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August 15, 2025
Schwab Defends Antitrust Settlement From Iowa AG Objection
The Charles Schwab Corp. has pushed back on objections raised by the Iowa attorney general and others to an investor class action settlement over its merger with TD Ameritrade, saying its plan to implement an antitrust compliance program, among other things, "offers real value to the class."Â
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August 15, 2025
Mich. Bank Keeps Arbitration Win Against Scammed Law Firm
A marijuana industry-focused law firm must pay its bank nearly $373,000, a deficit sustained after a Nigerian scammer tricked the firm into cashing fraudulent Canadian checks, a Michigan appeals court ruled, rejecting arguments that the bank had a duty to protect the firm "from its own mistakes."
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August 15, 2025
Federal Reserve To End Crypto-Focused Supervisory Program
The Federal Reserve Board on Friday announced the end of a Biden-era supervisory program that specifically oversaw banks' crypto and fintech activities, a move that comes after Wall Street trade groups argued that the program unfairly subjected banks to a higher level of scrutiny for their use of novel tech.
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August 15, 2025
Ex-US Bank AI Chief Says He Was Pushed Out Over Race
The former head of U.S. Bank's artificial intelligence efforts has sued the bank, arguing he was subjected to a biased investigation, replaced by less-qualified white employees and had a new job offer rescinded after defamatory statements by bank employees, in retaliation for reporting race and religion discrimination.
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August 15, 2025
Mass. Nonprofit To Pay $1M To Settle FCA Allegations
A Massachusetts nonprofit will pay $1 million to settle allegations it violated the False Claims Act by securing a pandemic relief loan that it was never eligible for and was later forgiven, federal prosecutors said Friday.
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August 15, 2025
Rising Star: Sullivan & Cromwell's Ana M. González Pérez
Ana M. González Pérez of Sullivan & Cromwell LLP helped steer Credit Suisse through its merger and integration with UBS and co-negotiated investment terms that pulled a struggling New York Community Bancorp back from the brink, earning her a spot among the banking law practitioners under age 40 honored by Law360 as Rising Stars.
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August 15, 2025
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen Transport for London hit with a procurement claim by the operator of Oyster card, while Mastercard and Visa face claims from the Rocco Forte Hotel Group, and Liverpool Football Club lobbed a claim against a security company.
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August 15, 2025
DC Circ. Paves Way For Trump Admin To Resume ÃÛÌÒÊÓÆµ Cuts
A D.C. Circuit panel on Friday tentatively cleared President Donald Trump's administration to carry out mass layoffs at the Consumer Financial Protection Bureau, rejecting a lower-court hold on those efforts but giving time for groups representing consumers and agency workers to request an appeal.
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August 14, 2025
Banks Ask To Halt 'Unfair' Clock On ÃÛÌÒÊÓÆµ Open Banking Rule
Bank trade groups are asking a Kentucky federal judge to freeze looming compliance deadlines for the Consumer Financial Protection Bureau's contested open banking rule as the agency revamps the measure, while opposing fintech groups called on the White House to block banks from charging them fees for the kind of data-sharing the rule mandates.
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August 14, 2025
Cadwalader Corporate Head Exits To McDermott After 40 Years
Ira Schacter, a senior partner at Cadwalader Wickersham & Taft LLP, is leaving the firm after 40 years to lead a new section of newly merged McDermott Will & Schulte's transactions practice that will counsel clients where private equity, insurance and financial services matters meet, McDermott confirmed Thursday.
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August 14, 2025
Genesis Parent Says It Met $1.1B Duty, Seeks 'Overpayments'
Crypto conglomerate Digital Currency Group Inc. on Thursday urged a New York bankruptcy judge to declare it has no further obligations under a $1.1 billion promissory note meant to "backstop" its bankrupt subsidiary, crypto lender Genesis, after rising crypto prices allegedly offset the loss the note intended to cover.
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August 14, 2025
2nd Circ. Backs Convictions In ATM-Skimming Ploy
The Second Circuit on Thursday affirmed the convictions of two men involved in a major ATM card-skimming ring, but said a district court should clarify one defendant's restitution payment schedule.
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August 14, 2025
Truist Settles Class Claims Over Third-Party Data Trackers
Truist Financial Corp. has settled a proposed class action accusing the company of embedding third-party trackers on its website for companies like Meta and Google to use to monetize user data through advertising, according to a joint settlement notice filed Thursday in California federal court.
