CFPB Plans 'Accelerated' Push To Revamp Open Banking Rule

By Jon Hill

The Consumer Financial Protection Bureau on Tuesday persuaded a Kentucky federal judge to stay a banking industry legal challenge to its Biden-era open banking rule, saying it now plans to rewrite the rule on an "accelerated" basis and expects to start next month.

3 documents attached | Read full article » | Save to favorites »

Oft-Penalized Deutsche Bank Finds New GC From Freshfields

By Sue Reisinger

Deutsche Bank AG on Tuesday said a senior partner at Freshfields LLP who specializes in corporate criminal defense will become its new general counsel on Sept. 15.

Read full article » | Save to favorites »

BofA Accuses FDIC Of $250M Rate Flip-Flop In Premiums Suit

By Jon Hill

Bank of America has accused the Federal Deposit Insurance Corp. of making a "startling" about-face in their long-running deposit insurance dispute in Washington, D.C., federal court, claiming the agency is pushing to extract hundreds of millions in extra interest after the bank paid what it says was the full $657 million judgment owed.

Motion attached | Read full article » | Save to favorites »

4th Circ. Rejects BofA's Claim Of Tax Offsets After Mergers

By Anna Scott Farrell

Bank of America cannot use its tax overpayments to offset interest on tax underpayments by Merrill Lynch just because the two companies later merged, the Fourth Circuit affirmed Tuesday in a $163 million case that affects more than 20 years' worth of tax adjustments.

Opinion attached | Read full article » | Save to favorites »

Axos Wants Justices To Undo Auditor's $1.5M Retaliation Win

By Hailey Konnath

BofI Federal Bank, now operating as Axos Bank, has taken its dispute with a former auditor to the U.S. Supreme Court, asking the justices to vacate a Ninth Circuit decision upholding a $1.5 million jury verdict in favor of the auditor, who claimed he was fired for whistleblowing.

Petition attached | Read full article » | Save to favorites »

Pa. Bank Slams Ponzi Investors' 'Search For Scapegoats'

By Katryna Perera

A Pennsylvania-based community bank has urged a federal judge to dismiss a proposed class action accusing it of enabling a $155 million Ponzi scheme carried out by a Pennsylvania dentist and a Texas attorney, arguing that the case attempts to unconstitutionally import Texas securities law into the Keystone State.

Motion attached | Read full article » | Save to favorites »

SEC Tosses Broker's NSCC Margin Rule Challenge

By Sarah Jarvis

The U.S. Securities and Exchange Commission has dismissed a bid by Alpine Securities Corp. to challenge heightened margin requirements from the National Securities Clearing Corp., with the commission finding the rules are too broadly applicable to warrant review as a denial of access.

Decision attached | Read full article » | Save to favorites »

What To Watch As Deadline Looms For Jay Clayton At SDNY

By Phillip Bantz

The clock is ticking closer to the expiration of Jay Clayton's appointment as interim U.S. attorney for the Southern District of New York, setting him on a likely collision course with the district's judges, who have the power to vote on whether he can continue overseeing one of the top prosecutorial offices in the country.

Read full article » | Save to favorites »

Calif. Privacy Agency Fines Data Broker For Skirting Registry

By Allison Grande

The California Privacy Protection Agency on Tuesday announced its latest enforcement action under a groundbreaking state data deletion law, imposing a more than $55,000 fine on a Washington-based data broker on allegations it failed to fulfill its registration obligations last year. 

Settlement attached | Read full article » | Save to favorites »

Crypto Mixer Execs To Change Plea In Samourai Wallet Case

By Aislinn Keely

The two co-founders of crypto mixer Samourai Wallet told a New York federal judge on Tuesday that they intend to change their not guilty pleas after initially fighting charges that they facilitated over $2 billion in unlawful transactions.

2 documents attached | Read full article » | Save to favorites »

REIT Shareholders File 'Improper Lending' Suit Against Execs

By Isaac Monterose

Two Arbor Realty Trust Inc. shareholders hit several of the real estate investment trust's executives, including its president and CEO Ivan Kaufman, with a derivative suit on Tuesday alleging they made the REIT use "improper lending practices" that saddled the company "with a severely distressed loan portfolio."

