SunEdison Inc. told a New York bankruptcy court on Wednesday that after resolving several objections to its Chapter 11 plan disclosures and reaching a critical accord with its key creditors, it is in position to move forward with soliciting votes for its exit from bankruptcy.
A Turkish bank executive charged in a politically sensitive Iran sanctions case is having his legal bills paid by his state-controlled employer, his lawyer told a New York federal judge on Thursday.
A New York state judge on Wednesday tossed out a $2.4 billion suit accusing Citigroup of dodging $800 million in state taxes by illegally deducting losses it incurred during the financial crisis, according to a source familiar with the matter.
A branch manager at a major retail bank in New York and an executive and a bookkeeper of a real estate company were charged Thursday with bank fraud, bank fraud conspiracy and money laundering conspiracy in what federal prosecutors say was a multimillion-dollar scheme to plunder the company’s bank accounts.
A California federal judge on Thursday said he would likely approve a $142 million settlement between Wells Fargo and the owners of 3.5 million unauthorized bank accounts that were surreptitiously opened in their names, but he heard arguments from intervenors who said their related cases were worth more and broader in scope.
The Sixth Circuit on Thursday ruled that Cumis Insurance Society Inc. doesn't have to pay $5 million under a fidelity bond to cover losses that a credit union suffered from an officer's fraudulent loan scheme, upholding the insurer's trial win before an Ohio federal court.
Former MF Global excess insurer Allied World Assurance Co. Ltd. said in New York bankruptcy court Wednesday that it never violated court rules, despite the defunct company’s bid for $1.8 million in attorneys' fees over insurers' alleged failure to obtain court permission before filing an action to arbitrate a contract dispute in Bermuda.
Several groups representing swap dealers and other financial firms have told the U.S. Commodity Futures Trading Commission to rethink parts of its proposal to establish minimum capital requirements for swap dealers, saying as written the proposal could push dealers out of the market.
UAE Exchange Group plans to spend up to $300 million on acquisitions through 2020, Naspers is considering a sale of pay-TV business Multichoice and Julius Baer is nearing the acquisition of a minority stake in Argentine financial services company TPCG Group.
The Consumer Financial Protection Bureau failed to restrict access to sensitive enforcement data by former employees who left the bureau or were reassigned, putting that information at risk, a watchdog report said Thursday.
The Seventh Circuit on Wednesday upheld a 10-year sentence for a scheme to embezzle nearly $14 million from a credit union, saying a district judge was right to reject a mitigating factor that the defendant considered important.
The U.S. Securities and Exchange Commission has denied a bid by a broker-dealer to freeze a Financial Industry Regulatory Authority order requiring it to get annual financial statements reviewed by certain firms, saying it hadn’t shown how an appeal of the order would succeed.
Treasury Secretary Steven Mnuchin on Thursday said that the Trump administration has no intention of breaking up the biggest banks despite administration statements that it supported an updated version of the Glass-Steagall Act.
A proposed class of mortgage borrowers has accused Quicken Loans of exploiting a Federal Housing Administration loophole to charge illegal interest payments without providing mandatory disclosures, according to a complaint filed in Georgia federal court.
Los Angeles urged the Ninth Circuit on Wednesday to revive separate suits accusing Bank of America Corp. and Wells Fargo & Co. of steering minority borrowers to more expensive and riskier home loans, saying both were wrongly tossed as time-barred and with a premature focus on the merits.
A lawyer pled guilty in New Jersey federal court on Wednesday to two charges related to her role in a conspiracy to cook the books of now-defunct First State Bank in order to fool the Federal Deposit Insurance Corp. and other auditors into giving the troubled bank a clean bill of health.
A pair of anonymous Coinbase customers have asked a California federal court to allow them to remain unidentified and to intervene in an IRS effort to enforce a summons for customer names, data and correspondence from the virtual currency exchange company.
The Senate Homeland Security Committee on Wednesday sent five regulatory reform bills to the full body for a vote, all of which are designed to make it harder for executive agencies to promulgate rules.
Attorneys for directors of foreign exchange broker FXCM Inc. disputed proposed additions Wednesday to an investor class complaint accusing the board of fiduciary breaches, waste and other failings, telling a Delaware Chancery Court that rules governing the fully briefed and pending dismissal motion bar the changes.
The Financial Industry Regulatory Authority said it has fined Merrill Lynch for allegedly failing to obtain the best price for customers on thousands of manually executed trades and failing to keep accurate records of the trades, among other violations.
Scams resulting in access to confidential information are probably a lawyer’s greatest technology and cybersecurity risk. But hackers are more likely to gain access to a lawyer’s computer systems through human error, usually responding to a scam, than a brute force attack, says J. S. Christie Jr. of Bradley Arant Boult Cummings LLP.
The first 100 days of the Trump administration have brought numerous directives designed to reshape the regulatory landscape for financial institutions that ultimately may result in dramatic changes to government departments and agencies, says David Tittsworth of Ropes & Gray LLP.
Many law firms use public-facing websites for business development and to streamline operational processes. While these sites are great for maximizing information-sharing, they could unknowingly be an unlocked gateway into a firm’s most confidential data, says Jeff Schilling of Armor Defense Inc.
A pending Second Circuit case raises an interesting constitutional question for practitioners whose clients are subject to parallel, cross-border white collar investigations: When someone gives compelled testimony to foreign law enforcement officials, does the Fifth Amendment bar U.S. prosecutors from using her statements, directly or indirectly, to criminally prosecute her? say Mark Racanelli and Michael Simeone of O’Melveny & Myers LLP .
Mediators’ proposals, which call for an unconditional and confidential acceptance or rejection, are resolving high-value disputes on a regular basis. Dennis Klein of Critical Matter Mediation examines why this is happening and the tactical implications for litigants in anticipating that a mediator’s proposal could resolve litigation.
The D.C. Circuit’s recent refusal to enforce a civil investigative demand issued by the Consumer Financial Protection Bureau to a for-profit school accrediting agency is likely to have broad implications for CFPB enforcement investigations. It is possible that the agency’s aggressive posture colored the court’s analysis of the legal question before it, say Ori Lev and James Williams of Mayer Brown LLP.
In its first 100 days, the Trump administration has had mixed results and may be behind where it wants to be. The biggest threat to President Donald Trump’s domestic policy agenda beyond the first 100 days is the difficulty of reconciling the Freedom Caucus Republicans, moderate Republicans and Democrats, say Jim Flood and Cari Stinebower of Crowell & Moring LLP.
A Florida state court's recent reversal of its own 2016 decision in Ober v. Town of Lauderdale-By-The-Sea affirms the long-standing interpretation of Florida’s lis pendens statute. However, lenders should be on alert, for this ruling may not be the end of the road for Ober, says Paul Rush of Trenam Law.
Corporate interests lobbying for H.R. 985, the anti-class action bill recently passed by the U.S. House of Representatives, are the same ones that pushed the Class Action Fairness Act in 2005. That law caused most significant class actions to migrate to federal courts. Ironically, the new bill could return many class actions to state courts, says Michael Donovan of Donovan Litigation Group LLC.
In some states, borrowers may invoke the “implied covenant of good faith and fair dealing” to circumvent certain express loan terms. The recent decision in Transit Funding Associates v. Capital One Equipment Finance made clear that such arguments will be rejected by New York’s First Department, says Richard Epstein of Sills Cummis & Gross PC.