FDIC's Hill To Cite Reform Focus, Experience At Senate Vetting

By Jon Hill

Acting Federal Deposit Insurance Corp. Chairman Travis Hill plans to kick off his Thursday pitch for U.S. Senate confirmation by stressing priorities that have included sharpening the agency's focus on "material financial risks" and strengthening its readiness to handle major bank failures.

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CFPB's Biden-Era Open Banking Rule Put On Hold

By Aislinn Keely

A Kentucky federal judge on Wednesday barred the Consumer Financial Protection Bureau from enforcing its open banking rule until the regulator completes its reconsideration of the controversial data-sharing mandate.

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Visa Must Face Cardholders' Antitrust Claims, Judge Says

By Katryna Perera

A New York federal judge has trimmed two antitrust suits against Visa Inc. over its use of exclusive contracts in the U.S. debit card market, axing certain state law and damages claims but also finding that the consumer plaintiffs plausibly alleged the company's conduct suppressed competition.

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Wells Fargo Agrees To Trim $481M Loan Suit Against JPMorgan

By Isaac Monterose

Wells Fargo, JPMorgan Chase & Co., New York City developer Meyer Chetrit and other parties submitted a proposed agreement that will get rid of most of Wells Fargo's nine-count suit accusing JPMorgan and the others in New York federal court of being liable for a $481 million mortgage loan deal that caused "tens of millions of dollars in losses."

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Bank Groups Press 5th Circ. To Rehear OCC In-House Case

By Jon Hill

Banking industry groups have urged the Fifth Circuit to revisit a panel decision allowing federal regulators to try banking enforcement cases in-house, arguing the ruling was wrong and risks stripping thousands of banks and millions of bankers of their right to a jury trial.

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FINRA Incorporates AI Into Surveillance, Risk Reviews

By Sarah Jarvis

The Financial Industry Regulatory Authority has made extensive use of artificial intelligence internally, including for market surveillance and conducting firm risk reviews, the regulator's top executive said Wednesday.

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Ex-Morgan Stanley Workers Say DOL Pay Plan Opinion Flawed

By Patrick Hoff

U.S. Department of Labor guidance that said a Morgan Stanley deferred compensation plan wasn't protected by federal benefits law ignored court rulings and gives the banking giant an unfair advantage in arbitration proceedings, a trio of ex-employees said in New York federal court.

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Dems Spotlight Risks Of Crypto, Private Equity In 401(k) Plans

By Grace Elletson

The Trump administration's support for cryptocurrency and other private market investments in American retirement plans is "dangerous," a group of Democratic senators told two agencies tasked with carrying out an executive order that aims to make it easier for retirement plans to feature such assets.

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Shutdown Forces Tribes To Pick Food Or Heat, Senate Told

By Crystal Owens

Native American nonprofit leaders say Indian Country is choosing between fuel and food after federal employee layoffs and what stands to be the longest government shutdown in U.S. history have forced tribes to burn through their emergency reserves to continue healthcare, housing and food services.

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Publix Heiress Asks To Quash IRS Summons For Bank Info

By Natalie Olivo

An heiress to the Publix grocery store chain asked a Florida federal court to quash an IRS summons seeking her bank information on behalf of Italian tax officials, arguing that the agency's request flouts the Italy-U.S. tax treaty.

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Halligan Defends Exchange With Reporter Flagged By James

By Jared Foretek

Federal prosecutors argued that special media restrictions aren't needed in their case against New York Attorney General Letitia James, after her lawyers called out U.S. Attorney Lindsey Halligan's texts to a reporter in a filing last week and asked the court for an order barring further media communications.

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TransUnion Sued By Trafficking Victim Over Credit Reports

By Sydney Price

An anonymous Georgia resident filed a lawsuit against TransUnion LLC on Wednesday, alleging the credit reporting agency violated the Fair Credit Reporting Act by failing to block and remove negative credit information tied to human trafficking.

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Wells Fargo Says Ex-Executive's Whistleblower Suit Fails

By Sydney Price

Wells Fargo on Wednesday asked an Illinois federal judge to dismiss a suit from a former high-ranking testing and validation executive who said she was ultimately terminated for flagging reporting inaccuracies, arguing the plaintiff did not correctly report the alleged activity and failed to state a claim.

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Brief

Capital One Cuts Deal To End OT Misclassification Suit

By Irene Spezzamonte

Capital One will pay $20,000 to end a former learning associate's suit accusing the bank of misclassifying her as overtime-exempt, with a Virginia federal judge signing off on the deal.

