Law firms should expect a year of limited, if any, economic growth as they struggle to cut back on rising expenses following a marketwide “sluggish” end to 2011, according to a study released Wednesday by the Hildebrandt Institute and Citi Private Bank.
The U.S. Commodity Futures Trading Commission has found that all 70 of the U.S. futures trading firms it reviewed after the collapse of bankrupt brokerage MF Global Inc. had kept their customers’ funds separate from their own, the agency said Wednesday.
Securities class action activity was up 12 percent in 2010, with a late surge in suits linked to corporate transactions and against foreign issuers compensating for a dwindling number of financial crisis-related cases, according to a study released Thursday by PricewaterhouseCoopers LLP.
Broker-dealers and individuals facing administrative or disciplinary charges from the U.S. Securities and Exchange Commission or the Financial Industry Regulatory Authority may be better off fighting the charges rather than settling, according to a survey released Wednesday.
The Financial Industry Regulatory Authority is bumping up the number of disciplinary actions it issues even as it fines firms and broker-dealers less money overall, according to a survey released Monday.
Fines assessed by the Financial Industry Regulatory Authority nearly doubled in 2009 over the previous year, and disciplinary actions began creeping back to levels seen before a sharp drop in 2008, according to a new Sutherland Asbill & Brennan LLP report.
After a modest start this year, mergers and acquisitions activity aimed at banks, asset management firms, and insurance companies is well positioned for an uptick, particularly as companies gain a greater understanding of proposed regulatory reforms, according to a new report.
Litigators named by corporate counsel in a new report for providing excellent client service all seem to share one trait: a profound knowledge of their clients' businesses and goals.
Technology, energy and telecommunications companies accounted for the biggest shares of antitrust settlements, fines and judgments paid in 2009, thanks to a handful of exceptionally large payments from Intel Corp., E.ON AG, GDF Suez, Telenor Group and others.
Very few of the world's largest asset managers are factoring climate-related risks and opportunities into their investment decision-making, according to a survey from investor and environmentalist network Ceres.
International trade finance is finally beginning to stabilize but still has a ways to go, according to a new benchmark survey conducted by the Bankers Association for Finance and Trade and the International Monetary Fund.
While the number of federal securities class actions has declined in 2009 from last year, particularly in the second quarter, financial services firms are being targeted at record-high rates, according to a study released Monday.
As the credit crisis deepens, litigation surrounding it has shifted in target from subprime-related companies to asset management firms and begun focusing on more complex financial instruments such as collateralized debt obligations and credit default swaps, according to a recent report.
The U.S.' largest independent securities regulator saw a dramatic decrease in fines and brought fewer disciplinary actions against firms and individuals in 2008 than it has in previous years, according to a new Sutherland Asbill & Brennan LLP report.
The hedge fund industry has suffered a severe beating at the hands of the global financial meltdown and Bernard L. Madoff, with nearly 15 percent of all hedge funds shutting down in 2008 and 775 funds liquidating in the fourth quarter of the year alone, an industry research group reported Wednesday.
A record number of subprime-related lawsuits — in areas including securities, bankruptcy and employment — were filed in federal courts in 2008, doubling the number filed in 2007 and topping the total number of cases stemming from the savings-and-loan collapse in the early 1990s, a new report shows.
The insurance industry now ranks investment performance, equities and capital availability as its top concerns for the coming years, according to a new survey – a stark reversal from 2007, when industry insiders listed over-regulation, natural disasters and climate change as the most worrisome risks.
Broker-dealers and registered representatives should sometimes consider fighting charges filed by securities regulators rather than automatically pursuing a settlement, a new study suggests.
An oversight body for the New York Stock Exchange referred a record number of suspected insider trading violation cases to the U.S. Securities and Exchange Commission in 2008. The number of those cases involving probable hedge funds, however, fell last year after steadily rising since 2002.
Though worries over impending bankruptcies have led most hedge fund managers to pull back from investments in troubled companies, a handful of funds are looking to turn a profit on insolvent companies through the court-administered proceedings, according to a new report.
Forensic analytics is indispensable to any situation involving voluminous transactions or other large amounts of data. Yet, too few attorneys or organizations use, or maximize, forensic analytics to its fullest benefit. The recently publicized European soccer match-fixing scandal provides a handy illustration, say Jonny Frank and Alex Lefferts of StoneTurn Group LLP.
What is striking about SEC v. Moore — an insider trading case against a Canadian investment banker who allegedly traded on nonpublic information that he "pieced together" — is that the facts allegedly observed by Moore, when viewed independently, are all seemingly immaterial. The mosaic theory, if not dead, may very well be on life support, say attorneys with Allen & Overy LLP.
The decision in United States v. Bank of New York Mellon not only expands the ability of the U.S. Department of Justice to aggressively use the Financial Institutions Reform, Recovery and Enforcement Act to target alleged financial fraud, but also will likely impact other pending cases, including two in the Southern District of New York that raise the same issue, say Matthew Previn and Michelle Rogers of BuckleySandler LLP.
Recent statements by newly confirmed U.S. Securities and Exchange Commission chairwoman Mary Jo White and other SEC officials suggest a strong enforcement effort in the coming years — and the Obama administration’s budget proposal for FY 2014 indicates that the commission likely will have the resources it needs to support this effort, say attorneys with Arnold & Porter LLP.
By taking advantage of the Support Anti-Terrorism by Fostering Effective Technologies Act, private industry can help protect the country from cyberattack while lowering insurance costs and mitigating liability risks, say Dismas Locaria and Andrew Bigart of Venable LLP.
The Ninth Circuit decision in Kilgore v. KeyBank NA leaves open the question of whether and to what extent California's Broughton-Cruz rule survives the U.S. Supreme Court decision in AT&T Mobility LLC v. Concepcion. It also suggests additional guidance to maximize enforcement of arbitration agreements and class action waivers, say attorneys with Pillsbury Winthrop Shaw Pittman LLP.
In China, prepaid cards have provided considerable convenience to the public and may even have stimulated consumption, but they also give rise to the risk of corruption and bribery. The Chinese government has recently reinvigorated its efforts to regulate the issuance and circulation of such commercial prepaid cards, say attorneys with Debevoise & Plimpton LLP.
Alongside legal reform and a consolidation of institutions, self-regulatory initiatives have promoted a real improvement in corporate governance practices in Brazil. Such factors have also led to the creation of a more diffuse control of capital in Brazilian companies and the increased participation of active minority investors demanding professional, independent and transparent management bodies, says Silvia Fazio of Chadbourne & Parke LLP.
Given that few courts have construed the meaning of “repurchase agreement” as used in the Bankruptcy Code, the recent case of In re Homebanc Mortgage Corp. in the U.S. Bankruptcy Court for the District of Delaware is a must-read for “repo” counterparties, say attorneys with Alston & Bird LLP.
Companies that experience breaches involving payment cards are subject to a set of industry rules that dictate the response that must be taken by the compromised entity and limit the role of the victim company in this response. But this response may not include all of the activities necessary to investigate, assess and address the broader impact of the breach to the enterprise, says Kimberly Peretti of Alston & Bird LLP.