Banking

  • March 15, 2024

    Ex-Prisoners Partially Settle Prepaid Card Suit For $2.8M

    Central National Bank NA and a class of former inmates who were charged fees for using the bank's prepaid debit cards from partner Numi Financial reached a $2.8 million settlement following mediation, but the parties have requested the court stay the case while class counsel investigates Numi's potential insolvency.

  • March 15, 2024

    Pa. Court Can Hear NY Borrowers' Class Action Against Bank

    The Pennsylvania Superior Court has ruled in a precedential opinion that a Philadelphia court can preside over class claims brought by borrowers from New York as well as Pennsylvania, claiming Five Star Bank violated both states' uniform commercial codes by repossessing their vehicles.

  • March 15, 2024

    UK Litigation Roundup: Here's What You Missed In London

    The past week in London has seen Howard Kennedy face legal action by a London hotel chain, former racing boss Bernie Ecclestone and Formula One hit with a breach of contract claim by a Brazilian racecar driver, and a libel row between broadcaster Jeremy Vine and ex-footballer Joey Barton. Here, Law360 looks at these and other new claims in the U.K.

  • March 15, 2024

    Feds Say Bankman-Fried Deserves 40 To 50 Years In Prison

    Sam Bankman-Fried should spend 40 to 50 years in prison for engaging in a massive fraud that sank his FTX crypto exchange, Manhattan federal prosecutors argued Friday, pushing back against a request by defense counsel for a sentence of roughly six years.

  • March 15, 2024

    US Acquittals Don't Upend UK Libor Convictions, SFO Says

    The acquittals in the U.S. of two former bankers previously convicted of rigging Libor doesn't undermine the legal rationale — upheld on several appeals — for prosecuting traders in English courts, counsel for the Serious Fraud Office said Friday.

  • March 14, 2024

    Lehman Brothers Can't Undo Trial Loss Over Crisis-Era CDS

    A New York appeals court on Thursday affirmed a bench trial loss Lehman Brothers' bankrupt European unit suffered last year in a suit attempting to claw back nearly half a billion dollars from Assured Guaranty over losses on credit default swaps tied to the 2008 financial crisis.

  • March 14, 2024

    CFPB To Mull Official 'Standard Setters' In Open Banking Push

    Consumer Financial Protection Bureau Director Rohit Chopra outlined plans for his agency to start offering formal accreditation for open banking "standard-setting organizations" as it prepares to finalize a landmark new rule on data-sharing between banks and fintech firms.

  • March 14, 2024

    Apple Federal Credit Union Can't Shake Overdraft Fee Suit

    A Virginia federal judge has declined to toss a proposed class action against Apple Federal Credit Union that challenges the bank's alleged policy of assessing additional overdraft fees on already-authorized transactions, saying the credit union has violated its own contract terms and did not properly disclose the fees to customers.

  • March 14, 2024

    Barclays Hit With Short-Seller's Suit Over $17B Overissuance

    Barclays PLC and a few members of its top brass have been hit with a proposed securities class action in New York federal court over the bank's $17 billion overissuance of securities, which included exchange-traded notes designed to track volatility index futures.

  • March 14, 2024

    FINRA Ordered Less Restitution, More In Fines In 2023

    The Financial Industry Regulatory Authority brought fewer disciplinary actions and ordered less restitution in 2023 compared to 2022, but doled out a higher amount of fines, largely because of one major fine against Bank of America's securities unit, according to a new report by Eversheds Sutherland.

  • March 14, 2024

    Ex-Chase Banker Gets 4 Years For $2.4M Embezzlement

    A Manhattan federal judge sentenced a former JPMorgan Chase & Co. private bank teller to four years in prison Thursday for draining $2.4 million from client accounts, saying there's "no excuse" for the embezzlement scheme.

  • March 14, 2024

    Bankman-Fried Taps New Firm For SEC, CFTC Defense

    Convicted FTX founder Sam Bankman-Fried has swapped his Cohen & Gresser LLP counsel for attorneys at Montgomery McCracken Walker & Rhoades LLP in his stayed civil cases.

  • March 14, 2024

    JPMorgan Fined Nearly $350M Over Trade Surveillance

    Federal regulators said Thursday that they have ordered JPMorgan Chase & Co. to pay nearly $350 million in fines as part of enforcement actions tied to alleged deficiencies in the bank's program for monitoring employee and client trading activities.

