Banking

  • February 03, 2025

    BofA, Merrill Lynch Say Arbitration Policy Covers Bias Suit

    Two Black financial advisers' suit accusing Bank of America and subsidiary Merrill Lynch of handing more opportunities to white men belongs in arbitration, the companies told a New York federal court, saying an arbitration policy shared with employees the day the suit was filed covers their claims.

  • February 03, 2025

    Treasury's Bessent Takes CFPB Reins, Halts Agency Actions

    President Donald Trump has handed the reins of the Consumer Financial Protection Bureau to U.S. Department of the Treasury Secretary Scott Bessent, who moved Monday to halt rulemaking and other activities at the agency after the ouster of its director, Rohit Chopra.

  • February 03, 2025

    Weil Adds Ex-A&O Shearman Financing Pro As Partner In NY

    Weil Gotshal & Manges LLP has added a banking and finance attorney previously with Allen Overy Shearman Sterling as a partner in its New York office, the firm announced Monday.

  • February 01, 2025

    Trump Fires CFPB Director Chopra, Eliciting Praise, Lament

    President Donald Trump has fired Rohit Chopra as director of the Consumer Financial Protection Bureau in a widely expected move to purge another holdover of the Biden administration, drawing cheers from Republicans as Democrats warn of danger for the agency's future.

  • January 31, 2025

    $577M In Virus Fraud Cases At Risk Unless Congress Acts: IG

    The federal government's top pandemic relief watchdog has issued an urgent plea for Congress to save his agency from imminent closure, warning that hundreds of millions of dollars in ongoing fraud investigations hang in the balance.

  • January 31, 2025

    FDIC Fines Fintech Bank Over Fee, Disclosure Issues

    Fintech bank Wex Bank has agreed to pay a $650,000 fine to the Federal Deposit Insurance Corp. to settle claims it allegedly failed to disclose certain fees and charged some customers higher fees than they agreed to pay, among other things.

  • January 31, 2025

    Small Biz Attys Jump Into 4th Circ. Shell Co. Law Challenge

    A business group has urged the Fourth Circuit to stop the U.S. Department of the Treasury from enforcing a law that requires companies to disclose personal identifying information about their beneficial owners and applicants to the agency, saying the law exceeds the limit of Congress' power to regulate intrastate economic activity.

  • January 31, 2025

    January's IPO Market Was Active Despite Tepid Debuts

    Capital markets lawyers kept busy in January thanks to a sizable increase in initial public offerings, but the largest IPOs performed weaker than expected, likely sobering market participants' expectations going forward.

  • January 31, 2025

    Bank Wants Investment Co.'s $60M RICO Suit Tossed

    Western Alliance Bank is seeking the dismissal of a $60 million suit filed by an investment management firm alleging the bank played a role in a mortgage loan sale scheme to steam the firm's property rights in the loans and their proceeds, saying the complaint "attempts to recast a series of secured lending transactions as a vast racketeering conspiracy."

  • January 31, 2025

    Visa, Mastercard And Banks Oppose Swipe Fee Do-Over Bid

    Visa, Mastercard and several major banks have filed a motion opposing cardholders' solicitations for a New York federal judge to reconsider dismissing claims from their interchange fee suit.

  • January 31, 2025

    Supreme Court Eyes Its 'Next Frontier' In FCC Delegation Case

    A case about broadband subsidies will give the U.S. Supreme Court the chance to revive a long-dormant separation of powers principle that attorneys say could upend regulations in numerous industries and trigger a power shift that would make last term's shake-up of federal agency authority pale in comparison. And a majority of the court already appears to support its resurrection.

  • January 31, 2025

    Former Fed Adviser Charged With Spying For China

    A former senior adviser to the Federal Reserve Board of Governors was arrested Friday on charges of stealing confidential data for the government of China, which prosecutors said could be used to conduct market manipulation.

  • February 14, 2025

    Law360 Seeks Members For Its 2025 Editorial Boards

    Law360 is looking for avid readers of our publications to serve as members of our 2025 editorial advisory boards.

