Banking

  • April 02, 2024

    Simpson Thacher Appoints 2 Banking And Credit Leads

    Simpson Thacher & Bartlett LLP announced Tuesday the appointment of two veteran partners as co-heads of its banking and credit practice.

  • April 02, 2024

    3 Firms Guide Safety Testing Group UL's Estimated $770M IPO

    Safety science company UL Solutions Inc. on Tuesday unveiled a price range for an estimated $770 million initial public offering under the guidance of three law firms, marking the third company to launch IPO plans this week.

  • April 02, 2024

    Cohen Milstein Hires CFTC Whistleblower Office Leader In DC

    Cohen Milstein Sellers & Toll PLLC has hired the acting director of the Commodity Futures Trading Commission's whistleblower office, who brings more than two decades of experience working in related roles in public service to the platform.

  • April 02, 2024

    UK Reaches Landmark AI Risk Testing Agreement With US

    The U.K. government said Tuesday it had reached a landmark agreement with the U.S. to share the testing of advanced models for artificial intelligence, after highlighting in a report its increasing use by cybercriminals to attack financial institutions and business.

  • April 01, 2024

    Trump Posts $175M Bond, Pausing $465M Fraud Judgment

    Donald Trump on Monday posted a $175 million bond, ducking, for now, enforcement of a nearly $465 million civil fraud judgment against him and his businesses in the New York attorney general's case accusing them of defrauding banks and insurers.

  • April 01, 2024

    Nat'l Security Info Ordered Sealed In $12M Somali Fraud Case

    A Maryland federal judge has ordered protocols to seal confidential State Department materials amid the government's criminal fraud case charging a Maryland lawyer with misappropriating more than $12 million in Somali state assets.

  • April 01, 2024

    AmEx Sends Credit Card Applicants' Data To Meta, Suit Says

    American Express was recently hit with a putative class action in New York federal court by a California resident alleging the company illegally shares with Facebook sensitive financial and personally identifiable information of people who apply online for credit cards.

  • April 01, 2024

    FDIC Dings 2 More Banks Over 3rd-Party Relationships

    The Federal Deposit Insurance Corp. has ordered an Ohio community bank and a New York digital "hybrid" bank to strengthen their oversight of business partners, the latest in the agency's recent spate of enforcement actions over banks' management of their third-party relationships with financial technology firms and other outside companies.

  • April 01, 2024

    Catching Up With Delaware's Chancery Court

    Last week, Delaware's Court of Chancery saw a $42.5 million settlement, dismissal of two big suits with two more remanded back, and new cases from shareholders of Walt Disney, Donald Trump's Truth Social, Rivian Automotive and BarkBox.

  • April 03, 2024

    CORRECTED: Immigration Bond Cos. Owe $811M For Deceptive Practices

    A Virginia federal judge ordered Libre by Nexus Inc., a bonding company, to fork over more than $811 million in the Consumer Financial Protection Bureau's suit alleging the company engages in predatory bonding practices targeting cash-strapped immigration detainees.

  • April 01, 2024

    Texas Judge Halts New Community Lending Rules For Banks

    A Texas federal judge has ordered a halt to the rollout of federal banking regulators' recently revamped rules intended to spur bank lending in underserved communities, granting a preliminary injunction sought by bank industry trade groups suing to overturn the changes.

  • April 01, 2024

    Kirkland Atty Escapes Malpractice Suit Over Loan Docs

    A Kirkland & Ellis LLP attorney has secured an early win in a legal malpractice case alleging he botched an estate planning matter and lost his client millions in a later divorce, with a New Jersey federal court finding the client couldn't prove "proximate causation" of alleged damages in light of her subsequent divorce settlement.

  • April 01, 2024

    Fed Beats Crypto-Focused Bank's Master Account Suit

    The Federal Reserve Bank of Kansas City has defeated a suit brought by crypto-focused Custodia Bank over its battle for a so-called master account, with a Wyoming federal judge ruling that Custodia's reading of the law doesn't show it's statutorily entitled to such an account because Congress does not "hide elephants in mouse holes."

  • April 01, 2024

    Murdaugh Gets 40 Years For Financial Crimes In Fed. Court

    Alex Murdaugh, the disgraced former South Carolina lawyer serving a life sentence for murder, was hit with a concurrent 40-year prison term in federal court Monday after pleading guilty to stealing at least $9 million from clients.

