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September 03, 2025
Feds, SEC Say ATM Investment Network Was $770M Ponzi
The owner and operator of two investment management groups was arrested Wednesday and accused by federal prosecutors and the U.S. Securities Exchange Commission of directing a $770 million Ponzi scheme that promised investors returns on stakes in ATM networks.
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September 03, 2025
Fintechs Urge Judge To Let sa¹ú¼Ê´«Ã½ Set Open Banking Deadline
The fintech trade group defending the Consumer Financial Protection Bureau's in-flux open banking rule on Wednesday urged a Kentucky federal judge to defer to the agency on whether to extend compliance deadlines for the data sharing mandate and also to decline banks' request to halt the clock as the agency retools the rule.
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September 03, 2025
FINRA Targets Ex-Synapse Officers Over Supervisory Failures
The Financial Industry Regulatory Authority has filed an enforcement action against two former executives of a subsidiary of bankrupt fintech company Synapse, alleging that they failed to properly supervise the subsidiary's cash management program ahead of the middleware provider's collapse.
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September 03, 2025
CFTC Member Expresses 'Discontent' As She Exits Agency
Departing Commodity Futures Trading Commission member Kristin Johnson used her final speech Wednesday to express disfavor with some recent agency actions, saying she was running out of ways to "politely describe" her "discontent" with the recent loosening of licensing standards.
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September 03, 2025
Ex-OCC Acting Chief Counsel Joins Perkins Coie In DC
The former acting chief counsel of the Office of the Comptroller of the Currency has joined Perkins Coie as a partner in the firm's Washington, D.C., office, where he will focus on bank mergers, regulatory matters, enforcement response and risk management, among other things.
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September 03, 2025
Amex Owes $12M In Antisteering Rule Suit, NY Jury Holds
A New York federal jury ordered American Express Co. to pay over $12 million to a class of Illinois consumers after finding the company liable under Illinois state law for overcharges that the class says they experienced due to so-called antisteering rules Amex imposed on merchants that accept Amex cards.
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September 03, 2025
Silvergate's $37.5M Investor Settlement Gets Final OK
Investors of failed, cryptocurrency-focused Silvergate Bank secured a California federal judge's final approval Wednesday for their $37.5 million settlement of claims alleging the bank misrepresented its safeguards against onboarding customers like the collapsed, fraud-ridden crypto exchange FTX.
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September 03, 2025
7th Circ. Judge Probes FDIC's In-House Enforcement Powers
A Seventh Circuit judge on Wednesday pushed counsel for the Federal Deposit Insurance Corp. to address whether an Illinois community bank's ex-chairman alleging the agency's in-house proceedings are unconstitutional waived his Seventh Amendment right to trial by jury by virtue of working at an institution that participates in the FDIC's insurance program.
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September 03, 2025
4 Firms Steer $2.7B Sale Of Aon's NFP Wealth Biz
Aon said Wednesday it has agreed to sell various business units that make up the majority of NFP's wealth management operations to private equity firm Madison Dearborn Partners in a transaction worth $2.7 billion, with Skadden, Dentons, Paul Weiss and Kirkland representing the parties.
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September 03, 2025
Archegos Witness Avoids Prison After 'Extensive' Cooperation
A former accountant who served as director of risk at Archegos before its fraud-driven collapse avoided prison Wednesday after a Manhattan federal judge said his testimony was crucial in securing the conviction and 18-year prison sentence imposed on fund founder Bill Hwang.
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September 02, 2025
Fed Gov. Cook Doubles Down On Removal TRO Bid
Federal Reserve Board Gov. Lisa Cook on Tuesday doubled down in her bid to have a D.C. federal court block President Donald Trump's attempt to strip her of her position, saying the federal government was trying to expand the limits of a "for cause" removal.
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September 02, 2025
Visa, Mastercard Still Can't Beat Intuit, Block Antitrust Claims
A New York federal judge has rejected Visa and Mastercard's latest effort to ditch antitrust claims brought by Intuit and Block in long-running multidistrict litigation over payment processing fees, agreeing with a magistrate judge's finding that the court has already considered and rejected the credit companies' arguments.
