Banking

  • September 24, 2025

    Texas Banker Says Co.'s $30M Fraud Suit Must Be Arbitrated

    A South African company's lawsuit accusing a Texas family, a wealth manager and Frost Bank of orchestrating a $30 million embezzlement and money laundering scheme belongs in arbitration, the defendants have told a Fort Worth federal judge.

  • September 24, 2025

    FINRA To Nix Minimum Equity Requirement For Day Traders

    The Financial Industry Regulatory Authority announced Wednesday that its board approved changes to its rules for so-called pattern day trading that would remove a minimum equity requirement for such traders.

  • September 24, 2025

    Comcast Loses Challenge To Labor Dept. ALJs' Authority

    Comcast Corp. can't force a pair of former executives and the U.S. Department of Labor to sue in federal court, after a Virginia federal judge found that handing a Sarbanes-Oxley whistleblower case to an administrative law judge did not violate the company's Seventh Amendment rights.

  • September 24, 2025

    Execs Breached Danish Deal In $2B Tax Case, Court Says

    Three men claiming to be pension plan executives who struck a civil settlement with the Danish taxing authority over their role in a $2 billion tax fraud scheme breached their settlement agreement, a New York federal court found, saying the men had not paid back the amount they promised.

  • September 24, 2025

    Bank Says It's Being Blocked From Settlement Fund Market

    Flatirons Bank has sued Eastern Point Trust Co. in Wyoming federal court for allegedly blocking competition in the market for qualified settlement fund services by threatening baseless litigation and falsely claiming that Flatirons' platform copies its own offering.

  • September 24, 2025

    AGs Slam Capital One's $425M Deal As Unfair To Consumers

    New York Attorney General Letitia James and 17 other attorneys general are opposing a proposed $425 million settlement between Capital One and a putative consumer class alleging the bank deceptively advertised its 360 Savings accounts, telling a Virginia federal court the deal "fails to adequately redress" the harms caused by the scheme.

  • September 24, 2025

    Merrill Lynch Accuses Ex-Staff, Schwab, Investor Of IP Theft

    Merrill Lynch has filed a trade secrets lawsuit against a dozen former employees, Charles Schwab and Dynasty Financial Partners, alleging the defendants conspired to start a new independent financial advisory firm with Merrill's staff and confidential information.

  • September 24, 2025

    Loeb & Loeb, Kirkland Guide SPAC Lafayette's $250M IPO

    Guided by Loeb & Loeb LLP and underwriters' counsel Kirkland & Ellis LLP, special purpose acquisition company Lafayette Digital Acquisition I filed Tuesday for a $250 million initial public offering with the U.S. Securities and Exchange Commission with hopes to acquire blockchain- or fintech-related merger targets.

  • September 24, 2025

    Grid Operator TenneT Selling $11.2B Stake To Institutions

    TenneT Holding said Wednesday it has agreed to sell a 46% stake in its German transmission business, TenneT Germany, to three institutional investors, raising up to €9.5 billion ($11.2 billion) in new equity to fund the expansion of the country's high-voltage grid.

  • September 24, 2025

    Ex-Bank Compliance Execs' Whistleblower Suit Tossed

    A New York federal judge has dismissed whistleblower and discrimination claims brought by former Shinhan Bank America compliance executives against the bank, finding that they failed to follow the required administrative steps before filing suit and haven't demonstrated that the bank was aware of their allegedly whistleblower-protected activity, among other things.

  • September 24, 2025

    PNC Failed To Protect 740K Users' Data In Breach, Suit Claims

    A proposed class action filed in Pennsylvania federal court Tuesday claims PNC Financial Services suffered a data breach affecting 740,000 customers and should be held liable for not protecting their personal information.

  • September 24, 2025

    Pa. Man Gets 4 Years In Prison For $72M Fraud

    A Pennsylvania man has been sentenced to four years behind bars for scamming two lenders out of $72 million that he said would go toward buying insurance companies, according to the U.S. attorney's office in Philadelphia.

  • September 24, 2025

    Lender Must Face Class Claims It Ignored 'Do Not Call' Asks

    A mortgage lender must face class allegations that it called people without their consent to market its loan products and continued to call people who asked it to stop, a Michigan federal judge has ruled, rejecting the lender's arguments that the proposed class is too vague.

