Banking

  • May 16, 2024

    Bitcoin ATM Operator Ran Illegal Money Transmitter, Jury Says

    A New York state jury has convicted the operator of a network of bitcoin kiosks that allegedly catered to criminal activity of operating an unlicensed money transmitter and tax fraud, the Manhattan District Attorney's Office said Thursday.

  • May 16, 2024

    BofA Customers Get Final OK For $8M Deal In ACH Fee Suit

    A North Carolina federal judge has granted final approval to an $8 million settlement for Bank of America customers who claim they were unfairly charged fees for Automated Clearing House transfers.

  • May 16, 2024

    Judge Questions Colo.'s Power Over Out-Of-State Banks

    A Colorado federal judge on Thursday asked U.S. banking regulators why the state should be able to cap interest rates for loans made to residents by out-of-state financial institutions, questioning why it was "consistent with federalism" to let an individual state have that far of a reach.

  • May 16, 2024

    Carhartt Heiress's Atty Stole Millions, Jury Told

    A jury trial kicked off Thursday in a case against a Michigan lawyer accused of embezzling millions of dollars from trusts belonging to the granddaughter of Carhartt Inc.'s founder, with one of her financial managers testifying that the attorney made loans to himself without permission.

  • May 16, 2024

    Ga. Judge Cites 'Exemplary Life' In 3-Year PPP Fraud Sentence

    A Georgia woman convicted earlier this year of helping to launder the proceeds of a pandemic loan fraud scheme was hit with a three-year prison sentence on Thursday by a federal judge, who noted the woman has otherwise led an "exemplary life," warranting a sentence lower than what prosecutors had sought.

  • May 16, 2024

    MoneyLion Beats Investor Suit Over Reverse Stock Split

    A New York federal judge has dismissed a lawsuit by shareholders of digital finance platform MoneyLion, who allege the company and its directors approved a reverse stock split that stripped preferred shareholders of their rights, saying the investors should have known the consequences of the vote.

  • May 16, 2024

    Senate Passes Bill To Block SEC Crypto Accounting Guidance

    The U.S. Senate voted Thursday to send a bill overturning the U.S. Securities and Exchange Commission's controversial crypto accounting guidance to the president's desk, though without the necessary votes to override the White House's planned veto.

  • May 16, 2024

    FDIC's Gruenberg Scolded By Senators Over Agency Culture

    Federal Deposit Insurance Corp. Chairman Martin Gruenberg on Thursday faced a second round of congressional reprimand from both sides of the political aisle over his agency's workplace misconduct scandal, but Senate Democrats seemed ready to let Gruenberg clean up the mess himself and continue his tenure.

  • May 16, 2024

    African Tax Admins Promote Use Of Voluntary Disclosures

    Voluntary disclosure programs have been very effective when countries launch them in anticipation of complying with an international standard on automatic exchanges of financial account information, the African Tax Administration Forum said Thursday in guidance on the programs.

  • May 16, 2024

    Ex-Minn. Public Defender Gets Probation For Tax Fraud

    A former Minneapolis chief public defender who argued that he should receive a lenient sentence after resigning in disgrace amid accusations that he failed to pay taxes for years on his private law firm was sentenced to three years probation by a Minnesota federal court.

  • May 16, 2024

    Ex-Execs Accuse Truist Of Hijacking Control Of Mortgage Unit

    Three former executives who spearheaded the real estate finance arm of Truist Financial Corp. before they left for a competitor are countersuing the bank for allegedly usurping control of the business, saying Truist then tried forcing them out to skirt paying severance.

  • May 16, 2024

    Conn. Justices Snatch Debt Collection Practice Of Law Case

    The Connecticut Supreme Court has opted to hear a case that questions whether the state's banking commissioner or its judicial branch has the power to regulate debt collection activities that occur under the purview of law firms, leapfrogging the case over the state's intermediate appellate court and into the state's highest court.

  • May 16, 2024

    2nd Circ. Backs Win For Big Banks In Forex-Rigging Suit

    The Second Circuit on Thursday backed a ruling in favor of a group of large banks accused of conspiring to manipulate the foreign currency exchange market in euros and dollars, agreeing with a lower court that the plaintiffs hadn't made qualifying transactions or shown how prices were distorted.

  • May 16, 2024

    Biden Admin Proposes To Loosen Restrictions On Marijuana

    President Joe Biden on Thursday announced that his administration has formally recommended relaxing restrictions on marijuana, marking the most significant federal policy shift on cannabis since the drug was criminalized more than 50 years ago.

  • May 16, 2024

    Colombian Consumer Lender Hits Ch. 11 To Trim $55M Of Debt

    Colombian consumer lending giant Credivalores-Crediservicios filed for bankruptcy in New York on Thursday, with a prepackaged Chapter 11 plan to cut $55 million from its balance sheet and emerge from bankruptcy next month.

