An oil businessman who failed to disclose his assets to a Chinese bank that won a $5 million judgment against him was found guilty of criminal contempt on Tuesday, with a New York federal jury taking less than three hours to convict.
Wells Fargo & Co.’s top executive on Tuesday said the company could face more bad headlines as it continues to recover from its unauthorized account scandal.
The U.S. Judicial Panel on Multidistrict Litigation declined Tuesday to expedite its consideration of efforts to consolidate in Georgia federal court the over 30 proposed class actions that have been filed against Equifax in the days since it disclosed a cyberattack that potentially impacted 143 million consumers’ personal information.
A European Union court ruled Tuesday that only Austria should be allowed to tax the income from certificates that one of its banks received from a German bank, rejecting Germany’s contention that it could tax the income under an agreement between the two countries.
A handful of subsidiaries and four executives of a sports consulting and management company have been misappropriating money owed to a U.K. special finance company under a $20 million loan agreement the consulting company intentionally defaulted on, the finance company alleged in New York federal court Tuesday.
China is the main facilitator of trade and access to hard currency for North Korea, and if it does not rein in its rogue banks and shipping firms, the U.S. may enact more sanctions, U.S. Department of State and the Treasury officials told lawmakers Tuesday.
A group led by Bain Capital is now the front-runner to buy Toshiba’s multibillion-dollar memory chip business, a Chinese private equity firm and a London-based real estate investor are partnering to buy U.K. hospitality company QHotels, and Indian microfinance lender Bandhan Bank is preparing to go public.
The Senate voted Tuesday to approve a key adviser to President Donald Trump on taxes, regulations and other economic policies, confirming American Enterprise Institute economist Kevin Hassett as chair of the Council of Economic Advisers.
The Ninth Circuit on Tuesday partially revived a proposed class action alleging that Wells Fargo & Co. inflated rates on mortgages by replacing indices that were used to calculate interest rates when the mortgages were issued by a bank Wells took over.
Lawmakers of both parties on Tuesday continued to hammer away at Equifax Inc. over the security breach that exposed the personal information of as many as 143 million consumers, blasting the company for putting consumers at risk and for its response to the hack.
Europe’s securities regulator said Tuesday that Brexit-related instability is the biggest danger to modern financial markets.
The new global code designed to prevent misconduct in foreign currency markets may already need amending to address the way traders get a last-minute chance to reject a deal, a top Bank of England official said on Tuesday.
SquareTwo Financial Services Corp. does not have to defend pending class claims over federal debt collection law violations in Ohio, a New York bankruptcy judge ruled Monday, saying that an injunction in the company's Chapter 11 plan blocks the proposed request to allow the litigation.
U.S. fintech firm InfoSpan urged the Ninth Circuit on Friday to order a new trial on its claims that banking giant Emirates NBD cost it $554 million by stealing its cellphone-based payment system, arguing Emirates manipulated the jury with improperly admitted evidence.
Over-the-counter investors in multidistrict litigation against big banks accused of rigging the London Interbank Offered Rate have received a New York federal judge’s approval for a new class representative after their previous representative withdrew earlier this summer.
A decadeslong battle over a type of bank charter available to industrial companies has gained new life in recent months as financial technology firms like SoFi and Square have turned to that vehicle for licenses to operate nationwide, stoking opposition from community banks.
Attorneys for Puerto Rico's capital city of San Juan argued to a federal court on Monday that a plan to restructure the $4.1 billion debt load for the territory’s Government Development Bank would rob the island’s municipalities of millions in secured funds without giving them an adequate ability to object.
The Consumer Financial Protection Bureau asked a federal appeals panel on Friday to reject a law firm’s challenge to an administrative subpoena it received as part of an investigation into a debt relief scheme, saying the firm’s argument would ultimately prove meritless.
A proposed class of JPMorgan Chase & Co. customers asking the U.S. Supreme Court to reinstate its case against the bank for allegedly steering the clients into high-fee investments has accused the bank of downplaying a circuit split on the demands of the Securities Litigation Uniform Standards Act.
The U.S. Department of Justice on Monday accused the former head of subprime trading at Deutsche Bank of misrepresenting the characteristics of two residential mortgage-backed securities prior to the financial crisis, in a civil suit filed in New York federal court.
At the Leadership Council on Legal Diversity, we want to see, as founding member and Microsoft chief legal officer Brad Smith once stated, “a legal profession as diverse as the nation we serve.” We are not there yet — far from it — but we are beginning to put some numbers on the board, says Robert Grey, president of the Leadership Council on Legal Diversity.
In prohibiting employers from asking potential hires about their previous salaries, lawmakers seek to "level the playing field." But there are real problems with the practicality, legality and enforceability of many of the salary history laws, says Fredric Newman, a founding partner of Hoguet Newman Regal & Kenney LLP.
In the midst of market excitement surrounding initial coin offerings, the U.S. Securities and Exchange Commission recently issued an investigative report warning that digital tokens may be securities. When a token is a security, a variety of legal considerations come into play, including the Investment Advisers Act, anti-money laundering and taxation, say attorneys with K&L Gates LLP.
Recent Bank Secrecy Act enforcement underscores credit unions’ obligations not only to adhere to the rules and regulations, but also to possess a sufficient anti-money laundering compliance program of policies, training and reporting, says former federal prosecutor Timothy Westrick of Treliant Risk Advisors.
David Coale, leader of the appellate practice at Lynn Pinker Cox & Hurst LLP, shares his insights into what works — and what does not — when setting up and maintaining a legal blog.
The Office of the Comptroller of the Currency recently issued an advance notice of proposed rulemaking that represents the first concrete step toward reforming the regulations that implement the Volcker Rule. The OCC’s willingness to issue the ANPR reflects a forward-thinking approach that will have a significant long-term impact on financial market participants, say attorneys with Arnold & Porter Kaye Scholer LLP.
It is not entirely clear whether the Dodd-Frank Act or the Federal Vacancies Reform Act would control succession in the event of Director Richard Cordray’s resignation from the Consumer Financial Protection Bureau. But there will be real and significant differences in the operation of the CFPB depending on which statute prevails, say Andrew Sandler and Benjamin Olson of Buckley Sandler LLP.
In a dramatic turn of events, the British security researcher who stopped the WannaCry malware attack has been indicted in the U.S. for creating and selling the Kronos malware. But it is an open question whether the indictment fails to allege a sufficient nexus between Marcus Hutchins and the U.S. for purposes of the Fifth Amendment, says Alex Berengaut of Covington & Burling LLP.
There is a wonderful sketch of Seventh Circuit Judge Richard Posner dressed in a black robe with arms outstretched as if they were the billowing wings of a lean vulture. He is kicking a human brain down a hallway and wearing a half-smile that looks for all the world like a sneer. That sketch is the perfect metaphor for both Judge Posner and his new book, "The Federal Judiciary: Strengths and Weaknesses," says U.S. District Judge Ri... (continued)
The Second Circuit's determination that former Lehman Brothers employees' restricted stock units are securities is important to creditors seeking to safeguard their priority position among bankruptcy claimants, say John Stigi and Christopher Bosch of Sheppard Mullin Richter & Hampton LLP.