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Banking
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October 01, 2025
Trump Withdraws Nomination Of Quintenz For CFTC Chair
President Donald Trump has withdrawn his nomination of Brian Quintenz to lead the U.S. Commodity Futures Trading Commission, following a delay at the president's request of a Senate committee vote on the nomination and Quintenz's public feud with crypto exchange founders Tyler and Cameron Winklevoss.
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October 01, 2025
CFPB 'Will Continue Operations' As Gov't Shutdown Hits
The Consumer Financial Protection Bureau has told its staff to expect business as usual amid the government shutdown that began Wednesday, assuring them that operations, pay and benefits will continue uninterrupted, according to an internal email obtained by Law360.
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October 01, 2025
Trump Moves To Elevate FDIC's Hill To Permanent Chair
President Donald Trump has nominated the Federal Deposit Insurance Corp.'s acting Chairman Travis Hill to lead the deposit insurer on a permanent basis, the White House confirmed Wednesday.
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October 01, 2025
UBS Says Ex-Advisers Poached $1.4B In Clients For New Firm
UBS Financial Services has accused several of its former financial advisers of violating nonsolicitation and confidentiality agreements by plotting to launch a rival firm and poaching clients with $1.4 billion in assets, damaging UBS and its other former employees still entitled to client revenue.
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October 01, 2025
Mich. Judge Slashes RICO Claims Against Mortgage Lender
A Michigan federal judge has dismissed the bulk of a proposed class action accusing United Wholesale Mortgage of forcing mortgage brokers to originate loans with UWM instead of shopping around for the best options for borrowers.
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October 01, 2025
4th Circ. Won't Rehear Consultancy's $5M SBA Loan Suit
The Fourth Circuit declined to reconsider a global consultancy and risk management company's lawsuit against the U.S. Small Business Administration in which the consultant argued its $5 million loan was eligible for COVID-19 debt relief.
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October 01, 2025
Ga. Law Firm Looks To Ax Bank's Malpractice Suit Over Fraud
Stanley Esrey & Buckley LLP has urged a Georgia state appeals court to dismiss claims from a bank accusing it of legal malpractice and negligence, arguing that it did not cause the bank to lose more than $8 million through bogus loan transactions.
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October 01, 2025
Simpson Thacher Taps Barclays Atty For Shareholder Group
Simpson Thacher & Bartlett LLP announced on Wednesday it has hired a former Barclays Capital attorney to lead its shareholder engagement and activism defense group.
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October 01, 2025
3 Firms Guide Rocket Merger To Close With $14.2B Valuation
Online mortgage giant Rocket has finished its all-stock purchase of rival Mr. Cooper Group with help from Paul Weiss, Wachtell and Bradley Arant, noting Wednesday the now-$14.2 billion deal has a higher price tag because stock values have risen since the merger's announcement.
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October 01, 2025
High Court Lets Fed's Cook Keep Job For Now
The U.S. Supreme Court said Wednesday that it will wait to hear oral arguments early next year before ruling on President Donald Trump's bid to immediately oust Federal Reserve Gov. Lisa Cook, a move that will allow her to remain on the job in the meantime.
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September 30, 2025
Banker Defamed Jack Nicklaus After Pact Ended, Jury Told
Jack Nicklaus told a Florida state court jury on Tuesday that a banker and his associates defamed him after discontinuing a 15-year business relationship, saying their public relations campaign intentionally smeared his reputation after he refused to make a deal with Saudi Arabia.
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September 30, 2025
Merrill Lynch Denied Bid To Block Rival Firm's Launch
A Georgia federal judge on Tuesday refused to grant Merrill Lynch's bid for a temporary restraining order against a dozen former employees, Charles Schwab and Dynasty Financial Partners in a case concerning an alleged attempt to start a new independent financial advisory firm with Merrill's staff and confidential information.
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September 30, 2025
Morgan Stanley Gets Fed Capital Buffer Break After Review
The Federal Reserve Board said Tuesday that it has lowered a key capital requirement for Morgan Stanley after reconsidering its stress-testing results, marking the second time a bank has successfully petitioned for such a break.
