An investment company attorney told Delaware’s Supreme Court on Tuesday that the state's Chancery Court wrongly tossed claims that Athilon Capital Management unfairly bought back $195 million in notes held by its controlling shareholders as part of a broad plan to favor insiders at the expense of other creditors.
Three foreign banks accused of conspiring to manipulate interbank loan rates told a New York federal judge Tuesday that they should be cut loose from the suit because the proposed class of investors hasn’t sufficiently linked them to any related harm in the U.S.
Bank of America will pay $13 million to resolve a long-running suit brought by the District of Columbia accusing the bank of not having proper safeguards in place, which enabled a district employee to embezzle tens of millions of dollars as part of a tax fraud scheme, prosecutors said Tuesday.
The Financial Crimes Enforcement Network on Tuesday said that banks should report cyberattacks to regulators much like other suspicious activity, calling cybercrime a "significant threat."
An investor suit alleging Morgan Stanley hid $340 million worth of residential mortgage-backed securities it sold that were faulty should be revived and remanded to a different judge than the one who “repeatedly disparaged” the firms behind the suit, the investors told a New York state appeals court Tuesday.
Troubled technology company Pacific Controls is in talks to sell an emirate-based data center, Coca-Cola is negotiating an operation and capital partnership with Japan's Kirin Holdings, and Clydesdale Bank has offered to buy The Royal Bank of Scotland's Williams & Glyn business.
With technology’s role in finance growing seemingly by the day, Ontario’s securities regulator on Monday said it has created a dedicated team to help tech firms new to the industry wade through the web of regulations and get their products to market.
A former Simpson Thacher & Bartlett LLP attorney, who represented a J.P. Morgan asset management unit and advised the Blackstone Group in an acquisition and spinoff, has joined Clifford Chance LLP as a partner in New York.
An Eleventh Circuit panel refused Tuesday to set aside bank fraud convictions against the head of bankrupt motor fuel distributor Delco Oil Inc., rejecting his argument that advances in technology should change the way courts evaluate violations of attorney-client privilege.
A proposed class of investors accusing Wells Fargo of the costly mishandling of residential mortgage-backed securities investments wrongfully drew parallels between a similar California state action and their own in an attempt to kill the bank's attempt to nix their suit, the bank told a New York federal court judge on Monday.
Federal banking regulators have asked big banks to provide information about their sales practices as examiners look to ensure that the unauthorized account generation that took place at Wells Fargo & Co. is not happening at other banks.
Norton Rose Fulbright said Tuesday it has snagged a longtime energy regulatory and enforcement lawyer with experience in Commodity Futures Trading Commission matters, who comes from Reed Smith LLP and joins the global firm’s D.C. office as a partner.
U.S. Bank NA has urged a New York state judge to give permission to modify a dismissed $936 million suit against a Credit Suisse AG affiliate over alleged misrepresentations about mortgage-backed securities, saying a change in law makes the case viable.
A proposed class of banks suing Kmart over its 2014 data breach asked an Illinois federal judge on Monday for the second time to approve a $5.2 million settlement, saying the deal is a favorable compromise given the chance Kmart will go bankrupt if litigation continues.
The Consumer Financial Protection Bureau’s top official on Tuesday said that “many troubling issues” still exist in the mortgage servicing sector despite rules mandating increased accuracy on mortgage payment information, improved error correction and an increased focus on foreclosure prevention.
TD Bank USA has escaped a putative class action accusing it of placing inaccurate information about a consumer’s debt on a credit report, as a Pennsylvania federal judge said Monday that all of the claims are preempted by the Fair Credit Reporting Act.
A group of antitrust law professors urged the U.S. Supreme Court on Monday to uphold a decision reviving a putative class action alleging a conspiracy by credit card companies and banks to fix ATM access fee prices, saying their alliance should be subject to antitrust scrutiny.
BuckleySandler LLP has picked up Heather Russell to lead the firm’s growing financial institutions regulation, supervision and technology practice, about three months after the attorney was fired as general counsel at Fifth Third Bank over a romantic relationship with Fannie Mae’s CEO.
Carlton Fields entered a bid Monday to escape a $1 million legal malpractice suit brought by liquidators of a Bahamas bank, urging a Florida federal court to rule that they failed to enter adequate claims, including not alleging the firm caused any harm through its actions.
A putative class of borrowers who say payday lender Cash Biz LP broke the law when it filed criminal charges against them for unpaid debts on Friday asked the Texas Supreme Court to stop the lender from moving their claims to arbitration.
All businesses with a website may be said to have reach into, and presence in, every state. Therefore, due diligence into information management compliance of a U.S. target company requires cognizance of the laws of at least 52 separate jurisdictions, say George Wang and Kenneth Rashbaum of Barton LLP.
I went to the law books, where I discovered the crime of “obstruction of justice,” and realized I was right in the middle of a criminal conspiracy. I didn't fully understand my conduct during Watergate until — decades later — I learned about the psychology of cover-up at work, says John Dean, who served as White House counsel for President Richard Nixon.
Somewhat surprisingly, very few of the dozens of "trial pros" who have been interviewed by Law360 have revealed the secret to effective trial preparation that is vital to their success. But ultimately, the “secret” to effective trial preparation is not actually a secret, says Jamin Soderstrom of Soderstrom Law PC.
Although a new form of entity under Cayman Islands law, the Cayman Islands LLC is familiar in form to U.S. lawyers and industry participants; Cayman Islands LLCs operate in an almost identical way to Delaware LLCs, say Tim Buckley and Andrew Barker of Walkers Global.
Last week, the U.S. Supreme Court granted certiorari in Midland Funding v. Johnson, bringing to a head two issues that have been boiling for several years — whether the filing of an accurate proof of claim for an unextinguished time-barred debt in a bankruptcy proceeding violates the Fair Debt Collection Practices Act, and whether the Bankruptcy Code precludes the application of the FDCPA to that filing, say David Anthony and Andre... (continued)
You'd think the government agency responsible for protecting the integrity of the U.S. financial system would take a do-over of its decisions seriously. But for the Financial Crimes Enforcement Network, it's never too late to squander a second chance to fumble through new regulation that is short on relevant facts and long on compromised accusations, says William Byrnes of Texas A&M University School of Law.
The practice of third-party litigation funding, in which funders front money to plaintiffs law firms in exchange for a cut of any settlement or money judgment, is growing increasingly popular. Currently, litigators are not required to disclose the involvement of third-party funders, but transparency will improve justice in courts, say Lisa Rickard, president of the U.S. Chamber Institute for Legal Reform, and Mark Behrens, a partne... (continued)
Troubling as the Third Circuit’s recent decision in Victaulic may be for businesses attempting to comply with complicated customs regulations, another aspect of the decision may be even more consequential, with an impact felt by defendants across the entire spectrum of False Claims Act cases, say attorneys with Fried Frank Harris Shriver & Jacobson LLP.
Although the D.C. Circuit's constitutional holding in PHH v. Consumer Financial Protection Bureau has dominated the headlines, the most significant aspects of the decision may be the way it prevents the CFPB from retroactively applying new interpretations of laws and bringing cases that involve alleged violations outside the relevant statutes of limitations, say Eric Mogilnicki and David Stein of Covington & Burling LLP.
While the presidential candidates fiercely campaign all over the country in an effort to win this year’s historic election and claim the White House, another historic event is looming in 2016: FINRA is on pace to trump (so to speak) 2014’s record-setting campaign of fines, say Brian Rubin and Adam Pollet of Sutherland Asbill & Brennan LLP.