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Banking
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October 22, 2025
Crypto Firm Wins Freeze Of $8M In Allegedly Stolen Crypto
A D.C. federal judge extended an order freezing the digital wallets of two D.C.-area men Wednesday after a Miami-based crypto trading firm claimed that the men used legitimate-looking business fronts to con the firm out of more than $8 million in a fraudulent bitcoin trade.
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October 22, 2025
Presidential Firing Limits Fight Builds At High Court
The ousted U.S. Merit Systems Protection Board chair has encouraged the U.S. Supreme Court to include a caveat for "legislative courts" if it overturns precedent that empowers Congress to limit the president's authority to fire certain agency officials, but opponents of independent agencies want a clean break from the status quo.
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October 22, 2025
OCC Drops $10M Fine, Ban In Wells Fargo Ex-Exec Deal
The Office of the Comptroller of the Currency has agreed to end a long-running case accusing a former Wells Fargo risk officer of failing to prevent the bank's fake accounts scandal, striking a deal that drops its pursuit of a $10 million fine and industry ban.
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October 22, 2025
Baker Donelson Hires CFPB Veteran In DC
Baker Donelson Bearman Caldwell & Berkowitz PC has hired for its Washington, D.C., team a 12-year veteran of the Consumer Financial Protection Bureau who brings more than two decades of legal experience working on financial services matters.
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October 22, 2025
Unions Pursue More Protection For Federal Workers In Shutdown
Eight unions asked a California federal judge to step up the level of protection she provided to thousands of federal workers' jobs during the government shutdown, urging her to expand the number of jobs she's protecting and turn a temporary restraining order into a preliminary injunction.
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October 22, 2025
Ex-NY AGs Say James Case Will Rally Office: 'Fuel To The Fire'
New York Attorney General Letitia James' criminal prosecution is unlikely to have any significant effect on the day-to-day operations of her office, including its suits against the federal government and an appeal in President Donald Trump's nearly $500 million civil fraud case, but former leaders of the office say it could strengthen the resolve of her staff.
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October 22, 2025
Crypto Exchange FalconX Snags ETP Provider 21shares
Digital asset brokerage FalconX on Wednesday unveiled plans to buy cryptocurrency exchange-traded funds and products provider 21shares, a move that comes just over a month after the U.S. Securities and Exchange Commission eased listing standards for crypto ETPs.
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October 22, 2025
NC Biz Court Bulletin: COVID Coverage, A Suspect Signature
The North Carolina Business Court has rounded the corner into fall with insurance disputes over COVID-19 coverage at a chain of outlet malls and the theft of over $900,000 in legal THC reportedly stolen from a warehouse in the Southwest.
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October 21, 2025
Fed's Waller Floats 'Skinny' Master Accounts For Fintechs
Federal Reserve Gov. Christopher Waller on Tuesday proposed allowing financial technology firms to connect to the central bank's payment rails through specialized, "skinny" master accounts, a move he said could support payment innovation while keeping risks to the Fed in check.
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October 21, 2025
Chime Seeks Exit From Class Suit Over 'Refer A Friend' Texts
Online banking company Chime seeks to shed a proposed class action alleging its "refer a friend" texts violate Washington's Consumer Electronic Mail Act, arguing that its text referrals fit "squarely" within the anti-spam law's statutory exemption for legitimate business activities.
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October 21, 2025
Crypto Miner Bgin Blockchain Prices Downsized $30M IPO
Cryptocurrency mining company Bgin Blockchain Ltd. on Monday announced the pricing of its initial public offering, saying that it now expects to raise roughly $30 million, or $6 per share, about $20 million less than it initially projected.
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October 21, 2025
Senate GOP Bill Would Hike AML Reporting Thresholds
U.S. Senate Republicans have unveiled a bill that would raise decades-old transaction reporting thresholds under the Bank Secrecy Act, seeking to overhaul key anti-money laundering requirements that they say have buried banks and credit unions in "red tape."
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October 21, 2025
Deutsche Bank Wants Conn. Court To Stay Out Of Vik Fight
A Connecticut state court should not entertain billionaire Alexander Vik's request to shut down a lawsuit that Deutsche Bank AG is pursuing against him and his daughter in Norway, the bank said in a trio of motions that caution against interfering in a foreign proceeding.