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September 02, 2025
DC Circ. Says EPA Can Freeze Climate Grant Funds
A D.C. Circuit panel vacated an injunction on Tuesday ordering Citibank to relinquish grant funding frozen by the U.S. Environmental Protection Agency, finding green groups are not likely to succeed on the merits of their "essentially contractual" claims.
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September 02, 2025
Russia Says Ukraine Bank's $1.1B Award Suit Must Be Nixed
Russia is urging a D.C. federal court to toss litigation filed by one of Ukraine's largest banks to enforce a $1.1 billion arbitral award against it, arguing that it has sovereign immunity since its alleged seizure of the bank's assets took place during an international armed conflict.
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September 02, 2025
Wall Street Banks Beat Revived Bond-Rigging Antitrust Claims
A New York federal judge tossed a recently revived proposed antitrust class action Tuesday accusing Bank of America Corp., Wells Fargo & Co. and other major financial institutions of conspiring to rig corporate bonds and boycott rival bond-trading platforms, finding the allegations are vague, conclusory and time-barred.
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September 02, 2025
Crypto Cos. Figure, Gemini Eye Over $800M Total IPO Hauls
Crypto platform Gemini, led by twin brothers Cameron and Tyler Winklevoss, announced Tuesday it plans to raise as much as $317 million in an upcoming initial public offering, while blockchain-based lending firm Figure Technologies Solutions Inc. announced plans to raise up to $526 million in its own public offering.
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September 02, 2025
5th Circ. Says Firm Is Making 'Circular Problem' In Doc Dispute
A Fifth Circuit panel pushed back Tuesday on a law firm's assertion that it gets to keep documents associated with a $30 million settlement with Ocwen Financial Corp. even though those documents were allegedly used to breach the settlement agreement, saying they were making a circular argument.
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September 02, 2025
Ex-Crypto Platform Cred Execs Sentenced For $150M Scheme
The former CEO and former chief financial officer behind bankrupt cryptocurrency lender Cred Inc. will serve four years and three years, respectively, after previously pleading guilty to conspiracy to commit wire fraud.
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September 02, 2025
2 Firms Guide Equity Bank's Buy Of Nebraska's Frontier Bank
Kansas-headquartered Equity Bank has announced plans to acquire Nebraska's Frontier Bank in a nearly $123 million deal guided by Norton Rose Fulbright US LLP and Fenimore Kay Harrison LLP, the banks have announced.
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September 02, 2025
AT&T May Avoid Pension Risk Transfer Suit, Judge Says
A Massachusetts federal judge recommended granting AT&T and State Street's motions to dismiss a proposed class action from AT&T retirees alleging the companies put their pensions at unnecessary risk through an $8 billion pension annuity deal, finding allegations failed to state a claim for violating federal benefits law.Â
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September 02, 2025
TMX Customers Get Final OK For $42M Data Breach Suit Deal
Customers of title loan and payday lender TMX Finance have gotten a final nod for their $42 million settlement of class action claims arising from a data breach affecting an estimated 4.8 million people, with class counsel receiving just under $6 million in fees and expenses.
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September 02, 2025
Davis Polk-Led Klarna Seeks $1.3B In Revived IPO Plans
Swedish financial technology startup Klarna, advised by Davis Polk & Wardwell LLP, announced Tuesday the buy-now, pay-later business is resuming its initial public offering plans, months after those plans were paused amid backlash to U.S. President Donald Trump's "Liberation Day" tariffs announcement in April, saying the company is looking to raise up to $1.27 billion.
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August 29, 2025
DC Judge Says Fed. Reserve Gov. Can't Get TRO Just Yet
Federal Reserve Board Governor Lisa Cook didn't walk away from her emergency hearing with the temporary restraining order she was looking for, but a D.C. federal judge said she was willing to expedite briefing over the president's attempt to strip Cook of her position.
