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Banking
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April 07, 2025
USAA Wants Full Fed. Circ. To Hear PNC's Patent Board Wins
A San Antonio-based bank that lost two of its patents covering technology used to deposit checks through smartphones — including one tied to a $218 million jury verdict against PNC Bank — is arguing that a Federal Circuit panel has allowed the patent board "to escape its obligation to explain itself."
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April 07, 2025
Coinbase Accused Of Scam Prevention Shortfalls
A California man has filed a proposed class action seeking to hold cryptocurrency exchange Coinbase liable for failing to implement safeguards against fraudsters who run "pig-butchering" scams.
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April 07, 2025
Wage Access Co. Says NY AG Threatened Suit, Seeks Relief
Earned-wage access provider DailyPay sued Letitia James on Monday seeking a declaratory judgment that its payments do not constitute loans under New York law or violate federal and state laws, alleging the state attorney general has effectively declared all such products illegal.
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April 07, 2025
OMB Issues Guidance On Agency Use, Purchasing Of AI
The Office of Management and Budget issued a pair of memorandums last week that replaced the Biden administration's safeguards on the federal acquisition of artificial intelligence with a policy aimed at accelerating federal agencies' use and procurement of artificial intelligence.
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April 07, 2025
Fintech Customers Sue Banks Over Synapse Collapse
Evolve Bank & Trust and Lineage Bank were hit with a consumer's proposed class action in Tennessee federal court accusing them of mismanaging their relationships with Synapse Financial, a now-bankrupt middleware fintech service that the suit says caused customers to lose $85 million.
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April 07, 2025
ACLU, Others Slam Bid To 'Magic Eraser' CFPB Redlining Deal
A slew of public interest groups mobilized Friday against the Trump administration's bid to recant a recently settled Consumer Financial Protection Bureau redlining case, telling an Illinois federal judge that the move is about politics, not fairness, and should be denied.
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April 07, 2025
Nelson Mullins Team Joins Duane Morris In DC, Atlanta, Miami
Duane Morris LLP announced Monday that it is expanding its corporate practice by bringing in a team of five Nelson Mullins Riley & Scarborough LLP transactional attorneys — including two partners — in its Washington, D.C., Atlanta and Miami locations.
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April 07, 2025
Mortgage Lenders, Attys Stole From NY Debtors, Suit Says
A New York homeowner filed a proposed class action in Brooklyn federal court alleging that the state's mortgage lenders, loan servicing agents and foreclosure attorneys have conspired to inflate the amounts owed on post-foreclosure sales.
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April 07, 2025
Wigdor Seeks Exit In Leon Black Case Amid Sanctions Threat
Wigdor LLP sought to withdraw from a sexual assault case against ex-Apollo Global Management CEO Leon Black in New York federal court as the billionaire investor seeks sanctions against the firm and its Jane Doe client.
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April 04, 2025
Deutsche Bank Not Liable For ISIS Terror, Judge Finds
A New York federal judge on Friday dismissed a lawsuit accusing Deutsche Bank AG of facilitating the financing of the Islamic State, saying that the families of two journalists and an aid worker the terrorist group killed failed to sufficiently allege that the bank participated in a human trafficking venture.
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April 04, 2025
IPO Plans Appear Iced As Trump's Tariffs Rock Markets
The escalating sell-off in equities is halting major initial public offerings for now and more prospects will likely pause plans as deals lawyers and their clients assess the fallout following President Donald Trump's endorsement of across-the-board tariffs, experts say.
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April 04, 2025
4th Circ. Rules Ch. 7 Debtor On The Hook For Mortgage Bill
The Fourth Circuit on Friday revived class claims by a Chapter 7 debtor who received a collection letter over a defaulted mortgage, saying the debtor still has obligations to pay the mortgage lender, partially overturning a West Virginia district court's decision.
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April 04, 2025
US Bank Defeats Class Cert. In Early Retiree Benefits Suit
A Minnesota federal judge on Friday rejected a bid to certify a class action for more than 2,000 U.S. Bank retirees accusing the bank of unlawfully reducing monthly pension payments for those taking early retirement, finding the proposed class had differing concerns that blocked classwide resolution.
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April 04, 2025
Judge Allows Deposition Of Witnesses In Russian Exec's Suit
A New York federal judge has ruled that the U.S. government can depose two men about a Russian bank executive's alleged effort to avoid economic sanctions following Russia's invasion and annexation of the Crimea region, saying it is necessary to "prevent a failure of justice."
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April 04, 2025
Appeals Court Won't Halt Russian Investment Litigation
England's Court of Appeal will not nix an order refusing to halt "vexatious" litigation in Russia initiated by sanctioned entities against third parties to an arbitration agreement, issuing an opinion that chided an investment manager for leaving the court "in the dark" about its relationship to the third parties.
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April 04, 2025
SEC Says Reserve-Backed Stablecoins Aren't Securities
The U.S. Securities and Exchange Commission's Division of Corporation Finance said Friday the offer and sale of reserve-backed dollar stablecoins aren't securities transactions, in the latest statement to set out the staff's views on the boundaries of its jurisdiction over digital assets.
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April 04, 2025
Fed's Barr Says Bank Regulators Should 'Explore' Gen AI
Federal Reserve Gov. Michael Barr called Friday for banking regulators to look into how they themselves might harness generative artificial intelligence, arguing the experience could help them better understand how banks' use of the technology should be overseen.
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April 04, 2025
11th Circ. Told Omitted Issues Void UBS Arbitration Award
A Puerto Rican man urged the Eleventh Circuit on Friday to vacate a roughly $6.5 million arbitration award given to UBS Financial Services Inc. stemming from a long-running account contract dispute, arguing he didn't receive a fair hearing and because key issues to be resolved weren't identified in the award.
