Banking

  • January 27, 2025

    Perella Weinberg Had $47M Motive To Ax Partners, Judge Told

    Counsel for former partners of investment banking firm Perella Weinberg on Monday signaled to a New York state trial judge that the firm had a financial motive to fire them and pointed to emails calling one a "destructive influence."

  • January 27, 2025

    Judge Refuses To Stop Amazon Data Suit In Ill. State Court

    A Delaware federal judge refused on Monday to block a lawsuit in Illinois state court accusing Amazon Web Services of illegally collecting voice data, saying the Illinois privacy case involves different claims and parties than the federal case, which was dismissed because some plaintiffs lacked standing.

  • January 27, 2025

    Yen Libor-Rigging Case Lands Before 2nd Circ. Again

    Institutional investors urge the Second Circuit to again revive a lawsuit accusing Bank of America, UBS and others of rigging the interbank borrowing rate for Japanese yen, arguing in a brief Monday that a lower court judge dismissed the case on "obviously erroneous grounds with little (if any) supporting analysis."

  • January 27, 2025

    Archegos CFO Gets 8 Years For $100M Stock Fraud Ploy

    The former chief financial officer of defunct hedge fund Archegos on Monday was sentenced in New York federal court to eight years in prison for his role in a $100 billion scheme to manipulate the market and defraud banks.

  • January 27, 2025

    Senate Confirms Bessent As Treasury Secretary

    A bipartisan majority of senators voted Monday to confirm billionaire hedge fund manager Scott Bessent as Treasury secretary, putting in place a key member of President Donald Trump's Cabinet.

  • January 27, 2025

    Deutsche Bank Can't Add Norway Rulings To Asset Sale Fight

    A Connecticut state judge has rejected Deutsche Bank AG's request to add a series of rulings by Norwegian courts into the state court's record while the bank pursues claims that Norwegian billionaire Alexander Vik and his daughter sabotaged an asset sale — rulings that the bank initially said were irrelevant.

  • January 27, 2025

    Banking Group Of The Year: Williams & Connolly

    Williams & Connolly's financial services litigators clinched court victories for Fifth Third Bank and Bank of America and helped banking industry groups take on federal regulators' new rules on community lending, medical debt and more, earning a place as one of the 2024 Law360 Banking Practice Groups of the Year.

  • January 27, 2025

    Ex-Treasury GC, Former Biden Aide Rejoins Davis Polk In DC

    The general counsel of the Treasury Department, who held leadership roles in former President Joe Biden's Senate office, has returned to Davis Polk & Wardwell LLP to co-chair the practice he helped oversee for eight years before leaving for government, the firm announced Monday.

  • January 27, 2025

    Justices Decline $400M Argentina Bond Default Case

    The U.S. Supreme Court on Monday declined to review Argentina's petition asking the justices to clarify the parameters of the commercial activity exception in sovereign immunity law, in a long-running case relating to some $400 million in defaulted sovereign bonds.

  • January 24, 2025

    Companies Risk White House Wrath By Keeping DEI Programs

    For companies pushing forward with their diversity, equity and inclusion initiatives amid a torrent of attacks from President Donald Trump and his allies, there are myriad potential risks ahead — and murky questions about the legal parameters of Trump's anti-DEI agenda.

  • January 24, 2025

    CFPB, NY's Updated Claims Against MoneyGram Move Ahead

    The Consumer Financial Protection Bureau and the New York attorney general's updated claims against payments firm MoneyGram aren't futile and can move forward despite a yearslong pause in the enforcement suit, a New York federal judge ruled Friday.

  • January 24, 2025

    FDIC Wins Discovery Bid In SVB Fraud Coverage Row

    A Chubb unit must give certain documents to Silicon Valley Bank's former parent SVB Financial Group regarding coverage for a fraud that SVB Financial said caused $73 million in losses, a North Carolina federal court ruled Friday, though relieving an excess insurer of doing the same.

  • January 24, 2025

    Education Department Asks For Pause In Student Loan Case

    The federal government asked the U.S. Supreme Court on Friday to pause a review of a Fifth Circuit block on a program that forgives student loans if the borrower was scammed, saying it needed to "reassess" its position following President Donald Trump's inauguration.

