Democratic lawmakers on Wednesday blasted Wells Fargo & Co., saying that the replacement of the embattled bank’s chairman with a former Federal Reserve governor and other board changes do not go far enough.
A 79-year-old Massachusetts man who had fled shortly before he was to report to prison for an insider trading scheme carried out on country club cocktail napkins was arrested by federal authorities over the weekend in Puerto Rico.
An ex-Secret Service agent sentenced to six years in prison for stealing more than $800,000 worth of bitcoin seized during the government’s crackdown on the black market website Silk Road pled guilty to a new charge of money laundering in California federal court Tuesday.
A Manhattan federal judge on Tuesday rejected most of the objections lodged by Nigeria’s central bank against a request from Exxon Mobil Corp. and Royal Dutch Shell PLC subsidiaries to access information on foreign accounts in their efforts to enforce a $1.8 billion arbitration award against the country’s state-owned oil company.
Barclays PLC on Saturday said that an amicus brief written by two New York law professors backing a Saudi contractor’s appeal in a $10 billion fraud case raises “entirely academic” issues and should be rejected by the state’s top court.
President Donald Trump disbanded two of his advisory councils on Wednesday as CEOs rapidly abandoned them in response to Trump’s refusal to exclusively blame white supremacists for a fatal rally they held in Charlottesville, Virginia, over the weekend.
Barclays PLC has demanded repayment of £321.4 million ($413.2 million) it says it is owed by a credit card services firm that is suing the U.K. lender for £1.06 billion in damages after the bank sold it portfolios of credit card agreements in 2007 which the company says were rendered worthless.
Banks wanting to relocate some of their regulated services from the U.K. to the EU because of Brexit have been slow to submit their license applications and are falling behind schedule, a European Central Bank supervisor warned Wednesday.
Former Jefferies Group residential mortgage-backed securities trader Jesse Litvak on Tuesday asked the Second Circuit to let him stay out of prison while his securities fraud appeal plays out, saying that like in his first appeal, he's again raised a substantial legal question that will likely lead to a reversal or new trial.
Wells Fargo & Co. said Tuesday that former Federal Reserve Gov. Elizabeth Duke will take over as chair of the embattled bank’s board next year, amid calls from lawmakers for the removal of all Wells Fargo board members in place during the fake-account scandal.
A southern New Jersey attorney who was sentenced to probation for his role in a mortgage fraud scheme earlier this year has tendered his consent to disbarment, according to a state Supreme Court order signed Monday.
Former financial advisers who sold investments in what turned out to be a $7 billion Ponzi scheme run by R. Allen Stanford have asked the U.S. Supreme Court to reverse the Fifth Circuit and order to arbitration the Ponzi scheme receiver’s attempt to claw back $215 million.
A Texas federal judge rejected an attempt to throw out a securities fraud suit Monday in which a cloud-based mobile financial services company says it was duped into investing $6.5 million in a mobile wallet, coupon and rewards platform.
A federal judge in Chicago on Monday dismissed a case against a Saudi bank alleging that it helped fund a 2005 terror attack in Jordan while allowing some claims to move forward against HSBC Holdings PLC’s North American and U.S. units.
The Consumer Financial Protection Bureau urged an Illinois federal judge Monday not to transfer a suit claiming four Native American tribe-owned companies charged excessively high interest for online loans, saying there’s much more reason to keep the suit in Illinois than to move it to the companies’ preferred Kansas venue.
An executive at Istanbul-based Türkiye Halk Bankası AŞ accused of helping Turkish trader Reza Zarrab evade U.S. sanctions was denied bail Tuesday when a New York federal judge ruled there were no conditions or combination of conditions that would assure his appearance in court.
A name partner at Chicago-based Brown Udell Pomerantz & Delrahim Ltd. on Monday lost his bid to shut down a suit by PNC Bank NA in Illinois federal court alleging that he hid assets in shell companies to avoid paying a $5.3 million judgment over a defaulted loan.
U.S. banking regulators on Monday made changes to the way banks measure capital for margin payments on centrally cleared derivatives, potentially easing capital requirements for financial institutions.
The Ninth Circuit ruled Tuesday that a man who accused Spokeo of violating the Fair Credit Reporting Act by allegedly reporting inaccurate information about him had claimed a sufficiently concrete injury to meet the Article III standing bar established by the U.S. Supreme Court in the dispute last year.
A group of European banks including Royal Bank of Scotland PLC and Credit Suisse Group AG accused by investors of rigging the market for derivatives tied to the Swiss franc London Interbank Offered Rate on Monday urged a Manhattan federal judge to nix the proposed class action, saying the case doesn't belong in the U.S.
Seven recent decisions show the Patent Trial and Appeal Board has adjusted its approach in evaluating whether a patent is eligible for covered business review following the Federal Circuit’s guidance in Unwired Planet and Secure Axcess, say Brian Mudge and Andrew Kasnevich of Andrews Kurth Kenyon LLP.
Despite early implementations dating back to the 2000s, biometrics technologies are still an emerging trend. Biometric identification and validation techniques are being introduced to new and more innovative industries — for both security purposes and personal convenience, says Haydn Evans of CPA Global.
One growing trend is for clients to enter into alternative fee arrangements in which one law firm represents multiple parties who “share” fees and costs in a related matter. This way parties can more efficiently manage a matter and reduce their individual legal fees. But joint representation is not without its own risks and challenges, say attorneys with WilmerHale.
Legal incubators serve as an important bridge to practice and a crucial step toward aligning the incentives of new lawyers with the needs of their clients. They may even pose a threat to the traditional law school model itself, and that's not necessarily a bad thing, says Martin Pritikin, dean of Concord Law School at Kaplan University.
By recently declining en banc rehearing in Secure Axcess, the Federal Circuit may have placed a stamp of finality on the scope of covered business method review, say Brian Mudge and Andrew Kasnevich of Andrews Kurth Kenyon LLP.
While it declined to adopt a presumption, the Delaware Supreme Court in DFC Global strongly endorsed the deal price as often “the best evidence of fair value” in cases involving an arm’s-length merger with a robust sale process. However, the court left unresolved a number of key appraisal issues, say attorneys with Fried Frank Harris Shriver & Jacobson LLP.
A U.S. person must file a Foreign Bank Account Report for offshore accounts with values exceeding $10,000 at any point during a given year. The first line of defense against an FBAR penalty is compliance with the filing obligation, but if a case is brought, several defense strategies are especially useful, says Chris Rajotte of Fuerst Ittleman David & Joseph PL.
The Sarbanes-Oxley Act and the rules under which the Public Company Accounting Oversight Board's Division of Enforcement and Investigations must act create an unusual process that greatly benefits those being investigated, say Russell Duncan and Joel Schwartz, partners at Shulman Rogers Gandal Pordy & Ecker PA and former PCAOB assistant directors.
Regulatory guidance has caused financial institutions to take tough stances when signing agreements with fintech service providers. Any company that has never undergone a bank examination is likely to find the experience extremely daunting, say attorneys with Tucker Ellis LLP.
While many organizations are at a mature level with regard to their overall Sarbanes-Oxley compliance programs, new accounting standards, business process outsourcing, cybersecurity and a bigger focus on precision have required an increasing investment of resources, says Keith Kawashima of Protiviti Inc.