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Banking

  • April 22, 2025

    FTX Ch. 11 Trust Says Ex-Exec's Wife Spent $600K Since Dec.

    The FTX Recovery Trust urged a Delaware bankruptcy judge to enjoin the wife of former FTX executive Ryan Salame from spending additional money that the trust said was fraudulently taken from the company before its bankruptcy filing, saying Michelle Bond has spent more than $600,000 since mid-December on legal fees, luxury vacations and credit card bills.

  • April 22, 2025

    ÃÛÌÒÊÓÆµ Waves White Flag In Prepaid Rule Fight With PayPal

    The Consumer Financial Protection Bureau has abandoned its D.C. Circuit defense of a rule that subjected Venmo-style digital wallets to some of the same fee disclosure requirements as reloadable prepaid cards, walking away from an appeal of PayPal's legal challenge to the regulation.

  • April 22, 2025

    4th Circ. Rejects Full Court Review Of Credit Union's Liability

    The Fourth Circuit has declined to take a second look at a panel decision finding a credit union cannot be held liable for a scammer's use of its services to swindle a metal fabricator out of $560,000.

  • April 22, 2025

    Credit Sesame Users Say Data Breach Leaked Personal Info

    Financial services provider Credit Sesame is facing a proposed class action filed Monday in California federal court by two customers who said their personally identifiable information was compromised in a data hack earlier this month and that the company did not follow common industry standards to protect their sensitive information.

  • April 22, 2025

    Deutsche Bank Appeals Conn. Asset Price Suit Loss

    Deutsche Bank AG has asked a Connecticut appeals court to hear its case against Norwegian billionaire Alexander Vik and his daughter Caroline after a lower court ruled that it cannot relitigate its claims that the Viks purposely devalued certain assets to avoid paying a $243 million debt.

  • April 22, 2025

    Real Estate Investor Cops To $19M Loan Fraud

    A Massachusetts real estate investor pled guilty Tuesday to defrauding multiple lenders of more than $19 million by submitting forged leases and rent rolls in support of $60 million worth of loan applications, federal prosecutors said.

  • April 22, 2025

    Wells Fargo Worker Wants Disability Bias Suit Kept In Play

    Wells Fargo cannot shut down a senior finance manager's lawsuit alleging she faced backlash after she sought to work remotely because of health issues, the employee told a North Carolina federal court, saying she put forward enough detail to show she suffered discriminatory actions.

  • April 22, 2025

    Jay Clayton Sworn In As Interim US Atty For SDNY

    Jay Clayton, President Donald Trump's pick to lead the U.S. Attorney's Office for the Southern District of New York, was sworn in Tuesday as the top federal prosecutor in Manhattan on an interim basis while he awaits confirmation from the Senate.

  • April 22, 2025

    Chase Bank Can't Ditch Claims It Aided $119M Ponzi Scam

    A California federal judge trimmed on Monday SiliconSage Builders LLC receiver's lawsuit accusing JPMorgan Chase of allegedly helping the now-defunct real estate developer carry out a massive $119 million Ponzi scheme, tossing an unjust enrichment claim, but allowing the bulk of the aiding-and-abetting allegations to survive.

  • April 22, 2025

    JPMorgan Fined $650K Over Regulation M Reporting Failures

    The Financial Industry Regulatory Authority and several stock exchanges, including Nasdaq and some New York Stock Exchange entities, teamed up to fine JPMorgan $650,000 for failing to file hundreds of required reports under Regulation M, which makes it unlawful for brokers to trade on certain securities during a restricted period.

  • April 22, 2025

    Judge Wonders If BofA Fake Accounts Suit Is 'Fishing'

    A North Carolina federal judge on Tuesday questioned why he shouldn't dismiss a proposed class action alleging Bank of America opened unauthorized accounts in people's names after the bank argued that a similar suit against Wells Fargo didn't survive.

  • April 22, 2025

    Citizens Bank Seeks Quick Win From Real Estate Partnership

    Citizens Bank pushed for an early win in its loan default suit in Connecticut state court, arguing that the court should allow it to foreclose on the Bristol properties that were used to secure a $23 million loan.

  • April 22, 2025

    Wells Fargo 'Sham' Hiring Suit Delayed For Mediation

    A California federal judge agreed to move deadlines in a proposed investor class action accusing Wells Fargo of conducting "sham" job interviews to meet diversity targets that later triggered a stock drop when the practice was revealed, citing plans to attempt mediation in May.

