A Texas federal judge threatened to make opposing attorneys kiss one another at the Alamo, lamented the days when Texas cases were handled by Texas attorneys, quoted Elvis, and generally went off in a order setting a status conference for a trade secret dispute between HouseCanary Inc. and Quicken Loans.
RD Legal Funding, the litigation funder accused of gouging NFL players and 9/11 responders who were loan customers, asked a Manhattan federal judge Wednesday to press pause on the suit as the Consumer Financial Protection Bureau appeals its surprise ejection — or to greenlight a broader appeal.
A New York federal judge is standing by his decision to pare down False Claims Act litigation alleging that Fannie Mae, Freddie Mac and the government were overcharged for foreclosure services, rejecting a relator’s bid for a shot at bringing Bank of America, Wells Fargo and several other mortgage servicers back into the case.
An Illinois federal judge on Thursday appointed Kimberly A. Justice of Kessler Topaz Meltzer & Check LLP and Jonathan C. Bunge of Quinn Emanuel Urquhart & Sullivan LLP as lead co-counsel in multidistrict litigation over alleged Chicago Board Options Exchange’s volatility index manipulation.
Ambac asked a New York federal court Thursday to release it from an obligation to insure some of the $900 million in losses suffered by a residential mortgage-backed securities trust managed by Deutsche Bank National Trust Co., saying the banking giant did not hold the underlying loan issuer accountable.
Expressing deep frustration with calls for continued Chancery Court intervention in a multiyear lender and borrower dispute, a Delaware vice chancellor on Thursday told both sides to look to their contract in sorting out a potential $167 million loan default finding.
U.S. District Judge Jed Rakoff has ruled that the Center for Class Action Fairness can have just a small fraction of the nearly $200,000 in attorneys' fees requested for it by its client, an objector to the $3 billion class action settlement resolving securities fraud claims against Brazilian oil giant Petrobras.
A partner at Sidley Austin LLP will be nominated as U.S. attorney in San Francisco, the White House announced Thursday, as it also revealed nominees for spots in Florida, Illinois and North Dakota.
A California federal judge has pared down a proposed class action alleging Wells Fargo unfairly withholds certain lines of credit from customers because of their immigration status, finding that two of the people bringing the case failed to show they were prevented from taking out home and auto loans because of discriminatory policies.
A Federal Circuit panel on Thursday revived a Sioux tribe member’s suit alleging the U.S. Department of Agriculture breached a settlement agreement it reached with Native American farmers over its farm loan program, saying the terms of the settlement don't prevent additional suits from being filed in court.
The U.S. Securities and Exchange Commission filed two orders on Thursday saying Citigroup Inc. had agreed to pay $10.5 million to settle a pair of enforcement actions over substantial losses incurred by misconduct involving three of the bank’s traders and loans fraudulently procured by a Mexican marine services provider.
A class of Bank of America NA customers won final approval Thursday for their $1.8 million Fair Credit Reporting Act settlement over allegedly unauthorized soft credit report inquiries, with a California federal judge saying that though it offered a small $4 payout per class member, the deal was fair.
German financial technology firm Deposit Solutions said Thursday its most recent funding round brought in $100 million from investors as the company looks to build upon successes in the savings deposit market and its business-to-consumer products.
All 49 Democratic senators urged the acting director of the Consumer Finance Protection Bureau not to undermine the Military Lending Act, which protects service members from predatory loans and financial fraud, following media reports saying the Trump administration is planning to stop examining lenders for violations of the act.
JPMorgan Chase Bank NA has loaned $138.1 million to Two Roads Development for a Miami luxury condo tower project, according to an announcement on Thursday from Walker & Dunlop Inc., which arranged the financing.
In this monthly series, Amanda Brady of Major Lindsey & Africa interviews management from top law firms about the increasingly competitive business environment. Here we feature Patrick DiDomenico, chief knowledge officer at Ogletree Deakins Nash Smoak & Stewart PC.
