A Kansas federal judge on Friday sided with the U.S. Department of Labor in upholding a new fiduciary rule for retirement account advisers related to fixed indexed annuity sales, finding the agency did not exceed its authority in ushering it in.
A former investment banker for JPMorgan Chase & Co. and Perella Weinberg Partners convicted of insider trading after he was accused of leaking confidential information about health care company mergers to his father was sentenced to three years in prison on Friday.
Celebrity lawyer Mark Geragos parachuted into Manhattan federal court Friday to defend former New York pension strategist Navnoor Kang against charges that he took bribes to steer $2 billion of investment dollars toward a former Sterne Agee managing director, as U.S. District Judge J. Paul Oetken set a December trial date.
In this week’s Taxation With Representation, Japanese telecommunications giant SoftBank Group acquires a private equity firm for $3.3 billion in cash, Hologic buys medical aesthetics company Cynosure for $1.65 billion, and a Texas oil and gas company purchases new assets in North Louisiana for $465 million.
The Texas Supreme Court on Friday said it would not review wealth management and capital markets firm Morgan Keegan’s argument it was wrongly held liable for not telling investors the true risks of a mortgage-backed securities stake, leaving intact a $2.1 million judgment.
A former executive at one of Ponzi schemer R. Allen Stanford’s financial firms has agreed to pay the U.S. Securities and Exchange Commission nearly $3.9 million to settle claims related to his role in the fraud, according to a Friday decision by the regulator.
CQG asked the full Federal Circuit on Friday to review a panel finding that electronic trading patents the software maker was ordered to pay $16 million in infringement damages for are valid under Alice, saying the panel rewrote the law on patent eligibility.
New York University on Wednesday asked a federal judge in New York to throw out a proposed class action alleging it breached a fiduciary duty to employees in its retirement plan, saying the employees had never alleged a conflict of interest that could lead to a claim the university breached its loyalty to the plan.
Commerzbank AG on Thursday urged a New York federal judge not to toss its suit alleging that Wells Fargo Bank NA failed to protect it from massive residential mortgage-backed securities losses, saying a ruling in a similar suit against Deutsche Bank National Trust Co. supports such an outcome.
Alternative asset manager Hamilton Lane Inc. launched a $190 million initial public offering Thursday, advised by Drinker Biddle & Reath LLP, following four companies that filed IPOs earlier this week, suggesting deals could pick up in March after a current pause in the market.
An Indiana federal judge on Thursday backed a receiver’s plan to distribute recovered funds to investors allegedly misled about an asset manager’s use of $15 million in farm loans, denying a group’s plan to split the investors into different tiers for recovery.
A Dallas man and two companies he founded bilked at least 100 victims out of more than $13 million through fraudulent securities offerings, according to a U.S. Securities and Exchange Commission complaint and preliminary injunction motion filed in Texas federal court and unsealed Thursday.
Hampshire Properties has reportedly scored $70 million in financing for a Brooklyn rental project, a Western Beef affiliate is said to have sold a Florida grocery store for $11.7 million, and Mount Sinai Health System has reportedly leased 26,100 square feet in New York from Empire State Realty.
Acting U.S. Securities and Exchange Commission Chair Michael Piwowar has curtailed some powers of the agency's enforcement staff dating from the financial crisis, according to multiple media reports.
The Sixth Circuit berated the IRS on Thursday while overturning a U.S. Tax Court decision finding a family-owned company liable for tax deficiencies on transfers to retirement accounts, saying that the revenue agency was trying to undo transactions that are perfectly legal.
European stock exchange operator Euronext said Wednesday it will partner with a U.S. financial technology company and launch a block-trading platform designed to enable investors to execute large orders without tipping their hat toward high-frequency traders.
Shareholders in Fannie Mae who sued Deloitte & Touche LLP for allegedly botching its audits of the mortgage firm in the lead-up to the financial crisis and its 2008 takeover by the U.S. government asked a Florida federal judge Wednesday to reconsider his decision to freeze them out of the lawsuit, saying he mistakenly concluded that their claims were barred.
Morgan Stanley’s brokerage arm settled the Financial Industry Regulatory Authority’s allegations that it bought or sold municipal bonds for its own accounts at prices that were not fair and reasonable, according to a deal filed Wednesday.
Prevezon Holdings Ltd. lashed out Wednesday at a government request to introduce new documents, new witnesses and new discovery requests in a New York federal court lawsuit stemming from a $230 million Russian tax fraud, arguing prosecutors had their chance to bolster their “insufficient case.”
A disbarred California attorney has been sentenced to six years in prison after he pled guilty to federal securities fraud for tricking various clients into handing over about $4.5 million for stock and real estate investments and then pocketing the money.
The case against Vice President Teodorin Nguema Obiang is severing diplomatic relations between France and Equatorial Guinea for no benefit to the Equatorial Guinea people. Along the way, France seems to be lecturing the rulers of a formal colonial country, while not cleaning its own house, says Stéphane Bonifassi of Bonifassi Avocats.
We do not anticipate the new administration will ease anti-money laundering enforcement. In fact, it is more likely that enforcement of the Bank Secrecy Act is an area of supervision that will increase in the coming years, say attorneys with Arnold & Porter Kaye Scholer LLP.
Fred Korematsu’s U.S. Supreme Court case challenging President Franklin Roosevelt’s executive order that led to the incarceration of approximately 120,000 people of Japanese ancestry may sound like ancient history. However, Feb. 19 marks the 75th anniversary of the order's signing, and that it’s celebrating its diamond anniversary now is breathtaking timing, says Randy Maniloff of White and Williams LLP.
General counsels face the challenging task of understanding how companies can navigate the rules surrounding uses of artificial intelligence. To get smart on AI, general counsels must ask the right questions about areas such as human resources, intellectual property, liability and insurance, say Bruce Heiman and Elana Reman of K&L Gates LLP.
Though the Trump administration has yet to make an official statement regarding artificial intelligence, support for AI is consistent with its expressed desire to promote American business. As such, general counsel will inevitably have to navigate what big data and AI mean for compliance with current and future laws and regulations, say Bruce Heiman and Elana Reman of K&L Gates LLP.
Investments in “unrestricted subsidiaries” are an exception to investment covenants and are being increasingly used in restructuring a company’s capital structure. Before purchasing any debt, distressed investors need to be mindful of what unrestricted subsidiaries are and how they may affect the overall credit of a company or debt recoveries, say attorneys with Chapman and Cutler LLP.
Creating a list of industry-endorsed reforms is perhaps the easiest task to complete when attempting to ease financial regulatory burdens. However, sorting through and identifying realistic, achievable regulatory reforms at the agency level will prove much more difficult and vexing because of the complexity of current agency interconnectivity, says Joseph Lynyak III of Dorsey & Whitney LLP.
Lawyers are likely turning to alcohol to lessen stress and anxiety, to socialize, and even to sleep better. Unfortunately, many are unaware that their nightly pour could be causing or exacerbating the anxiety that is plaguing the legal profession, says Jennifer Gibbs of Zelle LLP.
A recent U.S. Department of Labor information letter concluded that certain portfolios did not meet requirements to be a qualified default investment alternative under the Employee Retirement Income Security Act, emphasizing the DOL’s support for broadening the use of lifetime income options in defined contribution plans as a supplement to and enhancement of accumulation of retirement savings, say attorneys with Alston & Bird LLP.
This is not the first time that a president has criticized the judiciary. But what is unique about President Donald Trump's attacks is that they target not just a specific decision, but the judiciary and its decision-making power altogether. Every lawyer, regardless of political persuasion, must speak up, says Alexandra Wald of Cohen & Gresser LLP.