  • March 13, 2024

    Sierra Club Joins Fray With SEC Climate Rule Suit

    The Sierra Club is the latest organization to sue the U.S. Securities and Exchange Commission over its newly passed greenhouse gas reporting requirements, with the environmentalists saying Wednesday that the finalized rules failed to fully shield investors from the risks of climate change.

  • March 13, 2024

    Ex-SEC Economists Urge 5th Circ. To Fix Short-Selling Rules

    A group of former chief economists at the U.S. Securities and Exchange Commission are supporting a request that the Fifth Circuit intervene and "correct" a pair of recent agency rules intended to bring transparency to the short-selling market, arguing that contradictions in the rules threaten to undermine public confidence in the regulator. 

  • March 13, 2024

    Feds Want 6.5 Years For Ex-Utility Commission Boss' Bribery

    The onetime head of San Francisco's Public Utilities Commission should spend six-and-a-half years in prison after his conviction on charges he accepted bribes from local businesses, federal prosecutors have argued.

  • March 13, 2024

    PNC Bank Can't Get $106M Judgment Covered By Insurers

    PNC Bank NA is not entitled to coverage by a group of excess insurers for a $106 million judgment it incurred in an underlying lawsuit alleging the bank's predecessor mismanaged funeral trust accounts, a Pennsylvania federal judge ruled Wednesday, saying the policies' exclusions bar coverage in this case.

  • March 13, 2024

    SEC Admits Errors In Marcum CPA's Administrative Case

    The U.S. Securities and Exchange Commission has miscalculated its administrative case against a certified public accountant and Marcum LLP partner who allegedly failed to properly supervise audits, reducing the number he is accused of mishandling.

  • March 13, 2024

    FCC Waives Bank Rating Rule For Rural Auctions For 1 Year

    Internet service providers that received letters of credit from banks that took a plunge in the ratings will have an extra year to find a suitably rated financial institution to back them so they can get their rural broadband auction funding, the Federal Communications Commission has declared.

  • March 13, 2024

    Genesis, Gemini Can't Ax SEC Suit Over Crypto Loan Program

    A New York federal judge refused Wednesday to toss the U.S. Securities and Exchange Commission's allegations that crypto exchange Gemini Trust Co. and bankrupt crypto lender Genesis Global Capital LLC violated securities laws by running the now-defunct investment program Gemini Earn that sold alleged unregistered securities.

  • March 13, 2024

    CFPB Slams 'Forum-Shopping' Bid To Halt Card Late-Fee Rule

    The Consumer Financial Protection Bureau is urging a Texas federal judge to refuse bank industry groups' request for an emergency injunction over the agency's recently finalized $8 credit card late-fee rule, arguing their case is too flimsy to justify putting the new rule on hold.

  • March 13, 2024

    Amazon Groups Ask To Meet Banks Over Oil Co. Financing

    A coalition of Indigenous people and fishing groups in Peru is asking to meet with leaders of JPMorgan Chase & Co. and Citigroup Inc. to discuss concerns about state-owned oil company Petroperú and demand that the banks not help it secure more financing, according to the nonprofit Amazon Watch.

  • March 13, 2024

    Ex-CFO Raided Corporate Funds, Trulieve Suit Claims

    Florida's largest medical marijuana company, Trulieve, is suing its former chief financial officer in federal court, claiming he misused his corporate credit card, charging "hundreds of thousands of dollars" for expensive clothing, vacations and attorney fees and fraudulently received reimbursement for personal expenses.

  • March 13, 2024

    Blackstone Closes $600M Credit Deal For Utah Data Center

    Blackstone Credit & Insurance has provided a $600 million senior secured credit facility for Aligned Data Centers' data center development project in West Jordan, Utah, the companies have announced.

  • March 13, 2024

    EB-5 Suit Says Hotel Project Tricked Non-English Speakers

    A real estate investment company is facing a proposed class action in California federal court alleging it took advantage of immigrant investors' limited English by fraudulently making them agree that the company and an Embassy Suites project could keep their investments indefinitely.

Expert Analysis

  • Major EU AI Banking Ruling Will Reverberate Across Sectors

    Author Photo

    Following the European Court of Justice's recent OQ v. Land Hessen decision that banks' use of AI-driven credit scores to make consumer decisions did not comply with the General Data Protection Regulation, regulators indicated that the ruling would apply broadly, leaving numerous industries that employ AI-powered decisions open to scrutiny, say lawyers at Alston & Bird.

  • ESG Concerns Can No Longer Be Ignored In 2024

    Author Photo

    While the long wait for the U.S. Securities and Exchange Commission's ESG rule continues, government attention to regulations, increased litigation efforts and shareholder resolutions seeking transparency highlight the importance of placing an emphasis on ESG considerations, say attorneys at Wollmuth Maher.

