TD Ameritrade Inc. and two of its subsidiaries were hit with a proposed class action Tuesday alleging they liquidated clients’ futures option investments in a thinly populated after-market rather than the full market, a purported bad-faith exercise that the investors say makes the brokerage liable for “tens of millions of dollars” in damages.
The Russian Laundromat scheme, which laundered between $20 billion and $80 billion out of Russia, provides a lesson in compliance to banks and other institutions, which need to more aggressively monitor transactions involving shell companies, experts at an anti-money laundering conference said Tuesday.
Claims that AXA Equitable Life Insurance Co. reduced returns for annuity buyers were revived and returned to state court Tuesday after the Second Circuit found in a published opinion that AXA's misleading a regulator did not make the case a federal matter under the Securities Litigation Uniform Standards Act.
The U.S. Justice Department has come to the aid of a former State Street executive charged with securities fraud who was struggling to get evidence from the overseas clients he allegedly swindled, a prosecutor said Tuesday in a show of sportsmanship two months before the case is scheduled for trial in Boston.
FirstCaribbean International Bank Limited, which operates throughout the English- and Dutch-speaking Caribbean, on Tuesday launched an initial public offering that could raise an estimated $226 million, joining a wave of companies that plan to price IPOs next week.
An Illinois appellate court on Monday reversed a trial court’s finding that a man’s IRA was not exempt from being included in a debt collection, writing in its opinion that the collecting bank’s brief was written so carelessly that the appellate panel had no choice but to strike it.
The U.S. Department of Justice did not meet a Friday deadline to ask the U.S. Supreme Court to review a Second Circuit decision dismissing the convictions of two former Rabobank traders over constitutional concerns stemming from the use of testimony compelled overseas.
Despite recent volatility triggered by President Donald Trump's economic policies and concern over rising inflation, stock markets remain in the midst of a nearly decadelong bull run, a factor legal experts say will likely reduce the number of ERISA stock-drop cases while making suits over allegedly excessive fees paid by retirement plans more attractive.
TD Bank NA isn't liable for an employee's mistaken identification of a customer as a robbery suspect and the customer's ensuing emotional distress, the New Jersey Appellate Division ruled in a published decision Tuesday, marking the first time the court ruled on a negligent misidentification claim.
Mauritius has beaten a $1 billion treaty claim lodged by an investor who said the small island nation improperly seized and transferred his holdings in several insurance and banking companies to state-owned companies, after an arbitral tribunal determined that it lacked jurisdiction.
Prosecutors on Monday sought to get a last-minute interview with a former British banking group official in a case against two ex-Deutsche Bank traders accused of rigging the London Interbank Offered Rate after a Manhattan federal judge suggested the case may hinge on such evidence.
The U.S. Department of Justice on Monday told the U.S. Supreme Court that Congress’ definition of spoofing — using high-frequency trading techniques to illegally manipulate securities markets — is not vague and that the New Jersey trader who was the first person convicted under the spoofing law should not be granted a hearing before the high court.
Customers have slapped Capital One NA with a proposed class action in California federal court, accusing the bank of charging fees on its own ATMs that are supposed to be fee-free and charging excessive fees on other out-of-network ATMs.
An investor hit Longfin Corp. and its CEO with a proposed class action Monday in New York federal court alleging shareholders were misled about the financial technology firm’s viability and profitability until a public filing revealed the company was riddled with financing concerns and facing investigation by the U.S. Securities and Exchange Commission.
Chinese President Xi Jinping on Tuesday promised a "new phase of opening up" Beijing's economy, announcing a series of reforms that will allow for greater foreign investment in the auto and banking sectors and an improvement to the nation's controversial intellectual property regime.
With the U.S. marijuana industry experiencing continued growth but also shifting enforcement policy under the Trump administration, experts took to the stage at the Association of Certified Anti Money Laundering Specialists conference in Florida on Monday to urge financial institutions to establish clear policies on servicing cannabis-related businesses.
