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Banking

  • May 20, 2025

    Chinese EV Battery Giant Generates $4.6B IPO Amid Tensions

    Electric-car battery maker Contemporary Amperex Technology Co. Ltd. began trading in Hong Kong after raising a $4.6 billion initial public offering, completing the year's largest equity offering globally despite tension between Washington and Beijing, guided by four law firms.

  • May 20, 2025

    Pot Company Can't Salvage 'Neobank' Fraud Suit, For Now

    An Oregon federal judge dismissed all claims against two executives of defunct cannabis-focused neobank Left Coast Financial Solutions in a lawsuit brought by CBD distributor Killa Bees Distribution LLC over $127,000 in allegedly inaccessible deposits, but gave the company one last chance to fix its complaint.

  • May 19, 2025

    DC Circ. Ponders Letting Gov't Claw Back $20B In Green Funds

    The D.C. Circuit didn't seem convinced Monday morning that the Trump administration can't claw back $20 billion in U.S. Environmental Protection Agency grants that it's trying to cancel and divert elsewhere, hearing arguments over a preliminary injunction blocking the government from doing just that.

  • May 19, 2025

    Senate Advances Stablecoin Bill After Dem Backers Return

    The U.S. Senate's proposal to regulate stablecoins is headed to the floor after lawmakers voted to close debate on the bill Monday evening, clearing a procedural hurdle after first stumbling earlier this month when Democrats pulled support to pursue further negotiations.

  • May 19, 2025

    Wells Fargo's 9th Circ. Cert. Challenge Gains SIFMA Backing

    A top securities industry group has voiced its support of Wells Fargo's appeal of class certification in an investor dispute alleging the bank conducted "sham" interviews to meet diversity quotas, which harmed the bank's stock price when the truth came to light.

  • May 19, 2025

    Binance Calls FTX Ch. 11 Clawback Suit 'Legally Deficient'

    Binance has asked a Delaware bankruptcy judge to dismiss FTX's lawsuit seeking to recover $1.76 billion that was transferred to Binance, accusing the estate of FTX of trying to "shift the blame" for that company's November 2022 collapse.

  • May 19, 2025

    Lending App EarnIn Hit With Consumer Class Action In NC

    Pay day loan app EarnIn has been hit with a proposed class action in North Carolina alleging its cash advance product violates state consumer protection laws by distributing cash advances without a license and dupes consumers into paying unnecessary fees.

  • May 19, 2025

    Feds Say Unions' Downsizing Suit Should Be Tossed

    The Trump administration urged a federal judge in D.C. to toss a lawsuit challenging three federal downsizing initiatives, arguing that the claims brought by labor unions representing federal employees belong before the agency charged with adjudicating such disputes.

  • May 19, 2025

    AI Startup CoreWeave Seeks $1.5B Debt After IPO Shortfall

    Artificial intelligence startup CoreWeave Inc. said Monday it plans to raise $1.5 billion in debt less than two months after its highly anticipated initial public offering fell short of expectations, represented by Kirkland & Ellis LLP and Fenwick & West LLP.

  • May 19, 2025

    Ex-Bank GC Fights $7.4M Fraud Restitution Schedule

    A former Webster Bank general counsel has opposed part of a government plan for repaying the $7.4 million he pled guilty to taking by fraud, saying he will be in prison for four years, resigned as an attorney, remains unemployed and cannot work in banking once he's free.

  • May 16, 2025

    DC Circ. Judges Skeptical Of Blockade On ÃÛÌÒÊÓÆµ Mass Layoffs

    A D.C. Circuit panel majority Friday sounded inclined to lift lower court restrictions on what the Trump administration contends is its lawful push to "radically downsize" the Consumer Financial Protection Bureau, potentially clearing the way for mass layoffs of its staff.

  • May 16, 2025

    Capital One Inks $425M Deal In Savers' 'High-Interest' Suit

    Capital One has agreed to pay $425 million to put to rest a proposed class action alleging that it deceptively advertised its 360 Savings accounts as high-interest savings products, according to a joint notice filed Friday in Virginia federal court.

  • May 16, 2025

    Florida Wrongly Took Unclaimed Funds, 11th Circ. Rules

    The Eleventh Circuit on Friday revived a Florida couple's proposed class action over unclaimed property, vacating a lower court's judgment that a $26.24 insurance premium refund they were owed was assumed to be abandoned before it was transferred into state custody.

