Banking

  • February 05, 2024

    Ex-Exec Slams Wells Fargo's Bid To Escape ADA Suit

    A former Wells Fargo investment director has urged a North Carolina judge not to grant the bank's bid for summary judgment in his disability bias suit, saying there is a significant paper trail indicating he was fired for more nefarious reasons than merely a reduction in force.

  • February 05, 2024

    Steptoe Adds IP Trial Partner From Orrick

    Steptoe LLP picked up an intellectual property litigation partner from Orrick Herrington & Sutcliffe LLP in its latest step to grow its new Houston-based practice, the firm said Monday.

  • February 05, 2024

    Feds Want 20-Year Term For $30M Laundering Scheme Head

    A Georgia man convicted for his role in a $30 million money laundering scheme has urged a federal court to reject prosecutors' recommended 20-year prison sentence for his "horrendous criminal conduct" and for fleeing his trial.

  • February 05, 2024

    First National Bank Strikes $13.5M Deal In NC Redlining Case

    The U.S. Department of Justice and North Carolina's attorney general said Monday that they have reached a $13.5 million settlement with First National Bank, a Pennsylvania-based regional lender, to resolve redlining claims tied to two of the Tar Heel State's largest cities.

  • February 05, 2024

    McGlinchey Stafford Nabs Bankruptcy Veteran From PNC

    McGlinchey Stafford said it hired one of PNC Bank's senior legal counsel, a lawyer with more than 35 years of bankruptcy experience, to join its team in Cleveland.

  • February 05, 2024

    BCLP Sees 2nd Group Depart As 7 Head To Arnold & Porter

    A group of seven lawyers, including six partners, has departed Bryan Cave Leighton Paisner LLP and joined Arnold & Porter Kaye Scholer LLP, according to a Monday announcement that comes on the heels of a three-partner group leaving BCLP at the end of January, which included the firm's global banking sector leader.

  • February 02, 2024

    Atty Says Feds Duped Grand Jury In $12M Somali Fraud Case

    Newly disclosed evidence of prosecutorial misconduct should end charges against a Maryland lawyer headed to trial in March over the alleged misappropriation of over $12 million in Somali state assets, his legal team told a federal judge Friday.

  • February 02, 2024

    Wells Fargo Gets Elder Abuse Suit Dismissed, For Now

    A California federal judge on Thursday dismissed a lawsuit accusing Wells Fargo of facilitating a financial scam against a senior, saying that while the bank's employees should have known something was suspicious about the victim's transactions, the bank's alleged actions did not inherently constitute elder abuse.

  • February 02, 2024

    FDIC Going 'Backwards' On Innovation, GOP Lawmakers Say

    Republican lawmakers on Friday called out the Federal Deposit Insurance Corp. over a move last year to scale back a Trump-era innovation unit at the agency, saying they are concerned about a shift in regulatory posture chilling banks' engagement with fintech. 

  • February 02, 2024

    NYC Sues FDIC For $7M Of First Republic's Back Taxes

    New York City sued the Federal Deposit Insurance Corp. in D.C. federal court in the agency's capacity as receiver for failed First Republic Bank, alleging the bank understated its rent and income taxes it owed to the city for several years and now owes more than $7 million.

  • February 02, 2024

    Feds Charge 9 With Trafficking Sanctioned Iranian Oil

    Nine foreign nationals have been charged with running an oil trafficking network to sell sanctioned fuel that helped finance the Iranian Islamic Revolutionary Guard Corps, which the U.S. government considers a terrorist organization, the Department of Justice said Friday.

  • February 02, 2024

    Russian Bank Chasing $900M Judgment Wins Conn. Appeal

    Connecticut's intermediate appeals court handed a Russian bank a win Friday as it pursues a $900 million damages award against a former majority owner who engaged in a Ponzi-like fraud scheme, refusing to order a lower court to open the U.K. judgment.

  • February 02, 2024

    New Claims Emerge Over Mortgage Biz Cyberattacks

    Mortgage lenders LoanDepot Inc. and Planet Home Lending LLC are facing new proposed class claims in federal court over cyberattacks that follow a spree of recent incidents visiting the mortgage-servicing industry.

