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Banking
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February 12, 2025
HMRC Can't Tax Canadian Bank For Oil Loan Payments
The U.K. Supreme Court ruled Wednesday that HM Revenue and Customs cannot tax loan payments made to Royal Bank of Canada connected to oil rights in the North Sea because the underlying agreement did not give an oil company the right to work the oilfield.
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February 11, 2025
DOGE, Treasury Accused Of 'Largest' US Data Breach
Elon Musk's Department of Government Efficiency, the U.S. Department of the Treasury and the U.S. Office of Personnel Management conducted the "largest" data and IT security breaches in U.S. history, illegally exposing millions of people's sensitive information, a data privacy watchdog and group of federal employees alleged this week.
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February 11, 2025
Ex-NY Gov. Aide And Husband Deny Foreign Agent Charges
A former aide to New York Gov. Kathy Hochul and former Gov. Andrew Cuomo, Linda Sun, and her husband on Tuesday pled not guilty to a superseding indictment that accuses her of secretly acting as an agent of China's government and adds new money laundering charges against her spouse.
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February 11, 2025
CFPB's Closure Not 'A Free Pass' For Financial Compliance
Banks and other consumer lenders shouldn't let their compliance efforts around Consumer Financial Protection Bureau regulations go idle despite the uncertainty caused by the Trump administration's closure of the agency, experts say, as its rules are still on the books and other regulators may pick up the slack.
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February 11, 2025
NY Judge Sides With Attorney In Golf Malpractice Row
A New York federal magistrate judge has recommended summary judgment in favor of an attorney in a legal malpractice lawsuit in which he is accused of causing the plaintiffs to lose an Arizona golf course property because he failed to file the proper bankruptcy paperwork.
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February 11, 2025
Goldman Sachs Scraps Diversity Mandate For IPO Candidates
The Goldman Sachs Group Inc. said Tuesday that it's ending a pledge to only take companies public that contain at least two diverse board members, marking the latest of many retreats by corporations amid mounting legal and political opposition to diversity initiatives.
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February 11, 2025
Botkin Chiarello Adds Litigator From Cleveland Krist
Botkin Chiarello Calaf PLLC — an Austin, Texas, firm opened by six former Wittliff Cutter PLLC attorneys in 2023 that is focused on commercial and intellectual property litigation and general business counseling — has welcomed a litigator from Cleveland Krist PLLC.
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February 11, 2025
Commerce Powers Key In Battle Over Corp. Transparency Law
The question of whether Congress exceeded its powers to regulate commerce by enacting the Corporate Transparency Act is likely to feature in a potential U.S. Supreme Court resolution to around a dozen challenges to the law that are percolating through the courts.
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February 11, 2025
TD Bank To Sell Schwab Stake In Roughly $13.1B Offering
TD Bank Group on Tuesday announced the terms of the sale of its entire equity investment in the financial services giant Charles Schwab Corp., detailing its plan to sell its 10.1% ownership stake in a $13.1 billion deal.
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February 11, 2025
Lender Eyes Receiver For $17M Hotel Construction Note Debt
A hotel development owner has defaulted on a promissory note worth $17.5 million and needs a receiver to assume control of its assets before the company becomes insolvent, according to a new complaint filed in North Carolina Business Court by the lending company.
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February 11, 2025
CFPB's Top Supervisor, Enforcer Call It Quits Amid Closure
The Consumer Financial Protection Bureau's top supervision and enforcement officials resigned Tuesday, citing the Trump administration's broad suspension of key financial industry oversight activities at the agency.
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February 11, 2025
Republican-Led SEC Pauses Climate Regulation Litigation
The U.S. Securities and Exchange Commission signaled Tuesday that it may not move forward with a Biden-era regulation requiring public companies to disclose their greenhouse gas emissions, asking the court overseeing litigation against the climate reporting rules not to schedule the case for oral argument.
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February 10, 2025
Atlanta's Inspector General Sued Over Financial Subpoenas
A lobbyist and former campaign manager for a sitting Atlanta City Council member has sued the city's inspector general over allegations she violated state laws in issuing subpoenas for the lobbyist's bank records to bolster a "frivolous" corruption probe.
