Banking

  • April 29, 2024

    Justices Deny Review Of Hezbollah-Tied Bank's Immunity

    The U.S. Supreme Court on Monday refused to examine whether sovereign immunity shields a defunct Lebanese bank from terrorism victims' allegations the bank funded Hezbollah, despite the victims' contention that an answer would provide clarity for disputes involving foreign trade.

  • April 29, 2024

    Davis Polk, Wachtell Steer $2B Heartland-UMB Bank Merger

    UMB Financial Corp. has agreed to purchase Heartland Financial USA Inc. in an all-stock transaction valued at roughly $2 billion, with Davis Polk and Wardwell LLP and Wachtell Lipton Rosen & Katz serving as their respective legal advisers, the regional banking competitors said Monday. 

  • April 29, 2024

    Supreme Court Declines To Hear 'Unusual' FCRA Case

    The U.S. Supreme Court on Monday declined to take up PHH Mortgage Corp.'s call for review of a Fourth Circuit decision allowing a Marine Corps veteran to continue his Fair Credit Reporting Act claims that the company harassed him about his ex-wife's debt on a home they once shared.

  • April 26, 2024

    Law360 Reveals Titans Of The Plaintiffs Bar

    In the past year, plaintiffs have won settlements and judgments for millions and billions of dollars from companies such as Wells Fargo, Goldman Sachs, Facebook and Fox News, with many high-profile cases finally wrapping up after years of fighting. Such cases — involving over-the-top compensation packages, chemical contamination, gender discrimination and data mining — were led by attorneys whose accomplishments earned them recognition as Law360's Titans of the Plaintiffs Bar for 2024.

  • April 26, 2024

    Binance Can Arbitrate Suit Over Terra Stablecoin Collapse

    A California federal judge ruled Friday that Binance can arbitrate a proposed class action alleging the company misrepresented the stability of "algorithmic stablecoin" TerraUSD, rejecting the plaintiff's argument he is an "unsophisticated consumer" who could not "clearly and unmistakably" delegate the question of arbitrability to the arbitrator and not the court.

  • April 26, 2024

    CFTC Receives Competing Visions For AI's Regulatory Future

    Business lobbyists have urged the U.S. Commodity Futures Trading Commission to lean on existing regulations to address the financial industry's use of artificial intelligence, while skeptics say those regulations don't go far enough to guard against the technology's potential to spur market crashes and data breaches.

  • April 26, 2024

    Custodia Balks At KC Fed's $25K Legal Bill After Account Suit

    Custodia Bank on Friday urged a Wyoming federal judge not to award the Federal Reserve Bank of Kansas City's request for roughly $25,000 in attorney fees and litigation costs in a suit that the cryptocurrency-focused bank recently lost, saying the payout could deter others from pursuing "David and Goliath" lawsuits against the government.

  • April 26, 2024

    Wells Fargo Clients Seek Class Cert. In Race Bias Suit

    Mortgage applicants accusing Wells Fargo of discriminating against borrowers from racial minorities with higher interest rates, worse terms and more scrutiny than white clients have asked a California federal judge to approve their class.

  • April 26, 2024

    Umpqua Bank Seeks Win On Investors' Ponzi Aiding Claims

    Oregon-based Umpqua Bank has asked a San Francisco federal judge to toss claims that it aided and abetted a $250 million real estate Ponzi scheme, arguing the investors who brought the suit saw that their funds were put into "legitimate" investments.

  • April 26, 2024

    Republic First Bank Fails In Biggest Bust Since 2023 Turmoil

    Republic First Bank, a roughly $6 billion bank based in Philadelphia, was shuttered Friday by Pennsylvania state banking regulators and sold to Fulton Bank NA, capping off a prolonged decline that only worsened in the wake of last spring's regional bank failures.

  • April 26, 2024

    Truist Unit Survives Early Dismissal Bid In NC Poaching Suit

    Truist Financial Corp. and its real estate finance arm can move forward with the bulk of their suit accusing three former executives of absconding for a competitor with several dozen colleagues in tow, after North Carolina's business court judge largely denied the defendants an early exit.

  • April 26, 2024

    4 Goals For Gov'ts To Pursue In The UN Tax Convention

    The United Nations' framework convention on international tax cooperation should resolve digital taxation, incorporate tax transparency conventions, seek consensus on tax allocation issues but adopt best practices by simple majority, and help fund development goals, officials and experts told Law360 as governments began negotiations Friday.

