Almost all the alleged €200 billion ($230 billion) of dirty money that flowed through Danske Bank’s tiny Estonian branch passed through banks in the U.S., the whistleblower at the center of the affair said Wednesday.
A plan to restructure nearly $18 billion in debt carried by the Puerto Rico Sales Tax Corp., or COFINA, will go to a creditor vote, the judge presiding over the U.S. territory’s bankruptcy-like proceedings ruled Tuesday, putting the agency on track to confirm its debt adjustment scheme by mid-January.
The Consumer Financial Protection Bureau said Tuesday that a Santander consumer finance unit has agreed to pay a $2.5 million fine and more than $9 million in restitution as part of a settlement resolving claims over its disclosures related to an auto loan add-on product and auto loan extensions.
A Venezuelan billionaire television mogul has been indicted by federal prosecutors for allegedly violating the Foreign Corrupt Practices Act by bribing officials in the South American country as part of a billion-dollar currency exchange and money laundering scheme, the U.S. Justice Department announced on Tuesday.
No one has yet applied for or received a fintech charter from the Office of the Comptroller of the Currency, and that undercuts the latest attempt by New York’s financial services regulator to block the charter in court, counsel for the office told a Manhattan federal judge.
A proposed class of consumers accusing an online lender tied to a Michigan tribe of issuing loans with unreasonably high interest rates pressed a Virginia federal court Monday to certify classes against a single defendant in the suit, saying he continued to profit from the loans even though his role in the alleged scheme may have changed.
A New York federal judge on Tuesday denied a bid to dismiss fintech firm trueEX LLC’s antitrust claims against 11 banks that allegedly boycotted the firm’s interest rate swaps platform and funneled business to an exchange that they operated, finding the allegations mirrored others in the multidistrict litigation that were allowed to pass through.
A Washington federal judge has paused a proposed class action claiming a former Google executive's financial technology company and a tribal corporation ran a payday lending business with exorbitant rates, saying the businesses have a strong likelihood of winning their appeal of his earlier decision to deny arbitration.
TD Ameritrade and an investor class have agreed to a $17.95 million settlement in a derivative suit that challenged Ameritrade’s $2.7 billion share of a $4.1 billion joint acquisition of Scottrade Financial, with $3.59 million of the settlement reserved for attorneys’ fees.
A special master appointed by a Massachusetts federal judge to investigate the billing practices of law firms that helped secure a $300 million settlement with State Street reiterated his opinion Tuesday that Lieff Cabraser Heimann & Bernstein LLP and Thornton Law Firm LLP should pay disgorgement and other penalties.
A Swiss banker wanted for years by U.S. authorities for an alleged market manipulation scheme has been arrested and extradited to the U.S., to face fraud and conspiracy charges in a stock manipulation case that once targeted private equity CEO Benjamin Wey before it fell apart.
Cboe Global Markets Inc. urged an Illinois federal court Monday to dismiss it from multidistrict litigation over alleged manipulation of the Chicago Board Options Exchange's volatility index, known as VIX, saying the role of overseeing exchanges falls to federal regulators.
The last remaining defendant in a suit accusing GAW Miners LLC and ZenMiner LLC of defrauding thousands of customers nationwide through a Ponzi scheme involving the sale of "miners" of virtual currency has told a Connecticut federal judge the case is "riddled" with issues that preclude class certification.
A Florida appeals court reversed a fee award a trust had won against Wells Fargo Bank, after finding on Tuesday that the original trial court judge lacked authority when he removed himself from the case before a successor judge granted the trust's request.
A Delaware bankruptcy judge on Monday authorized a court-appointed examiner in the Chapter 11 case of Samuels Jewelers to issue subpoenas for documents and interviews in order to investigate an alleged $2 billion Indian bank fraud and its potential connection to the bankruptcy case.
Investors hit Bank OZK with a proposed securities class action in New York federal court on Monday, after the regional bank was forced to write down nearly $46 million on real estate loans that went south.
The U.S. Supreme Court declined Monday to review a Ninth Circuit ruling that held a California state mortgage escrow interest law is not preempted by the National Bank Act, turning back Bank of America’s bid to overturn a decision that it said will create “significant uncertainty” about whether other state laws apply to national banks.
Two former Merrill Lynch traders who were indicted this summer on allegations that they ran a yearslong scheme to "spoof" the precious metals futures market told an Illinois federal judge on Friday that the government’s case rests on the “fallacy” that spoofing is a form of fraud.
The momentum behind the U.S. Securities and Exchange Commission's whistleblower program continued to build in 2018, culminating in the agency handing out more awards this year than all other years of the program combined.
Wells Fargo Securities LLC told a New York federal judge on Monday that two years of discovery have failed to produce any evidence that in the runup to the financial crisis it handed control of collateralized debt obligations to a hedge fund that was simultaneously betting against them.
In the two years since the American Bar Association's controversial anti-discrimination and harassment rule, only one state has adopted it, while numerous state supreme courts, state attorneys general and legal groups have correctly rejected Model Rule 8.4(g) as a threat to lawyers' First Amendment rights, says Bradley Abramson, an attorney with Alliance Defending Freedom.
Virtual private networks are a critical tool for privacy-minded cryptocurrency traders, but based on the New York attorney general's recent findings that VPNs may permit market manipulation, it would not be surprising if cryptocurrency exchanges are soon asked to explain their VPN access policies, says Richard Malish of NICE Actimize.
In the aftermath of Justice Brett Kavanaugh's confirmation, the U.S. Supreme Court should decline review of the nation's most polarizing political questions unless and until the questions become time-sensitive, says Alexander Klein, head of the commercial litigation group at Barket Epstein Kearon Aldea & LoTurco LLP.
The Consumer Financial Protection Bureau recently announced plans to stop conducting supervisory examinations for violations of the Military Lending Act. The broader implications of this decision could lead to company push back on a wide range of supervisory activity by the CPFB, says Keith Bradley of Squire Patton Boggs LLP.
In this series featuring law school luminaries, Boston College Law School professor Kent Greenfield reflects on his corporate law theories, his legal battle with the Pentagon over free speech and gay rights, and important constitutional law issues to watch out for.
The Office of the Comptroller of the Currency's recently announced national bank charters for financial technology companies hold the promise of delivering lower costs and improved efficiencies in a safe environment that protects consumers, say attorneys at Ropes & Gray LLP.
Whether Justice Brett Kavanaugh’s prior statements may be grounds for disqualification when it comes to judging certain cases is debatable, but there are no specific recusal guidelines for the U.S. Supreme Court. The justices themselves don’t even agree on where to draw the line when it comes to perceived political bias, says Donald Scarinci, a founding partner of Scarinci Hollenbeck LLC.
As technology evolves, law firms are increasingly looking for ways to improve communication, transparency and service for their clients. Firms should put knowledge management at the core of their value proposition to create a competitive advantage, says Rob MacAdam at HighQ.
While insolvencies and fraud in the cryptocurrency space will create many issues of first impression for the courts, some valuable lessons can be found in more traditional fraud cases, such as the Bernie Madoff Ponzi scheme, says Brett Theisen of Gibbons PC.
As we watch what passes for political discourse in our nation’s capital, it’s understandable that universities are launching programs on how to cope with ideological disputes. But our country needs fewer people who profess to be open-minded and more people who engage in and honor the conclusions of reasoned debates, says Alex Dimitrief of General Electric Co.