A consultant being sued by an investment bank over her role helping broker a $1.2 million loan for a now-abandoned biopic about Janis Joplin escaped some claims Friday, with a Massachusetts federal judge ruling that the bank can’t claim a contract was breached when it can’t show a contract existed.
A court-assisted process to evaluate claims against Lehman Brothers for allegedly selling billions of dollars' worth of dud mortgage-backed securities before its collapse may not begin next week as expected after the judge presiding over the case said Monday she couldn't square away efforts to remove claims without reducing damage amounts.
Four Korean banks claim in a fraud suit filed in California federal court Wednesday that online computer parts retailer Newegg took part in a “classic Ponzi scheme” that involved fraudulently procuring more than $3 billion in loans, $230 million of which is still missing.
The government pushed back Friday on acquittal bids entered by two former Nomura traders accused of conning customers looking to buy and sell residential mortgage-backed securities, telling a Connecticut federal court that the men misread conspiracy law to argue prosecutors failed to carry their burden of proof at trial.
A Delaware bankruptcy judge called diamond cutter and wholesaler Exelco NV's Chapter 11 case “a mess” Monday and directed the sides to talk over a tangle of disputes before he tried unraveling them, including whether the proceeding should be in Belgium and who speaks for the debtor.
Link REIT is looking to sell about $2 billion worth of Hong Kong retail assets, online lender SoFi tried but failed to find a buyer willing to pay $8 billion for the company, and multiple potential suitors for U.K. health and fitness club operator Pure Gym have emerged.
The Second Circuit said Friday it will not reconsider a decision to toss a Telephone Consumer Protection Act suit accusing the lending arm of Lincoln Motor Co. of barraging a borrower with calls he had no longer consented to receive, affirming a decision that the TCPA is silent on the issue of withdrawing consent for such calls.
Quinn Emanuel Urquhart & Sullivan LLP has picked up one of New York's best known non-BigLaw-affiliated defense lawyers, Alex Spiro, from defense litigation boutique Brafman & Associates.
A proposed class action that accused Goldman Sachs Group Inc. of using a practice called “last look” to cheat traders on its foreign exchange platforms has been dropped, making it the third of six similar cases to be withdrawn in the past two months.
A Treasury Department report on Monday took a swipe at the Consumer Financial Protection Bureau’s arbitration rule, providing more ammunition for financial firms challenging the rule in court even as a move to nullify it in Congress appears on the ropes.
A Brooklyn federal jury on Monday convicted former HSBC executive Mark Johnson of defrauding bank client Cairn Energy PLC by scheming to trade ahead of a $3.5 billion foreign currency exchange the Scottish oil and gas developer planned and ramping up the price of British pounds sterling.
The company led by former American International Group Inc. CEO Maurice "Hank" Greenberg urged the U.S. Supreme Court to review an appeals court’s decision that found the firm lacked standing to pursue claims against the federal government over the 2008 bailout of AIG, saying the decision amounts to an “egregious injustice.”
The U.S. government's bankruptcy watchdog said Thursday there is no need to appoint a committee to represent the interests of Seadrill Ltd. shareholders in the company's Chapter 11 proceedings since no evidence has been provided that they might receive substantial recoveries.
The government will have to prove that its indictment for one of two former Deutsche Bank traders in a Libor-rigging suit wasn't based on testimony compelled by U.K. authorities, according to a New York federal judge's finding that a lawyer may have tainted the case.
The last week has seen a dispute between the last standing shareholder group in the RBS rights issue case and one of its funding claimants, a Law Society suit over financial transactions, and more competition claims against Visa and MasterCard. Here, Law360 looks at those and other new claims in the U.K.
Two Massachusetts men were sentenced to prison by a federal judge Friday over an $11 million fraud scheme in which they falsely told investors that their subprime auto loan company could accept tax-advantaged retirement account funds.
Shareholders in Fannie Mae and Freddie Mac have asked the U.S. Supreme Court to save their challenge to the federal government’s conservatorship of the companies that has left their stock almost worthless, saying the D.C. Circuit’s rejection of their case set a dangerous precedent.
A tech expert who was convicted in a scheme to co-opt a credit union to process illegal bitcoin-dollar exchanges was sentenced Friday to 16 months in prison by a New York federal judge, who granted him a “substantial variance” from the guidelines for his relatively small role and positive personal characteristics.
Investors in LendingClub Corp. who accused the online lender of stock fraud were recognized as a class in California federal court on Friday, but the judge allowed a competing state-court case to advance despite his skepticism that it would result in a better outcome for investors.
A former managing director at Zacks Investment Research has pled guilty to one count of securities fraud in Illinois federal court after prosecutors accused him of purchasing stock in companies he covered in his research reports before those reports were publicly released.
Christopher Scalia and Edward Whelan have published an indispensable collection of the late Justice Antonin Scalia's best speeches. "Scalia Speaks: Reflections on Law, Faith, and Life Well Lived" puts on full display Justice Scalia’s skilled writing, quick wit and uncommon wisdom on a wide range of topics — from law to turkey hunting, says Judge William Pryor of the Eleventh Circuit.
Financial Crisis Anniversary
The role of the general counsel has significantly grown in importance, with the GC now often replacing the senior partner in the outside law firm as the primary counselor for the CEO and the board. This inside counsel revolution was given great impetus by the financial crisis that started 10 years ago, says Ben Heineman Jr., former general counsel of General Electric Co.
Recent rule changes in the Commercial Division of the Supreme Court of New York are the latest of several efforts made to foster greater use of mediation and to institutionalize alternative dispute resolution, says Christopher Palermo, a litigation partner at Bleakley Platt & Schmidt LLP who serves on the Commercial Division Advisory Council.
There has been much discussion of discovery proportionality in federal litigation since the December 2015 changes to Civil Rule 26. But arbitrators have long used procedures to simplify the discovery process that courts have only recently begun to adopt, says attorney and arbitrator Richard Seymour.
If the Dodd-Frank Act’s $50 billion asset threshold that triggers enhanced prudential standards for banks is revised, the federal banking agencies separately may feel compelled to revisit a range of other regulations and guidance that have used the $50 billion asset line, say attorneys with Debevoise & Plimpton LLP.
Today's law firm chief financial officer should be involved in many areas beyond traditional financial management, including operations, risk management and information technology. He or she can support strategic planning throughout the process, from development of the plan to its implementation, measurement and eventual evolution, say Tyler Quinn and Marc Feigelson of Kaufman Rossin PA.
Clients are beginning to expect and demand that their external lawyers provide advice tailored to the client's industry. Aside from this, law firms should want to move toward a sector approach because industry-focused groups are a natural place for cross-practice collaboration to flourish, say Heidi Gardner and Anusia Gillespie of Harvard Law School.
In their new book, "The Judge: 26 Machiavellian Lessons," do Ronald Collins and David Skover prove their thesis that hypocrisy is the key to judicial greatness? Some of the examples they present are hard to dispute, says Judge Alex Kozinski of the Ninth Circuit.
Bitcoin has taken two significant steps toward legitimacy since the Winklevoss and SolidX exchange-traded fund applications were rejected by the U.S. Securities and Exchange Commission earlier this year. As bitcoin trading proliferates, it is likely that the SEC will change its stance and approve a bitcoin ETF, say attorneys with Morvillo LLP.
Financial Crisis Anniversary
After nearly a decade of recession-accelerated change in the legal industry, “merit-based” compensation has largely come to mean measuring attorney success using some combination of origination and working attorney hours metrics. However, there are signs that the real impact of the recession is still around the corner, and that building a book isn’t enough, says Peter Zeughauser of Zeughauser Group.