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Google's Payments Unit Sues Over CFPB Supervision Order
Google on Friday sued the Consumer Financial Protection Bureau in D.C. federal court almost immediately after the regulator said it ordered formal supervision for the tech giant's payments arm based on potential risks to consumers, a designation to which Google previously objected.
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January 01, 2025
How Wall Street Regulators May Adapt To Trump's Return
The incoming presidency of Donald Trump is likely to upend some Biden-era policies at the U.S. Securities and Exchange Commission, leaving proposed rules on climate and artificial intelligence in the lurch while its sister agency, the U.S. Commodity Futures Trading Commission, could be given more authority over the cryptocurrency industry.
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January 01, 2025
Bankruptcy Issues To Watch In 2025
Bankruptcy professionals are seeing uncertainty in 2025, with a mix of opinions on whether filings will trend up or down, but certainty that there won't be a final word on the claims release questions bankruptcy plans faced in 2024.
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January 01, 2025
What Banking Attorneys Are Watching In The Courts In 2025
Lawsuits pushing back on novel state-level consumer protection laws and a host of Biden-era Consumer Financial Protection Bureau regulatory actions are top of mind for financial services attorneys heading into the new year. Here, Law360 previews what's on tap.
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January 01, 2025
Crypto Heads Into 2025 Hoping Regulatory Clouds Will Clear
The digital asset industry may be on the verge of a political and regulatory landscape it has long sought as a crypto-friendly executive branch and Congress take their seats in the new year and potentially work to create favorable guardrails for crypto markets and stablecoins.
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January 01, 2025
On Tap In NY: Diddy, Trump And A New Manhattan Top Cop
The coming year's main event in New York courts is an expected sex-trafficking trial for hip-hop icon Sean "Diddy" Combs, while the political reascendancy of Donald Trump will echo in halls of the judiciary as the president-elect litigates to quash his own conviction.
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January 01, 2025
5 Banking Regulation Issues To Watch In 2025
The year ahead is poised to be an inflection point for banking regulation as the arrival of the second Trump administration sets the stage for further easing of plans for new capital rules, greater receptiveness to mergers, new fair access debates and more.
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January 01, 2025
Patent Cases To Watch In 2025
The Federal Circuit has taken on a rare en banc patent case looking at damages, while the U.S. Supreme Court has been asked to review when foreign damages can be incorporated into patent awards. Here's what you need to know about these cases and others that attorneys are keeping an eye on in 2025.
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January 01, 2025
Top Federal Tax Cases To Watch In 2025
Over the next year, tax practitioners will be closely monitoring suits that challenge the IRS' use of the economic substance doctrine, take advantage of the U.S. Supreme Court's landmark decision curbing federal agencies' regulatory authority and dispute the government's handling of worker retention credits. Here, Law360 looks at key federal tax cases to follow in 2025.
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January 01, 2025
Trials To Watch In 2025
The coming year will bring the first bellwether trials in the closely watched federal baby formula mass litigation, the first courtroom battle over a COVID-19 vaccine patent and six major retailers' case against Visa and Mastercard over card swipe fees.
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January 01, 2025
Trump's Regulatory Agenda Looms Over Compliance In 2025
The world of financial regulatory compliance will be keeping an eye on how Donald Trump's return to the White House will live up to his campaign promises of deregulation, new tariffs and more in the new year, while preparing for the end of various Biden administration priorities.
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December 23, 2024
Anti-Laundering Law Is Likely Constitutional, 5th Circ. Rules
The Fifth Circuit on Monday lifted a lower court's nationwide block of a federal corporate transparency law, ruling in an unpublished order that the federal government made a "strong showing" that it could successfully defend the law's constitutionality.
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December 23, 2024
Fugees Star Says He's Not Like Madoff As Sentencing Nears
Former Fugees rapper Prakazrel "Pras" Michel told a D.C. federal court that the U.S. government's bid to have him serve a life sentence for foreign influence schemes was "absurd," emphasizing that he, unlike infamous American financier Bernie Madoff, did not cause anyone to lose money.
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December 23, 2024
CFPB Sues Rocket Homes Over Alleged Realtor Kickbacks
Rocket Homes Real Estate has been giving brokers and agents incentives to steer homebuyers toward obtaining loans through Rocket Mortgage, while pressuring agents to withhold information that could save their clients thousands of dollars on a down payment, the Consumer Financial Protection Bureau said Monday.
