Banking

  • October 16, 2024

    TD Bank's $3B AML Deal Sparks Scrutiny Of Its Oversight

    The long-standing, widespread compliance failures at the root of TD Bank's blockbuster $3 billion U.S. anti-money laundering settlement last week have stunned experts and brought tough punishment for the Canadian bank — but they're also raising questions about why regulators didn't act sooner.

  • October 16, 2024

    $3.6M Ruling Against Merchant Cash Advance Co. Reversed

    An Ohio appellate court on Wednesday reversed a trial court's ruling allowing First Financial Bank to recover roughly $3.6 million from a merchant cash advance company, ruling — in a matter of first impression — that under Ohio law, a transferee of funds from a deposit account is protected from conversion claims unless collusion is involved.

  • October 16, 2024

    NY's Financial Regulator Releases AI Cybersecurity Guidance

    New York's Department of Financial Services issued new guidance Wednesday intended to give state-regulated financial institutions an outline for protecting against cybersecurity risks posed by artificial intelligence.

  • October 16, 2024

    Chinese AI Co. Hit With Investor Suit Over Nasdaq Compliance

    China-based artificial intelligence company Xiao-I Corp. was hit with a proposed investor class action in New York federal court alleging it downplayed increasing research and development costs that it was incurring, increasing the likelihood that it would fail to comply with the Nasdaq Stock Market's minimum price requirement after going public.

  • October 16, 2024

    3rd Par Funding Exec Admits To Racketeering In $100M Scam

    The last member of the triumvirate behind Par Funding, a cash advance company that federal prosecutors say bilked investors out of $100 million, pleaded guilty to racketeering in Pennsylvania federal court Wednesday, just weeks before he was scheduled to stand trial.

  • October 16, 2024

    Banks Ditch Exchange's Boycott Conspiracy Suit At 2nd Circ.

    The Second Circuit on Wednesday rejected a small trading exchange's effort to revive its claims that several major banks conspired to shut it out of the credit default swap market, saying the exchange failed to plausibly allege that the banks' conduct was the result of an unlawful agreement or conspiracy.

  • October 16, 2024

    Lender To Pay $10M To Settle Birmingham Redlining Claims

    The Consumer Financial Protection Bureau and the U.S. Department of Justice said a mortgage lender the agencies accused of redlining in Birmingham, Alabama, will pay nearly $10 million and open a loan office in a majority-Black neighborhood to resolve the claims.

  • October 16, 2024

    Key Bank Blocking Hunt For Apt. Co-Op's $1.3M, Towns Say

    Key Bank NA should be held in contempt of court because four insurance checks totaling $1.3 million seem to have vanished from a troubled housing co-op's accounts, and the bank is preventing a receiver in charge of the 924-unit Success Village Apartments from figuring out what happened, two Connecticut municipalities have said.

  • October 16, 2024

    2 SDNY Terror Finance Cases Against Binance Stay Separate

    Two suits claiming Binance unlawfully fostered terrorist activity, filed in the wake of the cryptocurrency platform's $4.3 billion settlement with the U.S. Department of Justice, will proceed separately in the Southern District of New York, a Manhattan federal judge said Wednesday.

  • October 16, 2024

    Ex-BigLaw Partner Gets 16 Months For Tax Evasion

    A former partner at Husch Blackwell LLP and Dykema Gossett PLLC who pled guilty to refusing to pay taxes on millions of dollars in income was sentenced to 16 months in prison.

  • October 15, 2024

    CFPB Funding Shouldn't Stop Texas' Fraud Suit, Judge Says

    A Houston federal magistrate judge has endorsed allowing the state of Texas to proceed with a real estate fraud suit against land developer Colony Ridge, rejecting objections tied in part to the Consumer Financial Protection Bureau's funding from Federal Reserve "earnings."

  • October 15, 2024

    Santander Settles Investors' Squeeze-Out Suit For $162.5M

    Santander Consumer USA Holdings Inc. has agreed to shell out $162.5 million to put to rest stockholders' consolidated class action challenging a $2.5 billion minority squeeze-out merger, according to a stipulation filed Monday in Delaware's Court of Chancery.

  • October 15, 2024

    In Pivot, 5th Circ. Gives CFPB Extension In Exam Policy Case

    The Consumer Financial Protection Bureau can take an extra two weeks to file a brief with the Fifth Circuit in its closely watched appeal of a ruling that struck down the agency's anti-bias examination policies, the circuit court has decided.

