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June 12, 2025
Redfin Investor Seeks $450K In Fees In Merger Disclosure Suit
A Redfin investor asked a Washington federal judge to award $450,000 in legal fees to Monteverde & Associates PC and Wohl & Fruchter LLP, claiming his lawsuit was beneficial to shareholders despite the court's decision to deny his preliminary injunction request to postpone an investor vote.
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June 11, 2025
Senate Dems Probe Meta, Trump Stablecoin Plans And Deals
U.S. Sens. Elizabeth Warren and Richard Blumenthal sent a pair of letters this week asking for more information on Meta's renewed plans to launch its own stablecoin as well as details on MGX's decision to use Donald Trump's World Liberty stablecoin to make a $2 billion investment in the cryptocurrency exchange Binance.
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June 11, 2025
ÃÛÌÒÊÓÆµ's Fee Brief May Be Gone But Not Forgotten, Judge Says
A Seattle federal judge has allowed the Consumer Financial Protection Bureau to pull back its Biden-era amicus support for a consumer fee class action against Nationstar Mortgage, but she said she may still take the agency's prior legal arguments into account.
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June 11, 2025
Regulators Delay Compliance On Private Fund Disclosures
A divided U.S. Securities and Exchange Commission agreed on Wednesday to extend compliance dates for new Form PF rules that require additional disclosure from private funds, overcoming objections from one dissenting commissioner who feared the "11th-hour" extension could lead to abandoning the rules altogether.
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June 11, 2025
Fintech Startup Chimes In With $864M IPO Above Price Range
Venture-backed fintech startup Chime Financial Inc. priced an $864 million initial public offering above its marketed range on Wednesday, represented by Wilson Sonsini Goodrich & Rosati PC and underwriters counsel Davis Polk & Wardwell LLP, furthering the IPO market's recent momentum.
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June 11, 2025
Senate Advances Stablecoin Bill As Dems Decry Swift Pace
The Senate's proposal to regulate stablecoins cleared another procedural hurdle on Wednesday with bipartisan support despite some Democratic outcry over an allegedly limited opportunity to amend the bill.
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June 11, 2025
BofA, FDIC Seek More Time To Finalize $540M Premiums Deal
Bank of America has confirmed it won't be appealing an order directing it to pay $540 million to the Federal Deposit Insurance Corp., asking a Washington, D.C., federal judge for more time to confirm their agreement on calculations related to the payment.
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June 11, 2025
Debt Collectors Push FCC To Shed Consumer Contact Rules
Debt collectors are adding their two cents to the Federal Communications Commission's request for unnecessary regulations that should be eliminated, calling on the agency to eliminate an upcoming rule that would make it easier for individuals to stop future robocalls and texts.
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June 11, 2025
JPMorgan Says It Was 'Victim' In $481M CMBS Loan Deal
JPMorgan Chase Bank has urged a New York federal court to toss a claim in a lawsuit Wells Fargo brought against it over a defaulted $481 million commercial real estate loan that JPMorgan originated and securitized, arguing it was actually "the victim" of a criminal scheme in which its borrowers "inflated" financial figures for a portfolio of 43 multifamily properties.
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June 11, 2025
Holland & Knight Finance Ace Jumps To Norton Rose
Norton Rose Fulbright announced Wednesday that it has fortified its corporate finance offerings with a former Holland & Knight LLP partner who will share his time between Dallas and Chicago.
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June 10, 2025
Chamber Calls On Justices To Hear Auditor Fraud Case
The U.S. Chamber of Commerce is among the parties calling on the U.S. Supreme Court to take up a case accusing BDO USA LLP of securities fraud, telling the justices that allowing a Second Circuit ruling to stand could lead to more lawsuits against accountants, lawyers and underwriters.
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June 10, 2025
6th Circ. Probes Ambiguity Of Flagstar Overdraft Contract
A panel of Sixth Circuit appellate judges on Tuesday zeroed in on whether a Flagstar Bank customer had to read and understand an agreement to support claims a contract was ambiguous in her case alleging the bank charged surprise, repeated overdraft fees, noting that there is little benefit to reading an agreement if it's unclear.Â
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June 10, 2025
First Republic Brass Beat Investor Suit Over Bank Failure
A California federal judge dismissed for good a shareholder suit against the former directors and officers of now-failed First Republic Bank and its auditor over the lender's 2023 collapse, finding that the plaintiffs failed to first exhaust their required administrative remedies and, therefore, the court does not have jurisdiction to hear the case.
