The last week has seen former Rabobank trader Anthony Conti sue his old employer, ArcelorMittal take Essar’s investment manager to court months after acquiring its steel business, and the managing director of AlixPartners sue a prominent Irish businessman and a British property tycoon. Here, Law360 looks at those and other new claims in the U.K.
A new bipartisan bill introduced by House Committee on Financial Services leadership on Friday seeks to curb insider trading by calling for the U.S. Securities and Exchange Commission to explore amendments to its corporate insider rule.
Bank of America Corp. urged the U.S. Supreme Court Thursday to not review a case seeking to compel a judge to force the bank to disgorge 401(k) plan transaction profits, saying the judge correctly found no profits existed, and he shouldn’t have to issue an inappropriate remedy.
The lone objector to $300 million in attorneys' fees granted in relation to $2.3 billion in settlements with banks over alleged benchmarking rate rigging in the foreign exchange markets has hit back at an investor class’ bid to require a $1.4 million bond while he appeals the award, telling a New York federal judge Friday that the request is unnecessary and burdensome.
Covington & Burling LLP's financial institutions practice over the past year guided PayPal to a settlement with the Federal Trade Commission, steered two of 2018's largest financial services acquisitions and notched a win for a major bank trade group in litigation over a federal credit union regulation, earning a spot as one of Law360's Banking Practice Groups of the Year.
The Internal Revenue Service rejected pleas from the Major League Baseball commissioner and others to allow sports franchise owners to qualify for a new 20 percent tax deduction for pass-through businesses, under final regulations released Friday.
U.S. Sen. Elizabeth Warren pressed Treasury Secretary Steve Mnuchin and the CEOs of the country's six largest banks Friday to provide more details about phone conversations last month in which Mnuchin called and asked if the banks had enough liquidity to weather a sustained stock market downturn.
A trader accused of illegally rigging a key interest rate benchmark did not act dishonestly when he submitted rates to benefit bankers’ trading positions, his attorney told a London jury on Friday, saying it is “nonsense” to suggest he flooded the market with cash to bolster huge financial trades.
Navient Corp. urged a Pennsylvania federal judge on Thursday to narrow the Consumer Financial Protection Bureau's lawsuit accusing it of harmful federal student loan servicing practices, saying the agency hasn't backed up its allegations that borrowers struggling to make payments were steered into opting for costly quick fixes.
The fate of a closely-watched deal designed to restructure nearly $18 billion in debt carried by the Puerto Rico Sales Tax Corp., or COFINA, hangs in the balance as a two-day hearing on the matter came to a close Thursday with opponents complaining it amounts to an unjust taking.
The trustee tasked with winding down convicted insider trader Raj Rajaratnam’s defunct Galleon Group hedge fund told a New York bankruptcy court on Thursday he’d reached a nearly $450,000 settlement with Rajaratnam and two former executives being sued for fraud, and that money should be enough to pay off the fund’s remaining creditors.
Under new leadership, the Consumer Financial Protection Bureau is asking Congress’ help to reassert its oversight over banks’ adherence to the Military Lending Act.
The government’s record-breaking shutdown, having already derailed the January schedule for initial public offerings, will cause ripple effects that could slow capital markets deals for months and leave many companies stuck in limbo with unappealing options.
Maine-based Wex will snap up employee benefits administrator Discovery Benefits for $425 million as the payments and technology company looks to bolster its offerings to customers, according to a Thursday statement.
The Eleventh Circuit on Wednesday agreed to send an $80 million fraud and racketeering case against Banco Itaú International and EFG Capital International Corp. back to Florida federal court, finding the appeal in an oil investments dispute had been filed too soon.
Bertram Partners Inc. has scored $72 million in financing for a trio of affordable housing complexes in Orange County, California, the real estate company's broker, Holliday Fenoglio Fowler LP, said Thursday.
A proposed securities class action accusing Bank OZK and two of its executives of hiding $46 million lost in bad real estate loans should be moved to the bank’s home state of Arkansas where a similar case is already underway, the bank told a New York federal court Wednesday.
A group of companies has reportedly been asked to submit second-round bids for the international business of Campbell Soup, Nasdaq is in talks to buy Norwegian exchange Oslo Bors, and Saudi Arabia's National Commercial Bank and Riyad Bank have hired financial advisers to help as they look to merge.
A former trader working on the money markets desk at Barclays PLC, who is on trial for his alleged role in a conspiracy to game the financial system, manipulated the cash market to “add extra weight” to attempts to rig a key global interest rate benchmark, prosecutors told a jury in London on Thursday.
Major stakeholders engulfed in Puerto Rico's bankruptcy-like proceedings urged a federal judge on Wednesday to approve a watershed settlement designed to restructure nearly $18 billion in debt carried by the Puerto Rico Sales Tax Corp., or COFINA, saying it is the best way to avert years of protracted litigation.
Alternative fee agreements can help align law firm and client interests, increase efficiency and eliminate corporate extortion, among other benefits. They are the best thing to happen to the practice of law in decades, says Kelly Eisenlohr-Moul at Dinsmore & Shohl LLP.
A key 2019 priority for the U.S. Securities and Exchange Commission will be adopting the proposed Regulation Best Interest. Attorneys with Eversheds Sutherland explore the questionable foundation of the Financial Industry Regulatory Authority's claim that it is unnecessary.
Can lawyers lead a revolution? According to "The Clamor of Lawyers: The American Revolution and Crisis in the Legal Profession" — a slim but elegant volume by Peter Charles Hoffer and Williamjames Hull Hoffer — they can and they did, says First Circuit Judge David Barron.
It is important to establish a framework for understanding the privacy and security challenges of blockchain so that the industry can address them, says Steve Snyder of Bradley Arant Boult Cummings LLP.
President Donald Trump’s approach to crisis communications has changed the game enough to demand companies' consideration of a whole new set of options. John Hellerman of Hellerman Communications and Bill Pittard of KaiserDillon PLLC discuss whether corporations can successfully use similar tactics.
Lawyer-directed nonrecourse litigation funding is more likely to protect a lawyer's exercise of independent professional judgment than traditional means of litigation finance, and furthermore enables worthwhile cases that otherwise could not be funded, say Peter Jarvis and Trisha Thompson of Holland & Knight LLP.
While much attention has been paid to recent revisions to the Foreign Corrupt Practices Act Corporate Enforcement Policy, other developments suggest that the U.S. Department of Justice may also be adapting FCPA enforcement principles to the area of cybersecurity, say attorneys with Ropes & Gray LLP.
A recent U.S. Securities and Exchange Commission action against Crowe LLP illustrates the pressure on independent auditors to gather enough evidence to defend their audits. However, there is tension between an auditor’s need for information and a company’s need to protect its privileged material, say attorneys with BakerHostetler.
As it appears the federal government shutdown could continue for some time, attorneys with Troutman Sanders LLP discuss its effect on the regulatory and litigation docket for consumer-facing companies.
Judged purely by enforcement statistics, 2018 was a down year for cartel enforcement. But authorities are training their sights on new sectors, theories and targets, and considering additional ways to further sharpen their enforcement stick and sweeten the leniency pot, say John Terzaken and Elizabeth French of Simpson Thacher & Bartlett LLP.