Banking

  • July 25, 2024

    Wells Fargo Says Sham Enrollment Claims Are Too Old

    A proposed class's claims accusing Wells Fargo of attempting to shortchange customers after surreptitiously signing them up for unwanted financial products are time-barred, vague and "implausible," and therefore cannot proceed, the bank told a California federal court.

  • July 25, 2024

    Trump Judge Won't Exit Over 'Nothingburger' Atty Encounter

    The New York judge who ordered Donald Trump to pay $465 million in penalties in his civil fraud case Thursday rejected the former president's demand that he step down from the case, saying a brief hallway encounter with an attorney acquaintance was a "nothingburger" that did not influence his decision.

  • July 25, 2024

    11th Circ. Asked To Toss Execs' Dinar Fraud Convictions

    Three executives of an Atlanta-based dinar exchange convicted of fraud after an advertising partner hyped the Iraqi currency by claiming its price could soar urged the Eleventh Circuit to toss their convictions Thursday, arguing jurors should have been told the difference between fraud and deceit.

  • July 25, 2024

    Mr. Cooper Picks Up Flagstar Resi Mortgage Unit For $1.4B

    Flagstar Bank NA announced Thursday that it has inked a $1.4 billion deal to sell its residential mortgage servicing business to nonbank mortgage originator Mr. Cooper, as Flagstar and parent New York Community Bancorp eye a turnaround.

  • July 25, 2024

    Warren Slams Fed Chief For Inaction On Bank Exec Pay

    Sen. Elizabeth Warren, D-Mass., urged the Federal Reserve's top official to support rulemaking that would restrict incentive-based pay for executives at big banks, a long-overdue policy change that Congress required in the 2010 Dodd-Frank Act.

  • July 25, 2024

    Hedge Fund Manager Ordered To Disgorge $67M In Profits

    A hedge fund manager who copped to running a $100 million securities fraud scheme has been ordered by a New Jersey federal court to pay back the $67 million in profits she earned through misleading 40 investors about the fund's performance.

  • July 25, 2024

    CFPB Wary Of 'Junk Fees' As Lunch Money Goes Digital

    The Consumer Financial Protection Bureau on Thursday flagged concerns about "junk fees" that school-contracted payment processors are charging parents to put money on their children's cafeteria accounts, casting it as part of a broader trend toward more digital payments in school settings.

  • July 25, 2024

    3rd Circ. Says Service Flub Sinks SEC's Ponzi Scheme Win

    The Third Circuit on Wednesday vacated a $500,000 default judgment against a Swiss resident accused of operating a $1.4 million Ponzi scheme, finding email service used by the U.S. Securities and Exchange Commission was improper under the Hague Service Convention.

  • July 25, 2024

    Longtime GrayRobinson Atty Joins Lewis Brisbois In Tampa

    Lewis Brisbois Bisgaard & Smith LLP announced that a longtime GrayRobinson PA attorney who founded and chaired the firm's banking practice joined its Tampa, Florida, office as a partner.

  • July 25, 2024

    Deals Rumor Mill: Wiz-Google, Daily Telegraph, Medline IPO

    Cybersecurity startup Wiz has rebuffed a buyout offer from Google, former British finance minister Nadhim Zahawi is preparing a $773 million bid for the Daily Telegraph, and medical supplies giant Medline is preparing an initial public offering for 2025. Here, Law360 breaks down these and other notable deal rumors from the past week.

  • July 25, 2024

    Belgium Taken To EU Court Over Deposit Exemption Rules

    The European Union's executive branch said Thursday that it is taking Belgium to court alleging that the country's system of exempting remuneration of savings deposits from tax violates EU law.

  • July 24, 2024

    Texas Judge Prods MoneyGram Worker's Retaliation Claims

    A Texas federal judge told an ex-MoneyGram International worker that she needed to establish more evidence to show why her employer fired her in retaliation for taking medical leave, saying during a Wednesday hearing that the proximity between the leave and her termination couldn't clear summary judgment.

  • July 24, 2024

    FDIC's Hill Says Basel Plan Needs New Draft With All Aboard

    The Federal Deposit Insurance Corp.'s second-in-command called Wednesday for federal regulators to move in unison as they revise their controversial Basel III endgame plan for tougher big-bank capital requirements, saying any next draft should be comprehensive and backed by all the agencies involved.

  • July 24, 2024

    Failed Bank, FDIC Continue Fight Over $1.9B Account Claims

    A New York bankruptcy judge on Wednesday heard arguments on the Chapter 11 plan of the parent company of the failed Silicon Valley Bank, alongside separate arguments on the fate of $1.9 billion in funds currently in the hands of federal banking regulators.

