Wells Fargo Insurance Services USA Inc., sued over trade secrets an executive allegedly stole from former employer Hylant Group Inc., launched counterclaims Thursday that a former Wells Fargo employee now working at the rival insurance brokerage disclosed trade secrets and solicited customers and staff from Wells Fargo.
The 11th Circuit on Thursday affirmed a ruling tossing a suit that accused Bank of America NA of failing to inform a Venezuelan bond company it needed certain licenses for transactions in the United States, ruling that Arbitrajes Financieros SA did not prove it had a fiduciary relationship with Bank of America.
Just days before his scheduled administrative court hearing, a former Wells Fargo analyst has agreed in principle to settle the U.S. Securities and Exchange Commission’s administrative charges he engaged in insider trading by giving one of the firm’s traders early access to his research, according to documents filed Friday.
Barclays PLC's former top banker in Italy and an entrepreneur were each sentenced on Friday in a Milan court to two years and eight months in prison on corruption charges and ordered to pay $2.2 million to the English bank, an Italian newspaper reported.
Microsoft Corp., CVS Caremark Corp., JPMorgan Chase & Co., Wells Fargo Bank NA and HEB Grocery Co. LP were sued Thursday in Texas federal court over claims that they ripped off a patented geolocation system.
The Texas Supreme Court on Friday held courts can factor a future sales price and costs associated with reselling foreclosed-upon homes in determining the fair market value of the property, siding with PlainsCapital Bank in a dispute over the value of a spec house.
Winston & Strawn LLP has hired a mergers and acquisitions finance partner and an insolvency partner from Pillsbury Winthrop Shaw Pittman LLP, the firm said Friday, bringing its Pillsbury hiring spree count to 15 in the last 60 days.
The head of the U.S. Department of Justice's Financial Fraud Enforcement Task Force from 2011 to 2013 has joined Venable LLP as a partner in the firm's Washington, D.C., office, working on financial regulation and enforcement, the firm announced on Friday.
After much cajoling from a litany of business groups, the U.S. government has begun pressing China to shed more light on the controversial rules placing restrictions the use of foreign technology in its banking sector, according to a World Trade Organization document circulated Thursday.
A key Federal Reserve policymaker on Friday said regulators needed to keep a close watch on the growing shadow banking sector in order to prevent it from threatening the broader economy.
South Korea has become the latest country, and one of the first major regional players, to sign onto China’s Asian Infrastructure Investment Bank, with the nation’s Ministry of Strategy and Finance announcing Friday its intention to become a founding member of the development bank.
Two former Credit Suisse AG bankers who pled guilty to helping American clients evade taxes will avoid jail time and instead will pay at least $100,000 each in fines and serve five years of probation, a Virginia federal judge ruled Friday.
Not much has changed in the year since Delaware's Chancery Court laid the foundation for financial advisers to be held accountable for conflicts of interests during the deal-making process, but lawyers say that may be due to a lack of significant test cases and caution within the financial industry as bankers look to avoid a similar fate.
Fueled by a strong flow of commercial mortgage-backed securities work, the fledgling but fast-growing First Nationwide Title Agency recently bulked up its legal department. But the company's president and CEO Steven M. Napolitano and senior underwriting counsel Felix Tschanz tell Law360 that experienced title attorneys can be hard to find.
Direct Access Partners LLC's former CEO Benito Chinea and former managing director Joseph Demeneses got four years in prison each on Friday for a $60 million Venezuelan bank bribery scheme — sentences said to be the longest yet for Foreign Corrupt Practices Act violations in the Second Circuit.
Ameriprise Financial Inc. agreed to pay $27.5 million to settle a class action brought by current and former employees claiming they lost $20 million in retirement fund investments because Ameriprise favored its own underperforming subsidiary funds over investment plans with better performance records, the plaintiffs told a Minnesota federal court Thursday.