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October 21, 2025
2nd Circ. Weighs Reviving Signature Bank Investor Suit
The Second Circuit quizzed an FDIC attorney Tuesday over the agency's ability to stop Signature Bank's former shareholders from suing following the bank's collapse, with the judges considering whether to revive a lawsuit accusing Signature's brass and its outside auditor of failing to warn investors about its liquidity problems.
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October 21, 2025
CFTC's Pham Expects Spot Crypto Trading By End Of Year
Acting U.S. Commodity Futures Trading Commission Chair Caroline Pham said Tuesday the agency is moving quickly to implement the White House's recommendations for enabling digital asset trading and innovation, with listed spot crypto trading expected to go live this year.
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October 21, 2025
BofA Says COVID-Era Cardholders Flip-Flop On Fraud Claims
Bank of America NA seeks a partial early win in multidistrict litigation brought over unemployment benefits cards it issued during the COVID-19 pandemic, arguing the plaintiffs went from accusing the bank of failing to stop fraud in the accounts to claiming it was too stringent with its anti-fraud measures.
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October 21, 2025
Wilson Sonsini Adds Cooley Capital Markets Pro In Calif.
Wilson Sonsini Goodrich & Rosati PC continues adding Cooley LLP attorneys to its corporate team, announcing Tuesday it is bringing in a capital markets expert as a partner in its San Francisco office.
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October 21, 2025
Coinbase Pays $375M For Echo Amid 'Full-Stack' Crypto Push
Coinbase said Tuesday it has acquired blockchain fundraising platform Echo for approximately $375 million, as the cryptocurrency giant makes its latest push to create a "full-stack" solution for crypto investors.
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October 21, 2025
Finance Co. Says Chubb Must Pay Its Part Of $5M Wire Loss
Financial services company Robert W. Baird & Co. told a Wisconsin federal court that a Chubb unit has wrongly refused to cover any of the company's more than $5 million loss stemming from fraudulent wire instructions, noting that AIG, its primary insurer, already paid a $2.5 million sublimit.
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October 21, 2025
Cleary Adds Proskauer Funds Atty Amid Changing Market
Cleary Gottlieb Steen & Hamilton LLP has hired a new global funds group attorney in Washington, D.C., who is joining the team from Proskauer Rose LLP as retail and private investment markets continue evolving, the firm announced Monday.
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October 21, 2025
Telecom Lender Carriox Units Hit Ch. 11 With $500M+ Debt
Two affiliates of telecommunications financing provider Carriox Capital filed for Chapter 11 protection in a New York bankruptcy court with between $500 million and $1 billion in debt.
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October 21, 2025
O'Melveny Adds Corporate Finance Partner In Singapore
O'Melveny & Myers LLP has added an experienced corporate finance partner from Kirkland & Ellis LLP to its Singapore office, amid an expansion of the firm's finance capabilities in Asia.
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October 20, 2025
States, DC Fight Feds' Bid To Cut Billions In OMB Grant Case
Twenty-three states and the District of Columbia have told a Massachusetts federal judge to hold onto their case challenging the Trump administration's use of "a single subclause" buried in a U.S. Office of Management and Budget regulation to shut off billions in federal grants.
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October 20, 2025
Calif. Credit Cardholders Can't Get Swipe Fee Case Do-Over
A New York federal judge who was recently assigned to a putative interchange fee class action lawsuit from California cardholders against Visa, Mastercard and major banks in long-running multidistrict litigation has denied their motion for reconsideration of another judge's reconsideration denial.
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October 20, 2025
NY AG Reaches Deal With Accounting Firm Over Data Breaches
A certified public accounting firm has agreed to pay $60,000 and improve its data security to resolve the New York attorney general's claims that it failed to adequately protect unencrypted Social Security numbers and other personal information swept up in a pair of data breaches or swiftly notify affected clients.
Expert Analysis
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Texas Property Law Complicates Financing And Development
A new Texas law imposing expansive state-level restrictions on properties owned by entities from designated countries creates a major obstacle for some lenders, developers and other stakeholders, as well as new diligence requirements for foreign companies, say attorneys at Pillsbury.
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Series
Adapting To Private Practice: From Texas AUSA To BigLaw
As I learned when I transitioned from an assistant U.S. attorney to a BigLaw partner, the move from government to private practice is not without its hurdles, but it offers immense potential for growth and the opportunity to use highly transferable skills developed in public service, says Jeffery Vaden at Bracewell.
