The city of Providence, R.I., hit the Nasdaq Stock Market LLC and several other registered public stock exchanges, banks and brokerage firms with a proposed securities class action in New York federal court on Friday, accusing the defendants of manipulating the U.S. securities markets.
The banks accused of manipulating foreign exchange rates will almost certainly turn to a pair of decisions dismissing similar antitrust claims over the setting of the London interbank offered rate, but key differences in the way the two benchmarks are set mean that the Libor rulings won't necessarily doom the forex antitrust claims, attorneys say.
Hedge fund NML Capital Ltd. asked a New York federal court on Thursday to force several Citigroup Inc. units to hand over documents it needs in order to collect on billions of dollars owed by Argentina's government.
Evanston Insurance Co. filed suit on Thursday in Virginia federal court alleging it has no duty to defend a title company in an underlying suit claiming its agents misappropriated more than $5 million in escrow funds as part of a real estate scheme.
Now that a Japanese court has eliminated any chance of saving bitcoin operator Mt. Gox, experts say U.S. customers shouldn’t get their hopes up for a substantial recovery or any concrete answers about its downfall from its chief executive.
Plaintiffs accusing Bear Stearns & Co. of engaging in a scheme that led to the downfall of now-defunct securities firm Sterling Foster & Co. on Thursday appealed the dismissal the case, taking issue with the court's finding that they failed to show the company knowingly engaged in fraud.
JP Morgan Securities Inc. beat out hedge fund Hayground Cove Asset Management LLC's bid for a jury trial, after a New York judge ruled Thursday that Hayground's claims weren't enough to undo a jury waiver in the parties' heavily disputed revenue-sharing agreement.
A New York state judge on Thursday largely trimmed a suit brought by Germany's fourth-largest bank against UBS AG and its subsidiaries over $160 million worth of mortgage-backed securities, leaving intact two fraud claims against them.
The Federal Reserve on Thursday announced that the former chairman of a Missouri bank had admitted to improperly using nearly $381,500 in Troubled Asset Relief Program funds to purchase a luxury condominium in Florida.
A New York federal judge on Thursday finalized a $218 million settlement between JPMorgan Chase & Co. and victims of Bernard Madoff, ending a class action suit that accused the bank of turning a blind eye to the decadeslong Ponzi scheme.
A banking industry group on Friday came out in favor of sweeping Senate legislation aimed at reshaping the U.S. housing finance market and eliminating Fannie Mae and Freddie Mac, but said the bill as constructed risked creating regulatory confusion and duplication among other concerns.
A prospective merger between Sprint and T-Mobile could prompt regulators to reshape rules in the leadup to a big-ticket airwave auction set for 2015, while Virtu Financial yanked plans for an April IPO amid blowback sparked by a new book that criticizes high-frequency trading.
GE International Inc. filed suit in Florida federal court on Thursday against Forge Group Power Pty Ltd. and an Australian bank to recover four turbines worth $64 million it leased to the Australian power company, which allegedly forfeited them to the bank after filing bankruptcy.
A New York state appellate court on Thursday said Apple Bank for Savings provided sufficient disclosures of its overdraft fee policies, including reordering of transactions and applying “courtesy overdrafts,” to customers in upholding the dismissal of a purported class action against the bank.
In a recently released blueprint, the U.S. Securities and Exchange Commission outlined steps it expects banks and other financial firms to take to safeguard their online data, leaving Wall Street scrambling to avoid an expected crackdown. Here, attorneys offer steps companies can take to escape the regulator’s wrath.
A Florida state judge has dismissed a putative class action against BB&T Corp. over nonclient check-cashing fees, finding that the bank is allowed such charges through the federal National Bank Act despite a prohibition in Florida state law.
A Connecticut hedge fund faces an uphill battle in the Second Circuit next week in a bid to overturn a district court's narrow definition of "customer" under the Financial Industry Regulatory Authority’s arbitration rules despite FINRA's open-ended interpretation of the term, attorneys say.
TD Bank NA on Wednesday dodged a suit filed by a businessman who blamed the bank for allowing a disbarred attorney to deposit money stolen from him into a TD account, after a New Jersey state judge said the plaintiff failed to support his claim.
