Hughes Hubbard & Reed LLP’s fees for overseeing the liquidation of Lehman Brothers’ failed brokerage firm have topped $371.5 million, according to papers filed Thursday in New York federal court amid the Herculean effort of guiding one of the most complex bankruptcies in U.S. history.
Wells Fargo Home Mortgage has urged the U.S. Supreme Court to deny a petition filed by a woman claiming she was unfairly ordered to pay half of special master fees in her Fair Debt Collection Practices Act class action against the bank, saying the issue is unworthy of high court review.
Manatt Phelps & Phillips LLP has strengthened its financial services team with the addition of a former BuckleySandler LLP partner with more than two decades experience counseling and defending banks, lenders, retailers, insurers and other entities on a broad swath of litigation and enforcement matters.
Four amici curiae filed briefs Friday with the D.C. Circuit arguing that the U.S. Securities and Exchange Commission’s in-house court is unconstitutional and saying that the agency improperly sanctioned Atlanta-based investment adviser Timbervest LLC.
The U.S. government is fighting a bid by Florida and Texas banking associations to revive their challenge of an Internal Revenue Service rule requiring disclosures of accounts held by foreigners, telling the U.S. Supreme Court the D.C. Circuit correctly ruled the Anti-Injunction Act bars the suit.
Retail-focused real estate investment trust General Growth Properties Inc. refinanced a $1.4 billion term loan Friday, according to lead arranger and loan administrator U.S. Bancorp.
Faruqi & Faruqi LLP took a second run Friday at a former partner’s lawsuit alleging the firm didn’t pay her for work in shareholder litigation challenging Leucadia National Corp.’s $3 billion Jefferies Group Inc. grab, saying she tried to tack on allegations after the complaint was filed.
An Illinois legislator called for former House Speaker Dennis Hastert to be stripped of the pension he earned while he was a member of the state's General Assembly on Thursday, but it's unlikely it will be allowed under state law.
Pryor Cashman LLP’s white collar defense and investigations group has added a former WilmerHale partner who has experience in securities law and Foreign Corrupt Practices Act compliance and has represented clients ranging from J.P. Morgan to Tishman Construction.
Yahoo Inc. has a short list of 10 bidders, which includes Verizon Communications Inc., for its core Internet business, according to a Reuters report Friday. Most of the offers are cash-only, and also come from big private equity players such as TPG Capital LP. The move to divest the core assets comes after Yahoo scrapped plans to spin off its Alibaba stake in December. Earlier this week, Yahoo announced a truce with activist investor Starboard Value that saw the company partially shake up its board to avoid a proxy fight.
The U.S. Department of Justice announced the Virginia federal court sentencing Friday of a SunTrust Mortgage branch head, his wife and two brothers-in-law for a multimillion-dollar scheme to falsify loan documents and get borrowers mortgages for homes they couldn’t afford.
MasterCard Inc. said Thursday it might take a hit of $270 million or more by settling with U.K. merchants that have accused the credit card giant of using anti-competitive policies to collect inflated swipe fees.
Intellectual Ventures on Thursday urged the Federal Circuit to overturn a Patent Trial and Appeals Board decision that tossed a network security patent challenged by IBM, maintaining the board misread the patent.
A who’s who of enforcement chiefs from agencies including the U.S. Securities and Exchange Commission and the Department of Justice sought to assure companies Friday that self-reporting wrongdoing is worth it, saying in a New York panel discussion that the rewards have gotten better while the penalties for concealing issues are growing.
With salty chat messages fueling high-profile market rigging cases and the emergence of new technologies that allow such communications to be erased, a U.S. regulator has told banks to retain their internal chat records, but that may conflict with cybersecurity standards that require the deletion of unnecessary data, experts say.
A Colorado credit union intended to serve the state’s legal marijuana industry on Friday asked the Tenth Circuit to force the Federal Reserve Bank of Kansas City to grant it access to a key bank account, or to give a clear reason why federal law trumps Colorado’s policy toward the drug.
