A New York federal judge on Thursday tossed an antitrust suit from small-time forex investors against more than a dozen big banks accused of rigging wholesale foreign exchange markets, ruling that the allegations are too vague.
The House of Representatives passed a pair of measures altering financial institution rules Thursday, creating an independent board to review agency actions and altering Regulation A+ securities offerings.
White & Case LLP has picked up a former Paul Hastings partner who represents financial institutions and securities issuers in cross-border offerings, including advising Morgan Stanley and JPMorgan in Jose Cuervo’s initial public offering in Mexico.
Credit information company Experian has agreed to buy a U.K.-based consumer credit data organization for £275m ($385 million) as a means to extend its reach into the U.K. market, the company said Thursday.
Blank Rome LLP has brought on board two New York-based partners from Herrick Feinstein LLP with significant experience handling corporate, finance and real estate matters, the firm announced Thursday.
Insider trading charges for a former Equifax executive involved in responding to a data breach affecting some 148 million customers illustrates the need for companies to have solid plans for dealing with cyberattacks that include adequate bulwarks against illegal trading, experts say.
Ex-Deutsche Bank AG trader Christian Bittar has pled guilty to rigging a key European interest rate benchmark ahead of a trial scheduled for April, Britain’s Serious Fraud Office said Thursday.
A cryptocurrency lawyer told a House of Representatives committee on Wednesday that Congress should urge the Securities and Exchange Commission to amend its rules to improve clarity in the market for initial coin offerings, a nascent but booming field of capital raising.
A New York federal judge on Wednesday affirmed a bankruptcy court’s dismissal of a Lehman Brothers unit's bid to claw back $1 billion in swaps transactions, saying it correctly determined the safe harbor provision for swap agreements protects the distributions of the collateral.
The White House said Wednesday that Lawrence Kudlow, a conservative economic commentator, will replace Gary Cohn as President Donald Trump’s chief economic adviser following Cohn’s decision last week to resign as director of the National Economic Council.
The Third Circuit threw out the 10½-year prison sentence Wednesday of a convicted bank fraudster after rejecting a trial judge’s conclusion that the man had been on parole for an unrelated crime at the time he joined the conspiracy.
The bipartisan banking bill that cleared the U.S. Senate on Wednesday may be the banking industry's best hope yet for rolling back some of the Dodd-Frank Act's rules, but some attorneys say the legislation that's emerged doesn't exactly dismantle the landmark 2010 financial reform law.
The Federal Reserve has ordered the Industrial and Commercial Bank of China Ltd. to reform its anti-money laundering protections after finding “significant deficiencies” during its most recent examination of the bank’s New York branch, the regulator announced Tuesday.
Square Inc. illegally discriminates against bankruptcy attorneys by blocking them from its online payment platform, a member of the bankruptcy bar told the Ninth Circuit at a hearing Wednesday, saying a trial court erred in finding he couldn’t sue because he never signed up for the service.
The Senate passed a rollback Wednesday of bank and other financial institution rules from the Dodd-Frank Act, with backers of the measure claiming it will remove the worst of the regulatory costs for smaller banks.
Siemens is expected to price the shares of its Healthineers unit at $34.64 a piece, investors have expressed interest in all of DWS’ offered shares, and French private equity firm Ardian is planning to sell off German pharmaceutical company Riemser Pharma GmbH.
The House of Representatives passed a measure Wednesday that would put new restrictions on banking regulators’ ability to impose new rules by requiring agencies to tailor any new regulations to the particular institution.
The Federal Deposit Insurance Corp.’s failure to nab Citibank’s signature on its claims in a $695 million mortgage-backed securites suit should stop the suit in its tracks, the defendant banks told a New York federal judge in a brief on Tuesday, saying the amended complaint should be tossed.
The founder and CEO of once high-flying Silicon Valley blood testing company Theranos has settled allegations she lied about nearly every aspect of the company’s business model and finances in a massive, yearslong fraud that raised more than $700 million from duped investors, the U.S. Securities and Exchange Commission announced Wednesday.
Civil and criminal charges have been filed against a former Equifax executive accused of selling off shares before the public was informed of the company’s massive data breach, the U.S. Securities and Exchange Commission and U.S. Department of Justice announced Wednesday.
It is undisputed that in his first year in office President Trump was able to confirm a significant number of judges to the federal bench. How it happened — and whether it's a good thing — are debated here by Sen. Chuck Grassley, R-Iowa, and Sen. Dianne Feinstein, D-Calif.
In his response to my Law360 article, William Kolasky notes “the relative dearth of rule of reason cases that have made it to summary judgment or beyond.” My only point is a consequentialist one: Since the 1970s, more and more cases have migrated from the per se category to the rule of reason category. As a result, plaintiffs (almost) always lose, says Randy Gordon of Crowe & Dunlevy.
To its detractors, the so-called Brunner test, which is used to establish the dischargeability of student loan debts, stands out like a sore thumb. However, in an unexpected move, the U.S. Department of Education recently published a memo calling for comments that hinted it might be considering eliminating or modifying this standard, say attorneys with Troutman Sanders LLP.
In light of the stress on the student loan market and the amount of money invested in securities backed by student loans, the likelihood of litigation regarding the marketing and securitizing of these assets is substantial. In addition, billions in defaulted student loans may be uncollectible, adding a further level of peril for investors, says Kevin O’Brien of Butler Rubin Saltarelli & Boyd LLP.
A Law360 guest article this week overlooked the great strides made by the appellate courts over the last four decades in developing a sound analytical framework for applying the rule of reason, says William Kolasky, co-chairman of Hughes Hubbard & Reed LLP's antitrust practice.
Consumer Financial Protection Bureau Director Mick Mulvaney has signaled that enforcement will be a last resort, and that the bureau will instead seek to improve compliance with the law by making its requirements clear. Clearing pathways to new products and services by recalibrating the bureau’s "no-action letter" policy is one way the bureau can make good on that promise, say Eric Mogilnicki and Michael Nonaka of Covington & Burling LLP.
We dissected the Financial Industry Regulatory Authority's 2017 disciplinary actions to see how it performed in different categories and found that rather than going for box-office gold, FINRA focused on a variety of “nuts and bolts” issues. However, FINRA did return a substantial amount of money to investors, say Brian Rubin and Adam Pollet of Eversheds Sutherland.
Most of the commentary surrounding the U.S. Supreme Court American Express case has focused on the standards and analysis to be applied in so-called “two-sided market” cases. But those questions are merely symptoms of a greater malady — the “rule of reason” analysis that has come to govern most antitrust cases, says Randy Gordon of Crowe & Dunlevy.
Expect regulators and prosecutors to make cases in industries that are beginning to generate enormous amounts of new revenue, while using the same investigative tools they’ve used for decades, say Gregory Morvillo and Amy Walsh of Orrick Herrington & Sutcliffe LLP.
In Digital Realty Trust v. Somers, the U.S. Supreme Court undermined Wall Street’s advocacy of internal corporate compliance programs as an alternative to whistleblower reward laws. But the adverse impact of Digital’s Supreme Court victory can and should be mitigated, says Stephen Kohn of Kohn Kohn & Colapinto LLP.