A New York federal judge has set a court date for Argentina's fight to make payments on $8.4 billion in Argentine law-governed bonds — payments whose blockage custodian Citigroup Inc. says could expose it to criminal sanctions in the South American nation.
As head of UBS AG's wealth management business, Raoul Weil insisted every decision run through him and knew the vast majority of the Swiss bank's nearly 20,000 American accounts were not disclosed to U.S authorities, the former head of UBS' Americas operations testified Thursday in Florida federal court.
Credit Suisse Group AG’s CEO does not see any material issues coming from the ongoing investigations into manipulation of the $5.3 trillion foreign exchange market, he said in an investor call on the Swiss bank’s third-quarter earnings Thursday.
The Second Circuit agreed Thursday to put an appeal from consumers suing the London Metal Exchange Ltd. and several major banks over aluminum warehousing pricing on hold until the U.S. Supreme Court has ruled on a question of appellate procedure in the Libor manipulation litigation.
The Second Circuit on Thursday affirmed a lower court's ruling tossing five Iraqi nationals' attempt to sue Chevron Corp. and BNP Paribas SA for allegedly financially supporting Saddam Hussein's regime in Iraq, saying the plaintiffs failed to connect the companies' actions with Hussein's human rights violations.
The Second Circuit ruled Thursday that the families of people killed in a 1972 terrorist attack are barred under a federal insurance law from collecting on a $378 million judgment against North Korea using blocked electronic transfers held by JPMorgan Chase Bank NA and eight other banks.
Hewlett Packard Co. on Thursday became the latest company to settle with Visa Inc. and MasterCard Inc. in litigation over an alleged conspiracy to fix credit card swipe fees, marking its exit from a New York federal court case filed with other merchants that had opted out of last year's $7.25 billion antitrust settlement.
The Bank of England laid out a plan to handle future bank failures Thursday, saying it would act unilaterally over a “resolution weekend” to replace management and initiate stabilization transactions — a regime aimed at shielding taxpayers and the broader financial system from bearing the costs of the collapse.
A California appeals court on Wednesday refused to allow Initiative Legal Group APC to collect nearly $5 million that it said it believed were attorneys’ fees obtained in a settlement over Wells Fargo Bank NA mortgage consultants’ claims that the bank denied them overtime.
HSBC Securities (USA) Inc. was hit with yet another suit in New York federal court Tuesday alleging it fired an employee who reported a colleague's alleged sexual harassment.
The Federal Reserve on Thursday said that banks will have to show how a severe global recession featuring a steep rise in the unemployment rate, soaring gas prices and, for the largest institutions, a large corporate default would affect their balance sheets in their 2015 stress tests.
Equity research firm Sidoti & Company Inc. kicked off plans for a modest initial public offering on Thursday, outlining plans to raise roughly $35 million in a share sale run in part by its investment bank arm to support its budding asset management platform, according to a regulatory filing.
New York’s top court on Thursday ruled that a state legal doctrine which treats banks' foreign branches as distinct legal entities barred Motorola Solutions Inc. from recovering billions of dollars in damages owed by a fugitive Turkish family because the funds are held in foreign bank accounts.
The Consumer Financial Protection Bureau on Wednesday said that mortgage lenders who exceed a 3 percent cap on points and fees required for so-called qualified mortgages will now be able to refund the difference to borrowers in a move that could ease a crunch lenders face.
Recent moves by federal regulators to increase sales of mortgages to Fannie Mae and Freddie Mac could further dampen hopes for a resurgence of private capital in the U.S. housing market, and make it more difficult to wind Fannie and Freddie down, policymakers and experts said.
Citigroup Global Markets Inc. has reached a settlement agreement with the FDIC in a Ninth Circuit appeal alleging a number of banks spurred on Colonial Bank's failure by selling it poor-quality mortgage-backed securities, and the bank insurer said Wednesday it expects Bank of America Corp. to exit the suit shortly as well.
Martin Liechti, who as ex-head of UBS AG's Americas business unit is expected to be a key witness in the $20 billion tax evasion conspiracy case against the Swiss bank's former No. 3, Raoul Weil, said at the beginning of testimony Wednesday that Weil was a friend and peer.
The U.S. Securities and Exchange Commission said Tuesday that it plans to deny requests by BlackRock Inc. and Precidian Investments to introduce a new type of actively managed exchange-traded fund that wouldn't be required to disclose its portfolio holdings on a daily basis.
Jones Day on Wednesday said it lured a partner away from Bird & Bird LLP to join its banking and finance practice in Madrid, Spain, where he will advise international clients on financing and capital markets.
Disgraced Texas tycoon Robert Allen Stanford on Tuesday urged the Fifth Circuit to overturn his 110-year prison sentence for a $7 billion Ponzi scheme, arguing in an appeal in which he is representing himself that federal authorities didn't have jurisdiction over his bank.
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.
The new law regarding the California breach notification requirement related to identity theft prevention and mitigation services has already spurred debate on two issues, say attorneys with Edwards Wildman Palmer LLC.
Understanding the collateral consequences of enforcement proceedings at the hands of the U.S. Securities and Exchange Commission or any other financial industry regulator can provide a valuable tool for proactively negotiating with the regulator and avoiding pitfalls arising from a failure to disclose, say attorneys with Skadden Arps Slate Meagher & Flom LLP.
The Nevada federal court's recent ruling in Agincourt Gaming LLC v. Zynga Inc. is an important reminder that a nonparty wanting to challenge a civil subpoena should consider carefully the appropriate jurisdiction in which to file a motion to quash under recently enacted Rule 45, say Steven Luxton and Brad Nes of Morgan Lewis & Bockius LLP.
In a regulatory landscape of ban-the-box laws and increased EEOC scrutiny of criminal history questions during the hiring process, employers in industries such as health care and finance are often put in the position of acting unlawfully because they are required to conduct background checks for certain positions. The Certainty in Enforcement Act could clarify things, but it also leaves the door open for trouble, says Natasha Dorse... (continued)
Three and a half years after the accident at the Fukushima Daiichi nuclear power plant, the nuclear industry is experiencing somewhat of a revival, however the apparent disconnect between its rhetoric and the mindset of financiers must be overcome to stimulate the successful development of new plants, say George Borovas and Helen Cook of Shearman & Sterling LLP.
Identifying Cayman Islands-held assets of a defendant or proposed defendant is something of a mixed bag — straightforward in some respects, but difficult, bordering on the impossible, in other respects, say Christopher Russell and Jane Hale-Smith of Appleby Global Group Services Ltd.
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.