Balboa Insurance Co. on Thursday asked a New York federal judge to let it appeal her ruling barring its argument that government-approved premiums are unassailable in a class action alleging it paid GMAC Mortgage LLC kickbacks for force-placing policies, saying the matter is too important to await a final judgment.
Mortgage lending company Greystone Funding Corp. can't enforce a noncompete agreement against a former employee who launched his own rival lending firm because it fired him without cause before the contract expired, a New York state judge has ruled.
The U.S. Department of Justice on Thursday urged a New York federal judge not to consolidate its antitrust suit against the merchant discount policies of American Express Co. with a related batch of private class actions, arguing that the government case must take precedence because of its implications for the public interest.
A former Merrill Lynch Pierce Fenner & Smith Inc. worker's argument that a $160 million settlement fund in a race bias class action against the company should be hiked up to $250 million is unrealistic, attorneys for the black financial advisers behind the suit told a Chicago federal court Thursday.
Following a series of high-profile, high-dollar settlements with a host of federal and state agencies capped off by a $13 billion mortgage-backed securities deal, JPMorgan Chase & Co.’s top attorney said Thursday that regulators were piling on banks with duplicate enforcement actions.
Time Warner has a clear favorite between the two rival companies vying to merge with it, while a trio of private equity firms are chasing down a drugmaker worth $2 billion.
Lehman Brothers Holdings Inc. on Thursday hit real estate investment company LCOR Alexandria LLC with an adversary complaint in New York bankruptcy court, seeking to recover $83 million it says LCOR owed to one of its subsidiaries upon termination of an interest rate swap transaction.
A proposed $800 million settlement between the bankruptcy trustee recovering funds for Bernard L. Madoff investors and a firm that invested nearly $2 billion in Madoff's Ponzi scheme has fallen through, according to reports Thursday.
Swiss financial services firm UBS AG has reached an immunity deal with antitrust regulators with the European Union that will keep the bank from paying additional fines for market manipulation of financial benchmark interest rates, The Wall Street Journal reported Thursday, citing people familiar with the matter.
The former chief financial officer of Manhattan brokerage firm Needham & Co. pled guilty Thursday in New Jersey federal court to stealing $1 million from Needham by paying fraudulent invoices submitted by accomplices, operating as vendors, for services that had never taken place.
A Florida appeals court on Thursday upheld the dismissal of two Florida residents' effort to get their cut as relators in a False Claims Act action related to claims of unpaid taxes on assignment-of-mortgage notes, saying the state's tax act controls such matters.
New York banks cannot be sued by account holders for violating a law designed to exempt subsistence income from a creditor's account freeze, the state’s high court ruled Thursday, saying the statute was not intended to spawn litigation.
The European Commission's investigation into whether several major banks manipulated two key interbank offered rates used as lending benchmarks is close to yielding results, the watchdog's antitrust chief said Thursday.
The former directors of a collapsed $2.5 billion hedge fund that had invested in commercial mortgage-backed securities said at a hearing in Texas federal court Thursday that the fund investors' class certification should be denied because their claims are too individualized to move forward as a group.
As U.S. banks become more comfortable with the rules of Islamic finance, real estate attorneys are increasingly faced with the unique challenge of structuring deals to comply with those rules. Experts say those deals can best be navigated with patience and an awareness of several legal and financial pitfalls.
Federal Deposit Insurance Corp. Chairman Martin Gruenberg said Thursday that his agency would soon put out a fuller description of its plans for taking apart a failed global financial institution.
A U.S. Senate banking committee on Thursday approved the nomination of economist Janet Yellen to be the next chair of the Federal Reserve, setting the stage for a full Senate vote on the former vice chair of the Board of Governors of the Federal Reserve System.
Federal banking regulators on Thursday issued final supervisory guidance for banks issuing deposit advance loans, setting up a framework for them to address potential risks associated with deposit advance loans and supplementing existing guidelines for payday and subprime loans.