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June 10, 2025
Senate Dems Seek To Slow GOP Roll On ÃÛÌÒÊÓÆµ Defunding Bill
Senate Banking Committee Democrats are demanding a hearing on GOP budget legislation that would defund the Consumer Financial Protection Bureau and make other financial agency cuts, arguing that its "sweeping" plans should be scrutinized before going to the floor.
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June 10, 2025
9th Circ. Says Legal Co.'s $1.7M Chase Check Suit Is Too Late
The Ninth Circuit affirmed a California federal court's ruling dismissing a suit by legal support company Nationwide Legal against JPMorgan Chase, saying its suit claiming Chase Bank acted negligently when it allowed a Nationwide Legal employee to deposit fraudulent checks was time-barred.
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June 10, 2025
Shaq To Pay $1.8M Over FTX Investors' Promotion Claims
Retired NBA star Shaquille O'Neal has agreed to pay $1.8 million to resolve claims he promoted crypto exchange FTX to the detriment of investors prior to its stunning collapse.
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June 10, 2025
Trump's CFTC Pick Won't Push To Fill Leadership Vacancies
President Donald Trump's pick to lead the U.S. Commodity Futures Trading Commission told senators Tuesday that the financial regulator would likely need to beef up its staff should Congress grant it more authority over the cryptocurrency industry, but he would not commit to pushing the president to fill vacancies at the top of the agency.
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June 10, 2025
Edward Jones Among 5 Firms Paying $9.3M Over Inflated Fees
Edward Jones, TD Ameritrade and three other wealth adviser firms have reached a $9.3 million settlement with the North American Securities Administrators Association after having been accused of overcharging fees for small-dollar investors.
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June 10, 2025
Farella Braun Wins Partial Fee Award In FDIC Dispute
A California federal judge has awarded Farella Braun & Martel LLP around $10,000 in attorney fees for the work its lawyers did for the bankrupt parent of Silicon Valley Bank, finding the receiver for the bank, the Federal Deposit Insurance Corp., failed to comply with discovery orders.
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June 10, 2025
SEC To Resume Review Of Swiss Adviser Registrations
Switzerland-based investment advisers seeking to do business in the U.S. can immediately resume submitting new and pending registration applications for consideration with the U.S. Securities and Exchange Commission, regulators said Tuesday.
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June 10, 2025
Sezzle Claims Shopify Is Stifling 'Buy Now, Pay Later' Services
Digital payment platform Sezzle Inc. has hauled Shopify Inc. into Minnesota federal court, accusing the Canadian e-commerce giant of abusing its market power in customizable online storefronts to further stifle competition for "buy-now, pay-later" services.
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June 10, 2025
Top ÃÛÌÒÊÓÆµ Enforcer Quits Over 'Devastating' Agency Pullback
The Consumer Financial Protection Bureau's top enforcement official resigned Tuesday, saying she can no longer effectively do her job under leadership that "has no intention to enforce the law in any meaningful way."
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June 10, 2025
MoFo Adds Troutman Pepper Financial Services Duo In DC
Morrison Foerster LLP said Tuesday it is boosting its financial services and fintech groups with the addition of a former Federal Deposit Insurance Corp. executive and a past Federal Reserve Board attorney.
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June 09, 2025
OCC Rebuffs State Bankers' Call To Rescind Preemption Rules
The Office of the Comptroller of the Currency said Monday that it is standing by its regulations that purport to exempt banks it oversees from a swath of state-law limitations, swatting down a request from state regulators that want these rules overturned.
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June 09, 2025
Russian Crypto CEO, Charged With $530M Fraud, Can't Get Bail
The Russian CEO of Miami-based cryptocurrency firm Evita was arrested and charged Monday with 22 criminal counts for allegedly orchestrating a $530 million scheme to dodge U.S. sanctions and export controls and launder funds, prompting a New York federal judge to deny him bail given his incentive to flee.
Expert Analysis
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Calif. Digital Assets Proposal Provides Only Partial Clarity
Recently proposed regulations under California's Digital Financial Assets Law answer some important questions about the new regime, particularly regarding its interaction with the state's money transmission law, but many key compliance questions remain, say attorneys at Stinson.
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Opinion
The BigLaw Settlements Are About Risk, Not Profit
The nine Am Law 100 firms that settled with the Trump administration likely did so because of the personal risk faced by equity partners in today's billion‑dollar national practices, enabled by an ethics rule primed for modernization, says Adam Forest at Scale.
