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Banking
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December 03, 2025
Citibank Says Developer Can't Blame It For $45M Wire Scam
Citibank NA has urged a California federal judge to toss a suit by a real estate developer who accidentally wired $45 million in home-purchase funds to a fraudster after receiving spoofed escrow emails.
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December 03, 2025
Firms Seek End To Ch. 7 Creditor's Malpractice Suit
Two law firms have urged a Connecticut state court to dismiss a lawsuit brought by a creditor in a Chapter 7 case that accused them of failing to ably represent its interests in the underlying bankruptcy and a related dispute, saying the former client's claims were too vague.
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December 03, 2025
Archegos Founder Says Davis Polk Job Offer Taints Restitution
Archegos founder Bill Hwang, who is serving an 18-year sentence for defrauding banks out of billions of dollars in loans used to manipulate the market, asked to vacate his restitution order because the presiding judge's clerk accepted a job with Davis Polk & Wardwell LLP, which represents victim-bank Morgan Stanley.
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December 03, 2025
UMB Bank Gets Partial Win In $80M Hard Rock Hotel Dispute
UMB Bank NA has been granted wins on some of its claims in a suit regarding a failed $80 million Hard Rock Hotel development project, with a Kansas federal court ruling that claims it did not properly reimburse the project developer's costs have already been decided in Minnesota court.
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December 03, 2025
Novartis, Swiss Marketer Want Out Of Trade Secrets Suit
A Swiss marketing company and its founder have joined pharmaceutical giant Novartis in asking a Manhattan federal judge to release them from a hedge fund's suit accusing the founder of brokering business meetings with Novartis in a scheme to steal its strategy, claiming the suit is merely an attempt to punish Novartis for placing money with a competitor.
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December 03, 2025
Ex-Execs Who Pled Guilty To $67M Fraud Settle With SEC
The U.S. Securities and Exchange Commission has moved to resolve its lawsuit accusing two former executives of an Illinois-based automobile financing company of misleading investors about the subprime automobile loans that backed a $100 million offering by the company now that they have pled guilty and been sentenced on fraud charges in a corresponding criminal case.
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December 03, 2025
OCC Taps Ex-DC Civil Division Head As Deputy Chief Counsel
The Office of the Comptroller of the Currency said Wednesday that it has hired a longtime litigator with the U.S. Attorney's Office for the District of Columbia to be a senior official in the banking agency's legal department.
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December 03, 2025
FINRA Fines Firm $1M Over Mutual Fund Supervision Issues
The Financial Industry Regulatory Authority has ordered Securities America Inc. to pay a $1 million fine and roughly $2 million in restitution to customers for allegedly failing to reasonably supervise certain mutual fund recommendations that allegedly resulted in customers paying unnecessary fees and following recommendations that were not in their best interests.
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December 03, 2025
MVP: Paul Weiss' Jessica S. Carey
Jessica Carey of Paul Weiss Rifkind Wharton & Garrison LLP guided TD Bank through its monumental series of resolutions with the U.S. government, helping it emerge into compliance with anti-money laundering laws, all while shielding several other financial institutions from a variety of claims like market manipulation, price fixing and other anticompetitive behavior, earning her a spot as one of the 2025 Law360 Banking MVPs.
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December 03, 2025
WilmerHale Hires BNP Paribas Director In Boston
An attorney with nearly 30 years of experience counseling clients on financial regulatory matters, including 10 years with the U.S. Department of the Treasury, has moved his practice to WilmerHale's Boston office.
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December 03, 2025
Ex-Bernstein Litowitz Atty Starts Firm After Contentious Exit
A former Bernstein Litowitz Berger & Grossmann LLP partner known for handling high-profile stockholder cases has led the launch of a boutique focused on corporate disputes and securities litigation after the firm says he was fired for misconduct.
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December 02, 2025
NY AG Claims Peak Capital Illegally Deregulated Apartments
A New York City developer wrongfully took advantage of a rent-stabilization exemption for building renovations to profit from illegally deregulating rent-stabilized apartments, New York State and its Division of Housing and Community Renewal alleged in state court.
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December 02, 2025
SDNY Head Backs Good Deals For Quick Cooperation By Cos.
Manhattan U.S. Attorney Jay Clayton on Tuesday said he's prepared to offer "real benefits" to corporations facing criminal investigations if they quickly agree to cooperate and compensate victims, ideally in the form of comprehensive, government-wide resolutions.