  • May 16, 2024

    Justices Say CFPB Is Constitutionally Funded

    The U.S. Supreme Court ruled Thursday that the Consumer Financial Protection Bureau is constitutionally funded, rejecting a payday lender-backed challenge that threatened to incapacitate the agency and throw a wrench in the Biden administration's financial regulatory agenda.

  • May 16, 2024

    Haynes Boone Adds Sheppard Mullin RE Finance Pro In Calif.

    Haynes and Boone LLP continues to grow its Orange County office, announcing Wednesday that a Sheppard Mullin Richter & Hampton LLP real estate finance ace is joining the office in Costa Mesa, California, as a partner.

  • May 15, 2024

    Water Co. To Pay $8.5M Criminal Fine Over Accounting Claims

    Wastewater treatment company Evoqua Water Technologies Corp. has reached an $8.5 million agreement with federal prosecutors allowing the company to avoid criminal charges for allegedly inflating the company's revenue by $36 million.

  • May 15, 2024

    'Pissed Off,' 'You Need To Go': Reps Rip FDIC's Gruenberg

    Federal Deposit Insurance Corp. Chairman Martin Gruenberg took withering, bipartisan criticism over his agency's workplace misconduct scandal at a House hearing on Wednesday, although no new Democrats joined their Republican colleagues in directly calling for his resignation.

  • May 15, 2024

    Bolt Financial Cancels $37M In Shares To End CEO Loan Suit

    Bolt Financial Inc. will cancel over $37 million in shares to settle a derivative suit against the company's board of directors that accuses its former CEO of purposely defaulting on a $30 million loan, according to a filing in Delaware's Court of Chancery.

  • May 15, 2024

    'Uber Files' Scandal Can't Prop Up Investor Suit, Judge Says

    Uber Technologies has beaten back a proposed class action alleging that a trove of leaked internal records harmed shareholders by revealing corporate misconduct, with a California federal judge saying plaintiffs failed to prove that any of Uber's statements about the leak were false.

  • May 15, 2024

    Del. Justices Ask: Do Attys Get Thinner Slice Of $1B Dell Pie?

    A near record-breaking $266.7 million fee for stockholder attorneys who settled a Chancery Court class action against Dell Technologies Inc. for $1 billion had Delaware's Supreme Court raising questions Wednesday about how the state traditionally calculates attorney fee awards in large class action settlements.

  • May 15, 2024

    Russian Gas Ex-CFO Can't Nix $44M FBAR Suit, Judge Rules

    The former chief financial officer of a Russian gas company who was sentenced to seven years in prison for hiding money in Swiss banks can't escape the government's civil suit seeking nearly $44 million in reporting penalties, a Florida federal judge ruled Wednesday.

  • May 15, 2024

    South African Tax Official Says Data Swaps Too Limited

    South Africa's requests to exchange information on taxpayers with authorities around the world are often denied for criminal investigations of tax crimes, while automatic exchanges sometimes lack the full identifying information of taxpayers, the commissioner of the country's tax agency said Wednesday.

  • May 15, 2024

    Colo. Says Lending Law Challenge Aims To Strip Federal Right

    The state of Colorado has urged a federal judge to dismiss a suit seeking to block a new state law to rein in high-cost online lending by out-of-state banks, saying federal law "expressly permits" states to opt out of the relevant statute, so their interest rate laws will not be preempted by state-chartered banks.

Expert Analysis

  • Compliance Strategies To Mitigate 3 New Areas Of AI Risk

    Author Photo

    The era of artificial intelligence-assisted corporate crime is here, but several concrete mitigation strategies can allow companies to address the new, rapidly evolving threats posed by deepfakes, information barrier evasion and AI model manipulation, say attorneys at Debevoise.

  • The Drawbacks Of Banking Regulators' Merger Review Plans

    Author Photo

    Recent proposals for bank merger review criteria by the Office of the Comptroller of the Currency and Federal Deposit Insurance Corp. share common pitfalls: increased likelihood of delays, uncertainties, and new hurdles to transactions that could impede the long-term safety and soundness of the banks involved, say attorneys at WilmerHale.

  • Opinion

    The Case For Overturning Florida Foreclosure Ruling

    Author Photo

    A Florida appellate court's recent decision in Desbrunes v. U.S. Bank National Association will potentially put foreclosure cases across the state in jeopardy, and unless it is reconsidered, foreclosing plaintiffs will need to choose between frustrating and uncertain options in the new legal landscape, say Sara Accardi and Paige Knight at Bradley.

