Banking Law360 provides breaking legal news and analysis on the banking sector. Coverage includes high-stakes litigation involving banks, as well as federal, state, and international policy developments and corporate deals.
Shareholders in Chinese peer-to-peer lending company Yirendai Ltd. asked a California federal judge on Thursday to keep their securities fraud suit against the company and its executives alive, saying their request to dismiss the case rested on mischaracterizations and factual arguments the court couldn’t consider.
Six companies raised nearly $1 billion from initial public offerings late Thursday in a blitz of deals capping a busy week, including technology “unicorn” Cloudera Inc., which raised $225 million after pricing above range and promptly saw its shares rally in debut trading Friday.
Barclays Bank PLC and three other banks want another shot at tossing a proposed class action accusing them of manipulating a benchmark gold price, telling a New York federal court in a letter that they have discovered errors in the statistical evidence marshaled against them.
Freshfields Bruckhaus Deringer LLP has hired a team of three bankruptcy and restructuring pros from Arnold & Porter Kaye Scholer LLP as partners in its New York office, in an effort to bring the firm's U.S. bankruptcy practice up to speed with its counterparts in Europe and Asia.
The Financial Industry Regulatory Authority filed charges Thursday against a broker who allegedly raised more than $1.6 million from his customers using misleading offering documents that omitted facts about his fund, including that the assets were actually controlled by a fraudster who lost $650,000 of the cash.