A wave of 14 companies targeting $2 billion are expected to splash onto the market during the first full week of May, putting investor appetite for life sciences to the test with a surge of 10 offerings while a master limited partnership, a real estate investment trust, a loan provider and a restaurant chain also prepare to take the plunge.
The Ninth Circuit said Friday that a jury of 11 is sufficient to convict a defendant, even if alternates are available and the court elects not to use them.
National Australia Bank Ltd. will offer 20 million shares in its former subsidiary Great Western Bancorp Inc. at a price of $495 million, the company said on Friday.
The Tenth Circuit on Friday rejected objections to a $133 million settlement between The Western Union Co. and class action plaintiffs accusing the company of keeping money from failed wire transfers for five years despite having senders’ contact information.
The former president and chief executive officer of a warehouse lender is facing up to five years in prison after pleading guilty on Thursday in New York federal court to conspiring to defraud the bank of more than $1.8 million following the 2008 financial crisis.
A group of developers who allegedly lied to customers about their intent to maintain roads in a planned Tennessee neighborhood has been ordered to hold up their end of the bargain, the U.S. Consumer Financial Protection Bureau said Friday.
A New York federal judge on Thursday asked merchants suing American Express Co. over its anti-steering rules whether his decision siding with the government in a similar antitrust case affected their proposed settlement with the credit card giant.
Capital One Financial Corp. on Thursday said the Eleventh Circuit should deny an appeal by credit card customers who saw their class action complaints alleging the bank improperly raised interest rates dismissed on summary judgment in a lower court.
A former deputy regional director for the Financial Industry Regulatory Authority on Thursday lost a bid for a new trial in her wrongful termination case when a Florida federal judge rejected her claim that a jury shouldn't have heard evidence about her work performance.
Citing jurisdictional issues, a New York federal judge on Thursday dismissed the London Metal Exchange, JPMorgan Chase & Co., Goldman Sachs Group Inc., Glencore International AG and others from multidistrict litigation accusing them of manipulating aluminum prices.
A pair of House lawmakers on Friday joined the push to strengthen consumer privacy protections by introducing bipartisan legislation that would subject retailers to the same data security standards as financial institutions and place telecoms' breach notification and security practices under the regulatory purview of the Federal Trade Commission.
The head of the Financial Industry Regulatory Authority on Friday told a congressional panel the U.S. Securities and Exchange Commission should lead the development of a uniform fiduciary duty given its expertise in the area, a possible challenge to the U.S. Department of Labor’s own regulatory designs.
Wells Fargo & Co. and Deutsche Bank AG moved to toss five suits accusing the companies of failing to protect investors from over $1 trillion in losses due to poorly underwritten residential mortgage-backed securities, arguing on Friday that as trustees they had no duty to protect plaintiffs from their bad investment decisions.
Jones Day has hired a leading project finance attorney, who has worked around the globe on projects involving energy, banking, restructuring and real estate, as a partner in its Tokyo and London offices.
Banks including Barclays Bank PLC, HSBC Bank PLC, Deutsche Bank AG and UBS AG, along with the London Gold Market Fixing Ltd., urged a New York federal judge Thursday in multiple filings to dismiss multidistrict litigation accusing them of manipulating the price of gold.
Spanish prosecutors have decided not to appeal a court's decision blocking the extradition of Javier Martin-Artajo, a former JPMorgan Chase & Co. employee who faces criminal and civil charges in New York over the bank's infamous $6 billion "London Whale" trading loss, according to a Friday court filing.
A New York federal judge on Friday sentenced BNP Paribas SA to five years of probation following the French bank’s guilty plea and $9 billion settlement for violating U.S. economic sanctions on Sudan, Iran and Cuba.
Morgan Stanley objected on Thursday to a U.S. Securities and Exchange Commission amicus brief in a retaliation suit against the finance giant in Tennessee federal court, saying that the SEC overstepped its authority and misread federal law in calling the plaintiff a whistleblower.
