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The Paul, Weiss Litigation Department is led by a team of the country’s most accomplished trial lawyers. Our litigators in New York, San Francisco and Washington, D.C. handle the most complex and demanding lawsuits, class actions, government investigations, criminal prosecutions and restructurings. Our clients include Fortune 50 corporations and other prominent companies in the financial services, investment, medical device, pharmaceutical, sports, technology, energy, media and insurance industries. Every day, we are called on by chief executives, board chairs, general counsel, investors and entrepreneurs for our unmatched trial skills, sophisticated business judgment and renowned strategic advice.
Second Circuit Review: Federal Preemption Of State Banking Laws
October 31, 2022
Litigation of counsel Martin Flumenbaum and firm Chairman Brad Karp’s latest Second Circuit Review column, “Federal Preemption Of State Banking Laws,” appeared in the issue of the New York Law Journal. The authors discuss Cantero v. Bank of America, N.A. in which the Second Circuit recently found that the National Bank Act (NBA) preempts the New York interest-on-escrow law under “ordinary legal principles of pre-emption,” and that the Dodd-Frank Act “merely codified those rules.” The finding clarifies the preemptive scope of the NBA over a state law purporting to control an enumerated or incidental power of a national banks, and creates a circuit split that may ultimately need to be resolved by the Supreme Court. Litigation associate Matthew Disler assisted in the preparation of this column.
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