Justice Department drops criminal probe of Fed chair Powell, likely clearing way for Warsh
The judge, James Boasberg, said prosecutors had produced “essentially zero evidence” to suspect Jerome Powell of a crime.
Banking & Finance
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Barnes & Thornburg LLP’s expanded finance, government team gives firm more breadth
The move represented the Indianapolis-based firm’s largest one-time acquisition of a team of lawyers.
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13 attorneys general sue Evansville-based OneMain over hidden loan add-ons
The attorneys general say the conduct affected tens of thousands of borrowers and violated state consumer protection laws.
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Sunsetting soon: Attorneys seeing high interest in estate tax provision as December 2025 end date nears
For some estate law attorneys who handle planning for wealthier clients, Dec. 31, 2025, is circled on their calendars.
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‘Cautiously optimistic’: Attorneys say inflation causing banks, clients to ‘sharpen pencils,’ but projects, investments moving ahead
Between interest rates, labor shortages, supply chain issues, the ongoing war in Ukraine and the aftereffects of COVID-19, debtors and creditors are facing some uncertainties, attorneys say.
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Articles
Banks rejected by Supreme Court in municipal bond price-fixing case
The U.S. Supreme Court refused to block a class action lawsuit that seeks billions of dollars from Bank of America Corp., JPMorgan Chase & Co. and other financial institutions.
Taft launches New York office as it continues to expand presence across US
The new office is located in Manhattan, and the firm expects to hire more than 100 lawyers there over the next five years.
Trump sues JPMorgan for $5 billion, alleges bank closed his accounts for political reasons
The lawsuit, filed in Miami-Dade County court in Florida, alleges that JPMorgan abruptly closed multiple accounts in February 2021 with just 60 days notice and no explanation.
Former Indiana credit union CEO sentenced to prison for bank fraud
He was accused of falsifying two loan applications to secure hundreds of thousands of dollars from the credit union for his own personal use.
$2M Geist home at heart of Drive Planning legal battle
Nearly a year after a federal judge placed Georgia-based financial firm Drive Planning LLC into receivership, the court-appointed receiver is still wrestling to gain control of the $2 million Geist mansion where the now-defunct firm’s managing partner lives.
Former Indiana credit union CEO charged with bank fraud
The former CEO of Richmond City Employees Federal Credit Union is accused of falsifying loan applications to secure hundreds of thousands of dollars from the credit union for his own personal use.
Regulatory panel denies Stifel’s claim against Indy competitor
A financial industry arbitration panel has ordered Stifel, Nicolaus & Co. Inc. to pay $7 million in attorney’s fees to a group of former Stifel advisers in Indianapolis.
Treasury warns that anti-woke banking laws like Florida’s are a national security risk
The Treasury Department is warning that state laws that restrict banks from considering environmental, social and governance factors could harm efforts to address money laundering and terrorism financing.
Fifth Third Bank to pay $5M to settle auto insurance allegations
Fifth Third Bank has agreed to pay millions to settle allegations that it forced auto loan customers into duplicative car insurance policies that made their monthly payments more expensive, leading in some cases to repossessions of vehicles from customers who could not afford to pay.
Judge rejects $30 billion Visa, Mastercard swipe-fee settlement
The decision jeopardizes an agreement reached in March that was meant to end two decades of litigation related to the fees card companies charge retailers on each purchase a customer makes.
Shutdown of financial middleman Synapse freezes thousands of Americans’ deposits
The bank accounts of tens of thousands of U.S. businesses and consumers have been frozen in the aftermath of the abrupt shutdown and bankruptcy of financial technology company Synapse, which acts as a middleman between financial technology companies and banks.
FDIC Chair Martin Gruenberg says he will resign after hostile workplace claims
Martin Gruenberg, chair of the Federal Deposit Insurance Corp., announced Monday that he would resign once President Biden appoints and the Senate confirms a successor to lead the banking regulator, after a searing report said Gruenberg led a hostile workplace at the agency.
IRS claws back money given to businesses under fraud-ridden COVID-era tax credit program
The IRS said it received $225 million from a voluntary disclosure program, which ended on March 22, that let small businesses that thought they received the credit in error give back the money and keep 20%. That money came from more than 500 taxpayers with another 800 submissions still being processed.
Old National places CFO on leave following criminal charges
Evansville-based Old National Bank disclosed Monday that it has placed its chief financial officer, Brendon Falconer, on leave. Falconer was charged last week with two counts of felony child molestation.
IN Supreme Court: Credit union member’s silence on proposed agreement addendum did not constitute acceptance
A woman who filed a class-action complaint against a credit union didn’t accept an addendum to an agreement that would have forced arbitration, a split Indiana Supreme Court has ruled in reversing a trial court’s decision.
Indiana Supreme Court reverses, remands motion in improper fee lawsuit
The Indiana Supreme Court reversed and remanded a trial court’s motion to compel arbitration in a banking lawsuit involving improper overdraft fees.
Yellen to tell Congress US banking system ‘remains sound’
A week after the second-largest bank collapse in U.S. history, Treasury Secretary Janet Yellen is set to tell the Senate Finance Committee that the nation’s banking system “remains sound” and Americans “can feel confident” about their deposits.
U.S. government moves to stop potential banking crisis
The U.S. government took extraordinary steps Sunday to stop a potential banking crisis after the historic failure of Silicon Valley Bank, assuring all depositors at the failed institution that they could access all their money quickly, even as another major bank was shut down.
Stifel sues rival financial firm over mass exodus from Indianapolis office
St. Louis-based Stifel, Nicolaus & Co. Inc is suing a newly formed Indianapolis firm, Sapient Capital LLC, following what Stifel describes as Sapient’s “orchestrated raid” of Stifel’s 96th Street office.