The Financial Industry Regulatory Authority did not retaliate against a former deputy regional director by firing her after she filed four internal age, sex and disability discrimination complaints, a Florida federal jury ruled on Wednesday.
U.S. Attorney General nominee Loretta Lynch on Wednesday sought to set herself apart from contentious current Attorney General Eric Holder, as senators pressed her over her stance on immigration, financial, trade secret and cybersecurity issues, as well as a recent Internal Revenue Service scandal.
The Federal Deposit Insurance Corp. on Wednesday took steps to encourage banks to keep doing business with risky corporate clients to ease concerns over the Justice Department’s “Operation Choke Point,” but other regulators will have to enact similar policies to ease fears, industry representatives said.
The Third Circuit on Wednesday rebuffed IDT Corp. and Winstar Holdings LLC’s bid to revive their lawsuit alleging The Blackstone Group LP and other financial firms misrepresented the value of bankrupt Winstar Communications Inc. before its $42.5 million sale, ruling the suit was time-barred.
The U.S. federal government won't be able to pause a suit alleging it had unconstitutionally altered its bailout deal for Fannie Mae and Freddie Mac to keep the companies' profits for itself, a U.S. Court of Federal Claims judge said Wednesday.
KPMG LLP's first general counsel in the United Kingdom and Europe said Wednesday that she will be leaving the role she established for the global audit and accounting firm.
Citgo Petroleum is offering $1.5 billion in bonds as part of a credit package to raise money for its parent company, while the London Stock Exchange is pushing forward with plans to part ways with Russell Investments.
Federal banking monitors are demanding that Doral Financial Corp. either sell itself or shore up an inadequate capital position, an ominous sign as the troubled Puerto Rican lender pushes for approval of a capital restoration plan rejected twice before.
A federal judge in New York on Wednesday denied a motion to dismiss a U.S.-based class action alleging that Bank of America Corp., Barclays PLC and other banks rigged foreign exchange markets.
A former JPMorgan Chase & Co. employee allegedly fired for raising concerns about potential fraud recently said the company had offered “blatantly false and inconsistent” justifications for her termination, urging a New York federal court not to toss her Sarbanes-Oxley Act whistleblower claim.
FXCM Inc. said Wednesday it will seek to recover negative balances from top traders who owe the foreign-exchange broker money in the wake of the Swiss National Bank’s shock decision to no longer cap the franc against the euro.
A Citigroup Inc. unit on Wednesday agreed to ease its screening process for potential new checking and savings account customers so that minor blips on their credit reports do not block them from getting bank accounts, New York Attorney General Eric Schneiderman said.
Standard & Poor’s Ratings Services has agreed to pay $1.375 billion to settle lawsuits brought by the U.S. Department of Justice and 20 attorneys general around the country over the firm’s ratings work leading up to the financial crisis, a person familiar with the matter on Wednesday told Law360.
Bank of New York Mellon Corp. has revealed that it may face bribery charges over internships it allegedly gave to relatives of sovereign wealth fund officials, following an investigation by the U.S. Securities and Exchange Commission.
Caesars Entertainment Corp.'s operating arm made a final push Tuesday to convince a Delaware bankruptcy judge that its Chapter 11 should be allowed to play out in Illinois, while a collection of creditors championed the First State as the appropriate forum for the high-stakes case.
Informatica Corp., which has a market value of about $4.5 billion, is looking for buyers and has begun talks with at least two potential suitors, while HSBC Holdings PLC has agreed to lend Hutchison Whampoa Ltd. $9 billion to help fund its $15 billion acquisition of Telefonica SA's U.K. unit O2.
A California federal judge on Tuesday set a late-September trial date for the federal government's $5 billion suit against Standard & Poor's Financial Services LLC over inflated mortgage-backed securities ratings, saying the trial could last as long as four months.
