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Banking
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July 21, 2025
11th Circ Says. Experian Not Liable For Credit Dispute Costs
The Eleventh Circuit upheld a win for Experian PLC when it held that a consumer's attempts to correct inaccurate information in a credit report can't constitute an injury without evidence that the data was published to a third party or some other actual or imminent harm.
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July 21, 2025
Feds Want Early Out For Bank In $3M Redlining Case
The government told a Pennsylvania federal judge on Monday that a bank it previously accused of discriminatory lending should be released from court oversight because it fulfilled the bulk of its obligations stemming from an approximately $3 million settlement.
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July 21, 2025
Feds Move To Drop Some Counts Against Texas Rep. Cuellar
The federal government on Friday moved to drop counts of a bribery indictment against U.S. Rep. Henry Cuellar and his wife, citing "prosecutorial discretion."
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July 21, 2025
DOL Rescinds ERISA Guidance On Citi Racial Equity Program
The U.S. Department of Labor rescinded a Biden-era opinion letter Monday that had backed Citi's commitment to pay fees for diverse investment managers overseeing Citi-sponsored benefit plans regulated by the Employee Retirement Income Security Act, saying the letter no longer reflected the department's views.
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July 21, 2025
Not So Fast: CFPB Shelves Bid To Scrap State Notice Rules
The Consumer Financial Protection Bureau on Monday withdrew a plan to repeal rules that regulate how state officials are supposed to alert it before suing companies under its federal enforcement authority, reversing course after industry groups lobbied to tighten, not toss, the requirements.
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July 21, 2025
2nd Circ. Affirms Big Banks' Win In Terrorism Financing Fight
A New York federal judge was right to dismiss a suit seeking to hold Deutsche Bank, Standard Chartered Bank and Danske Bank liable for aiding and abetting terrorist bombings in Afghanistan, a Second Circuit panel ruled Monday.
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July 21, 2025
Capital One Board Ignored Account Scheme Risks, Suit Says
The board and executives at Capital One left the bank exposed to legal and regulatory problems when it hid high-yield savings accounts from legacy customers to boost profits, an investor has alleged in a derivative lawsuit brought in Virginia federal court.
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July 18, 2025
Law360 Names 2025's Top Attorneys Under 40
Law360 is pleased to announce the Rising Stars of 2025, our list of more than 150 attorneys under 40 whose legal accomplishments belie their age.
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July 18, 2025
As Trump Signs Stablecoin Bill, Attorneys Talk Compliance
President Donald Trump on Friday signed into law a bill to regulate stablecoins, known as the Genius Act, and practitioners are now turning their attention to helping firms comply with both the provisions of the statute and the coming rulemakings from regulators.
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July 18, 2025
Crypto Firms' OCC Charter Bids Draw Bank Industry Scrutiny
Major banking industry groups are warning the Office of the Comptroller of the Currency that approving pending bank charter bids from crypto-linked firms like Ripple could "represent a fundamental departure" from long-standing policy, urging the agency to delay action until more information about their plans is made public.
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July 18, 2025
6th Circ. Won't Revive Ex-Ruby Tuesday Execs' Benefits Fight
The Sixth Circuit refused to reopen a suit from former Ruby Tuesday managers and executives alleging Regions Bank inadequately protected their retirement plan benefits that were liquidated in bankruptcy, concluding a lower court was right to end the case in the bank's favor.
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July 18, 2025
2 Firms Score $35.5M Atty Fees In $71M Rate-Swaps Deal
Cohen Milstein Sellers & Toll PLLC and Quinn Emanuel Urquhart & Sullivan LLP have been awarded $35.5 million for their work on scoring $71 million in settlements of multidistrict litigation with top international investment banks, ending claims they allegedly schemed to limit market competition over interest rate swaps.
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July 18, 2025
2nd Circ. Shields Official From NRA's Free Speech Suit Again
A Second Circuit panel has said National Rifle Association's First Amendment lawsuit cannot survive a motion to dismiss because the former New York official accused of pressuring financial institutions to cut ties with the organization has qualified immunity.
