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Banking
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March 10, 2025
JPMorgan Sued Over $481M CMBS Loan With 'Inflated' Metric
Wells Fargo sued JPMorgan in New York federal court on Monday to make it pay up for a soured $481 million commercial real estate loan that it originated and securitized, allegedly based on "dramatically inflated" supporting financial data.
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March 10, 2025
All Agencies Trump Ordered To Drop DEI Must Heed Injunction
A preliminary injunction blocking President Donald Trump's executive orders axing diversity, equity and inclusion-related work applies equally to all executive agencies given directives to purge the programming, a Maryland federal judge said Monday.
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March 10, 2025
OCC Nixes Supervisory Hurdle For Banks' Crypto Biz
The Office of the Comptroller of the Currency has told banks that they no longer need to obtain a nonobjection from the regulator to push forward with crypto plans, reaffirming interpretations issued under the first Trump administration and rescinding a Biden-era supervisory requirement for crypto activities.
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March 10, 2025
EPA Climate Grantee Sues Citibank, Agency Over Frozen Cash
A climate-change-focused nonprofit is accusing Citibank NA and the U.S. Environmental Protection Agency in D.C. federal court of breaching a contract to deliver billions of dollars in grant funding that's been frozen by the Trump administration.
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March 10, 2025
2nd Circ. Won't Free Ex-JPMorgan Banker From Industry Ban
The Second Circuit on Monday upheld a lifetime investment advising ban against a former JPMorgan Chase & Co. and Perella Weinberg Partners investment banker convicted of insider trading, saying that the U.S. Securities and Exchange Commission presented substantial evidence demonstrating that the ban was appropriate.
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March 10, 2025
MicroStrategy Seeks To Raise $21B To Buy More Bitcoin
MicroStrategy Inc. on Monday filed plans to raise up to $21 billion from equity sales in order to buy more bitcoin, potentially bolstering its stockpile of the flagship digital currency, represented by Latham & Watkins LLP and placement agents' counsel Davis Polk & Wardwell LLP.
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March 10, 2025
AFL-CIO, Unions Defend Fight Against DOGE Access
The AFL-CIO and a group of unions sought to keep alive their claims that Elon Musk's Department of Government Efficiency can't legally access data from the U.S. Department of Labor and other federal agencies, telling a D.C. federal judge they have standing to file their suit.
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March 10, 2025
Ex-Credit Suisse Client Pleads Guilty To Hiding $90M
A Colombian-American businesswoman and former Credit Suisse client pled guilty Monday in Florida federal court to conspiring with family members to hide more than $90 million in assets from the IRS through a series of foreign bank accounts.
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March 10, 2025
Tribal Casino Says Sovereign Immunity Sinks 401(k) Fee Suit
A tribal hospitality and casino company said it shouldn't face a proposed class action alleging its 401(k) plan was bogged down by exorbitant costs and underperforming investment options, telling a New York federal court it's immune from the case as an arm of the Oneida Indian Nation.
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March 10, 2025
Feds Sue FDIC For $1.9M For First Republic Tax Bill
The U.S. government sued the Federal Deposit Insurance Corp. in D.C. federal court as receiver for the failed First Republic Bank, alleging the bank understated its withholding tax for U.S.-sourced income of foreigners and now owes almost $2 million to the federal government.
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March 10, 2025
Treasury's CTA Halt Doesn't Justify Block, Feds Tell 5th Circ.
The U.S. Treasury Department halting enforcement of the Corporate Transparency Act on domestic entities doesn't add justification to a nationwide block on the law because it's a valid exercise of Congress' powers to regulate commerce, taxes, foreign affairs and national security, the U.S. government told the Fifth Circuit.
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March 10, 2025
Money Manager Can't Block Alleged Client Poach, Judge Says
Connecticut investment firm TJT Capital Group LLC has not demonstrated that it will suffer irreparable harm without a temporary restraining order that bars a former member from using client information he allegedly misappropriated, a federal judge has ruled in denying the request.
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March 10, 2025
Fintech-Focused SPAC Titan Acquisition Files $240M IPO
Special purpose acquisition company Titan Acquisition Corp. on Monday detailed plans to raise up to $240 million in its initial public offering, with the goal of merging with a company in the finance and tech-enabled services industries.
