Banking

  • December 02, 2022

    Biden Tells Justices Texas Judge Erred Axing Debt Plan

    The Biden administration on Friday asked the U.S. Supreme Court to stay a Texas federal judge's ruling that struck down his student debt relief plan, arguing that the lower court relied on a claim that wasn't even asserted by the program's challengers.

  • December 02, 2022

    Fed Is Latest To Pitch Climate Risk Guidance For Big Banks

    The Federal Reserve on Friday released a proposal laying out high-level guidance on climate risk management for large banks, becoming the latest banking agency to begin sketching out expectations for financial institutions' efforts to prepare themselves for potential climate change impacts.

  • December 02, 2022

    Dismissing Bias Suit Would 'Gut' Fair Housing Act, Judge Told

    A Black career attorney in Illinois asked a federal judge to deny a mortgage lender's request to dismiss a class action suit accusing it of racially biased lending, arguing the dismissal would raise the pleading standard for housing discrimination allegations to an "impossible" level.

  • December 02, 2022

    CFTC Warns Overseas Swap Dealers To Heed Reporting Rules

    The U.S. Commodity Futures Trading Commission said Friday that many foreign swap dealers are filing substandard compliance reports that could land them in hot water with the agency, issuing an advisory reminding them of their obligations under U.S. law. 

  • December 02, 2022

    Attys' $39M Fee Bid Granted In Interest Rate Case

    The Lowey Dannenberg PC attorneys who brokered a $91 million settlement of investor claims that 13 major banks manipulated two Singapore interest rate benchmarks will receive nearly $38.9 million from the overall $155 million settlement fund for their work on the case, a Manhattan federal judge has decided.

  • December 02, 2022

    Pakistan Pay Startup Investor Sues In Del. To Remove Director

    A director of a digital payment startup in Pakistan that raised millions when it launched but was recently suspended by the country's banking regulator sued another of its directors in Delaware's Court of Chancery on Friday, seeking to remove him from the board due to alleged "fraudulent actions" that led to the company's downfall.

  • December 02, 2022

    CFPB Won't Back Down On Crypto Lender Investigation

    The Consumer Financial Protection Bureau will press ahead with an investigation of products offered by a crypto lender that argued the agency was straying into territory already claimed by the U.S. Securities and Exchange Commission, according to an administrative decision released Thursday.

  • December 02, 2022

    CFPB, Loan Doctor Reach $19M Deal Over Customer Deceit

    The Consumer Financial Protection Bureau told a New York federal judge that it had entered into a proposed $19 million settlement with Loan Doctor to resolve the agency's claims that the company and its founder deceived customers into depositing funds into "risky" investment vehicles and digital assets, including the now-defunct Celsius Network.

  • December 02, 2022

    Biden Goes Too Far With Debt Plan, 17 States Tell Justices

    A group of 17 states led by Utah and Ohio asked the U.S. Supreme Court to reject the Biden administration's request to lift the Eighth Circuit's nationwide injunction on his student debt relief plan, saying the president can't use his position to sidestep the law to fulfill a campaign promise.

  • December 02, 2022

    TransUnion Faces Del. Investor Suit For CFPB Order Failures

    A stockholder of credit reporting agency TransUnion has opened a Delaware Court of Chancery derivative suit against the company's board and top officers, seeking damages on the company's behalf for failures to comply with a Consumer Financial Protection Bureau order issued in 2017.

  • December 02, 2022

    FTC Eyes Expanded Enforcement Efforts But Questions Loom

    The Federal Trade Commission recently declared it will take a new approach to policing "unfair methods of competition," a move that broadened the agency's view of very old law.

  • December 02, 2022

    Crypto Bank Silvergate Hit With Investor Suit Over FTX Ties

    Investors have lodged a proposed class action against Silvergate Bank, which they say was "complicit in and responsible for" some of the losses stemming from the downfall of FTX Trading Ltd. because the cryptocurrency bank allowed FTX to direct customer deposits to a hedge fund owned by its former CEO, Sam Bankman-Fried.

  • December 02, 2022

    Fed OKs Merger Of Farmers National Bank Cos. in Ohio, Pa.

    The Federal Reserve Board has approved the merger of two separate companies operating "Farmers National Bank" branches in Ohio and Pennsylvania, clearing the way Thursday for Ohio-based Farmers National Banc Corp., also known as FNC, to have a combined $5.1 billion in assets across the two states.

