European financial regulators said Friday they are reviewing some aspects of the final stage of new derivative laws that enter into force across the EU in January, following concerns that the legislation clashes with U.S. and other foreign standards.
The last week has seen Kazakhstan and its national bank file a Financial List claim against the Bank of New York Mellon, the Law Society sue Barclays and a Greek commercial shipping manager take on an insurance brokerage. Here, Law360 looks at those and other new claims in the U.K.
Global securities regulators have unveiled 14 steps on good practice for financial firms to follow when ending investment funds, in response to investor protection concerns.
The pace, volume and sheer complexity of regulatory change is the biggest challenge faced by wholesale banks, a survey of compliance departments by the U.K. finance watchdog revealed on Thursday.
Vermont residents on Tuesday hit a hedge fund with a proposed class action in federal court alleging it helped concoct a sham tribal payday lending scheme meant to skirt laws preventing companies from charging consumers exorbitant interest rates while hiding behind tribal sovereign immunity.
Latham & Watkins LLP has represented the underwriters of HDFC Standard Life Insurance Co. Ltd. in its $1.33 billion initial public offering in Mumbai, marking another capital markets transaction for the firm’s India practice, which has guided more than $6.5 billion in IPOs this year.
The U.S. Commodity Futures Trading Commission on Wednesday announced that it had imposed nearly $413 million in sanctions in fiscal 2017, less than half of the penalties issued in the previous fiscal year and the lowest since 2011.
Hunton & Williams LLP asked a Texas federal judge Tuesday to reject the objections that have been raised to its $34 million deal to settle allegations that it aided Robert Allen Stanford’s $7 billion Ponzi scheme, saying the settlement is fair and won’t impact the rights of other parties embroiled in litigation over the scheme.
A national structured finance trade group attacked a proposed Consumer Financial Protection Bureau lawsuit settlement with owners of $12 billion in securitized student loans late Tuesday, saying the federal court deal in Delaware could destabilize the industry and economy.
Two United Arab Emirates financial institutions could merge to create a single entity boasting about 50.6 billion dirhams, CEFC and Penta Investments are partnering on a bid for Time Warner’s Central European Media Enterprises, and Standard Chartered is nearing a sale of its real estate principal finance business.
Florida developer P3 Investments has reportedly sold a development site for $20.5 million, Boston developer Diamond Sinacori is said to have purchased and subsequently sold a property in Duxbury, Massachusetts, and Swire has reportedly leased space in Miami to Interaudi Bank and KPMG.
The U.S. Securities and Exchange Commission’s whistleblower program, now entering its seventh year, is maturing and gaining momentum, according to an agency report released Nov. 17, and whistleblower attorneys say they hope the Trump administration recognizes its value by staying out of the SEC’s way.
A New York federal jury on Tuesday acquitted a former Swiss banker of what prosecutors alleged was a criminal conspiracy to help U.S. taxpayers hide millions of dollars in undeclared income in offshore bank accounts to dodge taxes.
The U.S. Securities and Exchange Commission on Tuesday hit the Long Island town of Oyster Bay and its former top elected official with a securities fraud suit alleging that they concealed from investors the town’s indirect guarantees of more than $20 million in private loans to a local businessman who ran concessions and restaurants at town facilities.
Wells Fargo’s attempt to retry settled matters of law and fact relating to a tax refund claim should be denied out of hand because the bank did not meet rules governing post-trial arguments, the Department of Justice told a Minnesota federal judge Tuesday.
The Consumer Financial Protection Bureau said Tuesday that Citibank NA would pay a $2.75 million fine and refund $3.75 million to private student loan borrowers over accusations that it charged them excess fees and provided them with incorrect or insufficient information as far back as 2006.
The federal board charged with guiding Puerto Rico through its watershed debt restructuring reasserted Tuesday that it must remain unfettered from bondholder litigation to certify fiscal budgeting plans for the territory and ultimately come up with debt readjustment proposals, tamping down complaints of alleged constitutional violations.
The Second Circuit on Tuesday revived a bid by families of the victims of the 1983 Beirut Marine Corps barracks bombing to collect $1.68 billion linked to Iran’s central bank, overturning an earlier decision that the money was beyond the reach of U.S. courts.
A judge’s recent decision to let a pharmaceutical CEO escape civil penalties for failing to report his Swiss bank account doesn’t necessarily signal that courts could be a reliable counterweight against the IRS’ dwindling sympathy, tax specialists say, but instead highlights the fact-dependent approach for determining willful nondisclosure.
A New York federal judge on Tuesday suggested using an anonymous jury in the upcoming trial of Turkiye Halk Bankasi AS executive Mehmet Hakan Atilla on charges of scheming to dodge U.S. sanctions against Iran, following reports that “third parties” have contacted people involved in the case.
By increasing the likelihood that a Chapter 11 debtor will be required to pay a market interest rate to cram down a plan on secured lenders, the Second Circuit's opinion in MPM Silicones clearly reduces a debtor's leverage in negotiations with secured creditors, say attorneys with Gibson Dunn & Crutcher LLP.
By "unicorn" I don’t mean the next great tech startup with a valuation of $1 billion. I mean the new breed of lawyers realizing that there are better ways to get their day jobs done, says Lucy Endel Bassli, assistant general counsel leading the legal operations and contracting functions at Microsoft Corp.
As widespread claims of sexual misconduct continue to surface in the entertainment industry and beyond, a discussion of how judges treat workplace discrimination cases may be particularly timely. Here, U.S. District Judge John McConnell reviews the book "Unequal: How America’s Courts Undermine Discrimination Law," by professors Sandra Sperino and Suja Thomas.
There remains some debate as to whether events of default can be cured in the absence of, or after the lapse of, an express cure period in credit agreements, and there is little judicial discussion on this specific scenario, say attorneys with Mayer Brown LLP.
The indictment of Paul Manafort and Richard Gates on Monday brings into focus a federal statute not often employed by prosecutors. The Foreign Agents Registration Act, once a little-known law, is now front and center in the national media, say Daniel Pickard and Madeline Cohen of Wiley Rein LLP.
Corporate transactional attorneys drafting dispute resolution provisions in New York commercial agreements should consider using a provision that would require any dispute arising under the agreement to be determined in accordance with the NY Supreme Court’s Commercial Division and its rules applicable to accelerated adjudication actions, says Ed O’Toole of Venable LLP.
After months of talk, speculation and behind-the-scenes negotiations, the Republican tax reform proposal is expected to be released to the public this week. The stakes surrounding it are high; failure to pass the bill could put at risk Republican control of Congress in the 2018 elections, say Richard Hertling and Kaitlyn McClure of Covington & Burling LLP.
Following the indictment of Paul Manafort and Richard Gates on Monday, attorney Harry Dixon of Taylor English Duma LLP discusses some immediate takeaways — including the possibility of a presidential pardon. While pardons are generally granted after a conviction, there is a historic outlier.
Financial Crisis Anniversary
Supporters of the Dodd-Frank Act regularly claim that any change or reform of that law will open the U.S. economy to another financial crisis. This view is based on the fallacious idea that the crisis 10 years ago was the result of insufficient regulation of banks, says Peter Wallison, a senior fellow at the American Enterprise Institute and a dissenting member of the Financial Crisis Inquiry Commission.
In this series, attorneys explore the challenges and rewards of pro bono volunteering in the legal profession.