  • January 31, 2025

    Trump Funding Freeze Blocked As Court Doubts Reversal

    A Rhode Island federal judge on Friday issued a temporary restraining order barring the Trump administration from freezing spending on federal grant and aid programs, calling the move illegal and saying the issue was not mooted by a White House memo claiming the directive had been rescinded.

  • January 31, 2025

    Seasoned Patterson Belknap Trial Team Joins Linklaters In NY

    Linklaters LLP announced Friday it has brought aboard a high-profile team of litigation partners from Patterson Belknap Webb & Tyler LLP, including one who is the current president of the New York City Bar Association and a lawyer former President Joe Biden had nominated to the Third Circuit.

  • January 30, 2025

    Wise Reaches $2.5M CFPB Deal Over Disclosure, Fee Issues

    In its first new enforcement action since President Donald Trump's return to office, the Consumer Financial Protection Bureau on Thursday ordered Wise, a global money transfer fintech, to pay nearly $2.5 million on allegations it committed misleading fee marketing and disclosure-related violations.

  • January 30, 2025

    R. Allen Stanford's $6.8B SEC Bill In Ponzi Suit Finalized

    A Texas federal court on Wednesday entered a judgment finalizing a 2013 order requiring convicted Ponzi schemer Robert Allen Stanford to fork over $6.76 billion in the U.S. Securities and Exchange Commission's nearly 16-year-old suit over the $7 billion fraud scheme.

  • January 30, 2025

    PNC Units Face Investor Suit Over 'Cash Sweep' Program

    PNC Financial and its investment unit are the latest to face a proposed class action alleging their cash sweep program funneled customer funds into low interest-bearing accounts, hurting investors who should have seen their money earn a reasonable market interest rate.

  • January 30, 2025

    Ex-Rabobank Exec Asks Justices To Hear 9th Circ. OCC Fight

    A former Rabobank compliance chief who wants to clear her name after a now-abandoned Office of the Comptroller of the Currency enforcement action has asked the U.S. Supreme Court to take up her case following the Ninth Circuit's dismissal of her appeal for lack of standing.

  • January 30, 2025

    Card Co. Netspend Inks $1.1M NY AG Deal Over Fees, Freezes

    The New York Attorney General's Office said Thursday that Netspend, a fintech debit and prepaid card provider, will pay nearly $1.1 million to settle claims that it charged New Yorkers illegal fees and allowed debt collectors to seize protected funds.

  • January 30, 2025

    Investors Push To Consolidate Suits On Cash Sweep Programs

    Investors claiming brokerage firms' cash sweep investment programs unfairly enriched the brokers at the expense of customers asked the U.S. Judicial Panel on Multidistrict Litigation Thursday to consolidate their suits, arguing they risk ending up with wildly different judicial rulings without it.

  • January 30, 2025

    Chancery Tosses Last Of Deutsche Bank, Vik Debt Suit

    A more than seven-year Delaware Court of Chancery battle tied to Norwegian billionaire Alexander Vik's alleged efforts to avoid a $236 million U.K. judgment in 2009 ended on Wednesday with a quiet fizzle.

  • January 30, 2025

    SEC Eyes Pretrial Win On $57M Fraud After Lindberg Plea Deal

    The U.S. Securities and Exchange Commission asked a North Carolina federal judge to give it a pretrial win on its fraud claims against convicted former insurance mogul Greg Lindberg and his investment adviser firm, arguing multiple convictions in parallel criminal cases against Lindberg and others are a "straightforward" indicator of his liability.

  • January 30, 2025

    NC Biz Court Bulletin: Sanctions Miss, Philip Morris Refund

    In the second half of January, the North Carolina Business Court tussled with sanctions against a biogas company, heard claims an insurer tried to deliberately embarrass Cadwalader Wickersham & Taft LLP and ordered an $11 million tax refund for Philip Morris.

  • January 30, 2025

    Orrick Adds Head Of Antitrust Litigation From Weil

    Orrick Herrington & Sutcliffe LLP has hired Eric Hochstadt from Weil Gotshal & Manges LLP as the firm's new head of antitrust litigation and a member of its management committee, the firm announced Thursday.

