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February 03, 2025
USAA Fails To Flip PTAB Loss In $218M EDTX Case
Federal Circuit judges decided Monday to affirm an administrative board's rulings that wiped out claims in two patents, including one that is tied to a $218.45 million jury verdict leveled against PNC Bank in a patent case in the Eastern District of Texas.
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February 03, 2025
Utah Court Urged To Preserve $8.3M In Messner Reeves Funds
Several companies from Florida, New York and Utah have urged a Utah federal court to order Messner Reeves LLP to preserve $8.3 million purportedly locked away in an escrow fund, saying the law firm appears to be breaking a business loan agreement by dissipating the funds to unknown entities.
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February 03, 2025
Sidley Adds Paul Hastings Energy, Finance Pro In Houston
Sidley Austin LLP added a former Paul Hastings LLP partner specializing in energy industry transactions to its energy, transportation and finance team in Houston, the firm announced Monday.
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February 03, 2025
DC Judge Joins RI In Blocking Trump Funding Freeze
A D.C. federal judge on Monday temporarily blocked the Trump administration from implementing a freeze on federal spending while a group of nonprofits sue over the move, ruling the pause appears to "suffer from infirmities of a constitutional magnitude."
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February 03, 2025
BofA, Merrill Lynch Say Arbitration Policy Covers Bias Suit
Two Black financial advisers' suit accusing Bank of America and subsidiary Merrill Lynch of handing more opportunities to white men belongs in arbitration, the companies told a New York federal court, saying an arbitration policy shared with employees the day the suit was filed covers their claims.
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February 03, 2025
Treasury's Bessent Takes CFPB Reins, Halts Agency Actions
President Donald Trump has handed the reins of the Consumer Financial Protection Bureau to U.S. Department of the Treasury Secretary Scott Bessent, who moved Monday to halt rulemaking and other activities at the agency after the ouster of its director, Rohit Chopra.
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February 03, 2025
Weil Adds Ex-A&O Shearman Financing Pro As Partner In NY
Weil Gotshal & Manges LLP has added a banking and finance attorney previously with Allen Overy Shearman Sterling as a partner in its New York office, the firm announced Monday.
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February 01, 2025
Trump Fires CFPB Director Chopra, Eliciting Praise, Lament
President Donald Trump has fired Rohit Chopra as director of the Consumer Financial Protection Bureau in a widely expected move to purge another holdover of the Biden administration, drawing cheers from Republicans as Democrats warn of danger for the agency's future.
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January 31, 2025
$577M In Virus Fraud Cases At Risk Unless Congress Acts: IG
The federal government's top pandemic relief watchdog has issued an urgent plea for Congress to save his agency from imminent closure, warning that hundreds of millions of dollars in ongoing fraud investigations hang in the balance.
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January 31, 2025
FDIC Fines Fintech Bank Over Fee, Disclosure Issues
Fintech bank Wex Bank has agreed to pay a $650,000 fine to the Federal Deposit Insurance Corp. to settle claims it allegedly failed to disclose certain fees and charged some customers higher fees than they agreed to pay, among other things.
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January 31, 2025
Small Biz Attys Jump Into 4th Circ. Shell Co. Law Challenge
A business group has urged the Fourth Circuit to stop the U.S. Department of the Treasury from enforcing a law that requires companies to disclose personal identifying information about their beneficial owners and applicants to the agency, saying the law exceeds the limit of Congress' power to regulate intrastate economic activity.
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January 31, 2025
January's IPO Market Was Active Despite Tepid Debuts
Capital markets lawyers kept busy in January thanks to a sizable increase in initial public offerings, but the largest IPOs performed weaker than expected, likely sobering market participants' expectations going forward.
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January 31, 2025
Bank Wants Investment Co.'s $60M RICO Suit Tossed
Western Alliance Bank is seeking the dismissal of a $60 million suit filed by an investment management firm alleging the bank played a role in a mortgage loan sale scheme to steam the firm's property rights in the loans and their proceeds, saying the complaint "attempts to recast a series of secured lending transactions as a vast racketeering conspiracy."
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January 31, 2025
Visa, Mastercard And Banks Oppose Swipe Fee Do-Over Bid
Visa, Mastercard and several major banks have filed a motion opposing cardholders' solicitations for a New York federal judge to reconsider dismissing claims from their interchange fee suit.
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January 31, 2025
Supreme Court Eyes Its 'Next Frontier' In FCC Delegation Case
A case about broadband subsidies will give the U.S. Supreme Court the chance to revive a long-dormant separation of powers principle that attorneys say could upend regulations in numerous industries and trigger a power shift that would make last term's shake-up of federal agency authority pale in comparison. And a majority of the court already appears to support its resurrection.