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July 18, 2025
9th Circ. Turns Away Wells Fargo's 'Sham' Hiring Appeal
The Ninth Circuit has said it will not hear Wells Fargo's appeal of an investor lawsuit accusing the company of conducting "sham" job interviews to meet a diversity quota, allowing thousands of shareholders to move forward with their claims as a class.
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July 18, 2025
Norton Rose, Wachtell Guide $321.5M Texas Bank Deal
Wachtell Lipton-led Prosperity Bancshares Inc. said Friday it will acquire American Bank, advised by Norton Rose Fulbright, in an all-stock deal valued at roughly $321.5 million, expanding the Texas lender's footprint in key South and Central Texas markets.
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July 18, 2025
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen the former owner of British oil refinery Prax Group sued following the collapse of his business empire, a unit of Shard Credit Partners target a married couple believed to have inflated the value of their companies before selling them, and Aerofoil Energy reignite patent action against AFE Group over the design of its F1-inspired cooling units.
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July 17, 2025
2nd Circ. Overturns Ex-HSBC Exec's 2017 Fraud Conviction
The Second Circuit on Thursday overturned the conviction of a former HSBC executive accused of defrauding a Scottish oil and gas company in a $3.5 billion currency exchange deal, finding his jury was improperly instructed on a now-invalid "right-to-control" theory of fraud.
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July 17, 2025
'Troubling': Dems Press CFPB Over Nixed Navy Federal Order
U.S. Senate Democrats are demanding answers from the Consumer Financial Protection Bureau over its decision to cancel a $95 million enforcement order against Navy Federal Credit Union, slamming the "abrupt reversal" as a betrayal of military families.
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July 17, 2025
Circle's Bank Plans Include Regulatory Vets At Helm
Stablecoin giant Circle has tapped Heath Tarbert, its president and former top derivatives regulator, as well as a former Office of the Comptroller of the Currency chief counsel to help oversee its proposed national trust bank, according to application materials made public Thursday.
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July 17, 2025
3 Crypto Bills Pass House, With Stablecoins Headed To Trump
The House of Representatives on Thursday agreed to send a bill to regulate stable-value tokens to the president's desk, in addition to advancing proposals to regulate crypto markets and ban the government from exploring the issuance of a digital dollar onto the Senate.
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July 17, 2025
SEC Atty Exits After Hiding Revoked License, OIG Says
A longstanding employee of the U.S. Securities and Exchange Commission resigned after it was discovered that they had falsely reported being in good standing with a state bar association, according to the regulator's inspector general.
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July 17, 2025
Mortgage Cos.' Wage Deal OK'd Without Waiver Language
A settlement resolving an overtime suit by former mortgage company workers will move forward, but without language saying the company's owners and its successor waived certain defenses against a former co-owner in his separate New Jersey state court case, a federal judge ruled.
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July 17, 2025
NC Justices Urged To Let Property Foreclose In Debt Fight
A company on the cusp of wrapping up the foreclosure sale of a Cornelius, North Carolina, land tract that is planned to be part of a larger mixed-use development has implored the state Supreme Court not to temporarily stay the sale.
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July 17, 2025
JPMorgan Chase Can't Force Arbitration In Client Racism Suit
A Washington federal judge has rejected a bid by JPMorgan Chase Bank NA to send a customer's racial discrimination suit to arbitration, concluding the bank did not show the arbitration clause in its deposit account agreement is valid and enforceable against the plaintiff family.
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July 17, 2025
Mortgage Co. Says Military Service Rule Bars Interest Lawsuit
A mortgage loan servicer accused of charging military members interest rates that exceeded a federal statutory cap says the leader of a proposed class action didn't perform qualifying service under the statute he invoked and his Connecticut federal case should probably be dismissed.
Expert Analysis
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State, Fed Junk Fee Enforcement Shows No Signs Of Slowing
The Federal Trade Commission’s potent new rule targeting drip pricing, in addition to the growing patchwork of state consumer protection laws, suggest that enforcement and litigation targeting junk fees will likely continue to expand, says Etia Rottman Frand at Darrow AI.
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DOJ's 1st M&A Declination Shows Value Of Self-Disclosures
The U.S. Department of Justice's recent decision not to charge private equity firm White Deer Management — the first such declination under an M&A safe harbor policy announced last year — signals that even in high-priority national security matters, the DOJ looks highly upon voluntary self-disclosures, say attorneys at Perkins Coie.
