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Banking
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October 03, 2025
Debtors, Mich. Creditor Firm Seek OK On Interest Rate Deal
Debtors and a Michigan creditor law firm asked a Michigan federal judge to approve a settlement agreement valued at about $9 million to resolve claims the law firm charged unlawfully high post-judgment interest rates on debt collection actions.
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October 03, 2025
TD Bank Sent $1.1M To Scammer, Conn. Biz Says
A family-owned painting and contracting company sued TD Bank in Connecticut state court, alleging that the bank is responsible for the company losing more than $1.1 million to a scammer, which forced the business to freeze its payroll and cease operations.
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October 03, 2025
TD Bank Sued Over 'Grace Period' Overdraft Policy
TD Bank NA has been hit with a proposed consumer class action claiming it has routinely broken its "grace period" pledge to refund overdraft fees on accounts that are quickly brought back into the black, allegedly keeping millions that should have been returned.
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October 03, 2025
The Roberts Court At 20: How The Chief Is Reshaping America
Twenty years after John Roberts became the 17th chief justice of the United States, he faces a U.S. Supreme Court term that's looking transformative for the country and its institutions. How Justice Roberts and his colleagues navigate mounting distrust in the judiciary and set the boundaries of presidential authority appear increasingly likely to define his time leading the court.
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October 03, 2025
Taxation With Representation: Kirkland, Paul Weiss, Cravath
In this week's Taxation With Representation, video game maker Electronic Arts agrees to be acquired by the Saudi Arabia Public Investment Fund, Silver Lake and Affinity Partners; online mortgage giant Rocket closes its acquisition of rival Mr. Cooper Group; and Berkshire Hathaway acquires international energy company Occidental's chemical business.
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October 03, 2025
NCUA, US Bank Settle Crisis-Era RMBS Trustee Lawsuit
The National Credit Union Administration Board and U.S. Bank told a New York federal judge that they have reached a settlement in principle in a suit over U.S. Bank's role as trustee for crisis-era residential mortgage-backed securities trusts.
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October 02, 2025
9th Circ. Rebuffs Flagstar's Escrow Interest Preemption Bid
The Ninth Circuit said Thursday that Flagstar Bank still owes a class of mortgage borrowers more than $9 million for unpaid escrow interest under a California law, ruling that a recent U.S. Supreme Court preemption case didn't upset circuit precedent on the issue.
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October 02, 2025
NC Judge Slashes Bank Of America Fake Accounts Class Suit
A North Carolina federal judge has slashed a proposed class action accusing Bank of America of opening unauthorized accounts in people's names, tossing claims for violations of the Fair Credit Reporting Act, unjust enrichment and unfair trade practices, and leaving only negligence claims intact.
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October 02, 2025
Debt Collector's $2.6M Data Breach Deal Gets Final Nod
Debt collection agency and buyer NCB Management Services Inc. and its investors have gotten the final nod to their $2.63 million deal to end consolidated proposed class action claims that NCB failed to protect more than a million consumers after a trove of their personal information was compromised in a ransomware attack.
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October 02, 2025
FINRA Fines Broker-Dealer $1M On Lax-Surveillance Claims
The Financial Industry Regulatory Authority is requiring New Jersey-based broker-dealer Velocity Clearing LLC to hire an independent consultant and pay a $1 million fine to settle the regulator's claims that Velocity has failed to take reasonable measures to prevent manipulative trading.
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October 02, 2025
Flagstar Customers Want OK On $31M Data Breach Deal
A proposed class alleging Flagstar Bank didn't protect customer and employee information from two data breaches asked a Michigan federal judge Wednesday to give the initial approval for a $31.5 million settlement to resolve the case.
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October 02, 2025
Switzerland Dodges $372M Credit Suisse Collapse Suit
A New York federal judge has granted Switzerland's bid to throw out a $372 million suit against the country stemming from the 2023 collapse of Credit Suisse and the reduction in value of about $17 billion of debt securities, ruling that it has sovereign immunity in the dispute.
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October 02, 2025
Ex-Silvergate CFO Must Face SEC Fraud Claims, Judge Rules
A New York federal judge has ruled that the former chief financial officer of defunct crypto-focused bank Silvergate Capital cannot escape a suit from the U.S. Securities and Exchange Commission alleging he hid the bank's rocky financial condition, finding that the regulator has adequately alleged that he had access to information that contradicted his public statements.
