Shares for Lufax, a technology-powered Chinese personal finance platform, debuted on the stock market Friday as it raised nearly $2.4 billion through an initial public offering steered by Skadden and Kirkland to fund general corporate activity.
This week in London has seen Nigeria take aim at the U.K.'s National Crime Agency and a former dictator, British broadcasting giant Sky target scores of insurers and a mortgage portfolio company sue Simmons & Simmons LLP. Here, Law360 looks at those and other new claims in the U.K.
The Second Circuit on Friday opened a door for the Consumer Financial Protection Bureau to salvage a previously dismissed lawsuit against litigation funder RD Legal, kicking the case back to New York federal court for consideration of whether the agency's current director can reauthorize the case following the U.S. Supreme Court's ruling on the agency's constitutionality.
Deutsche Bank AG on Thursday said it has received a regulatory green light to make its Americas general counsel head of the region's strategy and governance initiatives and CEO of its trust company.
Credit Suisse promoted one of its leading lawyers to general counsel for investment banking after her predecessor left the company to start a legal consulting business, the company confirmed Thursday.
Community advocates filed a lawsuit in D.C. federal court Thursday challenging the Consumer Financial Protection Bureau's recent repeal of ability-to-repay underwriting requirements for payday lenders, arguing the agency used shoddy analysis and slanted reasoning to reach a preordained conclusion that shouldn't be allowed to stand.
The U.S. Commodity Futures Trading Commission issued a memo to its enforcement division staff Thursday detailing the scenarios used to recommend reduced fines when firms cooperate, the latest effort the commission says will provide more transparency in its examinations and enforcement actions.
Investor Bent Philipson has reportedly bought a South Florida medical center for $23.95 million, CIBC is said to have loaned $55.8 million for a portfolio of Illinois industrial properties and a Brookfield venture has reportedly landed $475 million in refinancing for an Illinois mall.
Goldman Sachs' record FCPA settlement for its role in a $1.6 billion bribery scheme should serve as an example of what happens when red flags by a company's compliance department are ignored, while also underscoring the need for better training and more resources for the compliance team.
Digital banking company Chime Financial and its customers on Wednesday got initial approval of a proposed settlement agreement from a California federal judge, which would end claims stemming from disruption of the company's services in October 2019.
A group of Texas landlords lodged a bid to block a nationwide eviction moratorium, another BigLaw firm is battling with its landlord over rent during the pandemic, and several major retailers such as Kohl's and J. Crew face claims they unlawfully charged or collected tax on the sales of face masks.
New York's Department of Financial Services issued guidance on Thursday saying that banks, cryptocurrency companies and other financial institutions under its oversight need to begin preparing for the financial impacts of climate change, becoming the first banking regulator in the U.S. to lay out such risk management expectations.
A Washington federal judge has certified a class of investors suing online real estate data company Zillow for allegedly hiding it was being investigated for its co-marketing practices, causing its stock price to drop when the truth came to light.
The chief of the U.S. Securities and Exchange Commission's cyber unit and an ex-SEC enforcement attorney offered starkly different assessments regarding the agency's effectiveness in regulating cryptocurrency on Wednesday, highlighting the tension between the agency and the crypto industry.
A California federal judge turned down a proposed $3.3 million settlement between M&T Bank Corp. and a proposed class of homeowners Wednesday, finding that a lack of information made it difficult to assess the deal's fairness.
Attorneys speaking at a panel on the success of the U.S. Securities and Exchange Commission's whistleblower program, which just closed a record year before landing its largest bounty ever, had plenty of advice on Wednesday with an overarching message: "Hug your whistleblower."
The Office of the Comptroller of the Currency said Wednesday that it has granted conditional approval to Social Finance Inc.'s application for a full-service national bank charter, moving the online lender one step closer to launching SoFi Bank NA.
Ocwen Financial Corp. and Wells Fargo are arguing that a union pension fund's trustees shouldn't be allowed to use Ocwen's recent $11 million settlement in a mortgage misconduct suit in Florida as a pawn in their ERISA lawsuit in New York federal court.
HSBC Holdings PLC is bringing on the former general counsel at rival bank Barclays PLC as its top lawyer, the firm announced Wednesday.
Fidelity Investments' charitable arm's rapid liquidation of stock placed in a donor-advised fund by California philanthropists is akin to selling donated art on the street because Christie's auction house is closed, a Georgetown Law professor testified Wednesday in a Zoom bench trial over allegations that Fidelity negligently managed their donation.
The First Circuit said Wednesday that several laws Puerto Rico passed cutting back benefits for public sector workers were reasonable ways to weather a fiscal crisis, shooting down two unions' legal challenge to them.