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September 30, 2025
Murdaugh's Banker Sentenced To 60 Months After Guilty Plea
The onetime bank CEO who pled guilty in South Carolina federal court to helping ex-lawyer and convicted murderer Alex Murdaugh steal client money has been sentenced to 60 months in prison, the same amount specified in his plea deal.
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September 30, 2025
Regions Bank Brass Must Face Suit Over $191M CFPB Fine
A Delaware chancellor ruled Tuesday that most board members of Regions Bank cannot escape a shareholder derivative suit over a $191 million fine the bank paid to the Consumer Financial Protection Bureau in 2022 for charging unlawful "surprise" overdraft fees on certain debit card transactions and ATM withdrawals.
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September 30, 2025
Credit Suisse Aided Looting Of Tech Exec's Stock, Suit Says
The co-founder of sensing-tech company Aeva Technologies says Credit Suisse provided "institutional cover" to conspirators who stole tens of millions of dollars in Aeva shares from him in what he described as a "calculated, multi-year orchestrated racketeering scheme," according to a suit filed Tuesday in New York federal court.
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September 30, 2025
Waters Warns CFPB Furloughs Would Be 'Baseless,' 'Harmful'
A senior Democrat in the U.S. House of Representatives is warning the Consumer Financial Protection Bureau not to use a looming government shutdown as a "pretext" to furlough employees at the agency, arguing that such an unpaid work stoppage would be unnecessary and dangerous.
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September 30, 2025
FinCEN Seeks Feedback On Financial Compliance Burden
The U.S. Treasury Department's enforcement arm requested feedback Tuesday on the compliance burden for financial institutions responding to the agency's information requests "as part of its continuing efforts to reduce paperwork and respondent burden."
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September 30, 2025
UBS Beats Investors' Swiss Franc Rate Rigging Suit For Good
A New York federal judge has dismissed claims against UBS AG in a long-running case alleging financial institutions conspired to rig the Swiss franc Libor, saying the plaintiffs failed to demonstrate they had been assigned the necessary recovery rights to pursue their claims.
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September 30, 2025
SEC Approves Cost Cuts For Consolidated Audit Trail
The U.S. Securities and Exchange Commission on Tuesday approved a plan that it says could save at least $20 million a year by adopting new data retention standards for a key market surveillance tool, with the agency's chair promising to cut the "ballooning" costs of the market tool even further in the coming months and years.
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September 30, 2025
Bain Capital-Backed SPAC Leads 3 Offerings Totaling $670M
Three special purpose acquisition companies hit the public markets Tuesday after raising a combined $670 million in their initial public offerings, joining a surge in SPAC listings recently.
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September 30, 2025
CFPB Looks To Save Renewed Experian Credit Reporting Suit
Consumer reporting agency Experian Information Solutions Inc. should not be allowed to escape certain Fair Credit Reporting Act allegations taking aim at its handling of consumer disputes, the Consumer Financial Protection Bureau has argued, asserting the parties made an "inadvertent mutual mistake" in leaving Experian's name off the parties' agreement to toll the CFPB's claims.
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September 30, 2025
Del. Justices Won't Revive Gellert Seitz Malpractice Case
The Delaware Supreme Court on Tuesday rejected a homebuilder's bid to revive its legal malpractice suit against Gellert Seitz Busenkell & Brown LLC over damages the builder said it suffered due to the firm's negligence in loan restructuring disputes with a bank.
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September 29, 2025
Visa Defeats Claims It Profited From Child Porn, For Now
A California federal judge has thrown out allegations Visa knew about and profited from child pornography on Pornhub and other websites it worked with, though he gave the young woman who sued another opportunity to file an amended complaint.
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September 29, 2025
Supreme Court Considers 7 Patent Petitions
The U.S. Supreme Court held its first conference Monday, presenting the justices with several petitions of interest to patent practitioners before the court's new term kicks off next week.
Expert Analysis
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Class Actions At The Circuit Courts: August Lessons
In this month's review of class action appeals, Mitchell Engel at Shook Hardy discusses key takeaways from federal appellate decisions involving topics including antitrust, immigration, consumer fraud, birthright citizenship under the Fourteenth Amendment, and product defects.
