The D.C. Circuit refused Friday to review a National Labor Relations Board ruling that provisions of Quicken Loans Inc.'s employment agreement with its mortgage bankers aimed at protecting confidential information and keeping employees from criticizing the company violate federal labor law, saying it was neither capricious nor arbitrary.
Troutman Sanders LLP owes $420,000 in litigation support bills it racked up defending Commerzbank from a Texas suit brought by an energy company seeking to recover payments against equipment loans, according to a complaint U.S. Legal Support Inc filed in state court in Manhattan Thursday.
At least three firms plan to steer initial public offerings totaling $629 million during the first week of August, topped by the largest bank IPO in two years in an otherwise-small slate of companies going public during shaky times.
The Consumer Financial Protection Bureau said Friday it has proposed several updates to its mortgage disclosure rule, to clarify certain parts of the rule and to aid with compliance, including by resolving issues related to housing co-ops, all while preserving consumer protections.
The Financial Industry Regulatory Authority pushed the Fourth Circuit on Thursday to affirm the dismissal of Scottsdale Capital Advisors Corp.'s challenge to the agency's authority, saying the brokerage is trying to circumvent the established review process for disciplinary actions.
The Financial Conduct Authority launched a wide-ranging consultation Friday on the implementation of the Markets in Financial Instruments Directive II in the U.K., sounding out the financial professionals who will fall under the measure's jurisdiction in January 2018.
A Bryan Cave LLP attorney representing Bank of America in a wrongful foreclosure suit should be sanctioned for instructing her witness not to answer deposition questions before walking out and leaving a transcript that’s “99 pages of obstruction,” the former homeowners’ lawyers told a California federal judge Thursday.
Latham & Watkins LLP has bolstered the finance department of its London office with a new partner who comes from Allen & Overy LLP and has two decades’ experience advising top financial institutions on a broad range of complex financing matters, the firm said Thursday.
Swiss bank Thurgauer Kantonalbank announced Thursday it received a non-target letter from the U.S. Department of Justice, clearing it of any penalties through its participation in a voluntary disclosure program with Swiss officials and the DOJ involving lenders that could potentially be sheltering American tax evaders.
A former currency trader has sued Wells Fargo Bank NA in New York state court, claiming the bank paid him less than half of the $600,000 bonus he was owed after he refused to relocate to San Francisco and ended his employment.
To a great extent, the next truly successful chair of the U.S. Securities and Exchange Commission will have to be a Machiavellian political magician. And even then it will take some thawing of the political stalemates that make regulation so hard, says Donald Langevoort, professor of law at Georgetown University Law Center and former SEC special counsel.
A New York federal judge Thursday granted an unopposed request by French banking giant Société Générale SA to issue a request for international judicial assistance in order to not run afoul of French law when producing documents in multidistrict litigation alleging SG conspired with other banks to fix yen-denominated Libor.
A former Goldman Sachs & Co. managing director has hit the investment bank with a suit in Delaware state court seeking legal costs for multiple government investigations into claims that he failed to report a leak of confidential Federal Reserve Bank of New York information.
Federal authorities filed charges Thursday against two more stock promoters in Florida who they say helped operate a $6 million pump-and-dump scheme in which they issued shares in fraudulent shell companies and sold them to investors at a profit.
A plaintiff who has previously made objections in at least eight other cases is wrongfully trying to derail a $27.5 million settlement between Bank of America and a proposed class of account holders who sued the bank for improperly imposing overdraft fees, a Pennsylvania federal judge was told this week.
Banks, credit card companies and other first-party creditors may have been left out of the Consumer Financial Protection Bureau's outline of new rules for debt collection released Thursday, but they will likely still face new pressures to improve their data retention and transfer processes under the coming framework.
A Florida bankruptcy judge on Thursday approved a $2.2 million deal between the trustee liquidating an investment fund that fed into jailed attorney Scott Rothstein's $1.2 billion Ponzi scheme and two insurers over their attempts to dodge millions in commercial crime insurance coverage.
Two lawyers representing a class against payday lender MoneyMutual LLC and talk-show host Montel Williams have been offering “consulting services” to payday lenders the attorneys previously litigated against and should be disqualified, the lender told a California federal court Wednesday.
A onetime business associate of former JPMorgan Chase & Co. investment banker Sean Stewart's father on Thursday told a Manhattan jury of how he traded in health care company stock after the elder Stewart slipped him tips, which prosecutors say were based off inside information.
New rules of practice governing the U.S. Securities and Exchange Commission's administrative proceedings, including extending the prehearing period up to 10 months, are set to become effective 60 days from Friday when the amendments are set to be published in the Federal Register.
No court is more respected by the bench and the bar than the Second Circuit for its opinions addressing financial industry and complex market questions. Fred Taylor Isquith of Wolf Haldenstein Adler Freeman & Herz LLP highlights a few decisions from the court's busy session this summer.
Recent headline-grabbing data security incidents have shed light both on direct and collateral impacts to companies and their employees. Attorneys should take steps to ensure that their role in the conduct of litigation does not in itself lead to similarly damaging disclosures of sensitive information, say Dante Stella and Sherrie Farrell of Dykema Gossett PLLC.
The last six months offer important lessons about the scope of sanctions relief that the U.S. and other countries provided to Iran in exchange for curtailing its nuclear program. Attorneys at Ropes & Gray LLP discuss the willingness — and unwillingness — of companies and financial institutions to engage with Iran in this new regulatory environment.
The increasingly close relationship between banks and marketplace lending platforms, as well as the uncertainty surrounding state usury limits, have led to speculation that marketplace lenders may ultimately obtain bank charters. A fundamental issue is whether the equity and institutional investment markets will provide a stable long-term source of funding for the industry, say attorneys with K&L Gates LLP.
The Freddie Gray case and the U.S. Supreme Court ruling regarding former Virginia Governor Robert McDonnell demonstrate how the government replaces juries, eliminating an important community decision maker and a check on governmental power, says Professor Suja Thomas of the University of Illinois College of Law.
In light of the recent coup attempt in Turkey, Peter Weiland of Chadbourne & Parke LLP recaps the arguments for including in loan agreements a "political risk" clause that allows lenders to call an event of default in case of political unrest.
Because there will never be enough free lawyers to satisfy demand from low-income Americans, we need to leverage technology to allow the legal expertise of one lawyer to reach hundreds or thousands of clients at once, say Jonathan Petts and Rohan Pavuluri, co-founders of startup nonprofit Upsolve.
A Second Circuit decision in Mazzei v. The Money Store reiterates that class action defendants have the opportunity to successfully challenge class certification even after trial. The decision may embolden defense counsel and their clients to not be so quick to settle, say attorneys with Akin Gump Strauss Hauer & Feld LLP.
While there is not much that is new about the uniform bar exam’s components, what is new is that where you take the bar exam may make the difference between passing and failing. Half of the score depends on the strength of the applicant pool in the jurisdiction where the candidate wrote the exam, which may lead to “UBE shopping,” says Suzanne Darrow-Kleinhaus, director of bar programs at Touro Law Center.
In response to regulatory pressures, financial services companies have worked to reorganize their supply chain and vendor management organizations to better align these activities and manage supplier risks. Mere realignment, however, will not solve the problems. The solution starts with the contracting process, says Richard Borden of Robinson & Cole LLP.