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Banking
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February 28, 2025
Up Next At High Court: Gun Violence Liability & Nuclear Waste
The U.S. Supreme Court will return to the bench Monday to consider Mexico's attempt to hold gun manufacturers and distributors liable for cartel-related gun violence and a nuclear waste site dispute that could determine who can challenge future agency actions.
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February 28, 2025
BofA Customer Gets Class Cert. In Revived ATM Fee Dispute
A class of account holders who allege Bank of America breached a contract by charging out-of-network fees for balance inquiries at certain ATMs can now proceed with claims as a class after their initial attempt at certification was denied.
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February 28, 2025
FDIC Can't Nix SVB Trust's Claims Feds Must Turn Over $1.93B
A California federal judge has tossed a pair of claims from SVB Financial Trust's lawsuit alleging that the FDIC wrongfully took control of $1.93 billion in deposits amid Silicon Valley Bank's collapse, dismissing due process claims for good but allowing the trust to pursue promissory estoppel allegations and so-called turnover claims.
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February 28, 2025
Mich. Justices Reject Credit Suisse's NOL Carryforward Bid
The Michigan Supreme Court on Friday denied Credit Suisse's bid to appeal a lower court's decision that barred the bank from straying from the federal method of determining taxable income to carry forward $21.3 million in losses on its state returns.
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February 28, 2025
Ex-UBS Financial Adviser Must Pay $2M Back, 11th Circ. Told
UBS urged the Eleventh Circuit on Friday to undo rulings in a bankruptcy adversary case precluding a former financial adviser from paying back the proceeds of a $2 million loan deposited in a joint account with his wife, saying the funds shouldn't be immune to creditors.
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February 28, 2025
FinCEN Delays Corporate Transparency Act Deadlines
The Financial Crimes Enforcement Network said it will not take any enforcement actions against companies failing to file or update their beneficial ownership information reports pursuant to the Corporate Transparency Act until an interim final rule becomes effective.
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February 28, 2025
Justices Asked To Review IRS Crypto Doc Seizure Case
A cryptocurrency investor who lost his challenge to the Internal Revenue Service's seizure of his account records has asked the U.S. Supreme Court for review, saying the 1976 legal doctrine that sank his case is outdated and fails to meet digital realities, including decentralized banking.
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February 28, 2025
CFPB Drops TransUnion Suit In Enforcement Retreat
The Consumer Financial Protection Bureau on Friday voluntarily dismissed, with prejudice, a lawsuit against TransUnion alleging deceptive marketing practices, and another suit against 1st Alliance Lending LLC alleging deceptive mortgage lending practices, the latest in a string of enforcement actions the Trump administration has dropped without explanation.
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February 28, 2025
Mayer Brown Adds Ex-EDNY Prosecutor To White Collar Team
As the new presidential administration ushers in changes to federal regulatory and enforcement priorities, Mayer Brown LLP has bulked up its global investigations and white collar defense practice in New York with the addition of a litigator from the U.S. Attorney's Office for the Eastern District of New York.
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February 28, 2025
Carbon Project Investor C-Quest Hits Ch. 7
Carbon project developer C-Quest Capital has filed for Chapter 7 liquidation in a Delaware bankruptcy court as its ex-CEO faces charges he fraudulently obtained millions of dollars worth of carbon credits.
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February 28, 2025
State Street To Buy Mizuho's $580B Custody Business
State Street Corp. said Friday it has agreed to purchase Mizuho Financial Group Inc.'s global custody and related businesses outside of Japan, which it said support the overseas investments of Mizuho's Japanese clients and hold $580 billion in assets under custody and $24 billion in assets under administration.
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February 27, 2025
PennyMac Can't Avoid Investors' Suit Over Post-Libor Rate
A California federal judge has ruled PennyMac's mortgage investment arm must face a suit accusing it of using last year's discontinuation of Libor to unlawfully lock in a lower dividend for some of its preferred stock, saying the plaintiffs have adequately pled that the company violated the LIBOR Act when it issued dividends at a fixed rate.
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February 27, 2025
Black Homebuyers' Predatory Loan Settlement Gets Final OK
A Michigan class of Black homebuyers have gotten final approval for their $750,000 deal to end claims against real estate companies and their investors who allegedly bought up run-down Detroit properties to sell with abusive lending terms.
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February 27, 2025
Payment Processor Sues Trulieve Over Cashless ATMs
A Texas payments processor is suing multistate cannabis giant Trulieve in Arizona state court, alleging the company's use of so-called cashless ATMs to handle retail marijuana sales triggered close to $1 million in fines.
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February 27, 2025
Trump's CFPB Pick Vows To 'Follow The Law' As Cases Pulled
Trump nominee Jonathan McKernan told U.S. senators on Thursday that he'd be the one calling the shots at the Consumer Financial Protection Bureau if confirmed as its director, but his message of independence was muddled by a wave of enforcement dismissals that hit federal courts in the middle of his confirmation hearing.
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February 27, 2025
Judge Axes NYC Loan Row, Sanctions Firm For Depositions
A New York federal judge has dismissed a commercial real estate lender's claims against two guarantors for a 2022 loan it made, ripping the lender and its ex-counsel, Fox Rothschild LLP, for deposition no-shows.
