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Banking

  • March 06, 2025

    ND High Court Nixes Greenpeace Transfer Bid In $300M Trial

    The North Dakota Supreme Court has denied Greenpeace's motion to transfer venue in an ongoing $300 million defamation trial by pipeline-builder Energy Transfer out of a district where all local judges earlier recused themselves before the case finally landed in a state judge's court.

  • March 06, 2025

    Comerica Demands To Face Music In CFPB Suit Amid Stay Bid

    Comerica Bank has urged a Texas federal judge to reject the Consumer Financial Protection Bureau's request for a stay of its lawsuit accusing the bank of mismanaging a government benefit card program, arguing the delay lacks "any legal justification" and would harm the bank.

  • March 06, 2025

    Fintech Startup Klarna Ready For $1B IPO, Plus More Rumors

    Fintech startup Klarna is readying a $1 billion initial public offering, Apollo Global Management is keen to lead a $35 billion funding package to help Meta build new data centers, and Italian fashion house Prada is near to closing a $1.6 billion deal to acquire luxury clothier Versace from Capri Holdings Ltd.

  • March 06, 2025

    As FDIC Walks Back Biden-Era Policies, Bank Groups Applaud

    The financial services industry has welcomed the Federal Deposit Insurance Corp.'s recent moves withdrawing various rule proposals from the Biden administration, delaying the compliance deadline for another measure and proposing to rescind a policy statement on bank mergers. 

  • March 06, 2025

    Senate Dems Press Citibank To Thaw Frozen EPA Grant Funds

    A group of Democratic U.S. senators on Thursday urged Citibank to immediately release federal funding that's been frozen as the U.S. Environmental Protection Agency investigates how a climate change grant program was run.

  • March 06, 2025

    Trump Tells Admin To Yank Perkins Coie Security Clearance

    Perkins Coie LLP is the latest law firm to face the ire of President Donald Trump, with Trump ordering on Thursday the immediate suspension of the firm's security clearances over its diverse hiring efforts and its representation of certain political figures, including former presidential candidate Hillary Clinton.

  • March 06, 2025

    Citi's Appeal Gamble Is A Loser For All, NY AG Says

    New York's attorney general has urged a Manhattan federal judge to deny Citibank's bid to appeal the judge's decision allowing the state's wire transfer fraud protection case against the bank to proceed, arguing that an immediate appeal would not benefit any party, even the bank.

  • March 06, 2025

    Engineer Denies WSFS Contract In 40-Story Sign Crash Dispute

    A Garden State engineering firm has asked a New Jersey federal judge to dismiss Wilmington Savings Fund Society FSB's lawsuit after part of the bank's iconic logo sign crashed 40 stories to the ground in Philadelphia, arguing that it has no contract with the financial institution. 

  • March 06, 2025

    Veterans Slam BofA's 'Recycled' Defense In Interest Cap Suit

    Veterans have opposed Bank of America's bid to toss their proposed class claims accusing the financial giant of violating an interest cap law for military service members, arguing its "recycled" defenses were already rejected in a similar suit in the same North Carolina federal court.

  • March 06, 2025

    Exec Says Signature Was Forged In Case Against Pot Bank

    An executive for a venture capital firm is asking an Oregon federal judge to set aside default judgments entered this week against him and his company in a suit against a defunct cannabis "neobank," saying his signature was forged on the proof of service.

  • March 06, 2025

    Ex-Credit Suisse Banker Avoids Prison In 'Tuna Bond' Fraud

    A Brooklyn federal judge spared a former Credit Suisse banker from prison time Thursday, after he pled guilty and became a testifying government cooperator over a plot to defraud investors in a $2 billion state-backed development initiative in Mozambique.

  • March 06, 2025

    Bank Of England Official Warns Of US Tariff Threat

    U.S. tariffs and related trade tensions could pose "substantial" risks to the U.K. and world economies, Bank of England Governor Andrew Bailey told British lawmakers.

  • March 06, 2025

    Senate Panel Backs McKernan For CFPB, 3 Other Trump Picks

    A U.S. Senate panel on Thursday advanced President Donald Trump's nomination of Jonathan McKernan to head the Consumer Financial Protection Bureau, setting him up for likely confirmation to the beleaguered agency.

  • March 05, 2025

    Rival Cos. Called 'Empower' Agree To End TM Fight, For Now

    Empower Annuity Insurance Co. of America and Empower Finance Inc. agreed to end, for now, their trademark infringement dispute over the "Empower" mark, over a year after a Colorado federal judge found customer confusion was "unlikely" in the financial services sector and refused to order Empower Finance to change its name.

