The Federal Home Loan Mortgage Corp. filed a $1.3 billion suit against Deloitte & Touche LLP in Florida state court Monday, claiming the accounting giant turned a blind eye to fraud at Taylor Bean & Whitaker Mortgage Corp. and produced flawed audit reports.
U.S. Attorney General Eric Holder's proposal Wednesday to dramatically increase the size of monetary awards Wall Street tipsters can receive under the Financial Institutions Reform, Recovery and Enforcement Act may bring in more leads, but some experts say an amped-up rewards program should also take a cue from the U.S. Securities and Exchange Commission, which offers anonymity to those who come forward.
A former Goldman Sachs vice president on Tuesday asked the Third Circuit to rehear its decision reversing an order requiring Goldman Sachs Group Inc. to pay $2.3 million for his legal bills over charges for theft of high-frequency-trading code, saying the appeals court overlooked decisions contradicting its reasoning.
U.S. Attorney General Eric Holder’s proposal Wednesday to raise the cap on rewards for certain financial industry whistleblowers and make a renewed effort to pursue criminal financial fraud cases should give bank executives pause as they consider the prospect of prosecutors knocking on their doors, attorneys say.
New Jersey's highest court on Wednesday gave clear warning that attorneys convicted of official bribery or extortion will be disbarred and generally foreclosed wiggle room around that penalty, rejecting mitigating circumstances in the case of Hoboken, New Jersey's onetime mayor and stripping his license to practice law.
Federal prosecutors increasingly are mining False Claims Act lawsuits for evidence of criminal conduct by employees of health care companies and defense contractors, a high-ranking official at the U.S. Department of Justice said Wednesday at a gathering of whistleblower attorneys.
The U.S. Department of Justice is building criminal cases against individuals as it continues probes into financial fraud in the foreign exchange and residential mortgage-backed securities spheres, Attorney General Eric Holder revealed Wednesday, but he said punishing individuals would be easier if U.S. laws were updated as the U.K.’s have been.
Chilean lawmakers are reportedly considering reforms to the country's antitrust law that would reinstate criminal penalties for individuals and replace the current fine ceiling with a percentage of revenues model.
The insurance company founder accused of plotting to kill a prominent Delaware judge was charged with creating false documents, in an indictment unsealed Tuesday in Maryland federal court that seeks to recover over $100 million in premiums customers paid as a result of artificially inflated ratings.
The creator of Beanie Babies got off easy with a sentence of probation for evading $5.5 million in taxes through a secret Swiss bank account, federal prosecutors told the Seventh Circuit Wednesday, arguing the billionaire’s charitable works don’t outweigh the crime's severity.
A Pennsylvania man on Tuesday pled guilty in federal court to conspiring to illegally export laboratory equipment, including items used to detect chemical warfare agents, from the United States to Syria.
U.S. Attorney General Eric Holder on Wednesday called for bigger awards to Wall Street whistleblowers than what currently are available under the 1989 law that’s helped the federal government extract multibillion-dollar penalties from banks over their role in the mortgage crisis.
Continuing the federal government's pursuit for justice for an alleged $300 million real estate Ponzi scheme, federal authorities entered a superseding indictment Tuesday in Miami bringing bank fraud charges against two people focused on their alleged efforts to conceal funds from the plot.
Former Dewey & LeBoeuf LLP controller Thomas Mullikin has reached a partial settlement with the U.S. Securities and Exchange Commission that would resolve his liability in the agency's suit over the firm's collapse while leaving open the issue of a potential disgorgement order or fine, according to Tuesday court filings.
The U.S. Commodities Futures Trading Commission on Tuesday officially revoked the agency’s registrations for Steven A. Cohen's SAC Capital Advisors LP as part of a settlement of an administrative action brought in response to SAC’s guilty plea to securities fraud charges last year.
DLA Piper has announced that it added a former Kirkland & Ellis partner with experience in complex commercial disputes and corporate fraud, including the False Claims Act and the Foreign Corrupt Practices Act, to bolster its litigation practice in New York.
