A Mississippi federal judge on Wednesday dished out hefty prison sentences ranging from 25 to 115 years to three Nigerian nationals for their roles in a large-scale internet fraud network, where they duped U.S. citizens via romance scams to send money or help carry out the frauds, the U.S. Department of Justice announced.
A group of state attorneys general has urged a New York federal judge to redirect $15 million in undistributed funds from a Sprint Corp. settlement to a nonprofit and an attorneys general training program, saying objections from the Consumer Financial Protection Bureau do not hold water.
A third anonymous Coinbase customer sought Wednesday to jump into the fray opposing the IRS’ California federal court summons enforcement bid seeking customer names and other information from the virtual currency exchange company, warning of an unconstitutionally intrusive “fishing expedition.”
The feared individual accountability scheme that makes Britain’s financial services managers responsible for misconduct happening on their watch has caught the eye of global regulators, and lawyers say it is only a matter of time before a similar program is rolled out internationally.
The head of a key House committee on Wednesday said that he would cut language to repeal a cap on debit card swipe fees included in the Dodd-Frank Act from a keystone Republican financial regulation bill, saying that he wouldn’t let the bill be derailed by a matter that has divided retailers and financial firms.
A top adviser to Vice President Mike Pence on Thursday said that the Trump administration’s main priority in changing financial regulation will be to help creditors and other market participants take a more active role in policing markets.
Central bankers and foreign exchange players on Thursday unveiled a voluntary global code of conduct establishing good practices for wholesale foreign exchange markets, hoping to restore faith in a $5 trillion daily market beset by several enforcement probes and antitrust litigation alleging manipulation.
The Eighth Circuit on Wednesday let St. Louis Bank off the hook in a suit by investors in a $56 million Ponzi scheme orchestrated by St. Louis attorney and Anglican bishop Martin Sigillito, finding the bank didn’t know the money moving through his accounts was being stolen.
Wells Fargo couldn’t escape a 20 percent penalty for a $1.25 billion securities transaction, part of which has been deemed a tax-avoidance sham, but it won a partial victory to deduct interest paid on a foreign loan, under a Minnesota federal court’s ruling Wednesday.
A Pennsylvania federal judge on Wednesday freed Morgan Stanley Smith Barney LLC from a former broker’s suit alleging a hostile work environment and retaliation, saying she only alleged sporadic acts of discrimination.
Two New York attorneys will have to face a suit accusing them of neglecting a client’s wrongful termination claims against Fannie Mae, a Washington, D.C., federal judge ruled Tuesday, saying the court did have jurisdiction over the case because the attorneys had agreed to represent the client in D.C.
Fried Frank Harris Shriver & Jacobson LLP has expanded its New York office with additions to its finance and real estate litigation practices from Cadwalader Wickersham & Taft LLP and Katten Muchin Rosenman LLP.
French bank BNP Paribas was fined $350 million by the New York State Department of Financial Services for lax oversight in its foreign-exchange business that allowed “nearly unfettered misconduct” by more than a dozen employees involved in exchange rate manipulation, officials announced Wednesday.
The D.C. Circuit plunged headlong into questions swirling around the Consumer Financial Protection Bureau’s leadership structure in high-stakes litigation brought by a mortgage servicer seeking to overturn a $109 million judgment from the bureau.
Judges on the D.C. Circuit on Wednesday zeroed in on the key question of whether the U.S. Securities and Exchange Commission could overrule its administrative law judges in a case that could change the way in-house judges throughout the government are put in place.
A California federal judge on Tuesday ordered the Consumer Financial Protection Bureau, Howard Law PC and two other firms to mediate a dispute over the firms’ alleged running of a debt-relief scheme that extracted millions in “exorbitant” and illegal advance fees from consumers with large debts.
Goldman Sachs & Co. has asked a New York state court to bar two of the firm’s former vice presidents from trying to persuade any more of its customers to jump ship to a new investment advisory business that the pair allegedly set up in secret.
The D.C. Circuit has declined to revive a suit brought by the majority shareholders in an Andorran bank that was targeted by the financial crimes unit of the U.S. Department of the Treasury, ruling on Tuesday that there was little the court could do to help them now that the bank was defunct.
Although firms will only have to comply with portions of the U.S. Department of Labor’s fiduciary rule for retirement account advisers by early June, experts say Labor Secretary Alexander Acosta’s announcement that the agency won’t delay the rule any further means a wholesale repeal is increasingly unlikely.
Companies in the U.S. spend nearly triple the amount on legal services for every dollar of revenue than counterparts around the globe, but overall spending varies greatly depending on the size and industry of the business, according to a new analysis released Tuesday.
As wire fraud schemes become more prevalent, everyone involved in a real estate transaction is at risk. Liability will likely depend on, in part, whether the agent, broker or title company employed commercially reasonable security procedures, say Mariana Bravo and Katherine Ondeck of Carr Maloney PC.
Despite an increase in engagement with client feedback programs over the last 15 years, law firms — and their clients — have a way to go before realizing the maximum benefits such programs can deliver, says Elizabeth Duffy of Acritas US Inc.
Litigation over the Section 546(e) safe harbor has been on the rise in the last several years and the defenses against these suits have been furious. This makes the U.S. Supreme Court’s decision to review FTI Consulting v. Merit Management even more important, say Brian Koosed and Robert Honeywell of K&L Gates LLP.
Operation Choke Point continues to cast an ominous cloud over the payments industry, but two recent litigation wins for HES Merchant Services and Intercept Corp. are causes for cautious optimism, say Edward Marshall and Megan Mitchell of Arnall Golden Gregory LLP.
In addition to several big-ticket items, the newest version of the CHOICE Act also contains certain under-the-radar provisions that, collectively, could have a significant impact on U.S. Securities and Exchange Commission enforcement, says Daniel Chirlin of Walden Macht & Haran LLP.
Most law firms today aren't using common security and data protection measures that other industries employ to protect sensitive data. Options like continuous data replication and backups have various pros and cons, but most importantly, law practices must understand the need for a two-tiered approach to data protection, says Jeff Ton of Bluelock LLC.
As the battle over the Office of the Comptroller of the Currency’s proposed financial technology charter continues, investors in fintech companies should consider what it would mean for their business strategies if fintech companies actually did become banks, says Elizabeth Khalil of Dykema Gossett PLLC.
Last month the U.S. Supreme Court reversed a sanctions order issued in Goodyear v. Haeger for bad faith discovery misconduct. And the Eighth Circuit recently reversed a district court sanctions order issued for “obstructive deposition practices.” While these sanctions were judged excessive, litigators must remember that aggressive discovery tactics are always a bad idea, says Alan Hoffman of Husch Blackwell LLP.
In the year since the U.S. Supreme Court's Spokeo decision, nearly 60 percent of courts analyzing constitutional standing have determined that the plaintiff had Article III standing. Notably, the outcomes vary markedly by statute and forum, and have intensified in some ways over the last six months, say attorneys with Morgan Lewis.
Justice Neil Gorsuch joined the U.S. Supreme Court a little more than 30 days ago, on April 7, 2017. And while it is too early for him to have written any opinions, Gorsuch participated in the final 13 oral arguments of the 2016 term. Charles Webber of Faegre Baker Daniels LLP offers five takeaways from his first month on the job.