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Banking
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March 24, 2025
Feds, Javice Rest In Trial Over JPMorgan's $175M Frank Buy
Manhattan federal prosecutors and Charlie Javice on Monday both wrapped up their cases in the trial of the former Frank CEO and another executive, who are accused of tricking JPMorgan into buying the education startup for $175 million based on false information.
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March 24, 2025
Justices Told To Eye TM Time Limits In Samsung Unit Feud
After seeing its trademark lawsuit against a Samsung subsidiary transferred to a court where the case was outside the statute of limitations, a small New Jersey company that sells electronics accessories now wants the nation's highest court to address trademark law's "patchwork of inconsistent limitations periods."
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March 24, 2025
'Enough Is Enough': Tornado Cash Users Demand Judgment
Challengers to the Treasury Department's now-dissolved sanctions of crypto mixer Tornado Cash on Monday urged a Texas federal judge to make clear that the designation was unlawful despite the government's claims that the case is moot now that it has removed Tornado Cash from its blocked persons list.
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March 24, 2025
Equifax Freed Of FCRA Suit Over Forgiven Student Loans
A woman who alleged Equifax recklessly published derogatory and damaging credit reports that included a six-figure student loan debt, which was forgiven by the Biden administration, has agreed to end her Fair Credit Reporting Act putative class action, according to a stipulated dismissal filed Monday in Georgia federal court.
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March 24, 2025
Skadden, Latham Lead Crypto Platform EToro's IPO Filing
Crypto-friendly trading platform eToro Group Ltd. on Monday publicly filed its long-awaited plans for an initial public offering, represented by Skadden Arps Slate Meagher & Flom LLP and underwriters' counsel Latham & Watkins LLP.
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March 24, 2025
Visa Ducks Antitrust Suit Rife With 'Elementary Mistakes'
A California federal judge took a credit card transaction middleman to task Monday for "muddled" antitrust claims supported by "elementary mistakes" and tossing its proposed class action against Visa Inc.
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March 24, 2025
Feds Seek About 5 Years For Insurance Rep's $6M Bank Fraud
Georgia federal prosecutors recommended that a Florida insurance broker who pled guilty to defrauding a credit union out of $6 million through loans to commercial borrowers for insurance premiums be sentenced to between 51 and 63 months in prison.
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March 24, 2025
Wells Fargo Prescription Cost Suit Axed Over Standing
Wells Fargo has beaten back allegations that it violated federal benefits law by letting workers on its healthcare plan overpay for prescription drugs, with a Minnesota federal judge ruling Monday that the ex-workers behind the proposed class action lacked standing to sue.
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March 24, 2025
Final OK Sought For $3M In Bail Bond Antitrust Deals
A proposed class alleging they overpaid for bail bonds thanks to a price-fixing conspiracy is asking a California federal court to approve $3 million in settlements inked with two of the entities.
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March 24, 2025
Groups Press DC Judge To Unfreeze EPA Climate Funds
Three nonprofits awarded billions of dollars under climate change investment initiatives established under the Inflation Reduction Act have asked a federal judge to restore their access to grant funds that they claim the Trump administration has unlawfully blocked.
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March 24, 2025
SEC, FINRA Enforcement Heads Say Crypto Still A Focus
Heads of enforcement at the U.S. Securities and Exchange Commission and the Financial Industry Regulatory Authority indicated Monday the agencies are keeping their eyes on cryptocurrency, even as the former has backed off of various cases and investigations involving crypto.
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March 24, 2025
Winston & Strawn Adds Leveraged Finance Partner In NY
Winston & Strawn LLP announced Monday that it has hired a former Cahill Gordon & Reindel LLP counsel with a broad range of financing experience in both domestic and cross-border transactions as a partner in New York.
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March 24, 2025
3rd Circ. Upholds No-Coverage Ruling For PNC's $106M Loss
PNC Bank NA can't get coverage for a more than $106 million judgment it paid over underlying claims that a bank PNC acquired had mismanaged certain trust accounts, the Third Circuit ruled, finding a provision that barred coverage for wrongful acts occurring before an acquisition was applicable.
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March 24, 2025
Proskauer Continues Finance Growth With Weil Atty
Proskauer Rose LLP announced the addition of a New York global finance partner from Weil Gotshal & Manges LLP on Monday after a series of recent additions to the team abroad, calling her a "recognized leader in syndicated bank lending."
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March 24, 2025
Trump Asks High Court To Halt Fed. Workers' Reinstatement
The Trump administration asked the U.S. Supreme Court on Monday to pause a California federal court order reinstating tens of thousands of probationary federal workers who were fired from six agencies, arguing the band of nonprofit groups that obtained the order have no standing to challenge the firings.
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March 24, 2025
FinCEN Exempts US Businesses From Disclosure Rules
The U.S. Department of the Treasury's financial crimes unit issued interim final rules that exempt domestic businesses from contested reporting regulations, which the department had previously signaled it would narrow to include only foreign companies registered stateside.
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March 24, 2025
Justices Won't Review Missing Comma Coverage Ruling
The U.S. Supreme Court won't review an Eleventh Circuit decision that a missing comma in a Chubb unit's professional services policy did not alter its clear and unambiguous meaning excluding coverage for a food service company's audit, according to an order list Monday.
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March 24, 2025
Justices Pass Up BNP Paribas Appeal In Sudan Refugee Case
The U.S. Supreme Court on Monday declined a petition from BNP Paribas to review a grant class certification in a suit alleging the French banking giant enabled human rights abuses in Sudan.
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March 24, 2025
Supreme Court Skips Fed. Circ. 1-Word Order Cases
The U.S. Supreme Court on Monday rejected a pair of challenges to the Federal Circuit's use of one-word orders in patent cases.
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March 24, 2025
Justices Won't Hear Ex-Rabobank Exec's OCC Appeal
The U.S. Supreme Court on Monday denied an appeal to a former Rabobank compliance official who has been fighting to expunge a federal banking regulator's dismissed enforcement action against her, turning down her case after the Ninth Circuit rejected it.
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March 21, 2025
Only FDIC Can Sue Over Signature Bank Collapse, Judge Says
A New York federal judge on Friday tossed a shareholder lawsuit over alleged misstatements about Signature Bank's health ahead of its 2023 collapse, saying shareholders lacked standing to sue in light of the FDIC being a receiver of both the failed bank's assets and rights of the bank's stockholders.
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March 21, 2025
4th Circ. Won't Pause Order To Reinstate Federal Workers
The Fourth Circuit on Friday refused to pause a Maryland federal judge's restraining order requiring the reinstatement of thousands of probationary workers who were fired from 18 federal agencies.
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March 21, 2025
Barclays Beats Investor Suits Over Unregistered Securities
A New York federal judge tossed Friday a pair of proposed securities class actions alleging Barclays misled investors about its internal controls and its unregistered securities sales, which eventually triggered so-called short squeezes, finding that the statements aren't actionable and the investors haven't sufficiently pled scienter, among other pleading failures.
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March 21, 2025
SEC Crypto Roundtable Puts 'Howey' To The Test
The U.S. Securities and Exchange Commission brought a dozen cryptocurrency legal experts together on Friday to wrestle with how to define security status for digital assets, and their in-depth discussion left the regulator with more questions or suggestions than agreed-upon definitions.
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March 21, 2025
SEC Guidance Moves Needle In Favor Of Private Fundraising
The U.S. Securities and Exchange Commission's recent guidance on how accredited investors can self-certify when participating in broadly publicized private placements simplifies legal compliance for issuers, according to attorneys, though the jury is still out on whether market participants will embrace the new framework.
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.