  • April 01, 2024

    Inside The Global Ch. 11 Hunt For Ho Wan Kwok's Money

    Chasing the assets of controversial businessman Ho Wan Kwok across dozens of jurisdictions worldwide isn't an impossible mission for the seasoned Chapter 11 trustee pursuing hundreds of clawback claims, but experts predict a formidable task awaits the Paul Hastings LLP partner thanks to a potentially hostile reception in foreign courts.

  • April 01, 2024

    Canadian Trucking Co. Seeks US Bankruptcy Recognition

    Canadian truck dealers the Pride Group on Monday asked a Delaware judge for U.S. recognition of the Canadian insolvency proceedings it began in the face of a more than $90 million claim from Mitsubishi over an alleged loan default.

  • March 29, 2024

    Petition Watch: Off-Label Ads, Retiree Discrimination & PPE

    A Utah attorney has asked the U.S. Supreme Court to determine whether allegedly retaliatory IRS summonses can be quashed, and two former pharmaceutical executives are challenging the constitutionality of their convictions for marketing the off-label use of a drug. Here, Law360 looks at recently filed petitions that you might've missed.

  • March 29, 2024

    PayPal Gets CFPB's Fee Disclosure Rule Cut Down Again

    A Washington, D.C., federal judge on Friday again sided with payment-processing giant PayPal in striking down attempts by the Consumer Financial Protection Bureau to hold digital wallets to certain disclosure and waiting-period rules that apply to physical prepaid payment cards.

  • March 29, 2024

    5th Circ. Stays CFPB Late-Fee Rule Suit's Move To DC

    Bank industry groups challenging the Consumer Financial Protection Bureau's $8 credit card late fee standard have been granted a short-term Fifth Circuit stay of a Texas federal judge's move to send their lawsuit across the country to D.C. federal court.

  • March 29, 2024

    BofA Sued After FTC Imposter Steals $2M From Accounts

    A 67-year-old Florida woman has sued Bank of America over alleged negligence and violations of several federal laws, claiming in the case that was removed to federal court this week that the financial services company failed to protect her accounts as she fell victim to a sophisticated social engineering scam by a person posing as a Federal Trade Commission investigator who stole $2 million.

  • March 29, 2024

    BofA Unfairly Charges Fees For Others' Bad Checks, Suit Says

    Bank of America is the latest financial institution to face a class action alleging it wrongfully charged customers a fee when they deposited checks that then bounced.

  • March 29, 2024

    GEO Group Brass Agree To Reforms To End Derivative Suit

    Shareholders who claimed executives of private prison contractor GEO Group Inc. lied about financing deals with major banks told a Florida federal judge that the company has agreed to a host of corporate reforms to end the derivative suit, which will include the appointment of a chief compliance officer.

  • March 29, 2024

    CFPB Probe Of Utah Lender Put On Ice For High Court Ruling

    A small-dollar lender can hold off on responding to the Consumer Financial Protection Bureau until the U.S. Supreme Court rules on a pending constitutional challenge to the agency, a Utah federal magistrate judge has decided.

  • March 29, 2024

    Up Next After Bankman-Fried Sentencing: FTX Cooperators

    Now that FTX founder Sam Bankman-Fried has been sentenced to 25 years in prison for an $11 billion fraud on the collapsed crypto exchange, it's time for the three top lieutenants who testified against him at trial to face their own judgments — and experts say the cooperators are well positioned to avoid jail time.

  • March 29, 2024

    Cannabis Co. Consultant Barred From Penny Stock Trading

    A Florida federal judge has barred a self-designated consultant for a cannabis company from penny stock trading for life, finding that he knowingly put out statements claiming the company had deals to do business in countries where it was not legally allowed to sell cannabis products.

Expert Analysis

  • Where Justices Stand On Chevron Doctrine Post-Argument

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    Following recent oral argument at the U.S. Supreme Court, at least four justices appear to be in favor of overturning the long-standing Chevron deference, and three justices seem ready to uphold it, which means the ultimate decision may rest on Chief Justice John Roberts' vote, say Wayne D'Angelo and Zachary Lee at Kelley Drye.

  • Perspectives

    6 Practice Pointers For Pro Bono Immigration Practice

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    An attorney taking on their first pro bono immigration matter may find the law and procedures beguiling, but understanding key deadlines, the significance of individual immigration judges' rules and specialized aspects of the practice can help avoid common missteps, says Steven Malm at Haynes Boone.

