Law and legal issues

Industry lawyers and experts say the latest wrinkle in a long-running LPL-Ameriprise recruiting dispute shows why advisors should strongly consider retaining their own legal counsel when changing firms.

A federal judge said recent preemption rules from the National Credit Union Administration would bar Illinois from enforcing its interchange fee restrictions against federal credit unions.

The former top executive at Nodus International Bank in Puerto Rico was sentenced to more than nine years in federal prison after he pleaded guilty to Venezuela sanctions evasion and wire-fraud conspiracy.

The bank is accusing its fintech rival of racketeering for raiding its offices across nine states and stealing an untold amount of confidential information.

Consumer advocacy group Better Markets filed a lawsuit in federal district court Thursday claiming the Federal Reserve's top regulator coached bankers on how to comment on proposed capital rules in "secret meetings."

A consulting firm working for BMO Harris flagged the processor's charge-back problem in 2015. The FTC says the shell accounts kept coming through 2023.

A federal judge found SVB Financial's management negligently prioritized yield over safety, allowing the Federal Deposit Insurance Corp. to retain the deposits after the bank's 2023 collapse.

IDScan.net removed the pages naming its bank and credit union integrations after KrebsOnSecurity traced 153 million license scans to the company.

The controlling owner of Santa Fe-based Century Financial Services Corp. wound up in bankruptcy court. Now his 71% stake is on the verge of being sold to an Oklahoma bank.

The Commodity Futures Trading Commission asked a federal court to drop a suit filed by the Chicago Mercantile Exchange challenging the agency's decision to let Kalshi offer bitcoin perpetual futures contracts, known as perps.

A ruling by the U.S. Court of Appeals for the 9th Circuit last week allowing Nevada to regulate prediction markets like Kalshi creates a split with the 3rd Circuit, meaning the Supreme Court will ultimately have to settle the issue.

U.S. District Judge Jed Rakoff called the agreement "fair, reasonable and adequate," clearing the way for lawyers to begin distributing money to about 90 women who were sexually abused or trafficked by Epstein and the people around him.

Five payment companies were named as defendants in a case that could set a precedent for both prediction markets and the financial firms working with them.

A lawsuit accusing U.S. Bank of harassing and discriminating against its former head of AI can proceed following a federal magistrate judge's ruling. The suit's defamation and blacklisting claims, however, were thrown out.

The checks were drawn on accounts at JPMorganChase, Citibank, BMO, Stellar Bank and Amegy Bank. The largest single check ran just over $1.5 million.

Thomas Eide's CB Surety ran small charges on prepaid cards to dilute clients' charge-back ratios, keeping open the accounts banks would have closed.

A group of community development financial institutions are asking a federal court in California to compel Treasury to disburse funds from the CDFI Fund before they expire in September.

A federal grand jury says Garrett Douglas Johnson borrowed against law-firm trust accounts that never existed, using new loans to pay off the old ones.

Litigation involving Amalgamated Bank highlights the risks that banks may face when highly placed employees leave their jobs on bad terms.

During a court hearing Tuesday, appellate judges expressed skepticism about a Colorado effort to cap the rates on consumer loans that out-of-state banks make to Coloradans.