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February 10, 2025
FTX Having Trouble Serving Binance With Ch. 11 Lawsuit
The estate of fallen cryptocurrency exchange FTX told a Delaware bankruptcy judge late Friday that its attorneys haven't yet been able to serve Binance and its former CEO Changpeng Zhao a lawsuit seeking to recover nearly $1.8 billion that FTX is accused of illegally transferring prior to its collapse two years ago.
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February 10, 2025
Merrill Lynch Objects To New Discovery Bid In Stock Loan Suit
Merrill Lynch told a New York federal court it should deny investors' request for supplemental transaction data in their suit alleging major banks colluded to avoid modernizing the stock loan market, arguing that the discovery period has closed, and there are no legitimate reasons to grant the "burdensome" request.
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February 10, 2025
Morgan Stanley Can't Undo $1.6M Bias Award, Judge Says
A North Carolina federal judge has declined to throw out a $1.6 million arbitration award granted to a former Morgan Stanley employee who claimed he was wrongfully terminated, after the bank alleged the chosen arbitrator was biased against it because of a prior lawsuit and had fallen asleep while evidence was being presented.
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February 10, 2025
Merrill Lynch $20M Bias Deal Should Be Approved, Judge Says
A U.S. magistrate judge has recommended granting the first green light to a $20 million settlement that will resolve discrimination and retaliation claims launched against Merrill Lynch by a proposed class of nearly 1,400 Black financial advisers who claimed they received less pay and promotions compared to their white counterparts.
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February 10, 2025
FDIC's McKernan Exits Board As Republicans Max Out Seats
Republican Jonathan McKernan announced Monday that he'll vacate his seat on the Federal Deposit Insurance Corp.'s board, given the expiry of his term and the addition of a Trump appointee that brings the board to its maximum number of GOP-held seats.
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February 07, 2025
DOGE Access To Treasury Payment System Blocked By Judge
A Manhattan federal judge blocked the access of Elon Musk and staffers of his temporary Department of Government Efficiency to U.S. Department of the Treasury payment systems Saturday and ordered them to destroy data already obtained, after state attorneys general sued, calling that access "dangerous" and unlawful.
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February 10, 2025
Pension Execs Found Liable In $2B Danish Tax Fraud Case
A New York federal jury found Monday by "clear and convincing evidence" that Denmark's tax agency reasonably relied on the false statements made on pension plan applications that were part of a $2.1 billion tax fraud scheme by pension plan executives.
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February 10, 2025
5th Circ. Urged To Reject Crypto Exec's Privacy Law Claim
The IRS complied with a financial privacy law to summon third-party bank records belonging to a cryptocurrency executive under investigation, the U.S. government told the Fifth Circuit on Monday in the businessman's appeal to overturn a lower court decision that rejected his bid to quash the summonses.
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February 10, 2025
NJ Law Firm, TD Bank Resolve $149K Bounced Check Suit
TD Bank NA and the New Jersey personal injury law firm that sued it over a $149,000 cashier's check that failed to go through have ended the dispute, according to a New Jersey federal court filing.
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February 10, 2025
Trump Admin Violating Order To Unfreeze Funds, Judge Says
A Rhode Island federal judge ruled Monday the Trump administration is not complying with the court's temporary restraining order barring a freeze on funding for federal grants and programs, ordering the administration to immediately restore the frozen funds.
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February 10, 2025
2nd Circ. Backs UBS In Retaliation Case That Justices Revived
A split Second Circuit panel sided Monday with UBS in a whistleblower case that a fired worker managed to get the U.S. Supreme Court to revive, ruling that the jury instructions that preceded the worker's trial court win were too unclear to let his victory stand.
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February 10, 2025
Pillsbury Recruits Former Mayer Brown Tax Pro In NY
Pillsbury Winthrop Shaw Pittman LLP said it has recruited a former Mayer Brown LLP tax expert to serve as a partner in Pillsbury's New York office.
Expert Analysis
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Future Of Crypto-Asset Classification Is In 2nd Circ.'s Hands
A definitive ruling from the Second Circuit in a rare interlocutory appeal in the U.S. Securities and Exchange Commission's ongoing court battle with Coinbase could finally establish clear guidelines on the classification of digital assets, influencing how they are regulated and traded in the U.S., say attorneys at Manatt.
