A Jordanian businessman who invested in the now-defunct Lebanese Canadian Bank can’t hold its former top brass accountable for human rights abuses under the Alien Tort Statute, a New York federal judge said Thursday, dismissing the derivative suit he brought on behalf of the bank for an alleged money laundering scheme orchestrated by its leaders.
An electronic exchange for trading interest rate swaps filed suit on Thursday in New York federal court against an array of large financial institutions, including Bank of America, Goldman Sachs, Citigroup and Morgan Stanley, accusing them of illegally boycotting the exchange to eliminate competition in the interest rate swaps market and boost their own profits.
A New York federal judge has ruled that several banking executives accused of rigging benchmark foreign exchange rates can't be deposed for investors' proposed class action for at least another three months, giving the U.S. Department of Justice more time to proceed with a criminal probe into the scheme before the bankers sit for interviews in the civil case.
An attorney for a global equipment financing firm that was ruled in default on a $167 million loan agreement term last year for allegedly siphoning away $4.6 million in collateral was pulled back repeatedly Wednesday to the original deal terms while arguing for a reversal by the Delaware Supreme Court.
JPMorgan Chase & Co.’s banking unit agreed to shell out $9.5 million to end a proposed class action by a group of American depositary receipt holders who’d alleged the bank improperly charged extra foreign exchange transaction fees, according to a deal pitched in New York federal court Tuesday.
The Office of the Comptroller of the Currency’s recent guidance encouraging banks to offer short-term, small-dollar loans shouldn’t be read as suggesting a change in the agency’s position on national bank preemption, Comptroller Joseph Otting told House lawmakers on Wednesday.
A software company accused of conspiring with competitors to fix prices charged to bankruptcy trustees urged an Illinois federal judge on Wednesday to retain jurisdiction over the suit, arguing that the opposing counsel is seeking hundreds of thousands of dollars in attorneys’ fees in a dispute triggered by a $514.16 deduction.
Security Group Inc., owner of a slew of consumer loan companies, agreed on Wednesday to pay $5 million to settle the Consumer Financial Protection Bureau's claims that it violated consumer protection law when it sent debt collectors to consumers' homes and workplaces.
Lehman Brothers Holdings Inc. said Tuesday it had reached a settlement with Credit Suisse AG to end a long-running bankruptcy court scuffle over closeout calculations for derivatives trades following the firm’s 2008 collapse, freeing Lehman from a $1.2 billion claim and its last big bank action of that kind.
A class of Higher One Holdings Inc. investors on Tuesday asked a Connecticut federal judge to approve a $7.5 million deal with the company and its former board members, settling allegations the higher education financial services provider misled the investors following a run-in with federal regulators.
A ruling Tuesday by New York’s highest court limiting to three years the time in which the state attorney general’s office can bring securities fraud claims under the Martin Act could hamper complicated cases involving large financial services firms, especially if prosecutors are seeking to charge individuals, legal experts said Wednesday.
Six Democratic senators have asked the U.S. Securities and Exchange Commission’s inspector general to look into reports that outgoing Commissioner Michael Piwowar lit into Citigroup Inc. executives during a private meeting at the agency after the bank rolled out firearm sales restrictions for retail clients in the wake of the Parkland, Florida, school shooting.
A Manhattan federal judge erred in quashing ING Bank's lien on a ship's fuel bill and also in entering an "ill-advised" grant of summary judgment in favor of the vessel, the Second Circuit held Wednesday, issuing a reversal in a money fight flowing from the bankruptcy of shipping fuel provider O.W. Bunker.
The trustee for Bernie Madoff's defunct investment firm Wednesday asked a New York bankruptcy court to approve a $280 million settlement of his claims that disgraced financier J. Ezra Merkin received fraudulent transfers from Madoff’s fund.
Dutch financial technology startup Adyen BV saw shares boom in debut trading Wednesday after the venture-backed payments processor completed a $1 billion initial public offering, marking the third-largest IPO in Europe this year, advised by Clifford Chance LLP.