  • September 23, 2025

    Experian Beats Credit Investigation Suit, For Now

    Experian beat a proposed class action alleging it failed to timely reinvestigate disputed information in a plaintiff's file that kept him from securing a property mortgage loan, a North Carolina federal judge said Tuesday, finding that the plaintiff lacked standing and couldn't fairly trace his injury to the delay in reinvestigation.

  • September 23, 2025

    Banks Urge SEC To Hold Crypto Custody To Same Standards

    Financial services trade groups have cautioned the U.S. Securities and Exchange Commission against broadly permitting investment advisers and state-chartered trust companies to safeguard customer's cryptocurrency assets, urging the agency to maintain equal standards for all financial custodians amid planned crypto rulemaking.

  • September 23, 2025

    CFTC Seeks Feedback On The Use Of Crypto Collateral

    The U.S. Commodity Futures Trading Commission launched an initiative on Tuesday to enable the use of certain crypto assets as collateral in derivatives markets, soliciting industry suggestions on potential pilot programs, amendments to regulations and relevant issues.

  • September 23, 2025

    Ex-Discover Financial Exec Can Pursue Equity Clawback Suit

    An Illinois federal judge has rejected a bid to toss a retired Discover Financial Services executive's age and gender discrimination lawsuit, finding she has sufficiently alleged at this point that she faced disparate treatment tied to her sex and that Discover's arguments against her age discrimination claim don't hold weight.

  • September 23, 2025

    Hedge Funds Call For CFTC To End Dual Registration

    A group representing the hedge fund industry is calling on the U.S. Commodity Futures Trading Commission to drop the need for industry participants to submit to agency oversight in cases where fund managers are already registered with the U.S. Securities and Exchange Commission, calling the dual registration requirement "costly" and "inefficient."

  • September 23, 2025

    CFPB Frees Apple, US Bank From Biden-Era Consent Orders

    The Consumer Financial Protection Bureau has lifted two more enforcement orders issued during the Biden administration, this time granting both Apple Inc. and U.S. Bank NA an early release from ongoing monitoring years ahead of schedule.

  • September 23, 2025

    DHS Floats H-1B Rule To Prioritize Higher-Paid Workers

    The Trump administration proposed a rule on Tuesday to change the H-1B lottery process to one that gives priority to higher-skilled workers at companies offering better pay, according to a Federal Register notice.

  • September 23, 2025

    Chair Of Puerto Rican Bank Pleads Guilty To $13.6M Fraud

    The chairman of the board of Puerto Rico-based Nodus International Bank has pled guilty to leading a scheme through which he and the bank's former CEO stole more than $13.6 million from Nodus and used it for their own benefit.

  • September 23, 2025

    Cantor Fitzgerald, Citibank Hit With Trading Patent Suits

    Several financial services businesses, including Citibank and Secretary of Commerce Howard Lutnick's former firm Cantor Fitzgerald, have been sued in New York and Texas federal court over their alleged infringement of a trading patent.

  • September 23, 2025

    Wilmington Trust Seeks Receiver After $19M Loan Default

    A single-asset real estate firm that owns an office building in the Denver Technological Center, or DTC, filed for Chapter 11 and faces a request for a receiver over the building it owns after it defaulted on a $19 million loan last year, according to court filings.

  • September 23, 2025

    LPL Financial Nabs Ex-AUSA, Eversheds Investigations Head

    LPL Financial has hired a former Manhattan federal prosecutor as head of litigation and arbitration following her time as co-leader of Eversheds Sutherland's corporate crime and investigations practice.

  • September 23, 2025

    Climate Transition-Focused SPAC Plans For $150M IPO

    Special purpose acquisition company Climate Transition Special Opportunities SPAC I has filed plans with U.S. regulators to raise up to $150 million in its initial public offering, with the goal of acquiring a company in the renewable energy or specialty finance space.

Expert Analysis

  • Series

    Adapting To Private Practice: From ATF Director To BigLaw

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    As a two-time boomerang partner, returning to BigLaw after stints as a U.S. attorney and the director of the Bureau of Alcohol, Tobacco, Firearms and Explosives, people ask me how I know when to move on, but there’s no single answer — just clearly set your priorities, says Steven Dettelbach at BakerHostetler.