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5 Ways To Create Effective Mock Assignments For Associates
In order to effectively develop associates’ critical thinking skills, firms should design mock assignments that contain a few key ingredients, from messy fact patterns to actionable feedback, says Abdi Shayesteh at AltaClaro.
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Assessing Gary Gensler's Legacy At The SEC
Gary Gensler's tenure as U.S. Securities and Exchange Commission chair is defined by a record of commonsense regulation in some areas and social activism in others, and by increasing judicial skepticism about the SEC's authority to fulfill its regulatory, enforcement, administrative law and adjudicatory functions, say attorneys at Arnold & Porter.
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Takeaways From DOJ Fraud Section's 2024 Year In Review
Attorneys at Paul Weiss highlight notable developments in the U.S. Department of Justice Fraud Section’s recently released annual report, and discuss what the second Trump administration could mean for enforcement in the year to come.
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A Defendant's Guide To 4 Common CFPB Discovery Tactics
With the Consumer Financial Protection Bureau's recent flurry of new lawsuits showing no signs of stopping, defendants should know the bureau's most relied-upon discovery strategies — and be prepared to resist them, say attorneys at Goodwin.
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The 7th Circ.'s Top 10 Civil Opinions Of 2024
Attorneys at Jenner & Block examine the most significant decisions issued by the Seventh Circuit in 2024, and explain how they may affect issues related to mass arbitration, consumer fraud, class certification and more.
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Kansas Bank's Suit Could Upend FDIC Enforcement Authority
Should CBW Bank's federal lawsuit in Kansas challenging the Federal Deposit Insurance Corp.'s enforcement authority gain traction with a post-Chevron U.S. Supreme Court, it could have profound implications for the FDIC and the banking industry at large, says Jack Harrington at Bradley Arant.
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Class Actions At The Circuit Courts: Nov. And Dec. Lessons
In this month's review of class action appeals, Mitchell Engel at Shook Hardy discusses five federal court decisions and identifies practice tips from cases involving takings clause violations, breach of contract with banks, life insurance policies, employment and automobile defects.
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Mentorship Resolutions For The New Year
Attorneys tend to focus on personal achievements or career milestones when they set yearly goals, but one important area often gets overlooked in this process — mentoring relationships, which are some of the most effective tools for professional growth, say Kelly Galligan at Rutan & Tucker and Andra Greene at Phillips ADR.
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Insights For Finance Firms, Regulators From House AI Report
Though a U.S. House of Representatives report encourages the financial sector to embrace artificial intelligence tools, its focus on ensuring high-quality datasets, transparent development and equitable access underscores that firms and regulators must strike a delicate balance between technological innovation and responsible implementation, says Brendan Palfreyman at Harris Beach.
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California's New Homeowner Law Could Hamper Foreclosures
While A.B. 2424, which took effect this month in California, gives homeowners in default additional protections, it also provides loopholes that can be used to delay foreclosure auctions, and the cost of these delays will likely be passed on to the borrower, says Stephen Britt at Severson & Werson.
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Series
Coaching Little League Makes Me A Better Lawyer
While coaching poorly played Little League Baseball early in the morning doesn't sound like a good time, I love it — and the experience has taught me valuable lessons about imperfection, compassion and acceptance that have helped me grow as a person and as a lawyer, says Alex Barnett at DiCello Levitt.
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How Fintechs Can Respond To New CFPB Supervisory Rule
Even though a new Consumer Financial Protection Bureau rule pulling large payment apps into supervision faces an uncertain fate in the new administration, providers should still examine the rule's definitions and prepare for increased compliance costs and more consumer-friendly practices, say attorneys at DLA Piper.
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5 Litigation Funding Trends To Note In 2025
Lawyers and their clients must be prepared to navigate an evolving litigation funding market in 2025, made more complicated by a new administration and the increasing overall cost of litigation, says Jeffery Lula at GLS Capital.
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Predicting Where State AGs Will Direct Their Attention In 2025
In 2025, we expect state attorneys general will navigate a new presidential administration while continuing to further regulate and police financial services, artificial intelligence, junk fees and antitrust, say attorneys at Troutman Pepper.