  • March 05, 2025

    Fed. Circ. Backs PNC's PTAB Win Over Mobile Banking IP

    The Federal Circuit on Wednesday affirmed a win PNC Bank landed at an administrative patent board against a Texas bank that is suing PNC over mobile banking technology.

  • March 05, 2025

    Accused Tax Prep Hacker Faces Refund Fraud Case In Boston

    A Nigerian national accused of conspiring to use stolen taxpayer information and reaping $1.3 million in phony returns has been extradited to the United States to face charges of breaking into Massachusetts tax preparation firms' computer networks, Boston federal prosecutors said.

  • March 05, 2025

    Debt Relief Co. Entities Want CFPB Excluded From Appearing

    Two entities related to financial services firm StratFS have asked a New York federal judge to reject a bid by the Consumer Financial Protection Bureau to continue appearing in its joint suit with a multistate coalition of attorneys general after the CFPB failed to timely file a post-hearing briefing due to changing leadership at the agency.

  • March 05, 2025

    US Looks For Pause In PetroSaudi $380M Seizure Suit

    The United States has asked a California federal court to stay its suit to seize part of a $380 million arbitral award issued to a PetroSaudi unit, saying the civil case is up in the air because the oil producer's sole owner was convicted in August in Swiss criminal court.

  • March 05, 2025

    Feds Allege Vast Overseas Insider Trading Scheme

    Two foreigners are facing criminal charges and civil securities fraud claims for allegedly masterminding a multinational, yearslong insider trading scheme that generated millions of dollars in illicit profits by trading on leaked information ahead of business developments. 

  • March 05, 2025

    Black Colo. Homeowner Joins DOJ's Race Bias Refi Suit

    A Denver homeowner joined the federal government in its suit accusing Rocket Mortgage LLC and other parties in Colorado federal court of deliberately undervaluing her home because she's a Black woman.

  • March 05, 2025

    GOP Bid To Nix CFPB Payment Oversight Rule Clears Senate

    The U.S. Senate on Wednesday passed a measure to nullify the Consumer Financial Protection Bureau's Biden-era digital payments supervision rule, advancing a Republican effort to block the agency from exercising greater oversight of big payment app providers.

  • March 05, 2025

    Ex-Auto Lender CEO Gets 4 Years For $67M Fraud Schemes

    The former chief executive of an Illinois subprime auto lending company was sentenced to four years in prison Wednesday for two fraud schemes, one involving the misappropriation of $5.3 million from his own company and the other entailing submitting false information to Wells Fargo that ultimately caused more than $60 million in losses.

  • March 05, 2025

    CashCall Wants 9th Circ. Redo Of Order To Pay CFPB $134M

    CashCall Inc. has asked for a rehearing of its Ninth Circuit loss that kept it on the hook for a $134 million restitution payment to the Consumer Financial Protection Bureau, arguing that when the online lender was fined in 2016, CashCall could not relinquish its "known right" to a jury trial because the right did not exist at the time.

  • March 05, 2025

    Judge Says DC Union Station Foreclosure Fight Too Late

    A New York federal judge has cemented the transfer of Washington, D.C.'s Union Station to a South Korean bank, finding the borrower should have raised concerns about the mezzanine lender's foreclosure before an auction was held.

  • March 05, 2025

    US Development Agency Opposes Credito Real Ch. 15

    The U.S. International Development Finance Corp. has challenged Mexico-based payday lender Credito Real's petition for Chapter 15 recognition in Delaware, alleging its bankruptcy plan, which a Mexican court has approved, contains releases impermissible under U.S. bankruptcy law.

Expert Analysis

  • Series

    Illinois Banking Brief: All The Notable Legal Updates In Q4

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    While the last quarter of 2024 didn't bring any notable state financial legislation, Illinois banks did see developments in the challenge to the Interchange Fee Prohibition Act, and received some awaited guidance on credit line disclosures and bank-fintech relationships, say attorneys at Dykema.

  • 7 Ways 2nd Trump Administration May Affect Partner Hiring

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    President-elect Donald Trump's return to the White House will likely have a number of downstream effects on partner hiring in the legal industry, from accelerated hiring timelines to increased vetting of prospective employees, say recruiters at Macrae.

  • How Trump 2.0 May Change Business In Latin America

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    Companies in Latin America should expect to face more trade restrictions, tighter economic sanctions and enhanced corruption risks, as the incoming administration shifts focus to certain non-U.S. actors, most notably China, says Matteson Ellis at Miller & Chevalier.

  • E-Discovery Quarterly: Rulings On Custodian Selection

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    Several recent rulings make clear that the proportionality of additional proposed custodians will depend on whether the custodians have unique relevant documents, and producing parties should consider whether information already in the record will show that they have relevant documents that otherwise might not be produced, say attorneys at Sidley.

  • 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.

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