  • What To Know As SEC Looks To Expand Private Fund Access

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    As the U.S. Securities and Exchange Commission considers expanding retail access to private markets, understanding how these funds operate — and the role of financial intermediaries in guiding investors — is increasingly important, say attorneys at K&L Gates.

  • New DOJ Penalty Policy Could Spell Trouble For Cos.

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    In light of the U.S. Department of Justice’s recently published guidance making victim relief a core condition of coordinated resolution crediting, companies facing parallel investigations must carefully calibrate their negotiation strategies to minimize the risk of duplicative penalties, say attorneys at Debevoise.

  • Influencer Marketing Partnerships Face Rising Litigation Risk

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    In light of recent class actions claiming that brands and influencers are misleading consumers with deceptive marketing practices — largely premised on the Federal Trade Commission's endorsements guidance — proactive compliance measures are becoming more important, say attorneys at Olshan Frome.

  • 5 Consumer Protection Compliance Issues In NY State Budget

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    Companies that engage with New York consumers should promptly familiarize themselves with new state budget provisions that require finance and retail companies to make certain business practices more transparent and easier for customers to execute, say attorneys at Mintz.

  • Open Banking Is On Ice As CFPB Seeks To Toss Its Own Rule

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    Even as the Consumer Financial Protection Bureau's efforts to toss its open banking rule play out in Kentucky federal court, it remains statutorily required to effectuate consumer access to data, raising questions about how it would replace the previously finalized standard, say attorneys at Cooley.

  • SEC, FINRA Obligations In Changing AI Regulatory Landscape

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    Despite the U.S. Securities and Exchange Commission's recent withdrawal of its proposed artificial intelligence conflict rules, financial regulators remain focused on firms developing the correct AI compliance framework, as well as continuously testing and supervising them to ensure they're fit for purpose, say attorneys at Cahill Gordon.

  • Series

    Playing Baseball Makes Me A Better Lawyer

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    Playing baseball in college, and now Wiffle ball in a local league, has taught me that teamwork, mental endurance and emotional intelligence are not only important to success in the sport, but also to success as a trial attorney, says Kevan Dorsey at Swift Currie.

  • How US Cos. Should Prep For Brazil's Int'l Data Transfer Rules

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    Brazil's National Data Protection Authority's new rules concerning the processing and storing of Brazilians' personal data carry significant reputational risks for the e-commerce, financial services, education and health sectors, so U.S. companies with business in Brazil should prepare ahead of the Aug. 23 compliance date, says Juliane Chaves Ferreira at Guimarães & Vieira de Mello.

  • Roundup

    Ohio Banking Brief

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    In this Expert Analysis series, attorneys provide quarterly recaps discussing the biggest developments in Ohio banking regulation and policymaking.

  • Wells Fargo Suit Shows Consumer Protection Limits In Mass.

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    The Massachusetts Appeals Court's May decision in Wells Fargo Bank v. Coulsey underscores that consumer rights are balanced against the need for closure, and even the broad protections of state consumer protection law will not open the door to relitigating the same claims, say attorneys at Greenberg Traurig.

  • Series

    Ohio Banking Brief: All The Notable Legal Updates In Q2

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    Ohio's financial services sector saw several significant developments in the second quarter of 2025, including a case that confirmed credit unions' setoff rights, another that established contract rights between banks and cardholders, and the House passage of a digital asset bill, say attorneys at Frost Brown.

  • Managing Risks As State AGs Seek To Fill Enforcement Gap

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    Given an unprecedented surge in state attorney general activity resulting from significant shifts in federal enforcement priorities, companies must consider tailored strategies for navigating the ever-evolving risk landscape, say attorneys at Cozen O'Connor.

  • Series

    Law School's Missed Lessons: Skillful Persuasion

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    In many ways, law school teaches us how to argue, but when the ultimate goal is to get your client what they want, being persuasive through preparation and humility is the more likely key to success, says Michael Friedland at Friedland Cianfrani.

  • Special Committees Gain Traction In Chapter 11 Investigations

    Excerpt from Practical Guidance
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    Tara Pakrouh at Morris James discusses why special committees are becoming more common in Chapter 11 bankruptcies, how they've been used in real cases and what makes them effective.

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