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Banking

  • August 07, 2025

    NC Biz Court Bulletin: Divorce Dust-Ups And Judicial Rebukes

    Litigation in the North Carolina Business Court is heating up this summer with new complaints centered on fears a former state politician's divorce proceedings will impede his companies' operations and accusations that a climate technology company has failed to pay out a former engineer's ownership interest.

  • August 06, 2025

    Womble Bond Adds Hill Dickinson Atty As Disputes Partner

    Womble Bond Dickinson has appointed a new London-based partner for its commercial disputes team, saying he will help strengthen the law firm's international arbitration practice following his move from Hill Dickinson LLP.

  • August 06, 2025

    Texas Hospital Should Face Retirement Plan Suit, Judge Says

    A Houston hospital shouldn't dodge a proposed class action claiming it failed to remove a J.P. Morgan fund from its $2.8 billion employee retirement plan despite the investment option's consistent underperformance, a Texas federal magistrate judge recommended Wednesday, saying the allegations are solid enough to stay in court.

  • August 06, 2025

    Indivior Beats Investor Suit Over Opioid Drug Sales Forecasts

    A Virginia federal judge Wednesday tossed an investor class action accusing drugmaker Indivior PLC of overstating the financial prospects of its drugs used to treat opioid use disorders and its ability to forecast such financial projections, finding, among other things, that the complaint's challenged statements are inactionable.

  • August 06, 2025

    Wells Fargo Beats Cert. Bid In Mortgage Racial Bias Suit

    Mortgage applicants accusing Wells Fargo of discriminating against borrowers from racial minorities by charging them higher interest rates have been denied class certification, with a California federal court ruling they have failed to show sufficient commonality among their claims.

  • August 06, 2025

    4th Circ. Revives Chance Of Class Cert. For Overdraft Suit

    The Fourth Circuit has reversed a denial of class certification in a lawsuit against Michigan-based Independent Bank, finding that a South Carolina federal judge had improperly ruled that bank customer Jamila Grice couldn't represent a nationwide class and remanding the case for further proceedings.

  • August 06, 2025

    Accounting Firm Must Face Ex-Credit Union CEO's Firing Suit

    The largest accounting firm in Connecticut, Whittlesey PC, must face the former CEO of Sound Federal Credit Union's claim that he was fired for following the firm's advice on when to calendar gains from a $1.2 million property sale, a Connecticut trial court judge has ruled.

  • August 06, 2025

    Wells Fargo Worker To Pay $3M To Settle ESOP Class Claims

    A Wells Fargo employee will pay $3 million to resolve claims against her in a class action alleging owners of an electrical component company and managers of its employee stock ownership plan undervalued the plan's shares when the program shut down, according to a filing in Massachusetts federal court.

  • August 06, 2025

    Honey Dew Says M&A Adviser Missed Fake $25M Letter

    Massachusetts-based regional coffee and donut chain Honey Dew says the investment banking firm it hired to find a buyer in 2018 would have learned that a $25 million "proof of funds" letter purporting to be from UBS was a forgery had it performed the expected due diligence.

  • August 05, 2025

    Voyager Digital's Former Bank Escapes Fraud Suit, For Now 

    Voyager Digital's former bank, Metropolitan Commercial Bank, has won dismissal of a 53-count suit alleging it was complicit in bad behavior by the now-defunct crypto lender and should be on the hook for repaying platform users, with the court ruling that the complaint as-is does not plausibly plead fraud or unjust enrichment.

  • August 05, 2025

    Fired NCUA Officials Urge DC Circ. To Return Them To Board

    Two top credit union regulators fired by President Donald Trump are asking the D.C. Circuit to let them go back to work while it reviews a lower-court decision reinstating them, arguing their service is needed to prevent a painful impending snapback in interest-rate limits for federal credit unions.

  • August 05, 2025

    SVB Directed To Object To Ch. 11 Claims In Standing Fight

    The former parent company of Silicon Valley Bank and liquidators tasked with winding up its Cayman Islands branch locked horns on Tuesday over standing in a $294 million lawsuit, prompting a New York bankruptcy judge to request that SVB Financial object to claims as having been filed too late.

  • August 05, 2025

    SEC Fines Platform Founder $10M Over Crypto-Backed Scam

    The owner of a shuttered lending platform has agreed to pay over $10 million to end a U.S. Securities and Exchange Commission case accusing him of defrauding customers by using their money to buy millions of dollars' worth of TerraUSD before the stablecoin collapsed.