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October 02, 2025
Merrill Lynch Raid Suit Paused For FINRA Arbitration
A Georgia federal judge stayed Merrill Lynch's case alleging Dynasty Financial Partners, Charles Schwab and a dozen former employees conspired to start a new firm with Merrill's staff and confidential information one day after denying the company's bid for an injunction.
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October 02, 2025
Florida Man Gets 19 Years For Running $36M Ponzi Scheme
A Florida federal judge sentenced a Miami man to more than 19 years in prison for running a $36 million Ponzi scheme through a company that purported to make money through quick loans to small businesses.
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October 02, 2025
Many Cos. Not Ready For National Security Risks, Report Says
At least a third of U.S. companies aren't fully prepared to address key national security compliance risks they face, and the C-suite often isn't aligned with its in-house counsel as to who is primarily responsible for those efforts, according to a new survey from Eversheds Sutherland.
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October 02, 2025
Ch. 11 Trustee Appointed In Eventide Bankruptcy
A Texas bankruptcy judge has appointed a Chapter 11 trustee in the bankruptcy of Eventide Credit Acquisitions following a request from the official committee of unsecured creditors.
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October 02, 2025
McCarter & English Won't Face Pretrial Win Bid In $22M Suit
A Connecticut Superior Court judge has denied requests by Phoenix Life Insurance Co. and PHL Variable Insurance Co. to file late partial summary judgment motions in a $22.3 million professional negligence lawsuit against McCarter & English LLP over the law firm's work on a Long Island loan deal.
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October 01, 2025
SEC Gives Crypto Custody Nod To State Trust Companies
The U.S. Securities and Exchange Commission staff has assured registered investment advisers and certain fund issuers they won't risk an enforcement action by using state trust companies as cryptocurrency custodians in a move that some praised as widening access to more crypto-savvy custody options and others decried as an erosion of custody rules.
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October 01, 2025
SEC Wins Case Over Alpine's 'Worthless' Penny-Stock Sales
The U.S. Securities and Exchange Commission has secured a win in Nevada federal court in its lawsuit accusing a Utah securities firm of violating federal anti-fraud provisions by transferring roughly $54 million in client assets from customer accounts to state unclaimed property accounts.
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October 01, 2025
Ex-CFTC Enforcement Head, DOJ Veteran Joins Jones Day
Jones Day has hired a former director of the U.S. Commodity Futures Trading Commission's Division of Enforcement who is also a nearly two-decade alumnus of the U.S. Department of Justice.
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October 01, 2025
Wash. Appeals Panel Reopens Teachers' Pension Interest Suit
A Washington state appeals court unanimously revived a class action claim that accuses a state pension agency of unlawfully skimming interest from teachers' retirement accounts, holding that a lower court was wrong to decide that it couldn't take up the matter.
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October 01, 2025
Here's How The SEC Survived 2 Prior Shutdowns
The U.S. Securities and Exchange Commission sent home 90% of its staff Wednesday, including the bulk of its enforcement division, as the agency braces for a shutdown of uncertain length by drawing on lessons from two prior long-running impasses in the past 12 years.
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October 01, 2025
Trump Withdraws Nomination Of Quintenz For CFTC Chair
President Donald Trump has withdrawn his nomination of Brian Quintenz to lead the U.S. Commodity Futures Trading Commission, following a delay at the president's request of a Senate committee vote on the nomination and Quintenz's public feud with crypto exchange founders Tyler and Cameron Winklevoss.
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October 01, 2025
sa¹ú¼Ê´«Ã½ 'Will Continue Operations' As Gov't Shutdown Hits
The Consumer Financial Protection Bureau has told its staff to expect business as usual amid the government shutdown that began Wednesday, assuring them that operations, pay and benefits will continue uninterrupted, according to an internal email obtained by Law360.
Expert Analysis
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Rebutting Price Impact In Securities Class Actions
Defendants litigating securities cases historically faced long odds in defeating class certification, but that paradigm has recently begun to shift, with recent cases ushering in a more searching analysis of price impact and changing the evidence courts can consider at the class certification stage, say attorneys at Katten.
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7 Document Review Concepts New Attorneys Need To Know
For new associates joining firms this fall, stepping into the world of e-discovery can feel like learning a new language, but understanding a handful of fundamentals — from coding layouts to metadata — can help attorneys become fluent in document review, says Ann Motl at Bowman and Brooke.
