Creditors are not free from liability under the Fair Debt Collection Practices Act if they try to make claims against bankrupt debtors after the statute of limitations has run out, the Eleventh Circuit ruled Tuesday.
Investors that reached a $120 million settlement with Barclays Bank PLC in the multidistrict litigation against top banks accused of manipulating the London Interbank Offered Rate asked a New York federal court on Monday to approve the agreement, calling objections “without merit and premature.”
The country's three largest credit reporting agencies, Equifax, Experian and TransUnion, garner the most Consumer Financial Protection Bureau complaints from consumers, the federal regulator said Tuesday, with credit reporting remaining the third-most-bemoaned financial product.
A blank check company formed to pursue acquisitions and a health care data provider set terms on initial public offerings totaling $341 million, while a Midwest bank raised $80 million Tuesday after pricing at the bottom of its already downsized range, kicking off a potentially busy week for deals.
Society for Worldwide Interbank Financial Telecommunication CEO Gottfried Leibbrandt again stressed in a Tuesday speech that the global financial messaging network has not been compromised in the wake of a series of cyberattacks, while also laying out a five-point plan to shore up security in the sector.
Morgan Stanley says a federal jury verdict in its favor should spell the end of a New York state fraud suit lodged by Oleg Deripaska's Veleron Holding BV alleging the megabank fleeced the Russian aluminum mogul's interests in 2008 as they struggled to salvage a bank-funded, $1.5 billion investment in an auto parts maker.
A Texas state judge ruled Tuesday that iHeartMedia Inc.’s decision late last year to transfer shares between two of its subsidiaries didn’t constitute an event of default under multibillion-dollar credit agreements, handing the heavily indebted media company a win in a dispute with its senior lenders.
The U.K.’s Serious Fraud Office should increase its core funding and reduce its reliance on government cash injections for big cases, a model that prevents the agency from developing skills in-house, according to an independent executive agency report released Tuesday.
State bank regulators warned Tuesday that the increasing number of banks denying services to licensed money service businesses could make it harder to enforce anti-money laundering regulations and cut off terror financing.
The U.S. Commodities Futures Trading Commission announced on Tuesday that it will require compliance with its margin rules in uncleared cross-border swap transactions, especially in cases where there is no equally stringent international rule, over objections of one commissioner who called the rule confusing.
Delaware's high court ruled Tuesday that investment trusts controlled by insurance executive Arthur L. Williams and his wife Angela properly sued Citigroup Inc. directly, and did not have to proceed derivatively, on claims they lost $800 million when the bank duped them into holding shares that plunged during the financial crisis.
The U.K.’s Supreme Court on Tuesday rejected a bid to allow U.K. citizens who have been living abroad for more than 15 years the right to vote in an upcoming referendum on whether the country will remain in the European Union, ending a suit from a White & Case LLP competition attorney.
Investors in nine class action lawsuits over Argentina's $90 billion debt default lodged settlement papers Monday that would allow individual bondholders to take a recovery from the South American nation worth potentially hundreds of millions of dollars — but not worth the full value of fat interest payments the country had once promised.
Swiss and Singaporean financial regulators on Tuesday ordered Swiss bank BSI SA to pay more than $105 million in penalties and disgorgement over lax anti-money laundering controls that failed to catch what Swiss prosecutors have called a $4 billion embezzlement from Malaysian government-owned funds.
A Tanzanian bank banned from the U.S. financial system over money laundering concerns on Monday traded barbs with the Financial Crimes Enforcement Network in D.C. federal court, calling the agency’s actions “underhanded.”
U.K. authorities said Tuesday they will probe banks that deny services to potentially risky customers to avoid money-laundering issues, warning that the practice could be in violation of U.K. competition law.
Old Mutual PLC confirmed media speculation Tuesday that the South African financial services company's stake in U.S. fund manager OM Asset Management PLC has drawn interest from potential suitors, after unveiling a separation plan earlier this year.
The Minnesota Vikings filed a brief in federal court on Monday, accusing Wells Fargo Bank NA of ignoring a signage agreement and mounting illuminated roof signs near the under-construction U.S. Bank Stadium that will be visible to TV viewers when the National Football League’s 2016 playing season begins this fall.
