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Banking
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February 19, 2025
FinCEN Sets March Deadline For Corporate Transparency Act
The U.S. Treasury Department's Financial Crimes Enforcement Network set a new deadline of March 21 for an estimated 32 million small entities to file beneficial ownership reports relating to the Corporate Transparency Act after a Texas federal judge lifted a block on the law's enforcement.
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February 19, 2025
Simpson Thacher Adds Litigator, Private Funds Pro In Boston
Simpson Thacher & Bartlett LLP has added a litigation attorney from Cooley LLP and a private funds attorney from Ropes & Gray LLP who will both work in Boston, the firm announced Wednesday.
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February 18, 2025
CFPB Should Beat Suit Over Small Biz Loan Rule, Judge Says
A Florida federal magistrate judge has recommended rejecting a trade group's challenge to the Consumer Financial Protection Bureau's small business lending data rule, finding that merchant cash advances are lawfully included within the scope of the rule, as the agency faces uncertainty under the Trump administration.
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February 18, 2025
Pandemic No Excuse To Alter $150M Notes, Alter Domus Says
An auto parts magnate and his manufacturing company should not get away with using the COVID-19 pandemic as an excuse for changing promissory notes worth $150 million in ways that deflated their value, lending agent Alter Domus LLC asserted in Michigan federal court Tuesday.
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February 18, 2025
Trump Exec Order Expands Control Over Independent Agencies
President Donald Trump signed an executive order Tuesday to limit the autonomy of independent agencies such as the U.S. Securities and Exchange Commission and Federal Communications Commission by requiring them to submit draft regulations for presidential review.
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February 18, 2025
Wells Fargo Fights Class Cert. Bid In 'Sham' Hiring Case
Wells Fargo & Co. is seeking to avoid class claims in a lawsuit accusing it of deceiving investors about its hiring practices, arguing that suing shareholders have not shown how a downturn in the bank's stock price was caused by the supposedly "sham" job interviews rather than a challenging interest rate environment.
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February 18, 2025
Discover Can't Get Judge To Rethink Decision In Risk Case
A New York federal judge will not rethink her decision denying Discover a quick win in a lawsuit over whether it and several other credit card companies conspired to dump fraud risk onto retailers, ruling that the suing retailers can continue their claims.
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February 18, 2025
OCC's Hood Eyes Mergers, Fintech In Agenda Preview
The Office of the Comptroller of the Currency's acting chief Rodney Hood on Tuesday pledged efforts to ease regulations for so-called community banks, previewing an agenda that includes making it easier for them to merge and explore financial technology.
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February 18, 2025
Howard Lutnick Wins Senate Nod To Lead Commerce Dept.
The Senate voted 51-45 Tuesday evening to confirm longtime Wall Street financier Howard Lutnick to be secretary of the U.S. Department of Commerce.
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February 18, 2025
Dems Push Corporate Transparency Act Legitimacy To Courts
Congress has the authority to establish a nationwide registry of the beneficial owners of legal entities by passing the Corporate Transparency Act, a group of Democratic legislators said in similar amicus briefs filed in appellate courts.
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February 18, 2025
Compliance Boss Took $9M In Clients, Investment Firm Says
A Connecticut investment firm with $360 million in assets under management says its former chief compliance officer violated trade secrets and computer fraud laws by taking eight clients worth $9.3 million and secretly joining a competitor, all despite bearing responsibility for his now-former firm's data confidentiality measures.
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February 18, 2025
Ex-Goldman Atty Squires Expected To Be Named USPTO Head
John A. Squires — Goldman Sachs' longtime chief intellectual property counsel, co-founder of Fortress' IP Investment fund and current Dilworth Paxson LLP partner — is expected to be chosen as the Trump administration's nominee for U.S. Patent and Trademark Office director, about a half-dozen sources with knowledge of the agency said Tuesday.
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February 17, 2025
Labor Groups Denied Block On DOGE's Agency Access
A Washington, D.C. federal judge again declined to block Elon Musk's Department of Government Efficiency from accessing three federal agencies' data, saying worker and consumer advocates haven't shown that the department's agents don't belong.
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February 14, 2025
Maine Judge Denies Challenge To Corporate Transparency Act
A Maine federal judge upheld the Corporate Transparency Act, rejecting one of several challenges across federal courts claiming Congress lacked the power to require companies to disclose their real owners.
