Banking

  • July 12, 2024

    Law360 Names 2024's Top Attorneys Under 40

    Law360 is pleased to announce the Rising Stars of 2024, our list of 158 attorneys under 40 whose legal accomplishments belie their age.

  • July 12, 2024

    Rising Star: Cahill Gordon's John MacGregor

    John MacGregor of Cahill Gordon & Reindel LLP has successfully defended Credit Suisse in litigation over a complex financial product alleging more than $2 billion in losses, and secured dismissal in a claim alleging losses of $1 billion over its financial adviser work. These matters and others have earned him a spot among the banking law practitioners under age 40 honored by Law360 as Rising Stars.

  • July 12, 2024

    Loper Bright Is Shaking Up Dozens Of Regulatory Fights

    In the two weeks since the U.S. Supreme Court overturned Chevron deference, the landmark decision has emerged as a live issue in dozens of administrative challenges, with federal courts already pausing agency regulations expanding LGBTQ+ rights in education and healthcare and with a wave of parties seeking to use the new decision to win their cases.

  • July 12, 2024

    CFPB Takes Its 5th Circ. Lumps To Advance Late Fee Rule Suit

    The Consumer Financial Protection Bureau has told the Fifth Circuit that it won't appeal a three-judge panel's decision forcing it defend its $8 credit card late fee rule in Texas rather than Washington, D.C., a move that could expedite the agency's efforts to free the rule from a lower-court injunction.

  • July 12, 2024

    Ramey Says 'Any Competent' Atty Wouldn't Seek Sanctions Yet

    Ramey LLP, counsel for mobile payment company AuthWallet LLC, has urged a Texas federal judge to reject a bank's attempt to sanction the company's attorney, saying the request is premature since the case doesn't have a prevailing party yet.

  • July 12, 2024

    MoneyLion Cites High Court Rulings In Bid To Toss CFPB Suit

    MoneyLion Technologies Inc. told a New York federal judge on Friday that two recent U.S. Supreme Court rulings, including the reversal of the so-called Chevron deference doctrine, support the challenge to military lending regulations it is accused of violating in a lawsuit by the Consumer Financial Protection Bureau.

  • July 12, 2024

    FINRA's Remote Inspection Pilot Met With Praise, Caution

    The Financial Industry Regulatory Authority's new pilot program for remote inspections of broker-dealers has earned praise from attorneys, who say the measures accommodate the reality of remote work routines, but they're waiting to see how the chips fall on questions including the adequacy of the regulator's data security measures.

  • July 12, 2024

    Taxation With Representation: Ropes & Gray, Cravath, Latham

    In this Week's Taxation with Representation, Paramount Global merges with Skydance Media, Devon Energy acquires Grayson Mill Energy's Williston Basin oil and gas business, Ryan acquires Altus Group Ltd.'s property tax business, and Bain Capital buys Envestnet Inc.

  • July 12, 2024

    Former City Treasurer Gets 30 Months In $1M Embezzlement

    A former city treasurer in Alaska was sentenced to two and a half years in prison after having admitted to tax evasion and fraud in connection with a $1 million embezzlement scheme, according to Alaska federal court documents.

  • July 12, 2024

    BofA, Goldman Get First OK For $46M Deal In Rate-Swap Suit

    A New York federal judge has granted the first green light to a $46 million settlement in long-running multidistrict litigation over an alleged plot by several major U.S. and European banks, including Bank of America, JPMorgan Chase & Co. and Deutsche Bank AG, to limit market competition over interest rate swaps.

  • July 12, 2024

    CFTC, DOJ Convene 'Pig Butchering' Working Group

    The U.S. Commodity Futures Trading Commission and a U.S. Department of Justice cryptocurrency enforcement team have convened a working group focused on crypto fraud scams known as "pig butchering" schemes, joining forces with officials from more than 15 federal agencies.

  • July 12, 2024

    UK Litigation Roundup: Here's What You Missed In London

    This past week in London has seen the owner of the Lambretta scooter brand Innocenti SA embroiled in a trademark dispute with a property developer, a clash between two art dealers over a collection of tapestries, Telecom Italia pursue a debt claim against a competing telecommunications company, and performing arts trade union Equity hit a casting directory for charging unfair subscription fees on actors. Here, Law360 looks at these and other new claims in the U.K.

  • July 12, 2024

    First Republic Settles $7M Scholarship Fund Loss Suit

    A philanthropist couple have reached an agreement to resolve their $7 million breach of fiduciary duty allegations against the now-failed First Republic Bank, telling a California federal judge that they reached a deal during a private mediation session.