  • May 16, 2025

    Co. Looks To Dodge $5M Award From Laotian Casino Deal

    The government of Laos, as it attempts to enforce some $5 million in arbitral awards related to a failed casino venture, still has not proven that the case should be decided in U.S. federal court in the Northern Mariana Islands, one of the companies owing the money said Friday.

  • May 16, 2025

    'Tuna Bond' Defendants Ordered To Pay $352M In Restitution

    A Brooklyn federal judge ordered three former Credit Suisse bankers and the former finance minister of Mozambique to pay a combined $352 million in restitution Friday after they pled guilty or were convicted of scheming to defraud investors in a $2 billion state-backed development initiative involving tuna fishing.

  • May 16, 2025

    Trump Calls On Justices To Stay Block Of Gov't Restructuring

    President Donald Trump asked the U.S. Supreme Court on Friday to pause a California federal judge's order temporarily halting agencies from implementing an executive order to plan reorganizations and reductions in force, claiming the lower court's decision has caused confusion and wasted taxpayer dollars.

  • May 16, 2025

    Coinbase Users Sue Under Illinois Biometric Privacy Law

    Cryptocurrency exchange Coinbase has been sued in Illinois federal court by users who claim its identity verification process flouts Illinois' biometric privacy law, alleging it fails to get written, informed consent before collecting, analyzing and storing biometric data from users' government IDs and photographs.

  • May 16, 2025

    Citizens Bank Must Face Mich. Customer's Discrimination Suit

    A Michigan federal judge has said Citizens Bank must face a racial discrimination suit from a former customer who has claimed that her check from a lawsuit settlement was flagged for fraud by the bank because she is Black and that a bank teller's conduct questioning her was far outside the scope of his job, among other things.

  • May 16, 2025

    Florida Ex-Financial Adviser Admits To $8.4M Elder Fraud

    A former financial adviser pled guilty to a criminal charge in connection to defrauding an elderly family member out of $8.4 million, admitting to a Florida federal court he made false misrepresentations that he was buying investments on her behalf, but he was actually spending the money on himself.

  • May 16, 2025

    Taxation With Representation: Blakes, Davies, Goodmans

    In this week's Taxation With Representation, Charter Communications Inc. merges with Cox Communications, Hub International Ltd. boosts its valuation after securing an investment, Pan American Silver Corp. acquires Mag Silver Corp. and Robinhood buys WonderFi.

  • May 16, 2025

    1MDB Prosecutors Seek Leniency For Ex-Goldman Banker

    Prosecutors asked a Manhattan federal judge for leniency when sentencing a former Goldman Sachs partner who cooperated in the investigation into the 1MDB scandal and testified at his former colleague's trial, citing his "extraordinary" assistance.

  • May 15, 2025

    $666M Pipeline Verdict 'Poster Child' For Reduction, Judge Told

    Lawyers for Greenpeace urged a North Dakota state judge Thursday to significantly reduce a $666 million verdict over claims that it falsely disparaged the Dakota Access pipeline amid environmental protests, with the jury having awarded ten times more on certain claims than even the pipeline's builder wanted.

  • May 15, 2025

    ÃÛÌÒÊÓÆµ Slashes Final Chopra-Era Fine From Over $2M To $45K

    The Consumer Financial Protection Bureau on Thursday slashed an enforcement fine for Wise, a global money transfer fintech, by nearly 98%, shaving almost $2 million off a previous settlement for misleading customers about its fees and other costs.

  • May 15, 2025

    Clifford Chance Adds Arbitration Expert From Pinsent Masons

    Clifford Chance LLP has boosted its international arbitration practice by hiring a lawyer from Pinsent Masons LLP, saying she has broad experience in matters involving Spain and has been appointed to serve as a partner on the global law firm's litigation and dispute resolution team.

  • May 15, 2025

    Ga. Atty Gets 16 Months For Role In $1.3B Tax Shelter Scheme

    A Georgia attorney has been sentenced to 16 months in federal prison and slammed with an $8 million bill after pleading guilty to helping orchestrate a $1.3 billion tax scheme involving fraudulent conservation easements.

Expert Analysis

  • Series

    Volunteer Firefighting Makes Me A Better Lawyer

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    While practicing corporate law and firefighting may appear incongruous, the latter benefits my legal career by reminding me of the importance of humility, perspective and education, says Nicholas Passaro at Ford.

  • Limit On SEC Enforcement Authority May Mean Fewer Actions

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    Following a recent U.S. Securities and Exchange Commission final rule revoking the Enforcement Division director's long-standing authority to issue formal investigation orders, it's clear the division is headed for a new era of limited autonomy, marked by a significantly slower pace of SEC investigations, say attorneys at Ballard Spahr.

