuit on Tuesday agreed with a lower court's 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 that it's entitled to sovereign immunity.

  • February 04, 2025

    Wheeling & Appealing: The Latest Must-Know Appellate Action

    February is off to a rip-roaring start in several circuits, and there's plenty more action ahead, including a moment of truth for judiciary policymaking that has managed to anger both the defense and plaintiffs bars. We'll explore all that in this edition of Wheeling & Appealing, which also includes an appellate quiz pegged to recent presidential news.

  • February 04, 2025

    Tribe's IHS Debt Suit Cut But Overcollection Claims Remain

    A Nebraska federal judge partly tossed a tribe's amended suit challenging the Indian Health Service's contention that it overpaid the tribe by $3.2 million due to an administrative oversight, finding the tribe waited too long to sue, but he allowed claims alleging overcollection of the debt to continue.

  • February 04, 2025

    Wells Fargo Clears 2 More Consent Orders Amid Rehab Efforts

    The Federal Reserve said Tuesday that Wells Fargo & Co. has exited a pair of mortgage-related consent orders from more than a decade ago, another step forward in the banking giant's regulatory rehabilitation efforts.

  • February 04, 2025

    Sen. Banking Chair Sets 100-Day Dash For Crypto Legislation

    Senate Banking Committee Chair Tim Scott, R-S.C., said Tuesday that he intends to pass crypto legislation out of his chamber in the first 100 days of the new administration with the help of a working group composed of committee chairs in both chambers of Congress.

  • February 04, 2025

    LendingTree Faces Consumer Claims Over Snowflake Breach

    Online consumer lending platform LendingTree and an insurance comparison subsidiary are facing a proposed consumer class action based on a data breach of their cloud storage service, which affected personal information for "hundreds of millions of consumers."

Expert Analysis

  • Litigation Funding Disclosure Debate: Strategy Considerations

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    In the ongoing debate over whether courts should require disclosure of litigation funding, funders and plaintiffs tend to argue against such mandates, but voluntarily disclosing limited details about a funding arrangement can actually confer certain benefits to plaintiffs in some scenarios, say Andrew Stulce and Marc Cavan at Longford Capital.

  • 2025 May Be A Breakout Year For The Cannabis Industry

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    The cannabis industry faced a slow and frustrating 2024, but consumer trends continue to shift in favor of cannabis, and the new administration may provide the catalyst that the industry needs, says Lynn Gefen at TerrAscend.

  • Mass. Law Shows Patchwork Money Transfer Rules Persist

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    Though Massachusetts' recently passed law governing domestic money transfers means 26 states now have a version of the Model Money Transmission Modernization Act on the books, the national framework remains a patchwork that will continue to force industry players to pay sharp attention to state variations, say attorneys at Manatt.

  • Top Considerations For Insurance Companies In 2025

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    As insurance industry participants look to plan for the year, regulatory changes, climate-related challenges, the ongoing effects of social inflation and the potential for significant mergers and acquisitions will be among the key items for insurer boards and management to have on their radar, say attorneys at Debevoise.

  • Scope And Nature Of Judicial Relief Will Affect Loper's Impact

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    The practical result of post-Loper Bright rulings against regulatory actions will depend on the relief courts grant — and there has been controversy in these types of cases over whether the ruling is applied just to the parties or nationwide, and whether the action can be left in place while it's corrected, says Steven Gordon at Holland & Knight.

  • The Implications Of E-Cigarette Cos. Taking Suits To 5th Circ.

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    The U.S. Supreme Court recently heard oral arguments in U.S. Food and Drug Administration v. R.J. Reynolds over the definition of an "adversely affected" person under the Tobacco Control Act, and the justices' ruling will have important and potentially wide-ranging implications for forum shopping claims, says Trillium Chang at Zuckerman Spaeder.

  • Del. Dispatch: Lessons From Failed Albertsons-Kroger Merger

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    The allegations in Albertsons' lawsuit against Kroger following the grocery stores' blocked merger demonstrate how a target company can best ensure that a buyer timely and effectively complies with its obligations to pursue the necessary regulatory approvals for a deal, say attorneys at Fried Frank.

  • Series

    Adventure Photography Makes Me A Better Lawyer

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    Photographing nature everywhere from Siberia to Cuba and Iceland to Rwanda provides me with a constant reminder to refresh, refocus and rethink the legal issues that my clients face, says Richard Birmingham at Davis Wright.

  • How Cos. Can Respond To CFPB Digital Asset Safeguard Plan

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    Though the Consumer Financial Protection Bureau’s proposal to regulate online payment platforms via existing federal laws would create new challenges, digital payment companies that engage with the rulemaking process could help shape a win-win regulatory framework that protects consumer data and ensures the sector’s growth, says Allison Raley at Arnall Golden.

  • How Ch. 11 Can Alleviate Merchant Cash Advance Concerns

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    Merchant cash advance funding is one of the biggest challenges for small businesses today because funders are so prevalent, aggressive and expensive, but bankruptcy can provide several tools for dealing with MCA agreements that may allow the debtor business to restructure and survive, says Patricia Fugée at FisherBroyles.

  • Future Of Crypto-Asset Classification Is In 2nd Circ.'s Hands

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    A definitive ruling from the Second Circuit in a rare interlocutory appeal in the U.S. Securities and Exchange Commission's ongoing court battle with Coinbase could finally establish clear guidelines on the classification of digital assets, influencing how they are regulated and traded in the U.S., say attorneys at Manatt.

  • 5 Ways To Create Effective Mock Assignments For Associates

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    In order to effectively develop associates’ critical thinking skills, firms should design mock assignments that contain a few key ingredients, from messy fact patterns to actionable feedback, says Abdi Shayesteh at AltaClaro.

  • Assessing Gary Gensler's Legacy At The SEC

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    Gary Gensler's tenure as U.S. Securities and Exchange Commission chair is defined by a record of commonsense regulation in some areas and social activism in others, and by increasing judicial skepticism about the SEC's authority to fulfill its regulatory, enforcement, administrative law and adjudicatory functions, say attorneys at Arnold & Porter.

  • Takeaways From DOJ Fraud Section's 2024 Year In Review

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    Attorneys at Paul Weiss highlight notable developments in the U.S. Department of Justice Fraud Section’s recently released annual report, and discuss what the second Trump administration could mean for enforcement in the year to come.

  • A Defendant's Guide To 4 Common CFPB Discovery Tactics

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    With the Consumer Financial Protection Bureau's recent flurry of new lawsuits showing no signs of stopping, defendants should know the bureau's most relied-upon discovery strategies — and be prepared to resist them, say attorneys at Goodwin.

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