  • July 11, 2024

    Biden's FDIC Pick Hangs Tough Amid GOP Doubts On Record

    President Joe Biden's candidate for Federal Deposit Insurance Corp. chair faced scrutiny Thursday as Republican senators at her nomination hearing expressed their skepticism about her readiness to lead the agency, but her critics nevertheless appeared unlikely to derail her prospects for confirmation outright.

  • July 11, 2024

    Biden Taps Warren Protege, Ex-CFPB Atty For CFTC Seat

    President Joe Biden on Thursday nominated a senior Office of Management and Budget official and former Consumer Financial Protection Bureau attorney to the U.S. Commodity Futures Trading Commission to replace one of two current CFTC members who themselves have been nominated for other offices.

  • July 11, 2024

    Broker Says FINRA Owes Him Jury Trial After Jarkesy Ruling

    The Financial Industry Regulatory Authority has been hit with a suit from a member who says the regulator's allegations in an internal proceeding to sanction and expel him are assertions of common law fraud and therefore must be brought before a court and jury under the U.S. Supreme Court's recent Jarkesy decision.

  • July 11, 2024

    Ozy Media CEO Urges Jury To Reject 'Shady' Fraud Case

    Counsel for Carlos Watson on Thursday told a Brooklyn federal jury not to trust prosecutors' "shady" claims that the Ozy Media founder and CEO defrauded lenders and investors by falsely inflating the news and entertainment startup's bottom line.

  • July 11, 2024

    Western Union Owes $8M For Soured Deal, Vendor Says

    A Taiwan-based manufacturer of point-of-sale devices launched a lawsuit against Western Union in Colorado federal court, accusing it of ordering about 25,000 POS terminals worth roughly $8 million and then backing out of the transaction and refusing to pay after the vendor had already started making the devices.

  • July 11, 2024

    SF Fed Sues Troubled PPP Lender, Founder For Nearly $67M

    The San Francisco arm of the Federal Reserve has sued one of the largest Paycheck Protection Program lenders in Puerto Rico federal court seeking to recover nearly $67 million, alleging the lender has defaulted on the terms of roughly $4.3 billion in credit it advanced for PPP loans.

  • July 11, 2024

    7th Circ. Revives CFPB's Lender Redlining Suit

    The Consumer Financial Protection Bureau should be allowed to pursue claims that a mortgage lender illegally disparaged majority-Black neighborhoods, the Seventh Circuit said Thursday, finding the agency was empowered to enforce violations against prospective borrowers.

  • July 11, 2024

    Attys Say Milberg Must Pay For Fraud In Visa, Mastercard MDL

    Class counsel representing plaintiffs in long-running multidistrict litigation accusing Visa and Mastercard of charging improper merchant fees have called for sanctions against Milberg Coleman Bryson Phillips Grossman LLC, laying out arguments for a fee reimbursement after the firm admitted to mistakenly registering fraudulent clients.

  • July 11, 2024

    DACA Recipient, Credit Union Settle Home Loan Bias Suit

    A beneficiary of the Deferred Action for Childhood Arrivals program has reached a settlement with an Oregon credit union to end claims that he was unlawfully denied a home equity loan based on his immigration status.

  • July 11, 2024

    House Vote Fails To Quash Veto Of SEC Crypto Accounting Bill

    The U.S. House on Thursday failed to override President Joe Biden's veto of a bill that sought to roll back controversial crypto accounting guidance from the U.S. Securities and Exchange Commission after Democrats urged members to stick by the president.

  • July 11, 2024

    Ropes & Gray, Paul Weiss Steer Bain's $4.5B Envestnet Buy

    Ropes & Gray-led Bain Capital will buy Envestnet Inc., guided by Paul Weiss, in a take-private deal that values the financial technology company at $4.5 billion, Envestnet said in a statement Thursday. 

  • July 10, 2024

    BitMEX Cops To Flouting Anti-Money Laundering Rules

    Offshore crypto derivatives exchange BitMEX pled guilty in New York federal court on Wednesday to a charge alleging it violated the Bank Secrecy Act by knowingly failing to maintain adequate anti-money laundering and customer identification programs, according to the U.S. Attorney's Office for the Southern District of New York.

Expert Analysis

  • A Checklist For Lenders Preparing For CRE Loan Defaults

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    Considering the recent interest rate environment, lenders should brush up on the proper steps that they should take when preparing to respond to a borrower's default on a commercial real estate loan, and borrowers should understand what lenders will be reviewing, says attorney Norma Williams.

  • Opinion

    Discount Window Reform Needed To Curb Modern Bank Runs

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    We learned during the spring 2023 failures that bank runs can happen extraordinarily fast in light of modern technology, especially when banks have a greater concentration of large deposits, demonstrating that the antiquated but effective discount window needs to be overhauled before the next crisis, says Cris Cicala at Stinson.

