The United Kingdom’s shocking vote Thursday to leave the European Union has unleashed panic in capital markets and immeasurable long-term uncertainty that, for the time being, chills any hopes of recovery in Britain's stalled equity-raising environment, experts say.
An Illinois federal judge has tossed a consolidated proposed class action in which 400 lenders accused Mayer Brown LLP of legal malpractice and negligent misrepresentation over a filing error in a $1.5 billion bankruptcy loan to its client General Motors LLC.
German lender and commercial bank IKB Deutsche Industriebank AG is pursuing its latest suit over residential mortgage-backed securities, accusing Wilmington Trust Co. of breaching its duty as the trustee of $168 million worth of the securities in a suit removed to New York federal court of Thursday.
The Sixth Circuit upheld the convictions of three Ohio men convicted in federal court for their roles in a $24 million scheme involving speculation in Iraqi currency and sales of fake hedge fund shares, rejecting arguments that ranged from prosecutor misconduct to missing evidence.
U.S. financial regulators and their global counterparts are on high alert for signs of financial stress both in the short and long term, after voters in the U.K. on Thursday chose to leave the European Union, with a particular focus being placed on stresses in banks' trading books.
A proposed class of black Detroit homeowners asked the Second Circuit Friday to resurrect their lawsuit, claiming the group's commonality and arguing that Morgan Stanley pushed a defunct subprime lender to provide risky loans to black borrowers and had profited off the debt’s securitization.
The heads of the U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission said Friday that they were keeping a close watch on the stock markets after the United Kingdom’s vote to pull out of the European Union sent markets spinning.
JPMorgan Chase Bank NA has agreed to pay $3.75 million to resolve a proposed class action in Florida federal court alleging the bank autodialed cellphone numbers that were reassigned from former customers to new users who hadn’t agreed to receive calls, according to a Friday filing.
A Philippines resident is facing federal criminal charges in New Jersey for his alleged role in a large-scale, sophisticated identity theft scheme targeting financial institutions and high-profile account holders, U.S. Attorney Paul J. Fishman announced Friday.
Six months after opening, the Asian Infrastructure Investment Bank said Friday it has approved its first four loans for a total of $509 million, including one to rebuild Indonesian slums.
The United Kingdom voted on Thursday to pull out of the European Union, a monumental decision that shook markets, Parliament and viewers around the world. Here, attorneys tell Law360 why the decision is significant.
Mortgage Electronic Registration Systems Inc. and several member banks told a Pennsylvania federal court on Thursday that a county’s putative class action seeking to recover millions in recording fees for mortgage assignments that weren’t filed in land records should be tossed since the Third Circuit resolved the same issue last year.
A New York bankruptcy judge indicated Friday that it's unlikely he would allow a subsidiary of the failed National Bank of Anguilla the ability to subpoena a Caribbean banking regulator over its decision to transfer $175 million to a U.S. bank.
Morgan Stanley has agreed to pay a $200,000 fine to the Financial Industry Regulatory Authority after it failed to promptly stop a client from kiting checks as part of a Ponzi scheme.
The legal uncertainty created by the U.K.'s decision Thursday to leave the European Union reaches all the way to once ironclad litigation rules about forum-shopping and enforcing English judgments across the bloc, and experts say the results could lead to mixed results for U.K. courts.
Proskauer Rose LLP has again urged a Texas federal judge to toss an investor committee’s allegations that it helped Robert Allen Stanford conceal his $7 billion Ponzi scheme from investigators, saying the Fifth Circuit has barred nonclients from suing over the firm’s representation of Stanford.
The Financial Conduct Authority, Britain’s finance watchdog, said Friday after the U.K. voted to exit the European Union that it is keeping a keen eye out for any potential changes to financial regulation, but that rules derived from EU law will stay intact for now.
Britain’s vote to split from the European Union threatens London’s trailblazer role in developing and regulating the technology behind virtual currencies, widely deemed the new frontier in global finance.
The vote to leave the European Union could radically change the U.K.'s legal and regulatory ties to the rest of Europe. Among the most affected will be practices focusing on finance, intellectual property, competition, data protection, immigration and international trade.
A Singaporean billionaire who claims Goldman Sachs Group Inc. lured him into exotic currency options trades that lost $34 million urged the Second Circuit on Wednesday to carefully weigh his attempt to bring the claims before the U.S. Commodity Futures Trading Commission.
What is most interesting about the U.S. Securities and Exchange Commission enforcement action against Morgan Stanley for cybersecurity lapses is that Morgan Stanley’s conduct was exemplary — the firm did everything right, says John Reed Stark, former internet enforcement chief at the SEC.
It’s important to first decide what your personal brand is. Are you a crusader? A wry observer? A compassionate witness? Your social media presence doesn’t have to reflect the deepest aspects of your identity — it’s merely an image that you project, says Monica Zent, founder and CEO of Foxwordy Inc.
In order to promote fintech innovation in a broad and effective fashion, it may be necessary for Congress to grant one or more federal financial agencies the express authority to waive a company’s exposure, within bounds, to both private liability and regulatory enforcement, says Gordon Miller, former Federal Reserve Board counsel now with Allen & Overy LLP.
A recent bombshell lawsuit by Home Depot alleges patterns of antitrust violations, illegal collusion and anti-competitive conduct by the Visa and MasterCard credit card networks. For consumers concerned with payment card security, the suit highlights potential weaknesses in some U.S. payment card technologies, says Andrew Phillips of McGuireWoods LLP.
One of the most prevalent complaints by associates and recent law school graduates is the lack of meaningful mentoring by more seasoned attorneys. Gary Gansle, leader of Squire Patton Boggs LLP's Northern California employment law practice, offers several tips as a light that can help junior attorneys start down the right path in their career development.
The U.S. Supreme Court’s ruling in RJR Nabisco v. European Community, which reversed a Second Circuit decision and held that the Racketeer Influenced and Corrupt Organizations Act has limited extraterritorial application, rejects all of the prevailing rulings on extraterritoriality and offers some new takes on the court’s prior jurisprudence in that area as well as antitrust law, say attorneys at Orrick Herrington & Sutcliffe LLP.
LeBron James has established his worth by tangible metrics. He cashed in on a free agent bonanza fueled by the NBA’s economic model that supports his regal compensation. But such is not the case when it comes to first-year associate salaries of $180,000 at certain law firms and $2,000 an hour billing rates for certain partners, says Mark A. Cohen, founder of Legal Mosaic LLC.
No one understands the concept and obligations of “fiduciary duty” better than legal professionals — and yet, many law firm partners and principals may be overlooking a significant source of liability in their practices, says Tom Zgainer, CEO and founder of America’s Best 401k.
As suspicions of elder abuse become more frequent, so too are suits where financial institutions are forced to defend themselves against allegations that they wrongfully froze an account. The terms of banking or brokerage agreements are central in such defense, say attorneys with Norton Rose Fulbright US LLP.
Six months after the U.S. Supreme Court's decision in Campbell-Ewald v. Gomez, lower courts have been divided on the key legal questions raised in the case. While some courts have refused to dismiss putative class actions, several district courts have reached a different conclusion and chose to deem cases moot, say attorneys at Weil Gotshal & Manges LLP.