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February 14, 2025
Judge Partly Certifies Ex-Detainee Class In Debit Card Fee Suit
A Washington federal judge has partially certified a class of former detainees suing the Central Bank of Kansas City, alleging the bank charged them debit card fees to regain access to their money after they were released.
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February 14, 2025
Trump Aims To End Limits On President's Power To Fire
President Donald Trump has his sights set on taking down a 90-year-old U.S. Supreme Court ruling that protects certain government officials from being fired, a U.S. Department of Justice letter confirms, and he plans to leverage his prior legal victories to deliver the precedent's death knell and expand presidential power.
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February 14, 2025
Alston & Bird Leads PE-Backed Michigan Bank's $151M IPO
Shares of private equity-backed Northpointe Bancshares Inc. began trading Friday after the Michigan bank priced an upsized $151 million initial public offering below its marketed range, represented by Alston & Bird LLP and underwriters counsel Squire Patton Boggs LLP.
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February 14, 2025
Convicted Email Scammer Must Return $1.5M To Victims
A Connecticut federal judge has ordered Okechuckwu Valentine Osuji to pay $1.5 million in restitution to 16 individuals and business entities in a Valentine's Day order, after a jury found him guilty of operating a $6 million email fraud scheme.
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February 14, 2025
Corporate Transparency Act Vital For Nat'l Security, Circs. Told
A nationwide registry of beneficial ownership information is critical to U.S. foreign policy and national security goals, which makes a law aimed at creating one, the Corporate Transparency Act, a valid exercise of congressional authority, groups told the Fourth and Fifth circuits.
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February 14, 2025
Judge Needs Time To Mull Block On DOGE's Agency Audits
A Washington, D.C., federal judge said he plans to rule "promptly" on a request by worker and consumer advocates to stop the Department of Government Efficiency from accessing three federal agencies' data but couldn't say when following a wide-ranging hearing on the bid.
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February 14, 2025
Ex-JPMorgan Atty Pleads Guilty To NYC Housing Fraud
A one-time Bronx, New York, prosecutor and former JPMorgan Chase & Co. assistant general counsel pled guilty along with two relatives to a scheme to fraudulently obtain affordable housing units and benefits, state investigators announced Friday.
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February 14, 2025
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen Spice Girls star Mel B's ex-husband bring a defamation claim against the publisher of The Sun, a hotel sue a former director convicted of embezzling its funds for breach of fiduciary duty, and comedian Russell Brand face a sexual abuse claim. Here, Law360 looks at these and other new claims in the U.K.
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February 14, 2025
Financial Services Atty Leaves MoFo For White & Case In NY
White & Case LLP announced it has expanded its global debt finance practice, financial services regulatory practice and global financial institutions industry group with a former Morrison Foerster LLP partner.
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February 14, 2025
CFPB's Vought Agrees To Pause Layoffs Amid Union Litigation
The Trump administration agreed to a temporary reprieve for the Consumer Financial Protection Bureau, promising to preserve data and hold off for now on any more broad firings of employees pending a challenge by the agency's union.
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February 14, 2025
Womble Bond Adds BakerHostetler Business Partner In Irvine
Womble Bond Dickinson has hired a former BakerHostetler partner, who joined the firm's business litigation practice group as a partner in Irvine, California.
Expert Analysis
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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.
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Gov't Scrutiny Of Workplace Chat Apps Set To Keep Growing
The incoming Trump administration and Republican majorities in Congress are poised to open numerous investigations that include increasing demands for entities to produce communications from workplace chat apps, so companies must evaluate their usage and retention policies, say attorneys at Orrick.
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Del. Dispatch: The 2024 Corporate Cases You Need To Know
The Delaware Court of Chancery in 2024 issued several decisions that some viewed as upending long-standing corporate practices, leading to the amendment of the Delaware General Corporation Law and debates at some Delaware corporations about potentially reincorporating to another state, say attorneys at Fried Frank.
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2024 Regulatory Developments For Bank-Fintech Partnerships
Joseph Silvia at Duane Morris reviews a handful of particularly noteworthy 2024 updates regarding bank-fintech partnerships, including federal banking agencies issuing a number of important pieces of guidance that reiterate and update previous guidance in the area of third-party risk management.
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When US Privilege Law Applies To Docs Made Outside The US
As globalization manifests itself in disputes over foreign-created documents, a California federal court’s recent trademark decision illustrates nuances of both U.S. privilege frameworks and foreign evidentiary protections that attorneys must increasingly bear in mind, say attorneys at Hunton.