A hidden-fee scheme federal prosecutors say was orchestrated by a former State Street Corp. executive cost the United Kingdom’s Royal Mail Pension plan 10 times more than it had expected to pay for a massive transaction, a Massachusetts jury heard Wednesday morning.
A Virginia federal judge on Tuesday axed a former teller's age discrimination suit against TruPoint Bank, ruling that the woman didn't provide enough evidence that her age was a factor when the bank changed her duties and position.
The Consumer Financial Protection Bureau’s move last week to end its administrative proceedings against mortgage services provider PHH Corp. turns the page on one of the more controversial episodes in the agency’s history but still leaves some loose threads to wrap up, legal experts say.
A former Barclays PLC trader accused of illegally manipulating a key interest rate benchmark made an honest mistake when he asked colleagues to submit rates that would benefit the bank, his lawyer told a jury at a London crown court during closing arguments Wednesday.
A Texas federal judge ruled Tuesday that he won’t stay the compliance date of the Consumer Financial Protection Bureau’s so-called payday lending rule, but will stay a lawsuit brought against the agency by two payday lender trade groups challenging the rule.
In a dramatic win for the auto finance industry, Congress recently voted to reverse the Consumer Financial Protection Bureau’s 2013 guidance related to fair lending and interest rates for indirect loans. However, such rollbacks may not be enough to create long-lasting regulatory relief, say attorneys with Nelson Mullins Riley & Scarborough LLP.
U.K. financial regulators recently decided the first test case under the country’s whistleblower protection provisions in a matter involving Barclays CEO Jes Staley. The decision not to take action against Barclays calls into question the extent to which regulators will give teeth to the protections, say Lynne Bernabei and Kristen Sinisi of Bernabei & Kabat PLLC.
On May 17, 1954, the U.S. Supreme Court decided Brown v. Board of Education, recognizing a moral and legal truth that should be beyond question in American society. The refusal by some of President Donald Trump's judicial nominees to say whether they believe the case was decided correctly is indicative of the narrow-minded elitism they would bring to the bench, says professor Franita Tolson of the University of Southern California's Gould School of Law.
In deciding whether cloud computing is right for the organization or firm, an attorney must consider cloud computing’s significant impact on the electronic discovery process, say Daniel Garrie, managing partner at Law & Forensics LLC, and David Cass, chief information security officer at IBM Cloud.
The Office of the Comptroller of the Currency’s agenda for the next few months, as articulated by new OCC leader Joseph Otting, seems promising for the industry and may provide regulatory relief to banks in many areas. At the same time, Otting’s proposals may face legal challenges, say attorneys with Arnold & Porter.
There has been much discussion on the continued viability of the bank holding company model, but elimination of the holding company will deny the organization needed flexibility in matters of corporate governance and cash and capital management, says Craig Landrum of Jones Walker LLP.
In these politically divisive times, many ask whether our institutions and traditions can help us return to a greater consensus. In days long past, the legal profession could have been counted on to serve just such a function. But lawyers are now just as polarized as everyone else, says Samuel Samaro of Pashman Stein Walder Hayden PC.
A nuclear fuel transport company's March settlement with the U.S. Department of Justice resulted in charges against not only the company itself, but also against senior executives, a foreign official and a middleman allegedly involved in bribe payments. The DOJ's pursuit of all sides in this case parallels its actions in other recent cases, say Amelia Hairston-Porter and Nina Gupta of Miller & Chevalier Chtd.
We recently polled some of our financial clients to determine the state of their preparations for the end of Libor, and the results indicate that there is widespread awareness of the rate's phaseout by 2021. However, the survey results do not indicate anything is actually being done, says Kevin Trabaris, chairman of the financial services group at Culhane Meadows PLLC.
As digital currencies continue to evolve on the international platform, the anonymous and decentralized nature of cryptocurrency transactions could present a number of potential violations of U.S. anti-corruption, sanctions and anti-money laundering laws, including the Foreign Corrupt Practices Act, say attorneys with Ropes & Gray LLP.