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Series
Law School's Missed Lessons: Practicing Self-Care
Law schools don’t teach the mental, physical and emotional health maintenance tools necessary to deal with the profession's many demands, but practicing self-care is an important key to success that can help to improve focus, manage stress and reduce burnout, says Rachel Leonard at MG+M.
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What Expanding Merchant Code Regs Mean For Processors
Arkansas and South Dakota recently joined a host of other states that restrict payment processors' usage of merchant category codes with laws that include noteworthy prohibitions against maintaining registries of firearms owners, with ramifications for multistate payment systems, say attorneys at Mayer Brown.
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ABA Opinion Makes It A Bit Easier To Drop A 'Hot Potato'
The American Bar Association's recent ethics opinion clarifies when attorneys may terminate clients without good cause, though courts may still disqualify a lawyer who drops a client like a hot potato, so sending a closeout letter is always a best practice, say attorneys at Thompson Hine.
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3rd-Party Audit Tactics To Improve Export Control Compliance
Companies should take a strategic approach to third-party audits in response to the Trump administration's ramp-up of export control enforcement with steps that strengthen their ability to identify the control weaknesses of distributors, dealers and resellers, say Michael Huneke at Hughes Hubbard, and John Rademacher and Abby Williams at Secretariat Advisors.
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A Look At Trump Admin's Shifting Strategies To Curtail CFPB
The Trump administration has so far carried out its goal of minimizing the Consumer Financial Protection Bureau's authority and footprint via an individualized approach comprising rule rollbacks, litigation moves and administrative tools, say attorneys at Holland & Knight.
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Can Companies Add Tariffs Back To Earnings Calculations?
With the recent and continually evolving tariffs announced by the Trump administration, John Ryan at King & Spalding takes a detailed look at whether those new tariffs can be added back in calculating earnings before interest, taxes, depreciation and amortization — an important question that may greatly affect a company's compliance with its financial covenants.
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How Trump Admin Treasury Policies Are Reaching Banks
The Treasury Department has emerged as an important facilitator of the Trump administration's financial policies affecting banks, which are now facing deregulation domestically and the use of international economic authorities in cross-border trade and investment, say attorneys at Davis Polk.
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Series
My Opera And Baseball Careers Make Me A Better Lawyer
Though participating in opera and the world of professional baseball often pulls me away from the office, my avocations improve my legal career by helping me perform under scrutiny, prioritize team success, and maintain joy and perspective at work, says Adam Unger at Herrick Feinstein.
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A Look At DOJ's Dropped Case Against Early Crypto Operator
The prosecution of an early crypto exchange operator over alleged unlicensed money transmission was recently dropped in Indiana federal court, showcasing that the U.S. Justice Department may be limiting the types of enforcement cases it will bring against digital asset firms, say attorneys at Greenberg Traurig.
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Policy Shifts Bring New Anti-Money Laundering Challenges
In the second half of 2025, the U.S. anti-money laundering regulatory landscape is poised for decisive shifts in enforcement priorities, compliance expectations and legislative developments — so investment advisers and other financial institutions should take steps to prepare for potential new obligations and areas of risk, say attorneys at Linklaters.
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8 Ways Lawyers Can Protect The Rule Of Law In Their Work
Whether they are concerned with judicial independence, regulatory predictability or client confidence, lawyers can take specific meaningful actions on their own when traditional structures are too slow or too compromised to respond, says Angeli Patel at the Berkeley Center of Law and Business.
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Series
Law School's Missed Lessons: Communicating With Clients
Law school curricula often overlook client communication procedures, and those who actively teach this crucial facet of the practice can create exceptional client satisfaction and success, says Patrick Hanson at Wiggam Law.
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Rocket Mortgage Appeal May Push Justices To Curb Classes
Should the U.S. Supreme Court agree to hear Alig v. Rocket Mortgage, the resulting decision could limit class sizes based on commonality under Rule 23 of the Federal Rules of Evidence as opposed to standing under Article III of the U.S. Constitution, say attorneys at Carr Maloney.