A unit of Morgan Stanley will pay $500,000 after the Commodity Futures Trading Commission found that it overbilled customers for certain futures trades because of errors in its calculation program, violating supervisory rules, the regulator said Thursday.
Lawyers representing trusts that own $12 billion in student loans accused a loan servicer and Wilmington Trust Corp. late Wednesday of wrongly refusing to issue payments to attorneys for legal services in a recent, and still unconfirmed, $22 million settlement with regulators over bogus collections.
A California federal judge ordered the U.S. Securities and Exchange Commission on Wednesday to provide a list of 44,000 documents from its investigation of the Empire State Building's primary owner to a small stakeholder who sued for the records under the Freedom of Information Act.
A former K&L Gates LLP partner with a focus on investment management and derivatives has been named a partner at Drinker Biddle & Reath LLP's Chicago office, extending the firm’s efforts to expand its investment management practice.
A New York federal judge on Wednesday denied a bid by Puerto Rico's capital, San Juan, to stall a vote on a restructuring plan for the $4.1 billion debt load of the territory’s investment bank, saying that the city had not shown it had a secured interest on funds in the bank.
Goldman Sachs is reportedly leading a syndicate of banks that's providing $1.2 billion in financing for a Manhattan trophy tower to a venture that includes REIT SL Green, Farbman Group is said to be seeking $24 million for a Chicago loft office building, and Extell Development has reportedly bought a New York drug rehab building for $19 million.
Federal prosecutors in New York rocked the college sports world on Tuesday with bribery and corruption allegations that experts say should put schools across the country on notice of a much broader problem given the increasing commercialization of college athletics.
A group of bondholders with interests in Puerto Rico’s insolvent and beleaguered electric power company are offering to lend the utility $1 billion in new cash to help address damage wrought by Hurricane Maria, potentially positioning themselves for an earlier payout in the public corporation’s restructuring.
A Minnesota federal judge on Wednesday denied a bid by Ritchie Capital Management and other intervenors to terminate the receivership over the assets of fraudster Thomas Petters, saying that scrapping the receivership now would threaten efforts to recover funds for all of the other victims and creditors who were caught up in Petters’ $3.7 billion Ponzi scheme.
General Electric Co. took its retirement plan investors' money and parked it in company-run funds even as they continued to perform poorly, according to a proposed class action filed in California federal court Tuesday that says the company violated ERISA and cost workers $700 million in savings.
A California judge Wednesday granted Sheppard Mullin Richter & Hampton LLP’s request to arbitrate a bankruptcy trustee’s suit accusing the firm of bungling a $50 million California real estate deal, saying the trustee is bound by an arbitration agreement signed by the debtor company.
Bloomberg News on Tuesday asked the Second Circuit to rehear an appeal that reinstated defamation claims brought by a former Dutch hedge fund executive, saying the article for which it was sued is protected by absolute privilege for “fair and true reports of judicial proceedings.”
Congress on Wednesday passed a bill aimed at creating a research safe harbor for exchange traded funds, after a House voice vote sent the measure to President Donald Trump.
Investment manager Lynn Tilton and her companies on Wednesday won dismissal of the U.S. Securities and Exchange Commission's allegations that they defrauded investors in several commercial debt funds, with an administrative law judge ruling the SEC failed to show alleged misconduct by Tilton and her company Patriarch Partners rose to the level of fraud.
Spotify could be valued at $20 billion or more when it finally goes public, Spanish building and infrastructure company ACS may make an offer to buy Abertis, and a Japanese life insurer is in talks to buy a stake in asset manager TCW Group.
New European Union laws banning inducements such as free investment research are spilling over into the U.S. market, which attorneys warn is causing regulatory friction and a huge headache for multinational finance firms that now face having to comply with two complex and entirely separate regimes.
The CEO of The Associated Press countered allegations he mismanaged a trust benefiting heirs of the McClatchy newspaper dynasty when he was McClatchy’s chief executive, testifying at a California bench trial Tuesday that stock in the trust tanked because of the Great Recession, not because the company purchased rival Knight Ridder for $4.5 billion.
The U.S. Commodity Futures Trading Commission's Sharon Bowen urged the agency in a farewell address Monday to finalize rules regulating high-speed trading, calling it unfinished business and arguing that failure to keep pace with European regulators on this matter will jeopardize American financial markets.
New Jersey federal prosecutors unsealed charges Tuesday against a second man they say took part in a plot to swindle the Overseas Private Investment Corp. by diverting the bulk of $1 million meant to fund a Liberian bus company into the pockets of its U.S. backers.
Federal prosecutors accused two former managing directors of Zacks Investment Research and LBMZ Securities of insider trading in Illinois federal court on Tuesday, the same day the two men agreed to fork over their allegedly ill-gotten gains and pay penalties to settle related claims brought by the U.S. Securities and Exchange Commission.
In the midst of market excitement surrounding initial coin offerings, the U.S. Securities and Exchange Commission recently issued an investigative report warning that digital tokens may be securities. When a token is a security, a variety of legal considerations come into play, including the Investment Advisers Act, anti-money laundering and taxation, say attorneys with K&L Gates LLP.
Recent actions by the S&P Dow Jones and FTSE Russell highlight growing concerns within the investment community regarding multiclass voting structures. However, it is unlikely these actions will have a uniform impact on every multiclass company, say attorneys with King & Spalding LLP.
David Coale, leader of the appellate practice at Lynn Pinker Cox & Hurst LLP, shares his insights into what works — and what does not — when setting up and maintaining a legal blog.
The Office of the Comptroller of the Currency recently issued an advance notice of proposed rulemaking that represents the first concrete step toward reforming the regulations that implement the Volcker Rule. The OCC’s willingness to issue the ANPR reflects a forward-thinking approach that will have a significant long-term impact on financial market participants, say attorneys with Arnold & Porter Kaye Scholer LLP.
There is a wonderful sketch of Seventh Circuit Judge Richard Posner dressed in a black robe with arms outstretched as if they were the billowing wings of a lean vulture. He is kicking a human brain down a hallway and wearing a half-smile that looks for all the world like a sneer. That sketch is the perfect metaphor for both Judge Posner and his new book, "The Federal Judiciary: Strengths and Weaknesses," says U.S. District Judge Ri... (continued)
The Second Circuit's determination that former Lehman Brothers employees' restricted stock units are securities is important to creditors seeking to safeguard their priority position among bankruptcy claimants, say John Stigi and Christopher Bosch of Sheppard Mullin Richter & Hampton LLP.
The 5-4 U.S. Supreme Court decision in California Public Employees’ Retirement System v. ANZ Securities was the first in which we saw Justice Neil Gorsuch’s view of securities liability — he represented the crucial fifth justice joining the majority opinion, say Robert Long of Alston & Bird LLP and Edgar Neely.
Special master appointments can be very beneficial in resolving disputes quickly, streamlining discovery, handling delicate settlement negotiations, and — somewhat surprisingly — reducing cost and delay, says retired U.S. District Judge Shira Scheindlin, now with JAMS.
As more law firms become the targets of major cyberattacks, more firms may consider appointing a chief privacy officer. In this series, CPOs at four firms discuss various aspects of this new role.
For outside counsel, oftentimes efficiency and responsiveness collide with security measures as clients are increasingly requiring their law firms to comply with third-party risk management programs. To meet these challenges, law firms are focusing more on the roles of chief privacy officer and chief information security officer, says Phyllis Sumner, chief privacy officer for King & Spalding LLP.