Expert Analysis

  • Impact Of Successful Challenges To SEC's Rulemaking Ability

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    In 2024, the U.S. Securities and Exchange Commission faced significant legal challenges to its aggressive rulemaking agenda as several of its rules were vacated by the Fifth Circuit, which could hinder the SEC's ability to enact rules extending beyond express statutory authority in the future, say attorneys at Debevoise.

  • Series

    NY Banking Brief: All The Notable Legal Updates In Q4

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    In 2024's final quarter, the New York State Department of Financial Services published guidance on mitigating the rising cybersecurity risks of artificial intelligence and remote technology workers with North Korean ties, and the state attorney general launched an antitrust investigation into Capital One's proposed Discover merger, say attorneys at Haynes Boone.

  • Series

    Exercising On My Peloton Bike Makes Me A Better Lawyer

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    While I originally came to the Peloton bike for exercise, one cycling instructor’s teachings have come to serve as a road map for practicing law thoughtfully and mindfully, which has opened opportunities for growth and change in my career, says Andrea Kirshenbaum at Littler.

  • How To Manage During A Trade Dispute With USMCA Partners

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    Companies can try to minimize the potential impacts of future tariffs on Mexican and Canadian goods, and uncertainty about future trade relations, by evaluating supply chains, considering how they may be modified, and engaging with the new administration over exemptions and the upcoming review of the U.S.-Mexico-Canada Agreement, say attorneys at Holland & Knight.

  • Series

    In The CFPB Playbook: A Sprint To The Finish Line

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    The fourth quarter of 2024 was an impressive demonstration of the Consumer Financial Protection Bureau's ability to regulate, enforce and supervise, even on borrowed time following the election results, and we should expect the current bureau to run nonstop until Jan. 20, say attorneys at Covington.

  • Predicting What's Next For SEC By Looking At Past Dissents

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    While Paul Atkins' nomination to be the next chair of the U.S. Securities and Exchange Commission has taken center stage, an analysis of Republican Commissioners Hester Peirce and Mark Uyeda's past votes and dissents provides a preview of where enforcement may shift in the new administration, say attorneys at Gibson Dunn.

  • Exploring Venue Strategy For Trump-Era Regulatory Litigation

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    Litigation will likely play a prominent role in shaping policy outcomes during the second Trump administration, and stakeholders have several tools at their disposal to steer regulatory litigation toward more favorable venues, say attorneys at Covington.

  • What 2024's Noncompete Turmoil Means For Banks In 2025

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    A look back at the most significant legal challenges to the enforceability of various restrictive covenants like noncompete and nonsolicitation agreements in 2024 can help financial institutions address the use of these critical tools this year, say attorneys at Maynard Nexsen.

  • New Year, New Risks: 8 Top Cyber Issues For Finance In 2025

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    As financial institutions forge ahead in 2025, they must strike a delicate balance between embracing technological innovation and guarding against its darker threats, which this year could include everything from supply chain vulnerabilities to deepfakes, say attorneys at Baker Donelson.

  • Series

    Playing Esports Makes Me A Better Lawyer

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    Competing in a global esports tournament at Wimbledon last year not only fulfilled my childhood dream, but also sharpened skills that are essential to my day job, including strategic thinking, confidence and networking, says AJ Schuyler at Jackson Lewis.

  • The 6 Most Significant FCRA Litigation Developments Of 2024

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    From a key sovereign immunity decision at the U.S. Supreme Court to a ruling on creditworthiness out of the Seventh Circuit, several important Fair Credit Reporting Act cases wound their way through the courts in 2024, each offering takeaways for both plaintiffs and defendants, say attorneys at Shipkevich.

  • An Associate's Guide To Career Development In 2025

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    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.

  • The Securities Litigation Trends That Will Matter Most In 2025

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    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.

  • Predicting The Lasting Changes CFPB May Face In 2025

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    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.

  • How White Collar Enforcement May Shift In Trump's 2nd Term

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    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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