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Banking
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July 18, 2025
9th Circ. Turns Away Wells Fargo's 'Sham' Hiring Appeal
The Ninth Circuit has said it will not hear Wells Fargo's appeal of an investor lawsuit accusing the company of conducting "sham" job interviews to meet a diversity quota, allowing thousands of shareholders to move forward with their claims as a class.
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July 18, 2025
Norton Rose, Wachtell Guide $321.5M Texas Bank Deal
Wachtell Lipton-led Prosperity Bancshares Inc. said Friday it will acquire American Bank, advised by Norton Rose Fulbright, in an all-stock deal valued at roughly $321.5 million, expanding the Texas lender's footprint in key South and Central Texas markets.
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July 18, 2025
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen the former owner of British oil refinery Prax Group sued following the collapse of his business empire, a unit of Shard Credit Partners target a married couple believed to have inflated the value of their companies before selling them, and Aerofoil Energy reignite patent action against AFE Group over the design of its F1-inspired cooling units.
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July 17, 2025
2nd Circ. Overturns Ex-HSBC Exec's 2017 Fraud Conviction
The Second Circuit on Thursday overturned the conviction of a former HSBC executive accused of defrauding a Scottish oil and gas company in a $3.5 billion currency exchange deal, finding his jury was improperly instructed on a now-invalid "right-to-control" theory of fraud.
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July 17, 2025
'Troubling': Dems Press sa¹ú¼Ê´«Ã½ Over Nixed Navy Federal Order
U.S. Senate Democrats are demanding answers from the Consumer Financial Protection Bureau over its decision to cancel a $95 million enforcement order against Navy Federal Credit Union, slamming the "abrupt reversal" as a betrayal of military families.
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July 17, 2025
Circle's Bank Plans Include Regulatory Vets At Helm
Stablecoin giant Circle has tapped Heath Tarbert, its president and former top derivatives regulator, as well as a former Office of the Comptroller of the Currency chief counsel to help oversee its proposed national trust bank, according to application materials made public Thursday.
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July 17, 2025
3 Crypto Bills Pass House, With Stablecoins Headed To Trump
The House of Representatives on Thursday agreed to send a bill to regulate stable-value tokens to the president's desk, in addition to advancing proposals to regulate crypto markets and ban the government from exploring the issuance of a digital dollar onto the Senate.
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July 17, 2025
SEC Atty Exits After Hiding Revoked License, OIG Says
A longstanding employee of the U.S. Securities and Exchange Commission resigned after it was discovered that they had falsely reported being in good standing with a state bar association, according to the regulator's inspector general.
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July 17, 2025
Mortgage Cos.' Wage Deal OK'd Without Waiver Language
A settlement resolving an overtime suit by former mortgage company workers will move forward, but without language saying the company's owners and its successor waived certain defenses against a former co-owner in his separate New Jersey state court case, a federal judge ruled.
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July 17, 2025
NC Justices Urged To Let Property Foreclose In Debt Fight
A company on the cusp of wrapping up the foreclosure sale of a Cornelius, North Carolina, land tract that is planned to be part of a larger mixed-use development has implored the state Supreme Court not to temporarily stay the sale.
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July 17, 2025
JPMorgan Chase Can't Force Arbitration In Client Racism Suit
A Washington federal judge has rejected a bid by JPMorgan Chase Bank NA to send a customer's racial discrimination suit to arbitration, concluding the bank did not show the arbitration clause in its deposit account agreement is valid and enforceable against the plaintiff family.
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July 17, 2025
Mortgage Co. Says Military Service Rule Bars Interest Lawsuit
A mortgage loan servicer accused of charging military members interest rates that exceeded a federal statutory cap says the leader of a proposed class action didn't perform qualifying service under the statute he invoked and his Connecticut federal case should probably be dismissed.
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July 17, 2025
IRS Leaker Asks DC Circ. To Bar Comments By Ex-Employer
A tech worker appealing a five-year sentence for leaking tax returns while on the job at the IRS through contractor Booz Allen asked the D.C. Circuit on Thursday to block his former employer from weighing in, saying the company's opinion that he should finish his prison term is irrelevant.
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July 17, 2025
US Bank, NetSpeed Must Help In Conn. Atty's ID Theft Probe
A Connecticut state court judge has directed U.S. Bancorp and internet service provider NetSpeed to provide documentation to an attorney who is alleging his identity was stolen and used to open fraudulent bank accounts.
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July 17, 2025
Firm Named Lead Counsel For REIT Securities Fraud Class
The Rosen Law Firm PA will serve as lead counsel for a proposed class of Sun Communities investors who claim the real estate investment trust failed to disclose that its CEO received a loan from a board member's relatives.
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July 17, 2025
EU Lawmakers Push For Tax Data Hub To Combat Evasion
Members of the European Parliament approved proposals for tax changes across the European Union, including a tax data hub to streamline compliance across the bloc and help combat tax avoidance and evasion.
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July 17, 2025
Watchdog Raises Concerns On 9th Circ. Nominee's Crypto Work
President Donald Trump's nominee for the Ninth Circuit has a long record of representing cryptocurrency companies, which a watchdog group fears could aid what it calls the president's "self-enrichment" with digital currency.
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July 16, 2025
Wells Fargo Sued Over 'Flippant' Mortgage Fee Refunds
A Wells Fargo mortgage borrower has filed a proposed class action against the bank, alleging the bank made an "inadequate" effort to resolve purported mortgage origination fee errors it has vaguely alerted certain borrowers to.
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July 16, 2025
Fed IG To Probe $2.5B HQ Renovation Amid Trump Criticism
The Federal Reserve's inspector general confirmed Wednesday that it plans to look into the central bank's $2.5 billion renovation of its Washington, D.C., headquarters, an overbudget project that has become a target of White House criticism of Fed Chair Jerome Powell.