Complaint attached | Read full article » | Save to favorites »

Flywire Hid Impact Of Student Visa Restrictions, Investor Says

By Sydney Price

Payment technology company Flywire Inc. has been hit with a proposed shareholder class action in New York federal court accusing the company of attempting to minimize the impact of international student visa restrictions, particularly in Australia and Canada, on its revenues.

Complaint attached | Read full article » | Save to favorites »

Oil Co. Misled Investors Prior To $295M Offering, Suit Says

By Emilie Ruscoe

Oil and gas company Sable Offshore Corp. is facing a proposed investor class action alleging the company hurt investors by overpricing a secondary public offering after misrepresenting it had restarted oil production at a field off the coast of California.

Complaint attached | Read full article » | Save to favorites »

8th Circ. Says Bankruptcy Sale Appeal Dead Without Stay

By Emlyn Cameron

The Eighth Circuit on Tuesday rejected a woman's bid to undo an order approving a sale in her Chapter 7 bankruptcy, saying she didn't get a stay of the sale and so her appeal had to be dismissed.

Opinion attached | Read full article » | Save to favorites »

Prime Core Ch. 11 Trust Seeks Return Of $2.1M In Transfers

By Emily Lever

The litigation trust for Prime Core Technologies has sued to claw back $2.1 million in cash and cryptocurrency paid out to customers in the weeks before its bankruptcy filing, saying other creditors are facing a serious recovery shortfall worsened by the payments.

Complaint attached | Read full article » | Save to favorites »

SEC, Crypto Bank Veteran Joins DeFi Platform As GC

By Aislinn Keely

A former senior attorney with the U.S. Securities and Exchange Commission, who most recently served as cryptocurrency bank Anchorage Digital's general counsel, is taking her experience navigating federal regulations and institutional demands to decentralized finance infrastructure platform Veda, the firm announced Tuesday.

Read full article » | Save to favorites »

Tips For Crypto AI Agent Developers Under SEC Watch

With agents powered by artificial intelligence increasingly making decisions in the cryptocurrency world, there's a chance the U.S. Securities and Exchange Commission could use the Investment Advisers Act to regulate this technology in financial services, but there are ways developers can mitigate regulatory risks, say attorneys at Morrison Cohen.

Read full article » | Save to favorites »

Loeb & Loeb NY Office Safe After Shooting In Its Building

By Kevin Penton

Loeb & Loeb LLP's attorneys and staff are all safe and accounted for after a shooter on Monday killed four people at the Midtown Manhattan building where the law firm has an office, according to the firm.

Read full article » | Save to favorites »

Trump Calls 'Blue Slip' Process 'Probably Unconstitutional'

By Courtney Bublé

President Donald Trump on Tuesday railed against the long-standing tradition for home state senators to have essentially veto power over U.S. attorney and district court nominee picks and called on U.S. Sen. Chuck Grassley, R-Iowa, chair of the Senate Judiciary Committee, to abandon the process.

Read full article » | Save to favorites »

Senate Confirms DOJ Official Emil Bove To 3rd Circ.

By Courtney Bublé

The Senate voted 50-49 on Tuesday night to confirm Emil Bove, one of President Donald Trump's former attorneys and a top official at the U.S. Department of Justice, as a judge on the U.S. Court of Appeals for the Third Circuit.

Letter attached | Read full article » | Save to favorites »

Jackson Walker Gets Another Deal On Judge-Romance Claims

By Bonnie Eslinger

Jackson Walker LLP has reached another settlement with former bankruptcy clients to resolve fee disputes related to the concealed romance of a former partner with the firm and former Texas bankruptcy Judge David R. Jones, according to a motion filed Tuesday in Texas federal court.

Motion attached | Read full article » | Save to favorites »

DOJ's Top Antitrust Deputy, Merger Chief Both Fired

By Bryan Koenig

The U.S. Department of Justice has ousted two of its top Antitrust Division officials, citing insubordination amid growing signs of tension between merger enforcers and the wider Trump administration.

