May 02, 2025
Abbe Lowell — the high-profile litigator who on Friday announced he will launch a boutique firm aiming to aid with "politicized investigations" after exiting the partnership of Winston & Strawn LLP — will help handle a Puerto Rico bank's appeal of an order affirming the closure of its Federal Reserve master account by federal regulators.
January 08, 2025
A New York federal judge on Wednesday tossed without prejudice a Puerto Rico bank's suit that sought to block the closure of its Federal Reserve master account, finding the New York Fed's interpretation of the Federal Reserve Act was correct and that the bank does not have a statutory right to a master account.
October 30, 2023
A Manhattan federal judge has ruled banks don't have a statutory right to so-called Federal Reserve master accounts, rejecting a Puerto Rico bank's last-ditch effort to stave off the closure of its master account at the Fed's New York arm and teeing off an immediate appeal.
July 27, 2023
A Puerto Rico bank has filed suit in New York federal court to block the closure of its Federal Reserve master account, saying the closure would be a "death knell" for its business if allowed to proceed.