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How Courts Treat Nonservice Clauses For Financial Advisers

Financial advisers considering a job change should carefully consider recent cases that examine controlling state law for nonservice and nonacceptance provisions to prepare for potential legal challenges from former firms, says Andrew Shedlock at Kutak Rock.

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ConvergeOne Ch. 11 Ruling Clarifies Lender Incentive Limits

The recent ConvergeOne ruling from a Texas federal court marks the latest rebuke of selective lender incentives in bankruptcy, and, along with two appellate decision from late 2024, delineates the boundaries of liability management exercises inside and outside Chapter 11, says Pratik Raj Ghosh at MoloLamken.

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AI Product Safety Insights May Expand Foreseeability

Product liability law has long held that companies are responsible for risks they knew about or should have known about — and with AI systems now able to assess and predict hazards during the design process, companies should expect that courts will likely treat such hazards as foreseeable, says Donald Fountain at Clark Fountain.

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AG Watch: Illinois A Key Player In State-Level Enforcement

Illinois Attorney General Kwame Raoul has systematically strengthened his office to fill federal enforcement gaps, oppose Trump administration mandates and advance state policy objectives, particularly by aggressively pursuing labor-related issues, say attorneys at Troutman.

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Series

The Biz Court Digest: Texas, One Year In

A year after the Texas Business Court's first decision, it's clear that Texas didn't just copy Delaware and instead built something uniquely its own, combining specialization with constitutional accountability and creating a model that looks forward without losing touch with the state's democratic and statutory roots, says Chris Bankler at Jackson Walker.

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Series

Law School's Missed Lessons: Educating Your Community

Nearly two decades prosecuting scammers and elder fraud taught me that proactively educating the public about the risks they face and the rights they possess is essential to building trust within our communities, empowering otherwise vulnerable citizens and preventing wrongdoers from gaining a foothold, says Roger Handberg at GrayRobinson.

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Meet The Judge Hearing Comey's, James' US Atty Challenges

By Jack Karp

The South Carolina federal judge who will consider former FBI Director James Comey's and New York Attorney General Letitia James' challenges to the authority of the interim U.S. attorney who brought separate criminal charges against them is known for her rigorous preparation and exacting standards.

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Comey Wins Bid For Judge Oversight In Privilege Dispute

By Jared Foretek

A Virginia federal judge has appointed U.S. Magistrate Judge William E. Fitzpatrick to preside over the privilege review of seized materials in the U.S. Department of Justice's case against former FBI Director James Comey, denying the DOJ's proposal for an outside "filter team" of government attorneys to conduct the review themselves.

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NJ Attys Punch Up Governor's Race With Campaign Funds

By Jake Maher

New Jersey's legal community has donated more than $900,000 to the gubernatorial candidates this election, with the Democrat surpassing the Republican in contributions, campaign finance records show.

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Habba Cites Essayli Ruling To Defend Role In NJ Cases

By Carla Baranauckas

The U.S. Department of Justice has urged the Third Circuit to reinstate Alina Habba's authority in two criminal prosecutions, arguing a recent California ruling backs her power to supervise cases as first assistant, even if she's barred from acting as U.S. attorney for the District of New Jersey under federal vacancy law.

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Sidley's 'Incomplete' Story Hid Fraud Scheme, Family Says

By Chart Riggall

A family alleging they were roped into an illegal tax sheltering scheme on the advice of a former Sidley Austin LLP attorney have urged a Georgia federal judge to keep their suit against the firm alive, arguing that a jury should decide when the family knew enough about the fraud to move forward with their claims.

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Copyright Rules For AI Creations Too Strict, IP Panel Says

By Ivan Moreno

The U.S. Copyright Office's rule barring registration of works created entirely by artificial intelligence systems may be overly strict and unlikely to endure, according to a panel of legal experts who discussed the matter Wednesday at the American Intellectual Property Law Association's annual conference in D.C.

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Judges Say Judicial Freedom Key To Maintaining Rule Of Law

By Rachel Konieczny

Colorado state and federal judges provided a glimpse Wednesday into how courts decide cases when facing current challenges to the rule of law, agreeing that judicial independence is paramount to maintaining the heart of the United States' legal system.

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4 Things To Know About Fla. Bar Admissions Reform Ideas

By Madison Arnold

A work group has issued its final report on possible changes to bar exam admission requirements in Florida, proposing 12 potential alternatives to the current system of requiring graduates to come from law schools accredited by the American Bar Association.

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Analysis

Defamation Litigation Roundup: Drake, Biden, Greenpeace

By Theresa Schliep

In this month's review of defamation fights, Law360 highlights notable developments in California's anti-SLAPP law following a major Ninth Circuit opinion, as well as a decision — and appeal — in Drake's fight with his record label over Kendrick Lamar's diss track.

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