  • January 24, 2025

    EEOC Disability Bias Suit Tossed Following Nixed Evidence

    A mortgage and financial services company on Friday defeated a U.S. Equal Employment Opportunity Commission lawsuit alleging it unlawfully refused to hire a woman because she took pain medication, after a Washington federal judge ruled midtrial that a key piece of evidence shouldn't have been shown to jurors.

  • January 24, 2025

    Feds Want Ohtani's Ex-Interpreter To Get 5 Yrs For $17M Theft

    Prosecutors urged a California federal judge Thursday to sentence Shohei Ohtani's former interpreter to nearly five years in prison for stealing nearly $17 million from the MLB superstar to help pay massive gambling debts, while defense counsel argued that he should serve only 18 months because of his "severe gambling addiction."

  • January 24, 2025

    Wells Fargo Gets Another Win In Lifetrade Investor Suit

    A New York federal judge determined that investors of Lifetrade Fund BV cannot prove Wells Fargo aided or abetted an alleged massive fraud orchestrated by Lifetrade's managers, saying the investors presented only contradictory information regarding the value of the Lifetrade portfolio.

  • January 24, 2025

    Ex-Staffing Co. Execs Get Prison After Copping To $75M Fraud

    A Manhattan federal judge sentenced two brothers who built the staffing firm Resource Employment Solutions to prison Friday after they admitted lying to two financial firms about their Florida company's finances in what prosecutors called a $75 million fraud conspiracy.

  • January 24, 2025

    Capital One Named In Action Over Early-Year Service Outage

    Capital One has been hit with a proposed class action in Virginia federal court focused on a January service disruption that allegedly left consumers locked out of its systems.

  • January 24, 2025

    Chopra Says Banks May Not Get CFPB 'Lapdog' Under Trump

    As President Donald Trump faces pressure from allies to fire Consumer Financial Protection Bureau Director Rohit Chopra, the agency chief on Friday accused banks of trying to fend off measures that could address Trump's concerns about so-called debanking.

  • January 24, 2025

    Coding Boot Camp Seeks Coverage For Tuition Financing Row

    A San Francisco-based company that runs coding boot camps said its insurers must defend and indemnify it for federal and state probes and private settlements related to its tuition financing program, telling a California federal court that coverage denials have left the company on the brink of insolvency.

  • January 24, 2025

    10th Circ. Unsure Exec's Missed Argument Dooms Firing Suit

    A Tenth Circuit judge on Friday asked U.S. Bank whether it matters if a former executive knew he had another jurisdictional argument for his wrongful termination claim but failed to pursue it, in an appeal attempting to revive the executive's second suit.

  • January 24, 2025

    10 AGs Target Major Banks Over DEI, ESG Initiatives

    Major financial institutions in the United States, including Goldman Sachs and JPMorgan, could have made business decisions to follow political agendas, attorneys general from 10 states said, urging them to tackle a series of questions about their diversity and inclusion policies.

  • January 24, 2025

    Banking Group Of The Year: Mayer Brown

    Mayer Brown LLP's banking team secured the reversal of a $1 billion verdict against BMO Harris Bank over Thomas Petters' Ponzi scheme, achieved a landmark False Claims Act win for Citibank, and helped BNY Mellon beat claims over a financial crisis settlement, placing the firm among the 2024 Law360 Banking Groups of the Year.

  • January 24, 2025

    GSA Taps Ex-BlackRock Atty As New GC

    The General Services Administration has tapped Russell McGranahan, the former general counsel of Focus Financial Partners who held legal roles at BlackRock and in private practice for almost 30 years, as its next general counsel, according to a Friday announcement.

  • January 24, 2025

    UK Litigation Roundup: Here's What You Missed In London

    This past week in London has seen Axa Insurance and Admiral face a claim from a former lawyer recently exposed for personal injury fraud, the owner of Reading Football Club sue a prospective buyer and mobile network Lycamobile tackle action by Spanish network Yogio. Here, Law360 looks at these and other new claims in the U.K.

Expert Analysis

  • 2024 IPO Market Trends, And What To Expect Next Year

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    The initial public offering market returned to historically typical levels on a deal count basis in 2024 but continued to lag based on proceeds raised due to a larger number of smaller IPOs this year, and signs point to continued ongoing momentum in the next year, say attorneys at Paul Hastings.

  • Impact Of Corporate Transparency Act Ambiguity On Banks

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    Even though banks generally needn't file beneficial ownership information reports, financial institutions must continue to monitor the status of the Corporate Transparency Act and understand its requirements in case the nationwide injunction that was issued against the CTA earlier this month is overturned, say attorneys at Armstrong Teasdale.

