Private equity magnate Lynn Tilton and the U.S. Securities and Exchange Commission will finally face off Monday over claims Tilton and her firm overcharged investors by more than $200 million, and both sides are preparing for a fight befitting what could be the largest case ever heard by an SEC judge as Tilton raises a host of new claims the agency acted improperly.
A trio of federal banking regulators recently moved to require that the largest banks and their service providers do more to ensure they can quickly respond to cyberattacks and limit their spread, a shift that would crank up the pressure on boards of directors and third-party vendors to play an active role in dealing with increasingly prevalent cyberthreats.
A proposed class of investors suing Wells Fargo over the bank’s alleged mishandling of its residential mortgage-backed securities investments informed a New York federal judge Thursday of a Wednesday order by a California state judge that rejected pleading challenges “identical” to those raised by Wells Fargo in the instant case.
A California federal judge on Friday allowed HSBC Hong Kong to exit a proposed class action in which victims of a Ponzi scheme alleged the bank aided the fraud by holding deposits linked to the scheme, saying the court has no personal jurisdiction over the bank.
Lawyers watching for a possible shift of power in the U.S. Senate this fall may want to keep their eyes on Illinois, where a closely watched race has two candidates offering competing visions on U.S.-led trade agreements, the future of the Affordable Care Act, and how the government should regulate the financial industry.
Relatives of victims of terrorist attacks have asked the U.S. Supreme Court to decide whether Arab Bank PLC is immune from lawsuits under the Alien Tort Statute alleging it provided bank accounts for terror groups, arguing the Second Circuit split from several others when deciding it was.
Fannie Mae can’t dodge a possible fine for allegedly invading the privacy of a proposed class of consumers by improperly acquiring their credit reports just because its assets are controlled by the Federal Housing Finance Agency, a Virginia federal judge said Thursday.
SunEdison creditors on Thursday sued the energy giant’s bank lenders and other financiers in New York to recover at least $200 million they allege was used to mask the company’s deteriorating finances and improprieties months before filing for bankruptcy.
Federal financial regulators will make their case to the D.C. Circuit on Monday that a district court erred in axing their decision to deem MetLife a systemically important financial institution subject to stronger regulation. Here, Law360 breaks down the history of the case in advance of oral arguments.
Moody's Corp. disclosed on Friday that the U.S. Department of Justice is preparing to sue the ratings agency under the Financial Institutions Reform, Recovery and Enforcement Act for its assessment of derivatives whose failure caused the financial crisis.
A Florida federal judge on Thursday tossed a putative class action accusing Bank of America NA and law firm Frenkel Lambert Weiss Weisman & Gordon LLP of hitting homeowners facing foreclosure with illegal fees, saying it must be amended to fix the use of the same allegations in successive counts.
Early in a career life experience can be a good substitute for legal experience. Once, after I described my experience working at a bank and being involved in a takeover robbery, it was clear to the client I understood the risks in their business and how to prepare for and address these issues on a practical as well as legal level, says Paul Fleck, head of the private labor and employment practice group at Atkinson Andelson Loya Ruud & Romo.
The first group of countries that committed to fight tax evasion by automatically exchanging taxpayer information from financial institutions have finalized bilateral agreements, according to an announcement Thursday from the Organisation for Economic Co-operation and Development.
The Federal Reserve’s top regulatory official on Friday said that financial supervisors must guard against risks in the so-called shadow banking sector from causing contagion throughout the rest of the financial system.
Barclays Capital Inc. and its parent company, Barclays PLC, on Wednesday beat a suit by a broker-dealer claiming Barclays misled its traditional customers about their exposure to high-frequency traders in its dark pool, with a California federal judge finding the broker didn't seem to have relied on the supposed misinformation.
Lynn Tilton and Patriarch Partners LLC told a New York state appeals court Thursday that Norddeutsche Landesbank Girozentrale’s $45 million fraudulent misrepresentation suit should be dismissed because documents describing the collateralized debt obligation investments explicitly said they would acquire equity as well.