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August 14, 2025
USAA Asks Fed. Circ. To Rethink Axing $223M Patent Verdicts
United Services Automobile Association urged the Federal Circuit to revisit its decisions that neutralized jury verdicts against PNC Bank totaling nearly $223 million, saying Thursday that the appeals court defied U.S. Supreme Court precedent on patent eligibility by deeming USAA's mobile check deposit patents invalid.
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August 14, 2025
DOJ Can Go After $3.4M Linked To Russian Oligarch
A New York federal court has declined to toss a U.S. Department of Justice suit looking to seize $3.4 million from a Wells Fargo account tied to the sale of a California music studio purportedly offloaded to benefit a sanctioned Russian oligarch.
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August 14, 2025
NC Mortgage Lender Seeks Coverage For Fraud Claims
A mortgage lender said it is owed $540,000 from a title insurer after a borrower filed a complaint with the North Carolina Department of Justice about fraudulent activity related to his loan, telling a federal court the insurer shirked its obligations under the policy and related coverage documents.
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August 14, 2025
NY Man Owes PNC $27.3M After Kiting Spree, Bank Claims
PNC Bank has sued a New York man and his eight companies, alleging they owe the bank $27.3 million after executing a massive check-kiting scheme against the bank over a recent 12-day period.
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August 14, 2025
Wyden, Warren Ask Lutnick's Son About Firm's Tariff Bets
Senate Democratic ranking members sent a letter published Thursday to Cantor Fitzgerald & Co. CEO Brandon Lutnick raising concerns about potential insider trading and conflicts of interest associated with a financial product hedging the legality of tariffs that his father, Commerce Secretary Howard Lutnick, has been involved in.
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August 14, 2025
Ex-Payday Lender CEO Gets 7 Years For $66M Ponzi Scheme
The former CEO of a Miami payday loan company was sentenced Thursday to more than seven years in prison for operating a Ponzi scheme that prosecutors say fraudulently raised $66 million from more than 600 investors.
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August 14, 2025
Citibank Gets Partial Win In $15M Brooklyn Foreclosure Suit
A New York federal judge partially sided with Citibank on Thursday in the bank's Brooklyn property foreclosure suit against a loan guarantor and a company that defaulted on a $15 million mortgage loan.
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August 14, 2025
Bob's Discount Furniture Could Go Public, And Other Rumors
Bob's Discount Furniture may boast about its "Oh My Bob" low prices in TV ads, but the retailer's quirky marketing and expanding e-commerce have helped boost sales to roughly $2 billion last year — a performance that a Wall Street Journal report said could support a $1 billion IPO.
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August 14, 2025
US Targets Russia-Linked Crypto Exchanges Over Illicit Flows
The Trump administration on Thursday renewed sanctions on Russian cryptocurrency exchange Garantex and moved against its successor, Grinex, accusing the platforms of helping launder illicit transactions and shifting business to dodge earlier penalties.
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August 14, 2025
Conn. Credit Union Hit With Suit Over Data Breach
A North Haven, Connecticut-based credit union is facing a proposed class action over allegations that it failed to properly safeguard customers' personal information in a June data breach and violated state law by delaying notification to victims.
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August 14, 2025
Feds Urge Court Not To Toss Rep. Cuellar's Bribery Case
Allowing U.S. Rep. Henry Cuellar, D-Texas, to escape bribery charges under the Constitution's speech and debate clause would "eviscerate" several precedents set under the provision, prosecutors told a federal judge on Thursday.
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August 14, 2025
Purported Cartier Family Scion Denies Laundering Charges
An Argentinian entrepreneur and professional singer with ties to the family that created jewelry giant Cartier on Thursday denied charges that he helped operate a Colombia cryptocurrency money-laundering network that assisted traffickers in their effort to repatriate $14 million of narcotics proceeds.
Expert Analysis
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Series
Competing In Modern Pentathlon Makes Me A Better Lawyer
Opening myself up to new experiences through competing in modern Olympic pentathlon has shrunk the appearance of my daily work annoyances and helps me improve my patience, manage crises better and remember that acquiring new skills requires working through your early mistakes, says attorney Mary Zoldak.
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Shifting DEI Expectations Put Banks In Legal Crosshairs
The Trump administration's rollbacks on DEI-friendly policies create something of a regulatory catch-22 for banks, wherein strict compliance would contradict established statutory and administrative mandates regarding access to credit for disadvantaged communities, say attorneys at Husch Blackwell.