A Pennsylvania state judge ruled on Tuesday that the two defendants charged in the catastrophic 2013 Philadelphia building collapse that killed seven and injured 13 will face a joint trial.
New Jersey's attorney general moved Tuesday to sanction a doctor who brought suit alleging the state is unlawfully handing insurance fraud investigations off to insurers, saying the suit is frivolous and merely an attempt by the doctor to halt investigations into his wrongdoing.
New Jersey lawmakers introduced two bills Monday to prevent the use of marital privilege to block the admission of wiretapped communications in cases of crime or fraud in a legislative effort to close a legal loophole at the state Supreme Court's suggestion.
California's top energy regulator on Monday recused himself from suits over a Pacific Gas and Electric Co. natural-gas rate increase and the fatal 2010 San Bruno pipeline explosion amid the release of emails showing state officials conspired with PG&E executives to assign their preferred judge in the rate-hike case.
In its recent decision in U.S. v. Mergen, the Second Circuit essentially gave the government carte blanche to style tolling provisions as it sees fit, but — and this “but” is the import of Mergen — what the government drafts is what the government gets, say Daniel Wenner and Elizabeth Latif, attorneys with Day Pitney LLP and former federal prosecutors.
Recent policy statements on the U.S. Department of Justice’s criminal antitrust enforcement program provide additional clarity, and significant reaffirmation, on the DOJ’s policies and practices in prosecuting breaches of the antitrust laws. But some comments may leave companies seeking more clarification, say Mark Rosman and Jeff VanHooreweghe of Wilson Sonsini Goodrich & Rosati.
The scheme detailed in the U.S v. Robert Bandfield indictment follows a well-worn path of prior offshore financial frauds, but the prosecutors’ focus on the defendants’ alleged attempt to avoid compliance with the Foreign Account Tax Compliance Act sends a strong message to the global financial community, say Miriam Fisher and Brian McManus of Latham & Watkins LLP.
Given the price of defeat and the strength of the government’s evidence, why didn’t former Virginia Governor Robert McDonnell plead guilty when he had the chance? There are three common reasons why white collar criminal defendants choose to fight instead of admit guilt, says Daniel Suleiman, special counsel at Covington & Burling LLP and a former senior official in the U.S. Department of Justice Criminal Division.
As the Sentencing Commission reviews the antitrust guidelines, we urge that consideration be given to reforming the way volume of commerce escalates an individual’s recommended prison guidelines range, say Robert Connolly and Joan Marshall, partners with GeyerGorey LLP and former Antitrust Division prosecutors.
A recent Law360 article about the perennial BigLaw concern over how to recruit and retain female and ethnically diverse attorneys addressed a new approach being taken by some law firms — going beyond traditional mentoring programs by creating a sponsorship relationship. Pro bono can also play a part, say David Lash and Merle Vaughn of the Association of Pro Bono Counsel.
Efforts to apply the Esquenazi definition in Korea — a country where the government plays a significant yet often obscured role in several important industries — reveal that the definition leaves important questions unresolved and provides little comfort to companies trying to determine whether a potential business partner may be subject to the Foreign Corrupt Practices Act, say attorneys with Cadwalader Wickersham & Taft LLP and Kim & Chang.
For a law firm, excess time dedicated to legal research generates waste, either in the form of artificially reduced billable hours or, particularly in flat or contingency fee projects, as overhead eroding the profitability of legal work. By measuring five factors, firms will begin to understand their own opportunities for improving profits, says David Houlihan of Blue Hill Research Inc.
The strict liability and broad scope of the U.S. Securities and Exchange Commission’s pay-to-play rule is an important and necessary aspect of a prophylactic approach designed to prevent and deter pay-to-play activities, says Raymond Sarola of Cohen Milstein Sellers & Toll PLLC.
Each lawyer's practice is a self-run business, even within the platform of a firm, and yet the level of entrepreneurialism within the practice of law is oftentimes marginalized, says legal industry business development specialist Jenn Topper.