The Treasury Department’s top financial intelligence official on Tuesday said a new rule requiring banks to collect information about the owners of shell companies would help law enforcement officials to ferret out illicit activities, despite concerns that it would be easily evaded.
A New York magistrate judge on Friday granted conditional collective certification to a group of loan officers alleging their employer, the Federal Savings Bank, failed to pay minimum and overtime wages, finding the nationwide employees are linked by a common policy.
Rather than being the end of consumer protection lawsuits, the U.S. Supreme Court's Spokeo v. Robins opinion offers Congress a green light to give consumers the rights they need to protect their privacy and other digital rights. This is exactly the result Spokeo was most likely dreading, says professor Neil Richards of Washington University School of Law.
The federal False Claims Act may soon be reshaped. With a case pending before the U.S. Supreme Court on the controversial theory of implied false certification, a pair of interesting cases in the Second Circuit and a recent House Judiciary Subcommittee raising issues of FCA reform, the law may face changes in text or interpretation, say attorneys with Bradley Arant Boult Cummings LLP.
Nowhere is the attractiveness of law firms as cybercrime targets more evident than the recent Mossack Fonseca hack, believed to be the most significant data theft event in history. Firms represent a treasure trove of information and historically have had dreadful cybersecurity practices. There has been some progress, but firms can also commit to better defending their information by taking a simple, three-step approach, says Sean D... (continued)
Our friends in the defense bar, still smarting from the outcomes in Campbell-Ewald and Tyson Foods, have already begun to try to spin Spokeo as creating new limits on class actions. But the U.S. Supreme Court's opinion, in a sure-to-be-cited footnote, expressly said that whether a case is a class action “adds nothing to the question of standing,” say Nicholas Diamand and Andrew Kaufman of Lieff Cabraser Heimann & Bernstein LLP.
Although the recently adopted amendments to Rule 3002.1 clarify when a notice of payment change is required, they do not address the difficulties of calculating timely payment amounts for daily simple interest accounts and home equity lines of credit, and the burdens associated with filing PCNs for the often de minimis monthly changes on these types of accounts, say attorneys with K&L Gates LLP.
Regardless of how the Ninth Circuit handles the remanded case, the U.S. Supreme Court’s decision in Spokeo v. Robins places new safeguards against baseless and costly class actions, and will prevent the federal courts from being used by plaintiffs lawyers for actions more appropriately left to the discretion of government enforcers, says Joseph Jacquot, a partner with Foley & Lardner and former deputy attorney general of Florida.
In calling for mandatory pro bono service, U.S. Supreme Court Justice Sonia Sotomayor is effectively using her bully pulpit to advance the cause of access to justice for the poor. Her courageous leadership is a clarion call to action that must be heeded. But bold as it may be, the pronouncement is incomplete, says David Lash, managing counsel for pro bono at O’Melveny & Myers LLP and a member of the Association of Pro Bono Counsel.
Joining two firms with long histories meant not only combining cultures, philosophies and deeply rooted ways of doing business, but also combining two IT systems, two accounting systems, and two ways of handling many other administrative functions. It didn't help that the firms had different fiscal year ends, says John Langan, managing partner of Barclay Damon LLP.
On May 20, 1996, the U.S. Supreme Court held that a $2 million punitive damages award imposed for a tort that caused $4,000 in economic harm was unconstitutionally excessive. In the ensuing 20 years, BMW v. Gore has proved to be a foundational case in punitive damages jurisprudence. We were fortunate enough to have played a role in this historic decision, say Mayer Brown LLP partners Andrew Frey and Evan Tager and Maserati North Am... (continued)
Last week, we discussed why corporate legal departments are taking on so much more work themselves instead of outsourcing it to law firms. This is, of course, an ominous sign for law firms and the traditional partnership structure. So too is disaggregation and the emergence of legal service providers as well as others — notably the Big Four — poised to enter the gargantuan legal services market, says Mark A. Cohen of Legal Mosaic LLC.