Attorneys for former Trump campaign chairman Paul Manafort threw their final punches Wednesday in an effort to knock down the government’s tax and bank fraud case against him in Virginia federal court, painting cooperating witness Rick Gates as a serial liar and slamming the prosecution as “desperate” during closing arguments.
A Florida appeals court on Wednesday barred a trial court from continuing indirect criminal contempt proceedings for two attorneys for lender Ditech Financial LLC for violating a discovery order in a foreclosure suit, finding there was no evidence the lawyers had advised the company to violate the order.
Professional auto racer Scott Tucker asked the Ninth Circuit on Wednesday to reverse a $1.3 billion judgment against his payday loan companies for deceiving and overcharging customers, saying borrowers’ loan contracts included all necessary information and calling the Federal Trade Commission’s claim they hid unfavorable terms “a red herring.”
A bankruptcy court finding that Bear Stearns & Co. Inc. acted in good faith when it repurchased securities from former debtor HomeBanc Mortgage Corp. in 2007 was upheld Tuesday when a Delaware federal judge said the lower court did not misapply the law or make errors of fact.
The Foreign Investment Risk Review Modernization Act empowers the U.S. government to review a far broader group of transactions than ever before to determine if they threaten national security. FIRRMA's expansive new coverage includes oversight of real estate investments and transfers of "emerging and foundational technologies," say Jeffrey Bialos and Mark Herlach of Eversheds Sutherland LLP.
A recent Law360 guest op-ed criticized the judge in the Chicago Board Options Exchange antitrust litigation for requesting more diversity in plaintiffs’ lead counsel applications. The author’s argument misinterprets the Federal Rules of Civil Procedure and reinforces archaic misconceptions about women and minorities in the courtroom, say Kellie Lerner and Chelsea Walcker of Robins Kaplan LLP.
Across the country this fall, recent law school graduates, law firm associates and experienced professionals will interview for positions in private practice and government service. Sharing tips on how to stand out in this high-pressure, hypercompetitive process are Eileen Decker, former U.S. attorney for the Central District of California, and Keith Jacoby, co-chairman of Littler Mendelson PC’s class action practice group.
Depending on your political beliefs, the U.K. Supreme Court's recent judgment in Goldman Sachs v. Novo Banco either illustrates the benefits of remaining in the European Union or highlights the dangers of not breaking free from it, says Ben Pilbrow of Shepherd and Wedderburn LLP.
With memories of the Great Recession still fresh, fears that the auto loan securitization market is headed for a crash similar to the ill-fated residential mortgage backed securities market are on the rise. Albert Fowerbaugh and Julie Rodriguez Aldort of Butler Rubin Saltarelli & Boyd LLP consider the types of claims that various participants might assert if the market veers off course.
Justice Ruth Bader Ginsburg joined the U.S. Supreme Court 25 years ago and is not planning to retire anytime soon — she has hired clerks through 2020. What's it like to assist Justice Ginsburg? In this series, former clerks reflect on the experience.
With its recent decision in Rayner v. E-Trade Financial — which unanimously affirmed the dismissal of a putative class action asserting state law best execution violations — the Second Circuit made a significant contribution to a collection of circuit court opinions on the Securities Litigation Uniform Standards Act, say attorneys with Paul Hastings LLP.
It had never occurred to me that judges don’t always love the way their appellate cousins review their work and tell them — in public — all the things they got wrong. I was frequently struck by Justice Ruth Bader Ginsburg’s acute awareness of the delicacy of this relationship, says attorney David Post.
If you began complying with the New York Department of Financial Services requirements last year, your cybersecurity program is already in place, which should streamline compliance for the next deadline. The controls required to be in place by Sept. 1, 2018, cover five areas, says Richard Naylor of Murphy & McGonigle PC.
President Donald Trump signed an executive order on Aug. 6 formally re-imposing certain sanctions with respect to Iran. Given the administration’s rapidly shifting approach to international trade and national security issues, businesses should plan for the worst — while continuing to advocate for a more pragmatic approach, say attorneys with Dechert LLP.