  • Fed. Circ. Defines Foreign IP Damages, Raises New Questions

    Author Photo

    In Brumfield v. IBG, the Federal Circuit recently clarified which standard determines the extraterritoriality of the patent statute after the U.S. Supreme Court's WesternGeco decision, opening a new avenue of damages for foreign activities resulting from certain domestic activities while also creating some thorny questions, say Amol Parikh and Ian Howard at McDermott.

  • Series

    Being An Equestrian Makes Me A Better Lawyer

    Author Photo

    Beyond getting experience thinking on my feet and tackling stressful situations, the skills I've gained from horseback riding have considerable overlap with the skills used to practice law, particularly in terms of team building, continuing education, and making an effort to reset and recharge, says Kerry Irwin at Moore & Van Allen.

  • Bracing For The CFPB's War On Mortgage Fees

    Author Photo

    As the Consumer Financial Protection Bureau homes in on the legality of certain residential mortgage fees, the industry should consult the bureau's steady stream of consumer lending guidance for hints on its priorities, say Nanci Weissgold and Melissa Malpass at Alston & Bird.

  • DOJ Consent Orders Chart Road Map For Lending Compliance

    Author Photo

    Two recent consent orders issued by the U.S. Department of Justice as part of its efforts to fight mortgage lending discrimination highlight issues that pose fair lending compliance risks, and should be carefully studied by banks to avoid enforcement actions, says Memrie Fortenberry at Jones Walker.

  • 4 Ways To Refresh Your Law Firm's Marketing Strategy

    Author Photo

    With many BigLaw firms relying on an increasingly obsolete marketing approach that prioritizes stiff professionalism over authentic connection, adopting a few key communications strategies to better connect with today's clients and prospects can make all the difference, say Eric Pacifici and Kevin Henderson at SMB Law.

  • Consider 2 Alternative Exit Plans In RE Distress Scenarios

    Author Photo

    In the face of an impending wave of foreclosures, lenders and borrowers alike should consider two exit strategies — deed-in-lieu of foreclosure and consent foreclosure — that can mitigate potential costs and diminution in property value that could be incurred during a lengthy proceeding, say attorneys at BCLP.

  • Breaking Down DOJ's Individual Self-Disclosure Pilot Program

    Author Photo

    The U.S. Department of Justice’s recently announced pilot program aims to incentivize individuals to voluntarily self-disclose corporate misconduct they were personally involved in, complementing a new whistleblower pilot program for individuals not involved in misconduct as well as the government's broader corporate enforcement approach, say attorneys at Paul Weiss.

  • Reverse Veil-Piercing Ruling Will Help Judgment Creditors

    Author Photo

    A New York federal court’s recent decision in Citibank v. Aralpa Holdings, finding two corporate entities liable for a judgment issued against a Mexican businessman, shows the value of reverse veil piercing as a remedy for judgment creditors to go after sophisticated debtors who squirrel away assets, says Gabe Bluestone at Omni Bridgeway.

  • Address Complainants Before They Become Whistleblowers

    Author Photo

    A New York federal court's dismissal of a whistleblower retaliation claim against HSBC Securities last month indicates that ignored complaints to management combined with financial incentives from regulators create the perfect conditions for a concerned and disgruntled employee to make the jump to federal whistleblower, say attorneys at Cooley.

  • Ensuring Nonpublic Info Stays Private Amid SEC Crackdown

    Author Photo

    Companies and individuals must take steps to ensure material nonpublic information remains confidential while working outside the office, as the U.S. Securities and Exchange Commission continues to take enforcement actions against those who trade on MNPI and don't comply with new off-channel communications rules in the remote work era, say attorneys at BakerHostetler.

  • What Cos. Are Reporting Under New SEC Cybersecurity Rule

    Author Photo

    Four months after its effective date, 14 companies have made disclosures under the U.S. Securities and Exchange Commission's mandatory cybersecurity incident reporting rule, and some early trends are emerging, including a possible rush to file, say attorneys at Debevoise.

  • 10 Tips For ESG Disclosure Compliance In Private Funds

    Excerpt from Practical Guidance
    Author Photo

    As regulators increase scrutiny of misleading claims about environmental, social and governance investments, private fund sponsors should consider several practical tips for communicating accurately with potential investors, drafting comprehensive disclosures and establishing internal policies that can keep pace with evolving compliance requirements, says Jonathan Rash at Ropes & Gray.

Want to publish in Law360?


Submit an idea

Have a news tip?


Contact us here
Can't find the article you're looking for? Click here to search the Banking archive.
Hello! I'm Law360's automated support bot.

How can I help you today?

For example, you can type:
  • I forgot my password
  • I took a free trial but didn't get a verification email
  • How do I sign up for a newsletter?
Ask a question!