A Florida federal court has temporarily shut down student loan debt relief company Strategic Student Solutions, which the Federal Trade Commission says bilked customers out of millions of dollars by promising to reduce or eliminate their loan debt, the FTC said Thursday.
A California federal judge allowed the bulk of a proposed class action accusing LendingClub Corp. of hiding defective internal controls to go forward on Thursday, but ruled that the investors behind the suit will need to tighten up some of their claims.
A putative class accusing TD Bank NA of improperly freezing money exempt from judgment in customer accounts and imposing fees asked a New York federal judge Thursday for final approval of a $500,000 settlement that will also make it easier for judgment debtors to access their funds, ending seven years of litigation.
The Fifth Circuit on Thursday sent a case challenging a Texas law that bars retailers from imposing credit card surcharges back to a lower court following a U.S. Supreme Court ruling that a similar statute in New York may have unconstitutionally restricted merchants’ free speech rights.
A California federal judge on Wednesday declared that he will approve a $142 million settlement in a class action between Wells Fargo and the owners of 3.5 million unauthorized bank accounts that were surreptitiously opened in their names, saying that certain changes need to be made to the settlement first.
Two Massachusetts men pled guilty in Boston federal court Thursday to an $11 million fraud scheme in which they falsely told investors that their subprime auto loan company could accept tax-advantaged retirement account funds.
Exxon Mobil Corp. and Royal Dutch Shell PLC subsidiaries trying to confirm a $1.8 billion arbitration award against a Nigerian state-owned oil company have urged a New York federal judge to deny an attempt from the country’s central bank to hold on to records related to its foreign accounts.
A Mississippi federal judge on Wednesday dished out hefty prison sentences ranging from 25 to 115 years to three Nigerian nationals for their roles in a large-scale internet fraud network, where they duped U.S. citizens via romance scams to send money or help carry out the frauds, the U.S. Department of Justice announced.
A group of state attorneys general has urged a New York federal judge to redirect $15 million in undistributed funds from a Sprint Corp. settlement to a nonprofit and an attorneys general training program, saying objections from the Consumer Financial Protection Bureau do not hold water.
A third anonymous Coinbase customer sought Wednesday to jump into the fray opposing the IRS’ California federal court summons enforcement bid seeking customer names and other information from the virtual currency exchange company, warning of an unconstitutionally intrusive “fishing expedition.”
The feared individual accountability scheme that makes Britain’s financial services managers responsible for misconduct happening on their watch has caught the eye of global regulators, and lawyers say it is only a matter of time before a similar program is rolled out internationally.
The head of a key House committee on Wednesday said that he would cut language to repeal a cap on debit card swipe fees included in the Dodd-Frank Act from a keystone Republican financial regulation bill, saying that he wouldn’t let the bill be derailed by a matter that has divided retailers and financial firms.
A top adviser to Vice President Mike Pence on Thursday said that the Trump administration’s main priority in changing financial regulation will be to help creditors and other market participants take a more active role in policing markets.
Central bankers and foreign exchange players on Thursday unveiled a voluntary global code of conduct establishing good practices for wholesale foreign exchange markets, hoping to restore faith in a $5 trillion daily market beset by several enforcement probes and antitrust litigation alleging manipulation.
The Eighth Circuit on Wednesday let St. Louis Bank off the hook in a suit by investors in a $56 million Ponzi scheme orchestrated by St. Louis attorney and Anglican bishop Martin Sigillito, finding the bank didn’t know the money moving through his accounts was being stolen.
Wells Fargo couldn’t escape a 20 percent penalty for a $1.25 billion securities transaction, part of which has been deemed a tax-avoidance sham, but it won a partial victory to deduct interest paid on a foreign loan, under a Minnesota federal court’s ruling Wednesday.
A Pennsylvania federal judge on Wednesday freed Morgan Stanley Smith Barney LLC from a former broker’s suit alleging a hostile work environment and retaliation, saying she only alleged sporadic acts of discrimination.
Two New York attorneys will have to face a suit accusing them of neglecting a client’s wrongful termination claims against Fannie Mae, a Washington, D.C., federal judge ruled Tuesday, saying the court did have jurisdiction over the case because the attorneys had agreed to represent the client in D.C.
Fried Frank Harris Shriver & Jacobson LLP has expanded its New York office with additions to its finance and real estate litigation practices from Cadwalader Wickersham & Taft LLP and Katten Muchin Rosenman LLP.
French bank BNP Paribas was fined $350 million by the New York State Department of Financial Services for lax oversight in its foreign-exchange business that allowed “nearly unfettered misconduct” by more than a dozen employees involved in exchange rate manipulation, officials announced Wednesday.
In the second installment of this two-part series on disruptive innovation among mid-size law firms, Jill Dessalines, founder of Strategic Advice for Successful Lawyers and former senior vice president at McKesson Corp., explores a number of ideas for keeping clients and maintaining market position.
When does a modification “substantially impair” a junior lender’s priority? While not adopting a bright-line rule to answer this question, an Illinois state appeals court in Bowling Green Sports Center v. GAG LLC offered examples of where it would find “substantial impairment,” resulting in a senior lender losing its priority status, say Jason Hirsh and Erin Mayer Isaacson of Levenfeld Pearlstein LLC.
The Prevezon case stands out as an example of the extraordinary lengths the U.S. government can and will go to assert jurisdiction over matters involving foreign entities and persons who commit crimes abroad to the detriment of foreign countries and citizens. However, since the matter settled, the government’s case was not tested at trial, say attorneys with Hughes Hubbard & Reed LLP.
As I sat there listening, incredulous to learn that "Milkshake" was not only a real song but also a chart-topper, it reminded me of Harvard Business School Professor Clayton Christensen’s work on disruptive innovation — and how it pertains to mid-size law firms, says Jill Dessalines, founder of Strategic Advice for Successful Lawyers and former assistant general counsel of McKesson Corp.
The Federal Housing Finance Agency's ruling that prevents captive insurance companies from becoming members of the Federal Home Loan Bank system is forcing billions of dollars of private capital out of the U.S. residential mortgage market. Hopefully, the Trump administration and members of Congress will be able to convince FHFA Director Melvin Watt to reverse this ruling, says Jeffrey Murphy of Dentons.
Although used often in deal negotiations, the term “silent second” has different meanings for different institutions and different meanings in the United States and Europe. Capital structures that include silent second-lien debt can therefore be complicated, particularly in cross-border transactions involving different insolvency or contract laws, say attorneys with Mayer Brown LLP.
Every lawyer who’s handled a civil case in federal court knows about Rule 30(b)(6), governing deposition procedures. But for many real-world deposition dilemmas, the rule offers little guidance. Last year, an Advisory Committee on Civil Rules subcommittee began considering whether the rule should be amended. Now attorneys must advise the subcommittee how to proceed, says Frank Silvestri Jr. of Verrill Dana LLP.
As the D.C. Circuit hears arguments on Wednesday regarding the constitutionality of the U.S. Securities and Exchange Commission’s administrative tribunals, Cleary Gottlieb attorneys consider whether the current strong movement away from using the administrative forum is universally positive for defendants.
With the second phase of the Foreign Exchange Global Code releasing this week, Matthew Kulkin and Micah Green of Steptoe & Johnson LLP analyze how U.S. courts have historically looked to or relied upon financial services global codes of conduct or industry best practices documents.
As wire fraud schemes become more prevalent, everyone involved in a real estate transaction is at risk. Liability will likely depend on, in part, whether the agent, broker or title company employed commercially reasonable security procedures, say Mariana Bravo and Katherine Ondeck of Carr Maloney PC.