  • Mitigating Risks Amid 10-Year Sanctions Enforcement Window

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    In response to recent legislation, which doubles the statute of limitations for actions related to certain U.S. sanctions and provides regulators greater opportunity to investigate possible violations, companies should take specific steps to account for the increased civil and criminal enforcement risk, say attorneys at Freshfields.

  • Series

    In The CFPB Playbook: Making Good On Bold Promises

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    The U.S. Supreme Court's decision upholding the Consumer Financial Protection Bureau's funding structure in the second quarter cleared the way for the bureau to resume a number of high-priority initiatives, and it appears poised to charge ahead in working toward its aggressive preelection agenda, say Andrew Arculin and Paula Vigo Marqués at Blank Rome.

  • Series

    After Chevron: Creating New Hurdles For ESG Rulemaking

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    The U.S. Supreme Court's Loper Bright decision, limiting court deference to agencies' statutory interpretations, could have significant impacts on the future of ESG regulation, creating new hurdles for agency rulemaking around these emerging issues, and calling into question current administrative actions, says Leah Malone at Simpson Thacher.

  • A Timeline Of Antisemitism Legislation And What It Means

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    What began as hearings in the House of Representatives Committee on Education and the Workforce has expanded to a House-wide effort to combat antisemitism and related issues, with wide-ranging implications for education, finance and nonprofit entities, say attorneys at Morgan Lewis.

  • Opinion

    States Should Loosen Law Firm Ownership Restrictions

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    Despite growing buzz, normalized nonlawyer ownership of law firms is a distant prospect, so the legal community should focus first on liberalizing state restrictions on attorney and firm purchases of practices, which would bolster succession planning and improve access to justice, says Michael Di Gennaro at The Law Practice Exchange.

  • State Licensing Pitfalls Mortgage Servicers Must Beware

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    A recent enforcement action from the Washington Department of Financial Institutions demonstrates how subtle distinctions in state mortgage servicer licensing laws may come as a surprise to some companies, even if they never directly receive payments or interact with borrowers, says Clayton Swears at Hudson Cook.

  • Best Text Practices In Light Of Terraform's $4.5B Fraud Deal

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    Text messages were extremely important in a recent civil trial against Terraform Labs, leading to a $4.5 billion settlement, so litigants in securities fraud cases need to have robust mobile data policies that address the content and retention of messages, and the obligations of employees to allow for collection, say Josh Sohn and Alicia Clausen at Crowell & Moring.

  • Series

    Solving Puzzles Makes Me A Better Lawyer

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    Tackling daily puzzles — like Wordle, KenKen and Connections — has bolstered my intellectual property litigation practice by helping me to exercise different mental skills, acknowledge minor but important details, and build and reinforce good habits, says Roy Wepner at Kaplan Breyer.

  • CFPB's New Registration Rule Will Intensify Nonbank Scrutiny

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    The Consumer Financial Protection Bureau's recently finalized nonbank registration rule aimed at cracking down on repeat offenders poses significant compliance challenges and enforcement risks for nonbank financial firms, and may be particularly onerous for smaller firms, say Ketan Bhirud and Emily Yu at Cozen O'Connor.

  • Texas Ethics Opinion Flags Hazards Of Unauthorized Practice

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    The Texas Professional Ethics Committee's recently issued proposed opinion finding that in-house counsel providing legal services to the company's clients constitutes the unauthorized practice of law is a valuable clarification given that a UPL violation — a misdemeanor in most states — carries high stakes, say Hilary Gerzhoy and Julienne Pasichow at HWG.

  • Navigating The New Rise Of Greenwashing Litigation

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    As greenwashing lawsuits continue to gain momentum with a shift in focus to carbon-neutrality claims, businesses must exercise caution and ensure transparency in their environmental marketing practices, taking cues from recent legal challenges in the airline industry, say attorneys at Baker McKenzie.

  • In Memoriam: The Modern Administrative State

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    On June 28, the modern administrative state, where courts deferred to agency interpretations of ambiguous statutes, died when the U.S. Supreme Court overruled its previous decision in Chevron v. Natural Resources Defense Council — but it is survived by many cases decided under the Chevron framework, say Joseph Schaeffer and Jessica Deyoe at Babst Calland.

  • Preparing For CFPB 'Junk Fee' Push Into Mortgage Industry

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    As the Consumer Financial Protection Bureau considers expanding its "junk fee" initiative into mortgage closing costs, mortgage lenders and third parties must develop plans now that anticipate potential rulemaking or enforcement activity in this space, say attorneys at Morgan Lewis.

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