The Second Circuit on Friday said a New York federal court properly dismissed claims that BNP Paribas, HSBC and ING Bank helped Cuba avoid paying a nearly $3 billion judgment to two brothers who were allegedly tortured and harassed by Fidel Castro’s security forces, because their expectation of collecting a judgment was merely speculative.
The European Union’s top financial services official stressed Friday the need for Belgium, Poland and Slovenia to implement national rules in line with the Bank Recovery and Resolution Directive, a key element of the regional body’s progress toward a unified banking sector.
A U.K. appeals court on Thursday upheld a judgment ordering the owner of Banco Santander SA’s Madrid headquarters to pay an arrangement worth €90 million ($103 million) that constituted part of the loan used to purchase the property.
JPMorgan Chase & Co. on Thursday said a federal district court correctly dismissed a lawsuit alleging that employees’ retirement plans tanked due to the bank’s $6 billion “London Whale” trading fiasco, because any measures that could have been taken to protect the plan would have caused further losses.
While I am confident that the decisions in Windsor and Obergefell were made on the basis of the dictates of the Constitution, I am also confident that the communications efforts undertaken gave the justices additional comfort to make the right call, and ensured that these decisions were not treated as a Roe v. Wade redux, says Liz Mair, former online communications director for the Republican National Committee and president of Mair Strategies.
Given the importance of “intent” in the statutory language outlawing “spoofing,” expert analysis of a defendant’s trading patterns may contribute evidence regarding the defendant’s intentions. An exchange’s limit-order book inevitably reflects the strategic behavior of many traders, says economist John Montgomery of Navigant Consulting Inc.
The 2015 amendments to the Federal Rules of Civil Procedure present a fertile opportunity for defendants to leverage the rules' renewed focus on reasonableness and proportionality to rein in rampant discovery abuse. Courts' application of the amended rules has already shown promise in this regard, say Martin Healy and Joseph Fanning of Sedgwick LLP.
Dentons is two different law firm networks in one. So even if the Swiss verein structure should eventually fail and Dentons is forced to operate as a network of independent law firms, it could still be a significant market force, says Mark A. Cohen, a recovering civil trial lawyer and the founder of Legal Mosaic LLC.
In the latest excerpt from the "Book of Jargon," Michèle Penzer, managing partner of Latham & Watkins LLP's New York office, defines the finance term "tree."
In Kilby v. CVS Pharmacy, the California Supreme Court made three core holdings, but none tracked the arguments made by either the defendant or plaintiff in the case. The court instead adopted the conclusions of a case decided by the California Department of Labor Standards Enforcement, which shows how persuasive the DLSE is to the court on issues of statutory interpretation and application, says Jason Brown at Fisher & Phillips LLP.
Having diversified their portfolios beyond U.S. stocks and bonds, today’s institutional investors are now diversifying their legal tools and increasingly using the antitrust laws and the Commodity Exchange Act to protect their investments. And recent cases highlight an important benefit of suing under these laws, say Carol Gilden and Michael Eisenkraft of Cohen Milstein Sellers & Toll PLLC.
Various corporate defendants have vigorously fought, lost and refought challenges to the government’s ability to hire outside counsel on a contingent-fee basis. These failed efforts show why the use of outside counsel by government agencies, rather than being wrong, is entirely right, says Linda Singer, former District of Columbia attorney general now with Cohen Milstein Sellers & Toll PLLC.
The worst outcome for the financial industry of the Madden v. Midland Funding U.S. Supreme Court petition for a writ of certiorari would be if the court grants certiorari and then affirms the Second Circuit. The degree of damage inflicted by such a decision will depend on the court’s rationale, say attorneys with Mayer Brown LLP.
While the Consumer Financial Protection Bureau's new debt collection rule isn't expected until later this year or early 2017, based on some of the bureau's recent actions we can guess that the rule will likely address concerns such as time-barred debts, unfair, deceptive and abusive acts and practices, and first-party collectors, says Craig Nazzaro at Baker Donelson Bearman Caldwell & Berkowitz PC.