Michaels Stores Inc. confirmed Thursday that computer systems containing millions of customer payment cards used at Michaels and Aaron Brothers craft stores were breached by hackers using malware, but said the malware has been contained and no longer poses a threat.
Most of the claims lodged by Prudential Insurance Co. alleging Bank of America Corp. sold it $2 billion in fraudulent residential mortgage-backed securities survived a motion to dismiss Thursday in New Jersey federal court.
The First Circuit’s decision in In re SW Boston Hotel Venture is significant for lenders because it demonstrates that a lender’s right to post-petition interest may change during the course of a bankruptcy case. Importantly, it provides a precedent for lenders to obtain post-petition interest, even when they happen to be undersecured on the date of the filing of the petition, say Hugh McCullough and Bradley Duncan of Davis Wright Tremaine LLP.
There has been a dramatic change in how public relations professionals interact with the news media to promote or protect a law firm’s brand and reputation. But content is queen and has a bright future in law firm PR — it all begins with a plan that should include goals, performance indicators and a system of assessment, say Paul Webb, director of marketing at Young Conaway Stargatt & Taylor LLP, and Kathy O'Brien, senior vice president at Jaffe PR.
While it must be emphasized that a policyholder’s entitlement to coverage is dependent upon the precise language of the policy at issue and the specific facts of each case, the recognition by many courts that a subpoena is a “claim” under D&O policies opens the door for potential recovery in a variety of circumstances, says Benjamin Tievsky of Orrick Herrington & Sutcliffe LLP.
In keeping with commercial real estate guarantors’ expectations of what it means to sign a “bad boy” guaranty, the Southern District of New York’s ruling in CP III Rincon Towers v. Cohen has turned the tide against recent decisions that purport to apply “plain language” in a way that causes commercially unreasonable and absurd results, say Janice Mac Avoy and Gregg Weiner of Fried Frank Harris Shriver & Jacobson LLP.
Among the most significant changes being made to the Russian Civil Code is the introduction of the security trustee concept, which will strengthen syndicated lending and asset-backed security structures involving Russian collateral, and will bring the Russian legal system into harmony with the most developed legal systems in the world in this area, says Alexey Kukharev of Orrick Herrington & Sutcliffe LLP.
With data privacy and identity theft being a top issue for the national media and federal regulators, even organizations not subject to the Fair Credit Reporting Act’s Red Flags Rule should consider implementing an identity theft prevention program to manage business and legal risk due to data breaches, say John Servidio and Amy Worley of McGuireWoods LLP.
Jewel litigation has been filed after every major law firm bankruptcy in the past 10 years, including Lyon & Lyon, Brobeck, Coudert, Thelen, Heller and Howrey. These lawsuits have produced years of litigation, with similar suits expected in the Dewey bankruptcy. Despite the legal uncertainties surrounding such claims, hiring firms can take steps now to minimize their Jewel risk for any lateral hire, say attorneys with Arnold & Porter LLP.
The meteoric media rise of the “celebrity” whistleblower has shone a spotlight on the practice, with personalities such as Chelsea Manning and Edward Snowden dividing public opinion on the ethics of spilling secrets. But organizations should pay close attention to the surge in this trend beyond the headlines. Remember, whistleblowers don’t need to be popular to be effective, and opinions on their motives and morality are entirely secondary to the critical issues they potentially uncover, says Shanti Atkins of Navex Global.
While the actual breaches are unknown, Heartbleed has the potential to expose all of a lawyer's files stored or transmitted online. The bug raises professional responsibility questions and offers confirmation of the greatest anxieties that the legal industry has about online practice. In fact, the timing is poor for many legal tech providers, following a general industry warming to cloud offerings, says David Houlihan of Blue Hill Research Inc.
The U.S. Supreme Court's ruling in Chadbourne & Parke LLP v. Troice is unlikely to have a sweeping effect on securities or class action litigation. However, professions engaged in assisting clients obtain financing will likely change their internal controls to avoid potential problems in the future — we may even see law and accounting firms called into court to justify their actions, says Fred Isquith of Wolf Haldenstein Adler Freeman & Herz LLP.