Mick Mulvaney, director of the White House Office of Management and Budget, on Tuesday confirmed he took part in the decision to drop a lawsuit against a payday lender, despite his spokesman initially stating the decision was made by career staff at the Consumer Financial Protection Bureau.
The U.S. Department of Labor on Friday announced it has recovered more than $7 million for three companies that suffered losses for future retirees as a result of investments in fictitious loans made by Florida-based First Farmers Financial LLC.
A former head trader at Nomura must face a U.S. Securities and Exchange Commission suit accusing him of lying to customers about the prices he’d paid for commercial mortgage-backed securities he was reselling, a New York federal judge ruled Monday.
A Manhattan judge's refusal to toss Washington Redskins owner Dan Snyder's malpractice suit targeting Cadwalader Wickersham & Taft LLP over a $10 million fee he was forced to pay UBS for a long-ago Six Flags proxy fight means the dispute is probably going to trial, Snyder's counsel said Monday.
Federal prosecutors traded barbs Monday with a former UBS trader accused of scheming to manipulate the precious metals market, arguing he is right to say six of the seven counts against him do not belong in Connecticut federal court but wrong to say they should be thrown out for good.
Covington & Burling LLP announced Monday it has added a former associate director in the enforcement division of the U.S. Securities and Exchange Commission to its Washington, D.C., office, where the 20-year SEC veteran will serve as partner in the firm’s securities litigation and enforcement practice area.
Abu Dhabi, United Arab Emirates, financial regulators said Sunday they are considering establishing a regulatory framework for cryptocurrency exchanges and intermediaries, potentially providing a clearer legal regime for parties that facilitate transactions involving initial coin offerings.
The Trump administration on Monday called on Congress to authorize the U.S. Commodity Futures Trading Commission to initiate user fees on some market participants to raise an additional $31.5 million above the $250 million the White House has budgeted for the regulatory agency in fiscal year 2019.
The acting director of the Consumer Financial Protection Bureau on Monday said that his agency would stay within the boundaries set by federal law, acting with “humility and moderation” and continuing a shift away from the aggressive tactics of his predecessor.
Scotiabank, Canada’s international bank, has agreed to purchase Montreal-based investment firm Jarislowsky Fraser for $950 million, the bank said Monday.
Counsel for a former Bank of America client manager urged a California federal jury Monday to find the bank blacklisted and defamed her and award her more than $2 million in damages, saying during closings the bank is a “great big barrel-chested bully” whose “grossly inadequate” fraud investigation ruined her earning potential.
A Third Circuit panel on Monday revived a proposed class action alleging Allied Interstate LLC violated the law when it tried to recoup unpaid gym membership debt after the statute of limitations had expired, finding its notices could cause a reader to interpret the debt as enforceable in court.
The U.S. Securities and Exchange Commission on Monday requested a $1.66 billion budget for fiscal 2019 that contains a 3.5 percent spending increase after three years of flat budgets, hoping to spend more money on cybersecurity and restore positions lost to hiring freezes.
The trustee for Bernie Madoff's shuttered investment firm announced Monday that the bankrupt estate has settled Ponzi scheme profiteering allegations against a feeder fund for just over $76 million, saying the sum covers all transfers received by the fund in the two years preceding the collapse of Madoff's fraud.
Deutsche Bank has agreed to pay back $3.7 million to customers allegedly misled by the firm’s traders and salespeople while negotiating sales of commercial mortgage-backed securities, the U.S. Securities and Exchange Commission said Monday.
President Donald Trump has proposed a radical restructuring of the U.S. Consumer Financial Protection Bureau that would see the independent agency subjected to the congressional appropriations process and a steep cut to its operating budget.
A group of 12 lenders that includes private equity firms and banks has agreed to commit up to $100 billion in total financing for Broadcom Ltd.’s proposed acquisition of Qualcomm Inc., even though the California chipmaker rejected a Broadcom takeover offer last week, Broadcom said Monday.
California-based YapStone Inc., a company that provides payment processing for online and mobile transactions for apartment and vacation rental companies, raised $71 million from Mastercard, Accel and others in its first closing in a Series C funding round, the company said on Monday.
Gibraltar's financial services watchdog said Monday it was drafting legislation to regulate initial coin offerings, which would make the British overseas territory the first jurisdiction to create dedicated rules for digital tokens.
Gregory B. Jordan joined the world of in-house at PNC following a nearly 30-year career at Reed Smith LLP. He spoke with Law360 about the changing legal industry, what convinced him to go in-house and the biggest regulatory issues his organization is grappling with.
Because courts have not modernized as quickly as companies like Amazon, Tesla and Apple, Americans are becoming increasingly dissatisfied, but technological innovations may be able to help Americans access their due process, says Stephen Kane of FairClaims.
Recent federal and state enforcement actions indicate that, even if regulators are not setting “the right price” for a loan, they are increasingly willing to declare certain prices “wrong.” This is a troubling development for mortgage lenders, say Jeffrey Naimon and Benjamin Olson of Buckley Sandler LLP.
Counsel representing victims of Ponzi schemes should note that the Tax Cuts and Jobs Act eliminates the theft tax loss provisions of the Internal Revenue Code for tax years after 2017. The time to act is now, before this important tax benefit goes away, says Kevin Diamond of Rico Murphy & Diamond LLP.
In a national survey of 378 small law firms, partners ranked client referrals as the most important means of business development. Yet studies reveal that while professional services providers obtain most new clients from existing client referrals, their best new clients — the ones providing the largest pool of investable assets — overwhelmingly come from “centers of influence,” says Frank Carone, an executive partner at Abrams Fensterman.
Last week the Consumer Financial Protection Bureau published a request for information seeking comment on its civil investigative demand process. This signals the bureau’s potential openness to revising the process, which has been regarded as difficult, expensive and time-consuming by many institutions, say attorneys with Covington & Burling LLP.
Chairman Jay Clayton of the U.S. Securities and Exchange Commission recently gave an extraordinary speech reiterating his concerns about initial coin offerings while also adding a new twist. It's gatekeeper liability redux at the SEC, and lawyers connected to ICOs should be watching their backs, says John Reed Stark, president of John Reed Stark Consulting LLC.
Courts are divided — and the U.S. Supreme Court has yet to rule — on whether the conspiracy theory of personal jurisdiction is proper under due process requirements. But it is reasonable to expect that sooner or later the high court will narrow the permissible reach of this theory, says John P. “Jack” Figura of Norton Rose Fulbright.
The improving financial position of airlines and operating lessors, coupled with increased competition for deals, has put pressure on private-sector lenders. One would expect this state of “borrower power” to continue during the current economic cycle, says Ronald Scheinberg of Vedder Price PC.
Lawyers who have left the traditional practice for perceived greener pastures are many. But the circumstances surrounding broadcast journalist Bob Woodruff’s departure are unique. Like none I’ve ever heard, says Randy Maniloff of White and Williams LLP.
To welcome in the new year, mortgage loan servicers in Pennsylvania were greeted by a new licensing obligation. However, there are uncertainties as to how the new law will be applied, say Costas Avrakotos, Daniel Pearson and Patty Mesa of Mayer Brown LLP.