  • July 24, 2024

    Top Texas Real Estate News In 2024 So Far

    Catch up on the hottest real estate news out of Texas so far this year, from data center construction and roadblocks in a major rail project to a Texas landowner's win in a takings suit and the U.S. Department of Justice's first predatory mortgage suit. 

  • July 24, 2024

    NC Man Gets Prison, $4.4M Fine For Stealing From Customers

    A North Carolina businessman who admitted to stealing customers' bank and credit account information and spending their funds at casinos has been ordered to serve almost three years in prison and to pay a penalty of more than $4.4 million, prosecutors announced this week.

  • July 24, 2024

    22% Of FINRA Member Firms Join Remote Inspection Program

    The Financial Industry Regulatory Authority said Wednesday that 741 firms have opted to participate in a new pilot program for remote inspections of broker-dealers, representing a 22% share of the regulator's member firms.

  • July 24, 2024

    Ex-Wells Fargo Director Angles For $32M In ADA Trial

    A former Wells Fargo managing director is seeking more than $32 million in economic damages after he said the bank laid him off to avoid dealing with his accommodation request, a North Carolina federal jury heard Wednesday on the third day of his Americans with Disabilities Act trial.

  • July 24, 2024

    Pawnshop Co. Says Military Law Doesn't Back CFPB's Suit 

    National pawnshop company FirstCash says the Consumer Financial Protection Bureau should drop certain claims in a suit accusing it of subjecting military families to predatory lending, arguing that the bureau has admitted it has no authority to bring certain claims under the law undergirding the allegations.

  • July 24, 2024

    Latham, Stevens & Lee Guide Bitcoin Co.'s $365M SPAC Deal

    Bitcoin rewards provider Fold and a special purpose acquisition company announced Wednesday they agreed to merge through a transaction that will take Fold public at an estimated $365 million valuation, with attorneys from Stevens & Lee and Latham counseling the parties.

  • July 24, 2024

    CFPB Warns Of Anti-Whistleblower Risk In NDAs That 'Muzzle'

    The Consumer Financial Protection Bureau cautioned Wednesday that banks and other financial firms risk violating federal law if they require their employees to sign broad nondisclosure agreements that don't clearly allow them to talk freely with regulators or law enforcement.

  • July 24, 2024

    Teachers Say Loan Servicer's 'Abuses' Thwarted Forgiveness

    The Higher Education Loan Authority of the State of Missouri has been hit with a suit from a powerful teachers' union alleging it "deliberately ignores" its responsibilities to millions of borrowers, forcing them to forgo the savings or forgiveness to which they are entitled.

  • July 24, 2024

    Ex-Pharma Exec Gets Jail For Insider Trading On Kodak Loan

    A Manhattan federal judge sentenced a former pharmaceutical executive from South Carolina to three months in prison Wednesday for taking over $500,000 of illegal trading profit based on his advance knowledge that Kodak would get a massive pandemic-era government loan.

  • July 24, 2024

    Chancery OKs $6M Deal Recovery After 'Voidness' Ruling

    The Delaware Supreme Court's partial reversal last year of a vice chancellor's findings that upheld an investment company's foreclosure on $50 million in co-founder equity units cleared the way on Wednesday for the same company to recoup more than $6 million in damages and expenses.

  • July 23, 2024

    Knives Out For Another Pro-Agency Landmark After Chevron

    Only weeks after U.S. Supreme Court conservatives took a hatchet to the judicial deference shown to federal agencies, right-leaning lawyers are imploring the justices to rock the administrative law realm again by gutting a New Deal-era precedent at the heart of the modern regulatory system.

Expert Analysis

  • Roundup

    North Carolina Banking Brief

    Author Photo

    In this Expert Analysis series, attorneys provide quarterly recaps discussing the biggest developments in North Carolina banking regulation, litigation and policymaking.

  • Series

    NC Banking Brief: All The Notable Legal Updates In Q2

    Author Photo

    After federal banking agencies last quarter released a supplemental final rule updating the Community Reinvestment Act, North Carolina banks involved in community development should consider how the new rule might open up opportunities for investment and services that can benefit underserved areas, says Adam Goldblatt at Michael Best.

  • Series

    Boxing Makes Me A Better Lawyer

    Author Photo

    Boxing has influenced my legal work by enabling me to confidently hone the skills I've learned from the sport, like the ability to remain calm under pressure, evaluate an opponent's weaknesses and recognize when to seize an important opportunity, says Kirsten Soto at Clyde & Co.

