Banking

  • March 14, 2025

    Taxation With Representation: Davis Polk, Paul Weiss

    In this week's Taxation With Representation, Mallinckrodt PLC and Endo Inc. combine, Rocket Cos. buys Redfin, and Endo divests its international pharmaceuticals business to Knight Therapeutics Inc.

  • March 14, 2025

    Judge Refuses Bid For Injunction In CFPB Defunding Suit

    A Maryland federal judge on Friday denied the city of Baltimore's bid for a preliminary injunction barring the Trump administration from stripping away the Consumer Financial Protection Bureau's budget, unpersuaded that it has been targeted for defunding.

  • March 13, 2025

    Squires' Breadth Sets Him Apart From Recent USPTO Leaders

    President Donald Trump's nominee to lead the U.S. Patent and Trademark Office would be the first director who is not an engineer since the final George W. Bush administration, and he'd be the first with both law firm and in-house experience since 2017, a combination attorneys say makes him particularly suited for the role.

  • March 13, 2025

    Vought-Led CFPB Still Wants $43M Order In Debt Relief Case

    The Consumer Financial Protection Bureau urged an Illinois federal judge Thursday to order the head of a defunct debt-relief company to pay $43 million in fines and restitution, sticking with a Biden-era request for penalties in the case.

  • March 13, 2025

    Interactive Brokers Tells Justices To Skip Trading Patent Case

    Trading software company Interactive Brokers has shot back at a rival's effort to persuade the U.S. Supreme Court to look at an "illusory" split between appeals courts over the standard for introducing post-trial fraud evidence in a long-litigated patent case. 

  • March 13, 2025

    Bankers Seek 1-Year Waiver Of TCPA Consent Rule

    Banking organizations asked the Federal Communications Commission for a one-year waiver of a consumer consent rule under the Telephone Consumer Protection Act that restricts their ability to make prerecorded calls and texts once consent has been revoked.

  • March 13, 2025

    NY AG James Pitches Bill To Expand Consumer Protection Law

    New York Attorney General Letitia James on Thursday announced legislation that would expand the state's ban on deceptive business practices to also protect against unfair and abusive practices, an idea backed by Biden-era Federal Trade Commission and Consumer Financial Protection Bureau heads.

  • March 13, 2025

    Judge Won't Toss $35M Ch. 11 Bank Fee Clawback Lawsuit

    A Delaware bankruptcy judge has denied a summary judgment bid to dismiss a lawsuit alleging that an $1.8 billion loan set medical testing company Millennium Laboratories on course for its 2015 Chapter 11.

  • March 13, 2025

    Stifel Owes $132.5M Over Structured Notes, FINRA Panel Says

    Broker-dealer Stifel Nicolaus & Co. Inc. owes a family more than $132.5 million in a Financial Industry Regulatory Authority arbitration stemming from allegations their accounts were overinvested in structured notes.

  • March 13, 2025

    Ohio Co. Can't Get New Trial After Scrapped $18M Award

    An Ohio startup on Thursday lost its latest bid to revive an $18.3 million jury verdict it won against TransUnion for allegedly holding its source code hostage after ending a business deal.

  • March 13, 2025

    US Bank Agrees To Massive Class In 401(k) Fee Suit

    U.S. Bancorp told a Minnesota federal court Thursday that it agreed to the certification of an approximately 93,000-member class in a lawsuit alleging the financial company allowed its employee 401(k) to pay exorbitant recordkeeping fees.

  • March 13, 2025

    Senate Stablecoin Bill Advances With Democrats Divided

    The Republican-led U.S. Senate Banking Committee advanced its stablecoin framework Thursday with the help of Democrats who broke from ranking member Sen. Elizabeth Warren's opposition, while a separate bill on what is being called debanking passed along party lines.

  • March 13, 2025

    5th Circ. Asks If Enforcement Delay Affects CTA Challenge

    The Fifth Circuit has asked for supplemental briefing in a challenge against the Corporate Transparency Act, asking whether the case is affected by the U.S. Treasury Department's recent decision to suspend enforcement of reporting rules for domestic companies.