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December 23, 2024
CFPB Says Walmart, Fintech Misled Drivers On Wage Access
The Consumer Financial Protection Bureau on Monday sued Walmart and fintech company Branch Messenger for allegedly forcing delivery drivers to use costly deposit accounts to receive their wages and deceiving them about how to access their earnings.
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December 23, 2024
OCC Orders BofA To Enhance BSA Compliance Programs
The Office of the Comptroller of the Currency on Monday ordered Bank of America NA to take several corrective actions to enhance its Bank Secrecy Act and anti-money laundering sanctions compliance programs to resolve claims the bank had deficiencies in these programs and failed to timely file suspicious activity reports.
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December 23, 2024
House Report Says Gaetz Paid For Sex, Accepted Gifts
Former U.S. Rep. Matt Gaetz regularly paid women for sex, including with one 17-year-old girl, used illicit drugs and accepted a trip to the Bahamas in excess of permissible gift amounts, according to a report released Monday morning by the U.S. House of Representatives Committee on Ethics.
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December 20, 2024
Banks, Not Credit Cos., Can Duck New Ill. Fee Law For Now
An Illinois federal judge ruled Friday that credit card companies like Visa and Mastercard must comply with Illinois' landmark law restricting certain credit card fees; however, she also held that national banks and federal savings associations aren't subject to the law, at least for now.
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December 20, 2024
TD Bank, Boeing And Medicare: Compliance Headlines In 2024
Corporate compliance lessons were never far from the headlines in 2024, as regulatory challenges and headaches facing industries ranging from healthcare to aerospace played front and center, including TD Bank's historic $3.1 billion money laundering settlement that federal prosecutors billed as one for the risk-management textbooks.
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December 20, 2024
Fla. Judge Orders Ky. Tower Sale Laundering Case To Proceed
A Florida federal judge denied a request by two Miami businessmen to toss a civil forfeiture lawsuit brought by the U.S. government in an attempt to seize $9.1 million from the sale of a Kentucky office tower with alleged links to a Ukrainian money laundering scheme.
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December 20, 2024
A Look Back At 2024's Major Securities Litigation Moments
The private securities litigation bar experienced a busy 2024, with meaningful and significant rulings in almost all of the nation's leading courts, and corporations, investors, government agencies and executives fighting over pay packages, disclosures, class certifications and mergers.
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December 20, 2024
The Top Cases Of 2024 In Texas: Year In Review
Texas closed out the year with blockbuster rulings on social media companies’ use of biometric data and the U.S. Securities and Exchange Commission’s expanded definition of a dealer. Here are the biggest decisions out of Texas that topped Law360’s radar this year.
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December 20, 2024
Wells Fargo, LPL Financial Fined $3.6M For Bad Trading Data
Wells Fargo Clearing Services LLC and LPL Financial LLC on Friday each agreed to pay separate $900,000 fines to the U.S. Securities and Exchange Commission and Financial Industry Regulatory Authority to resolve claims they failed to provide complete and accurate securities trading information, known as blue sheet data.
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December 20, 2024
Deutsche Bank Unit To Pay SEC $4M For Untimely SARs
Deutsche Bank Securities Inc., a subsidiary of Deutsche Bank AG, has agreed to pay $4 million to the U.S. Securities and Exchange Commission to resolve claims that the registered broker-dealer did not file certain suspicious activity reports in a timely manner for transactions that they suspected involved criminal activity or funds derived from illegal activity.
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December 20, 2024
Former Connecticut Bank GC Admits Embezzling $7.4M
A former general counsel and corporate secretary who once worked for suburban New York and Connecticut banks pled guilty on Friday to two counts connected to a nearly 10-year embezzlement scheme that topped $7.4 million before Webster Bank, based in Stamford, terminated his employment in February 2023, federal prosecutors said.
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December 20, 2024
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen the University of Southampton sue a drone-maker over the rights to an uncrewed aircraft patent, Importers Service Corp. and its subsidiary ISC Europe take action against a former director who allegedly owes the company over £1.1 million ($1.4 million), and DAC Beachcroft face a fraud claim by a "prolific litigant."