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February 27, 2025
Unions Can Depose DOGE In Agency Access Suit, Judge Says
The Department of Government Efficiency must tell a group of unions whom it's sent into the Department of Labor, the Department of Health & Human Services and the Consumer Financial Protection Bureau and what computer systems they've accessed, a D.C. federal judge ruled Thursday.
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February 27, 2025
Alsup Halts 'Illegal' Firings Of Probationary Federal Workers
U.S. District Judge William Alsup on Thursday temporarily blocked the mass firings of probationary federal employees ordered by President Donald Trump's administration, determining that the Office of Personnel Management illegally directed government agencies to terminate the probationary employees without authority to do so from Congress.
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February 27, 2025
NC Woman Admits To Role In $5M Student Loan Fraud
A North Carolina woman has admitted she conspired to commit wire fraud as part of a more than $5 million theft from the federal student loan aid program, a fraud that the U.S. Department of Justice said she organized with more than 70 "straw students."
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February 27, 2025
Davis Polk, Kirkland Steer Rithm Capital SPAC's $200M IPO
Special purpose acquisition company Rithm Acquisition Corp., which plans to merge with a company in the financial services or real estate sector, began trading on Thursday after pricing a $200 million initial public offering.
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February 27, 2025
Winklevoss Twins Say SEC Crypto Probe Over, Attys Must Go
The founders of crypto exchange Gemini are calling on the U.S. Securities and Exchange Commission to fire and publicly call out staff members who worked on crypto enforcement cases under the Biden administration as they announced that the agency has dropped its investigation into the company.
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February 27, 2025
More CFPB Attys Departing Amid Agency Uncertainty
Two more Consumer Financial Protection Bureau litigators are leaving the agency as it faces uncertainty due to the new presidential administration, including an attorney who has been with the agency since its creation in 2011.
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February 27, 2025
CFPB Pulls Plug On Rocket Homes Kickback Suit
The Consumer Financial Protection Bureau has abandoned a lawsuit accusing Rocket Homes of offering kickbacks to brokers and agents who referred homebuyers to Rocket Mortgage, one of several enforcement actions the agency abruptly dismissed on Thursday.
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February 27, 2025
Carolinas Law Firm Hit With Suit Over 2024 Data Breach
Riley Pope & Laney LLC, a law firm with offices in North and South Carolina, was hit with a proposed class action in South Carolina federal court alleging that consumers' personally identifiable information was exposed in a 2024 data breach.
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February 27, 2025
CFPB Drops Suits Against Capital One, Rocket Homes, More
The Consumer Financial Protection Bureau on Thursday permanently dropped several lawsuits, including ones against Capital One, a Rocket Mortgage affiliate, a major student loan servicer and the finance arm of a Berkshire Hathaway-owned mobile home builder.
Expert Analysis
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Best Practices To Optimize Cybersecurity Insurance
As cyberthreats continue to evolve, the risks associated with third-party vendor breaches are an increasing concern, so businesses must not only reevaluate their internal cybersecurity insurance, but also take proactive steps to evaluate and manage the risks posed by their third-party relationships, say attorneys at Reed Smith.
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The Tides Are Changing For Fair Access Banking Laws
The landscape of fair access banking laws, which seek to prevent banks from denying services based on individuals' ideological beliefs, has shifted in the last few years, but a new presidential administration provides renewed momentum for advancing such legislation against the backdrop of state efforts, say attorneys at Latham.
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Imagine The Possibilities Of Openly Autistic Lawyering
Andi Mazingo at Lumen Law, who was diagnosed with autism about midway through her career, discusses how the legal profession can create inclusive workplaces that empower openly autistic lawyers and enhance innovation, and how neurodivergent attorneys can navigate the challenges and opportunities that come with disclosing one’s diagnosis.
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A Halftime Analysis Of DOJ's Compensation Pilot Program
The U.S. Department of Justice appears to consider the first half of its three-year pilot program on compensation incentives and clawbacks to be proceeding successfully, so companies should expect prosecutors to emphasize the program and other compliance-related considerations early in investigations, say attorneys at Debevoise.
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Opinion
How Congress Can Stem Consumer Finance Law Uncertainty
In the face of rising uncertainty about consumer finance laws that are based largely on fluctuating administrative rules, Congress should cement certain existing laws into statute and clarify federal agencies' delegations of authority, say attorneys at Bradley Arant.
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Series
Documentary Filmmaking Makes Me A Better Lawyer
Becoming a documentary filmmaker has allowed me to merge my legal expertise with my passion for storytelling, and has helped me to hone negotiation, critical thinking and problem-solving skills that are important to both endeavors, says Robert Darwell at Sheppard Mullin.
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Litigation Funding Disclosure Debate: Strategy Considerations
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.
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2025 May Be A Breakout Year For The Cannabis Industry
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.
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Mass. Law Shows Patchwork Money Transfer Rules Persist
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.
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Top Considerations For Insurance Companies In 2025
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.
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Scope And Nature Of Judicial Relief Will Affect Loper's Impact
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.
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The Implications Of E-Cigarette Cos. Taking Suits To 5th Circ.
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.
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Del. Dispatch: Lessons From Failed Albertsons-Kroger Merger
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.
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Series
Adventure Photography Makes Me A Better Lawyer
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.
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How Cos. Can Respond To CFPB Digital Asset Safeguard Plan
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.