  • The Often Overlooked NY Foreclosure Notice Requirements

    Author Photo

    As multifamily real estate defaults mount, New York foreclosing parties should be aware of pitfalls and perils that can await the litigant who is not prepared to ensure adherence with tenant notice requirements under the Real Property Actions and Proceedings Law, say Christopher Gorman and John Muldoon at Rosenberg & Estis.

  • Series

    After Chevron: No Deference, No Difference For SEC Or CFTC

    Author Photo

    The Chevron doctrine did not fundamentally alter the interplay between the courts and the U.S. Securities and Exchange Commission and the U.S. Commodity Futures Trading Commission in the development of the securities and commodities laws — and its demise will not do so either, says Dan Berkovitz at Millennium Management.

  • Opinion

    Industry Self-Regulation Will Shine Post-Chevron

    Author Photo

    The U.S. Supreme Court's Loper decision will shape the contours of industry self-regulation in the years to come, providing opportunities for this often-misunderstood practice, says Eric Reicin at BBB National Programs.

  • When Patents As Loan Collateral Can Cost You Standing

    Author Photo

    The Federal Circuit's recent decision in Intellectual Tech v. Zebra Technologies shines a light on loan default provisions' implications for patent infringement litigation, as a default may inadvertently strip a patent owner of constitutional standing to sue over a patent pledged as collateral, say Joseph Marinelli and Suet L. Lee at Irwin IP.

  • 3 Ways Agencies Will Keep Making Law After Chevron

    Author Photo

    The U.S. Supreme Court clearly thinks it has done something big in overturning the Chevron precedent that had given deference to agencies' statutory interpretations, but regulated parties have to consider how agencies retain significant power to shape the law and its meaning, say attorneys at K&L Gates.

  • Roundup

    After Chevron

    Author Photo

    In the month since the U.S. Supreme Court overturned the Chevron deference standard, this Expert Analysis series has featured attorneys discussing the potential impact across 26 different rulemaking and litigation areas.

  • Series

    Calif. Banking Brief: All The Notable Legal Updates In Q2

    Author Photo

    The second quarter of 2024 in California, which saw efforts to expand consumer protection legislation and enforcement actions in areas of federal focus like medical debt and student loans, demonstrated that the state's role as a trendsetter in consumer financial protection will continue for the foreseeable future, say attorneys at Sheppard Mullin.

  • Opinion

    Atty Well-Being Efforts Ignore Root Causes Of The Problem

    Author Photo

    The legal industry is engaged in a critical conversation about lawyers' mental health, but current attorney well-being programs primarily focus on helping lawyers cope with the stress of excessive workloads, instead of examining whether this work culture is even fundamentally compatible with lawyer well-being, says Jonathan Baum at Avenir Guild.

  • Parsing Justices' Toss Of Purdue's Controversial Ch. 11 Plan

    Author Photo

    The U.S. Supreme Court's recent nixing of OxyContin manufacturer Purdue Pharma's Chapter 11 proposal prevents the Sackler family from settling thousands of civil opioid lawsuits without the consent of all of the plaintiffs, and holds profound implications for bankruptcy cases, say attorneys at MoloLamken.

  • Proposed Customer ID Rule Could Cost Investment Advisers

    Author Photo

    A rule recently proposed by FinCEN and the U.S. Securities and Exchange Commission to make financial advisers collect more customer information parallels an anti-money laundering and counterterrorism rule proposed this spring, but firms may face new compliance costs when implementing these screening programs, say attorneys at Lowenstein Sandler.

  • What Passage Of House Crypto Bill Could Mean For Industry

    Author Photo

    While the prospects of the Financial Innovation and Technology for the 21st Century Act, which recently passed the House in a bipartisan fashion, becoming law remain murky, the manner of its passage may give crypto markets a real cause for hope, say Neel Maitra and Dale Beggs at Dechert.

  • Series

    NY Banking Brief: All The Notable Legal Updates In Q2

    Author Photo

    The second quarter of 2024 saw less enforcement activity in the realm of New York financial services, but brought substantial regulatory and legislative developments, including state regulators' guidance on cybersecurity compliance and customer service processes for virtual currency entities, say James Vivenzio and Andrew Lucas at Perkins Coie.

Want to publish in Law360?


Submit an idea

Have a news tip?


Contact us here
Can't find the article you're looking for? Click here to search the Banking archive.
Hello! I'm Law360's automated support bot.

How can I help you today?

For example, you can type:
  • I forgot my password
  • I took a free trial but didn't get a verification email
  • How do I sign up for a newsletter?
Ask a question!