Counsel for a class of bondholders asked a New York federal judge on Monday for an $18.5 million fee award for having negotiated settlements with seven financial giants accused of rigging the London Interbank Offered Rate.
Wells Fargo will no longer place mortgages into a COVID-19-related forbearance plan without permission from homeowners as part of an ongoing proposed class action lawsuit alleging the bank pushed customers into such plans without notice, according to an order in Virginia federal court.
Unión Fenosa Gas has sued to block a fund transfer into a BNY Mellon trust as it seeks payment of a $2 billion arbitral award against Egypt, telling a New York federal court that the country and bank inked a fraudulent agreement to shield the funds from attachment.
Just over a month into its fiscal year, the U.S. Securities and Exchange Commission has already paid out more than $152 million to whistleblowers, nearly 87% of the record-setting $175 million the agency shelled out in all of fiscal year 2020.
Former UBS Group AG and Citigroup Inc. banker Tom Hayes, the first trader convicted of rigging Libor, will be released from prison in January after serving less than half of his 11-year sentence, his lawyer confirmed Tuesday.
Tuesday marked the final day of voting in 2020, and across the country, attorneys worked to safeguard what was already one of the most contentious and litigated elections in U.S. history. Here are the stories of attorneys on the front lines of election protection.
The U.S. Securities and Exchange Commission collected more money through enforcement actions in fiscal year 2020 than ever before — thanks to record levels of disgorgement and a slew of mega-sized settlements that came despite a dip in the number of enforcement actions.
The U.S. Department of the Treasury's Office of Foreign Assets Control has advised the art world that high-value transactions with people blocked by the agency could lead to penalties, as the market is particularly attractive to those trying to evade sanctions.
Fifth Third Bancorp has asked an Illinois federal judge to toss a complaint alleging its employees opened accounts without customer permission, saying the shareholders conflate it with Wells Fargo & Co., which has faced litigation over similar allegations.
Australian wealth management business AMP, advised by King & Wood Mallesons, revealed Monday that U.S. alternative investment firm Ares Management's bid to buy the company valued it at nearly AU$6.4 billion (about $4.5 billion).
Latin American banking software company Conductor has raised $150 million with help from Simpson Thacher & Bartlett LLP and Mattos Filho Advogados, the fintech company said Monday, with the funds intended for product development and international growth.
Customers of defunct Japanese bitcoin exchange Mt. Gox asked an Illinois federal judge to certify a class that lost $400 million from the former CEO's alleged fraud.
The U.S. Supreme Court on Monday declined former HSBC executive Mark Johnson's bid for a review of his fraud conviction over a $3.5 billion trade, potentially marking the end for his yearslong appeal.
A New York federal judge said Monday that Philadelphia and Baltimore can proceed with consolidated class action litigation accusing major banks of artificially inflating interest rates on securities known as variable rate demand obligation bonds, trimming many of the cities' state-law claims but ruling that an antitrust conspiracy had been plausibly alleged.
The Consumer Financial Protection Bureau on Friday issued a massive package of finalized regulations for the debt collection industry, clarifying standards for the use of text messages and other digital channels to contact consumers and pivoting from an earlier plan for "bright-line" limits on phone calls.
Both of the firms vying for interim lead counsel spots in antitrust litigation against Fair Isaac Corp. agree that the matter ought to be split in two, but that didn't stop aspersions from being cast as they sought to make their case before an Illinois federal court.
The Fifth Circuit on Friday granted a full-panel review of an accountant's challenge to the constitutionality of the U.S. Securities and Exchange Commission's administrative law judges.
A New York state appellate court has disbarred former Locke Lord LLP corporate partner Mark S. Scott after his conviction last year on charges related to a $393 million cryptocurrency scam.
The Consumer Financial Protection Bureau on Thursday told the Ninth Circuit not to reverse a nearly $8 million judgment entered against an Ohio mortgage services company accused of misleadingly marketing a mortgage payment program.
Clients who used TD Ameritrade's trading platform thinkorswim on Thursday told a federal judge in Chicago that their proposed class action over the company's management of oil futures' unprecedented dip below zero in April should not be sent to arbitration because "serious questions" exist about the purported arbitration terms.
Nonclass members can't intervene in Ocwen Loan Servicing LLC's $12.6 million settlement with consumers over claims the mortgage servicer unlawfully charged fees for payments made via phone or online, a Florida federal judge has ruled, saying the individuals have no interest in the proposed deal.
The coronavirus pandemic has been a boon for industrial real estate as increased online shopping drives up demand for logistics space, but the medical office sector has also fared well in 2020, and experts expect continued strength in that area during and after the pandemic. Here, Law360 looks at three reasons medical office properties remain attractive.
