An attorney for a proposed class of financial advisers for UBS AG's broker-dealer unit on Friday urged the Second Circuit to find they cannot be forced to arbitrate their overtime claims, saying waivers of class actions are void under Financial Industry Regulatory Authority rules.
JPMorgan Chase & Co. will pay $99.5 million to exit an antitrust class action alleging the bank was part of a conspiracy to rig the approximately $5 trillion-per-day foreign exchange market, according to court documents filed Friday.
Alibaba's financial arm, worth an estimated $50 billion, is mulling an initial public offering, while Malaysia's second-richest man might be the key to helping state investor 1MDB move forward with its $3 billion IPO.
Pennsylvania State Treasurer Rob McCord released a video Friday admitting he verbally threatened two potential gubernatorial campaign donors and implying he'll plead guilty to the related charges that are expected to come down, one day after announcing his resignation amid rumors of a federal investigation.
After a sluggish December, the door between the public and private sectors started spinning again in earnest in January, highlighted by former Delaware Attorney General Beau Biden's move to Grant & Eisenhofer PA and Boies Schiller & Flexner LLP's marquee hiring of three assistant U.S. attorneys from the Southern District of New York.
An Emmes Asset Management fund has reportedly dropped $76 million on a Brooklyn apartment property, while Capital One is said to have grabbed nearly 40,000 square feet in New York, and Times Property Holdings has reportedly paid $213 million for land parcels in the south of China.
A recent blueprint for reforming U.S. swap trading rules offers common-sense ways to improve the market for U.S. participants, attorneys say, but the sheer ambition of the proposal by a U.S. Commodity Futures Trading Commission member likely means its impact will be felt mostly at the margins.
A New York appeals court upheld the dismissal of a negligent-misrepresentation claim in a $128 million suit alleging TCW Asset Management Co. lied to investors about the value of a collateralized debt obligation, ruling TCW was not in a position of trust as collateral manager for the mortgage-backed securities.
Lawyers for the Revel Casino Hotel’s unsecured creditors announced a last-minute settlement Friday with bankruptcy lender Wells Fargo NA that hands them a better return in exchange for their support of a strenuously contested $125 million financing package.
The federal bank fraud case against Michael A. Zimmerman was canceled Friday after the noted Dover, Delaware, developer who was accused of misusing millions of dollars in Wilmington Trust Co. loans was found dead.
A federal North Carolina judge on Thursday granted summary judgment in favor of BB&T Corp. board members who led an investigation into claims that the bank misled investors about auction rate securities, saying plaintiffs failed to show the board members neglected to conduct a proper probe.
The Federal Reserve’s lead governor for financial regulations on Friday said the central bank was considering new rules for preventing runs in the so-called shadow banking sector, particularly in asset management firms.
The Federal Reserve on Thursday issued a proposed rule that would expand the number of smaller banks allowed to operate using a higher level of debt than other larger institutions, enacting a December law that had the support of key regulators.
Liberty Reserve tech worker Maxim Chukharev received a three-year prison sentence Friday for his role in aiding the unlicensed money-transmitting business that assisted Ponzi schemers and other criminals, but received no probation, restitution or fine and will be able to return to his family home in Costa Rica upon leaving federal custody.
The Federal Trade Commission on Friday announced its first ever enforcement actions against car title lenders, alleging that two firms used deceptive tactics to market their loans to vulnerable consumers.
Pennsylvania state Treasurer Rob McCord announced Thursday he would resign from his post and return to the private sector, while a report published the same day suggested that federal authorities may be investigating his campaign-related actions.
The Municipal Securities Rulemaking Board on Thursday criticized the failure of many issuers in the $3.6 trillion municipal debt market to disclose their use of bank financing that can depress credit profiles and subordinate existing bondholders.
Manatt Phelps & Phillips LLP has recruited a Debevoise & Plimpton LLP attorney with more than 20 years of real estate experience, including advising commercial lenders, pension funds and private equity firms, to bolster its New York office.
BOC Hong Kong Holdings Ltd. is exploring a potential $6 billion sale of Nanyang Commercial Bank, while the Federal Trade Commission is not yet ready to make a decision on whether to allow Sysco Corp.’s $3.5 billion acquisition of private equity-backed US Foods Inc.
Chemical company Ashland Inc. said Thursday that it has reached agreements to buy back approximately $270 million of its shares from Deutsche Bank AG and JPMorgan Chase Bank NA as part of its ongoing $1.35 billion share repurchase program.
The sudden and steep drop in oil prices is likely to cause more exploration and production companies to default on debt agreements. While there are different options an E&P company and its lenders can use to address a credit agreement default, ultimately underlying circumstances — such as the severity of default and viability of the company and its assets — will play a key role in which approach is chosen, says Kraig Grahmann of Ha... (continued)
Although several state attorneys general have leveraged Dodd-Frank’s state action provisions to enforce and seek remedies under the Consumer Financial Protection Act, Lawsky v. Condor Capital Corp. marks the first time a state regulator has used them and it will likely prompt others to do the same, say Melanie Brody and Anjali Garg of K&L Gates LLP.
California is a great place to live, but it can be a challenging place to do business, with one of the biggest challenges being the multitude of wage-and-hour class actions filed each day. I never had a "starter kit" when I first began my in-house practice, but I certainly wish someone had given me one, says Francis Drelling, general counsel with Specialty Restaurants Corp.
European Union sanctions on Russia are relatively specific — at least where they relate to the access restrictions to EU capital markets and the Russian energy sector. This means businesses have to consider very carefully whether their commercial operations, or specific transactions, are caught by these prohibitions, say Tobias Caspary and Till Vere-Hodge of Fried Frank Harris Shriver & Jacobson LLP.
While merchants’ legal appeals in NACS v. Board of Governors of the Federal Reserve System have been exhausted with the U.S. Supreme Court declining to review the case, continued efforts by both merchant groups and banks are possible to have the Durbin rules modified in their favor, or even to repeal the Durbin Amendment, say Robert Pile and Brian Murphy of Sutherland Asbill & Brennan LLP.
While e-discovery remains a critical pain point in litigation, the "solutions" supporting its processes continue to evolve. In order to help organizations navigate the sea of options, we conducted research with 21 organizations across e-discovery market segments to understand the factors involved in successful e-discovery investments, says David Houlihan of Blue Hill Research Inc.
The Second Circuit’s opinion and subsequent denial of en banc review in the case of Fairfield Sentry Ltd. signals a paradigm shift in Chapter 15 jurisprudence. Parties seeking an independent review of a foreign order permitting a transfer or other actions affecting U.S. property may now have a powerful new basis on which to object in a U.S. court, say attorneys with Cadwalader Wickersham & Taft LLP.
While cash flow of a business is important in an asset-based facility, particularly as it relates to the real-time liquidity of the borrower based on excess availability, there is significantly less emphasis on financial covenants in an asset-based facility than in a cash flow facility. This is one reason many companies elect to have an asset-based facility rather than other forms of debt, says David Morse of Otterbourg PC.
A new scam has arisen in a sordid line of wire fraud scams. What makes this email scheme particularly pernicious is that the victims often do not realize they have been scammed out of thousands of dollars until days, if not weeks, after the scam has occurred, after they have lost their money, and after the perpetrator is long gone, says Jeffrey Rosenfeld of Kronenberger Rosenfeld LLP.
In Jesinoski v. Countrywide Home Loans Inc., the U.S. Supreme Court broadly read the Truth in Lending Act’s rescission rights and will force lenders to make difficult decisions on requests to rescind a loan made years after it was funded, say Scott King and Richard Freshwater of Thompson Hine LLP.