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March 10, 2025
Court Affirms FBAR Penalties Against Estate, Not Widow
The estate of a man who failed to report his Swiss bank accounts is liable for tax penalties of at least $2 million, an Idaho federal court determined, finding the man's widow off the hook.
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March 10, 2025
Paul Weiss, Fenwick Build Rocket's $1.75B Redfin Buy
Detroit-based real estate-focused fintech platform Rocket Cos., advised by Paul Weiss Rifkind Wharton & Garrison LLP, on Monday announced that it has agreed to buy Fenwick & West LLP-led digital real estate brokerage Redfin in a $1.75 billion all-stock deal.
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March 10, 2025
Comerica Sued Over Interest Earned On Gov't Benefits Cards
Comerica Bank was hit with a proposed class action Friday claiming that the bank is not entitled to keep interest it earns on Social Security and other federal benefits Comerica distributes through government benefits cards.
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March 07, 2025
As Key Hearing Looms, CFPB Emails Hint At Signs Of Life
Recent batches of Consumer Financial Protection Bureau internal emails hint at early, fumbling efforts to bring parts of the agency back online, but whether these flickers of life will undercut an employee union's fight to keep the agency intact remains to be seen.
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March 07, 2025
Trump Sues Capital One Over 'Illegal' De-Banking
President Donald Trump's company and his son Eric Trump sued Capital One on Friday in a Florida state court, claiming it illegally canceled hundreds of Trump-affiliated accounts in the aftermath of the Jan. 6, 2021, attacks on the U.S. Capitol.
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March 07, 2025
US Bank Loses Renewed Bid To Arbitrate Deposit Box Dispute
A California federal judge denied U.S. Bancorp's renewed motion to compel arbitration in a suit alleging the bank unlawfully drilled into some of its customers' safe deposit boxes without consent, after the Ninth Circuit vacated the court's prior order compelling arbitration, finding the bank failed to prove the arbitration clause was properly incorporated into customer contracts.
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March 07, 2025
Frost Bank Wins Arbitration Right In Texas Ownership Dispute
A Texas appeals court has found Frost Bank has the right to compel arbitration in a tangled ownership dispute involving a privately owned South African packaging company's Texas affiliate, holding Thursday that the bank has a valid arbitration agreement.
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March 07, 2025
Tariffs, Diversity And DOGE Dominate Trump 2.0 'Risk Factors'
Public companies are busily reworking risk disclosures since the arrival of President Donald Trump's second administration, seeking to walk a fine line of being upfront with investors about potential threats to business despite vast legal and policy uncertainties.
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March 07, 2025
Peru Broke Trade Deal, Scotiabank Tells Arbitrators
Scotiabank asked the World Bank's international arbitration institution to consider a new argument in a value-added tax dispute with the Peruvian government, saying Peru's treatment of the bank violated a trade agreement with Canada.
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March 07, 2025
Menendez Co-Defendant Gets 3 Years In NJ Bank Fraud Case
The former Mariner's Bank chief executive who was convicted alongside former U.S. Sen. Robert Menendez in a blockbuster bribery indictment was sentenced Friday in a separate bank fraud case to three years and one month in prison to run concurrently with his seven-year sentence in the Menendez case.
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March 07, 2025
DC Judge Declines To Block DOGE From Treasury Systems
A D.C. federal judge on Friday declined to wall off access to the federal government's payment systems from employees of the so-called Department of Government Efficiency during a lawsuit brought by retirees and union groups, determining the alleged privacy risks were not enough to warrant the court's intervention.
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March 07, 2025
BofA Sued Over Auto-Pay Shutdown For 1-Account Clients
Bank of America NA improperly cut off auto-pay arrangements for loans to customers who did not have another active account with the bank, according to a proposed class action from a customer who claims the shutdown of his car loan payments ruined his credit.
Expert Analysis
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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.
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Series
Texas Banking Brief: All The Notable Legal Updates In Q4
The fourth quarter of 2024 brought noteworthy developments to the Texas financial services sector, particularly a new state artificial intelligence bill and a Consumer Financial Protection Bureau rule that will affect an outsize number of Texas community banks, says Tyler George at Naman Howell.
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Cyber Disclosure Is A Mainstay In 2025 SEC Exam Priorities
Despite a new administration and a new U.S. Securities and Exchange Commission chair incoming, the SEC's 2025 examination priorities signal that cybersecurity disclosures and risk management practices will remain important due to the growing threat of cyberattacks, says Anjali Das at Wilson Elser.