  • CFPB As Pay App Watchdog May Invite More Fintech Regs

    Author Photo

    While the Consumer Financial Protection Bureau's recent proposal to enhance federal oversight of the biggest consumer payment applications would impose no new regulatory obligations, the rulemaking could provoke heightened scrutiny for all participants in the digital payments market, say attorneys at Steptoe.

  • 5 Litigation Funding Trends To Note In 2024

    Author Photo

    Over the next year and beyond, litigation funding will continue to evolve in ways that affect attorneys and the larger litigation landscape, from the growth of a secondary market for funded claims, to rising interest rates restricting the availability of capital, says Jeffery Lula at GLS Capital.

  • Bank-Fintech Partnerships Can Thrive Despite A Tough 2023

    Author Photo

    Many banking-as-a-service players experienced regulatory enforcement activities in 2023, including consent orders and more targeted, detailed guidance aimed at bank-fintech partnerships, and while it seems this trend will continue in 2024, savvy banks can use the turmoil of last year as a guide for how to better manage the risks inherent in partnerships, says Justin Steffen at Barack Ferrazzano.

  • 5 Securities Litigation Issues To Watch In 2024

    Author Photo

    There is yet another exciting year ahead for securities litigation, starting with the U.S. Supreme Court hearing argument next week in a case presenting a key securities class action question that has eluded review for the last eight years, say attorneys at Willkie.

  • A Look At Consumer Reporting In 2023, And What's To Come

    Author Photo

    The legal landscape of consumer reporting is evolving as courts, federal regulators and state legislatures continue to weigh in — and while last year may have seen a slight downtick in the overall volume of Fair Credit Reporting Act litigation, 2024 is set to be a watershed year for this area of the law, say attorneys at Troutman Pepper.

  • Roundup

    Georgia Banking Brief

    Author Photo

    In this Expert Analysis series, attorneys provide quarterly recaps discussing the biggest developments in Georgia banking regulation, litigation and policymaking.

  • Series

    Ga. Banking Brief: All The Notable Legal Updates In Q4

    Author Photo

    In last year's fourth quarter, Georgia Sen. Raphael Warnock raised concerns regarding the proposed Secure and Fair Enforcement Regulation Banking Act, among other matters, at a Senate Banking Committee hearing, while recent and varied new rules enacted by Georgia's banking and finance department went into effect, say Nancy Baughan and Joe Wilson at Bradley Arant.

  • Anti-Money Laundering Compliance Must Put Officers On Alert

    Author Photo

    Recent government actions against FTX and other crypto companies have put a laser focus on corporate compliance failures, with added pressure on compliance officers — making the need for personal risk assessment particularly acute given today's novel anti-money laundering issues, say Poppy Alexander at Constantine Cannon and Caleb Hayes-Deats at MoloLamken.

  • Cannabis Banking Bill Uncertainty May Actually Be A Blessing

    Author Photo

    The passage of a cannabis banking law is alluring, but little will be lost if the Secure and Fair Enforcement Regulation Banking Act — facing stiff competition from other congressional priorities — gets tabled because the bill ultimately does little to meaningfully propel the industry toward full legalization, says Michael Rosenblum at Thompson Coburn.

  • Series

    ESG Around The World: South Africa

    Author Photo

    While South Africa has yet to mandate the reporting of nonfinancial and environmental, social, and corporate governance issues, policy documents and recent legislative developments are likely to have a material impact in the country's transition to a low-carbon economy and in meeting its international obligations, say Glynn Kent at Eversheds Sutherland.

  • Roundup

    California Banking Brief

    Author Photo

    In this Expert Analysis series, attorneys provide quarterly recaps discussing the biggest developments in California banking regulation, litigation and policymaking.

  • Series

    Calif. Banking Brief: All The Notable Legal Updates In Q4

    Author Photo

    As 2023 came to an end, we continued to see developments in California that are certain to have an impact on the financial services industry in 2024, including the California Department of Financial Protection and Innovation's request for comments on the state's new digital asset law and the state's continued enforcement actions against debt collectors, say Jennifer Olivestone and Juan Azel at Winston & Strawn.

  • 4 Legal Ethics Considerations For The New Year

    Author Photo

    As attorneys and clients reset for a new year, now is a good time to take a step back and review some core ethical issues that attorneys should keep front of mind in 2024, including approaching generative artificial intelligence with caution and care, and avoiding pitfalls in outside counsel guidelines, say attorneys at HWG.

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!