A Rochester landlord accused of running a $500 million real estate fraud urged a New York federal court on Thursday to sanction the government for allegedly violating court-ordered forfeiture agreements just weeks after the judge tossed a 114-count indictment due to prosecutors' discovery "missteps."
Dechert represented Citibank on its $500 million loan to Sullivan & Cromwell-counseled Vornado Realty Trust for a property at Penn Plaza in Manhattan, according to records made public late in the day Thursday.
Two co-founders of a defunct public air charter operator who were convicted of stealing millions in passenger payments can't get out of prison over fears of contracting COVID-19 after a New Jersey federal judge found their "risk of serious illness or death is not substantially higher" simply because they're behind bars at certain facilities.
The Arizona Supreme Court's recent decision to eliminate prohibitions on nonlawyer ownership of law firms may show that the organized bar's long-standing rhetoric that such rules are essential to protecting the legal profession's core values is overblown, say Anthony Sebok at Cardozo School of Law and Bradley Wendel at Cornell Law School.
The Second Circuit's recent decision in the Lehman Brothers bankruptcy litigation provides guidance for market participants who structure or invest in complex finance transactions involving derivatives, as well as a useful perspective for creditors seeking to protect their rights in a bankruptcy proceeding, say Thomas Mitchell at Orrick and attorney Steven Fink.
With the Office of the Comptroller of the Currency recently authorizing banks to hold stablecoin reserves, financial institutions should keep several compliance considerations in mind with respect to deposit insurance, anti-money laundering, risk management, liquidity, issuer identification and audit requirements, say attorneys at Morgan Lewis.
Companies engaged in commerce related to COVID-19 or that have received Paycheck Protection Program funding should familiarize themselves with a fraud statute, under which the U.S. Department of Justice has been successful in obtaining injunctions even before defendants are charged with a crime, say attorneys at V&E.
The U.S. Supreme Court’s landmark 2010 decision in Morrison v. National Australia Bank has had a sweeping impact on the application of the federal securities laws to transnational securities fraud, but it has not brought the predictability and consistency it promised and has exposed foreign issuers to greater U.S. class action liability, say attorneys at Cleary.
Best practices that can help litigators write convincing discovery motions include thinking about the audience, addressing a few key questions, and leaving out boilerplate from supporting briefs, says Tom Connally at Hogan Lovells.
Congress has multiple means to take the politics out of federal judicial nominations and restore the independence of the U.S. Supreme Court — three of which can be implemented without a constitutional amendment, says Franklin Amanat at DiCello Levitt.
While the U.S., U.K. and EU have proposed legislation in anticipation of the approaching Libor end date, the multiplicity of their approaches gives rise to uncertainty for market participants rather than eliminating it, say Anne Beaumont at Friedman Kaplan and Janine Alexander and Audrey Favreau at Collyer Bristow.
For the last 20 years, at the insistence of both parties, U.S. Supreme Court nominations have been fierce ideological battles — which is bad for the country and bad for the public's perception of the legitimacy of the court, say Judge Eric Moyé, Judge Craig Smith and Winston & Strawn partner Tom Melsheimer.
Amid the pandemic slowdown, companies considering mergers and acquisitions should prioritize negotiating engagement letters to minimize risk, align their interests with their investment bank's, and maximize price and the likelihood of a closed deal, say Matthew Misichko and David Kaufman at Thompson Coburn.
Current privilege logging practices to identify what information is being withheld from discovery often lead to costly disputes, so practitioners should adopt a system based on trust and good faith, similar to the presumptions embedded in the business judgment rule for corporate directors and officers, say Kevin Brady at Volkswagen and Charles Ragan and Ted Hiser at Redgrave.
If the U.S. Securities and Exchange Commission approves changes to the Dodd-Frank Act whistleblower rules on Wednesday, it will weaken protections for tipsters and radically undermine a regime that has returned $750 million to investors and collected over $2.5 billion in sanctions, says Stephen Kohn of Kohn Kohn & Colapinto.
Three recent New York County Supreme Court decisions demonstrate that although the governor's executive orders suspending commercial evictions and foreclosures do not expressly bar collateral dispositions, lenders attempting to sell defaulted real estate should expect judicial limitations during the pandemic, say attorneys at Patterson Belknap.
An Oct. 1 update to the Equator Principles will bring significant changes to the environmental, social and governance framework, and energy projects receiving loans of as little as $50 million must now prepare for compliance, says Jillian Kirn at Greenberg Traurig.
A little-noticed memo recently issued by the Trump administration in response to the pandemic, directing federal agencies to provide greater due process to individuals and companies under regulatory investigation, represents a long-overdue sea change in the way justice is carried out in enforcement proceedings, say Joan Meyer and Norman Bloch at Thompson Hine.