The CEO of one of the most successful gold mining companies in Mongolia filed suit Wednesday in New York state court alleging he was defrauded out of more than $1.7 billion in assets and allegedly shaken down by the Mongolian government and a Russian bank to collect debt he did not owe.
Jurors heard two starkly different narratives as a criminal trial commenced Wednesday against a former pharmaceutical company executive accused of a $100 million fraud scheme that prosecutors say led to the collapse of one of Puerto Rico’s largest banks.
A putative class of Danske Bank investors claimed in New York federal court Wednesday that more than $2.5 billion was lost as a result of money laundering accusations involving the bank's Estonian branch, where suspicious payments of up to €200 billion ($230 billion) were authorized over eight years.
The Consumer Financial Protection Bureau defended the constitutionality of its single-director, independent structure before a Ninth Circuit panel on Tuesday in an appeal brought by a California law firm that wants to be freed from an agency administrative subpoena.
A Chicago real estate developer who pled guilty to a $22.9 million bank fraud scheme is seeking to kick the presiding judge off the case ahead of sentencing, arguing in a Tuesday motion that the judge has acted "openly hostile" toward his lawyer.
The Trump administration on Tuesday sanctioned a Venezuelan billionaire television mogul currently under indictment for violating the Foreign Corrupt Practices Act as well as several other individuals and businesses over an alleged $2.4 billion corrupt currency exchange scheme.
Payday lender Check Into Cash's Illinois subsidiary has agreed to stop imposing highly restrictive noncompete agreements on the low-wage customer service employees at its 33 locations statewide, according to Illinois' attorney general.
Key House Democrats voiced concerns Tuesday over the Trump administration's plans to walk back sanctions imposed against companies tied to a Kremlin-linked oligarch as a response to Russia’s actions in Ukraine and Syria and interference in the 2016 presidential election, demanding a postponement until members of Congress can be briefed.
Fannie Mae isn't a "consumer reporting agency" as defined by the Fair Credit Reporting Act, meaning it can't be held liable under the statute for inaccurate information generated by a computer program it licenses to mortgage lenders, a divided Ninth Circuit panel ruled Wednesday.
The ever-lengthening government shutdown is threatening to stall initial public offerings more each day with the absence of a full U.S. Securities and Exchange Commission staff to review filings and move them through the pipeline, potentially wreaking havoc on deal timetables.
A California appellate court has reversed a lower court decision denying a retail mortgage lender’s bid to force a former employee to arbitrate individual claims made in his wage-and-hour suit, finding an arbitration agreement in place was mostly up to snuff except for a section that should be severed.
A retired judge hired by Labaton Sucharow LLP to look into the $4 million the firm paid lawyer Damon Chargois in "referral fees" in cases where he did no work concluded in a report filed Tuesday that the deal was "unique and aberrational," a finding Labaton praised.
PNC Bank has reportedly sold a Florida office building for $14.22 million, Sotheby's International Realty is said to be leasing roughly 38,000 square feet in Manhattan, and CitizenM Hotels has reportedly bought a piece of a Miami development site for $10.75 million.
A North Carolina federal magistrate judge is recommending the dismissal of three claims asserted in a proposed class action against Bank of America NA over account fee practices that it allegedly uses to squeeze billions of dollars from customers each year, but said the suit's central breach of contract claim should go forward.
Texas-based subprime auto lender Exeter Finance Corp. on Tuesday unveiled plans for a $100 million initial public offering, with The Blackstone Group LP-backed company guided by Skadden Arps Slate Meagher & Flom LLP.
The Fourth Circuit on Tuesday refused to revive a $350 million suit alleging the Pennsylvania Higher Education Assistance Agency's billing practices violated the False Claims Act, rejecting claims that trial errors undercut a Virginia federal jury's December 2017 decision clearing the student loan provider.
The Consumer Financial Protection Bureau last year logged more consumer complaints about TCF Financial Corp. than a slew of other major regional and big banks when adjusted for deposit size, according to an analysis of agency data released Tuesday.
Chicago Board Options Exchange investors urged an Illinois federal court not to let Cboe Global Markets Inc. out of multidistrict litigation accusing it and related entities of manipulating the exchange's volatility index, or VIX.
The Illinois Supreme Court should discipline a former state court judge who was convicted and sentenced to prison for running a mortgage fraud scheme involving two Chicago investment properties, according to the state’s attorney regulatory commission.
A New York state judge on Monday agreed to end a lawsuit accusing a construction executive of misusing funds meant for a luxury New York City condominium project and failing to repay a related $4 million loan while flaunting his "lavish lifestyle" on Instagram, saying the man and a group of lenders mutually agreed to end the suit.
David M. Hargrove's new book, "Mississippi’s Federal Courts: A History," is a remarkably candid portrait of the characters and courts serving the state's federal judiciary from 1798 on, and contributes new scholarship on how judges were nominated during the civil rights era, says U.S. District Judge Michael Mills of the Northern District of Mississippi.
The recent courtroom battle over the admissibility of statements made by former Deutsche Bank traders shines a spotlight on a potentially recurring problem — excessive government entanglement in an internal investigation. Counsel conducting such investigations should take certain steps to minimize the risk, say attorneys with Troutman Sanders LLP.
One of the rare attorneys to serve as White House counsel to two presidents, Fred Fielding of Morgan Lewis & Bockius LLP may be the quintessential Washington insider. Attorney Randy Maniloff asks him to elaborate.
By interacting with a cryptocurrency institution for tax payments, Ohio is exposing its operations to a potential cyberattack. In addition, the noxious mix of federal and state regulatory requirements creates a foggy compliance labyrinth, even for a U.S. state, says John Reed Stark of John Reed Stark Consulting LLC.
In the current commercial real estate market, mortgage lenders' cautious approach should continue to provide mezzanine lenders with ample opportunities. By maintaining an important role in transactions, mezzanine lenders can gain more leverage when negotiating intercreditor agreements, say attorneys at Schulte Roth & Zabel LLP.
Last month, the IRS updated its voluntary disclosure practices. For taxpayers without criminal exposure, the updated protocol can provide the optimal route for an offshore disclosure, but more palatable options likely exist for the significant majority of noncompliant taxpayers, says Patrick McCormick of Drucker & Scaccetti.
Many law firms have tickets or luxury suites at sporting events to host clients and prospects. Matthew Prinn of RFP Advisory Group and Matt Ansis of TicketManager discuss some of the ways that firms can use those tickets effectively.
Last month, cryptocurrency hit yet another milestone when Ohio began accepting bitcoin payments for taxes. However, Ohio’s treasury, or any other state or federal government entity, should be the very last institutions to even consider accepting this dubious form of payment, says John Reed Stark of John Reed Stark Consulting LLC.
A recent opinion from the American Bar Association provides useful guidance on attorneys’ obligations to guard against cyberattacks, protect electronic client information and respond if an attack occurs, says Joshua Bevitz of Newmeyer & Dillion LLP.
The Federal Reserve Board recently issued two proposals that represent a significant change in the prudential regulation of large banking organizations. Attorneys with Debevoise & Plimpton LLP examine the notable aspects of the new framework.