  • December 02, 2022

    Interest Rates Doom Lender, Crypto Winter Persists

    Rising interest rates forced a reverse mortgage lender into Chapter 11, cryptocurrency platform BlockFi succumbed to the downfall of exchange FTX Trading, and FTX itself faced calls for an examination of its collapse. This is the week in bankruptcy.

  • December 02, 2022

    Exchanges Fine BofA $2.75M For Erroneous Order Codes

    Nasdaq, Cboe Global Markets and New York Stock Exchange teams fined Bank of America's brokerage unit a combined $2.75 million for allegedly failing to input accurate codes regarding equity orders over a six-year period, according to a statement Friday.

  • December 02, 2022

    Skadden Says Lottery.com Hasn't Paid It For Chancery Case

    Skadden Arps Slate Meagher & Flom LLP told the Delaware Chancery Court that Lottery.com has not paid the firm for its work on a case that resulted in an order for a financial firm to return $16.5 million in escrow funds to the online ticket manager.

  • December 02, 2022

    UK Litigation Roundup: Here's What You Missed In London

    The past week in London has seen Credit Suisse sue collapsed bank Greensill, a breach of contract claim from five former club managers kick off against Watford Football Club, and the Financial Services Compensation Scheme bring legal action against AXA. Here, Law360 looks at these and other new claims in the U.K.

  • December 02, 2022

    Reed Smith Nabs Ex-Katten Real Estate Finance Partner

    Reed Smith LLP welcomed an attorney with experience in real estate finance to the firm's Financial Industry Group as a partner in the Dallas office, the firm announced Thursday.

  • December 02, 2022

    Jay-Z Can't Halt Arbitration Over Bacardi Venture, Judge Says

    A New York judge declined Friday to block arbitration over JPMorgan Chase & Co.'s appraisal of a joint cognac venture between Shawn "Jay-Z" Carter and Bacardi Ltd., rejecting arguments from the rap icon's lawyer that a "completely biased" arbitral panel lacks jurisdiction over the dispute.

  • December 01, 2022

    FTX 'Free Fall' Demands Special Examiner, US Trustee Says

    A bankruptcy watchdog for the U.S. Department of Justice on Thursday urged a Delaware bankruptcy judge to appoint a special examiner to sift through the wreckage of FTX Trading Ltd., saying an independent investigation is needed to determine what led to the cryptocurrency exchange's "free fall" into bankruptcy.

  • December 01, 2022

    'Humble' Barr Hints At Potential For Tougher Fed Capital Rules

    The Federal Reserve's top bank supervision official signaled Thursday that a tightening of some bank capital standards could be in store, cautioning that banks and their regulators must be "humble" about their ability to know just how much capital is needed to guard against future shocks.

  • December 01, 2022

    Capital One Wins Toss Of Workers' 401(k) Fee Suit

    A Virginia federal judge on Thursday tossed a lawsuit against Capital One Financial Corp. brought by workers alleging the bank kept poorly performing investments in its $7.85 billion 401(k) plan and cost them millions of dollars in retirement savings, but left the door open to amend the suit.

  • December 01, 2022

    NY Financial Cop Wants Crypto Firms To Pay Up For Oversight

    New York's top financial regulator on Thursday called for public comment on a plan to collect fees from cryptocurrency companies licensed to operate within the state to cover the costs of their oversight, including examinations and investigations.

  • December 01, 2022

    Trade Groups Push To Topple CFPB Anti-Bias Exam Policy

    The U.S. Chamber of Commerce and several banking trade groups have asked a Texas federal court to rule on their challenge to a Consumer Financial Protection Bureau exam policy expanding its anti-discrimination scrutiny, pushing for a swift end to what they say is costly overreach by the agency.

  • December 01, 2022

    CFTC Head Wants Power From Congress To Police Crypto

    The head of the U.S. Commodity Futures Trading Commission on Thursday urged legislators to grant his agency more authority over the cryptocurrency industry, saying it lacks tools to protect customers from epic collapses like the bankruptcy of FTX Inc.

Expert Analysis

  • 5 Takeaways From The SEC's Annual Whistleblower Report

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    Jane Norberg and Adam Reinhart at Arnold & Porter offer insights into the U.S. Securities and Exchange Commission's recent 2022 whistleblower report — including the agency's increased focus on whistleblower impeding cases, initial coin offerings and cryptocurrency — as the agency continues to receive a record-breaking number of tips.

  • Safeguarding Attorneys' Greatest Asset: Our Mental Health

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    Attorneys who understand that mental fitness is their most valuable characteristic should prioritize mental health care accordingly, including with certain activities they may not realize qualify as self-care, says Wendy Robbins at Holland & Knight.

