A volley of presidential tweets underscored the bipartisan opposition that planned cryptocurrency Libra faces in Washington, but as the Facebook-led project takes center stage in a pair of congressional hearings, there’s no single switch that officials can flip to halt it in its tracks.
A Virginia lawmaker took advantage of a staffer's hospitalization to illegally access the employee's social media, email and online banking accounts in an effort to avoid paying her, according to a lawsuit filed Thursday in Virginia federal court.
New guidelines released by the Financial Industry Regulatory Authority give firms direction on how they could go so far as avoiding enforcement fines, emphasizing the role of so-called extraordinary cooperation in a way the regulator hasn’t done before, lawyers said.
A New York federal judge overseeing a foreign exchange market rigging suit against several big banks is allowing the U.S. Department of Justice to delay deposition for three months, defying protests from investors who argue that the agency has been seeking extension requests to stall prosecution of their case.
Two groups of Puerto Rican bondholders are asking a federal court to reject the island’s financial oversight board’s request to halt action on its attempt to end $6 billion in bond debt because of a pending settlement, saying only a fraction of bondholders have approved the deal.
The attorneys for a class of Citigroup Inc.-sponsored American depositary receipt holders will receive nearly $5 million in fees after securing a $14.75 million settlement in a suit alleging the bank manipulated the foreign exchange rate when providing dividends to ADR holders.
Morgan Stanley & Co. LLC, Bank of America Corp. and its subsidiary Merrill Lynch Commodities Inc. engaged in spoofing in an effort to manipulate precious metals futures, according to a proposed class action filed Friday in New York federal court.
SunEdison Inc. investors inked a $74 million cash deal to end their class action suit accusing the renewable energy company of maintaining faulty internal controls and filing inaccurate financial statements, they told a New York federal judge Friday.
Neil Woodford is mulling selling some or all of his stake in Non-Standard Finance PLC, Clariant is in the home stretch to sell a packaging unit, and Blackstone and the holding company owned by the family behind the Lego brand are considering selling Armacell International.
A Florida federal judge has ordered two attorneys who were disqualified from representing homeowners in a foreclosure dispute to pay legal fees and costs to PNC Bank, after the lawyers used privileged information in an amended complaint they filed in the case.
Brokerage firm RBC Capital Markets LLC wiggled out of a proposed class action accusing it of breaching its contract with investors in how it sold risky, complex securities known as reverse convertible notes when a Minnesota federal judge found that RBC did not break promises to its clients.
In this week’s Taxation With Representation, Piper Jaffray and Sandler O’Neill join forces in a $485 million merger, Cisco snaps up fiber optics company Acacia Communications for $2.6 billion, and Virgin Galactic merges with a special purpose acquisition company held by Social Capital and Hedosophia to create a $1.5 billion company.
A New York federal judge has denied two investors' bid to jointly lead a $4 billion lawsuit over an alleged cryptocurrency Ponzi scheme, handing the lead to the investor claiming greater losses rather than the one who filed the suit, saying the "unrelated" pair won't "function cohesively."
The last week has seen an Allianz unit sue security outsourcers Serco Group and G4S, BGC Brokers continue its legal war against a rival firm accused of poaching traders and a Guernsey fund administrator drag a London borough into court. Here, Law360 looks at those and other new claims in the U.K.
Three former Barclays executives will be retried on fraud charges in October over the bank’s capital raising at the height of the financial crisis, a London judge confirmed Friday.
United Natural Foods Inc. traded barbs with Goldman Sachs in New York state court on Thursday, arguing that the bank is trying to distract from the company's fraud and contract claims by denying the alleged facts and subbing in its own.
A joint statement from the SEC and FINRA this week highlights their concerns with broker-dealers transacting digital assets, leading observers to suspect the regulators need to be convinced that the firms are using effective processes to protect customer assets.
Merrill Lynch Bank & Trust Co. said Thursday that one of the men accused of participating in a plot to swindle a Pennsylvania company’s pension plan can’t try to shift blame onto the bank.
A top Federal Reserve official said Thursday that the banking industry could soon find out how federal regulators plan to proceed with a Volcker rule overhaul effort after concerns were raised last year about proposed changes to the rule's proprietary trading prohibitions.
The Delaware chancellor on Thursday allowed the bulk of a Chase Bank suit related to a prior court-ordered $69 million royalty refund it wants to collect from patent licensing firm DataTreasury Corp. to move forward as another suit related to the refund also proceeds.
The former CEO of Melrose Credit Union and a Long Island, New York, business owner pled not guilty in New York federal court Thursday to charges that they conducted a bribery scheme to exchange free housing for favorable loan terms.
