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Fed Rolls Out Plan To Relax Leverage Rule For Biggest Banks

By Jon Hill

The Federal Reserve on Wednesday kicked off an effort to ease a key leverage requirement for the biggest U.S. banks, advancing a highly anticipated proposal that officials said could free up bank balance-sheet capacity to bolster the U.S. Treasury market. 

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BofA Benefit Card Recipents Get Cert. In Covid Fraud MDL

By Katryna Perera

A California federal judge has granted certification to five different classes in a multidistrict litigation alleging Bank of America NA's security failures exposed their unemployment and disability benefits cards to fraud and led the bank to breach their contracts by freezing all accounts during the COVID-19 pandemic.

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10th Circ. Urged To Revive Post-Jarkesy FDIC Challenge

By Sarah Jarvis

A Kansas bank has urged the Tenth Circuit to revive its suit claiming the Federal Deposit Insurance Corp. violated the bank's right to a jury trial through an enforcement proceeding before an agency-appointed judge, arguing federal courts must be able to hear such constitutional claims.

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TD Bank Worker Cops To Taking Bribes To Open Accounts

By Craig Clough

A former employee of TD Bank has pled guilty to accepting bribes for opening around 140 fraudulent bank accounts that led to checking account scams that cost the bank tens of thousands of dollars, the U.S. attorney's office in New Jersey announced Wednesday.

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11th Circ. Backs Conviction In Bank Reporting Evasion Case

By Sydney Price

The Eleventh Circuit on Wednesday upheld the conviction of a man accused of trying to prevent regulators from learning about his large withdrawals from Wells Fargo accounts, rejecting his claims that prosecutors charged him with one offense but tried him for another.

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Fed's Powell Suggests Student Loans Too Hard To Discharge

By Jon Hill

Federal Reserve Chairman Jerome Powell told senators Wednesday that Congress might want to consider permitting greater dischargeability of student loans, questioning whether it is a "wise national policy" to treat such debt differently under the federal bankruptcy laws.

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Do Kwon Trial Judge Has Eye On Federal Crypto Legislation

By Pete Brush

Federal legislation that could codify stablecoins as payment-related assets — not securities — has the potential to impact the Manhattan U.S. attorney's $40 billion criminal case against Terraform founder Do Kwon, a federal judge said Wednesday.

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Coinme Fined $300K In Landmark Calif. Enforcement Action

By Rae Ann Varona

Crypto kiosk operator Coinme Inc. has agreed to pay a $300,000 fine to resolve findings that it violated California's kiosk transaction limits and failed to include certain disclosures on receipts, the California Department of Financial Protection and Innovation announced Wednesday.

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Ex-Venezuela Military Agency Head Cops To Narco-Terrorism

By Rae Ann Varona

A former Venezuela military intelligence director who was criminally charged alongside Venezuelan President Nicolás Maduro Moros for allegedly operating a drug cartel with a Colombian guerrilla group pled guilty Wednesday to conspiring to import cocaine into the U.S. and engaging in narco-terrorism for the group.

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NC Woman Gets 5 Years For Federal Student Aid Scheme

By Abigail Harrison

A North Carolina woman was sentenced Tuesday to five years in prison and ordered to pay $3.6 million to the U.S. Department of Education after pleading guilty to wire fraud charges alleging the theft of millions from the federal student loan aid program.

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Citi Accused Of Complicity In $20M NFT 'Pig Butchering' Scam

By Sydney Price

Citibank NA has been hit with a lawsuit in New York federal court by a Texas man accusing it of ignoring red flags that allowed scammers to use accounts at the bank to siphon nearly $4 million from his family trusts after he fell for a social media romance scam involving non-fungible tokens.

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PetroSaudi Slams Liquidators' Bid To Pause $380M Award Suit

By Joyce Hanson

A PetroSaudi unit pursuing enforcement of a $380 million arbitral award has asked a California federal judge to deny a request by the company's liquidators to pause a federal government suit targeting the award over its alleged connection to funds embezzled from Malaysia.

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Xero Paying Up To $3B For Melio Amid North American Push

By Al Barbarino

Xero Ltd. has agreed to acquire New York-based payments platform Melio for $2.5 billion, plus up to $500 million in contingent payments, as the New Zealand-based company looks to deepen its North American presence.

