The Commodity Futures Trading Commission issued an order Thursday imposing a $12 million civil penalty against Commerzbank AG for allegedly violating commission regulations and the Commodity Exchange Act by failing to supervise its swap dealer operations and providing misleading reports to the commission.
Rep. Maxine Waters, D-Calif., laid out some of her plans for the House Financial Services Committee if she’s selected to chair it, saying that she’d focus on issues like consumer protection and financial innovation while also getting tough on oversight of the White House and regulatory agencies.
Home Partners of America is considering going public, Saudi Arabia lobbed a $1 billion offer to ink a partnership with Denel, and Wells Fargo is considering selling off its retirement plan services unit.
Edenred SA, which provides transactional solutions for companies, employees and merchants, said on Thursday that it has agreed to acquire Corporate Spending Innovations, a Florida-based provider of automated corporate payment software, for $600 million in a deal that was guided by Hogan Lovells.
An investment vehicle for civilian uranium followed by two Chinese financial technology startups joined the pipeline for initial public offerings on Wednesday, setting price ranges on IPOs estimated to raise about $137 million combined later this month.
The largest credit union in New England must face a proposed class action by customers who say its overdraft policies are unclear, a Massachusetts federal judge ruled Thursday, upholding breach of contract claims while tossing other claims for equitable relief.
Tax practitioners should not expect an Internal Revenue Service virtual currency voluntary disclosure program similar to that offered for undisclosed offshore bank accounts, an agency official said Thursday.
John Moscow, who spent 32 years at the Manhattan District Attorney’s Office, where he prosecuted murder cases, international money laundering and white collar crime, is joining Lewis Baach Kaufmann Middlemiss PLLC from BakerHostetler.
A New York federal judge on Thursday awarded more than $300 million in attorneys' fees to the firms representing an investor class in securing $2.3 billion in settlements over claims that 15 banks colluded to rig benchmark exchange rates in the foreign exchange markets.
A putative class of investors sued JPMorgan Chase & Co. and a group of precious metals traders employed by the bank in New York federal court Wednesday, saying they manipulated futures contracts through spoofing, days after the U.S. Department of Justice announced a former trader had pled guilty to his role in the alleged scheme.
The federal government sued UBS AG and several of its U.S. affiliates in New York federal court on Thursday, accusing the Swiss bank of defrauding investors through the sale of residential mortgage-backed securities in the run-up to the financial crisis.
Facing skeptical investors, Greek marine refueling company Aegean Marine Petroleum Network Inc. was unable to convince a New York bankruptcy judge by the end of Wednesday to grant an emergency request to tap a $532 million debtor-in-possession financing arrangement its attorneys said is needed immediately.
A Massachusetts federal judge overseeing an investigation into improper billing practices by three law firms said Wednesday that he is considering asking Garrett Bradley, the managing partner of Thornton Law Firm LLP and a former state representative, to testify in the case.
A class of borrowers who were charged millions in advance fees for never-funded loans by a Toronto-based family led by a man with a long criminal record urged the Tenth Circuit on Wednesday to preserve a $25 million verdict in their favor.
Morgan Lewis & Bockius LLP announced Tuesday that it has added a veteran banking and restructuring attorney from White & Case LLP as a finance partner in Singapore.
A Louisiana appeals court on Wednesday upended a lower court's ruling that Lloyd's of London underwriters must reimburse a credit union for more than $1.3 million it allegedly lost to thefts by an armored car carrier that serviced its ATMs, finding that affidavits submitted by the union did not conclusively establish that the loss is covered.
The prospect of a divided national government produced by Tuesday’s midterm congressional elections likely prevents drastic policy shifts that could disrupt capital markets, making it easier to resume dealmaking under a more certain climate in the near term, attorneys say.
The European Union's top court breathed new life Wednesday into a challenge filed by creditors of now-failed Portuguese bank Espirito Santo SA seeking to overturn the European Commission's approval of a €4.8 billion ($6.3 billion) bailout under state aid rules, sending the dispute back to a lower court for another look.
A Texas federal judge has paused implementation of the Consumer Financial Protection Bureau’s payday lending rule, indefinitely staying the August 2019 compliance date after the agency announced plans to start revisiting key portions early next year.
Citibank NA has agreed to pay more than $38 million to settle U.S. Securities and Exchange Commission charges that it received American shares of foreign companies, or American Depositary Receipts, without owning the underlying securities, the agency announced on Wednesday.
The Federal Trade Commission, which once dominated the playing field on many consumer protection issues, appears poised to reclaim a more active role in connection with financial products and services, say attorneys with Buckley Sandler LLP.
A U.S. Supreme Court ruling in Varela v. Lamps Plus that the Federal Arbitration Act displaces contractual interpretation rules likely would vacate the Eleventh Circuit's recent JPay decision, says James Bogan of Kilpatrick Townsend & Stockton LLP.
In an era when law firms are fighting for business and clients can dictate the terms of the relationship, "value" has become a moving target. Firms that take a proactive approach by using strategies designed to articulate value over time will gain the competitive advantage, says Dan Tacone at Intapp Inc.
In this monthly series, Amanda Brady of Major Lindsey & Africa interviews management from top law firms about the increasingly competitive business environment. Here we feature Pier D'Angelo, chief pricing and practice officer at Allens.
Earlier this year, the U.S. Securities and Exchange Commission proposed amendments to the rules governing its whistleblower incentive and protection program. Kathleen Massey of Dechert LLP examines the key issues raised by the public comments filed in response, and what to expect from the final rules.
It is widely expected that Democrats will take control of the House in the midterm elections, and a Democratic House Financial Services Committee will likely launch a broad range of investigations, particularly relating to consumer-facing issues, say attorneys with Hogan Lovells.
The former CEO of a U.K. bank recently pled guilty to charges under the Foreign Account Tax Compliance Act, following a U.S. Department of Justice sting operation spanning several countries. The conviction sends a clear message that U.S. authorities will prosecute not only U.S. account holders, but those who facilitate tax evasion, whatever their nationality, say attorneys at White & Case LLP.
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.