Private equity magnate Lynn Tilton has again pressed the U.S. Supreme Court to weigh the constitutionality of the U.S. Securities and Exchange Commission’s administrative law judges, arguing that she should not have to wait for the agency’s proceedings against her to finish before she can challenge their legitimacy.
Yale University, the mayor of Baltimore and other entities asked a New York federal court Wednesday for class certification in multidistrict litigation alleging big banks conspired to rig the London Interbank Offered Rate, saying they share common claims with other over-the-counter investors.
First American Title Insurance is reportedly leasing nearly 18,000 square feet from real estate investment trust SL Green, China Construction America is said to be buying a New York site valued at more than $140 million, and JPMorgan Chase has reportedly sold a New York building for $12.5 million and is leasing back the retail portion.
A New York federal judge on Tuesday preliminarily approved a $165 million settlement to be paid by Wells Fargo, Deutsche Bank and the Royal Bank of Scotland, putting them one step closer to resolving a class action over their underwriting of $7.7 billion worth of mortgage-backed securities issued by bankrupt subprime lender NovaStar.
A New York district judge considering federal attorneys’ bid to seize real estate and bank accounts linked to a $230 million Russian tax fraud gave the government permission Tuesday to refer to a massive bundle of evidence whose disqualification would have threatened the case's viability.
A Goldman Sachs shareholder on Tuesday told the Delaware Chancery Court in a derivative suit that the company is overpaying its directors under invalid compensation plans.
Over the last five to 10 years, we have seen the emergence of new substantive hurdles in the prosecution of a securities class action, making it more time-consuming and more procedurally challenging, says Hannah Ross of Bernstein Litowitz Berger & Grossmann LLP.
A New York federal judge on Tuesday affirmed a bankruptcy court's dismissal of a suit accusing DLA Piper of helping a Cayman Islands investment manager siphon more than $36 million to cover a separate unit’s mortgage-backed securities payments, finding the liquidators couldn't sue over something that had once benefited them.
The Washington Legal Foundation submitted an amicus brief Tuesday urging the Fifth Circuit to rule against the U.S. Department of Labor’s fiduciary rule for retirement account advisers, telling the appellate court the rule improperly restricts the speech of broker-dealers and investment advisers.
An Illinois federal judge has denied a union and an insurer’s motions to dismiss claims over union official salaries earned during one official’s alleged embezzlement, saying it is acceptable for a union member to bring such derivative claims.
The Sixth Circuit on Tuesday upheld a win for JP Morgan Chase & Co. over age and disability discrimination claims brought by a former stockbroker that had suffered several debilitating heart attacks, saying the individual failed to show he was qualified for the job even without any accommodation.
A Florida real estate executive who was sentenced last week to 40 years in federal prison was on Tuesday hit with a $303 million forfeiture order and money judgment after his conviction for running an enormous Ponzi scheme out of Cay Clubs Resorts and Marinas.
U.S. Securities and Exchange Commission Chairman Jay Clayton has selected a recently retired Simpson Thacher & Bartlett LLP attorney who worked alongside him on the record-breaking Alibaba IPO to head the agency’s Division of Corporation Finance, the SEC said Tuesday.
The U.S. economic risks posed by a slowing Chinese economy and its financial sector don't come from direct links, thanks to "little interest" by American investors, but from "indirect channels," according to a staff report Tuesday from a commission charged with monitoring relations between China and the United States.
The Second Circuit on Tuesday revived a black Egyptian Muslim woman’s claim that two supervisors at Astoria Bank created a hostile work environment by subjecting her to a steady barrage of abusive racial and anti‐Muslim comments, saying there was enough evidence for a reasonable jury to rule in her favor.
A California state judge on Tuesday tentatively granted Wells Fargo & Co.’s demurrer to a shareholder derivative suit over the bank’s false account scandal, granting investors leave to amend their complaint to bolster conclusory allegations the board of directors knew of the illegal sales practices.
A unit of Swiss private bank and asset management firm Pictet Group said Tuesday that it has closed an $815 million fund focused on making private equity, venture capital and other types of investments.
Stock in Texas-based Guaranty Bancshares Inc. debuted on Tuesday after the company priced a $54 million initial public offering, guided by Fenimore Kay Harrison & Ford LLP, making it the second bank holding company to go public this year.
South Korean circuit board maker Simmtech Co. Ltd. asked the Second Circuit to reinstate the company's $73 million currency-exchange fraud suit against Citibank NA, arguing Tuesday that the lower court should have used Korean law when determining preclusion.
The new acting head of the Office of the Comptroller of the Currency on Tuesday told the national bank regulator’s staff that he intends to take a close look at the regulations mandated by the Dodd-Frank Act with an eye to easing the environment where possible.
As the fund finance market continues to mature, we have seen growing interest among participants in partner or employee loan programs. These co-investment facilities may provide an opportunity for a lender to expand its lending relationship with a sponsor while enabling a sponsor and its principals to have more “skin in the game,” say attorneys with Mayer Brown LLP.
Perhaps lost in the presidential post-election tumult was a report issued in late 2016 by an international body evaluating U.S. compliance with anti-money laundering and counter-terrorist financing standards. Considering repeated criticisms of the legal profession, the American Bar Association should seriously consider a new model legal ethics rule, says Kevin Shepherd of Venable LLP.
For years, financial institutions have permitted their representatives to purchase “Class A” shares for clients, but only recently did the U.S. Securities and Exchange Commission begin bringing actions for the practice. The Credit Suisse settlement this week indicates that the SEC may seek to impose liability even where there is no allegation of intentional wrongdoing, say Jeffrey Coopersmith and Rachel Herd of Davis Wright Tremaine LLP.
In the final segment of his series on lateral recruitment, Howard Flack, a partner of Volta Talent Strategies LLC and former leader of the lateral partner recruiting team at Hogan Lovells, shares a number of factors law firms should consider when measuring lateral hire success.
In the second installment of this series on lateral recruiting, Howard Flack of Volta Talent Strategies LLC challenges law firms to ask themselves whether business strategies are determining lateral hires — or vice versa.
The surveys that report lateral partner hiring as more or less a 50-50 proposition keep being published, and yet the lateral partner market is as robust as ever. So, what are firms looking at to measure their success and justify the level of investment they continue to make in the lateral market? asks Howard Flack of Volta Talent Strategies LLC.
Given an uncertain backdrop, the question remains how the U.S. Securities and Exchange Commission will execute its enforcement program going forward. As shown in Kon v. SEC, the commission is apparently willing to continue to litigate administrative proceedings in the Tenth Circuit that were filed before Bandimere, say attorneys with Brownstein Hyatt Farber Schreck LLP.
Under the Trump administration, change is likely to come to the U.S. Department of Transportation, Consumer Financial Protection Bureau and Federal Trade Commission. Christian Scali and Monica Baumann of The Scali Law Firm offer a closer look at the shifting landscape and the potential impact on auto dealers.
A recent U.S. district court decision dismissing a claim brought by the Consumer Financial Protection Bureau against a third-party processor and two of its executives deals a setback to the agency’s ability to pursue enforcement actions against such payment processors, say attorneys with Eversheds Sutherland (US) LLP.
Bear in mind that the internet seldom forgets and never forgives, and you are just one screen grab from a meme. A law firm's core messages and unique selling points must be clearly determined before embarking on a social media strategy, says Julie Bagdikian of The Pollack PR Marketing Group.