The U.S. Department of the Treasury declined to name China as a currency manipulator in its semiannual report Wednesday amid growing trade tensions with Beijing, but nevertheless gave a stern warning about the overall weakness of the Chinese currency renminbi and the lack of transparency in its monetary system.
FirstEnergy’s bankrupt power generation subsidiaries have asked an Ohio bankruptcy court to allow them to take out up to $25 million in letters of credit, saying the credit will help to keep the company’s seven power plants in operation.
The Financial Stability Oversight Council said Wednesday that it has decided to rescind insurer Prudential Financial Inc.’s designation as a systemically important financial institution, freeing it from enhanced regulatory supervision and leaving no nonbank financial firms classified as “too big to fail.”
Federal prosecutors on Wednesday said they are ready to schedule a sentencing hearing for President Donald Trump's former campaign Chairman Paul Manafort, but said they want to keep open their option to retry Manafort on 10 counts that left a Virginia federal jury deadlocked in August.
A New York state judge gleefully smacked down counterclaims — including one he called “a joke” — on Wednesday against a real estate owner and manager that sued KKR & Co. LP and investment bank Macquarie for allegedly rigging an auction for $100 million in Texas property.
An employee at the U.S. Treasury Department's Financial Crimes Enforcement Network was arrested on Wednesday on charges of revealing banks' suspicious activity reports on transactions by Paul Manafort and an indicted Russian operative to an investigative reporter for BuzzFeed News.
A Manhattan federal jury on Wednesday convicted two former Deutsche Bank AG traders of rigging the London Interbank Offered Rate to benefit their trading positions, setting the stage for a protracted legal fight over whether or not the trial was tainted by compelled testimony.
After being sentenced to 18 months in prison, a former State Street Corp. executive who was convicted of stealing millions from international clients asked a Massachusetts federal judge Wednesday for his freedom pending an appeal that he promises will include multiple issues that have not yet been addressed by the First Circuit.
A U.S. Securities and Exchange Commission administrative law judge on Monday shot down much of the agency’s case alleging that fund manager RD Legal Capital LLC and its owner misled investors about their hedge funds’ legal receivables investments, ruling that while some misrepresentations had been made, they hadn’t been made with fraudulent intent.
A former Equifax Inc. software development manager who pled guilty over the summer to making a nearly $76,000 profit on inside knowledge of the credit reporting giant's headline-grabbing data breach was sentenced in Georgia federal court on Tuesday to eight months of home confinement.
K&L Gates LLP was hit with a lawsuit Tuesday in Texas state court by former client Quantum Materials Corp., which alleges the firm committed malpractice through its simultaneous representation of it and its lenders in a payment dispute.
Royal Park Investments SA/NV has taken aim at a New York federal magistrate judge’s recent decision denying its request to allow loan sampling-related discovery in its suit over Deutsche Bank National Trust Co.’s alleged blunders as trustee for 10 residential mortgage-backed securities trusts, arguing that this rejection should itself be rejected.
New York state’s highest court on Tuesday upheld a trial judge’s dismissal of a Deutsche Bank trustee’s suit against Quicken Loans Inc. over the credit quality of securitized residential mortgage loans that held an initial balance of $33 million, agreeing with a lower appellate court that the breach of contract action was untimely.
Lawyers for a businessman accused of violating U.S. sanctions by helping an Iranian firm route the proceeds of a housing project in Venezuela through American banks told a New York federal judge Tuesday that they identified several problems with the prosecution's case, including possible breaches of marital privilege and attorney-client privilege.
The U.S. Securities and Exchange Commission said Tuesday that NYSE Arca Inc. and Nasdaq Stock Market LLC have failed to justify the fees for their proprietary data products, but the securities regulator didn't rule that the prices were necessarily unreasonable.
Following the recent dismissal of a drawn-out malpractice suit against Wachtell Lipton Rosen & Katz, CVR Energy Inc. on Monday filed a modified complaint focused on allegedly faulty U.S. Securities and Exchange Commission disclosures prepared by the firm more than six years ago.
Navy Federal Credit Union has agreed to pay more than $24.5 million to end claims by a proposed class that the organization unfairly charges "Optional Overdraft Protection Fees," according to a motion for preliminary approval filed in California federal court.
President Donald Trump's administration is set to launch another round of regulatory actions aimed at what it claims will cut costs for private industry across the country, previewing the fall unified agenda meant to cut an estimated $18 billion in costs from the marketplace that is set to be released Wednesday.
Brazilian digital payments processor StoneCo Ltd. on Tuesday launched an estimated $1.1 billion initial public offering, represented by Davis Polk & Wardwell LLP, hoping to capitalize on growing demand for financial technology services being provided outside of traditional banks.
A New York federal judge has upheld the bankruptcy reorganization of a Luxembourg-based entity created to acquire the financial services arm of former Russian oil giant Yukos Oil Co., saying a minority investor waived his right to challenge the corporate overhaul that wrested away any say he might have in the entity.
The Consumer Financial Protection Bureau recently announced plans to stop conducting supervisory examinations for violations of the Military Lending Act. The broader implications of this decision could lead to company push back on a wide range of supervisory activity by the CPFB, says Keith Bradley of Squire Patton Boggs LLP.
In this series featuring law school luminaries, Boston College Law School professor Kent Greenfield reflects on his corporate law theories, his legal battle with the Pentagon over free speech and gay rights, and important constitutional law issues to watch out for.
The Office of the Comptroller of the Currency's recently announced national bank charters for financial technology companies hold the promise of delivering lower costs and improved efficiencies in a safe environment that protects consumers, say attorneys at Ropes & Gray LLP.
Whether Justice Brett Kavanaugh’s prior statements may be grounds for disqualification when it comes to judging certain cases is debatable, but there are no specific recusal guidelines for the U.S. Supreme Court. The justices themselves don’t even agree on where to draw the line when it comes to perceived political bias, says Donald Scarinci, a founding partner of Scarinci Hollenbeck LLC.
As technology evolves, law firms are increasingly looking for ways to improve communication, transparency and service for their clients. Firms should put knowledge management at the core of their value proposition to create a competitive advantage, says Rob MacAdam at HighQ.
While insolvencies and fraud in the cryptocurrency space will create many issues of first impression for the courts, some valuable lessons can be found in more traditional fraud cases, such as the Bernie Madoff Ponzi scheme, says Brett Theisen of Gibbons PC.
As we watch what passes for political discourse in our nation’s capital, it’s understandable that universities are launching programs on how to cope with ideological disputes. But our country needs fewer people who profess to be open-minded and more people who engage in and honor the conclusions of reasoned debates, says Alex Dimitrief of General Electric Co.
This summer the U.S. Department of Treasury inspector general for tax administration issued a final audit report on Foreign Account Tax Compliance Act enforcement, concluding that after spending nearly $380 million, the IRS is still not prepared to enforce compliance. Rusudan Shervashidze and Nina Krauthamer of Ruchelman PLLC discuss the inspector general's recommendations and the IRS response.
Dark web monitoring allows law firms to see what sensitive information may have made its way onto the thriving global underground marketplace where cybercriminals buy and sell exposed data. It can also help lawyers advise clients on a wide range of legal and business matters, say Anju Chopra and Brian Lapidus of Kroll.
Interpretations of Rule 45 protections vary but what's clear is that "undue burden" does not mean no burden at all. To avoid the costs of compliance with a subpoena, a nonparty should be ready to demonstrate its disinterest in the litigation and the anticipated cost and burden of compliance, say attorneys at Pepper Hamilton LLP.