  • Series

    ESG Around The World: Canada

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    In Canada, multiple statutes, regulations, common law and industry guidance address environmental, social and governance considerations, with debate over ESG in the business realm potentially growing on the horizon, say attorneys at Blakes.

  • Bank M&A Considerations Amid 2024's Regulatory Uncertainty

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    Following the decline in banking mergers to the lowest level in more than a decade last year, receptiveness to community bank combinations and positive macroeconomic factors may help banks with less than $50 billion in assets see increased deal-making opportunities this year, despite regulatory uncertainty, say Robert Azarow and Amber Hay at Arnold & Porter.

  • Lessons From Country Singer's Personal Service Saga

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    Recent reports that country singer Luke Combs won a judgment against a Florida woman who didn’t receive notice of the counterfeit suit against her should serve as a reminder for attorneys on best practices for effectuating service by electronic means, say attorneys at Jenner & Block.

  • What To Expect From High Court In Corp. Disclosure Case

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    Oral argument in Macquarie v. Moab Partners — a case with the potential to significantly alter corporate disclosures and private securities litigation liability — suggests that the U.S. Supreme Court is focused on answering the narrow question presented, say Elizabeth Gingold Clark and Madeleine Juszynski Davidson at Alston & Bird.

  • 11 Noteworthy CFPB Developments From 2023

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    Under Rohit Chopra’s leadership, 2023 was an industrious year for the Consumer Financial Protection Bureau, with developments including the release of the proposed personal financial data rights rule, publication of proposed rules involving public registries for nonbanks and the bureau's continuous battle against junk fees, all of which are sure to further progress in 2024, say attorneys at Husch Blackwell.

  • Unpacking PCAOB's Sanctions Against China-Based Auditors

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    Following the Public Company Accounting Oversight Board's first major enforcement actions against audit firms located in China and Hong Kong for violating quality control standards, China-based U.S. issuers should be prepared for more rigorous audits in the upcoming cycle, and for continuing strict scrutiny from the regulator, say attorneys at Debevoise.

  • Series

    NC Banking Brief: All The Notable Legal Updates In Q4

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    Two new North Carolina financial services laws went into effect in the fourth quarter of 2023 that amended the state's Retail Installment Sales Act and Consumer Finance Act, increasing the maximum interest rates and default late charges that may be assessed for loans, says Gursharon Shergill at Wagner Hicks.

  • 3 Areas Of Focus In Congressional Crosshairs This Year

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    Companies must prepare for Congress to build on its 2023 oversight priorities this year, continuing its vigorous inquiries into Chinese company-related investments, workplace safety and labor relations issues, and generative artificial intelligence, say attorneys at Morgan Lewis.

  • NY CRE Lenders Need Clarity On Foreclosure Standing

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    Recent contradictory New York case law regarding issues of standing in commercial real estate litigation creates confusion for borrowers and lenders alike, and should be addressed by courts in advance of the anticipated onslaught of commercial mortgage-backed securities foreclosures, say Christopher Gorman and John Muldoon at Rosenberg & Estis.

  • Series

    Baking Bread Makes Me A Better Lawyer

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    After many years practicing law, and a few years baking bread, I have learned that there are a few keys to success in both endeavors, including the assembly of a nourishing and resilient culture, and the ability to learn from failure and exercise patience, says Rick Robinson at Reed Smith.

  • 3 Key Class Action Trends To Use As Guidance In 2024

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    Telephone Consumer Protection Act, privacy and false advertising class actions saw significant shifts last year — including a trend toward expanding the application of preexisting laws to current technologies — that businesses should keep in mind to navigate the class action landscape in 2024, say attorneys at Mintz.

  • Federal Courts And AI Standing Orders: Safety Or Overkill?

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    Several district court judges have issued standing orders regulating the use of artificial intelligence in their courts, but courts should consider following ordinary notice and comment procedures before implementing sweeping mandates that could be unnecessarily burdensome and counterproductive, say attorneys at Curtis.

  • Time To Step Up PFAS Due Diligence In Cross-Border M&A

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    Regulations in the U.S. and EU governing per- and polyfluoroalkyl substances will likely evolve to become global standards out of necessity and scale, so PFAS due diligence — particularly for buyers, sellers, and lenders and investors involved in multijurisdictional mergers and acquisitions — will be essential in 2024, say attorneys at Shipman & Goodwin.

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