President Donald Trump’s choice of a top Republican staffer on the House Financial Services Committee to lead the Federal Deposit Insurance Corp. should not necessarily be seen as an indication the administration wants to eliminate the agency’s power to unwind a failing global financial firm, experts say.
The Manhattan federal judge overseeing the billion-dollar real estate seizure effort targeting an Iran-linked charity warned Monday against cherry-picking quotes from the often-irresolute testimony of a noted Islamic economist who was the treasurer of the charity when it allegedly violated U.S. sanctions.
The U.S. Commodity Futures Trading Commission’s Office of Inspector General released a report Friday criticizing the cost-benefit analysis the agency conducted when developing margin rules for uncleared swaps, saying the CFTC as a whole is uncommitted to robust cost-benefit consideration.
Wells Fargo has agreed to pay roughly $14.8 million to resolve Telephone Consumer Protection Act claims over allegedly autodialed calls, the attorneys representing the class said Monday, announcing an almost $1 million reduction to the preliminarily anticipated settlement fund after discovery revealed that the class was smaller than originally estimated.
The Eighth Circuit on Friday revived a suit against CitiMortgage Inc. brought by a homeowner who paid thousands of dollars to save his house from foreclosure only to discover years later that the house’s title was never put back in his name.
The U.S. Supreme Court refused Monday to review a pension fund’s Employee Retirement Income Security Act suit against the Bank of New York Mellon and Ivy Investment Management over decades-old Bernie Madoff investment advice.
Victims of Bernie Madoff’s infamous Ponzi scheme received long-awaited news Thursday, as a $4 billion fund set up by the government in 2013 to pay investor loss claims indicated disbursements would begin later this year as a result of the recent approval of more than 35,000 petitions.
The New Jersey Supreme Court has agreed to examine whether a state appellate panel mistakenly ordered a reduction in a roughly $2 million attorneys' fees award for Heartland Payment Systems Inc. when remanding a suit against the business for a jury trial on an ex-employee's whistleblower claim.
A New York federal judge on Friday refused to push back the September trial of race car driver Scott Tucker and lawyer Timothy Muir, charged with running a $2 billion illegal payday lending operation, despite a recent turnover by prosecutors of more than 500 hours of audio and millions of pages of spreadsheets.
Despite concerns the Trump administration would eliminate a key regulatory panel created by the Dodd-Frank Act, the Treasury Department recently proposed giving it even more power over U.S. financial regulators, seeking to put a lead agency in charge of crafting and enforcing complex regulations.
President Donald Trump's directive to unwind the Obama administration's campaign to liberalize travel and trade with Cuba brings the hammer down on U.S. companies that were beginning to make steady progress in Havana, with the transit and hospitality sectors taking the brunt of the blow.
JPMorgan Chase & Co. and a subsidiary asked a California federal judge on Thursday to ax a wrongful termination suit brought by a former financial adviser who claims he was pushed out of the company for whistleblowing, saying he brought the same claims in arbitration years ago.
Investors who say banks broke antitrust laws by selling them securities linked to the London Interbank Offered Rate while secretly rigging the benchmark told a New York federal court Thursday that the investors will appeal a decision that freed foreign banks from the lawsuit.
U.S. regulators are finally arriving at the financial technology party, and experts say two agency initiatives announced in the past month are an encouraging sign the regulators are catching up with their global counterparts when it comes to fostering fintech innovation, but still have a ways to go.
The U.S. Department of Justice has weighed in on a False Claims Act suit that accuses Bank of America Corp. and affiliates of improper foreclosure-related practices, telling a Florida federal court Thursday that the bank shouldn’t be allowed to hide behind the terms of the National Mortgage Settlement to dodge the suit.
President Donald Trump is preparing to tighten restrictions on travel and trade with Cuba, taking aim at a vigorous liberalization effort put in place by President Barack Obama, senior White House officials announced Thursday.
A Jordanian payment processor that convinced a New York federal jury to award it $2.8 million in a dispute with MasterCard International Inc. earlier this year urged a judge to reject the card company’s effort to throw the verdict out, saying Wednesday the decision was reasonable.
President Donald Trump's Treasury Department said Monday that revisiting a 1977 law aimed at boosting bank lending and branches in poor neighborhoods was a "high priority," but backers of the Community Reinvestment Act fear that any move by this administration would be aimed at weakening, not modernizing, the law.
The U.S. government announced a civil forfeiture action on Thursday targeting $1.9 million from a Chinese company that prosecutors say laundered money for a banned North Korean bank and helped telecommunications company ZTE Corp. evade sanctions.
The Senate Judiciary Committee chairman has asked the U.S. Department of Justice to research whether or not it can force third parties to cough up settlement money after the DOJ eliminated an Obama policy that saw banks fund homeowner assistance groups in subprime mortgage settlements with the government.
As I sat there listening, incredulous to learn that "Milkshake" was not only a real song but also a chart-topper, it reminded me of Harvard Business School Professor Clayton Christensen’s work on disruptive innovation — and how it pertains to mid-size law firms, says Jill Dessalines, founder of Strategic Advice for Successful Lawyers and former assistant general counsel of McKesson Corp.
The Federal Housing Finance Agency's ruling that prevents captive insurance companies from becoming members of the Federal Home Loan Bank system is forcing billions of dollars of private capital out of the U.S. residential mortgage market. Hopefully, the Trump administration and members of Congress will be able to convince FHFA Director Melvin Watt to reverse this ruling, says Jeffrey Murphy of Dentons.
Although used often in deal negotiations, the term “silent second” has different meanings for different institutions and different meanings in the United States and Europe. Capital structures that include silent second-lien debt can therefore be complicated, particularly in cross-border transactions involving different insolvency or contract laws, say attorneys with Mayer Brown LLP.
Every lawyer who’s handled a civil case in federal court knows about Rule 30(b)(6), governing deposition procedures. But for many real-world deposition dilemmas, the rule offers little guidance. Last year, an Advisory Committee on Civil Rules subcommittee began considering whether the rule should be amended. Now attorneys must advise the subcommittee how to proceed, says Frank Silvestri Jr. of Verrill Dana LLP.
As the D.C. Circuit hears arguments on Wednesday regarding the constitutionality of the U.S. Securities and Exchange Commission’s administrative tribunals, Cleary Gottlieb attorneys consider whether the current strong movement away from using the administrative forum is universally positive for defendants.
With the second phase of the Foreign Exchange Global Code releasing this week, Matthew Kulkin and Micah Green of Steptoe & Johnson LLP analyze how U.S. courts have historically looked to or relied upon financial services global codes of conduct or industry best practices documents.
As wire fraud schemes become more prevalent, everyone involved in a real estate transaction is at risk. Liability will likely depend on, in part, whether the agent, broker or title company employed commercially reasonable security procedures, say Mariana Bravo and Katherine Ondeck of Carr Maloney PC.
Despite an increase in engagement with client feedback programs over the last 15 years, law firms — and their clients — have a way to go before realizing the maximum benefits such programs can deliver, says Elizabeth Duffy of Acritas US Inc.
Litigation over the Section 546(e) safe harbor has been on the rise in the last several years and the defenses against these suits have been furious. This makes the U.S. Supreme Court’s decision to review FTI Consulting v. Merit Management even more important, say Brian Koosed and Robert Honeywell of K&L Gates LLP.
Operation Choke Point continues to cast an ominous cloud over the payments industry, but two recent litigation wins for HES Merchant Services and Intercept Corp. are causes for cautious optimism, say Edward Marshall and Megan Mitchell of Arnall Golden Gregory LLP.