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Banking
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September 03, 2025
Amex Owes $12M In Antisteering Rule Suit, NY Jury Holds
A New York federal jury ordered American Express Co. to pay over $12 million to a class of Illinois consumers after finding the company liable under Illinois state law for overcharges that the class says they experienced due to so-called antisteering rules Amex imposed on merchants that accept Amex cards.
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September 03, 2025
Silvergate's $37.5M Investor Settlement Gets Final OK
Investors of failed, cryptocurrency-focused Silvergate Bank secured a California federal judge's final approval Wednesday for their $37.5 million settlement of claims alleging the bank misrepresented its safeguards against onboarding customers like the collapsed, fraud-ridden crypto exchange FTX.
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September 03, 2025
7th Circ. Judge Probes FDIC's In-House Enforcement Powers
A Seventh Circuit judge on Wednesday pushed counsel for the Federal Deposit Insurance Corp. to address whether an Illinois community bank's ex-chairman alleging the agency's in-house proceedings are unconstitutional waived his Seventh Amendment right to trial by jury by virtue of working at an institution that participates in the FDIC's insurance program.
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September 03, 2025
4 Firms Steer $2.7B Sale Of Aon's NFP Wealth Biz
Aon said Wednesday it has agreed to sell various business units that make up the majority of NFP's wealth management operations to private equity firm Madison Dearborn Partners in a transaction worth $2.7 billion, with Skadden, Dentons, Paul Weiss and Kirkland representing the parties.
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September 03, 2025
Archegos Witness Avoids Prison After 'Extensive' Cooperation
A former accountant who served as director of risk at Archegos before its fraud-driven collapse avoided prison Wednesday after a Manhattan federal judge said his testimony was crucial in securing the conviction and 18-year prison sentence imposed on fund founder Bill Hwang.
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September 02, 2025
Fed Gov. Cook Doubles Down On Removal TRO Bid
Federal Reserve Board Gov. Lisa Cook on Tuesday doubled down in her bid to have a D.C. federal court block President Donald Trump's attempt to strip her of her position, saying the federal government was trying to expand the limits of a "for cause" removal.
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September 02, 2025
Visa, Mastercard Still Can't Beat Intuit, Block Antitrust Claims
A New York federal judge has rejected Visa and Mastercard's latest effort to ditch antitrust claims brought by Intuit and Block in long-running multidistrict litigation over payment processing fees, agreeing with a magistrate judge's finding that the court has already considered and rejected the credit companies' arguments.
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September 02, 2025
DC Circ. Says EPA Can Freeze Climate Grant Funds
A D.C. Circuit panel vacated an injunction on Tuesday ordering Citibank to relinquish grant funding frozen by the U.S. Environmental Protection Agency, finding green groups are not likely to succeed on the merits of their "essentially contractual" claims.
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September 02, 2025
Russia Says Ukraine Bank's $1.1B Award Suit Must Be Nixed
Russia is urging a D.C. federal court to toss litigation filed by one of Ukraine's largest banks to enforce a $1.1 billion arbitral award against it, arguing that it has sovereign immunity since its alleged seizure of the bank's assets took place during an international armed conflict.
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September 02, 2025
Wall Street Banks Beat Revived Bond-Rigging Antitrust Claims
A New York federal judge tossed a recently revived proposed antitrust class action Tuesday accusing Bank of America Corp., Wells Fargo & Co. and other major financial institutions of conspiring to rig corporate bonds and boycott rival bond-trading platforms, finding the allegations are vague, conclusory and time-barred.
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September 02, 2025
Crypto Cos. Figure, Gemini Eye Over $800M Total IPO Hauls
Crypto platform Gemini, led by twin brothers Cameron and Tyler Winklevoss, announced Tuesday it plans to raise as much as $317 million in an upcoming initial public offering, while blockchain-based lending firm Figure Technologies Solutions Inc. announced plans to raise up to $526 million in its own public offering.
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September 02, 2025
5th Circ. Says Firm Is Making 'Circular Problem' In Doc Dispute
A Fifth Circuit panel pushed back Tuesday on a law firm's assertion that it gets to keep documents associated with a $30 million settlement with Ocwen Financial Corp. even though those documents were allegedly used to breach the settlement agreement, saying they were making a circular argument.
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September 02, 2025
Ex-Crypto Platform Cred Execs Sentenced For $150M Scheme
The former CEO and former chief financial officer behind bankrupt cryptocurrency lender Cred Inc. will serve four years and three years, respectively, after previously pleading guilty to conspiracy to commit wire fraud.
