Lavan, father-in-law of Yaakov, has quite an unusual name. Who, after all, names their kid after a color? One interpretation says that whenever Lavan wanted to trick someone, he would pretend to be “pure and white” in character, and having gained their confidence, would then proceed to rob them.
But interestingly enough, Lavan is not the only person in Breishit named after a color. The other person is none other than Yaakov's brother. Born with the name Esav, he later acquired the name “Edom”. One day Esav came in from the field hungry, found Yaakov cooking red lentils, and begged Yaakov to “give me some of that red, red stuff”. Yaakov agreed only in exchange for Esav's birthright. From then on Esav was called “Edom”, meaning “red”. One might assume that rather than being a compliment, this was a way of mocking Esav for his shortsighted desperateness in agreeing to the exchange. In any case, the name stuck and the nation descended from him is named Edom.
So Esav's “colorful” name is a result of his being tricked by Yaakov. My theory is that Lavan got his name the same way.
When the Torah describes how Lavan tried to trick Yaakov, it includes what looks like an amusing pun. “That day [Lavan] removed the streaked and spotted he-goats, and all the speckled and spotted she-goats, every one that had white [“lavan”] in it, and all the dark ones among the sheep...” (30:35) Lavan agreed to give Yaakov the white-spotted goats in his flock, but he secretly removed and hid those goats to deprive Yaakov of his wages. But Yaakov had the last word in this story. He got the completely black goats to breed, and white-spotted goats were among their offspring. Then he used certain procedures to help his goats reproduce more than Lavan's. Eventually his white-spotted goats (and dark sheep) outnumbered the pure-colored ones. Yaakov outmaneuvered Lavan, and Lavan grew poor and frustrated, while Yaakov returned home wealthy and with a large family.
It is through the coloring of these goats and sheep that Lavan tried to trick Yaakov. But through the same coloring, Yaakov managed to not only protect but also enrich himself greatly. Perhaps, in memory of this, Lavan received the name “white”. He was born with a different name – one not recorded in the Torah. But he received his new and more “colorful” name, in memory of what he tried to do to Yaakov, and how Yaakov turned the tables on him. As with Edom, Lavan's misbegotten plans are preserved forever in the additional name that his contemporaries gave him.