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April 04, 2025
Nissan Settles With NJ Dealers In Suit Over Predatory Loans
Nissan North America Inc. and its financing arm have settled a dispute with New Jersey auto dealers who said they were forced to take $20 million worth of predatory loans that financed an overabundance of inventory the car giant ordered them to carry amid corporate pressure to raise sales, according to a letter filed in federal court.
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April 04, 2025
Citizens Bank Sues Valley National Over Loan Dispute
Citizens Bank alleged in New Jersey federal court that Valley National Bank broke a loan participation agreement by failing to disclose borrower defaults and refusing to repurchase Citizens' $30 million stake in a troubled $65 million mortgage loan.
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April 04, 2025
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen Russian industrialist Oleg Deripaska target the intelligence arm of CT Group with a commercial fraud claim, Big Technologies sue its former CEO for allegedly concealing interests in several shareholders, and an investment firm tackle a professional negligence claim by Adidas. Here, Law360 looks at these and other new claims in the U.K.
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April 04, 2025
Taxation With Representation: Ropes & Gray, Paul Hastings
In this week's Taxation With Representation, Siemens AG acquires Dotmatics from Insight Partners, LPL Financial acquires Commonwealth Financial Network, Brookfield Asset Management takes a majority stake in Angel Oak Cos., and TowneBank acquires Old Point Financial Corp.
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April 03, 2025
CFPB Says It Will Reopen Small-Biz Lending Rule
The Consumer Financial Protection Bureau said Thursday that it will reopen its Biden-era rule requiring financial institutions to report data on their small business lending activity, the latest policy pivot for the agency under its new Trump-appointed leadership.
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April 03, 2025
Laos Can't Get $5M Award Enforced Against Businessman
A federal judge on Thursday shut down the government of Laos' bid to enforce some $5 million in arbitral awards against an entrepreneur who was not party to an underlying arbitration stemming from an ill-fated casino venture, saying the actual award debtors are the ones that should be targeted.
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April 03, 2025
Georgia Credit Union Hit With DACA-Recipient Bias Suit
The Credit Union of Georgia was hit with a proposed class action in federal court on Thursday by a Deferred Action for Childhood Arrivals recipient who claims the credit union uses immigration status as a basis to reject potential customers.
Expert Analysis
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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.
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The 7th Circ.'s Top 10 Civil Opinions Of 2024
Attorneys at Jenner & Block examine the most significant decisions issued by the Seventh Circuit in 2024, and explain how they may affect issues related to mass arbitration, consumer fraud, class certification and more.
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Kansas Bank's Suit Could Upend FDIC Enforcement Authority
Should CBW Bank's federal lawsuit in Kansas challenging the Federal Deposit Insurance Corp.'s enforcement authority gain traction with a post-Chevron U.S. Supreme Court, it could have profound implications for the FDIC and the banking industry at large, says Jack Harrington at Bradley Arant.
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Class Actions At The Circuit Courts: Nov. And Dec. Lessons
In this month's review of class action appeals, Mitchell Engel at Shook Hardy discusses five federal court decisions and identifies practice tips from cases involving takings clause violations, breach of contract with banks, life insurance policies, employment and automobile defects.
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Mentorship Resolutions For The New Year
Attorneys tend to focus on personal achievements or career milestones when they set yearly goals, but one important area often gets overlooked in this process — mentoring relationships, which are some of the most effective tools for professional growth, say Kelly Galligan at Rutan & Tucker and Andra Greene at Phillips ADR.
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Insights For Finance Firms, Regulators From House AI Report
Though a U.S. House of Representatives report encourages the financial sector to embrace artificial intelligence tools, its focus on ensuring high-quality datasets, transparent development and equitable access underscores that firms and regulators must strike a delicate balance between technological innovation and responsible implementation, says Brendan Palfreyman at Harris Beach.
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California's New Homeowner Law Could Hamper Foreclosures
While A.B. 2424, which took effect this month in California, gives homeowners in default additional protections, it also provides loopholes that can be used to delay foreclosure auctions, and the cost of these delays will likely be passed on to the borrower, says Stephen Britt at Severson & Werson.
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Series
Coaching Little League Makes Me A Better Lawyer
While coaching poorly played Little League Baseball early in the morning doesn't sound like a good time, I love it — and the experience has taught me valuable lessons about imperfection, compassion and acceptance that have helped me grow as a person and as a lawyer, says Alex Barnett at DiCello Levitt.
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How Fintechs Can Respond To New CFPB Supervisory Rule
Even though a new Consumer Financial Protection Bureau rule pulling large payment apps into supervision faces an uncertain fate in the new administration, providers should still examine the rule's definitions and prepare for increased compliance costs and more consumer-friendly practices, say attorneys at DLA Piper.
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5 Litigation Funding Trends To Note In 2025
Lawyers and their clients must be prepared to navigate an evolving litigation funding market in 2025, made more complicated by a new administration and the increasing overall cost of litigation, says Jeffery Lula at GLS Capital.
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Predicting Where State AGs Will Direct Their Attention In 2025
In 2025, we expect state attorneys general will navigate a new presidential administration while continuing to further regulate and police financial services, artificial intelligence, junk fees and antitrust, say attorneys at Troutman Pepper.
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The Blueprint For A National Bitcoin Reserve
The new administration has the opportunity to pave the way for a U.S.-backed crypto reserve, which could conceptually function as a strategic asset akin to traditional reserves like gold markets, hedge against economic instability, and influence global crypto adoption, say attorneys at Duane Morris.