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Banking
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February 12, 2025
Judge Partially Certifies Credit Suisse XIV Notes Class Action
A New York federal judge has granted class certification to investors alleging that Credit Suisse manipulated the market for its XIV notes, while denying certification for those claiming losses from misrepresentations, finding that the suggested class failed to resolve previous deficiencies in its proposal.
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February 12, 2025
OCC Departs International Network Focused On Climate Risks
The Office of the Comptroller of the Currency on Tuesday became the latest U.S. government entity to withdraw from the Network of Central Banks and Supervisors for Greening the Financial System, an international consortium focused on the financial sector's responses and resilience to climate change.
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February 12, 2025
RI Judge Won't Pause Order To Unfreeze Funds Amid Appeal
A Rhode Island federal judge refused Wednesday to pause a court order blocking a freeze on funding for federal grants and programs while the Trump administration appeals the ruling to the First Circuit.
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February 12, 2025
Fintech Group Wants To Defend CFPB's Open Banking Rule
Fintech industry group the Financial Technology Association on Wednesday filed to defend the Consumer Financial Protection Bureau's open banking rule in an ongoing challenge from the banking industry since the agency's own defense of the rule is uncertain in the wake of Trump administration shake-ups.
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February 12, 2025
House GOP Eyes Medicaid Cuts, Work Requirements
House Republicans set their sights on potential cuts and changes to Medicaid on Wednesday, arguing Congress and Elon Musk's Department of Government Efficiency should target improper payments, institute work requirements and repeal a Biden-era rule that made enrolling in the federal healthcare program easier.
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February 12, 2025
Treasury Chief Exempt From Block On DOGE's System Access
A New York federal judge clarified that an order blocking Elon Musk and members of his Department of Government Efficiency team from accessing U.S. Treasury Department payment systems does not apply to Treasury Secretary Scott Bessent.
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February 12, 2025
Blank Rome Adds 2 Ex-Otterbourg Finance Pros In NY
Blank Rome LLP has added the former chair of Otterbourg PC's banking and finance department and a fellow asset-based lending and corporate transactions specialist previously with that firm as partners in its New York office, the firm has announced.
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February 12, 2025
Sidley Litigator Tapped For Treasury GC Post
President Donald Trump has nominated Sidley Austin LLP regulatory litigation and white collar partner Brian P. Morrissey to become the U.S. Department of the Treasury's top lawyer, which would mark a return to the department where he was previously the number two lawyer.
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February 12, 2025
Crypto Platform EToro Confidentially Files IPO Proposal
Crypto platform eToro Group on Wednesday announced that it has confidentially submitted plans to U.S. regulators regarding a proposed initial public offering, marking the latest development in the trading and investment platform's yearslong attempt to go public.
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February 12, 2025
Trump's Picks For CFPB, OCC Chiefs Hailed By Industry
President Donald Trump has tapped Jonathan McKernan, formerly of the Federal Deposit Insurance Corp., to lead the Consumer Financial Protection Bureau full time, part of a slate of top financial regulatory nominees that has many in industry breathing a sigh of relief.
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February 12, 2025
Trump Picks Crypto Policy Advocate Quintenz To Lead CFTC
President Donald Trump has nominated Brian Quintenz, a former member of the U.S. Commodity Futures Trading Commission and current head of policy for venture capital firm a16z's crypto fund, to lead the derivatives market regulator.
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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.
Expert Analysis
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Litigation Funding Disclosure Debate: Strategy Considerations
In the ongoing debate over whether courts should require disclosure of litigation funding, funders and plaintiffs tend to argue against such mandates, but voluntarily disclosing limited details about a funding arrangement can actually confer certain benefits to plaintiffs in some scenarios, say Andrew Stulce and Marc Cavan at Longford Capital.
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2025 May Be A Breakout Year For The Cannabis Industry
The cannabis industry faced a slow and frustrating 2024, but consumer trends continue to shift in favor of cannabis, and the new administration may provide the catalyst that the industry needs, says Lynn Gefen at TerrAscend.
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Mass. Law Shows Patchwork Money Transfer Rules Persist
Though Massachusetts' recently passed law governing domestic money transfers means 26 states now have a version of the Model Money Transmission Modernization Act on the books, the national framework remains a patchwork that will continue to force industry players to pay sharp attention to state variations, say attorneys at Manatt.
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Top Considerations For Insurance Companies In 2025
As insurance industry participants look to plan for the year, regulatory changes, climate-related challenges, the ongoing effects of social inflation and the potential for significant mergers and acquisitions will be among the key items for insurer boards and management to have on their radar, say attorneys at Debevoise.
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Scope And Nature Of Judicial Relief Will Affect Loper's Impact
The practical result of post-Loper Bright rulings against regulatory actions will depend on the relief courts grant — and there has been controversy in these types of cases over whether the ruling is applied just to the parties or nationwide, and whether the action can be left in place while it's corrected, says Steven Gordon at Holland & Knight.
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The Implications Of E-Cigarette Cos. Taking Suits To 5th Circ.
The U.S. Supreme Court recently heard oral arguments in U.S. Food and Drug Administration v. R.J. Reynolds over the definition of an "adversely affected" person under the Tobacco Control Act, and the justices' ruling will have important and potentially wide-ranging implications for forum shopping claims, says Trillium Chang at Zuckerman Spaeder.
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Del. Dispatch: Lessons From Failed Albertsons-Kroger Merger
The allegations in Albertsons' lawsuit against Kroger following the grocery stores' blocked merger demonstrate how a target company can best ensure that a buyer timely and effectively complies with its obligations to pursue the necessary regulatory approvals for a deal, say attorneys at Fried Frank.
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Series
Adventure Photography Makes Me A Better Lawyer
Photographing nature everywhere from Siberia to Cuba and Iceland to Rwanda provides me with a constant reminder to refresh, refocus and rethink the legal issues that my clients face, says Richard Birmingham at Davis Wright.
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How Cos. Can Respond To CFPB Digital Asset Safeguard Plan
Though the Consumer Financial Protection Bureau’s proposal to regulate online payment platforms via existing federal laws would create new challenges, digital payment companies that engage with the rulemaking process could help shape a win-win regulatory framework that protects consumer data and ensures the sector’s growth, says Allison Raley at Arnall Golden.
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How Ch. 11 Can Alleviate Merchant Cash Advance Concerns
Merchant cash advance funding is one of the biggest challenges for small businesses today because funders are so prevalent, aggressive and expensive, but bankruptcy can provide several tools for dealing with MCA agreements that may allow the debtor business to restructure and survive, says Patricia Fugée at FisherBroyles.
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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.