The turmoil President Donald Trump’s administration has experienced while grappling with multiple investigations and constant media pressure has made many risk and compliance professionals cringe — and they say the administration offers valuable lessons in what not to do for corporations in crisis.
Prosecutors told a Brooklyn federal judge on Friday that they shouldn't have to provide more specific information to a former HSBC Holdings PLC trader accused of manipulating exchange rates to defraud a client, saying they have voluntarily turned over enough evidence for Mark Johnson to prepare for trial.
MF Global told a New York bankruptcy court on Friday that although Allied World has abruptly dropped its personal jurisdiction challenge to a coverage dispute, the insurer is likely to show similar inconsistencies, particularly if the case goes to arbitration in Bermuda.
New York’s top bank regulator filed a lawsuit Friday seeking to block the Office of the Comptroller of the Currency from issuing special charters to financial technology firms, labeling the move as “reckless folly” that falls outside the office’s authority.
Paul Hastings LLP fought back Friday against an attempt by the trustee of bankrupt Doral Financial Corp. to take back a $5.3 million payment made just before the bank entered Chapter 11, saying the complaint was too vague and was blocked by a settlement with financial regulators.
Wells Fargo & Co. has increased the estimated number of unauthorized checking, savings and credit card accounts that its employees allegedly opened over the past 15 years to 3.5 million, according to a class action’s court documents filed in California federal court Thursday.
Bryan Cave LLP has expanded its New York office’s commercial litigation group with the addition of a new partner who has represented corporate giants like Wal-Mart, Dunkin’ Donuts and Sleepy’s LLC.
The International Bank of Azerbaijan, the country’s largest commercial lender, asked a New York bankruptcy court Thursday to provide the bank legal cover in the U.S. while IBA attempts to restructure $3.3 billion worth of debt after government-backed efforts failed to stabilize its finances.
Officials of Chippewa Cree payday lender Plain Green LLC asked the Second Circuit Friday to find a lower court erred in not recognizing their sovereign immunity as tribal officials in allowing a proposed racketeering and consumer protection class action by customers to proceed.
J.P. Morgan Securities LLC has asked a New York state court to bar one of its former wealth advisers from soliciting any more of its customers while it goes to arbitration over its claims she poached $4.8 million in client accounts from her new perch at rival Morgan Stanley.
Washington Mutual Inc. has again lost in a suit seeking to recover millions in excess taxes it paid after buying up faltering savings and loan associations, following a Ninth Circuit ruling Friday that held the company could not justify its estimated $28 million value in the associations before its losses.
A California federal judge on Thursday declined to rethink his decision not to freeze the assets of four former Paskenta Band of Nomlaki Indians officials accused by the tribe of a wide-reaching, multimillion-dollar embezzlement scheme, finding the tribe had not provided new evidence warranting a change.
Itau Unibanco Holding SA on Thursday said that it has agreed acquire a minority interest in Brazilian brokerage firm XP Investimentos from its private equity backers and management team in a deal worth 6.3 billion Brazilian reals ($2 billion), with plans to increase its stake over time.
Legal woes for organizers of the flopped Fyre Festival piled on Thursday when a money lender alleged in New York court that the planners are late making payments on a $3 million loan for the festival.
A New York federal judge on Thursday ordered more briefing on the question of whether there are conflicts of interest for legal leviathans Michael Mukasey and Rudy Giuliani related to their representation of Turkish-Iranian financier Reza Zarrab, who is accused of helping Iran dodge U.S. sanctions.
A New York state appeals court has partially revived Bank of New York Mellon’s suit against JPMorgan Chase Bank NA and its mortgage affiliate over alleged contract breaches related to defective loans that were securitized in 2006, finding on Thursday that BNY’s claims are not time-barred under a recent appellate court ruling.
An attorney for Alexander Vik on Thursday asked a New York judge to throw out the latest lawsuit from Deutsche Bank seeking to make good on a nearly $300 million U.K. judgment against the billionaire investor over botched foreign exchange markets trading, saying the case doesn’t belong in the Empire State.
Disgraced financier J. Ezra Merkin urged a New York bankruptcy judge to not let the trustee for Bernie Madoff’s fraudulent investment firm cripple Merkin's defenses at an upcoming trial to claw back Ponzi scheme proceeds, arguing Wednesday that certain testimony should not be barred.
The Fourth Circuit axed a $12 million class action judgment against a unit of credit report provider Experian PLC on Thursday, saying the lead plaintiff had no case because his injury didn’t measure up to the standards set out by the U.S. Supreme Court in its Spokeo decision last year.
The Ninth Circuit has declined to delay a mandate for its decision that three tribal lending companies must comply with civil investigative demands by the Consumer Financial Protection Bureau, after the companies had asked for extra time to bring an appeal at the U.S. Supreme Court.
It's no longer enough for law firms simply to provide expert legal advice — we are expected to mirror clients' legal, ethics and social commitments and promises. For law firm GCs, the resulting job demands seem to grow exponentially, says Peter Engstrom, general counsel of Baker McKenzie.
Arguments before the U.S. Supreme Court this week in California Public Employee Retirement System v. ANZ Securities were notable for CalPERS’ focus on appealing to the court’s textualists. The case was argued on Justice Gorsuch’s first day on the bench by two of the court’s most well-credentialed advocates, say attorneys with Mintz Levin.
Increasingly, we see companies in all industries seeking to perform various levels of due diligence on our information security defenses. We received three times as many diligence requests from clients and prospective clients in 2016 as we did in 2015. Some clients even conduct their own penetration tests, says Thomas White, general counsel of WilmerHale.
A California federal court's recent decision in Nicole Torres v. Wells Fargo shows that employees seeking to certify classes based on improper calculation of rest or meal break premiums — or even based on the failure to have been paid a premium at all — will have a hard time when it comes to certification, says Sandra Rappaport of Hanson Bridgett LLP.
The British Virgin Islands, like other offshore financial centers, has struggled against public perception that it is a treasure island for corrupt politicians and fraudsters. But global monitors now rank the BVI alongside the U.K. and the U.S. in compliance with international standards, and more constructive changes are on the way, say Rachael McDonald and Sarah Galletly of Mourant Ozannes.
What happens when attorneys come to their general counsel’s office with knowledge of a potential positional conflict? While the inquiry will depend on the rules governing the particular jurisdiction, there are a few general questions to consider from both business and legal ethics perspectives, say general counsel Nicholas A. Gravante Jr. and deputy general counsel Ilana R. Miller of Boies Schiller Flexner LLP.
Regardless of where we live and practice, regardless of whether trade deals succeed or fail, and regardless of whether the movement of people or capital is easy or difficult, our clients will still have needs or problems far away from home, says John Koski, global chief legal officer at Dentons.
Rather than rule on whether a New York statute restricting credit card surcharges violates the First Amendment, the U.S. Supreme Court in Expressions Hair Design v. Schneiderman remanded the matter to the Second Circuit. Nevertheless, the court’s decision has the potential for broader impact and has already affected cases challenging surcharge laws in other states, say attorneys with K&L Gates LLP.
While multinational and EU businesses are beginning to ponder the substance and the scope of the requirement to provide “data portability” under Article 20 of the General Data Protection Regulation, U.S. financial institutions and data aggregators have been actively debating and shaping the contours of data portability for close to a decade, says Chris Hydak, an attorney at USAA.
The DOJ's recent challenge to the constitutionality of the Consumer Financial Protection Bureau could have significant ramifications for another government agency — the Federal Housing Finance Agency, according to Sai Prakash of the University of Virginia School of Law.