Switzerland’s Schaffhauser Kantonalbank on Thursday agreed to pay the U.S. Department of Justice $1.61 million to avoid prosecution for assisting tax evasion, as part of the government’s Swiss Bank Program.
A former Deutsche Bank currency trader pled guilty Thursday in New York federal court to charges alleging an eight-year plot to manipulate the published value of the key Libor interest rate, the U.S. Department of Justice said.
A New York bankruptcy judge nixed the bulk of former Lehman Brothers Inc. star trader Jonathan Hoffman's $83 million claim for bonuses he said he was entitled to, ruling Wednesday that Hoffman was already paid what he was owed by Barclays PLC when the bank acquired Lehman's brokerage business in 2008.
Democratic presidential hopeful Hillary Clinton waded into the debate over insider trading law on Thursday when she made a campaign promise to try to undo the landmark Second Circuit decision that has been seen as vastly raising the bar for prosecuting the crime.
U.S. consumer groups asked the Federal Trade Commission and Consumer Financial Protection Bureau on Thursday to probe whether a recent hack at an Experian unit handling credit checks for T-Mobile means the credit reporting agency's information on 200 million consumers is at risk.
BNP Paribas’ broker-dealer unit has agreed to pay a $2.4 million fine to settle a Financial Industry Regulatory Authority investigation that alleged it failed, in millions of instances, to accurately report trading positions that regulators use to monitor for signs of market manipulation.
A former TD Bank NA regional vice president pled guilty on Thursday in Florida federal court to wire fraud charges for his alleged role in jailed attorney Scott Rothstein’s $1.2 billion Ponzi scheme.
The lead shareholders in an Andorran bank that was shut down after the U.S. government determined that it was at risk of being used by terrorists and drug traffickers to launder money has sued the Financial Crimes Enforcement Network, alleging that the determination process was a “Keystone Kops”-type fiasco.
Japanese banking giant Sumitomo urged a Texas federal court Wednesday to disqualify Jackson Walker LLP from representing a Texas utility in its contract dispute with a wind farm operator, arguing the law firm's previous representation of the bank created a conflict of interest.
Bill Gross, co-founder of the Pacific Investment Management Co. LLC, whose investing acumen led market participants to crown him the “Bond King,” on Thursday sued his former employer over his dismissal last year and said he deserves at least $200 million in damages from the money management company.
A Colorado credit union formed to serve the state’s booming legal marijuana industry asked a federal judge on Wednesday to order the Federal Reserve Bank of Kansas City to provide it with access to a key bank account without going to trial.
The Republic of Sudan on Wednesday asked the Second Circuit for rehearing of a $315 million judgment for the victims of the deadly bombing of the USS Cole, arguing that the suit was served on the Sudanese embassy in contravention of international diplomatic law.
U.S. Attorney Preet Bharara said on Wednesday he wasn’t surprised that a busy U.S. Supreme Court did not take up the federal government’s appeal of the landmark Newman decision despite his hopes the justices would accept the case and reverse a ruling on insider trading with which he deeply disagrees.
The National Retail Federation on Wednesday bashed a new mandate for banks and retailers to switch to chip-secured credit cards, telling House lawmakers the transition will do little to halt data breaches and that forcing small businesses to adopt the technology would leave them unable to implement more effective safeguards.
An investor in Con-way Inc. on Wednesday launched a putative class action in Delaware state court seeking to stop XPO Logistics Inc.’s proposed $3 billion acquisition of the trucking company, arguing the deal undervalues Con-way.
A New York federal judge on Wednesday trimmed claims in a former Deutsche Bank AG vice president’s gender bias suit against the bank, alleging she was “mommy-tracked” after taking maternity leave and fired after complaining about gender bias, holding she cannot assert new claims four years into the suit.
Three U.S. Senators sent a letter to the heads of cellular service provider T-Mobile and credit reporting agency Experian on Wednesday, calling for an explanation of a hacking incident that exposed Social Security numbers and other sensitive data on 15 million people.