  • April 22, 2025

    Morgan Lewis Hires Ex-CFTC General Counsel

    Robert A. Schwartz, the former general counsel of the U.S. Commodity Futures Trading Commission, has joined Morgan Lewis & Bockius LLP as a partner in its investment management practice, the firm announced Tuesday.

  • April 21, 2025

    ÃÛÌÒÊÓÆµ Needs Only 200 Workers, Trump Admin Tells DC Circ.

    The Trump administration has told the D.C. Circuit the Consumer Financial Protection Bureau only needs a staff of 200 to fulfill its duties, as the government seeks to resume layoffs at the agency after a federal judge halted the terminations for a second time. 

  • April 21, 2025

    Mexican Banks Escalate Discovery Fight With Sanctions Bid

    A Mexican bank and its affiliates have asked a Texas federal judge to sanction a businessman and his attorneys in a fraud case, saying they have deliberately obstructed court-ordered discovery in litigation accusing him of diverting and concealing corporate assets.

  • April 21, 2025

    Binance Crypto Suit Sent To Florida To Avoid Duplication

    A Washington federal judge on Monday transferred to Florida a proposed class action over Binance's alleged role in laundering stolen cryptocurrency, finding that the case heavily overlapped with a lawsuit filed earlier in the Sunshine State that was sent to arbitration.

  • April 21, 2025

    Asset Manager Admits Stealing $3M From Real Estate Cos.

    A Connecticut asset manager who helped clients buy and manage real estate portfolios has pled guilty to stealing nearly $3 million from entities in five states to fund his day trading endeavors, federal prosecutors announced Monday.

  • April 21, 2025

    ÃÛÌÒÊÓÆµ Says Experian Can't Escape Suit Over Credit Reporting

    The Consumer Financial Protection Bureau has asked a California federal judge to keep alive its lawsuit accusing Experian of mishandling consumer credit reporting disputes, arguing that the credit reporting agency "grossly mischaracterizes the complaint's allegations."

  • April 21, 2025

    Ex-JPMorgan Worker's PAGA Claim May Be Arbitrated

    A California judge indicated Monday she may send to arbitration a former JPMorgan Chase Bank worker's individual claim brought under the Private Attorneys General Act alleging the bank encouraged workers to perform off-the-clock work but failed to pay them accordingly, issuing a tentative order that would split off her representative claims and pause them.

  • April 21, 2025

    Academics Say FTC Firings Threaten Fed, Economic Stability

    Law and economics professors have told a D.C. federal court that failing to reinstate the recently fired members of the Federal Trade Commission puts the independence of the Federal Reserve System at risk and threatens to hurt the economy.

  • April 21, 2025

    Taiwan Installs Tariff Relief Measures For Exporters

    Certain Taiwanese businesses that export goods to the U.S. will have access to lower loan interest rates and waived exporter insurance fees if they can show they are heavily impacted by U.S. tariffs, Taiwan's Ministry of Finance said Monday.

  • April 21, 2025

    US Asks 4th Circ. To Pause Review Of Corp. Transparency Act

    The U.S. government urged the Fourth Circuit to pause a challenge brought by community associations against an information disclosure law aimed at small businesses, arguing that the U.S. Treasury Department's newly narrowed rules could moot the claims.

  • April 21, 2025

    Unions Demand Halt To DOGE's Info Access At DOL, HHS

    A D.C. federal judge must block Elon Musk's Department of Government Efficiency from accessing sensitive systems in the U.S. Department of Labor and Department of Health and Human Services, unions argued in a preliminary injunction bid, saying the government's search for "waste, fraud and abuse" doesn't warrant access.

  • April 21, 2025

    Unions Score Block On Orders To Fire Probationary Workers

    A California federal judge blocked the Office of Personnel Management from ordering federal agencies to fire probationary employees and stopped several agencies from heeding its directives, but he declined to order them to rehire the workers they've already let go.

Expert Analysis

  • 5 Ways To Create Effective Mock Assignments For Associates

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    In order to effectively develop associates’ critical thinking skills, firms should design mock assignments that contain a few key ingredients, from messy fact patterns to actionable feedback, says Abdi Shayesteh at AltaClaro.

