A Reno resident pled not guilty Thursday to a slew of charges stemming from allegations that he used stolen identities to open more than 8,000 fraudulent online financial accounts, including PayPal accounts, raking in roughly $3.5 million.
A New Jersey attorney was sentenced to eight years in state prison Friday for her role in the filing of fraudulent mortgages worth $873,520 on two properties in order to pocket the proceeds from the loans, Attorney General Christopher S. Porrino announced.
Wells Fargo Bank NA was hit with a putative class action suit in Pennsylvania federal court Thursday, with an African American former employee accusing the banking giant of perpetuating a companywide discriminatory culture in retail branches across the country.
The last week has seen an Italian wheat trader team up with AIG and other insurers to sue a shipping firm, MasterCard bring an intellectual property claim against a payroll services provider, and a conveyancing law firm take on Metro Bank. Here, Law360 looks at those and other new claims in the U.K.
Google's parent company may invest about $1 billion in Lyft, a subsidiary of Chinese internet commerce company JD.com is in talks to buy a roughly $1.5 billion stake in Chinese brokerage First Capital Securities, and CK Infrastructure is mulling a bid for U.K. energy firm Cory Riverside.
A Texas federal judge on Thursday hit two mortgage brokers and their CEO with treble damages and maximum civil penalties for defrauding millions of dollars from the government by submitting fraudulent insurance claims after it took on risky loans, goosing a $93 million verdict to $298 million.
Paul Hastings LLP represented Goldman Sachs, Evercore, UBS and BBVA in connection with those firms' roles as initial purchasers in a roughly $220 million follow-on international equity offering by Clifford Chance LLP-counseled real estate investment trust FibraHotel, according to an announcement from Paul Hastings on Friday.
A Texas federal judge shut down a post-verdict attempt to revive an $88 million clawback suit linked to the $7 billion Stanford Ponzi scheme on Thursday, saying there's no justification for questioning the jury's finding that no payback was required.
Credit Suisse AG on Thursday said it has set aside $79.5 million to settle long-running litigation with insurer Massachusetts Mutual Life Insurance Co. over the bank’s pre-financial crisis mortgage-backed securities offerings.
The emergence of initial coin offerings, which promise investors huge returns through digital currency instead of stock, may be the unlikely answer to jump-starting Europe’s sluggish capital markets, giving regulators the first test of their pledge to take a hands-off approach to fintech.
New York state's highest appellate court on Friday denied a Saudi contractor’s bid to revive a $10 billion fraud suit against Barclays PLC over a settlement between the British bank and the Saudi government.
The Financial Industry Regulatory Authority filed a settlement Wednesday that requires J.P. Morgan Securities LLC to pay $1.1 million for overadvertising its trade volume by billions of shares and failing to ensure its advertised volume was correct.
The acting head of the U.S. Department of Justice's Antitrust Division said Thursday that the reversed convictions of two former Rabobank employees earlier this year in a Libor-rigging case show the need for more international cooperation between antitrust enforcers.
The Consumer Financial Protection Bureau on Thursday issued its first no-action letter to online lender Upstart Network Inc., allowing the company to continue using alternative credit data to evaluate borrowers in exchange for providing data to the federal consumer finance watchdog.
A New York man who borrowed $350 from racer Scott Tucker and lawyer Timothy Muir's alleged criminal payday lending empire so he could visit his sick grandmother told jurors Thursday he was bombarded with calls and forced to settle with a collector after he halted a series of debits draining his bank account.
Quarles & Brady LLP prevailed Wednesday against allegations in California federal court that a partner in the firm intentionally withheld crucial information from opinion letters about a crop insurance agency’s ability to repay multimillion-dollar loans.
The U.S. Securities and Exchange Commission announced Thursday that a SunTrust Banks subsidiary agreed to pay a fine to settle allegations it improperly recommended more expensive share classes of certain mutual funds to customers, resulting in more than $1.1 million in avoidable fees.
AIG on Wednesday slammed the U.S. government's bid to exclude from trial evidence of certain deals the financial giant had with foreign banks, telling a Manhattan federal court that the transactions are materially identical to the ones at issue, which underlie its $306 million fight with the IRS.
Goldman Sachs Group Inc. said Thursday it will make a $233 million private equity investment into a major residential and commercial redevelopment project along the waterfront in Baltimore in a deal guided by Sidley Austin LLP.
The Federal Trade Commission on Thursday said that it was investigating the data breach at Equifax Inc. that left highly sensitive personal information for 143 million consumers vulnerable.
Despite the lack of appointed commissioners until recently and the turnover of leadership, the U.S. Commodity Futures Trading Commission has announced more than 20 enforcement actions, proposed four rules and launched two new initiatives this year. The agency has been particularly active in bringing enforcement actions against individuals for fraud, misappropriation and false statements, say attorneys with Covington & Burling LLP.
Responding to regulatory requests is a normal part of a bank’s operations, but a poorly written or confusing response may cause an agency to make assumptions about a bank that are not true. Tilcia Toledo of FTI Consulting Inc. offers 10 ways financial institutions can avoid sending negative messages in their responses.
During natural disasters, governors often activate members of the National Guard to assist in rescue and recovery efforts, and Hurricane Harvey is no different. When service members enter harm’s way, several state laws provide additional protections for their civilian obligations, say Jeffrey Naimon and Sasha Leonhardt of Buckley Sandler.
In McKeen Chaplin v. Provident Savings Bank, the Ninth Circuit recently held that mortgage underwriters who worked for the bank were not “administrative employees,” and thus did not qualify for exemption from Fair Labor Standards Act overtime protections. In doing so, the court deepened a split among the circuits on this issue, say Camilo Echavarria and Beatrice Nuñez-Bellamy of Davis Wright Tremaine LLP.
With the recent adoption of cybersecurity regulations governing broker-dealers and investment advisers registered in Colorado and Vermont, the landscape of cybersecurity regulation continues to evolve. For businesses not yet covered by cyber regulations, these latest moves indicate that the day of reckoning may be coming, say attorneys with Eversheds Sutherland.
The growth of third-party litigation funding has added a distinct variable to the world of civil litigation. Such funding has and will continue to change the calculus for many corporations and their defense counsel as to the tipping point between settling or pursuing a case to a court decision, says David Silver of Silver Public Relations.
Disposing of real estate in a trust sale has unforeseen traps that could turn the role of a trustee into a long-running and expensive nightmare, say Craig Ackerman of Ackerman Realty Group and Amir Atashi Rang of The Atashi Rang Law Firm PC.
As judges become better educated about the complexities of collecting electronically stored information, in particular the inefficacy of keyword searching, they are increasingly skeptical of self-collection. And yet, for many good reasons (and a few bad ones), custodian self-collection is still prevalent in cases of all sizes and in all jurisdictions, says Alex Khoury of Balch & Bingham LLP.
It’s safe to say that while demand ebbs and flows for legal services, there will never be a shortage of opinions about lateral partner hiring, which is positive for the industry, as anything with such vital importance to careers should attract significant attention. However, there is a unique mythology that travels with the discussions, says Dan Hatch of Major Lindsey & Africa.
In the second installment of this article, Baker Donelson partner Alan Mogol examines how the beneficial ownership interest in a sub-trust may be used for warehouse financing, permanent financing and syndication, and the importance of compliance with securities laws in syndication arrangements.