  • How Lenders Should Prepare For Crypto As Collateral

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    Amid the administration's desire to position the U.S. as a digital banking leader, lenders should prepare for customers seeking to use cryptocurrency as collateral for financing, consider which rules govern these transactions, and assess their ability to obtain or maintain control of the virtual funds, say attorneys at Frost Brown.

  • As SEC, CFTC Retreat, Who Will Police The Crypto Markets?

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    As the U.S. Securities and Exchange Commission and U.S. Commodity Futures Trading Commission pull back from policing the crypto markets, the Federal Trade Commission and Consumer Financial Protection Bureau have the authority to pick up the slack — although recent events raise doubts that they will do so, say attorneys at Skadden.

  • 5 Ways Banking Has Changed In 5 Years Since COVID

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    Since the start of the pandemic five years ago, technology, convenience and shifting expectations have transformed compliance for the financial services industry in several key ways, from the shrinking role of the traditional bank branch to the rise of fintech and mobile payments, says Christopher Pippett at Fox Rothschild.

  • E-Discovery Quarterly: The Perils Of Digital Data Protocols

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    Though stipulated protocols governing the treatment of electronically stored information in litigation are meant to streamline discovery, recent disputes demonstrate that certain missteps in the process can lead to significant inefficiencies, say attorneys at Sidley.

  • Making Sense Of Small Biz Fair Lending Compliance

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    Despite the uncertainty brought on by the Consumer Financial Protection Bureau's recent efforts to revise fair lending data collection requirements under Section 1071 of the Dodd-Frank Act, the compliance dates have not yet been stayed, so covered institutions should still start to monitor any disparities now, say attorneys at Frost Brown Todd.

  • Opinion

    Ripple Settlement Offers Hope For Better Regulatory Future

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    The recent settlement between the U.S. Securities and Exchange Commission and Ripple — in which the agency agreed to return $75 million of a $125 million fine — vindicates criticisms of the SEC and highlights the urgent need for a complete overhaul of its crypto regulation, says J.W. Verret at George Mason University.

  • Series

    Law School's Missed Lessons: Preparing For Corporate Work

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    Law school often doesn't cover the business strategy, financial fluency and negotiation skills needed for a successful corporate or transactional law practice, but there are practical ways to gain relevant experience and achieve the mindset shifts critical to a thriving career in this space, says Dakota Forsyth at Olshan Frome.

  • OCC Patriot Bank Order Spotlights AML Issues For Managers

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    The Office of the Comptroller of the Currency's focus on payments and prepaid card program managers in its recent consent order with Patriot Bank is noteworthy and shows regulators are unlikely to back down on enforcement related to Bank Secrecy Act/anti-money laundering, say attorneys at Troutman Pepper.

  • FDIC Shift On ALJs May Show Agencies Meeting New Norms

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    The Federal Deposit Insurance Corp.’s recent reversal, deciding to not fight a Kansas bank’s claim that the FDIC's administrative law judge removal process is unconstitutional, shows that independent agencies may be preemptively reconsidering their enforcement and adjudication authority amid executive and judicial actions curtailing their operations, say attorneys at Snell & Wilmer.

  • Opinion

    The SEC Must Protect Its Best Tool For Discovering Fraud

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    By eliminating the consolidated audit trail's collection of most retail customer information, the U.S. Securities and Exchange Commission may squander a once-in-a-generation opportunity to deter securities market fraud and abuse, something new Chair Paul Atkins must ensure doesn't happen, says former SEC data strategist Hugh Beck.

  • Series

    Florida Banking Brief: All The Notable Legal Updates In Q1

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    The first quarter of 2025 saw the Trump administration's crypto-forward approach permeate the banking industry, including Florida banking institutions, and a Fourth District Court of Appeal decision provide a new precedent for borrower/lender standing, say attorneys at Kozyak Tropin.

  • A Cold War-Era History Lesson On Due Process

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    The landmark Harry Bridges case from the mid-20th century Red Scare offers important insights on why lawyers must be free of government reprisal, no matter who their client is, says Peter Afrasiabi at One LLP.

  • How Latin American Finance Markets May Shift Under Trump

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    Changes in the federal government are bringing profound implications for Latin American financial institutions and cross-border financing, including increased competition from U.S. banks, volatility in equity markets and stable green investor demand despite deregulation in the U.S., says David Contreiras Tyler at Womble Bond.

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