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December 02, 2025
Banking Regulators Pledge Basel Reset Amid Capital Rethink
Federal banking regulators told House lawmakers Tuesday that they are committed to advancing a fully rebuilt Basel III endgame rule that won't disrupt bank lending or gold-plate its requirements, although they stopped short of promising a capital-neutral result.
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December 02, 2025
Democratic Sens. Press 21 Credit Unions On Overdraft Fees
A trio of Democratic U.S. senators are pressing various credit unions for data and information on their policies concerning fees charged to customers who overdraft or have insufficient funds, in light of the National Credit Union Administration's decision to stop publishing overdraft data, among other things.
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December 02, 2025
PennyMac Can't Shed 'Pay-To-Pay' Borrower Class Action
Residential mortgage servicer PennyMac Loan Services LLC can't shed a proposed class action alleging it unfairly charged borrowers "pay-to-pay" fees, a North Carolina federal judge has said, saying the servicer's assertion that it doesn't collect or receive the relevant fees is an issue for a later stage in the proceedings.
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December 02, 2025
FDIC Secures Dismissal Of SVB Cayman Deposit Suit
A California federal judge has permanently tossed a suit against the Federal Deposit Insurance Corp. brought by liquidators of the Cayman Islands branch of collapsed Silicon Valley Bank, finding they lack standing to sue the agency and are barred from relitigating issues already decided in bankruptcy court.
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December 02, 2025
Ex-Amerant Bank Exec Claims Retaliation For Whistleblowing
Amerant Bank has been hit with a suit in Florida state court accusing it of ousting a senior vice president for speaking out against alleged prohibited activity at the bank, including several violations the former executive says were carried out by the bank's trust department.
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December 02, 2025
Wells Fargo Beneficiary's Hidden Trust Claims Are Too Late
Wells Fargo has beaten claims that it intentionally concealed a Massachusetts man's trust fund and drove him to financial instability, after a federal judge found the man didn't take appropriate steps to find his trust decades earlier.
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December 02, 2025
Ex-Estate Trustee Dodges Jail In $16M Mismanagement Suit
A Connecticut state court judge has declined to jail or otherwise sanction a former trustee in a discovery dispute over his use of $16 million in family trust assets to secure lines of credit and invest in Vietnamese real estate, but he wants document production issues resolved "as expeditiously as possible."
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December 02, 2025
MVP: Paul Hastings' Jennifer St. John Yount
Jennifer St. John Yount of Paul Hastings LLP worked with several major banks and credit lenders over the past year in complex, "jumbo" transactions, including advising a syndicate of private credit lenders in providing financing for Clearlake Capital's $5.3 billion majority growth investment in an AI-powered healthcare platform, earning her a spot as one of the 2025 Law360 Banking MVPs.
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December 02, 2025
3rd Circ. Weighs 'Information' Meaning In Credit Report Rift
A panel of the Third Circuit on Tuesday considered whether Experian acted reasonably when it reported that a New Jersey consumer was behind on child support payments despite the consumer's efforts to dispute that report's accuracy, questioning whether the purported delinquency had to be reported in the first place.
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December 02, 2025
SEC's Atkins Pushes To Broaden Small Business Criteria
U.S. Securities and Exchange Commission Chairman Paul Atkins said on Tuesday that the agency should push to change the definition of small business so that more publicly traded companies can forgo what he considers to be burdensome regulatory requirements.
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December 02, 2025
Santander Scores $472M For 3.5% Stake In Polish Unit
Banco Santander SA announced Tuesday it sold 3.5% of equity in its Polish subsidiary, Santander Bank Polska, through an accelerated placement that raised roughly PLN 1.72 billion, or about $472 million.
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December 01, 2025
Bristol-Myers Must Face Trimmed $6.7B Celgene Investor Suit
A Manhattan federal judge Monday trimmed UMB Bank's lawsuit accusing Bristol-Myers Squibb of slow-walking the U.S. Food and Drug Administration approval process for three drugs to avoid paying shareholders $6.7 billion owed from its 2019 acquisition of Celgene Corp.
Expert Analysis
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Series
Writing Novels Makes Me A Better Lawyer
Writing my debut novel taught me to appreciate the value of critique and to never give up, no matter how long or tedious the journey, providing me with valuable skills that I now emphasize in my practice, says Daniel Buzzetta at BakerHostetler.
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SEC's No-Action Relief Could Dramatically Alter Retail Voting
The U.S. Securities and Exchange Commission recently cleared the way for ExxonMobil to institute a novel change in retail shareholder voting that could greatly increase voter turnout, granting no-action relief that represents an effective and meaningful step toward modernizing the shareholder voting process and the much-needed democratization of retail investors, say attorneys at Cozen.
