A number of the world’s largest banks could have to pony up as much as $40 billion in combined fines to settle the alleged rigging of foreign currency exchange markets, with Deutsche Bank AG and Barclays PLC set to owe the most, according to a Monday report released by Citigroup Inc.
UBS AG bankers encouraged and helped clients hide their assets from the Internal Revenue Service in foreign accounts, according to two former clients who testified Monday in the case against ex-wealth management head Raoul Weil for conspiring to conceal $20 billion in Americans' assets.
The Federal Circuit on Friday declined to grant a rehearing of its recent decision to toss a $13 billion suit in which SmartMetric Inc. had accused Visa Inc. and MasterCard International Inc. of infringing a network technology patent.
A California federal judge on Monday approved Santander Consumer USA's agreement to not collect almost $200 million in outstanding car loan debts in order to settle class action claims that the subsidiary of the Spanish banking behemoth issued faulty notices to borrowers after repossessing their cars.
A well-connected businessman who fled the U.S. after the collapse of his auto dealership and set up shop in Australia, where he was later dubbed “Brisbane’s Bernie Madoff,” can’t escape charges he defrauded U.S. banks and investors of up to $200 million, a California federal judge ruled Monday.
The Bank of England on Monday suspended the part of its system that handles high-value daily payments between U.K. banks after the system encountered a “disruption,” prompting the bank to launch a formal investigation into what caused the crash, which held up bank transfers and home purchases.
Wall Street leaders should be forced to give up pay if their firms get hit with large fines and should do more to improve their firms' culture of compliance, or else face the prospect of being broken up, the head of the New York Federal Reserve Bank said Monday.
The Consumer Financial Protection Bureau on Monday finalized a rule that will allow banks and other financial institutions to skip physically mailing their annual privacy notices if they limit how they share customers’ personal information with third parties and don’t change the terms of their policies.
The Federal Housing Finance Agency's plan to boost mortgage lending by allowing Fannie Mae and Freddie Mac to purchase loans with 3 percent down payments may stir housing bubble memories, but experts say better underwriting standards and other protections should prevent the worst subprime lending practices from returning.
LendingClub Corp. plans to list its shares on the New York Stock Exchange, setting the stage for the California-based startup to trade alongside the larger banks that it hopes to siphon business from in the coming years, according to a prospectus filed Monday.
The Securities Industry and Financial Markets Association asked regulators Monday to create a White House-led working group as agencies build new cybersecurity frameworks, in order to avoid creating a regulatory tangle in the wake of massive data breaches like one that affected more than 76 million JPMorgan Chase & Co. customers this summer.
The European Central Bank snapped up covered bonds about a month after President Mario Draghi announced an asset purchase program, while the UAE's First Gulf Bank is planning to make a benchmark foreign currency bond issue within the next year.
To win a landmark decision in a shareholder challenge to a First Citizens BancShares Inc. merger that strengthened support for forum selection bylaws, Cravath Swaine & Moore LLP attorneys fixated their focus on the Delaware Chancery Court's logic in a related prior ruling, cutting away anything they thought might cloud the issue.
Federal agencies must accept public input before substantially changing how they interpret regulations, the U.S. Chamber of Commerce and other business groups told the Supreme Court on Thursday, in a case challenging the U.S. Department of Labor's reclassification of mortgage loan officers as overtime-eligible.
A Florida judge on Monday granted preliminary approval to a $4 million settlement in a case alleging M&T Bank was part of a group of lenders that acted in bad faith by charging high overdraft fees, becoming the latest bank to settle in a once-massive multidistrict litigation in Florida federal court.
A group of top financial institutions said Friday that nearly half of U.S. merchant terminals will accept microchip-enabled credit and payment cards by the end of 2015, as a string of data breaches at retailers and restaurants have pushed the industry to adopt more secure payment card technology.
The Financial Industry Regulatory Authority's risk czar warned Monday that the organization will soon ask more of companies that use automated high-frequency trading, saying examiners will look for evidence that such programs have been robustly vetted as part of efforts to catch up with traders' technical advances in recent years.
While new rules implemented in the wake of the 2008 financial crisis were intended to bring more transparency to the global capital markets, the move has left a chaotic and fractured over-the-counter derivatives market where trading costs are skyrocketing for companies.
The trustee tasked with winding down Bernie Madoff’s investment fund reached a deal valued at $62 million with a group of investors who were paid out of funds tainted by the Ponzi scheme, according to a motion filed in New York bankruptcy court on Friday.
The Second Circuit on Thursday declined to grant a panel or en banc rehearing of its decision to toss an investor class action alleging Deutsche Bank AG lied about its $27 billion exposure to risky mortgage assets during the financial crisis.
The U.S. Securities and Exchange Commission has issued letters of deficiency for Section 5 compliance to 80 percent of the firms examined. Meanwhile, broker-dealers are continually confronted with the decision whether the revenue from accepting and selling large quantities of lower-priced stocks is worth the risks, say Daniel Nathan and Michael Sorrell of Morrison & Foerster LLP.
President Obama signed an executive order on Friday that requires federal agencies to apply enhanced security features to government payment cards. The administration views chip-and-PIN technology as a significant step forward, but such technology does not provide protection in online, mail and telephone order purchases, and does not eliminate the risk of a security breach, say attorneys with Jones Day.
The U.S. Department of Justice is focusing on large financial institutions for not only failing to comply with federal laws but also for willfully violating laws that were meant to protect the sanctity of the U.S. financial markets. These recent prosecutions, particularly with respect to U.S. embargo violations, provide guidance on what not to do, say Jacqueline Arango and Christine Bautista of Akerman LLP.
Many legal briefs are written in impenetrable jargon and begin with an introduction telling the court what it already knows, using words that stem from the 18th century, such as “hereinafter.” Instead, we should approach briefs the way novelists approach their writing, says Michael Rubin of McGlinchey Stafford PLLC.
All is not lost when a general contractor files bankruptcy — subcontractors may be able to perfect their construction liens post-petition, as in the case of Branch Banking & Trust Co. v. Construction Supervision Services Inc., says Vicki Harding of Pepper Hamilton LLP.
Given the lack of specific discussion of cell tower securitizations in U.S. Securities and Exchange Commission commentary relating to two new rules affecting asset-backed securities, it is uncertain if cell tower securitizations are subject to the new rules, and whether the applicability of the rules depends upon the securitization structure used, say attorneys with Cadwalader Wickersham & Taft LLP.
The proposed regulations implementing certain provisions of the Dodd-Frank Act relating to margin requirements for uncleared swaps, if adopted as proposed, will increase the costs of trading uncleared swaps and decrease the universe of potential counterparties, say attorneys with Crowell & Moring LLP.
Although the Consumer Financial Protection Bureau's proposed rule for larger auto lenders will have the effect of leveling the supervisory playing field between supervised banks and nonbank auto lenders, there will be no changes in compliance expectations from a regulatory and enforcement perspective, say Keith Barnett and Jason McCarter of Sutherland Asbill & Brennan LLP.
Today, information intersects every practice area, making all lawyers effectively information governance practitioners in one way or another. The issue is whether you will consciously embrace this emerging discipline — and capitalize on it to the benefit of your clients and your practice, says Ann Snyder of the Information Governance Initiative.
Although a somewhat sensitive issue for lenders, foreclosing upon the property of a member of the armed forces does not have to be a costly and frustrating process, as often depicted in the media. The difficulties arise when lenders wait until the last minute to determine whether a defendant is, in fact, a service member, say Meredith Minkus and Steven Ferrell of Burr & Forman LLP.