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3 Rulings Show Hurdles To Proving Market Manipulation Fraud
Three recent conviction reversals from New York federal courts highlight the challenges that prosecutors face in establishing fraud and market manipulation allegations, suggesting that courts are increasingly reluctant to find criminal liability when novel theories are advanced, say attorneys at WilmerHale.
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Advice For 1st-Gen Lawyers Entering The Legal Profession
Nikki Hurtado at The Ferraro Law Firm tells her story of being a first-generation lawyer and how others who begin their professional journeys without the benefit of playbooks handed down by relatives can turn this disadvantage into their greatest strength.
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Untangling 'Debanking' Exec Order And Ensuing Challenges
President Donald Trump's recent executive order on the practice of closing or refusing to open accounts for high-risk customers has heightened scrutiny on "debanking," but practical steps can help financial institutions reduce the likelihood of becoming involved in investigations, say attorneys at Winston & Strawn.
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What FDIC's Asset Threshold Raise Would Mean For Banking
If the Federal Deposit Insurance Corp. goes through with its plan to raise asset thresholds that determine regulatory intensity, it could free billions in compliance costs and bolster regional and community banks, but risk of oversight gaps are making this a contested area in banking policy, says Jessica Groza at Kohr Jackson.
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2nd Circ. Ruling Gives Banks Shield From Terrorism Liability
A recent Second Circuit dismissal strengthens the position of international banks facing claims they indirectly helped terrorist organizations and provides clearer guidance on the boundaries of secondary liability, but doesn't provide absolute immunity, say attorneys at Freshfields.
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Series
Coaching Cheerleading Makes Me A Better Lawyer
At first glance, cheerleading and litigation may seem like worlds apart, but both require precision, adaptability, leadership and the ability to stay composed under pressure — all of which have sharpened how I approach my work in the emotionally complex world of mass torts and personal injury, says Rashanda Bruce at Robins Kaplan.
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Unpacking The BIS Guidance On Chinese AI Chip Use
In response to May guidance from the Bureau of Industry and Security, which indicates the agency considers a wide but somewhat unclear range of activities involving Chinese integrated circuits to be in violation of its General Prohibition 10, companies should consider adopting enhanced due diligence to determine how firm counterparties may be using the affected chips, says Peter Lichtenbaum at Covington.
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Series
Law School's Missed Lessons: How To Make A Deal
Preparing lawyers for the nuances of a transactional practice is not a strong suit for most law schools, but, in practice, there are six principles that can help young M&A lawyers become seasoned, trusted deal advisers, says Chuck Morton at Venable.
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From Clerkship To Law Firm: 5 Transition Tips For Associates
Excerpt from Practical Guidance
Transitioning from a judicial clerkship to an associate position at a law firm may seem daunting, but by using knowledge gained while clerking, being mindful of key differences and taking advantage of professional development opportunities, these attorneys can flourish in private practice, say attorneys at Lowenstein Sandler.
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Navigating The New Playbook For SBA 504 Loans
As the U.S. Small Business Administration 504 loan program’s relevance grows amid climbing foreclosure activity, regulatory changes and a notable ruling from the Eighth Circuit are reshaping origination and workout strategies, highlighting the need for a national framework to improve resolutions, protect recoveries and support small businesses, says Casey Sieck at Day Pitney.
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Associates Can Earn Credibility By Investing In Relationships
As the class of 2025 prepares to join law firms this fall, new associates must adapt to office dynamics and establish credible reputations — which require quiet, consistent relationship-building skills as much as legal acumen, says Kyle Forges at Bast Amron.
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How The Genius Act May Aid In Fight Against 'Pig Butchering'
The recently enacted Genius Act represents a watershed moment in the fight against crypto fraud, providing new tools to freeze and recover funds that are lost to scams such as "pig butchering" schemes executed from scam factories abroad, but there are implementation challenges to watch, say attorneys at Treanor Devlin.
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When Misconduct Can Trigger Bank Industry Employment Ban
The Federal Reserve Board recently settled an enforcement action in which a former employee of a Wyoming bank was banned from banking for conduct she allegedly committed at an entity unrelated to the bank, raising questions about the scope of regulatory enforcement authority, says Travis Nelson at Polsinelli.