  • October 15, 2024

    Kirkland-Led Boeing Seeks Up To $35B Amid Labor Strike

    Boeing notified regulators on Tuesday of plans to raise up to $35 billion through securities offerings and a credit agreement, guided by Kirkland & Ellis LLP, as the aviation giant seeks access to cash amid a prolonged strike and production cuts.

  • October 15, 2024

    No 'Third Bite' For Ex-Lender's FDIC Suit, Judge Rules

    A D.C. federal judge has tossed a lawsuit from a former small business financier contesting the constitutionality of a Federal Deposit Insurance Corp. enforcement action against him, saying the plaintiff has already twice litigated and lost the case in Rhode Island.

  • October 15, 2024

    Morgan Stanley, BofA Sued Over Cash Sweep Programs

    Minnesota-based financial services company Safron Capital Corp. launched a pair of proposed class actions against Morgan Stanley and Bank of America in New York alleging the firms used their so-called cash sweep programs "to generate massive revenue for themselves at the expense of their customers."

  • October 15, 2024

    Mich. Judge Unsure If PE Firm's Loan Broke Usury Law

    The interest rate on a private equity firm's loan to a Detroit house-flipping venture exceeded usury limits, but it was unclear whether the lender knowingly charged an excessive rate, a Michigan state judge ruled after the case returned from a trip to the Michigan Supreme Court. 

  • October 15, 2024

    Ga. Fund Manager Who Fled Country Cops To Fraud Charge

    An Atlanta financier admitted Tuesday to running a fund that ripped off investors to the tune of millions of dollars before fleeing the country as the scheme collapsed, pleading guilty to a single charge of interstate transfers of stolen money, prosecutors said.

  • October 15, 2024

    Viks Must Face Asset Sale Meddling Suit, Deutsche Bank Says

    Deutsche Bank AG's lawsuit alleging that billionaire Alexander Vik and his daughter interfered in the court-ordered sale of shares in a Norwegian software company is separate from the issue that a Connecticut judge already decided in 2021, so the defendants are wrong to claim that it is barred, the bank said in seeking to keep the case alive.

  • October 15, 2024

    Ex-WH Senior Associate Counsel Rejoins Ropes & Gray

    Ropes & Gray LLP announced Tuesday that an attorney rejoined the firm's Washington, D.C., office as counsel after most recently serving as senior associate counsel to President Joe Biden.

  • October 15, 2024

    Law Firms Diverge As Anti-ESG Pushback Continues

    A continuing onslaught of legislation and litigation opposing corporate environmental, social and governance actions has created a fork in the road for law firms, with some choosing to scale back efforts and others pushing ahead with their internal ESG and diversity, equity and inclusion goals.

  • October 15, 2024

    The 2024 Law360 Pulse Social Impact Leaders

    Check out our Social Impact Leaders ranking, analysis and interactive graphics to see which firms stand out for their engagement with social responsibility and commitment to pro bono service.

  • October 11, 2024

    With Swipe At Attys, CFPB's Chopra Defends Use Of Guidance

    At a tough-talking appearance in Utah on Friday, Consumer Financial Protection Bureau Director Rohit Chopra said he doesn't sweat potential legal challenges to his agency's rules and suggested some industry-side attorneys can be "leeches" who relish compliance uncertainty if it boosts their billable hours.

  • October 11, 2024

    Ill. Restaurants Fire Back At Banks' Bid To Halt Swipe Fee Law

    Trade groups for restaurants and retailers have urged an Illinois federal judge to reject a proposed preliminary injunction to block a first-of-its-kind state law restricting swipe fees, arguing that relief from such fees is badly needed for small family businesses and consumers.

  • October 11, 2024

    Fintech-Focused Cohen SPAC Leads 2 IPOs Worth $250M

    Cohen Circle Acquisition Corp. I, a special purpose acquisition company founded by financial services industry veteran Betsy Cohen, began trading Friday, one of two SPACs that completed initial public offerings for a combined $250 million.

Expert Analysis

  • State Of The States' AI Legal Ethics Landscape

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    Over the past year, several state bar associations, as well as the American Bar Association, have released guidance on the ethical use of artificial intelligence in legal practice, all of which share overarching themes and some nuanced differences, say Eric Pacifici and Kevin Henderson at SMB Law Group.

  • How BIS' Rule Seeks To Encourage More Voluntary Disclosure

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    Updated incentives, penalties and enforcement resources in the Bureau of Industry and Security's recently published final rule revising the Export Administration Regulations should help companies decide how to implement export control compliance programs and whether to disclose possible violations, say attorneys at Freshfields.