  • March 13, 2025

    NY Taps Ex-CFPB Official For Top Financial Enforcement Role

    New York's financial services regulator said Thursday that it has hired a new top consumer protection cop, bringing aboard a veteran enforcement official recently departed from the Consumer Financial Protection Bureau.

  • March 13, 2025

    Judge Orders Reinstatement Of Many Fired Federal Workers

    A California federal judge on Thursday ordered the immediate reinstatement of certain probationary employees fired from six federal agencies, saying the Office of Personnel Management did not have the authority to direct those terminations, making the firings "unlawful."

  • March 13, 2025

    Willkie Farr Hires Kirkland Private Funds Partner In NY

    Willkie Farr & Gallagher LLP has hired a private funds attorney in New York who spent the past four years at Kirkland & Ellis LLP advising fund sponsors on operational and other matters, the firm announced Wednesday.

  • March 12, 2025

    GOP Senators Take Aim At CFPB Medical Debt Rule

    Republican senators have introduced a measure to overturn the Consumer Financial Protection Bureau's recent rule banning medical debt from credit reports, one of the latest Biden-era regulations to be targeted for legislative repeal.

  • March 12, 2025

    Capital One Nearly Bought Frank For $125M, Javice Jury Told

    A Capital One investment banker told a New York federal jury on Wednesday that the lender was eyeing student financial aid startup Frank for a potential $125 million acquisition before backing out, $50 million less than what JPMorgan Chase & Co. ultimately paid for the company, the result of what prosecutors say was a scheme to fraudulently induce JPMorgan to make the purchase.

  • March 12, 2025

    Wells Fargo Can't Force Adviser's Widow To Arb., Panel Finds

    Wells Fargo can't force a deceased employee's widow to arbitrate her claims that she never received certain stipulated benefits after her husband's death because the widow never agreed to arbitrate those claims, a California state appeals court has determined.

  • March 12, 2025

    EPA Says Grant Termination Moots Climate Group's Challenge

    The U.S. Environmental Protection Agency told a D.C. federal judge Wednesday that its cancelation of $20 billion in grant funding for climate change projects renders moot Climate United Fund's claim that Citibank is illegally denying its disbursement requests.

  • March 12, 2025

    Look At All These 1-Word Orders In IP Cases, Justices Told

    A patent owner has told the U.S. Supreme Court that there's momentum behind its push for scrutiny of the Federal Circuit's one-word orders in patent cases and its challenge to courts' summary judgment practices in such matters.

  • March 12, 2025

    Binance Asks Judge To Rethink Upholding Terror Victims' Suit

    Cryptocurrency exchange Binance and its former CEO Changpeng Zhao have asked a New York federal judge to reconsider his ruling allowing a bulk of claims from a group of Hamas attack survivors to move forward, arguing that the survivors do not allege that Binance had a "close nexus" to the terrorist groups that allegedly used its platforms.

  • March 12, 2025

    Convicted Insurance Magnate Settles SEC's $57M Fraud Suit

    Convicted insurance mogul Greg Lindberg has netted a deal with the U.S. Securities and Exchange Commission to resolve claims he misappropriated $57 million in client funds, tying up the civil suit just four months after he copped to related criminal charges.

  • March 12, 2025

    Borrowers Claim Cash Advance Co. Charged 1,000% Interest

    A prospective class of borrowers has hit Klover Holdings Inc. with a lawsuit claiming that the cash advance business charged interest rates that can reach 1,000% or more, far exceeding Pennsylvania's 6% legal limit.

  • March 12, 2025

    Customer Says Wells Fargo Colludes With AAA In Arbitrations

    The lead plaintiff in a proposed class action accusing Wells Fargo and the American Arbitration Association of colluding to fraudulently induce consumers into accepting an unfair arbitration process has urged a California federal judge to deny their attempts to toss the lawsuit.

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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