The D.C. Circuit on Friday rejected Morgan Drexen Inc.’s challenge to the Consumer Financial Protection Bureau’s constitutionality, saying that the company could pursue its constitutional claims against the CFPB in an enforcement action that is ongoing in California.
A New York jury issued a split decision in the trial of a former programmer for Goldman Sachs Group Inc. who stood accused of stealing the financial giant’s computer code for its high-frequency trading platform, clearing him of one charge, convicting on a second and deadlocking on a third count.
The Second Circuit recently affirmed the government’s sweeping authority over a defendant’s assets in the face of unpaid restitution obligations. This authority includes the power to restrain assets prior to the entry of a restitution order, and — as exemplified by U.S. v. Bengis — this authority extends to assets held overseas, says Daniel Levy, a principal at McKool Smith PC and former federal prosecutor.
The BSI SA nonprosecution agreement is the first public declaration of how the U.S. Department of Justice will treat banks looking to resolve their potential tax evasion-related criminal liabilities. Swiss banks that fail to make the kind of full and complete disclosures that BSI appears to have made do so at their peril, says Matthew Lee, partner at Blank Rome LLP and a former DOJ trial attorney.
The New Jersey Appellate court recently held that the language of a Home Affordable Modification Program trial period plan or forbearance agreement may require a lender to modify the loan if a borrower complies with its terms, which qualifies the long-standing principle that a borrower does not have a right to a loan modification and a lender is not required to offer one, say attorneys from Blank Rome LLP.
Recent sanctions enforcement actions have focused on overseas financial institutions and U.S. dollar clearing and associated “stripping.” The Schlumberger Oilfield Holdings Ltd. case, however, reflects a break from this trend. Relying on a theory of “facilitation,” the U.S. Department of Justice dramatically expanded the scope of prior criminal enforcement actions in this arena, say Christopher LaVigne and Danforth Newcomb of Shear... (continued)
The Dodd-Frank Act whistleblower program has garnered much attention, but a less-noticed New York financial fraud whistleblower proposal could likewise have a significant impact, because New York regulators and enforcement agencies have been very active in bringing some of the largest investigations and enforcement actions in the financial sector, say John Wood and Michael Huneke of Hughes Hubbard & Reed LLP.
Citibank NA v. Ruiz represents a growing movement among federal courts after the U.S. Supreme Court's ruling in Wal-Mart Stores Inc. v. Dukes seeking to bridge the analytical differences between class and collective actions. One result of this trend is a greater uniformity in wage-and-hour decisions based on parallel theories, says Geoffrey Westbrook of Seyfarth Shaw LLP.
The Consumer Financial Protection Bureau's minimal procedures for verifying the accuracy of information alleged in complaints on its consumer database and the limited opportunity afforded to providers to respond may compromise the CFPB's efforts in enabling consumers to make informed decisions and identify trends in the consumer financial market, say attorneys at Paul Hastings LLP.
It can be hard to tell what is or is not covered by Florida's complicated mortgage licensing law. Buchanan Ingersoll & Rooney PC's Howard Allen Cohen explains the ambiguities of the law and the ways in which it intersects with the federal SAFE act.
Given a recent decision in the first “spoofing” criminal case involving futures trader Michael Coscia, as well as recent regulatory guidance, it is fair to say that there is now a regulatory dragnet set for spoofers. One of the most effective ways rule enforcers prove intent is through the use of a trader’s own admissions, says Clifford Histed, partner at K&L Gates LLP and former federal prosecutor who supervised the investigation ... (continued)
The pace of enforcement under the U.S. Foreign Corrupt Practices Act has slowed considerably in 2015, with just three resolved enforcement actions during the year’s first quarter — all brought by the U.S. Securities and Exchange Commission — which represents the lowest level of enforcement to begin a year since 2006, say Marc Bohn and Austen Walsh of Miller & Chevalier Chtd.