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Banking
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December 10, 2025
Court Asks If Morgan Stanley Liable In Alleged $250M Scheme
A Texas appellate court pressed a company to explain how it seeks to hold Morgan Stanley accountable for an executive's alleged kickback scheme involving $250 million in mineral interests, asking Wednesday how the bank bears responsibility if it didn't take part in the underlying contract.
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December 10, 2025
Magistrate Backs FinCEN Rules In All-Cash Real Estate Deals
A magistrate judge in Florida federal court rejected arguments from a title insurance company in upholding a U.S. Department of Treasury rule establishing new reporting requirements for all-cash residential real estate transactions as a means of combating financial crime.
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December 10, 2025
OCC Review Flags Big Banks For Debanking Policies
A top U.S. banking regulator said Wednesday that some of the nation's largest banks improperly restricted services to industries including adult entertainment and oil drilling, according to preliminary findings from a White House-commissioned debanking review.
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December 10, 2025
Weil, Reed Smith Build WTW's Newfront Buy For Up To $1.3B
Advisory, brokerage and solutions company WTW, advised by Weil Gotshal & Manges LLP, announced Wednesday it had agreed to acquire Reed Smith LLP-led broker Newfront for up to $1.3 billion in a deal that will expand WTW's reach in the middle market and presence in technology, fintech and life sciences.
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December 09, 2025
OCC Says Banks Can Transact In Crypto As Intermediaries
The Office of the Comptroller of the Currency said Tuesday that banks under its oversight may buy and sell digital assets for customers as "riskless principals," clearing this broker-stye activity as an extension of established banking practices.
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December 09, 2025
Trump's CFPB Says It Can't Be Forced To Take Fed Money
The Trump administration said Monday that the Consumer Financial Protection Bureau is not obligated to take funding from the Federal Reserve, and a D.C. federal judge can't order it to do so, pushing back against a request from the labor union challenging the agency's dismantling.
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December 09, 2025
Crypto Co. Paxful To Pay $4M For Money Laundering Failures
Paxful Holdings will pay $4 million over claims it failed to enforce anti-money laundering policies on its now-defunct, peer-to-peer bitcoin exchange that allegedly facilitated illicit transactions involving funds derived from criminal activity, including prostitution and distribution of child sex abuse material, according to a plea agreement filed Monday in California federal court.
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December 09, 2025
Ex-NY Gov. Aide 'All About The Money,' FARA Jury Hears
A Brooklyn federal prosecutor on Tuesday told jurors that a top former aide to two New York governors raked in millions of dollars in bribes and kickbacks in exchange for secretly working on behalf of China's government, saying she betrayed New Yorkers to enrich herself and her husband.
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December 09, 2025
OFAC Inks $1M Russian Sanctions Deal With Ex-Gov't Official
The U.S. Treasury's Office of Foreign Assets Control announced Tuesday that an unidentified attorney and former government official has agreed to pay more than $1 million to settle allegations the individual violated Russian sanctions by acting as a fiduciary for the family trust of a blocked Russian oligarch.
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December 09, 2025
10th Circ. Greenlights Arbitration In Chase Bank Racism Suit
The Tenth Circuit on Monday reversed a lower court ruling that blocked JP Morgan Chase & Co. from taking to arbitration a lawsuit brought by a customer who alleges a Colorado branch manager racially discriminated against her.
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December 09, 2025
Amex Inks Deal After $12M Antisteering Rule Verdict In NY
American Express Co. has reached a settlement with consumers who claim the credit card company's so-called antisteering rules cause non-Amex cardholders to pay higher charges, signaling a potential end to a class action suit after a New York federal jury ordered Amex to pay $12 million to one class of consumers.
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December 09, 2025
FTX Customers Seek Final OK For $10M Deal With Silvergate
Customers of failed crypto exchange FTX asked a California federal judge to give final approval to a $10 million settlement resolving claims that Silvergate Bank and its parent company enabled the multibillion-dollar FTX fraud, saying the deal represents the best, and likely only, meaningful recovery available from the now-bankrupt lender.
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December 09, 2025
CFPB Eyes 'Interim' Open Banking Rule As Funds Run Low
The Consumer Financial Protection Bureau said it plans to issue an "interim final" revamp of its open banking rule now that its funding is on the verge of running out, the latest move by the agency to prepare for a possible shutdown in the coming weeks.
