A former Illinois state court judge who was convicted in February of running a mortgage fraud scheme involving two Chicago investment properties was sentenced Thursday to one year and one day in prison.
The Financial Industry Regulatory Authority has fined Merrill Lynch Pierce Fenner & Smith Inc. $6 million for selling shares in initial public offerings — including IPOs of Facebook, Twitter, LinkedIn and General Motors — to industry insiders for eight years in violation of the regulator's rules, FINRA said Thursday.
The European Commission has tentatively accused major lenders including Deutsche Bank and Credit Suisse of breaching its antitrust laws by rigging prices for sovereign bonds and related debt, echoing civil claims brought in U.S. against a number of banking giants.
A broker-dealer in Kansas has admitted to overlooking red flags in millions of dollars in transactions for Scott Tucker, the pro race car driver turned payday loan fraudster, and entered a deferred prosecution agreement with Manhattan federal prosecutors.
Following 109 hearing sessions before a Financial Industry Regulatory Authority arbitration panel, clearing broker C.L. King & Associates Inc. has defeated breaches of fiduciary duty and contract claims asserted by an investor seeking $40 million in damages over his account’s collapse.
The Chapter 7 trustee for defunct cocoa company Transmar Commodity Group Ltd. filed suit in New York bankruptcy court Wednesday to claw back $1.5 million from a convicted former executive and roughly $860,000 from entities that may have played a role in the $350 million fraud scheme that destroyed Transmar.
A New York bankruptcy judge Wednesday gave Republic Metals Refining Corp.’s unsecured creditors permission to probe into how the company wound up with $70 million in nonexistent inventory on its books before it hit Chapter 11.
A Texas federal judge has awarded former Primary Residential Mortgage Inc. workers $500,000 after a two-week trial in which rival Supreme Lending unsuccessfully argued PRMI wrongly raided its workers and took trade secrets, but didn't enter judgment on the jury's award of $4.5 million in punitive damages.
A bitcoin entrepreneur and convicted felon asked a New York federal judge Wednesday to throw out claims brought by Cameron and Tyler Winklevoss saying they were bilked out of cryptocurrency worth $19 million today, citing a lack of jurisdiction.
A former Goldman Sachs banker pled guilty to insider trading in New York federal court Wednesday, admitting he had used his position with the Wall Street behemoth to access non-public information that helped him make more than $130,000 from illegal securities trades.
Two former Wilmington Trust executives said to have played critical on-the-ground roles in hiding a massive pile of bad loans from regulators and investors — eventually breaking the regional bank — were sentenced in Delaware federal court Wednesday to prison terms of 4½ and three years.
A California federal judge granted final approval to a $480 million settlement resolving investor claims that Wells Fargo & Co. artificially inflated its stock value by opening millions of unauthorized customer accounts and awarded the investors' attorneys nearly $96 million for their efforts.
New York’s top banking and insurance regulator, Maria T. Vullo, announced Wednesday that she has decided to leave the New York Department of Financial Services on Feb. 1, ending a nearly three-year tenure that was marked by various consumer protection efforts.
A New York man who duped Synchrony and Capital One Bank into issuing credit cards tied to kids' Social Security numbers and went on a $300,000 spending spree was ordered Wednesday to return to Manhattan federal court next year for sentencing after cooperating with prosecutors.
A New York federal judge said Wednesday that Bloomberg Finance LP's lawsuit, which accuses UBS AG of unlawfully redistributing its proprietary data, would not fare better in the United Kingdom just because evidence and witnesses reside there, finding that her court was just as convenient for the company and the bank.
A Florida federal judge on Wednesday ended Russian tech executive Aleksej Gubarev's defamation suit against BuzzFeed, ruling the website's publication of a dossier alleging ties between Russia and President Donald Trump is protected by the fair reporting privilege.
A California federal judge has let only a single fraud claim survive in the otherwise sweeping dismissal of an investor suit against TCF Bank and its affiliates over alleged misrepresentations of a key metric governing the value of securities collateralized by a pool of auto loans, though the investors will have a chance to amend.
A fight over a $75 million attorneys' fee appears ready to stretch into 2019 — eight years after a class action filing against State Street Corp. over its foreign exchange practices — as Thornton Law Firm and Lieff Cabraser Heimann & Bernstein LLP on Tuesday tore into the findings of a former judge who said they should disgorge millions.
The Consumer Financial Protection Bureau’s new director, Kathleen Kraninger, told staff Wednesday that she’s halted her predecessor’s move to rebrand the agency as the Bureau of Consumer Financial Protection, an effort that an internal agency report once estimated could come with a $300 million price tag for financial services companies.
Former Italian Prime Minister and media tycoon Silvio Berlusconi may be forced to sell bank shares after the European Union’s highest court Wednesday claimed the sole right to determine whether a tax fraud conviction made him unfit to own them.
Predicting how the cybersecurity landscape will develop is critical for any organization wanting to mitigate the risk of the inevitable future attack. Michael Hall of HighQ Solutions Ltd. discusses five threats to look out for in the next 12 months.
Despite lessons from Bernie Madoff's Ponzi scheme that was revealed 10 years ago, financial fraud continues to thrive. Negative history repeats itself on what seems like a daily basis, say attorneys with Quarles & Brady LLP.
Joshua Peck, incoming marketing director of Hill Wallack LLP, traces the evolution of the chief marketing officer position at law firms and shares insights from three legal marketing pioneers.
Private plaintiffs have filed putative class actions in Chicago and New York on the heels of government enforcement efforts against spoofing. But actions like these are largely untested, and two threshold hurdles for these new cases are apparent, says Laura Brookover of Covington & Burling LLP.
Now that the results of the 2018 election are (mostly) in, Evan Migdail and Melissa Gierach at DLA Piper LLP consider what a Democratic House, Republican Senate and Trump administration may be able to accomplish in the way of tax policy during the lame-duck session and the upcoming 116th Congress.
Opposition to the Consumer Financial Protection Bureau's newly proposed trial disclosure policy appears rooted in a wholly appropriate concern, but the relevant statute and empirical evidence indicate that consumers would benefit from the policy, say Eric Mogilnicki and Michael Nonaka of Covington & Burling LLP.
In this monthly series, Amanda Brady of Major Lindsey & Africa interviews management from top law firms about the increasingly competitive business environment. Here we feature Katie DeBord, chief innovation officer at Bryan Cave Leighton Paisner LLP.
The use of artificial intelligence in financial services is still in the early stages. But a speech this week by Federal Reserve Gov. Lael Brainard shows that regulators are aware and paying attention, says Eamonn Moran of Kilpatrick Townsend & Stockton LLP.
With few cases going to trial, many attorneys keep their oral-presentation skills sharp by teaching continuing legal education programs. To avoid giving a CLE that falls flat and damages your reputation, you must fashion a thoughtful message, control its presentation, and nail the beginning and ending, says Daniel Karon of Karon LLC.
Since the oldest members of Generation Z aren’t even finished with law school yet, law firm management is in a unique position to prepare for their entrance into the legal workforce, says Eliza Stoker of Major Lindsey & Africa.