Facebook and some underwriters involved in the company’s flubbed $16 billion initial public offering urged a New York federal court in documents unsealed Wednesday not to certify proposed investor classes in multidistrict litigation over its decreased valuation, saying thousands of proposed members learned of valuation issues before the IPO.
A Texas federal jury said the former treasury manager for R. Allen Stanford’s $7 billion Ponzi scheme is liable for $50 million in damages for breaching her fiduciary duty to Stanford’s bank, the receiver for Stanford’s victims announced Wednesday.
The financial services industry has already decried the Consumer Financial Protection Bureau’s moves to restrict arbitration clauses on credit card, bank account and other contracts, and could challenge any final rules using recent U.S. Supreme Court rulings and even the Dodd-Frank Act itself against the bureau.
Budget negotiations and a House leadership election will consume much of the attention on Capitol Hill this week, following successful enactment of a continuing resolution to fund the government into December. Meanwhile, Speaker Boehner's recent announcement has set off a scramble in the Republican caucus of members eager to assume leadership posts for the remainder of the 114th Congress and beyond, say members of Covington & Burling LLP.
The recent Southern District of New York decision in United States v. Wells Fargo Bank is one of the very few addressing whether an individual civil defendant can present an advice of counsel defense using information his employer asserts to be protected by attorney-client privilege, say Steven Shaw and Luke Meier of Covington & Burling LLP.
New cybersecurity guidance proposed by the National Futures Association is particularly noteworthy for firms that are not currently subject to the cybersecurity rules set forth by the U.S. Securities and Exchange Commission and the Financial Industry Regulatory Authority, say attorneys with Ropes & Gray LLP.
Last year, we wrote that foreclosure law firms and their lawyers might be the Consumer Finance Protection Bureau's next regulatory targets — we were right. Since 2014, the CFPB has filed legal actions against nearly two dozen lawyers, law firms and their affiliated entities and we believe such cases are likely to continue, say Richard Benenson and Emily Garnett of Brownstein Hyatt Farber Schreck LLP.
Never has the margin between victory and defeat been so thin as in HSBC Bank USA v. Roumiantseva, where a paper clip — yes, a paper clip — was the determining factor in a New York state court awarding summary judgment to the defendant-borrowers in a foreclosure action. The significance of the paper clip was rooted in provisions of the Uniform Commercial Code, says Christopher Gorman of Westerman Ball Ederer Miller Zucker & Sharfstein LLP.
Based on information in the Federal Reserve’s recent Semiannual Report on Banking Applications Activity and our own analysis of application approval data, Federal Reserve approval is obtainable, even for relatively large, complex or protested bank mergers, within six to 12 months in the vast majority of cases, say attorneys with Sullivan & Cromwell LLP.
A recent U.S. Securities and Exchange Commission enforcement action against the victim of a cyberattack suggests that a breach, in and of itself, is prima facie evidence that a firm’s procedures were not reasonable. This strict liability standard and post hoc rationale eliminates the need to establish any causal relationship between the alleged procedural inadequacies and the breach, say Brian Rubin and Charlie Kruly of Sutherland ... (continued)
Since the U.S. Supreme Court’s opinion in Bullard v. Blue Hills Bank came down in May, lower courts have cited it with, at best, mixed results. While such courts have begun relying on Bullard in Chapter 11 cases, they’ve done little to uniformly answer the question of what effect, if any, Bullard has on the finality of Chapter 11 bankruptcy orders, says Derek Wright of Foley & Lardner LLP.
By paying attention to the details of how the Depositary Trust Co. operates, Tom Clancy’s protagonist in "Debt of Honor" is able to save the U.S. from economic ruin. Commercial litigation may not always be as thrilling, but attorneys who pay attention to how the indirect holding system operates may find themselves able to work dramatic and favorable changes, say Thomas Ward and Daniel Dockery of Williams & Connolly LLP.
The Financial Industry Regulatory Authority has signaled the need for more rigorous liquidity management practices at its member broker-dealers. In creating this expectation, FINRA relies on the notions underlying traditional financial responsibility rules as well as broad investor protection themes, say Lee Schneider and Naeha Prakash of Debevoise & Plimpton LLP.