  • Lessons From Bittrex's Settlements With OFAC And FinCEN

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    Bittrex’s recent settlements with the Office of Foreign Assets Control and Financial Crimes Enforcement Network over allegations it violated sanctions and anti-money laundering laws provide lessons for crypto companies that engage in cross-border financial transactions, especially when they rely on third-party compliance vendors, say attorneys at Greenberg Traurig.

  • 5th Circ. Class Action Rulings Reflect Post-TransUnion Trends

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    In the wake of the U.S. Supreme Court's 2021 TransUnion v. Ramirez decision, Fifth Circuit case trends this year highlight the importance of closely evaluating standing challenges where the injury-in-fact is questionable, even where a statutory violation might exist, say attorneys at K&L Gates.

  • Political Bias Ruling Clarifies NY Law's Worker Protections

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    The Second Circuit recently held in Truitt v. Salisbury Bank and Trust that the bank potentially violated New York’s Labor Law by forcing an employee to choose between his job and engaging in protected political activity, providing helpful guidance on a section of the law that addresses such issues, says Michael Pospis at Pospis Law.

  • FTX Bankruptcy Provides A Road Map For Crypto Regulation

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    FTX’s recent Chapter 11 filing provides an outline of what government regulation is needed in the crypto space, including a crackdown on misleading marketing strategies and a clear bankruptcy framework that may prevent future runs on crypto companies, say Kimberly Black and Daniel Lowenthal at Patterson Belknap.

  • SEC Enforcement Numbers Show Shift To High-Impact Cases

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    The U.S. Securities and Exchange Commission’s recently released enforcement data from fiscal year 2022 shows a modest uptick in cases from the prior year, and signaled an increasing focus on high-impact actions, high-profile defendants and large penalties — a trend that seems likely to continue next year, say attorneys at Covington.

  • Ex-Bolivia Official's Plea Shows DOJ's Shifting FCPA Posture

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    Recent cases, including a former Bolivian government minister’s recent guilty plea involving Foreign Corrupt Practices Act violations, demonstrate that the U.S. Department of Justice is increasingly targeting foreign government officials and becoming more aggressive in its international anti-corruption enforcement efforts, say Mayling Blanco and Katey Fardelmann at Norton Rose.

  • Opinion

    The Dangers Of The SEC's 'Hotel California' Docket

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    A growing backlog of cases on the U.S. Securities and Exchange Commission's administrative adjudication docket exposes the fallacy that federal agencies' in-house tribunals are worth the systematic deprivation of jury trial rights because their streamlined, efficient processes produce prompt decisions, says Russell Ryan at the New Civil Liberties Alliance.

  • Opinion

    Law Schools Are Right To Steer Clear Of US News Rankings

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    By opting out of participating in the U.S. News & World Report annual rankings, law schools abandon a profoundly flawed system and free up their resources to adapt to the tsunami of changes overtaking the profession, says Nicholas Allard at Jacksonville University College of Law.

  • Underwriters Must Beware Small-Cap IPO Fraud

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    Notices from the Financial Industry Regulatory Authority and multiple stock exchanges increase pressure on underwriters of small-cap initial public offerings to protect public markets from fraud, with ample precedent to show that FINRA will not hesitate to take enforcement actions if necessary, says Spencer Feldman at Olshan Frome.

  • Opinion

    Litigation Funders Seek Transparency In Disclosure Debate

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    Litigation funders want to correct the record on calls for funding disclosure in the name of transparency, as this purported justification obscures the disclosure's adverse effects — prejudicing plaintiffs' cases and discouraging the assertion of meritorious legal claims, say Dai Wai Chin Feman and William Weisman at Parabellum Capital.

  • Cos. Should Start Thinking About IP Protection For Quantum

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    Matt Marrone at McAndrews Held discusses intellectual property and business considerations around the cutting-edge quantum computing technology that is set for explosive growth, as the rules are decided in real time.

  • Metaverse Game Investing Is High Risk With Little Regulation

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    Although gaming is the fastest-growing sector of the metaverse, the digital asset industry does not presently face the same federal oversight as traditional investments like stocks and bonds, so investors should consider five factors when assessing their individual level of risk, says Brett Sager at Ehrenstein Sager.

  • 5 Principles For Better Professional Development Programs

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    The pandemic and ensuing "great resignation" have resulted in a more transient legal work force, but law firms can use effective professional development programs to bridge a cultural gap with new associates and stem associate attrition, says Matthew Woods at Robins Kaplan.

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