Charles Schwab Corp.'s founder and his son sued a Beverly Hills law firm and one of its clients Thursday in California state court, accusing them of creating a website associating them with an infamous Indonesian dictator in order to gain an advantage in another suit over a real estate investment venture.
Former UBS AG wealth management head Raoul Weil has urged the Florida federal judge presiding over his tax fraud conspiracy trial to acquit him on the grounds that the U.S. government, which rested its case Thursday, failed to establish its claims.
Citigroup Inc. said in a Thursday regulatory filing that it has cut its previously reported quarterly net income by $600 million due to massive legal bills stemming from regulatory investigations while detailing, in another filing, probes into the alleged rigging of foreign currency exchange markets.
CurrentC, a mobile payment service backed by the retail industry and poised to compete with Apple Pay, confirmed Wednesday that hackers had obtained the email addresses of merchants and individuals who participated in a trial run of the smartphone app.
The International Finance Corp., the private investment arm of the World Bank, said Wednesday that it has raised $100 million in the first ever bond issuance for investment in for profit companies that seek to provide products, services and jobs for low-income individuals in emerging markets.
A fund managed by an investment arm of Deutsche Bank AG has received €133.4 million ($168.2 million) in financing from Deutsche Hypothekenbank AG for its recent purchase of an office and retail building in Warsaw, Poland, Deutsche Hypothekenbank said Thursday.
Barclays PLC announced Thursday that it has taken a £500 million ($800.3 million) provision in the third quarter related to government investigations into its foreign exchange trading activities, joining another bank that announced a large set-aside this week.
BakerHostetler said Thursday that it has strengthened its litigation and energy and shale practice groups in Houston with the addition of an ex-Haynes and Boone LLP attorney who has extensive experience in international arbitration and the banking sector.
MF Global Inc. has reached settlements in two class action lawsuits alleging price manipulation in the palladium and platinum markets that will allow plaintiffs to file $21.1 million in claims in MF Global’s bankruptcy and receive over $6 million in cash, according to Wednesday New York federal court filings.
Activist investor Cartica Management LLC on Wednesday sent its shareholder challenge to CorpBanca SA and Itau Unibanco Holding SA's proposed $3.7 billion merger to the Second Circuit, appealing the suit’s September dismissal in a ruling that found only purchasers or sellers can attempt such injunctions.
Innocean, Hyundai's in-house advertising agency, tapped banks to manage its IPO, while Malaysian government fund 1MDB is bracing for a $3 billion listing of its power assets amid political scrutiny.
The U.S. Consumer Financial Protection Bureau is seeking to offer financial product developers assurances that new products don't violate any laws in the form of so-called "no-action letters," but attorneys say the program's burdensome requirements could limit its appeal.
The U.S. Department of Justice and AllQuest Home Mortgage Corp. traded barbs in Texas federal court Wednesday in a discovery war stretching back to May in which each seeks to compel the other to cough up loan files in a $264 million False Claims Act suit.
A U.K. judge ruled on Thursday that retailers' antitrust claims against Visa Inc. over the credit card issuer's use of multilateral interchange fees can only go back seven years, a decision that trims Visa's potential liability by approximately £500 million ($801 million).
A Florida federal judge on Wednesday gave the final nod to a $281 million settlement reached by Wells Fargo Bank NA and Assurant Inc. in a suit over their force-placed insurance practices, despite objections last week from homeowners worried about how much of the money would reach class members.
A group of funds known as the Triaxx entities will object to JPMorgan Chase & Co.'s proposed $4.5 billion settlement with 21 major institutional investors in residential mortgage-backed securities, Triaxx's lawyer said Wednesday, several weeks after the funds dropped their objections to Bank of America Corp.'s $8.5 billion RMBS deal.
A Florida federal judge on Wednesday granted final approval to HSBC Bank USA NA and three insurers' $32 million settlement of a class action accusing them of overcharging more than 250,000 homeowners for force-placed insurance, overcoming earlier concerns to okay the deal.