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Fla. Bill May Curb Suits Over Late-Night Collections Emails
A recently passed Florida bill exempting email communications from the Florida Consumer Collection Practices Act's quiet hours ban may significantly reduce frivolous lawsuits aimed at creditors and debt collectors who use email communications to collect outstanding balances from consumers, say attorneys at Holland & Knight.
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Series
Brazilian Jiujitsu Makes Me A Better Lawyer
Competing in Brazilian jiujitsu – often against opponents who are much larger and younger than me – has allowed me to develop a handful of useful skills that foster the resilience and adaptability necessary for a successful legal career, says Tina Dorr of Barnes & Thornburg.
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Birthright Ruling Could Alter Consumer Financial Litigation
The U.S. Supreme Court’s upcoming decision about the validity of the nationwide injunctions in the birthright citizenship cases, argued on May 15, could make it much harder for trade associations to obtain nationwide relief from the Consumer Financial Protection Bureau's enforcement of invalid regulations, says Alan Kaplinsky at Ballard Spahr.
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Energy Order Brings Risks For Lenders And Borrowers Alike
A recent executive order directing the attorney general to submit a report next month with recommendations for halting enforcement of state laws the administration says are hampering energy resources presents risks for lenders and borrowers using state-generated carbon credits, but proactive steps now can help insulate against adverse consequences, say attorneys at Faegre Drinker.
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Series
Power To The Paralegals: An Untapped Source For Biz Roles
Law firms looking to recruit legal business talent should consider turning to paralegals, who practice several key skills every day that prepare them to thrive in marketing and client development roles, says Vanessa Torres at Lowenstein Sandler.
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Fledgling Crypto ATM Regs May Be Due For A Growth Spurt
As cryptocurrency ATM use and availability become more prevalent within the U.S. financial services ecosystem, states — only a few of which currently have a crypto ATM framework — may need to consider expanding legislation and regulation to accelerate consumer fraud protection practices, says Jason Noto at Polsinelli.
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Series
Playing Poker Makes Me A Better Lawyer
Poker is a master class in psychology, risk management and strategic thinking, and I’m a better attorney because it has taught me to read my opponents, adapt when I’m dealt the unexpected and stay patient until I'm ready to reveal my hand, says Casey Kingsley at McCreadyLaw.
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Opinion
Why It's Time To Retire The Efficient Market Hypothesis
As agentic artificial intelligence systems increasingly affect financial markets, the efficient market hypothesis no longer offers a viable foundation for legal and regulatory engagement, and a new theoretical foundation is needed, say Zachary Brenner, a student at California Western School of Law, and attorney Gary Brenner.
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Key Aspects Of FDIC's Resolution Planning FAQ
The Federal Deposit Insurance Corp.'s recent FAQ on changes to its resolution plan rule ease burdensome requirements for some large institutions and exempt others from discussion of franchise components, making it easier for banks to finalize submissions before the July 1 deadline, say attorneys at Moore & Van Allen.
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Series
Law School's Missed Lessons: Becoming A Firmwide MVP
Though lawyers don't have a neat metric like baseball players for measuring the value they contribute to their organizations, the sooner new attorneys learn skills frequently skipped in law school — like networking, marketing, client development and case evaluation — the more valuable, and less replaceable, they will be, says Alex Barnett at DiCello Levitt.
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How NY's FAIR Act Mirrors ÃÛÌÒÊÓÆµ State Recommendations
New York's proposed FAIR Business Practices Act, which targets predatory lending and junk fees, reflects the Rohit Chopra-era Consumer Financial Protection Bureau's recommendations to states in a number of ways, including by defining "abusive" conduct and adding a new right to file class actions, says Christian Hancock at Bradley Arant.
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How Cos. Can Navigate Risks Of New Cartel Terrorist Labels
The Trump administration’s recent designation of eight drug cartels as foreign terrorist organizations gives rise to new criminal and civil liabilities for companies that are unwittingly exposed to cartel activity, but businesses can mitigate such risks in a few key ways, say attorneys at Steptoe.
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What We Lost After SEC Eliminated Regional Director Role
Former U.S. Securities and Exchange Commission Regional Director Marc Fagel discusses the recent wholesale elimination of the regional director position, the responsibilities of the job itself and why discarding this role highlights how the appearance of creating a more efficient agency may limit the SEC's effectiveness.