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Banking
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November 12, 2025
Ex-NY Gov. Aide Tells Jury FARA Rap Is A Bridge Too Far
Counsel for former New York state government official Linda Sun told a Brooklyn federal jury Wednesday that prosecutors overreached by accusing her of acting as an undisclosed agent for the People's Republic of China, saying the former aide was just doing her job as the go-between linking two Empire State governors and the Chinese-American community.
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November 12, 2025
Feds Launch Crypto Scam Strike Force With New Sanctions
Federal authorities said Wednesday they have created a strike force targeting cryptocurrency-related fraud and scams originating in Southeast Asia, a development announced alongside the addition of a Burmese armed group to a list of entities under U.S. sanctions.
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November 12, 2025
10th Circ. Reverses Halt Of Colo.'s Opt-Out Interest Rate Law
A Tenth Circuit majority has restored a Colorado law barring out-of-state banks from issuing loans that violate the state's interest rate caps on consumer lending, ruling in a matter of first impression that the opt-out provision of a federal interest rate law refers to loans in which either the lender or the borrower is located in the opt-out state.
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November 12, 2025
PTAB Officials Back Visa Win After Squires-Ordered Review
Three top Patent Trial and Appeal Board judges have rejected a patent owner's bid to undo the board's findings invalidating credential verification patent claims that Visa Inc. challenged, after U.S. Patent and Trademark Office Director John Squires asked them to take another look at the case.
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November 12, 2025
Ex-CFPB Enforcers Launch Consumer Litigation Project
Three former enforcement attorneys of the Consumer Financial Protection Bureau have joined the advocacy group Protect Borrowers as senior fellows to launch a new litigation project focused on the "weaponization of corporate power that is plunging working people into financial crisis."
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November 12, 2025
Wells Fargo Inks $84M ERISA Stock Option Suit Deal
Wells Fargo & Co. will pay $84 million to settle a proposed class action alleging the bank used dividends earned by its employee stock ownership plan, or ESOP, to meet its 401(k) matching obligations, according to the proposed deal filed Wednesday in Minnesota federal court.
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November 12, 2025
Fintech StoneCo Investors Get First OK For $27M Settlement
Payment processing company StoneCo Ltd. and its investors have received preliminary approval from a New York federal judge of their $26.8 million settlement ending claims the company misled investors about its role in the failure of a merchant lending program it once offered in Brazil.
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November 12, 2025
Reed Smith Facilitated Jet Repossession Ploy, Suit Claims
Reed Smith LLP and two of its attorneys are facing claims of improperly facilitating an attempted repossession of an aviation company's plane, purportedly representing the company's lender while actually working for an alternative investment firm angling to seize the plane.
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November 12, 2025
BNP Trial Judge Rejects 'Frivolous' Witness-Coaching Claim
A Manhattan federal judge on Wednesday forcefully rejected claims that supposed witness coaching tainted a recent trial during which Sudanese refugees won a $20 million bellwether verdict against BNP Paribas for allegedly contributing to former dictator Omar al-Bashir's atrocities.
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November 12, 2025
Nasdaq Could Open Texas' 2nd Stock Exchange Next Year
Nasdaq on Wednesday announced plans to launch a Texas-based exchange in the hopes of joining a startup group that has already received permission to allow companies to publicly list in the Lone Star State next year.
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November 12, 2025
Conn. Judge Won't Stop Deutsche Bank's Vik Suit In Norway
A Connecticut federal judge declined Wednesday to put an end to litigation that Deutsche Bank AG brought against billionaire Alexander Vik and his daughter in Norway, deferring instead to a state court judge who is considering the same request.
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November 12, 2025
Broker Cops To Trading On Stolen Morgan Stanley Merger Info
A stockbroker from New Jersey told a Manhattan federal judge Wednesday that he traded on secret merger information stolen by a friend from a Morgan Stanley executive assistant, pleading guilty to insider trading, obstruction and fraud charges.
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November 10, 2025
Law360 MVP Awards Go To Top Attorneys From 76 Firms
The attorneys chosen as Law360's 2025 MVPs have distinguished themselves from their peers by securing significant achievements in high-stakes litigation, complex global matters and record-breaking deals.