A Minnesota federal judge has ended a suit seeking to move a transfer suit by the Petters trustee out of bankruptcy court and to district court, saying Opportunity Finance LLC’s motion to do so was egregiously tardy.
European Union countries will soon have to maintain registers detailing the actual owners of companies within their borders as part of an anti-money laundering and anti-tax fraud initiative, if a deal endorsed Tuesday by EU lawmakers wins full approval among the bloc’s lawmakers.
Bitcoin mining company CoinTerra Inc. has filed for Chapter 7 bankruptcy, less than two weeks after it was hit with a $5.4 million suit by a data center alleging nonpayment, which led to a default on some of CoinTerra’s secured notes.
We trust our law firms with huge amounts of data, whether in or out of discovery, investigations or litigation. All too often, we have relied on privilege, confidentiality and attorney ethics as a proxy for data protection and information security. But in fact, law firms ought to be held to a much more stringent standard — and in-house counsel would be wise to begin with a number of specific inquiries, says legal industry consultan... (continued)
With the U.S. Department of Defense's comment period regarding proposed changes to the way it intends to apply the Military Lending Act to new types of creditors and credit products now closed, harsh results from violating the MLA are likely to give lenders pause when providing credit to covered persons and could result in a negative impact on lending to service members and their families, say Leonard Chanin and Ryan Rogers of Morr... (continued)
While the U.S. Supreme Court’s Gelboim v. Bank of America ruling is an important one in multidistrict litigation jurisprudence, it ultimately does little to impinge on the wide discretion MDL courts have in deciding what gets appealed and when. District courts continue to possess the tools needed to avoid final judgments during pretrial MDL proceedings, say Adam Schramek and Eric Hoffman of Norton Rose Fulbright US LLP.
In seeking comment on potential risks to the U.S. financial system created by asset managers including investment advisers, insurance companies and private funds, the Financial Stability Oversight Council again places these institutions in its crosshairs, but the FSOC’s latest effort to explore the issue through crowdsourcing should not be ignored, say Jay Baris and Oliver Ireland of Morrison & Foerster LLP.
Most authorities and courts agree that, under the Telephone Consumer Protection Act, consumers have the right to revoke previously given consent to be called using an autodialer or prerecorded message. More recently, however, courts have been asked to decide whether a consumer is permitted to revoke this consent where it was previously given as part of an independent contractual arrangement, say attorneys with Pillsbury Winthrop Shaw Pittman LLP.
Recent interviews with law departments in eight companies — ranging from $600 million to $70 billion in annual revenue, and spanning the financial services, telecommunications, hospitality, software and discrete manufacturing industries — reveals that e-billing and "spend management solutions" offer some of the clearer business cases for technology investment by an organization’s legal department, says David Houlihan of Blue Hill Research Inc.
A recent Southern District of New York decision in the Chapter 7 case of Weidenbenner highlights the risks that a bank takes when it freezes a debtor’s bank account, say James Barresi and Mark Salzberg of Squire Patton Boggs LLP.
President Obama used the powerful State of the Union platform to advocate for new privacy legislation previously outlined during the days leading up to the address. The speech may have marked a new phase in the political discourse concerning privacy and cybersecurity, say attorneys with Jones Day.
Bank of America Corp.'s new litigation model boasts 80 percent fixed fees. At United Technologies Corp., 70 percent of legal fees were “alternative” as of 2013. And Caterpillar created a sophisticated “legal lane” strategy to save time and money. Companies looking to work smarter in 2015 should keep in mind that key to these achievements was appointment of a legal department chief operating officer, says James Merklinger of the Ass... (continued)
Prior to the commencement of a bankruptcy case, the waiver by a potential debtor of the protections afforded by the Bankruptcy Code is usually found to be unenforceable. As a recent bankruptcy court decision in the case of Triple A & R Capital Investment Inc. demonstrates, however, this general proposition has become more nuanced over the past few years, says Kyle Ortiz of Weil Gotshal & Manges LLP.