An attorney for Preston Hollow Capital LLC told a Delaware vice chancellor Thursday that a co-counsel’s assertion that "something illegal’s going on" at competitor Nuveen LLC set off a request from a "government entity" for recordings of Nuveen phone calls, the latest move over allegations Nuveen pressured Deutsche Bank to boycott Preston.
Wells Fargo's $17.85 million deal resolving six proposed class actions accusing the bank of calling and texting consumers in violation of the Telephone Consumer Protection Act has received approval in Illinois federal court.
Major U.S. stock exchanges said Wednesday that the survival of litigation accusing them of helping high-frequency traders get an unfair advantage creates legal questions that need to be addressed by an appeals court.
An Illinois federal judge has slapped an attorney accused of lying to a federal housing regulator with a $500,000 penalty, saying the sum was warranted for his "serious wrongdoing" but still fell well short of the maximum $3.3 million fine the government asked for.
When a lawyer complains about some workflow inefficiency they are having, the knee-jerk reaction of many firms is to look for a technology-based workaround. This overlooks the importance of human psychology and behavior, which may be the root of the problem, says Ryan Steadman of Zero.
For the first time, a U.S. district court recently ordered Chinese banks to comply with subpoenas in an investigation of transactions that violated international sanctions. The court's opinion provides U.S. prosecutors with an important tool for sanctions investigations that involve banks based in China, say Ryan Fayhee and Ashley Hodges of Hughes Hubbard.
Legal writing often falls flat not because it’s unorganized, but because it’s technically unsound and riddled with gaffes that cheapen and degrade it. Avoiding the most common mistakes will keep judges interested and, most importantly, make them trust you, says Daniel Karon of Karon LLC.
Through the first half of 2019, the U.S. Department of the Treasury’s Office of Foreign Assets Control strengthened country-based sanctions programs, including those targeting Venezuela and Cuba, and brought a string of aggressive enforcement actions that suggest enhanced compliance program expectations going forward, say attorneys at Ropes & Gray.
The U.S. Securities and Exchange Commission's recently released “Framework for ‘Investment Contract’ Analysis of Digital Assets” centers around the traditional Howey test, signaling that the SEC will continue to treat cryptocurrencies as securities. A new approach that recognizes the unique economic nature of crypto assets is needed, says Boris Richard of FTI Consulting.
The Paris-based Financial Action Task Force recently updated its global guidance for lawyers on how to detect and prevent money laundering and terrorist financing. The 2019 guidance bears structural similarities to the 2008 version, but contains several significant changes, says Kevin Shepherd of Venable.
Interbank offered rates for financial products are set to be replaced soon with market-based rates. But any new benchmarks will undoubtedly be more volatile, and the sheer size of the existing asset pool they will be tied to ensures that the impact of the shift will be large, says Timothy McKenna of NERA Economic Consulting.
The release of the U.S. Securities and Exchange Commission’s final Regulation Best Interest rules earlier this month was an opportunity for the SEC to eliminate long-standing confusion about obligations of investment service providers. Instead, the SEC forfeited that goal, says Kurt Schacht of the CFA Institute.
In the final installment of this monthly series, legal recruiting expert Carlos Pauling from Major Lindsey & Africa talks with Virginia Essandoh about the trends and challenges she sees as chief diversity officer at Ballard Spahr.
In "Theodore Roosevelt for the Defense," authors Dan Abrams and David Fisher meticulously chronicle the forgotten high-profile 1915 libel trial of Teddy Roosevelt, capturing the interesting legal customs of an era before things like notice pleading and pretrial discovery, says Chief U.S. District Judge Colleen McMahon of the Southern District of New York.
In light of JPMorgan Chase's recent $5 million settlement in a class action alleging sex discrimination in its parental leave policy, employers should proceed with caution when it comes to policies that differentiate between primary and nonprimary caregivers, says Alexandra Harwin of Sanford Heisler.
In the final part of this article, attorneys at Mayer Brown explain what Fair Debt Collection Practices Act-regulated entities should know about call frequency, validation of debt, and other unfair or deceptive practices under the Consumer Financial Protection Bureau's proposed debt collection rules.
Recent enforcement actions related to anti-money laundering and the Bank Secrecy Act have focused on programmatic compliance deficiencies rather than particular transactions and on holding financial institutions accountable for the quality of their performance, say Ann Sultan and William Barry of Miller & Chevalier.
The U.S. Securities and Exchange Commission's recent explanation of investment advisers' fiduciary duties to clients may have merely clarified what has always been the position of the SEC, but critical ambiguities remain, say Richard Marshall and David Dickstein at Katten Muchin.
The Consumer Financial Protection Bureau recently issued its proposed Regulation F under the Fair Debt Collection Practices Act. Attorneys with Mayer Brown discuss some of the most significant developments that FDCPA-regulated entities should review when considering whether to provide comments on the rules.