Three major British banks named in the U.S. Federal Deposit Insurance Corporation’s lawsuit over alleged benchmark rigging have denied they kept Libor rates artificially low between 2007 and 2009, according to defense papers.
A New York federal judge on Friday refused pleas from banks and mortgage companies to scale back his order allowing costly subpoenas for loan documents to go forward in a U.S. Department of Justice civil action against Barclays PLC over $31 billion worth of toxic residential mortgage-backed securities, saying it’s the cost of doing business.
Paul Manafort, the indicted former campaign manager to President Donald Trump, may face trial as soon as May, according to a filing Friday by the special counsel spearheading an investigation into the Trump campaign that also outlined plans for future evidence exchange.
A Miami federal judge Friday handed a five-year prison sentence to a former Bankrate Inc. vice president of finance who admitted he schemed to lie about the rate-shopping company’s finances after he asked for leniency, citing his plan to testify against his former boss at an upcoming trial.
Former bankers alleging Wells Fargo lied to regulators to obtain a bailout defended their revived False Claims Act suit on Thursday, telling a New York federal court that the bank’s dismissal bid is at odds with the U.S. Supreme Court’s Escobar decision.
The last week has seen Airbus sue Axa and several other insurers, a sports betting and financial software firm lodge a suit against Barclays, and an appeal from an insurance brokerage that recently lost its U.K. license. Here, Law360 looks at those and other new claims in the U.K.
The Chapter 7 trustee of a defunct $65 million Ponzi scheme vehicle will get another shot at clawing back $12 million sent to Washington Mutual prior to its 2008 collapse, after the D.C. Circuit found on Friday that a district court jumped the gun by dismissing the suit on procedural grounds.
The Second Circuit on Friday reversed a lower court decision certifying a class of shareholders accusing Goldman Sachs of lying about its ethical compliance just before they lost $1 billion in the Abacus collateralized debt obligation, saying the earlier ruling may have held Goldman to a standard of proof that was too high.
The Federal Circuit on Friday partially lifted an injunction on a disputed $2.8 billion U.S. Department of Education debt collection deal, but its ruling is effectively academic since the department issued new contract awards, including to a firm linked to Education Secretary Betsy DeVos, shortly before the decision was issued.
Consumer Financial Protection Bureau Deputy Director Leandra English on Friday continued her fight to lead the powerful financial regulator by asking a federal appeals court to remove President Donald Trump’s choice to serve as the bureau’s acting director.
GST AutoLeather Inc. and its top lender pushed the Delaware bankruptcy court late Thursday to shut down unsecured creditors’ bid to challenge senior liens, arguing that such a fight would only disrupt the auto upholstery supplier’s Chapter 11 case for a “leverage ploy” in recovery negotiations.
Amro, Société Générale, BNP Paribas and five other global banks with commodities operations have sued eight executives of bankrupt cocoa firm Transmar Commodity Group Ltd. in New Jersey federal court, claiming the struggling firm gave the banks false information about its financial condition as it sought to enter into a $360 million credit agreement.
The Federal Reserve on Friday fined five banks, including Goldman Sachs Group Inc. and Morgan Stanley, a total of $35.1 million to close out an enforcement action over their foreclosure crisis era mortgage servicing practices.
A New York credit union on Friday attempted to convince a federal judge that it has the power to bring a lawsuit seeking to challenge President Donald Trump’s appointment of a White House official to lead the Consumer Financial Protection Bureau on an acting basis.
The U.S. Supreme Court agreed Friday to consider whether the hiring of U.S. Securities and Exchange Commission administrative law judges violates the appointments clause of the Constitution, a case that could call into question the legitimacy of past rulings by the administrative judges.
A Massachusetts federal judge on Wednesday granted a former State Street Global Markets LLC executive’s motion to depose a Clifford Chance attorney in the Netherlands before his trial on securities fraud charges, agreeing with the executive that the attorney’s testimony could swing his defense.
While lawmakers battle over big-picture changes to the rules that govern financial institutions, the need to update an anti-money laundering regime that many see as unwieldy is one area where experts say a bipartisan consensus is forming and banks could see dramatically lower compliance costs.
JPMorgan Chase & Co. will shell out $8.3 million to end a proposed class action brought by assistant bank managers who alleged they were misclassified as overtime-exempt employees, according to a deal proposed in California federal court Thursday.
The Federal Reserve on Thursday released American Express Co. from a 2012 enforcement action that called on the credit card giant to refund $85 million to about 250,000 customers after banking regulators uncovered pervasive deceptive practices throughout the company and its subsidiaries.
A Texas federal judge on Wednesday sentenced the wife of the former Tabasco, Mexico, finance secretary to 10 months in prison, after a jury found her guilty of conspiracy to commit bank fraud — but not guilty of conspiring to commit money laundering — in an alleged $40 million scheme.
While each new year is expected to bring fresh challenges to the legal industry, 2018 will be particularly disruptive to the status quo. Both law firms and organizations that cater to the legal community should prepare for developments like increasing pressure from international clients and data security risks caused by multigenerational gaps, says Jeff Ton of Bluelock LLC.
One probable reason for the recent shift in focus by the Office of Foreign Assets Control toward export-related transactions is that the agency’s enforcement efforts targeting big banks have worked. With fewer cases to bring against them, OFAC seems to be moving on to new weak spots in enforcement, say Sean Kane and Susie Park of Hughes Hubbard & Reed LLP.
State attorney general campaigns will be in full swing with 31 elections this year. In addition to three top substantive areas, campaign issues themselves will influence how state attorneys general prioritize enforcement, says Joe Jacquot, former chief deputy attorney general of Florida, now with Foley & Lardner LLP.
As with 2016, there were no major U.S. Supreme Court decisions impacting indirect purchaser claims in 2017. Unlike 2016, however, several circuit court decisions addressed important issues such as ascertainability, 23(b)(3) predominance, and indirect versus direct purchaser status, say Chris Micheletti and Christina Tabacco of Zelle LLP.
The U.S. Securities and Exchange Commission will grapple with a great deal of unfinished business this year. In fact, these issues will dwarf the natural changes that the SEC will undergo as it continues to transition to new leadership, says Britt Biles of Stein Mitchell Cipollone Beato & Missner LLP.
Beyond what it heralds for the marijuana industry, Jeff Sessions’ memo on marijuana enforcement signals a new era of increasingly decentralized federal prosecutorial power, say attorneys with Perkins Coie LLP, including former Colorado Chief Justice Michael Bender.
France's recent settlement with HSBC under the new Sapin II anti-corruption framework could signal a new phase of government enforcement in the country. While the terms and structure of the settlement bear many similarities to deferred prosecution agreements in the U.S. and the U.K., they also differ in certain key respects, say attorneys with Skadden Arps Slate Meagher & Flom LLP.
Jay Greenberg and Max Volsky, co-founders of litigation finance platform LexShares Inc., analyze emerging trends based on conversations with their investors and executives in this rapidly evolving sector.
The past year did not deliver the massive amount of commercial mortgage-backed securities refinancings predicted by many at the end of 2016. Stuart Goldstein and Gregory Prindle of Cadwalader Wickersham & Taft LLP review what happened in 2017 and look ahead to what the industry might see in 2018.
Study of the Enneagram personality typing system can provide attorneys with better insights into themselves, and into those they interact with professionally, including clients, opposing counsel and judges, says Jennifer Gibbs of Zelle LLP.