  • August 05, 2025

    States Push DOJ To Crack Down On Illegal Offshore Gambling

    Attorneys general from several states have written a letter asking the U.S. Department of Justice to target the "rampant spread" of illicit offshore online sports betting and gambling operations, which they say are harming United States citizens and depriving states of tax revenue.

  • August 05, 2025

    Ex-Wells Fargo Adviser Fights $400K Award In 1-Day Arbitration

    A former Wells Fargo financial adviser asked a North Carolina federal court Monday to vacate a nearly $400,000 arbitration award entered against him, alleging the one-day merits hearing was rushed and ignored key evidence.

  • August 04, 2025

    Citibank Ignored Red Flags About $45M Wire Fraud, Suit Says

    Citibank failed to stop scammers from absconding with $45 million from a real estate property transaction when it processed payment orders even after it detected name mismatches between the identified transaction beneficiary and the account holder, according to a lawsuit filed Friday in California federal court. 

  • August 04, 2025

    5th Circ. Says Appeal Over Mexican Bank Discovery Looks Moot

    The Fifth Circuit pushed a Mexican businessman to explain how his appeal was not moot after a special master was appointed to review documents relating to an alleged fraud against Mexican financial institutions, saying Monday the businessman has seemingly already gotten the relief he sought.

  • August 04, 2025

    Axos Wins $40M In Trade Secrets Case Against Calif. Rival

    A California federal court has ordered Nano Banc and several former employees and executives to pay $40 million to rival Axos Bank after they were found liable for trade secret misappropriation and other claims.

  • August 04, 2025

    Rocket Cos. Investor Drops Mich. Derivative Suit

    An investor in the parent company of online mortgage lender Rocket Mortgage has dropped derivative allegations that the company's brass concealed a loan demand downturn a week after a proposed shareholder class action making similar claims was voluntarily tossed.

  • August 04, 2025

    4th Circ. Backs SBA In Denying COVID Loan Relief To Va. Biz

    A global consultancy and risk management company lost its bid Monday to revive its loan repayment suit against the U.S. Small Business Administration, as the Fourth Circuit found that the SBA fairly concluded the $5 million loan was ineligible for COVID-19 debt relief.

  • August 04, 2025

    NY Atty Found Guilty Of Duping Lender Who Backed Lien Biz

    A Manhattan federal jury on Monday convicted a former compliance lawyer of pilfering from a $20 million line of credit extended to his tax-lien business by a subsidiary of Emigrant Bank.

  • August 04, 2025

    SVB Says Caymanian Liquidators Can't Claw Back $294M

    The former parent of the defunct Silicon Valley Bank Monday asked a New York bankruptcy judge to stop the liquidators of its Cayman Islands branch from clawing back $294 million in dividend payments, saying there is no precedent for giving them standing to sue.

  • August 04, 2025

    Catching Up With Delaware's Chancery Court

    Last week at the Delaware Court of Chancery, insurance brokerage and risk management giant Marsh & McLennan Cos. sought injunctive relief in a new suit accusing U.S. affiliates of London-based Howden Holdings Ltd. of a poaching scheme that involved over 100 M&M employees resigning on July 21. 

  • August 04, 2025

    FinCEN Urges Industry To Stay 'Vigilant' On Crypto ATM Fraud

    The U.S. Department of the Treasury's Financial Crimes Enforcement Network on Monday cautioned about rising fraud involving crypto ATMs, saying criminals are increasingly using the kiosks to launder money and scam vulnerable consumers, especially seniors.

  • August 04, 2025

    3rd Circ. Denies Tribal Lender Immunity In Payday Loan Suit

    The Third Circuit ruled Monday that tribal immunity doesn't shield GreatPlains Finance LLC from class claims over payday loan interest rates, reasoning that a judgment wouldn't affect the tribe's revenue.

Expert Analysis

  • Opinion

    Section 1983 Has Promise After End Of Nationwide Injunctions

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    After the U.S. Supreme Court recently struck down the practice of nationwide injunctions in Trump v. Casa, Section 1983 civil rights suits can provide a better pathway to hold the government accountable — but this will require reforms to qualified immunity, says Marc Levin at the Council on Criminal Justice.