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July 16, 2025
Disbarred Atty Urges 9th Circ. To Nix $243M Loan Scam Order
A Ninth Circuit panel appeared skeptical Wednesday of a disbarred attorney's bid to unwind an order requiring the lawyer to pay $243 million for his role in a student loan scam, pressing back against his claim that he had no opportunity to depose two witnesses because he was in custody.
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July 16, 2025
House Crypto Bills Clear Procedural Hurdle After Late Stall
Three pieces of crypto legislation moved forward late Wednesday night after stumbling at a procedural hurdle in the House of Representatives as multiple Republican lawmakers broke with their party and temporarily withheld their support.
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July 16, 2025
2nd Circ. Backs Argentina In Bondholders' $360M Debt Suit
Argentine debtholders claiming the country owes them more than $360 million in improperly withheld payments lost their case before the Second Circuit on Wednesday, which ruled that the bonds' governing documents prohibited the lawsuits.
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July 16, 2025
Court Ditches Deutsche Bank Suit Over Lehman Claim Deal
A New York federal court has dismissed a Deutsche Bank suit claiming a Boston portfolio management firm is demanding unreasonable terms to close the acquisition of $906 million worth of claims in Lehman Brothers' long-running bankruptcy, finding the court lacked subject matter jurisdiction over the suit.
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July 16, 2025
Wells Fargo Says JPMorgan No Victim In $481M CMBS Suit
Wells Fargo has told a New York federal court that it need only prove that JPMorgan knew a seller falsified financial data underlying a $481 million commercial mortgage-backed securities loan, not that it was aware of any fraud, in a suit seeking to hold the bank liable for the defaulted loan.
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July 15, 2025
EXIM Bank Sued For 'Unconscionable' LNG Project Funding
Friends of the Earth is asking a D.C. federal judge to block $4.7 billion in financing the Export-Import Bank of the United States has authorized for a massive liquefied natural gas project in Mozambique led by TotalEnergies SE.
Expert Analysis
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High Court Order On Board Firings Is Cold Comfort For Fed
The U.S. Supreme Court’s recent Trump v. Wilcox order, upholding the firings of two independent agency board members during appeal, raises concerns about the future of removal protections for Federal Reserve System members, and thus the broader politicization of U.S. monetary policy, say attorneys at Squire Patton.
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Series
Law School's Missed Lessons: Supporting A Trial Team
While students often practice as lead trial attorneys in law school, such an opportunity likely won’t arise until a few years into practice, so junior associates should focus on honing skills that are essential to supporting a trial team, including organization, adaptability and humility, says Lucy Zelina at Tucker Ellis.
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sa¹ú¼Ê´«Ã½ Industry Impact Uncertain Amid Priority Shift, Staff Cuts
A recent enforcement memo outlines how the Consumer Financial Protection Bureau's regulatory agenda diverges from that of the previous administration, but, given the bureau's planned reduction in force, it is uncertain whether the agency will be able to enforce these new priorities, say attorneys at Troutman Pepper.
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Lessons From FTC Action On Dark Patterns In User Interfaces
The Federal Trade Commission's recent complaint against Uber for its billing and cancellation practices comes amid other actions addressing consumer confusion and deception, so it is paramount to deploy tools that assess customers' cognitive states of mind to separate lawful marketing from misconduct, says Ceren Canal Aruoba at Berkeley Research Group.
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SEC Staff Input Eases Path For Broker-Dealer Crypto Activities
Recent guidance from U.S. Securities and Exchange Commission staff on broker-dealer and transfer agent crypto-asset activities suggests a more constructive regulatory posture on permissibility and application of financial responsibility rules, bringing welcome clarity for blockchain market participants and traditional financial institutions alike, say attorneys at Sidley.
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Compliance Essentials To Mitigate AI Crime Enforcement Risk
As artificial intelligence systems move closer to accurately mimicking human decision-making, companies must understand how the U.S. Department of Justice might prosecute them for crimes committed by AI tools — and how to mitigate enforcement risks, say attorneys at Paul Hastings.
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Series
Adapting To Private Practice: From US Attorney To BigLaw
When I transitioned to private practice after government service — most recently as the U.S. attorney for the Eastern District of Virginia — I learned there are more similarities between the two jobs than many realize, with both disciplines requiring resourcefulness, zealous advocacy and foresight, says Zach Terwilliger at V&E.
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11th Circ. Ruling Warns Parties To Follow Arbitral Rules
The Eleventh Circuit's recent decision in Merritt Island Woodwerx v. Space Coast is important for companies utilizing arbitration clauses because it clearly demonstrates the court's intent to hold noncompliant parties responsible in federal court — regardless of subsequent efforts to cure, says Ed Mullins at Reed Smith.
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How The DOJ Is Redesigning Its Approach To Digital Assets
Two key digital asset enforcement policy pronouncements narrow the Justice Department's focus on threats like fraud, terrorism, trafficking and sanctions evasion and dial back so-called regulation by prosecution, but institutions prioritizing compliance must remember that the underlying statutory framework hasn't changed, say attorneys at Blank Rome.
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At 'SEC Speaks,' Leaders Frame New Views
At the Practising Law Institute's recent SEC Speaks conference, U.S. Securities and Exchange Commission leadership highlighted the agency's significant priority changes, including in enforcement, crypto and artificial intelligence, say attorneys at Perkins Coie.
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The Ins And Outs Of Consensual Judicial References
As parties consider the possibility of judicial reference to resolve complex disputes, it is critical to understand how the process works, why it's gaining traction, and why carefully crafted agreements make all the difference, say attorneys at Pillsbury.
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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.