There was no legitimate economic or “moral hazard” reason to support the punitive loan terms given to American International Group Inc. as part of its 2008 bailout, a plaintiffs’ expert said Wednesday as trial continued in a shareholder suit over the deal's allegedly onerous terms.
U.S. Attorney General Eric Holder on Wednesday said he doesn’t envision a replacement taking over the top spot at the U.S. Department of Justice until 2015.
A New Jersey appellate panel on Wednesday upheld an arbitration award assessed to Merrill Lynch Pierce Fenner & Smith Inc., denying an animal rescue charity’s request for over $10 million in punitive damages and attorneys’ fees stemming from overcharges on brokerage accounts.
While the efforts of the Consumer Financial Protection Bureau’s Enforcement Office often grab the headlines, the agency’s Supervision Office is approximately four times larger. There is almost always a greater opportunity to influence the reduction of a civil money penalty and resolve a matter through the confidential supervisory process than in the enforcement context, say attorneys with Paul Hastings LLP.
The U.S. Treasury and European Union have continued to expand the scope of economic sanctions in response to Russian activities and the political unrest in Ukraine. In this brief video, Sutherland Asbill & Brennan partner Mark Herlach discusses recent key developments and what the latest round of sanctions mean for energy and financial services companies.
The final asset-backed securities risk retention rule effectively broadens the original proposal’s exemption from risk retention requirements for qualified residential mortgages, abandoning the proposal’s most stringent requirements to obtain exemption. It may, however, be too soon for the mortgage industry to celebrate, says Dan Ryan, chairman of PricewaterhouseCoopers LLP's financial services regulatory practice.
While there may be more public debate over the rules the Federal Election Commission recently adopted in response to the U.S. Supreme Court's Citizens United opinion, special attention should be given to the FEC's proposal dealing with the McCutcheon decision. Likely to be one of the more contentious provisions, the FEC requested comments on its enforcement policies concerning earmarked contributions, says Joseph Cosby of Butzel Long PC.
By crafting a narrowly tailored rule for financial institutions on posting online annual privacy notices and imposing several needlehole requirements, the Consumer Financial Protection Bureau is essentially discouraging companies from adopting a sensible and consumer-friendly alternative, say attorneys at Morrison & Foerster LLP.
Attorney General Eric Holder’s planned exit and a string of other high-level departures could lead some to believe that the U.S. Department of Justice’s aggressive pursuit of financial fraud cases may be behind us. However, there is evidence to suggest that the Residential Mortgage-Backed Securities Working Group may in fact be ramping up rather than winding down, say Andrew Schilling and Ross Morrison of BuckleySandler LLP.
Courts remain largely skeptical about allowing litigants to serve and notify evasive parties of legal proceedings through their social media accounts. A recent split ruling by the Oklahoma Supreme Court shows the competing considerations, say Steven Richard and Britt Killian of Nixon Peabody LLP.
The U.S. Securities and Exchange Commission’s settled enforcement action with two broker-dealers whose Section 4(a)(4) due diligence appears to have been quite thorough has, at best, caused unnecessary confusion as to what constitutes a “reasonable inquiry” under Section 4(a)(4) or, at worst, appears to be an attempt to push the envelope beyond what current law requires, say Bruce Bettigole and Charlie Kruly of Sutherland Asbill & Brennan LLP.
Recent circuit court case law allowing “Chapter 20” debtors to strip off valueless junior liens on their homes may result in mortgage lenders having their junior-lien rights eviscerated, rendering them general unsecured creditors with no recourse to the collateral securing their indebtedness, say Paul Avron and Ilyse Homer of Berger Singerman LLP.
The Delaware Court of Chancery’s decision this month in the case of Rural/Metro Corp. Stockholders Litigation awarding nearly $76 million in damages against a seller’s financial adviser highlights the difficult strategic questions nonsettling defendants face by proceeding alone to trial, including whether to put on trial the conduct of the settling defendants, say attorneys with Orrick Herrington & Sutcliffe LLP.