  • April 26, 2024

    DC Circ. Says Bomb Victims Can't Go After World Bank Or IMF

    Victims of a 2016 terrorist bombing in Afghanistan who secured a $138.4 million judgment against the Taliban and other entities cannot attach assets held by the International Monetary Fund and World Bank that the victims alleged belong to the Taliban-controlled Afghan central bank, the D.C. Circuit ruled Friday.

  • April 26, 2024

    2 NC Sens. Seek Atty Fee Cap In Debt Collection Suits

    Two Republican North Carolina lawmakers have proposed state legislation that would close a loophole for attorney fees in debt collection actions while giving courts more power to determine a reasonable charge.

  • April 26, 2024

    The Week In Trump: Tabloid Testimony, High Court Drama

    Donald Trump and his attorneys have been fighting high-stakes legal battles on several fronts as they grappled with a criminal hush money trial in Manhattan, argued at the U.S. Supreme Court for presidential immunity and tried to quash criminal election interference-related charges in Georgia.

  • April 26, 2024

    Freshfields Guides PE Giant CVC Capital's Upsized $2.1B IPO

    European private equity giant CVC Capital Partners PLC rose in debut trading Friday after the firm priced an upsized €2 billion ($2.1 billion) initial public offering, marking the latest high-profile listing in Europe, represented by Freshfields Bruckhaus Deringer LLP.

  • April 26, 2024

    JPMorgan Says Ex-Adviser Is Pilfering Clients For Wells Fargo

    J.P. Morgan has accused a former investment management adviser of trying to poach clients for her new job at a competing Wells Fargo unit, saying she's been making unsolicited phone calls and sending emails to convince clients to leave in breach of her employment contract.

  • April 26, 2024

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

    This past week in London has seen budget airline Ryanair file a claim against NATS PLC after the air traffic controller's system collapsed, Mastercard and Visa Europe face group claims from Christian Dior and dozens of other beauty retailers, an intellectual property clash between the publisher of The Sun and ITV, and ISC Europe sue a former director for alleged money laundering. Here, Law360 looks at these and other new claims in the U.K.

  • April 25, 2024

    FDIC Tables Plans To Scrutinize Big 'Passive' Bank Investors

    Federal Deposit Insurance Corp. leaders on Thursday debated two competing proposals intended to address concerns about asset managers and other investors amassing outsized influence over banks whose shares they own, ultimately taking the rare step of tabling the measures as neither garnered majority support.

  • April 25, 2024

    FTC Sues Bill-Payment Co. Over Misleading Ads, Junk Fees

    The Federal Trade Commission on Thursday filed suit against a Seattle-based, third-party bill-paying company for allegedly tricking online consumers into using the company's service by disguising itself as consumers' billers' official payment channel and tacking on junk fees.

  • April 25, 2024

    Incarceration Can't Get Default Nixed In $92M Award Suit

    A California federal court has refused to set aside an entry of default against a Russian businessman accused of engaging in a scheme to avoid paying a more than $92 million arbitral award, rejecting his defense that he couldn't respond because he was incarcerated in France.

  • April 25, 2024

    Mr. Cooper's $3.6M Convenience Fee Settlement Gets Final OK

    A D.C. federal judge on Thursday gave the final nod to a nearly $3.6 million settlement to resolve class action claims that Mr. Cooper unlawfully charged processing fees to borrowers who made mortgage payments over the phone.

  • April 25, 2024

    Atty Slams Mogul's Fight For Bank Records As Waste Of Time

    An attorney struck back against an airline mogul's attempt to acquire his bank records as part of a hacking lawsuit, telling a federal court that a subpoena was invalid because it was sent under an improper bank name.

  • April 25, 2024

    Quinn Emanuel, Morgan Lewis Make Strides In Saudi Arabia

    Quinn Emanuel Urquhart & Sullivan LLP and Morgan Lewis & Bockius LLP have set their sights on Saudi Arabia, announcing steps toward establishing themselves in its capital city of Riyadh on Thursday.

  • April 24, 2024

    FDIC Pushes Back On Lender Groups Suing Over Colo. Law

    The Federal Deposit Insurance Corp. has weighed in on a legal challenge to a Colorado law aimed at curbing higher-cost online lending in the state, arguing that the lender trade groups behind the challenge are misconstruing the agency's past words to support their case.

Expert Analysis

  • NJ Foreclosure Law Will Have Multifaceted Impact On Lenders

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    New Jersey's A.B. 5664 introduces significant reforms to foreclosure proceedings in the state, potentially lessening the burden on lenders and servicers to maintain foreclosed properties, but also brings new limitations and time frames, say Christina Livorsi and Wael Amer at Day Pitney.