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September 02, 2025
2 Firms Guide Equity Bank's Buy Of Nebraska's Frontier Bank
Kansas-headquartered Equity Bank has announced plans to acquire Nebraska's Frontier Bank in a nearly $123 million deal guided by Norton Rose Fulbright US LLP and Fenimore Kay Harrison LLP, the banks have announced.
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September 02, 2025
AT&T May Avoid Pension Risk Transfer Suit, Judge Says
A Massachusetts federal judge recommended granting AT&T and State Street's motions to dismiss a proposed class action from AT&T retirees alleging the companies put their pensions at unnecessary risk through an $8 billion pension annuity deal, finding allegations failed to state a claim for violating federal benefits law.Â
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September 02, 2025
TMX Customers Get Final OK For $42M Data Breach Suit Deal
Customers of title loan and payday lender TMX Finance have gotten a final nod for their $42 million settlement of class action claims arising from a data breach affecting an estimated 4.8 million people, with class counsel receiving just under $6 million in fees and expenses.
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September 02, 2025
Davis Polk-Led Klarna Seeks $1.3B In Revived IPO Plans
Swedish financial technology startup Klarna, advised by Davis Polk & Wardwell LLP, announced Tuesday the buy-now, pay-later business is resuming its initial public offering plans, months after those plans were paused amid backlash to U.S. President Donald Trump's "Liberation Day" tariffs announcement in April, saying the company is looking to raise up to $1.27 billion.
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August 29, 2025
DC Judge Says Fed. Reserve Gov. Can't Get TRO Just Yet
Federal Reserve Board Governor Lisa Cook didn't walk away from her emergency hearing with the temporary restraining order she was looking for, but a D.C. federal judge said she was willing to expedite briefing over the president's attempt to strip Cook of her position.
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August 29, 2025
Banker, Ex-Puerto Rico Governor Plead Guilty In Bribery Case
Former Puerto Rico Gov. Wanda Vázquez Garced and a London-based banker have agreed to plead guilty to a single charge over their roles in an alleged scheme that initially saw the banker accused of offering Garced financial support to her reelection bid in exchange for terminating a regulatory inquiry into his bank.
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August 29, 2025
Dems Urge FHFA Director To Focus On Housing Costs
Democratic senators on Friday urged Federal Housing Finance Agency Director William Pulte to focus on measures to bring housing costs down — including by forestalling any privatization of Fannie Mae and Freddie Mac — while lambasting Pulte for his role in the firing of Federal Reserve Gov. Lisa Cook.
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August 29, 2025
SEC Enters New Enforcement Era With Unlikely Leader
As the U.S. Securities and Exchange Commission prepares to welcome a new enforcement director after nearly a year without someone permanently in the role, securities industry insiders are waiting to see how the former military judge will leave her mark on an agency that is already in the midst of transformation.
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August 29, 2025
Emigrant Seeks High Court Review Of 'Reverse Redlining' Suit
Emigrant Mortgage Co. has asked the U.S. Supreme Court to review a Second Circuit decision upholding a jury verdict that found the company engaged in "reverse redlining" by targeting Black and Latino homeowners with predatory loans, arguing the appeals court broke with other circuits and made it too easy for borrowers to sue and prove disparate impact.
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August 29, 2025
RICO, Fraud Claims Tossed In LA Real Estate Investment Suit
A Georgia federal court has determined that fraud and racketeering claims from a group of Chinese and American investors in a real estate investment suit alleging a group of fraudsters duped them out of millions of dollars with bogus representations are barred by merger clauses and federal securities regulations.
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August 29, 2025
Banks Ignored Pig Butchering Scheme's Red Flags, Suit Says
A California couple who say they lost $600,000 in a so-called pig butchering investing scam have sued several financial institutions, including three banks and two fintech payment platforms, alleging the banks chose to "bury their heads in the sand" as the purported scammers took advantage of their targets.
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August 29, 2025
UK Bank Shares Sink After Report Calls For Windfall Tax
Bank stocks sank Friday in the U.K. after a think tank said the government should adopt a windfall tax on profits directly tied to the Bank of England's quantitative easing program, which is costing HM Treasury about £22 billion ($30 billion) annually.
Expert Analysis
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Yacht Broker Case Highlights Industry Groups' Antitrust Risk
The Eleventh Circuit recently revived class claims against the International Yacht Brokers Association, signaling that commission-driven industries beyond real estate are vulnerable to antitrust challenges after the National Association of Realtors settled similar allegations last year, says Miles Santiago at the Southern University Law Center and Alex Hebert at Southern Compass.