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Senate Bill Could Overhaul Digital Asset Market Structure
The Senate Banking Committee's draft Responsible Financial Innovation Act would not only clarify the roles and responsibilities of financial institutions engaging in digital asset activities but also impose new compliance regimes, reporting requirements and risk management protocols, say attorneys at Troutman.
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Stablecoin Committee Promotes Uniformity But May Fall Short
While the Genius Act's establishment of the Stablecoin Certification Review Committee will provide private stablecoin issuers with more consistent standards, fragmentation remains due to the disparate regulatory approaches taken by different states, say attorneys at Morgan Lewis.
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Agentic AI Puts A New Twist On Attorney Ethics Obligations
As lawyers increasingly use autonomous artificial intelligence agents, disciplinary authorities must decide whether attorney responsibility for an AI-caused legal ethics violation is personal or supervisory, and firms must enact strong policies regarding agentic AI use and supervision, says Grace Wynn at HWG.
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The Consequences Of OCC's Pivot On Disparate Impact
The Office of the Comptroller of the Currency's recent move to stop scrutinizing facially neutral lending policies that disproportionately affect a protected group reflects the administration's ongoing shift in assessing discrimination, though this change may not be enough to dissuade claims by states or private plaintiffs, says Travis Nelson at Polsinelli.
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Series
Being A Professional Wrestler Makes Me A Better Lawyer
Pursuing my childhood dream of being a professional wrestler has taught me important legal career lessons about communication, adaptability, oral advocacy and professionalism, says Christopher Freiberg at Midwest Disability.
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How FDIC Appeals Plan Squares With Fed, OCC Processes
The Federal Deposit Insurance Corp.'s recent proposal to revise its appeals process merits a fresh comparison to the appeals systems of the Federal Reserve and Office of the Comptroller of the Currency, and would provide institutions with greater transparency and independence, say attorneys at Alston & Bird.
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SEC Rulemaking Radar: The Debut Of Atkins' 'New Day'
The U.S. Securities and Exchange Commission's regulatory flex agenda, published last week, demonstrates a clear return to appropriately tailored and mission-focused rulemaking, with potential new rules applicable to brokers, exchanges and trading, among others, say attorneys at Goodwin.
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Series
Law School's Missed Lessons: Adapting To The Age Of AI
Though law school may not have specifically taught us how to use generative artificial intelligence to help with our daily legal tasks, it did provide us the mental building blocks necessary for adapting to this new technology — and the judgment to discern what shouldn’t be automated, says Pamela Dorian at Cozen O'Connor.
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Ch. 11 Ruling Voiding $2M Litigation Funding Sends A Warning
A recent Texas bankruptcy court decision that a postconfirmation litigation trust has no obligations to repay a completely drawn down $2 million litigation funding agreement serves as a warning for estate administrators and funders to properly disclose the intended financing, say attorneys at Kleinberg Kaplan.
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Why Fla. Ruling Is A Call To Action For Foreclosure Counsel
A Florida state court's recent decision in Open Range Properties v. AmeriHome Mortgage has sent ripples through the banking industry and the legal community, and signals a new era of heightened scrutiny and procedural rigor in foreclosure litigation, says Andrew McBride and Adams & Reese.
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Demystifying The Civil Procedure Rules Amendment Process
Every year, an advisory committee receives dozens of proposals to amend the Federal Rules of Civil Procedure, most of which are never adopted — but a few pointers can help maximize the likelihood that an amendment will be adopted, says Josh Gardner at DLA Piper.
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A Foreign Currency Breach Won't Always Sink EB-5 Cases
Recent court decisions show that, while EB-5 investors must be able to show the lawfulness of their funds and methods of transfer, a third-party currency exchanger's violation of another country’s currency export control law does not, by itself, taint the funds for purposes of U.S. investment, says Jun Li at Reid & Wise.
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With Obligor Ruling, Ohio Justices Calm Lending Waters
A recent decision by the Ohio Supreme Court, affirming a fundamental principle that lenders have no duty to disclose material risks to obligors, provides clarity for commercial lending practices in Ohio and beyond, and offers a reminder of the risks presented by guarantee arrangements, says Carrie Brosius at Vorys.