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Blockchain Tech Biz Digital Asset Snags $135M In VC Funding

By Jade Martinez-Pogue

Blockchain technology company Digital Asset has secured $135 million of strategic funding, which will be used to accelerate the institutional and decentralized adoption of its Canton Network.

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O'Melveny Forms Special Credit And Liability Mgmt. Group

By Andrea Keckley

O'Melveny & Myers LLP has launched a special credit and liability management group, announcing the move Tuesday as a reflection of "growing client demand for integrated, end-to-end support across the credit cycle, particularly as capital solutions become increasingly complex and bespoke."

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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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McDermott, Schulte Roth Vote To Approve $2.8B Merger

By Kevin Penton

Partners at Schulte Roth & Zabel and McDermott Will & Emery have voted in favor of merging to create the combined firm of McDermott Will & Schulte, the firms announced Thursday.

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Audio

10 Years Later: Obergefell Attorneys, In Their Own Words

By Steven Trader

Marking the decade anniversary of the Obergefell opinion, Law360 asked the attorneys who argued the case at the Supreme Court what it was like being at the center of such a monumental case, how a ruling favoring same-sex marriage changed the legal landscape over the past decade, and the remaining legal appetite to overturn it.

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Kirkland Stops Repping Novartis After Regeneron Sought DQ

By Bryan Koenig

A New York federal judge accepted the withdrawal Thursday of the entire Kirkland & Ellis LLP team that recently joined Novartis Pharma's legal team battling antitrust allegations over the eye medication Eylea, just a week after plaintiff Regeneron Pharmaceuticals sought their disqualification over an "unthinkable" conflict of interest by the lawyers, whose firm previously represented Regeneron.

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Justices Say SC Medicaid Patient Can't Sue To Pick Provider

By Dan McKay and Mark Payne

The U.S. Supreme Court on Thursday ruled that a patient can't challenge South Carolina's decision to kick Planned Parenthood from the state Medicaid program because it includes abortions among its services.

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Justices Allow Texas Death Row Inmate's DNA Suit

By Marco Poggio

The U.S. Supreme Court on Thursday said a Texas death row inmate can sue state officials in federal court to try to obtain post-conviction DNA testing, a decision that could open the door to broader challenges to how Texas provides access to forensic evidence after conviction.

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Trump 2.0's First Group Of Judicial Noms Goes To Full Senate

By Courtney Bubl茅

The first batch of judicial nominations from President Donald Trump's second term were sent to the Senate floor on Thursday, as they were voted out of committee along party lines.

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Justices Say DHS Orders Final In Withholding-Removal Cases

By Britain Eakin

The U.S. Supreme Court held Thursday that the 30-day statutory deadline for challenging deportation orders in withholding of removal cases starts when the U.S. Department of Homeland Security issues a final administrative review order, not when Board of Immigration Appeals proceedings conclude.

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Ex-Trump Atty Chesebro Disbarred In NY For Fake Elector Plot

By Gina Kim

President Donald Trump's former attorney Kenneth Chesebro, the so-called "architect" in the plot to use fake electors to overturn Georgia's 2020 election results, has been disbarred from practicing law in the state of New York, according to a unanimous decision issued on Thursday. 

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Fla. Lawyers Suspended For Online Criticism Of Judge

By David Minsky

Florida's high court on Thursday approved a one-month suspension for a father-daughter team of attorneys for their online comments criticizing a judge who reversed a $2.75 million jury verdict in favor of a doctor who sued for discrimination, finding that there were also mitigating factors in the attorneys' cases.

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Judge Known For Financial Education Advocacy To Retire

By Madison Arnold

U.S. Bankruptcy Judge Laurel M. Isicoff, who has spent her career promoting financial literacy as a way to avoid financial insolvency, will retire next May after 20 years on the bench in the Southern District of Florida, the Eleventh Circuit confirmed Thursday.

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Brief

New FCC Republican Names Key Legal Staff

By Christopher Cole

Commissioner Olivia Trusty, who was sworn in this week as the newest member of the Federal Communications Commission, announced the hiring of several top aides Thursday.

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