A New York federal judge on Thursday denied bids to toss multidistrict litigation accusing Goldman Sachs & Co., JPMorgan Securities PLC and others of antitrust violations for manipulating aluminum prices, ruling that plaintiffs have stated a plausible claim under the Sherman Act.
The Consumer Financial Protection Bureau on Thursday fired the opening shot in a long battle over new regulations for payday loans that the bureau says will eliminate so-called debt traps and will likely reshape the market for short-term credit offered by a host of financial institutions.
The judge presiding over the liquidation of Bernard Madoff’s defunct securities firm elected Thursday not to fine the trustee charged with recovering losses from the fraudster’s Ponzi scheme for making questionable assertions regarding a European investment adviser’s alleged complicity.
A bipartisan group of former U.S. secretaries of commerce on Wednesday pressed Congress to sign off on the fast-track model of approving U.S. trade agreements, echoing top Obama administration members who want to avoid tying anti-currency manipulation measures to trade deals.
With some analysts expecting the crude oil forward price curve to dive into steep contango soon, depending on the rates of production decrease, demand increase and storage availability, this will cause cash-strapped oil and gas companies to explore transactions that are a blend of hedging and financing, says Jeffrey Nichols of Haynes and Boone LLP.
A recent Southern District of New York ruling — bringing Madoff Ponzi scheme victims one step closer to recovery from Citco and PricewaterhouseCoopers — serves as a cautionary reminder to service providers to funds. They ought to be mindful that, even in the absence of contractual privity with investors, their acts and omissions can result in liability to those third parties, say Jonathan Sablone and Christine Vargas Colmey of Nixon Peabody LLP.
For reliance material that is not admitted on the stand, consider bolstering the testimony by having the expert describe the evidence generally, but in a way that signals to the jury that the expert has a strong foundation of supporting facts and data. If done well, such testimony can open the door to admitting the evidence, say Jason McDonell and Heather Fugitt of Jones Day.
Privacy and security are closely intertwined, but securing information from outside intrusion may not provide the privacy protections you need, say Adam Solander and Patricia Wagner of Epstein Becker & Green PC.
Because there is currently a very robust market for distressed debt, a lender's first option for dealing with any nonperforming loan is often to look to sell the loan. However, the pool of potential buyers for low-income housing tax credit loans will likely consist only of strategic buyers, says Mark Bossi, co-chairman of Thompson Coburn LLP's financial restructuring group.
Suggestions that regulators are distancing themselves from Operation Choke Point and will be more restrained in holding banks accountable are nice but may not prove to be accurate. While the culture is shifting at the federal banking agencies, expect vigorous continued civil and criminal prosecutions, say Barkley Clark of Stinson Leonard Street LLP and Barbara Clark of Commercial Law Institute.
If a “Lehman-like” collapse were to happen again tomorrow or if a central clearing counterparty becomes insolvent, it is questionable whether regulators would glean useful insights from the costly and far-reaching reporting requirements imposed on the derivatives market by the European Market Infrastructure Regulation, say attorneys with Orrick Herrington & Sutcliffe LLP.
A festering but virtually unnoticed circuit split over a legal doctrine the U.S. Supreme Court first recognized early last century may provide the Roberts court with the opportunity to grant corporate persons privilege against self-incrimination for the first time in U.S. history, says Ramzi Abadou of Kahn Swick & Foti LLP.
What will spring bring for the Judicial Panel on Multidistrict Litigation? Will it continue to close the door on new MDL proceedings? Will it decide to throw the baby out with the bathwater and decline to create a baby wipe MDL? asks Alan Rothman of Kaye Scholer LLP.
The Seventh Circuit’s recent interpretation of Exclusion 3(a) in the standard-form construction lender’s title policy, in the context of a failed project, places the risk of loss associated with unpaid subcontractors arising from a lender’s decision to stop funding squarely on the construction lender, not the title insurer. There are, however, steps that a lender can take to mitigate this risk of loss, say Sarah Borders and Jeffrey... (continued)