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Series
Hiking Makes Me A Better Lawyer
On the trail, I have thought often about the parallels between hiking and high-stakes patent litigation, and why strategizing, preparation, perseverance and joy are important skills for success in both endeavors, says Barbara Fiacco at Foley Hoag.
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White House Report Strikes An Optimistic Note On Crypto
Taking seriously President Donald Trump's pledge to adopt a pro-innovation mindset toward digital assets and blockchain technologies, a recent benchmark White House report on crypto provides a comprehensive regulatory framework that takes into account the products' novel characteristics within the high-tech ecosystem, say attorneys at Davis Wright.
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Series
Law School's Missed Lessons: Negotiation Skills
I took one negotiation course in law school, but most of the techniques I rely on today I learned in practice, where I've discovered that the process is less about tricks or tactics, and more about clarity, preparation and communication, says Grant Schrantz at Haug Barron.
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Taxpayers Face Tough Choices Under NJ's New Nexus Rules
Though New Jersey’s new rules expanding the commercial nexus that triggers state taxation are likely to be challenged, businesses still need to carefully consider whether it’s best to minimize potential tax by reducing online customer support services or maintain their current instate services and begin paying tax, say attorneys at Husch Blackwell.
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How Community Banks Can Limit Overdraft Class Action Risk
With community banks increasingly confronted with class actions claiming deceptive overdraft fees, local institutions should consider proactively revising their customer policies and agreements to limit their odds of facing costly and complicated consumer litigation, say attorneys at Jones Walker.
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Opinion
Bar Exam Reform Must Expand Beyond A Single Updated Test
Recently released information about the National Conference of Bar Examiners’ new NextGen Uniform Bar Exam highlights why a single test is not ideal for measuring newly licensed lawyers’ competency, demonstrating the need for collaborative development, implementation and reform processes, says Gregory Bordelon at Suffolk University.
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A Simple Way Courts Can Help Attys Avoid AI Hallucinations
As attorneys increasingly rely on generative artificial intelligence for legal research, courts should consider expanding online quality control programs to flag potential hallucinations — permitting counsel to correct mistakes and sparing judges the burden of imposing sanctions, say attorneys at Lankler Siffert & Wohl and Connors.
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Surveying The Changing Overdraft Fee Landscape
Despite recent federal moves that undermine consumer overdraft fee protections, last year’s increase in fee charges suggests banks will face continued scrutiny via litigation and state regulation, says Amanda Kurzendoerfer at Bates White.
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What's At Stake In High Court Review Of Funds' Right To Sue
The U.S. Supreme Court's upcoming review of FS Credit Opportunities v. Saba Capital Master Fund, a case testing the limits of using Investment Company Act Section 47(b) to give funds a private right of action to enforce other sections of the law, could either encourage or curb similar activist investor lawsuits, say attorneys at Goodwin.
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Handling Sanctions Risk Cartel Control Brings To Mexico Port
Companies operating in or trading with Mexico should take steps to mitigate heightened exposure triggered by routine port transactions following the U.S. Treasury’s recent unequivocal statement that a foreign terrorist organization controls the port of Manzanillo, says Jeremy Paner at Hughes Hubbard.
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The Road Ahead For Digital Assets Looks Promising
With new legislation expected to accelerate the adoption of blockchain technology, and with regulators taking a markedly more permissive approach to digital assets, the convergence of traditional finance and decentralized finance is closer than ever, say attorneys at Dechert.
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Unpacking The Supreme Court's Views On Judgment Finality
The U.S. Supreme Court's June opinion in BLOM Bank SAL v. Honickman reaffirmed that the bar for reopening a final judgment remains exceptionally high — even when the movant seeks to amend their complaint based on a new legal development, say attorneys at Venable.
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Series
Creating Botanical Art Makes Me A Better Lawyer
Pressing and framing plants that I grow has shown me that pursuing an endeavor that brings you joy can lead to surprising benefits for a legal career, including mental clarity, perspective and even a bit of humility, says Douglas Selph at Morris Manning.
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Supreme Court's Criminal Law Decisions: The Term In Review
Though the U.S. Supreme Court’s criminal law decisions in its recently concluded term proved underwhelming by many measures, their opinions revealed trends in how the justices approach criminal cases and offered reminders for practitioners, says Kenneth Notter at MoloLamken.