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December 09, 2025
Trustee Says Winston & Strawn Is Liable For $1.7B Fintech Bust
The trustee of the bankrupt self-styled "anti-woke" financial technology startup GloriFi said Winston & Strawn LLP shouldn't be allowed to escape a malpractice lawsuit over the company's $1.7 billion failure, saying the firm was a knowing participant in the allegedly unlawful activities of its then-CEO.
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December 09, 2025
Wells Fargo $84M ERISA Stock Option Suit Deal Initially OK'd
A Minnesota federal court gave its initial sign-off to an $84 million settlement that Wells Fargo & Co. agreed to pay to end a class action alleging that the bank ran afoul of federal benefits law when it used dividends earned by its employee stock ownership plan to meet its 401(k) matching obligations.
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December 09, 2025
Sens. Propose NIL Accounts To Help Students Grow Earnings
Two U.S. senators introduced legislation Monday to allow the growing number of college student-athletes inking name, image and likeness deals with companies to create tax-advantaged investment accounts to save some of their earnings.
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December 08, 2025
Ex-NY Gov. Aide's Mom Says Alleged FARA Cash Wasn't Dirty
The mother of a former top aide to New York governors Monday told a Brooklyn federal jury large amounts of cash she held were from legitimate sources, as opposed to prosecutors' claim it was tied to her daughter's alleged scheme to secretly further the People's Republic of China's interests.
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December 08, 2025
OCC's Gould Responds To Crypto Trust Charter Concerns
The head of the Office of the Comptroller of the Currency on Monday expressed skepticism of banking industry concerns surrounding cryptocurrency trust charter applications, asserting in a speech that "innovation, competition, and fair access should always triumph over regulatory stagnation."
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December 08, 2025
CFPB's Vought Faces New Funding Suit, Hearing Demand
Consumer advocates are mounting a new attempt to force Trump budget chief Russell Vought to replenish the Consumer Financial Protection Bureau's dwindling funds, while Senate Democrats are calling for what they say is an overdue hearing on his work at the agency.
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December 08, 2025
Conservative Justices Probe 'Husk' Of FTC Firing Protections
The U.S. Supreme Court's conservative majority pushed back Monday against the 90-year-old precedent permitting the removal only for cause of Federal Trade Commission members, and perhaps those serving other independent agencies, calling those safeguards a "dried husk" and wondering where to draw the line for protected agencies.
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December 08, 2025
Payday Loan Company Hit With Data Breach Class Claims
Dollar Financial Group, which does business as Money Mart, has been sued in Philadelphia by a putative class claiming that the company failed to protect their sensitive information, which was allegedly compromised in a data breach.
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December 08, 2025
Capital One To Pay $580K To End Mass. Debt Calls Claims
Financial services giant Capital One will pay $580,000 to resolve Massachusetts regulators' allegations that representatives of its recently acquired Discover Bank made more debt collection calls to Massachusetts borrowers than allowed under state law.
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December 08, 2025
4th Circ. Backs EIDP In Dispute Over Annuity Reductions
The Fourth Circuit backed agricultural chemical giant EIDP Inc. and its retirement plan administrator in a Monday opinion, finding that unambiguous contract language doomed the revival of a lawsuit from a retired employee who said his monthly benefit was unfairly reduced.
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December 08, 2025
Barclays Accused Of 'Vague' Account Closure Notifications
A Barclays PLC subsidiary was hit Sunday with a proposed customer class action in California federal court accusing it of illegally shutting down accounts and providing only vague explanations for the closures, allegations that echo claims of so-called debanking that have been in the national spotlight.
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December 08, 2025
SEC Eases Decades-Old Wall Street Analyst Restrictions
The U.S. Securities and Exchange Commission has agreed to lift some restrictions imposed on large financial institutions over two decades ago in a crackdown on alleged conflicts of interests involving investment banks and their research analysts, agreeing with the banks that modification of the settlements was proper due to a 2015 rule that addressed the same problem.
Expert Analysis
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Digital Asset Treasury Trend Signals Wider Crypto Embrace
While digital asset treasuries are not new for U.S. public companies, the recent velocity of capital deployment in such investments has been notable, signaling a transformation in corporate treasury management that blurs the lines between traditional finance and the broader crypto ecosystem, say attorneys at DLA Piper.