Expert Analysis
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An Associate's Guide To Career Development In 2025
As the new year begins, associates at all levels should consider establishing career metrics, fostering key relationships and employing other specific strategies to help move through the complexities of the legal profession with confidence and emerge as trailblazers, say EJ Stern and Amanda George at Fractional Law Firm.
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The Securities Litigation Trends That Will Matter Most In 2025
2025 is shaping up to be a significant year for securities litigation, as plaintiffs and defendants alike navigate shifting standards for omission theories of liability, class certification, risk disclosure claims and more, say attorneys at Willkie.
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Predicting The Lasting Changes CFPB May Face In 2025
President-elect Donald Trump and the incoming Republican-controlled Congress' likely attempts to reshape the Consumer Financial Protection Bureau could significantly alter its rulemaking, supervisory and enforcement abilities for years to come, says Jim Sandy at McGlinchey Stafford.
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How White Collar Enforcement May Shift In Trump's 2nd Term
After President-elect Donald Trump returns to the White House next month, the administration’s emphasis on immigration laws, drug offenses and violent crime will likely reduce the focus on white collar crime overall, but certain areas within the white collar world may see increased activity, say attorneys at Keker Van Nest.
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The Justices' Securities Rulings, Dismissals That Defined '24
The U.S. Supreme Court's 2024 securities rulings led to increased success for defendants' price impact arguments, but the justices' decisions not to weigh in on important issues relating to the Private Securities Litigation Reform Act's pleading requirements may be just as significant, say attorneys at Skadden.
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10 Noteworthy CFPB Developments From 2024
In a banner year for consumer finance regulation, the Consumer Financial Protection Bureau made significant strides in its efforts to rein in Big Tech and nonbank financial firms, including via rules regarding open banking, credit card late fees, and buy now, pay later products, say attorneys at Wiley.
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Series
Fixing Up Cars Makes Me A Better Lawyer
From problem-solving to patience and adaptability to organization, the skills developed working under the hood of a car directly translate to being a more effective lawyer, says Christopher Mdeway at Kaufman Dolowich.
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2024 Has Been A Momentous Year For ESG
Significant developments in the environmental, social and governance landscape this year include new legislation, evolving global frameworks, continued litigation and enforcement actions, and a U.S. Supreme Court decision that has already affected how lower courts have viewed some ESG challenges, say attorneys at Katten.
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Making The Pitch To Grow Your Company's Legal Team
In a compressed economy, convincing the C-suite to invest in additional legal talent can be a herculean task, but a convincing pitch — supported by metrics and cost analyses — may help in-house counsel justify the growth of their team, say Elizabeth Smith and Roger Garceau at Major Lindsey.
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The Story Of 2024's Biggest Bank Regs, And Their Fate In 2025
U.S. federal bank regulators were very active in 2024 with initiatives ranging from antitrust and capital to proposals regarding controlling shareholders and incentive-based compensation, but many regulations face an uncertain future under the new administration, say attorneys at Latham.
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Conducting A 'Reasonably Expected Market Area' Analysis
Regardless of whether the incoming administration scales back on redlining examinations and investigations, lenders should take steps to understand how regulators define "reasonably expected market areas," and how to conduct analyses of such areas, say attorneys at Mitchell Sandler.
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Gov't Scrutiny Of Workplace Chat Apps Set To Keep Growing
The incoming Trump administration and Republican majorities in Congress are poised to open numerous investigations that include increasing demands for entities to produce communications from workplace chat apps, so companies must evaluate their usage and retention policies, say attorneys at Orrick.
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Del. Dispatch: The 2024 Corporate Cases You Need To Know
The Delaware Court of Chancery in 2024 issued several decisions that some viewed as upending long-standing corporate practices, leading to the amendment of the Delaware General Corporation Law and debates at some Delaware corporations about potentially reincorporating to another state, say attorneys at Fried Frank.
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2024 Regulatory Developments For Bank-Fintech Partnerships
Joseph Silvia at Duane Morris reviews a handful of particularly noteworthy 2024 updates regarding bank-fintech partnerships, including federal banking agencies issuing a number of important pieces of guidance that reiterate and update previous guidance in the area of third-party risk management.
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When US Privilege Law Applies To Docs Made Outside The US
As globalization manifests itself in disputes over foreign-created documents, a California federal court’s recent trademark decision illustrates nuances of both U.S. privilege frameworks and foreign evidentiary protections that attorneys must increasingly bear in mind, say attorneys at Hunton.