  • Series

    Florida Banking Brief: All The Notable Legal Updates In Q3

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    With the implementation of H.B. 989, the third quarter of 2024 has been transformative for banking law and regulation in Florida, and this new law places a strong emphasis on fair access to banking, and prohibits ideologically or politically motivated decisions by financial institutions, says Sha’Ron James at Gunster.

  • 8 Childhood Lessons That Can Help You Be A Better Attorney

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    A new school year is underway, marking a fitting time for attorneys to reflect on some fundamental life lessons from early childhood that offer a framework for problems that no legal textbook can solve, say Chris Gismondi and Chris Campbell at DLA Piper.

  • Navigating Complex Regulatory Terrain Amid State AG Races

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    This year's 10 attorney general elections could usher in a wave of new enforcement priorities and regulatory uncertainty, but companies can stay ahead of the shifts by building strong relationships with AG offices, participating in industry coalitions and more, say Ketan Bhirud and Dustin McDaniel at Cozen O’Connor.

  • Challenge To Ill. Card Fee Law Explores Compliance Hurdles

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    A recent federal lawsuit challenging an Illinois law that will soon forbid electronic payment networks from charging fees for processing the tax and tip portions of card transactions, fleshes out the glaring compliance challenges and exposure risks financial institutions must be ready to face next summer, says Martin Kiernan at Amundsen Davis.

  • Opinion

    This Election, We Need To Talk About Court Process

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    In recent decades, the U.S. Supreme Court has markedly transformed judicial processes — from summary judgment standards to notice pleadings — which has, in turn, affected individuals’ substantive rights, and we need to consider how the upcoming presidential election may continue this pattern, says Reuben Guttman at Guttman Buschner.

  • Series

    Playing Diplomacy Makes Us Better Lawyers

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    Similar to the practice of law, the rules of Diplomacy — a strategic board game set in pre-World War I Europe — are neither concise nor without ambiguity, and weekly gameplay with our colleagues has revealed the game's practical applications to our work as attorneys, say Jason Osborn and Ben Bevilacqua at Winston & Strawn.

  • Proposed Mortgage Assistance Rule: Tips For Servicers

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    The Consumer Financial Protection Bureau's recent proposal to alter Regulation X mortgage servicing procedures to broadly construe requests for assistance, and stay foreclosure proceedings during loss mitigation review, will, if finalized, require mortgage servicers to make notable procedural changes to comply, says Louis Manetti at Locke Lord.

  • Antitrust In Retail: Why FTC Is Studying 'Surveillance Pricing'

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    The Federal Trade Commission's decision to study targeted "surveillance pricing" should provide greater clarity into the nature of the data aggregation industry, but also raises several issues, including whether these practices are in fact illegal under any established interpretations of U.S. antitrust law, say attorneys at Holland & Knight.

  • Mental Health First Aid: A Brief Primer For Attorneys

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    Amid a growing body of research finding that attorneys face higher rates of mental illness than the general population, firms should consider setting up mental health first aid training programs to help lawyers assess mental health challenges in their colleagues and intervene with compassion, say psychologists Shawn Healy and Tracey Meyers.

  • Series

    Calif. Banking Brief: All The Notable Legal Updates In Q3

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    In the third quarter of the year, California continued to be at the forefront of banking regulation as it enacted legislation on unfair banking practices and junk fees, and the state Department of Financial Protection and Innovation notably initiated enforcement actions focused on crypto-assets and student loan debt relief, say Stuart Richter and Eric Hail at Katten.

  • What 2 Key Rulings Mean For Solicitation Under TCPA

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    Two recent rulings from federal district courts in New York and California — each of which came to a different conclusion — bring to light courts' continued focus on and analysis of when an alleged communication constitutes a solicitation under the Telephone Consumer Protection Act, say Felix Shipkevich and Jessica Livingston at Shipkevich.

  • Series

    NY Banking Brief: All The Notable Legal Updates In Q3

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    In a relatively light few months for banking legal updates in New York, the state Department of Financial Services previewed its views on banking sector artificial intelligence use via insurer guidance, and an anti-money laundering enforcement action underscored the importance of international monitoring processes, say Eric McLaughlin and Dana Bayersdorfer at Davis Polk.

  • Series

    Collecting Art Makes Me A Better Lawyer

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    The therapeutic aspects of appreciating and collecting art improve my legal practice by enhancing my observation skills, empathy, creativity and cultural awareness, says attorney Michael McCready.

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