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New Mass. 'Junk Fee' Regs Will Be Felt Across Industries
The reach of a newly effective regulation prohibiting so-called junk fees and deceptive pricing in Massachusetts will be widespread across industries, which should prompt businesses to take note of new advertising, pricing information and negative option requirements, say attorneys at Hinshaw.
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SDNY OpenAI Order Clarifies Preservation Standards For AI
The Southern District of New York’s recent order in the OpenAI copyright infringement litigation, denying discovery of The New York Times' artificial intelligence technology use, clarifies that traditional preservation benchmarks apply to AI content, relieving organizations from using a “keep everything” approach, says Philip Favro at Favro Law.
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Compliance Steps To Take As FCRA Enforcement Widens
As the Fair Credit Reporting Act receives renewed focus from both federal and state enforcers, regulatory and litigation risk is most acute in several core areas, which companies can address by implementing purpose processes and quick remediation of consumer complaints, among other steps, say attorneys at Wiley.
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6 Shifts In Trump Tax Law May Lend A Hand To M&A Strategy
Changes in the Trump administration's recent One Big Beautiful Bill Act stand to create a more favorable environment for mergers and acquisitions, including full bonus depreciation and an expanded code section, say attorneys at K&L Gates.
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How Crypto Embrace Will Affect Banks And Credit Unions
The second Trump administration has moved aggressively to promote crypto-friendly reforms and initiatives, and as the embrace of stablecoins and distributed ledger technology grows, community banks and credit unions should think strategically as to how they might use these innovations to best serve their customers, says Jay Spruill at Woods Rogers.
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In NY, Long COVID (Tolling) Still Applies
A series of pandemic-era executive orders in New York tolling state statutes of limitations for 228 days mean that many causes of action that appear time-barred on their face may continue to apply, including in federal practice, for the foreseeable future, say attorneys at Sher Tremonte.
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New Conn. Real Estate Laws Will Reshape Housing Landscape
With new legislation tackling Connecticut's real estate landscape, introducing critical new requirements and legal ambiguities that demand careful interpretation, legal counsel will have to navigate a significantly altered and more complex regulatory environment, say attorneys at Harris Beach.
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Opinion
Expert Reports Can't Replace Facts In Securities Fraud Cases
The Ninth Circuit's 2023 decision in Nvidia v. Ohman Fonder — and the U.S. Supreme Court's punt on the case in 2024 — could invite the meritless securities litigation the Private Securities Litigation Reform Act was designed to prevent by substituting expert opinions for facts to substantiate complaint assertions, say attorneys at A&O Shearman.
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Iran Sanctions Snapback Raises Global Compliance Risks
The reimplementation of U.N. sanctions targeting Iran’s nuclear program, under a Security Council resolution's snapback mechanism, and related actions in Europe and the U.K., may change U.S. due diligence expectations and enforcement policies, particularly as they apply to non-U.S. businesses that do business with Iran, says John Sandage at Berliner Corcoran.
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3rd Circ. Ruling Forces A Shift In Employer CFAA Probes
The Third Circuit's recent ruling in NRA Group v. Durenleau, finding that "unauthorized access" requires bypassing technical barriers rather than simply violating company policies, is forcing employers to recalibrate insider misconduct investigations and turn to contractual, trade secret and state-level claims, say attorneys at Sidley.
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Glimmers Of Clarity Appear Amid Open Banking Disarray
The Consumer Financial Protection Bureau's vacillation over data rights rules has created uncertainty, but a recent proposal is a strong signal that open banking regulations are here to stay, making now the ideal time for entities to take action to decrease compliance risk, says Adam Maarec at McGlinchey Stafford.
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Opinion
High Court, Not A Single Justice, Should Decide On Recusal
As public trust in the U.S. Supreme Court continues to decline, the court should adopt a collegial framework in which all justices decide questions of recusal together — a reform that respects both judicial independence and due process for litigants, say Michael Broyde at Emory University and Hayden Hall at the U.S. Bankruptcy Court for the District of Delaware.
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FTC's Consumer Finance Pivot Brings Industry Pros And Cons
An active Federal Trade Commission against the backdrop of a leashed Consumer Financial Protection Bureau will be welcomed by most in the consumer finance industry, but the incremental expansion of the FTC's authority via enforcement actions remains a risk, say attorneys at Hudson Cook.