  • Why Bank Regulators' Proposed Leverage Tweak Matters

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    Banking agencies' recent proposal to modify the enhanced supplementary leverage ratio framework applicable to the largest U.S. banks shows the regulators are keen to address concerns that the regulatory capital framework is too restrictive, say attorneys at Moore & Van Allen.

  • How Banks Can Harness New Customer ID Rule's Flexibility

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    Banking regulators' update to the customer identification process, allowing banks to collect some information from third parties rather than directly from customers, helps modernize anti-money laundering compliance and carries advantages for financial institutions that embrace the new approach, say attorneys at Bradley Arant.

  • Series

    Playing Soccer Makes Me A Better Lawyer

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    Soccer has become a key contributor to how I approach my work, and the lessons I’ve learned on the pitch about leadership, adaptability, resilience and communication make me better at what I do every day in my legal career, says Whitney O’Byrne at MoFo.

  • Opinion

    The SEC Should Embrace Tokenized Equity, Not Strangle It

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    The U.S. Securities and Exchange Commission should grant no-action relief to firms ready to pilot tokenized equity trading, not delay innovation by heeding protectionist industry arguments, says J.W. Verret at George Mason University.

  • Compliance Changes On Deck For Banks Under Texas AI Law

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    Financial services companies, including banks and fintechs, should evaluate their artificial intelligence usage to prepare for Texas' newly passed law regulating AI governance, noting that the enforcement provisions provide for an affirmative defense to liability, say attorneys at Mitchell Sandler.

  • Series

    Law School's Missed Lessons: Learning From Failure

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    While law school often focuses on the importance of precision, correctness and perfection, mistakes are inevitable in real-world practice — but failure is not the opposite of progress, and real talent comes from the ability to recover, rethink and reshape, says Brooke Pauley at Tucker Ellis.

  • Tips For Crypto AI Agent Developers Under SEC Watch

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    With agents powered by artificial intelligence increasingly making decisions in the cryptocurrency world, there's a chance the U.S. Securities and Exchange Commission could use the Investment Advisers Act to regulate this technology in financial services, but there are ways developers can mitigate regulatory risks, say attorneys at Morrison Cohen.

  • What's Next For CFPB After 'Big Beautiful' Funding Cuts

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    While the One Big Beautiful Bill Act's funding cuts to the Consumer Financial Protection Bureau are unlikely to have an independent effect in the short run, they could exacerbate the existing issue of wide regulatory fluctuations in successive administrations in the longer run, say attorneys at Covington.

  • Series

    Adapting To Private Practice: From ATF Director To BigLaw

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    As a two-time boomerang partner, returning to BigLaw after stints as a U.S. attorney and the director of the Bureau of Alcohol, Tobacco, Firearms and Explosives, people ask me how I know when to move on, but there’s no single answer — just clearly set your priorities, says Steven Dettelbach at BakerHostetler.

  • What To Know As SEC Looks To Expand Private Fund Access

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    As the U.S. Securities and Exchange Commission considers expanding retail access to private markets, understanding how these funds operate — and the role of financial intermediaries in guiding investors — is increasingly important, say attorneys at K&L Gates.

  • New DOJ Penalty Policy Could Spell Trouble For Cos.

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    In light of the U.S. Department of Justice’s recently published guidance making victim relief a core condition of coordinated resolution crediting, companies facing parallel investigations must carefully calibrate their negotiation strategies to minimize the risk of duplicative penalties, say attorneys at Debevoise.

  • Influencer Marketing Partnerships Face Rising Litigation Risk

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    In light of recent class actions claiming that brands and influencers are misleading consumers with deceptive marketing practices — largely premised on the Federal Trade Commission's endorsements guidance — proactive compliance measures are becoming more important, say attorneys at Olshan Frome.

  • 5 Consumer Protection Compliance Issues In NY State Budget

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    Companies that engage with New York consumers should promptly familiarize themselves with new state budget provisions that require finance and retail companies to make certain business practices more transparent and easier for customers to execute, say attorneys at Mintz.

  • Open Banking Is On Ice As CFPB Seeks To Toss Its Own Rule

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    Even as the Consumer Financial Protection Bureau's efforts to toss its open banking rule play out in Kentucky federal court, it remains statutorily required to effectuate consumer access to data, raising questions about how it would replace the previously finalized standard, say attorneys at Cooley.

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