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Opinion
4 Former Justices Would Likely Frown On Litigation Funding
As courts increasingly confront cases involving hidden litigation finance contracts, the jurisprudence of four former U.S. Supreme Court justices establishes a constitutional framework that risks erosion by undisclosed financial interests, says Roland Eisenhuth at the American Property Casualty Insurance Association.
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Congress Crypto Movement Could Bring CFTC 'Clarity' At Last
The Clarity Act's arrival at the House floor during "Crypto Week" in Congress demonstrates enduring bipartisan support for legislation addressing digital assets and the Commodity Futures Trading Commission's important role in a future regulatory structure, say attorneys at DLA Piper.
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Stablecoin Bills Present Opportunities, Challenges For Banks
Stablecoin legislation that Congress is expected to adopt in the coming weeks — the GENIUS and STABLE Acts — would create openings for banks to engage in digital asset activities, but it also creates a platform for certain tech-savvy nonbanks to directly compete, say attorneys at Arnold & Porter.
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How Attys Can Use AI To Surface Narratives In E-Discovery
E-discovery has reached a turning point where document review is no longer just about procedural tasks like identifying relevance and redacting privilege — rather, generative artificial intelligence tools now allow attorneys to draw connections, extract meaning and tell a coherent story, says Rose Jones at Hilgers Graben.
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Opinion
GENIUS Act Could Muck Up Insolvency Proceedings
While some of the so-called GENIUS Act's insolvency provisions are straightforward, others run the risk of jeopardizing the success of stablecoin issuers' insolvency proceedings and warrant another look from Congress, say attorneys at Morgan Lewis.
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Series
Calif. Banking Brief: All The Notable Legal Updates In Q2
The second quarter saw California become a more active protector of consumers in response to federal regulatory pullback, with regulators proposing a licensing framework for digital asset businesses, ending an enforcement exemption and otherwise signaling further expansions of oversight and enforcement, say attorneys at Stinson.
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Series
Georgia Banking Brief: All The Notable Legal Updates In Q2
The second quarter brought a number of significant legislative and regulatory changes for Georgia banking, including an extension of the intangibles tax exemption for short-term notes, modernization of routine regulatory practices, and new guardrails against mortgage trigger leads, says Walter Jones at Balch & Bingham.
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Capital One Deal Approval Lights Up Path For Bank M&A
The federal banking regulators' recent approval of Capital One's acquisition of Discover signals the agencies' willingness to approve large transactions and a more favorable environment generally for bank mergers under the Trump administration, say attorneys at Arnold & Porter.
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Series
Playing The Violin Makes Me A Better Lawyer
Playing violin in a string quartet reminds me that flexibility, ambition, strong listening skills, thoughtful leadership and intentional collaboration are all keys to a successful legal practice, says Julie Park at MoFo.
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Series
NY Banking Brief: All The Notable Legal Updates In Q2
In the second quarter of the year, New York utilized every available tool to fill gaps left by federal retrenchment from consumer finance issues, including sweeping updates to its consumer protection framework and notable amendments to cybersecurity rules, say attorneys at Steptoe.
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State, Fed Junk Fee Enforcement Shows No Signs Of Slowing
The Federal Trade Commission’s potent new rule targeting drip pricing, in addition to the growing patchwork of state consumer protection laws, suggest that enforcement and litigation targeting junk fees will likely continue to expand, says Etia Rottman Frand at Darrow AI.
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DOJ's 1st M&A Declination Shows Value Of Self-Disclosures
The U.S. Department of Justice's recent decision not to charge private equity firm White Deer Management — the first such declination under an M&A safe harbor policy announced last year — signals that even in high-priority national security matters, the DOJ looks highly upon voluntary self-disclosures, say attorneys at Perkins Coie.
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Series
Law School's Missed Lessons: Practicing Self-Care
Law schools don’t teach the mental, physical and emotional health maintenance tools necessary to deal with the profession's many demands, but practicing self-care is an important key to success that can help to improve focus, manage stress and reduce burnout, says Rachel Leonard​​​​​​​ at MG+M.
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What Expanding Merchant Code Regs Mean For Processors
Arkansas and South Dakota recently joined a host of other states that restrict payment processors' usage of merchant category codes with laws that include noteworthy prohibitions against maintaining registries of firearms owners, with ramifications for multistate payment systems, say attorneys at Mayer Brown.