  • February 02, 2024

    Gazprom Subsidiary Told To Halt Claim Proceedings In Russia

    A London appeals court on Friday granted an anti-suit injunction against a Gazprom joint venture, putting a halt to its €450 million ($488 million) claim in the Russian courts against UniCredit Bank AG for allegedly refusing to pay out under seven bond contracts.

  • February 02, 2024

    6th Circ. Revives Bank's $32M Ponzi Settlement Coverage Suit

    A bank can seek coverage for a $32 million settlement it paid to resolve a bankruptcy suit alleging it allowed a Ponzi scheme to continue so it could recover loans to the company running the scheme, the Sixth Circuit ruled, reversing a win for a pair of AIG insurers.

  • February 02, 2024

    FTX Looks To Sell $175M Crypto Claim Against Genesis

    Defunct cryptocurrency giant FTX has asked Delaware's bankruptcy court for permission to sell a $175 million claim it was granted against Genesis Global through a settlement last year with the also-insolvent virtual assets business.

  • February 01, 2024

    Binance Enabled Hamas Fundraising, Oct. 7 Survivors Say

    A mother and daughter taken by Hamas during the Oct. 7 attack in Israel as well as the family of two victims sued crypto-exchange Binance for allegedly allowing Hamas-linked accounts to transact on its platform and hiding that activity from U.S. regulators.

  • February 01, 2024

    Ex-Worldpay Exec Loses Bid To Revive Discrimination Suit

    An Ohio state appeals court refused to reverse a trial defeat for a fired Worldpay executive who alleged he endured retaliation for complaining about discrimination, among other things, rejecting his assertion that the company inappropriately wielded attorney-client privilege as both a "sword and a shield."

  • February 01, 2024

    NC, SC Banks To Merge, Form Entity With $2.2B In Assets

    North Carolina-based Dogwood State Bank and South Carolina-based Community First Bancorporation said on Thursday that they planned to merge, with Dogwood acquiring Community First and its subsidiary Community First Bank in a deal guided by Williams Mullen and Brooks Pierce.

  • February 01, 2024

    FTX Customers Sue Over Digital Asset Ownership In Ch. 11

    Customers of defunct crypto exchange FTX Trading Ltd. filed a Chapter 11 adversary suit in Delaware bankruptcy court seeking a decision on whether the exchange or the customer owns digital assets in customer accounts.

  • February 01, 2024

    5 Mass. Rulings You Might Have Missed In January

    Massachusetts justices in Suffolk County's Business Litigation Session weighed in on the impact of a major ruling involving Robinhood Financial, a proposed class action on overdraft fees charged by a credit union, and two pandemic-related cases. Here are five January decisions that might have flown under the radar.

  • February 01, 2024

    Genesis Strikes $21M Deal In SEC Crypto Enforcement Action

    Bankrupt cryptocurrency company Genesis Global asked a New York judge to approve a settlement it has reached with the U.S. Securities and Exchange Commission that would end the agency's enforcement action by granting it a subordinated claim for a $21 million civil penalty.

  • February 01, 2024

    Fired Ohio Megachurch Pastor Can't Revive Suit Against Bank

    An Ohio appellate court has affirmed Union Bank & Trust Co.'s win against a former megachurch pastor who claimed the bank wrongfully pushed for his firing, ruling the bank was justified in urging the church to remove the pastor after his extramarital affairs were revealed in 2018.

  • February 01, 2024

    Biden Admin. Sanctions Israeli Settlers In West Bank

    President Joe Biden signed an executive order on Thursday imposing financial and visa restrictions on "extremist" actors in the West Bank, with the first round of sanctions being levied against four Israeli settlers found to have assaulted Palestinian civilians and Israeli activists. 

  • February 01, 2024

    Judge OKs SVB Atty Fees In Ch. 11 Despite 'Sticker Shock'

    A New York bankruptcy judge gave initial approval on Thursday to millions of dollars in fees requested by professionals working on the bankruptcy case of Silicon Valley Bank's former parent company, despite his "sticker shock" at Sullivan & Cromwell's $1,500 hourly rate.

Expert Analysis

  • How State AGs Process And Prioritize Consumer Complaints

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    Recent state attorneys general actions illustrate how their offices triage, monitor and respond to consumer complaints — and why businesses need to be proactive in addressing these issues as they arise, say Meghan Stoppel and Hannah Cornett Land at Cozen O'Connor.

