An ex-Faruqi & Faruqi LLP partner who testified in a recent sex assault case against the firm launched a New York federal suit Wednesday, saying Faruqi didn’t pay her for work in shareholders’ litigation challenging Leucadia National Corp.'s $3 billion deal for Jefferies Group Inc.
Pacific Investment Management Co. and other investors have filed the latest suit accusing Citibank NA of ignoring widespread problems with toxic residential mortgage-backed securities, claiming $2.3 billion in losses in a proposed class action in New York state court.
The U.S. Securities and Exchange Commission's plans for reforming its in-house court would still place defendants at a disadvantage, and the agency instead should look at ways to make the tribunal function more like the federal judiciary, a former federal prosecutor has told the agency.
The British High Court ruled Wednesday that a Greek shipping company needn't face proceedings in China in a dispute over a breached vessel purchase agreement, citing related arbitral proceedings in London, but wouldn't let the Greek bank that lent the money for the vessel escape the Chinese litigation.
A California judge on Wednesday tentatively sent to arbitration a putative class action alleging Toyota Motor Credit Corp. applies illegal fees when repossessing leased vehicles, noting that the plaintiff signed a lease agreement containing an arbitration clause not once, but twice.
The Seventh Circuit has ruled that Wells Fargo and other financial entities didn’t have to submit to tribal jurisdiction to pursue $46 million in unpaid bond obligations, while also sending the case back to district court to determine if law firm Godfrey & Kahn SC could waive jurisdiction after representing the tribes in the sale.
The British government plans to fully divest its Royal Bank of Scotland stake by selling shares totaling £30.8 ($46.6 billion) over six years, in addition to selling the rest of its Lloyds Banking Group stock in 2016, part of efforts to unwind from crisis-era bailouts, the country's treasury department said Wednesday.
The Second Circuit on Wednesday asked the Delaware Supreme Court for help in determining whether a group of investors can directly sue Citigroup Inc. over an alleged $800 million loss related to the bank’s residential mortgage-backed securities, rather than in a derivative suit.
A Pennsylvania federal judge on Wednesday conditionally certified a collective action in a lawsuit accusing PNC Bank NA of failing to pay its mortgage loan officers adequate overtime and of not paying them for all the hours they worked.
In Law360's look at the latest session of the World Trade Organization's Dispute Settlement Body held Wednesday, Brazil's case against Indonesia's poultry ban hits a speed bump as members continue squabbling over older disputes focused on biotechnology, e-commerce and trademarks.
Attorneys for a slew of merchants told the Second Circuit Tuesday that a $7.25 billion settlement reached with Visa and MasterCard over interchange fees has "critical infirmities," saying the deal provides “limited and temporary” relief to the class but gives an “all-encompassing and perpetual” release to the defendants.
The U.S. Securities and Exchange Commission approved separate plans Tuesday by a Bloomberg LP unit and a Connecticut financial software company to offer trade matching services and electronic trade confirmations, while exempting both from registering as a clearing agency.
Any secret a client keeps from outside counsel can be a liability, but certain types are especially harmful, lurking in the shadows like a grenade with the pin pulled. Here, experts discuss the most menacing secrets clients hide.
A former Goldman Sachs compliance staffer who helped the bank develop software to spot insider trading has been accused of the illegal act himself, with the U.S. Securities and Exchange Commission saying he stole confidential information about deals Goldman was working on and then traded on it.
The U.S. Securities and Exchange Commission has agreed to drop its plans to bar former SAC Capital Advisors LP portfolio manager Michael Steinberg from the securities industry after his criminal conviction for insider trading was vacated last month.
A class of Barclays PLC investors asked a New York federal judge Tuesday to approve a $14 million settlement to end allegations that the British bank manipulated the London Interbank Offered Rate and made misstatements to cover it up.
A former Bank of New York Mellon manager who was sentenced to six months in prison for trading on illegal stock tips from a Merck analyst has reached an undisclosed settlement with the U.S. Securities and Exchange Commission in a related civil case, lawyers for the agency said Wednesday.
General Motors Corp. employees urged the Sixth Circuit on Tuesday to reconsider its split decision releasing State Street Bank & Trust Co. from class allegations that it imprudently held GM stock in their pension plans even as the carmaker's bankruptcy appeared imminent, saying the decision improperly grants immunity to fiduciaries.
A former Montgomery Bank & Trust director who was charged with running a $72 million fraud scheme after faking his own death has asked a federal judge to vacate his 30-year sentence, blaming the lengthy jail term on his attorney's "deficient performance."
The D.C. Circuit on Tuesday overturned a jury’s trebled $22.5 million verdict in a False Claims Act suit against Moving Water Industries Corp. over what constitutes high commissions during a Nigerian purchase backed by federal loans, finding the company can’t violate a standard left vague by the government.
To determine a waiver of arbitral rights, circuit courts generally look at whether the party seeking arbitration takes action in litigation inconsistent with its arbitration rights, and whether that action prejudices the plaintiff. However, two 2015 decisions — Checking Account Overdraft Litigation and Healy v. Cox — reveal that framework as an ill-fitting suit when the waiver implicates absent putative class members, says Richard ... (continued)
Recognizing that defendants have no duty and little incentive to object to an inflated class counsel fee request, and that class counsel have every incentive to increase their fees, Judge Richard Posner and the Seventh Circuit have filled this void by directing “intense judicial scrutiny” of class counsel fee awards. In doing so, the court identified issues all counsel now should consider when crafting a class action settlement, sa... (continued)
While Apple, Google and Amazon each provide a “default” end user license agreement to govern mobile apps downloaded from their respective app stores, a company ideally should adopt its own EULA to best protect its interests in its apps, say John Delaney and Anthony Ramirez of Morrison & Foerster LLP.
With new requirements from the Federal Deposit Insurance Corp., we now have a federal banking agency that is creating roadblocks to having banks participate in the dynamic and rapidly growing space of marketplace lending, say Richard Eckman and Philip Hoffman of Pepper Hamilton LLP.
A growing number of attorneys and firms are eschewing tradition by embracing technology to change not only the way we work, but also the way we organize our offices, says Anthony Johnson, founder and CEO of American Injury Attorney Group.
Competitors are forming constructive partnerships to collaborate and efficiently develop and deploy new financial technology products and services. Open collaboration and interoperability can be built on clearly defined IP boundaries, but obtaining global patent protection for fintech is more complex, says Maya Medeiros of Norton Rose Fulbright.
Over the past 35 years, Joe Kanka has experienced the corporate legal department from many angles, including management positions at a major law firm litigation support center, two legal staffing companies, and inside AT&T and Bell Atlantic. Here, he shares his 13 key business objectives that corporate legal departments must strive for in today’s business environment.
With passage in the Senate, the Cybersecurity Information Sharing Act now will be conferenced with the two previously passed House cybersecurity bills. A major difference that must be resolved is the question of whether to funnel all shared data through a single agency or permit sharing with any of multiple agencies, say attorneys with Akin Gump Strauss Hauer & Feld LLP.
In this short video — the latest installment from the "Book of Jargon" — Latham & Watkins LLP partner Keith Halverstam defines "swapping seconds."
The National Labor Relations Board decision in Acevedo v. Amex Card Servs. Co. highlights the ongoing divide between the NLRB and the judicial system regarding the enforceability of arbitration agreements that include class and collective action waivers. The issue ultimately may have to be resolved by the U.S. Supreme Court, say Daniel Schwartz and Patrick McCarthy of Day Pitney LLP.