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Series
The Biz Court Digest: How It Works In Massachusetts
Since its founding in 2000, the Massachusetts Business Litigation Session's expertise, procedural flexibility and litigant-friendly case management practices have contributed to the development of a robust body of commercial jurisprudence, say James Donnelly at Mirick O’Connell, Felicia Ellsworth at WilmerHale and Lisa Wood at Foley Hoag.
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What To Note In OCC, FDIC Plan To Standardize Supervision
The Office of the Comptroller of the Currency and the Federal Deposit Insurance Corp.'s recent proposals to standardize the meaning of "unsafe or unsound practice" and revise the process for issuing matters requiring attention could significantly narrow the scope of activities that spawn enforcement actions, says Brendan Clegg at Luse Gorman.
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Why Appellees Should Write Their Answering Brief First
Though counterintuitive, appellees should consider writing their answering briefs before they’ve ever seen their opponent’s opening brief, as this practice confers numerous benefits related to argument structure, time pressures and workflow, says Joshua Sohn at the U.S. Department of Justice.
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Questions To Ask Your Client When Fraud Taints Financing
As elevated risk levels yield fertile conditions for fraud in financing transactions, asking corporate clients the right investigative questions can help create an action plan, bring parties together and help clients successfully survive any scam, says Mark Kirsons at Morgan Lewis.
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Series
Mindfulness Meditation Makes Me A Better Lawyer
Mindful meditation enables me to drop the ego, and in helping me to keep sight of what’s important, permits me to learn from the other side and become a reliable counselor, says Roy Wyman at Bass Berry.
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AI Litigation Tools Can Enhance Case Assessment, Strategy
Civil litigators can use artificial intelligence tools to strengthen case assessment and aid in early strategy development, as long as they address the risks and ethical considerations that accompany these uses, say attorneys at Barnes & Thornburg.
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Post-Genius Landscape Reveals Technical Stablecoin Hurdles
The Genius Act's implementation has revealed challenges for mass stablecoin adoption, but there are several factors that stablecoin issuers can use to differentiate themselves and secure market share, including interest rate, liquidity, and safety and security, say attorneys at Olshan Frome.
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Attys Beware: Generative AI Can Also Hallucinate Metadata
In addition to the well-known problem of AI-generated hallucinations in legal documents, AI tools can also hallucinate metadata — threatening the integrity of discovery, the reliability of evidence and the ability to definitively identify the provenance of electronic documents, say attorneys at Law & Forensics.
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What May Be Ahead In Debanking Enforcement
President Donald Trump's executive order on politicized or unlawful debanking has spurred a flurry of activity by the federal banking regulators, so banks should expect debanking-related complaints submitted by consumers to increase, and for federal regulators to look for more enforcement opportunities, say attorneys at Bradley Arant.
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SEC Crypto Custody Relief Offers Clarity For Funds
A recent U.S. Securities and Exchange Commission staff letter supplies a workable path for registered investment advisers and funds seeking to offer crypto custody services by using state trust companies, and may portend additional useful guidance regarding crypto custody, say attorneys at Morgan Lewis.
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When Atty Ethics Violations Give Rise To Causes Of Action
Though the Model Rules of Professional Conduct make clear that a violation of the rules does not automatically create a cause of action, attorneys should beware of a few scenarios in which they could face lawsuits for ethical lapses, says Brian Faughnan at Faughnan Law.
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What CFTC Push For Tokenized Collateral Means For Crypto
The Commodity Futures Trading Commission's recent request for comment on the use of tokenized products as collateral in derivatives markets signals that it is expanding the scope and form of eligible collateral, and could broaden the potential use cases for crypto-assets held in tokenized form, say attorneys at Dechert.
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H-1B Fee Guidance Is Helpful But Notable Uncertainty Persists
Recent guidance narrowing the scope of the $100,000 entry fee for H-1B visas will allow employers to plan for the hiring season, but a lack of detail about the mechanics of cross-agency payment verification, fee exemptions and other practical matters still need to be addressed, say attorneys at Klasko Immigration Law Partners.
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Indiana Law Sets New Standard For Wage Access Providers
The recent enactment of a law establishing a comprehensive regulatory framework for earned wage access positions Indiana as one of the leading states to allow EWA services, and establishes a standard that employers must familiarize themselves with before the Jan. 1 effective date, say attorneys at Faegre Drinker.