ABA Journal

Banking Law

1271 ABA Journal Banking Law articles.

9th Circuit tosses arbitration decision because panel chair lied about being a lawyer

A federal appeals court has overturned an arbitration decision because the person who headed the arbitration panel had falsely claimed to be a California lawyer.

The San Francisco-based 9th U.S.…

SCOTUS will decide whether Miami can sue banks under the Fair Housing Act

The mortgage-lending practices of the nation’s largest banks and their effects on inner-city neighborhoods will be the backdrop in a U.S. Supreme Court case to be argued today.

Two law firms earned more than $1B to help US pursue banks

The National Credit Union Administration paid two law firms more than $1 billion in fees and expenses to help recover more than $4 billion from banks in cases related to…

Suit blames Wells Fargo foreclosure response for bankrupt law firm’s financial predicament

A bankrupt New Jersey foreclosure law firm has filed a lawsuit blaming part of its financial predicament on Wells Fargo’s delay in correcting “robosigning” problems.

The Oct. 14

Kardashian hypothetical is raised in SCOTUS arguments on intent needed for bank fraud violation

Justice Stephen G. Breyer offered a Kim Kardashian hypothetical on Monday as the U.S. Supreme Court considered the intent requirement under the federal bank fraud law.

At issue in the…

Judge orders race car driver and companies to pay record $1.3B restitution in payday-lending scheme

A federal judge in Nevada has ordered race car driver Scott Tucker and several of his lending companies to pay $1.3 billion restitution in a deceptive payday-lending scheme.

The award…

Does ban on merchant labeling swipe fee a ‘surcharge’ violate free speech? SCOTUS to decide

The U.S. Supreme Court on Thursday agreed to decide the constitutionality of laws barring merchants from calling extra fees for credit-card use a “surcharge.”

At issue is whether such laws…

US didn’t prove AmEx merchant policies violated antitrust law, 2nd Circuit says

The federal government failed to prove that American Express violated antitrust law with policies that stopped merchants from encouraging customers to use other, lower cost credit cards, a federal appeals…

Wells Fargo to pay $185M fine for opening bank accounts for customers without their knowledge

Wells Fargo was fined $185 million on Thursday for opening bank accounts and applying for credit cards on behalf of customers who were unaware they were being signed up.


JPMorgan decision on minimum level of assets for premium service hits lawyers hard

Lawyers are hard hit by JPMorgan’s decision to require clients of its top banking service to have $10 million in investible assets.

Lawyers are the clients most affected by the…

BigLaw firms say protocols followed after US claims two trust accounts held $586M in stolen money

A civil asset forfeiture case involving $3.5 billion in assets allegedly diverted from a Malaysian-owned economic development company has raised questions about the use of law firm trust accounts.


Goldman Sachs is ordered to pay $36.3M for alleged use of confidential information

Goldman Sachs has been ordered to pay $36.3 million for using confidential regulatory information from the Federal Reserve Board in client pitches.

The board imposed the fine on Wednesday,…

Bank account disclosure rule now incorporates ABA proposals to protect client confidentiality

Requiring law firms to disclose the identities of clients and when establishing trust accounts would be inconsistent with ABA Model Rule 1.6.

Proposed rules beef up consumer protections in debt collection

The Consumer Financial Protection Bureau on Thursday outlined proposed new rules to rein in third-party debt collectors and debt buyers.

The proposed rules require the debt collectors to substantiate the…

Former Dewey chairman owes Citibank $400K, judge finds

A judge in New York has awarded Citibank nearly $400,000 in its suit to recover an unpaid loan from former Dewey & LeBoeuf chairman Steven Davis.

Judge Nancy Bannon found…

Read more ...