Blackstone-owned hotelier Hilton is substantially increasing the size of its forthcoming multibillion-dollar IPO, while activist investor Daniel Loeb has taken a position worth more than $1 billion in a well-known Asian company.
The leader of the federal consumer finance watchdog on Thursday called for renewed focus on how to make the electronic payments system safer for customers, and asked for input from industry in modernizing the system.
The Consumer Financial Protection Bureau's recent CARD Act Report suggests the agency has concerns about four features found in the consumer credit card market — in addition to its continuing apprehension about preaccount opening fees and the offering of add-on products, say attorneys with Morrison & Foerster LLP.
While the U.S. Securities and Exchange Commission’s fiscal year closed on Sept. 30, the agency typically does not report its annual statistics until November or December. Yet trends from the first three quarters of the fiscal year provide a glimpse of what the market can expect for the full year — namely, a reduction in new enforcement actions, say David Marcus and Sara Gilley of Cornerstone Research.
President Obama seems to be of the view that if law school were reduced to two years, students would incur two-thirds of the expense of attending law school, be burdened by two-thirds of the debt they currently have, and be generally economically better off than they are today after three years of law school. Most startling about the president’s proposal, however, is that he did not discuss the educational effect of his suggestion on the students or the effect on their clients, says Fred Isquith of Wolf Haldenstein Adler Freeman & Herz LLP.
A special task force of the American Bar Association recently proposed to the United States Sentencing Commission substantial amendments to the U.S. sentencing guidelines for economic crimes. While there is work to be done to make the proposals more concrete, this would represent the most significant philosophical shift in sentencing in white collar cases since the inception of the sentencing guidelines — even if they are adopted only in part, say Daniel Levy and Sachin Bansal of McKool Smith PC.
As shown by Affinity Health Plan Inc.'s recent settlement with the U.S. Department of Health and Human Resources, the modern copier poses a security risk for any company that processes or possesses personally identifiable information, personal health information or proprietary information — including trade secrets, research and development records, marketing plans, M&A strategies and financial information, says Kenneth Dort of Drinker Biddle & Reath LLP.
When it comes to preventing cyberattacks, the U.S. government can’t protect its own networks, let alone those of large law firms. And when it comes to deterring and punishing intruders, our government offers even less. We have to do more than play defense. We didn’t reduce street crime by requiring pedestrians to buy better body armor every year, says Stewart Baker, a partner with Steptoe & Johnson LLP and former assistant secretary for policy at the U.S. Department of Homeland Security.
Some of the key methods being used by the U.S. Securities and Exchange Commission's new financial reporting and audit task force to identify potential accounting fraud violations include quantitative data analytics, reliance on whistleblowers and tips from other regulators and investigative teams. The task force appears to be shaping up as a substantial initiative, says Arian June of WilmerHale.
What should an attorney do in the middle of a deposition if her client answers in a way that suggests a misunderstanding of the question or sudden memory loss? She will likely want to confer with her client at the next available opportunity, but her ability to do so without waiving privilege will depend, in part, on where the deposition is taking place, say attorneys with Pillsbury Winthrop Shaw Pittman LLP.
For the second time in less than a month, the Eleventh Circuit has held that a tax refund belongs to the FDIC rather than the bankruptcy estate of a bank's holding company. While the tax-sharing agreements at issue in both cases were in some respects unusual, the Eleventh Circuit also appears to have discredited arguments credited in earlier federal court decisions that tax refunds were the property of the bank, say Philip Anker and Nancy Manzer of WilmerHale LLP.
Just like U.S. Supreme Court Justice Potter Stewart’s observation about pornography, most people cannot explain fiduciary duty but (think) they know a breach when they see it. As is true in many situations, careful drafting of the operative documents is the first step in clarifying whether the parties are in a fiduciary relationship, say Joan Secofsky and Richard Janvey of Diamond McCarthy LLP.