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January 31, 2025
Former Fed Adviser Charged With Spying For China
A former senior adviser to the Federal Reserve Board of Governors was arrested Friday on charges of stealing confidential data for the government of China, which prosecutors said could be used to conduct market manipulation.
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February 14, 2025
Law360 Seeks Members For Its 2025 Editorial Boards
Law360 is looking for avid readers of our publications to serve as members of our 2025 editorial advisory boards.
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January 31, 2025
Trump Funding Freeze Blocked As Court Doubts Reversal
A Rhode Island federal judge on Friday issued a temporary restraining order barring the Trump administration from freezing spending on federal grant and aid programs, calling the move illegal and saying the issue was not mooted by a White House memo claiming the directive had been rescinded.
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January 31, 2025
Seasoned Patterson Belknap Trial Team Joins Linklaters In NY
Linklaters LLP announced Friday it has brought aboard a high-profile team of litigation partners from Patterson Belknap Webb & Tyler LLP, including one who is the current president of the New York City Bar Association and a lawyer former President Joe Biden had nominated to the Third Circuit.
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January 30, 2025
Wise Reaches $2.5M CFPB Deal Over Disclosure, Fee Issues
In its first new enforcement action since President Donald Trump's return to office, the Consumer Financial Protection Bureau on Thursday ordered Wise, a global money transfer fintech, to pay nearly $2.5 million on allegations it committed misleading fee marketing and disclosure-related violations.
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January 30, 2025
R. Allen Stanford's $6.8B SEC Bill In Ponzi Suit Finalized
A Texas federal court on Wednesday entered a judgment finalizing a 2013 order requiring convicted Ponzi schemer Robert Allen Stanford to fork over $6.76 billion in the U.S. Securities and Exchange Commission's nearly 16-year-old suit over the $7 billion fraud scheme.
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January 30, 2025
PNC Units Face Investor Suit Over 'Cash Sweep' Program
PNC Financial and its investment unit are the latest to face a proposed class action alleging their cash sweep program funneled customer funds into low interest-bearing accounts, hurting investors who should have seen their money earn a reasonable market interest rate.
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January 30, 2025
Ex-Rabobank Exec Asks Justices To Hear 9th Circ. OCC Fight
A former Rabobank compliance chief who wants to clear her name after a now-abandoned Office of the Comptroller of the Currency enforcement action has asked the U.S. Supreme Court to take up her case following the Ninth Circuit's dismissal of her appeal for lack of standing.
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January 30, 2025
Card Co. Netspend Inks $1.1M NY AG Deal Over Fees, Freezes
The New York Attorney General's Office said Thursday that Netspend, a fintech debit and prepaid card provider, will pay nearly $1.1 million to settle claims that it charged New Yorkers illegal fees and allowed debt collectors to seize protected funds.
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January 30, 2025
Investors Push To Consolidate Suits On Cash Sweep Programs
Investors claiming brokerage firms' cash sweep investment programs unfairly enriched the brokers at the expense of customers asked the U.S. Judicial Panel on Multidistrict Litigation Thursday to consolidate their suits, arguing they risk ending up with wildly different judicial rulings without it.
Expert Analysis
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What 2024's Noncompete Turmoil Means For Banks In 2025
A look back at the most significant legal challenges to the enforceability of various restrictive covenants like noncompete and nonsolicitation agreements in 2024 can help financial institutions address the use of these critical tools this year, say attorneys at Maynard Nexsen.
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New Year, New Risks: 8 Top Cyber Issues For Finance In 2025
As financial institutions forge ahead in 2025, they must strike a delicate balance between embracing technological innovation and guarding against its darker threats, which this year could include everything from supply chain vulnerabilities to deepfakes, say attorneys at Baker Donelson.
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Series
Playing Esports Makes Me A Better Lawyer
Competing in a global esports tournament at Wimbledon last year not only fulfilled my childhood dream, but also sharpened skills that are essential to my day job, including strategic thinking, confidence and networking, says AJ Schuyler at Jackson Lewis.
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The 6 Most Significant FCRA Litigation Developments Of 2024
From a key sovereign immunity decision at the U.S. Supreme Court to a ruling on creditworthiness out of the Seventh Circuit, several important Fair Credit Reporting Act cases wound their way through the courts in 2024, each offering takeaways for both plaintiffs and defendants, say attorneys at Shipkevich.
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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.