Two payday lender trade groups sued the Consumer Financial Protection Bureau over its “draconian” final rule on short-term loans in Texas federal court on Monday, challenging the regulation requiring lenders to evaluate whether borrowers can repay loans because they said the agency overstepped constitutional safeguards.
Bank of Internet’s parent company told a California federal judge Friday that a proposed securities fraud class action filed last year after news broke of a government probe into possible money laundering at the bank is similar enough to a separate recently axed stock-drop suit that both dismissal and sanctions are warranted.
Nissan Extended Services of North America Inc. and a New Jersey dealership were each hit with a proposed class action in federal court Friday for allegedly misrepresenting that vehicle service agreements could be financed with no interest payments.
The U.S. Department of Justice announced Monday that it seized Backpage.com, hitting seven people associated with the site with a 93-count indictment in Arizona federal court that accuses the parties of money laundering and facilitating advertisements for the prostitution of children.
What is perhaps more interesting than the number of blockchain-related patent filings, or their subject matter, is the number of assignees for these patents, says Nelson Rosario of Marshall Gerstein & Borun LLP.
As financial services and fintech firms seek to reduce their vulnerability to cyberattacks and mitigate against regulatory and litigation exposure, one key inquiry is the extent to which a company’s cybersecurity controls are consistent with industry best practices. In this regard, a recent report from the World Economic Forum provides a valuable reference point, say Rishi Zutshi and April Collaku of Cleary Gottlieb Steen & Hamilton LLP.
Under the U.S. Department of Justice's new marijuana enforcement strategy, the DOJ is unlikely to begin prosecuting marijuana growers and distributors who are operating in compliance with state law. The DOJ will likely prosecute the most egregious violators of state law, say Gerald Sachs and Evan Shea of Venable LLP.
The Federal Reserve’s new leadership has made clear that while it supports certain changes to Dodd-Frank and the related regulations, it broadly supports the post-crisis regulatory framework. With that background, we focus on the Fed’s anticipated views of five areas where reform is possible, say attorneys with Sidley Austin LLP.
There's no reason for limiting unbundled legal services to family law or even pro se litigants. Wider adoption, especially by litigators, presents an opportunity to correct law's distribution and pricing problem, to make justice practically available to all, and to dethrone litigation as the "sport of kings," says New York-based trial lawyer David Wallace.
Given the mainstream use of bitcoin and the “staying power” of this cryptocurrency, bankruptcy practitioners need to prepare to see bitcoin as part of the assets in future bankruptcy cases. The volatility of bitcoin value, however, will require bankruptcy courts and parties to come up with creative solutions, say Erin Illman and Robert Cox of Bradley Arant Boult Cummings LLP.
Like medical professionals, lawyers often resist policies to reduce errors due to the culture of perfectionism that permeates the industry. Autonomy is key to the legal professional's prestige and the outward demonstration of competence is key to maintaining autonomy, says Peter Norman of Winnieware LLC.
The U.S. Supreme Court last week held in Village at Lakeridge that the appropriate standard for determining nonstatutory insider status in bankruptcy is the clearly erroneous standard that was applied by the Ninth Circuit. But the concurring opinions, which address an issue that was not before the court, appear to be more significant, say Steven Wilamowsky and Aaron Krieger of Chapman and Cutler LLP.
It is undisputed that in his first year in office President Trump was able to confirm a significant number of judges to the federal bench. How it happened — and whether it's a good thing — are debated here by Sen. Chuck Grassley, R-Iowa, and Sen. Dianne Feinstein, D-Calif.
In his response to my Law360 article, William Kolasky notes “the relative dearth of rule of reason cases that have made it to summary judgment or beyond.” My only point is a consequentialist one: Since the 1970s, more and more cases have migrated from the per se category to the rule of reason category. As a result, plaintiffs (almost) always lose, says Randy Gordon of Crowe & Dunlevy.