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November 10, 2025
Judge Wary Of Bid To Nix SVB Expert In $73M Coverage Row
A U.S. magistrate judge seemed skeptical of an insurer's bid to exclude a witness proffered as a policy expert on financial institution bonds, repeatedly asking Berkley Regional Insurance Co.'s counsel in a Monday hearing why the expert's experience — or lack thereof — should disqualify him.
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November 10, 2025
Sen. Ag Committee Gives CFTC Crypto Oversight In Draft Bill
The U.S. Commodity Futures Trading Commission would have "exclusive jurisdiction" over so-called digital commodities under a discussion draft of legislation to regulate crypto markets released Monday by Senate Agriculture Committee Chairman John Boozman, R.-Ark., and Sen. Cory Booker, D.-N.J.
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November 10, 2025
Comenity Bank Owes $20M Over Dispute Handling, Jury Says
Comenity Capital Bank should pay more than $20 million to a California man who said his credit report disputes connected to identity theft were repeatedly mishandled, a federal jury has found.
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November 10, 2025
Visa, Mastercard Cut New Deal Worth 'Well More Than $200B'
Visa, Mastercard and a class of potentially millions of merchants announced a new settlement Monday resolving two decades of antitrust litigation, which would permit more flexibility on what cards are accepted and would lower fees — with a five-year cap — to address a New York federal judge's concerns that an earlier version wasn't enough.
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November 10, 2025
Judge OKs $8M Deal For 'Rent-To-Own' Class, $2M Atty Fees
A class of consumers got the green light on an $8 million settlement with a financing company accused of charging excessive fees on rent-to-own agreements for storage sheds in violation of North Carolina laws, with class counsel securing more than $2 million in fees, court records show.
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November 10, 2025
FTC Dem Tells Justices Case Law Supports Her Reinstatement
Fired Federal Trade Commissioner Rebecca Slaughter has argued that in taking up her appeal over President Donald Trump's decision to remove her before her term was up, the U.S. Supreme Court is really mulling whether it has "gotten it wrong for the last 90 years."
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November 10, 2025
Cash Advance Co. FloatMe Hit With Excessive Fee Suit In Pa.
Online cash advance provider FloatMe has been hit with a proposed class action in Pennsylvania alleging its product violates consumer protection laws by tacking on unlawfully high fees to transactions.
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November 10, 2025
FDIC Revamps Consumer Compliance Exam Frequency
The Federal Deposit Insurance Corp. has released new guidelines that feature lengthened consumer compliance exam cycles for well-rated community banks and new midpoint "risk analysis" reviews examiners will carry out in certain situations.
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November 10, 2025
Sunnova Ch. 11 Wind-Down Approved Over Release Objection
The Chapter 11 liquidation plan of solar panel company Sunnova Energy International received bankruptcy court approval Monday in Texas after a judge overruled objections to third-party releases raised by the U.S. Trustee's Office.
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November 10, 2025
Zillow Pushed Consumers To Take Inferior Loans, Suit Says
Consumers have alleged in Washington federal court that Zillow Group Inc. ran an illegal kickback scheme that involved rewarding brokers and real estate agents with customer leads if they told clients to use Zillow's services to obtain mortgage loans, despite better financing options being available.
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November 10, 2025
$2M Deal In United Bank ESOP Suit Clears Hurdle
A Georgia federal court has handed initial approval to United Bank Corp.'s $2 million settlement agreement resolving a class action claiming it unlawfully ousted former workers from an employee stock ownership plan and cut them out of proceeds from a $23.3 million dividend.
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November 10, 2025
US Bank Settles 401(k) Recordkeeping Fee Class Action
U.S. Bancorp and a class of participants in the company's employee 401(k) plan told a Minnesota federal court on Monday that they had reached a settlement deal to resolve workers' allegations that the plan paid excessive recordkeeping fees in violation of federal benefits law.
Expert Analysis
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The Road Ahead For Digital Assets Looks Promising
With new legislation expected to accelerate the adoption of blockchain technology, and with regulators taking a markedly more permissive approach to digital assets, the convergence of traditional finance and decentralized finance is closer than ever, say attorneys at Dechert.
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Unpacking The Supreme Court's Views On Judgment Finality
The U.S. Supreme Court's June opinion in BLOM Bank SAL v. Honickman reaffirmed that the bar for reopening a final judgment remains exceptionally high — even when the movant seeks to amend their complaint based on a new legal development, say attorneys at Venable.