The National Credit Union Administration on Thursday said it has paid two law firms more than $1 billion in legal fees for their efforts representing the NCUA board in a series of lawsuits over allegedly faulty mortgage-backed securities that led to the failure of multiple credit unions.
Malaysia’s central bank has set up a “regulatory sandbox” to encourage experimentation among fintech startups, following a wave of Asian countries that have offered relief to financial service startups in the hopes of fostering a wave of innovation.
Sens. Elizabeth Warren and Robert Menendez grilled Wells Fargo & Co.'s new chairman following his predecessor's abrupt retirement, asking Thursday whether the disgraced former executive will be allowed to benefit from the scandal-plagued bank's fraud and whether the new CEO had also participated.
The Fifth Circuit's ruling Wednesday that Apache Corp. isn't covered for losses stemming from a fraudulent scheme that caused it to reroute vendor payments to a phony account curtails the use of computer fraud insurance to cover complex, multistep scams, requiring that an act of computer-based deception directly cause the loss, experts say.
The Second Circuit's recent decision in American Express obscures the purpose of the antitrust laws, is inconsistent with decades of antitrust jurisprudence, and will handicap the ability of the antitrust agencies and courts to challenge anti-competitive conduct in dozens of markets, says David Balto, a former policy director at the Federal Trade Commission.
The seat on the U.S. Supreme Court left vacant by the death of Justice Antonin Scalia has been empty now for more than six months. As a result, the ability of the remaining eight-justice court to decide cases is impaired. This is nowhere more apparent than in the number of recent cases deadlocked on a 4-4 tie vote, says David Axelrad of Horvitz & Levy LLP.
All businesses with a website may be said to have reach into, and presence in, every state. Therefore, due diligence into information management compliance of a U.S. target company requires cognizance of the laws of at least 52 separate jurisdictions, say George Wang and Kenneth Rashbaum of Barton LLP.
I went to the law books, where I discovered the crime of “obstruction of justice,” and realized I was right in the middle of a criminal conspiracy. I didn't fully understand my conduct during Watergate until — decades later — I learned about the psychology of cover-up at work, says John Dean, who served as White House counsel for President Richard Nixon.
Somewhat surprisingly, very few of the dozens of "trial pros" who have been interviewed by Law360 have revealed the secret to effective trial preparation that is vital to their success. But ultimately, the “secret” to effective trial preparation is not actually a secret, says Jamin Soderstrom of Soderstrom Law PC.
Although a new form of entity under Cayman Islands law, the Cayman Islands LLC is familiar in form to U.S. lawyers and industry participants; Cayman Islands LLCs operate in an almost identical way to Delaware LLCs, say Tim Buckley and Andrew Barker of Walkers Global.
Last week, the U.S. Supreme Court granted certiorari in Midland Funding v. Johnson, bringing to a head two issues that have been boiling for several years — whether the filing of an accurate proof of claim for an unextinguished time-barred debt in a bankruptcy proceeding violates the Fair Debt Collection Practices Act, and whether the Bankruptcy Code precludes the application of the FDCPA to that filing, say David Anthony and Andre... (continued)
You'd think the government agency responsible for protecting the integrity of the U.S. financial system would take a do-over of its decisions seriously. But for the Financial Crimes Enforcement Network, it's never too late to squander a second chance to fumble through new regulation that is short on relevant facts and long on compromised accusations, says William Byrnes of Texas A&M University School of Law.
The practice of third-party litigation funding, in which funders front money to plaintiffs law firms in exchange for a cut of any settlement or money judgment, is growing increasingly popular. Currently, litigators are not required to disclose the involvement of third-party funders, but transparency will improve justice in courts, say Lisa Rickard, president of the U.S. Chamber Institute for Legal Reform, and Mark Behrens, a partne... (continued)
Troubling as the Third Circuit’s recent decision in Victaulic may be for businesses attempting to comply with complicated customs regulations, another aspect of the decision may be even more consequential, with an impact felt by defendants across the entire spectrum of False Claims Act cases, say attorneys with Fried Frank Harris Shriver & Jacobson LLP.