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August 29, 2025
Banker, Ex-Puerto Rico Governor Plead Guilty In Bribery Case
Former Puerto Rico Gov. Wanda Vázquez Garced and a London-based banker have agreed to plead guilty to a single charge over their roles in an alleged scheme that initially saw the banker accused of offering Garced financial support to her reelection bid in exchange for terminating a regulatory inquiry into his bank.
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August 29, 2025
Dems Urge FHFA Director To Focus On Housing Costs
Democratic senators on Friday urged Federal Housing Finance Agency Director William Pulte to focus on measures to bring housing costs down — including by forestalling any privatization of Fannie Mae and Freddie Mac — while lambasting Pulte for his role in the firing of Federal Reserve Gov. Lisa Cook.
Expert Analysis
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Comparing Stablecoin Bills From UK, EU, US And Hong Kong
For multinational stablecoin issuers, navigating the differences and similarities among regimes in the U.K., EU, Hong Kong and U.S., which are currently unfolding in several key ways, is critical to achieving scalable, compliant operations, say attorneys at Morgan Lewis.
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Tips For Litigating Apex Doctrine Disputes Amid Controversy
Litigants once took for granted that deposition requests of high-ranking corporate officers required a greater showing of need than for lower-level witnesses, but the apex doctrine has proven controversial in recent years, and fights over such depositions will be won by creative lawyers adapting their arguments to this particular moment, say attorneys at Hangley Aronchick.
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Series
Performing As A Clown Makes Me A Better Lawyer
To say that being a clown in the Macy’s Thanksgiving Day Parade has changed my legal career would truly be an understatement — by creating an opening to converse on a unique topic, it has allowed me to connect with clients, counsel and even judges on a deeper level, says Charles Tatelbaum at Tripp Scott.
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A Guide To Permanent Capital Vehicles As Access Widens
Recent regulatory and legislative actions are making it easier for retail investors to access permanent capital vehicles like closed-end, interval, tender offer and open-end funds, which each offer distinct advantages that are important to review, say attorneys at Mayer Brown.
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Series
Law School's Missed Lessons: Rejecting Biz Dev Myths
Law schools don’t spend sufficient time dispelling certain myths that prevent young lawyers from exploring new business opportunities, but by dismissing these misguided beliefs, even an introverted first-year associate with a small network of contacts can find long-term success, says Ronald Levine at Herrick Feinstein.
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Shareholder Takeaways From NY Internal Affairs Doctrine Suit
A May New York Court of Appeals decision in Ezrasons v. Rudd involving Barclays — affirming the state's "firmly entrenched" internal affairs doctrine — is a win for all corporate stakeholders seeking stability in resolving disputes between shareholders and directors and officers, say attorneys at Sadis & Goldberg.
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Move Beyond Surface-Level Edits To Master Legal Writing
Recent instances in which attorneys filed briefs containing artificial intelligence hallucinations offer a stark reminder that effective revision isn’t just about superficial details like grammar — it requires attorneys to critically engage with their writing and analyze their rhetorical choices, says Ivy Grey at WordRake.
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Best Practices For State Banks Eyeing Federal Conversions
Amid a notable uptick — fueled by ongoing regulatory upheaval — in state-chartered banks exploring conversion to national bank charters, banks contemplating the decision should weigh the benefits, like uniform supervision, and potential impediments, like costly exam fees, say attorneys at Skadden.
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EDNY Ruling May Limit Some FARA Conspiracy Charges
Though the Eastern District of New York’s recent U.S. v. Sun decision upheld Foreign Agents Registration Act charges against a former aide to New York Gov. Kathy Hochul, its recognition of an affirmative legislative policy to exempt some officials may help defendants charged with related conspiracies, say attorneys at ArentFox Schiff.
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9th Circ. Has Muddied Waters Of Article III Pleading Standard
District courts in the Ninth Circuit continue to apply a defunct and especially forgiving pleading standard to questions of Article III standing, and the circuit court itself has only perpetuated this confusion — making it an attractive forum for disputes that have no rightful place in federal court, say attorneys at Gibson Dunn.
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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.