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Atkins' Crypto Remarks Show SEC Is Headed For A 'New Day'
A look at U.S. Securities and Exchange Commission Chairman Paul Atkins' recent speeches provides significant clues as to where the SEC is going next and how its regulatory approach to crypto will differ from that of the previous administration, say attorneys at Eversheds Sutherland.
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DOJ Memo Lays Groundwork For Healthy Bank Sponsorships
The U.S. Department of Justice's recent digital asset policy shift offers potential clarity in the murky waters of sponsor bank relationships, presenting nontraditional financial companies with both a moment of opportunity and a test of maturity, say attorneys at Arnall Golden.
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Series
Law School's Missed Lessons: Teaching Yourself Legal Tech
New graduates often enter practice unfamiliar with even basic professional software, but budding lawyers can use on-the-job opportunities to both catch up on technological skills and explore the advanced legal and artificial intelligence tools that will open doors, says Alyssa Sones at Sheppard Mullin.
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In 2nd Term, Trump Has New Iran Sanctions Enforcement Tool
As tensions between the U.S. and Iran escalate, the Trump administration may use a whistleblower program enacted in 2022 to target violations that were previously more difficult to detect, thus expanding enforcement of economic sanctions, say attorneys at MoloLamken and Zuckerman Law.
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How AI May Reshape The Future Of Adjudication
As discussed at a recent panel at Texas A&M, artificial intelligence will not erase the human element of adjudication in the next 10 to 20 years, but it will drive efficiencies that spur private arbiters to experiment, lead public courts to evolve and force attorneys to adapt, says Christopher Seck at Squire Patton.
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What Money Transmitters Need To Know About New Colo. Law
Colorado's new Money Transmission Modernization Act updates standards for the licensing, supervision and regulation of money transmitters while codifying an agent-to-payee exemption, and represents another step toward standardizing these rules across state governments, say Sarah Auchterlonie and Joel Herberman at Brownstein Hyatt.
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When Legal Advocacy Crosses The Line Into Incivility
As judges issue sanctions for courtroom incivility, and state bars advance formal discipline rules, trial lawyers must understand that the difference between zealous advocacy and unprofessionalism is not just a matter of tone; it's a marker of skill, credibility and potentially disciplinary exposure, says Nate Sabri at Perkins Coie.
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Two Bills Promise A Crypto Revamp, But Not A Done Deal Yet
Recent efforts in Congress toward an updated regulatory framework for digital assets have led to two bills — the GENIUS Act and the CLARITY Act — that represent the most consequential legislative developments yet in the push for coherent, pro-innovation, reliable regulation for the industry, but both face multiple hurdles, says Mike Katz at Manatt.
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2 NY Rulings May Stem Foreign Co. Derivative Suits
In recent decades, shareholders have challenged the internal affairs doctrine by bringing a series of derivative actions in New York state court on behalf of foreign corporations, but the New York Court of Appeals' recent rulings in Ezrasons v. Rudd and Haussmann v. Baumann should slow that trend, say attorneys at Cleary.
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Despite Rule Delay, FTC Scrutiny Looms For Subscriptions
Even though the Federal Trade Commission has delayed its click-to-cancel rule that introduces strict protocols for auto-renewing subscriptions, businesses should expect active enforcement of the new requirements after July, and look to the FTC's recent lawsuits against Uber and Cleo AI as warnings, say attorneys at Holland & Knight.
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AGs Take Up Consumer Protection Mantle Amid ÃÛÌÒÊÓÆµ Cuts
State attorneys general are stepping up to fill the enforcement gap as the Trump administration restructures the Consumer Financial Protection Bureau, creating a new regulatory dynamic that companies must closely monitor as oversight shifts toward states, say attorneys at Cozen O’Connor.
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Va.'s Altered Surcharge Law Poses Constitutional Questions
Virginia's recently amended consumer protection law requiring sellers to display the total price rather than expressly prohibiting surcharges follows New York's recent revision of its antisurcharge statute and may raise similar First Amendment questions, says attorneys at Stinson.
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Series
Volunteering At Schools Makes Me A Better Lawyer
Speaking to elementary school students about the importance of college and other opportunities after high school — especially students who may not see those paths reflected in their daily lives — not only taught me the importance of giving back, but also helped to sharpen several skills essential to a successful legal practice, says Guillermo Escobedo at Constangy.