The lessons learned in the global financial crisis of 2008 allowed Congress and financial regulators to move faster and with more precise measures to boost a wavering economy brought on by the coronavirus pandemic, a panel of legal experts said Tuesday.
A divided U.S. Securities and Exchange Commission on Wednesday approved a rule that would regulate how mutual funds and other investment companies use risky derivatives to boost returns, seeking to replace a patchwork system with concrete standards.
PennyMac Loan Services LLC urged a Florida federal judge Tuesday not to give mortgage servicing software provider Black Knight Inc. an early win in a trade secrets suit, which PennyMac called "the epitome of needless litigation."
The operators of a Rhode Island drywall subcontracting business skirted their federal employment tax responsibilities by paying workers under the table and making cash deposits that wouldn't trigger bank reporting requirements, the U.S. government told a federal district court.
In this brief video, Tom Firestone and Daniela Fonseca Puggina at Baker McKenzie analyze how Foreign Corrupt Practices Act enforcement is placing greater emphasis on bribe recipients, and what this trend means for financial institutions and their know-your-customer policies and practices.
Financially robust law firms are entering the recruiting market aggressively knowing that dislocations like the COVID-19 crisis present rare competitive opportunities, and firms that remain on the sidelines when it comes to strategic hiring will be especially vulnerable to having their best talent poached, says Brian Burlant at Major Lindsey.
COVID-19 concerns and glaring gaps in registration threaten to dampen voter turnout in the 2020 election, so attorneys should take on the problem by leveraging their knowledge and resources in seven ways, says Laura Brill at Kendall Brill.
When a witness is isolated from the defending lawyer during a remote deposition, carefully planning the logistics and building witness confidence are critical to avoiding damaging admissions, say Jessica Staiger at Archer Daniels and Alec Solotorovsky at Eimer Stahl.
As the pandemic delays in-person arbitration hearings, mediator and arbitrator Theodore Cheng provides arbitrators with a checklist to examine the rationale and authority for compelling parties to participate in remote hearings.
As the U.S. Patent and Trademark Office's covered business method review process comes to the end of its eight-season run on Wednesday, Eric Krause and Pan Lee at Axinn assess the contributions these proceedings have made to intellectual property law, from the perspectives of petitioners, patent owners and real parties in interest.
New York Attorney General Letitia James highlights her office's efforts to ease financial burdens for New York residents and businesses struggling during the pandemic by fighting fraud, policing employers, assisting with debt relief and more.
As lenders look to deep-pocketed private equity sponsors amid the ongoing economic crisis, sponsors should understand how guarantees can enable struggling portfolio companies to access additional liquidity, and lenders will want to prepare for common touchpoints in negotiations, say Anastasia Kaup and Robert Horwath at Duane Morris.
Recent law firm trademark disputes highlight how the tension between legal ethics rules and trademark law can make it difficult for firms to select brands that are distinctive and entitled to protection, say Kimberly Maynard and Tyler Maulsby at Frankfurt Kurnit.
Although the ending of the U.S. Patent and Trademark Office's transitional program for covered business method patents on Wednesday will not likely have a significant impact due to its already diminished reach, it may open the door to further Section 101 challenges in inter partes reviews, say John Phillips and Michael Zoppo at Fish & Richardson.
The Second Circuit's recent rejection of Lehman Brothers' post-bankruptcy attempt to recover nearly $1 billion in noteholder payments continues the recent amplification and expansion of the Bankruptcy Code safe harbor provisions, providing clarity on the right to liquidate for parties to protected agreements, say attorneys at Cadwalader.
Susan Eandi and Paul Evans at Baker McKenzie discuss how financial services companies can mitigate risk for certain types of COVID-19 employment lawsuits, and recent pandemic-related guidance from the U.S. Securities and Exchange Commission concerning broker-dealer and investment adviser compliance.
COVID-19 will likely continue to bring a significant increase in distressed real estate financings, so parties should carefully draft late charge and default rate interest provisions to ensure that they are enforceable as intended, say Steven Herman and Eunji Jo at Cadwalader.
In U.S. v. Vorley, the U.S. Department of Justice has signaled it may present high-frequency traders as victims of a spoofing scheme, but analysis of testimony from two similar cases reveals flaws in this approach, says Joshua Ray at Rahman Ravelli.
A California federal court’s recent decision in Moran v. The Screening Pros, that the Fair Credit Reporting Act’s time bar on disclosing adverse items begins when the charge originated, demonstrates how negligent or willful technical violation allegations can be defeated, say attorneys at Troutman Pepper.