  • A Look At SEC, CFTC's Record Year For Whistleblower Awards

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    Another banner year shows that the U.S. Securities and Exchange Commission and U.S. Commodity Futures Trading Commission have developed the gold standard for whistleblower award programs, but a CFTC funding crisis threatens to derail that program's success, say Andrew Feller and Geoff Schweller at Kohn Kohn.

  • What 2024 Trends In Marketing, Comms Hiring Mean For 2025

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    The state of hiring in legal industry marketing, business development and communications over the past 12 months was marked by a number of trends — from changes in the C-suite to lateral move challenges — providing clues for what’s to come in the year ahead, says Ben Curle at Ambition.

  • Expect Continuity In 2025 Anti-Money Laundering Policy

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    The past year has seen a range of anti-money laundering actions from federal financial regulators, and notwithstanding the imminent change from the Biden administration to the Trump administration, continuity may be more prevalent than change in the AML compliance space in 2025, say attorneys at White & Case.

  • 5 Notable Anti-Money Laundering Actions From 2024

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    Regulators' renewed interest in anti-money laundering programs in 2024 led to numerous enforcement actions and individual prosecutions in industries like banking, cryptocurrency and gaming, including the blockbuster TD Bank settlement and investigations of casinos in Nevada, says Michael Beckwith at Dickinson Wright.

  • Series

    Group Running Makes Me A Better Lawyer

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    The combination of physical fitness and community connection derived from running with a group of business leaders has, among other things, helped me to stay grounded, improve my communication skills, and develop a deeper empathy for clients and colleagues, says Jessica Shpall Rosen at Greenwald Doherty.

  • Strategies For Home Equity Investment Providers In 2025

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    The home equity investment product market is thriving even amid consumer concerns, regulatory scrutiny and conflicting court decisions, setting the stage for a promising but challenging environment for providers in 2025, say attorneys at Sheppard Mullin.

  • Opinion

    6 Changes I Would Make If I Ran A Law School

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    Reuben Guttman at Guttman Buschner identifies several key issues plaguing law schools and discusses potential solutions, such as opting out of the rankings game and mandating courses in basic writing skills.

  • The Current State Of Play Around Corporate Transparency Act

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    Although a Texas court preliminarily enjoined enforcement of the Corporate Transparency Act and paused an impending Dec. 31 reporting deadline, multiple states have similar requirements, so companies should continue to monitor compliance obligations regardless of the CTA's constitutionality, say attorneys at Simpson Thacher.

  • How CFPB Rule Would Affect Data Brokers And Beyond

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    The Consumer Financial Protection Bureau recently proposed a rule that would not only expand data broker oversight by classifying many as consumer reporting agencies, but would also impose new limitations on companies seeking to obtain information from them, potentially requiring such entities to alter their business models, say attorneys at Orrick.

  • Firms Still Have The Edge In Lateral Hiring, But Buyer Beware

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    Partner mobility data suggests that the third quarter of this year continued to be a buyer’s market, with the average candidate demanding less compensation for a larger book of business — but moving into the fourth quarter, firms should slow down their hiring process to minimize risks, say officers at Decipher Investigative Intelligence.

  • 5th Circ. Crypto Ruling Shows Limits On OFAC Authority

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    The Fifth Circuit's recent decision that immutable smart contracts on the Tornado Cash crypto-transaction software protocol are not "property" subject to Office of Foreign Assets Control jurisdiction may signal that courts can construe OFAC's authority more restrictively after Loper Bright, say attorneys at Morgan Lewis.

  • Think Like A Lawyer: 1 Type Of Case Complexity Stands Out

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    In contrast to some cases that appear complex due to voluminous evidence or esoteric subject matter, a different kind of complexity involves tangled legal and factual questions, each with a range of possible outcomes, which require a “sliding scale” approach instead of syllogistic reasoning, says Luke Andrews at Poole Huffman.

  • FTX Exec's Sentencing Shows Pros And Cons Of Cooperation

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    The sentencing of former FTX tech deputy Gary Wang, whose cooperation netted him a rare outcome of no prison time, offers critical takeaways for attorneys and clients navigating the burgeoning world of crypto-related prosecutions, says Andrew Meck at Whiteford.

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