  • Charting The Course For Digital Assets In 2024

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    Although 2023 was a tough year for the digital asset industry, upcoming court decisions, legislation and regulatory action will bring clarity, allowing the industry to expand and evolve, and the government will decide what innovation it will allow without challenge, says Joshua Smeltzer at Gray Reed.

  • What To Expect From The CFPB This Year

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    The potential for upheaval at the Consumer Financial Protection Bureau will be greater during an election year, and there are several opportunities and challenges ahead for the bureau in 2024, say Eric Mogilnicki and David Stein at Covington.

  • Law Firm Strategies For Successfully Navigating 2024 Trends

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    Though law firms face the dual challenge of external and internal pressures as they enter 2024, firms willing to pivot will be able to stand out by adapting to stakeholder needs and reimagining their infrastructure, says Shireen Hilal at Maior Consultants.

  • The Most-Read Legal Industry Law360 Guest Articles Of 2023

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    A range of legal industry topics drew readers' attention in Law360's Expert Analysis section this year, from associate retention strategies to ethical billing practices.

  • What The 2023 Bank Failures Taught Us, And What's To Come

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    As 2023 draws to a close, it's apparent that the bank failures this past spring sparked a seismic shift in the regulatory and supervisory landscape for banking organizations, and the consequences are still continuing to be felt throughout the financial sector as we head into 2024, say attorneys at Morgan Lewis.

  • How SEC And NY Cyber Reporting Rules Affect Key Industries

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    The new U.S. Securities and Exchange Commission and New York State Department of Financial Services cybersecurity disclosure requirements, and their competing obligations, reveal the increasing complexity for organizations evaluating and reacting to cybersecurity incidents — particularly those in the healthcare and financial services industries, say attorneys at Manatt.

  • Attorneys' Busiest Times Can Be Business Opportunities

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    Attorneys who resolve to grow their revenue and client base in 2024 should be careful not to abandon their goals when they get too busy with client work, because these periods of zero bandwidth can actually be a catalyst for future growth, says Amy Drysdale at Alchemy Consulting.

  • A Difficult Year For CRE, But Future May Be Brighter

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    2023 was a challenging year for the commercial real estate industry, marked by significant uncertainty, but market pressure and signs of rising interest rates provide some reasons to be cautiously optimistic for the year ahead as pandemic headwinds and gridlock fade away, say attorneys at Ropes & Gray.

  • In The World Of Legal Ethics, 10 Trends To Note From 2023

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    Lucian Pera at Adams and Reese and Trisha Rich at Holland & Knight identify the top legal ethics trends from 2023 — including issues related to hot documents, artificial intelligence and cybersecurity — that lawyers should be aware of to put their best foot forward.

  • Strategies For Wire Fraud Prevention As Risk Is On The Rise

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    Wire transfer fraud is increasingly affecting investment managers, nonbank fintech companies and their clients, but there are steps financial institutions can take to mitigate this increasing risk, like testing cybersecurity effectiveness and sending fake phishing emails, says Casey Jennings at Seward & Kissel.

  • Fed's New Swipe At Debit Fees Stirs Up Dilemma For Banks

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    The Federal Reserve's proposal to reduce the cap on debit card interchange fees charged or received by card issuers and payment networks comes as other bank account fees are taking regulatory hits, which could all culminate in an overall decline in access to banking products and services, says Kristen Larson at Ballard Spahr.

  • SEC, NY Cybersecurity Rules Create Complexity For Insurers

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    Two separate cybersecurity rules recently adopted by the New York Department of Financial Services and the U.S. Securities and Exchange Commission pose distinct challenges for insurance industry participants, with important interactions, and potential tensions, for those required to comply with both frameworks, say attorneys at Debevoise.

  • How Attorneys Can Be More Efficient This Holiday Season

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    Attorneys should consider a few key tips to speed up their work during the holidays so they can join the festivities — from streamlining the document review process to creating similar folder structures, says Bennett Rawicki at Hilgers Graben.

  • Top 10 Whistleblowing And Retaliation Events Of 2023

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    The U.S. Securities and Exchange Commission and federal and state courts made 2023 another groundbreaking year for whistleblower litigation and retaliation developments, including the SEC’s massive whistleblower awards, which are likely to continue into 2024 and further incentivize individuals to submit tips, say attorneys at Proskauer.

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