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Series
Creating Botanical Art Makes Me A Better Lawyer
Pressing and framing plants that I grow has shown me that pursuing an endeavor that brings you joy can lead to surprising benefits for a legal career, including mental clarity, perspective and even a bit of humility, says Douglas Selph at Morris Manning.
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Supreme Court's Criminal Law Decisions: The Term In Review
Though the U.S. Supreme Court’s criminal law decisions in its recently concluded term proved underwhelming by many measures, their opinions revealed trends in how the justices approach criminal cases and offered reminders for practitioners, says Kenneth Notter at MoloLamken.
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Compliance Is A New Competitive Edge For Mortgage Lenders
So far, 2025 has introduced state and federal regulatory turbulence that is pressuring mortgage lenders to reevaluate the balance between competitive and compliant employee and customer recruiting practices, necessitating a compliance recalibration that prioritizes five key strategies, say attorneys at Mitchell Sandler.
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Even As States Step Up, They Can't Fully Fill CFPB's Shoes
The Trump administration's efforts to scale down the Consumer Financial Protection Bureau have prompted calls for state regulators to pick up the slack, but there are also important limitations on states' ability to fill the gap left by a mostly dormant CFPB, say attorneys at Covington.
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Opinion
The Legal Education Status Quo Is No Longer Tenable
As underscored by the fallout from California’s February bar exam, legal education and licensure are tethered to outdated systems, and the industry must implement several key reforms to remain relevant and responsive to 21st century legal needs, says Matthew Nehmer at The Colleges of Law.
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What Dismissal Rulings May Mean For ERISA Forfeiture Cases
Following an influx of Employee Retirement Income Security Act class actions challenging the long-standing practice of plan sponsors using plan forfeitures to offset employer contributions, recent motion to dismiss rulings and a U.S. Department of Labor amicus brief may encourage more courts to reject plaintiffs' forfeiture theories, say attorneys at Mayer Brown.
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'Pig Butchering' Seizure Is A Milestone In Crypto Crime Fight
The U.S.' recent seizure of $225 million in crypto funds in a massive "pig butchering" scheme highlights the transformative impact of blockchain analysis in law enforcement, and the increasing necessity of collaboration between law enforcement agencies, cryptocurrency exchanges and stablecoin issuers, says David Zaslowsky at Baker McKenzie.
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The Pros, Cons Of A Single Commissioner Leading The CFTC
While a single-member U.S. Commodity Futures Trading Commission may require fewer resources and be more efficient, its internal decision-making process would be less transparent to those outside the agency, reflect less compromise between competing viewpoints and provide the public with less predictability, says former CFTC Commissioner Dan Berkovitz.
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E-Discovery Quarterly: Rulings On Relevance Redactions
In recent cases addressing redactions that parties sought to apply based on the relevance of information — as opposed to considerations of privilege — courts have generally limited a party’s ability to withhold nonresponsive or irrelevant material, providing a few lessons for discovery strategy, say attorneys at Sidley.
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Opinion
Section 1983 Has Promise After End Of Nationwide Injunctions
After the U.S. Supreme Court recently struck down the practice of nationwide injunctions in Trump v. Casa, Section 1983 civil rights suits can provide a better pathway to hold the government accountable — but this will require reforms to qualified immunity, says Marc Levin at the Council on Criminal Justice.
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Why Bank Regulators' Proposed Leverage Tweak Matters
Banking agencies' recent proposal to modify the enhanced supplementary leverage ratio framework applicable to the largest U.S. banks shows the regulators are keen to address concerns that the regulatory capital framework is too restrictive, say attorneys at Moore & Van Allen.
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How Banks Can Harness New Customer ID Rule's Flexibility
Banking regulators' update to the customer identification process, allowing banks to collect some information from third parties rather than directly from customers, helps modernize anti-money laundering compliance and carries advantages for financial institutions that embrace the new approach, say attorneys at Bradley Arant.
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Series
Playing Soccer Makes Me A Better Lawyer
Soccer has become a key contributor to how I approach my work, and the lessons I’ve learned on the pitch about leadership, adaptability, resilience and communication make me better at what I do every day in my legal career, says Whitney O’Byrne at MoFo.