  • Where Justices Stand On Chevron Doctrine Post-Argument

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    Following recent oral argument at the U.S. Supreme Court, at least four justices appear to be in favor of overturning the long-standing Chevron deference, and three justices seem ready to uphold it, which means the ultimate decision may rest on Chief Justice John Roberts' vote, say Wayne D'Angelo and Zachary Lee at Kelley Drye.

  • Perspectives

    6 Practice Pointers For Pro Bono Immigration Practice

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    An attorney taking on their first pro bono immigration matter may find the law and procedures beguiling, but understanding key deadlines, the significance of individual immigration judges' rules and specialized aspects of the practice can help avoid common missteps, says Steven Malm at Haynes Boone.

  • Series

    ESG Around The World: Canada

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    In Canada, multiple statutes, regulations, common law and industry guidance address environmental, social and governance considerations, with debate over ESG in the business realm potentially growing on the horizon, say attorneys at Blakes.

  • Bank M&A Considerations Amid 2024's Regulatory Uncertainty

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    Following the decline in banking mergers to the lowest level in more than a decade last year, receptiveness to community bank combinations and positive macroeconomic factors may help banks with less than $50 billion in assets see increased deal-making opportunities this year, despite regulatory uncertainty, say Robert Azarow and Amber Hay at Arnold & Porter.

  • Lessons From Country Singer's Personal Service Saga

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    Recent reports that country singer Luke Combs won a judgment against a Florida woman who didn’t receive notice of the counterfeit suit against her should serve as a reminder for attorneys on best practices for effectuating service by electronic means, say attorneys at Jenner & Block.

  • What To Expect From High Court In Corp. Disclosure Case

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    Oral argument in Macquarie v. Moab Partners — a case with the potential to significantly alter corporate disclosures and private securities litigation liability — suggests that the U.S. Supreme Court is focused on answering the narrow question presented, say Elizabeth Gingold Clark and Madeleine Juszynski Davidson at Alston & Bird.

  • 11 Noteworthy CFPB Developments From 2023

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    Under Rohit Chopra’s leadership, 2023 was an industrious year for the Consumer Financial Protection Bureau, with developments including the release of the proposed personal financial data rights rule, publication of proposed rules involving public registries for nonbanks and the bureau's continuous battle against junk fees, all of which are sure to further progress in 2024, say attorneys at Husch Blackwell.

  • Unpacking PCAOB's Sanctions Against China-Based Auditors

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    Following the Public Company Accounting Oversight Board's first major enforcement actions against audit firms located in China and Hong Kong for violating quality control standards, China-based U.S. issuers should be prepared for more rigorous audits in the upcoming cycle, and for continuing strict scrutiny from the regulator, say attorneys at Debevoise.

  • Series

    NC Banking Brief: All The Notable Legal Updates In Q4

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    Two new North Carolina financial services laws went into effect in the fourth quarter of 2023 that amended the state's Retail Installment Sales Act and Consumer Finance Act, increasing the maximum interest rates and default late charges that may be assessed for loans, says Gursharon Shergill at Wagner Hicks.

  • 3 Areas Of Focus In Congressional Crosshairs This Year

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    Companies must prepare for Congress to build on its 2023 oversight priorities this year, continuing its vigorous inquiries into Chinese company-related investments, workplace safety and labor relations issues, and generative artificial intelligence, say attorneys at Morgan Lewis.

  • NY CRE Lenders Need Clarity On Foreclosure Standing

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    Recent contradictory New York case law regarding issues of standing in commercial real estate litigation creates confusion for borrowers and lenders alike, and should be addressed by courts in advance of the anticipated onslaught of commercial mortgage-backed securities foreclosures, say Christopher Gorman and John Muldoon at Rosenberg & Estis.

  • Series

    Baking Bread Makes Me A Better Lawyer

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    After many years practicing law, and a few years baking bread, I have learned that there are a few keys to success in both endeavors, including the assembly of a nourishing and resilient culture, and the ability to learn from failure and exercise patience, says Rick Robinson at Reed Smith.

  • 3 Key Class Action Trends To Use As Guidance In 2024

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    Telephone Consumer Protection Act, privacy and false advertising class actions saw significant shifts last year — including a trend toward expanding the application of preexisting laws to current technologies — that businesses should keep in mind to navigate the class action landscape in 2024, say attorneys at Mintz.

  • Federal Courts And AI Standing Orders: Safety Or Overkill?

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    Several district court judges have issued standing orders regulating the use of artificial intelligence in their courts, but courts should consider following ordinary notice and comment procedures before implementing sweeping mandates that could be unnecessarily burdensome and counterproductive, say attorneys at Curtis.

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