Banking

  • 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.

  • October 11, 2024

    Swiss Native Ran $8M International Stock Fraud, SEC Says

    A Swiss-born Massachusetts resident ran a years-long international fraud scheme by tricking investors, mainly from Europe, into investing with him and then absconding with the money, the U.S. Securities and Exchange Commission alleged in a Friday suit.

  • October 11, 2024

    Julie Chrisley Appeals Ga. Judge's Resentencing Ruling

    Former real estate mogul and reality television star Julie Chrisley, who was convicted of running a yearslong bank fraud scheme with her husband, Todd, is appealing a federal judge's decision to resentence her to the same seven-year prison term she first received nearly two years ago.

  • October 11, 2024

    Judge Doubts FTX Alum Needs Further Dog Bite Recovery

    A Manhattan federal judge has denied a bid from former FTX executive Ryan Salame to further postpone the start of his 7½-year prison sentence, saying he had already benefited from "extremely generous" delays, and agreeing with prosecutors that Salame appeared to have largely recovered from a dog bite that he said he suffered in June.

  • October 11, 2024

    BofA Must Face Iranian Bias Claims At 9th Circ.

    A Bank of America customer wants the Ninth Circuit to revive his proposed class action alleging the financial giant discriminates against Iranian citizens, according to a notice of appeal.  

  • October 11, 2024

    Nigerian Airline CEO Charged With Obstructing Fraud Probe

    The indicted founder and CEO of Nigerian airline Air Peace was hit with new charges alleging he obstructed a U.S. government investigation into claims that he and another airline executive used fake documents to secure $20 million from banks.

  • October 11, 2024

    2 Finance Partners Added To Hunton's London Office

    Hunton Andrews Kurth LLP has welcomed two new lawyers, Alan Cunningham and Richard Skipper, as finance partners in its London office.

  • October 11, 2024

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

    This past week in London has seen billionaire Lakshmi Mittal sue steel magnate Sanjeev Gupta in a long-running clash to claw back €140 million ($153 million) of debt, a high-profile AI researcher take action against the Intellectual Property Office to register his software as a listed patent inventor and troubled housing trust Home Reit face a claim by a real estate developer. Here, Law360 looks at these and other new claims in the U.K.

  • October 11, 2024

    Bank Info Fair Game In Crypto Exec's Appeal, Gov't Says

    A cryptocurrency executive charged in a 2020 bitcoin fraud investigation can't stop the IRS from using the financial information it gathered through summonses while he appeals the demands in the Fifth Circuit, the U.S. government told a Texas federal court.

  • October 11, 2024

    5 Mos. Jail Enough For Swiss Tax Expert In $60M IRS Scam

    A Manhattan federal judge on Friday allowed a former financial executive from Switzerland to avoid additional time behind bars for his role in building a complex tax fraud scheme that helped wealthy Americans hide $60 million from the IRS.

Expert Analysis

  • 3 High Court Rulings May Shape Health Org. Litigation Tactics

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    Three separate decisions from the U.S. Supreme Court's most recent term — Loper Bright, Corner Post and Jarkesy — will likely strengthen healthcare organizations' ability to affirmatively sue executive agencies to challenge regulations governing operations and enforcement actions, say attorneys at McDermott.

  • Opinion

    The Big Issues A BigLaw Associates' Union Could Address

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    A BigLaw associates’ union could address a number of issues that have the potential to meaningfully improve working conditions, diversity and attorney well-being — from restructured billable hour requirements to origination credit allocation, return-to-office mandates and more, says Tara Rhoades at The Sanity Plea.

  • Opinion

    It's Time For A BigLaw Associates' Union

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    As BigLaw faces a steady stream of criticism about its employment policies and practices, an associates union could effect real change — and it could start with law students organizing around opposition to recent recruiting trends, says Tara Rhoades at The Sanity Plea.

  • Why DOJ's Whistleblower Program May Have Limited Impact

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    The U.S. Department of Justice’s new whistleblower pilot program aims to incentivize individuals to report corporate misconduct, but the program's effectiveness may be undercut by its differences from other federal agencies’ whistleblower programs and its interplay with other DOJ policies, say attorneys at Milbank.

