The monitor overseeing HSBC Bank USA NA’s compliance with a 2012 anti-money laundering settlement said that the bank has been “too slow” in adopting the changes required under the agreement, according to a Wednesday court filing.
The New York Times Co. has demanded access to the National Security Agency’s Inspector General Reports on its Internet and phone collection activities, according to a Freedom of Information Act lawsuit filed Tuesday in New York federal court.
The Second Circuit Court of Appeals on Wednesday revived a $60 million stock-drop suit accusing American International Group Inc. of multiple fraud schemes, saying that a district court erred when it abruptly tossed the suit without notifying the plaintiffs in advance.
CohnReznick LLP urged a New York judge on Tuesday to toss a $14.5 million fraud suit alleging the firm mismanaged the late "Gilmore Girls" actor Edward Herrmann's finances, calling the suit "an unfounded money grab" by Herrmann's widow and saying the claims are too late and inadequately pled.
The Second Circuit ruled Wednesday that it lacked jurisdiction to consider a petition to defer the deportation of a Salvadoran man under the Convention Against Torture because his appeal does not bring up any constitutional claims or questions of law.
As more players looking to get into the marijuana business fuel a rush to secure what limited properties might win approval for such use, companies are finding they have to make strategic decisions based on projections of future state and local regulations, Terra Tech Corp. CEO Derek A. Peterson told Law360 in a recent interview.
A peeved New York State judge commenced trial Wednesday in the criminal case against former Goldman Sachs Group Inc. programmer Sergey Aleynikov, who is accused of stealing the megabank’s computer code, after scolding a stalling prosecutor for half-heartedly trying to push off the closely-watched proceedings.
A New York federal judge on Tuesday dismissed a proposed class action accusing Pfizer Inc. of duping consumers into thinking that its Centrum brand multivitamins provide a range of health benefits because studies cited by the plaintiffs didn't have anything to do with Centrum products.
A New York federal judge on Tuesday denied the American Civil Liberties Union's bid for access to records of the National Security Agency's controversial data-gathering program, finding that granting the Freedom of Information Act request could threaten national security.
An attorney for JPMorgan Chase & Co., CEO Jamie Dimon and other executives urged the Second Circuit on Wednesday not to revive a shareholder suit over the bank’s $6 billion “London Whale” trading loss, denying claims that board members had failed to adequately investigate those responsible for the mishap.
Sterling Bay Cos. is said to have struck a $305 million deal to sell a Chicago office building filled with tech tenants to J.P. Morgan Asset Management, while e-commerce giant Alibaba Group Holding Ltd. is reportedly considering opening a U.S. base in Seattle and Bank of China Ltd. is said to be planning to lease most of Manhattan skyscraper it has agreed to buy and move into.
Private equity adviser Lynn Tilton on Wednesday became the latest respondent to a U.S. Securities and Exchange Commission enforcement action to challenge the constitutionality of its in-house court, when she sued the agency just two days after it accused her of defrauding investors in her distressed-debt funds.
Etsy Inc. fine-tuned plans Tuesday for a $250 million initial public offering led by Gunderson Dettmer Stough Villeneuve Franklin & Hachigian LLP, but the socially conscious online handmade crafts marketplace has not yet shed light on whether it will convert to a legal benefit corporation before its Nasdaq debut.
The attorneys general for New York, Texas and three other states announced Tuesday that they were suing subscription service Orbital Publishing Group Inc. and other companies, claiming they overcharged consumers while cheating magazine and newspaper publishers out of millions.
Cable provider Cablevision Systems Corp. reportedly plans to offer to buy the New York Daily News for only $1, while Exor SpA could have a solid idea of what it will do with real estate services firm Cushman & Wakefield in the next month or so, including a potential $2 billion sale.
A New York federal judge ruled Tuesday that a dark off-Broadway play riffing on "Three's Company" was a parody protected by the fair-use doctrine, not an infringement of the iconic 1970s sitcom.
A New York federal judge on Tuesday took the reins in a suit accusing HSBC Bank USA NA of shirking its duties as trustee for 271 residential-mortgage-backed securities trusts after determining the district court had subject matter jurisdiction over the case.
A New York appeals court on Tuesday revived patent-pool manager MPEG LA LLC’s bid to rope the owners of GXI International LLC into a breach of contract suit seeking to extract nearly $4 million from the company for television converter box royalties, finding that the business's owners were involved enough to be named as alter ego defendants.
Two homeowners have told a New York federal court that Wells Fargo & Co. and Ocwen Financial Corp. illegally collected payments on mortgages they fraudulently declared in default, according to a False Claims Act suit made available Tuesday.
Bankia SA is said to be shopping a $429 million portfolio of hotel loans, while The Howard Hughes Corp. has reportedly inked a deal to build a large mixed-use complex in Manhattan's South Street Seaport area and Dubai's Union Properties PJSC is buzzed to be negotiating a $191 million financing packaging for new projects.
Disputes over make-whole premium payments in large Chapter 11 cases are almost certain to continue as debtors will look to take advantage of the current low interest rate environment. Judge Christopher Sontchi’s ruling in Energy Future Holdings Corp. makes it clear that in Delaware now as well as New York, only clear and express language in the applicable documents will serve to support a claim for such payments, says Benjamin Fede... (continued)
The U.S. Department of Justice's recent New York City tour bus settlement, breaking up the joint venture of Coach USA Inc. and City Sights LLC, demonstrates the aggressive posture the antitrust agencies are taking to challenge and impose harsh remedies upon transactions that are not reportable under the Hart-Scott-Rodino Act, say attorneys with McDermott Will & Emery LLP.
In light of recent changes to the ABA Model Rules of Professional Conduct, what are a lawyer’s ethical duties arising from new technology? And what should a lawyer know about this technology? Bradley Arant Boult Cummings LLP partner J.S. “Chris” Christie Jr. offers an in-depth assessment of what every lawyer should consider in 2015.
As recent settlements demonstrate, regulators will focus on the nuts and bolts of Bank Secrecy Act/anti-money laundering compliance programs, including how transactions are monitored, how information is shared, and what controls are in place to detect, escalate and report suspicious activity, says Olivia Radin of Freshfields Bruckhaus Deringer.
A bankruptcy filing presents a unique opportunity for a debtor and nondebtor to change the course of litigation by, among other things, changing the forum where that litigation proceeds. But the competing interpretations of federal law governing remand by the Second and Ninth Circuits could drag a case on a circuitous path through the state and federal system, say Michael Strub and Jeffrey Reisner of Irell & Manella LLP.
Experienced counsel complained that the use of administrative hearings for complex fraud cases, including in the insider trading case of Jordan Peixoto, had constitutional implications. Ironically, few were willing to litigate this issue with the U.S. Securities and Exchange Commission, say Derrelle Janey and Robert Gottlieb of Gottlieb & Gordon 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.
Although no court has fully addressed the lawfulness of employers using voice over Internet protocol services to record all employee phone calls under federal and state laws, courts will likely apply the same framework used to examine the lawfulness of traditional telephone recordings, says James McCabe of Troutman Sanders 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 headlines certainly caught everyone’s attention — Commerzbank was forking over $1.4 billion to the U.S. and New York governments for violating U.S. sanctions and Bank Secrecy Act/anti-money laundering requirements. If you take the time to read the settlement papers, the picture is not pretty. In fact, you might even think Commerzbank and a number of individuals were very lucky, says Michael Volkov of The Volkov Law Group LLC.