2 documents attached | Read full article » | Save to favorites »

Miss. AG Says Judge's TRO Over State DEI Ban Full Of Errors

By Gina Kim

Mississippi's attorney general wants a federal judge to explain "indisputable factual inaccuracies" in his decision pausing enforcement of a state law prohibiting diversity, equity and inclusion in public schools, saying Monday that the judge's original order contained nonexistent allegations, wrongly identified plaintiffs and defendants, and quoted terms that don't appear in the legislative text.

Motion attached | Read full article » | Save to favorites »

Mich. Judge Sanctions Attys For False Case Quotations

By Matt Perez

A Michigan federal judge on Monday ordered plaintiffs' attorneys in two cases against a robotics company to pay for the time opposing counsel took in filing an additional briefing because of false case quotations.

Opinion attached | Read full article » | Save to favorites »

Judge Breaks Up Review Of Challenge To New Jersey US Atty

By Jake Maher and Lauren Berg

The chief judge for Pennsylvania's Middle District, who is overseeing a drug trafficking case in New Jersey, on Tuesday evening issued a directive bifurcating a challenge to acting U.S. Attorney Alina Habba's authority in order to analyze whether the defendants are entitled to relief if she was illegally appointed.

2 documents attached | Read full article » | Save to favorites »

Attys Blast 'Chilling Message' Of Judge Shopping Sanctions

By Ryan Boysen

Three attorneys sanctioned for judge shopping while challenging an Alabama statute that criminalizes gender-affirming care have asked the Eleventh Circuit to clear their names, castigating the process that led to their censure as "so extraordinary as to approach unprecedented."

2 documents attached | Read full article » | Save to favorites »

Md. Bar Warns DOJ Suit Risks Undermining Legal Norm

By Britain Eakin

The Maryland State Bar Association on Tuesday warned of sweeping impacts if a federal judge doesn't dismiss the Trump administration's suit over a standing order that prohibits the immediate removal of immigrants challenging their detention, saying it will compromise cornerstone pillars of the legal system.

2 documents attached | Read full article » | Save to favorites »

Judiciary Advises Not Filling Next 10th Circ. Vacancy, For Now

By Lauren Berg

The Judicial Conference of the United States is recommending not filling the next vacancies on the U.S. Court of Appeals for the Tenth Circuit and a handful of district courts, for now, citing a "consistently low per-judgeship caseload" in those jurisdictions.

Report attached | Read full article » | Save to favorites »

DOJ Says Wis. Judge Not Immune To Charges In ICE Incident

By Jack Karp

A Wisconsin state judge cannot duck criminal charges for allegedly helping an undocumented immigrant evade arrest in her courtroom, because judicial immunity applies only to civil suits and official judicial acts, the U.S. Department of Justice told a federal judge Tuesday.

Response attached | Read full article » | Save to favorites »

Posner Wage Theft Claims Should Be Revived, 7th Circ. Told

By Emily Sawicki

A former staffer for retired U.S. Circuit Judge Richard Posner has asked the Seventh Circuit to review federal court rulings in his loss of wage theft claims against the ex-judge, arguing an Indiana federal judge permitted a botched discovery process and prematurely dismissed claims while fact issues remained.

Brief attached | Read full article » | Save to favorites »

Seeger Weiss Named Lead Negotiation Counsel In J&J MDL

By Carla Baranauckas

A New Jersey federal judge overseeing long-running multidistrict federal litigation against Johnson & Johnson over its talcum powder products has appointed Christopher A. Seeger of Seeger Weiss LLP to lead a negotiation team to guide plaintiffs through settlement talks.

Order attached | Read full article » | Save to favorites »

Ga. Senators Accuse DA Of 'Stonewalling' In Testimony Fight

By Emily Johnson

A Georgia Senate committee investigating Fulton County District Attorney Fani Willis' prosecution of President Donald Trump and others in an election interference case told the state's Supreme Court that her bid to escape its subpoena for her to testify before the committee seeks "to reward her stonewalling" and "delay tactics."

Brief attached | Read full article » | Save to favorites »

Brief

Former US Atty Named New Chief Judge For Eastern Mich.

By Danielle Ferguson

U.S. District Judge Stephen J. Murphy III became the newest chief judge for the Eastern District of Michigan on Monday, succeeding U.S. District Judge Sean F. Cox, who retired from the bench the same day, the district court announced Tuesday.

Read full article » | Save to favorites »