An official at the U.S. Commodity Futures Trading Commission on Wednesday praised a Massachusetts federal court decision in a fraud case that bolsters the agency’s ability to prosecute cryptocurrency fraud.
An insurance dispute over losses suffered by Merrimack College from an employee’s $6 million fraudulent student loan scheme is headed to arbitration, a Massachusetts federal judge ruled Tuesday after the college disputed a forensic accountant’s assessment of the coverage.
Navient Corp. was hit with a class action complaint in New York federal court Wednesday from nine public service workers who say the student loan servicing giant has lined its own pockets by misleading them and millions of other borrowers about accessing a federal loan forgiveness program.
Deutsche Bank National Trust Co. is seeking more than $253 million from Bank of America as the successor of Countrywide Home Loans Inc., saying Tuesday that the loan originator has issued hundreds of loans that breach its representations and warranties but has failed to repurchase those loans despite its contractual obligations to do so.
Lehman Brothers Holdings Inc. can continue to pursue indemnity claims against about 100 mortgage loan sellers from around the country in New York bankruptcy court, a judge ruled on Tuesday, turning down dozens of requests to transfer venue and saying she is best equipped to hear the cases.
A California state appeals court has revived American Express cardholders' proposed class action seeking a declaration that the company's mandatory arbitration provisions are illegal, finding that a lower court denied consumers certification based upon the wrong standards and erroneous legal assumptions.
A proposed class of homebuyers has filed suit in South Carolina federal court alleging an area bank pays kickbacks to residential developers to steer mortgage applicants its way, in violation of federal law and at the expense of the borrowers.
Lehman Brothers Holdings Inc. is looking to increase indemnification requests from about 100 mortgage lenders it alleges sold the defunct firm shoddy home loans before its collapse, seeking to tack on obligations related to $2.45 billion worth of claim settlements with residential mortgage-backed securities trusts.
The judge overseeing the trial of two former Deutsche Bank traders accused of benchmark rate rigging heard from a Paul Weiss Rifkind Wharton & Garrison LLP partner on Tuesday who led an internal investigation into the German lender over alleged Libor misdeeds, in order to determine if evidence from purportedly compelled statements should be kept out of the jury’s view.
Cboe Global Markets Inc. will face multidistrict litigation over alleged manipulation of its volatility index largely alone after investors dropped virtually all other defendants from their case in Illinois federal court, having previously said they wanted to pursue the case in two parts.
The head of the Office of the Comptroller of the Currency told senators Tuesday that his agency is working with Wells Fargo leadership on remediation for hundreds of thousands of customers who were forced to buy unnecessary auto insurance but is “not comfortable where we are with them.”
Bryan Cave Leighton Paisner LLP announced Monday that Timothy Broas, a white collar criminal defense attorney and former U.S. ambassador to the Netherlands, will be joining the firm’s Washington, D.C., office to work in its investigations, financial regulations and white collar practice group.
Bank of America NA has lost its bid to escape a roughly $4.3 million corporation business tax bill levied against a former Merrill Lynch unit after a New Jersey Tax Court judge rejected the company's arguments that a notice of assessment from state tax authorities was sent to the wrong entity and ZIP code.
Free Speech Systems LLC, the parent company of Infowars, on Monday slapped PayPal Inc. with an unlawful business practice suit in California federal court, accusing the payments processing website of cutting ties with Infowars because of its conservative viewpoints.
Investors in Essendant asked a Delaware federal court Tuesday to halt its $996 million merger with Staples, arguing there is key information missing from disclosures connected to the deal.
A Washington federal judge Tuesday tossed a proposed securities fraud class action against Zillow Group Inc. arising from a Consumer Financial Protection Bureau investigation into the real estate website’s co-marketing deal for agents and lenders, saying the investors didn’t show the program violated a federal home loan law.
A New York federal judge has ordered both sides in a $25 million competition suit against JPMorgan Chase & Co. to refile their motions over what evidence to allow at trial without the “extremely excessive” redactions, saying that by his estimation, up to 90 percent of the redacted information should not have been concealed.
An Illinois lawyer was sentenced to 63 months in prison Tuesday for his role in a $22.9 million mortgage fraud scheme centered on selling condos in a downtown Chicago high-rise to straw buyers.
A Florida man who had passed himself off as a Harvard-educated investment adviser pled guilty in North Carolina federal court Tuesday to wire fraud and tax evasion for having engaged in a scheme that defrauded lenders, his father's company and his wife out of more than $6.1 million that he either spent or lost through risky trading.
Multidistrict litigation accusing American Express of keeping competitors at bay by not letting merchants steer customers toward other cards appeared bound for trial after the charge card giant told a New York federal judge Monday it has decided not to challenge one of the possible markets identified by retailers.
E-discovery is not easy, but employing these 10 strategies may help minimize future headaches, say Debbie Reynolds and Daryl Gardner of EimerStahl Discovery Solutions LLC.
Banks that use Fiserv — an outsourcing vendor for community banks in the U.S. — for online banking may have recently had their customer account information exposed. Paige Boshell of Privacy Counsel LLC explains immediate steps for banks to proactively mitigate risk.
On Monday, the U.S. Department of State enacted the first round of sanctions against Russia in response to the March 2018 poisoning of the Skripal family in the United Kingdom. The impact of these sanctions is somewhat limited, but the next round of sanctions, expected in early November, may be more sweeping, say attorneys with Kirkland Ellis LLP.
In the two years since the U.S. Supreme Court's Escobar decision set off waves of litigation over materiality in civil False Claims Act cases, it has largely failed to gain traction in criminal fraud prosecutions. However, the ruling has broad implications in criminal law, say Antonio Pozos and Mark Taticchi of Drinker Biddle & Reath LLP.
Given that blockchain technology is still developing and new uses are popping up every day, it is impossible to conceive of every anti-competitive problem that could arise. Daniel Fenske and Justin Steffen of Jenner & Block LLP address two antitrust issues that are readily apparent and can be mitigated.
A well-drafted partnership agreement protects a law firm's founders, establishes a process for new and outgoing partners, and sets forth guidelines for navigating conflict along the way. Startup firms can begin with something less complex, but there are important elements that every agreement should include, says Russell Shinsky of Anchin Block & Anchin LLP.
Forget about cameras, reporters in the Manafort trial were not even permitted in the courtroom with their phones, tablets or computers. That meant no live reporting on Twitter and no emails to the newsrooms with updates. In a world focused on information and news as it happens, this is unacceptable, says trial attorney David Oscar Markus.
Following some confusion, the IRS this month proposed Treasury Section 199A regulations that specifically exclude banking from the definition of specified financial services, meaning that owners of banks organized as flow-through entities would qualify for a 20 percent deduction, say Brian Harvel and Michael Senger of Alston & Bird LLP.
The U.S. Supreme Court's Spokeo decision left lower courts to flesh out history's and Congress' “important roles” when developing a workable legal standard for deciding whether an intangible injury is sufficiently “concrete.” Not surprisingly, the Northern District of Illinois “concreteness” determinations relying on Congress’ role tend to be ad hoc, say Alex Egbert and Tony Hopp of Steptoe & Johnson LLP.
Electronic discovery is a challenging process for even the most experienced law firms and corporations, but the challenges faced by government agencies may be even more daunting, says Amy Hilbert of Casepoint LLC.