  • Assessing Gary Gensler's Legacy At The SEC

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    Gary Gensler's tenure as U.S. Securities and Exchange Commission chair is defined by a record of commonsense regulation in some areas and social activism in others, and by increasing judicial skepticism about the SEC's authority to fulfill its regulatory, enforcement, administrative law and adjudicatory functions, say attorneys at Arnold & Porter.

  • Takeaways From DOJ Fraud Section's 2024 Year In Review

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    Attorneys at Paul Weiss highlight notable developments in the U.S. Department of Justice Fraud Section’s recently released annual report, and discuss what the second Trump administration could mean for enforcement in the year to come.

  • A Defendant's Guide To 4 Common ÃÛÌÒÊÓÆµ Discovery Tactics

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    With the Consumer Financial Protection Bureau's recent flurry of new lawsuits showing no signs of stopping, defendants should know the bureau's most relied-upon discovery strategies — and be prepared to resist them, say attorneys at Goodwin.

  • The 7th Circ.'s Top 10 Civil Opinions Of 2024

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    Attorneys at Jenner & Block examine the most significant decisions issued by the Seventh Circuit in 2024, and explain how they may affect issues related to mass arbitration, consumer fraud, class certification and more.

  • Kansas Bank's Suit Could Upend FDIC Enforcement Authority

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    ​​​​​​​Should CBW Bank's federal lawsuit in Kansas challenging the Federal Deposit Insurance Corp.'s enforcement authority gain traction with a post-Chevron U.S. Supreme Court, it could have profound implications for the FDIC and the banking industry at large, says Jack Harrington at Bradley Arant.

  • Class Actions At The Circuit Courts: Nov. And Dec. Lessons

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    In this month's review of class action appeals, Mitchell Engel at Shook Hardy discusses five federal court decisions and identifies practice tips from cases involving takings clause violations, breach of contract with banks, life insurance policies, employment and automobile defects.

  • Mentorship Resolutions For The New Year

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    Attorneys tend to focus on personal achievements or career milestones when they set yearly goals, but one important area often gets overlooked in this process — mentoring relationships, which are some of the most effective tools for professional growth, say Kelly Galligan at Rutan & Tucker and Andra Greene at Phillips ADR.

  • Insights For Finance Firms, Regulators From House AI Report

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    Though a U.S. House of Representatives report encourages the financial sector to embrace artificial intelligence tools, its focus on ensuring high-quality datasets, transparent development and equitable access underscores that firms and regulators must strike a delicate balance between technological innovation and responsible implementation, says Brendan Palfreyman at Harris Beach.

  • California's New Homeowner Law Could Hamper Foreclosures

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    While A.B. 2424, which took effect this month in California, gives homeowners in default additional protections, it also provides loopholes that can be used to delay foreclosure auctions, and the cost of these delays will likely be passed on to the borrower, says Stephen Britt at Severson & Werson.

  • Series

    Coaching Little League Makes Me A Better Lawyer

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    While coaching poorly played Little League Baseball early in the morning doesn't sound like a good time, I love it — and the experience has taught me valuable lessons about imperfection, compassion and acceptance that have helped me grow as a person and as a lawyer, says Alex Barnett at DiCello Levitt.

  • How Fintechs Can Respond To New ÃÛÌÒÊÓÆµ Supervisory Rule

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    Even though a new Consumer Financial Protection Bureau rule pulling large payment apps into supervision faces an uncertain fate in the new administration, providers should still examine the rule's definitions and prepare for increased compliance costs and more consumer-friendly practices, say attorneys at DLA Piper.

  • 5 Litigation Funding Trends To Note In 2025

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    Lawyers and their clients must be prepared to navigate an evolving litigation funding market in 2025, made more complicated by a new administration and the increasing overall cost of litigation, says Jeffery Lula at GLS Capital.

  • Predicting Where State AGs Will Direct Their Attention In 2025

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    In 2025, we expect state attorneys general will navigate a new presidential administration while continuing to further regulate and police financial services, artificial intelligence, junk fees and antitrust, say attorneys at Troutman Pepper.

  • The Blueprint For A National Bitcoin Reserve

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    The new administration has the opportunity to pave the way for a U.S.-backed crypto reserve, which could conceptually function as a strategic asset akin to traditional reserves like gold markets, hedge against economic instability, and influence global crypto adoption, say attorneys at Duane Morris.

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