  • CFPB's Earned Wage Access Rule Marks Regulatory Shift

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    The Consumer Financial Protection Bureau's newly issued interpretive rule on earned wage access products, classifying them as extensions of credit, marks a significant shift in their regulatory landscape and raises some important questions regarding potential fringe cases and legal challenges, say Erin Bryan and Courina Yulisa at Dorsey & Whitney.

  • How Justices Upended The Administrative Procedure Act

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    In its recent Loper Bright, Corner Post and Jarkesy decisions, the U.S. Supreme Court fundamentally changed the Administrative Procedure Act in ways that undermine Congress and the executive branch, shift power to the judiciary, curtail public and business input, and create great uncertainty, say Alene Taber and Beth Hummer at Hanson Bridgett.

  • How Corner Post Affects Enviro Laws' Statutes Of Limitations

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    The U.S. Supreme Court's recent ruling in Corner Post v. Federal Reserve Board has helped to alter the fundamental underpinnings of administrative law — and its plaintiff-centric approach may have implications for some specific environmental laws' statutes of limitations, say Chris Leason and Liam Martin at Gallagher and Kennedy.

  • Jarkesy May Thwart Consumer Agencies' Civil Penalty Power

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    The U.S. Supreme Court's ruling in U.S. Securities and Exchange Commission v. Jarkesy not only implicates future SEC administrative adjudications, but those of other agencies that operate similarly — and may stymie regulators' efforts to levy civil monetary penalties in a range of consumer protection enforcement actions, say attorneys at Holland & Knight.

  • Lessons From Recent SEC Cyber Enforcement Actions

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    The recent guidance by the SEC's Division of Corporation Finance is helpful to any company facing a cybersecurity threat, but just as instructive are the warnings raised by the SEC's recent enforcement actions against SolarWinds, R.R. Donnelley and Intercontinental Exchange, say attorneys at O'Melveny.

  • Inside OCC's Retail Nondeposit Investment Products Refresh

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    In addition to clarifying safe and sound risk management practices generally, the Office of the Comptroller of the Currency's revised booklet on retail nondeposit investment products updates its guidance around certain sales practices in light of the U.S. Securities and Exchange Commission's adoption of Regulation Best Interest, say attorneys at Debevoise.

  • Mirror, Mirror On The Wall, Is My Counterclaim Bound To Fall?

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    A Pennsylvania federal court’s recent dismissal of the defendants’ counterclaims in Morgan v. Noss should remind attorneys to avoid the temptation to repackage a claim’s facts and law into a mirror-image counterclaim, as this approach will often result in a waste of time and resources, says Matthew Selmasska at Kaufman Dolowich.

  • Loper Fuels Debate Over Merchant Cash Advances As Credit

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    The U.S. Supreme Court's recent rejection of the Chevron doctrine in Loper Bright may escalate a Florida federal court dispute between the Revenue Based Finance Coalition and the Consumer Financial Protection Bureau over whether merchant cash advances should be considered credit under the Dodd-Frank Act, say attorneys at Sheppard Mullin.

  • Insurance Lessons From 11th Circ. Ruling On Policy Grammar

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    The Eleventh Circuit's recent decision in ECB v. Chubb Insurance, holding that missing punctuation didn't change the clear meaning of a professional services policy, offers policyholder takeaways about the uncertainty that can arise when courts interpret insurance policy language based on obscure grammatical canons, say Hugh Lumpkin and Garrett Nemeroff at Reed Smith.

  • Bank M&A Continues To Lag Amid Regulatory Ambiguity

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    Bank M&A activity in the first half of 2024 continued to be lower than in prior years, as the industry is recovering from the 2023 bank failures, and regulatory and macroeconomic conditions have not otherwise been prime for deals, say Robert Azarow and Amber Hay at Arnold & Porter.

  • Series

    Playing Dungeons & Dragons Makes Me A Better Lawyer

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    Playing Dungeons & Dragons – a tabletop role-playing game – helped pave the way for my legal career by providing me with foundational skills such as persuasion and team building, says Derrick Carman at Robins Kaplan.

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