Units for former Citigroup executive Michael Klein's fourth blank-check company began trading Thursday as part of its upsized $1.8 billion initial public offering — the second-largest of its kind so far this year — in a deal guided by Paul Weiss and White & Case.
The acting head of the Office of the Comptroller of the Currency on Thursday defended his agency's recent rulemaking efforts around interest-rate transferability and bank lending partnerships, insisting that criticisms of the projects as providing cover for lending abuses are off-base.
Credit Suisse will merge its risk and compliance departments and reshuffle the units' executives amid a restructuring intended to streamline the global bank's operations in the face of COVID-19 and other challenging economic trends, the bank said Thursday.
A new Sixth Circuit ruling has added to the circuit split over what constitutes an autodialer under the Telephone Consumer Protection Act by accepting the broad interpretation a lower court used to rule against a Pennsylvania debt servicer for making unwanted calls.
Seven banking trade associations have asked the U.S. Office of the Comptroller of the Currency to be cautious and transparent as it considers a recently floated national payments charter, adding that they would oppose a narrowly tailored charter.
A Harvard University chemistry professor charged with lying to U.S. authorities about his research ties to a Chinese university pled not guilty on Thursday to new allegations that he failed to report income from the arrangement.
Boeing asked a Washington federal court Wednesday to winnow a suit from buyers of two 737 Max aircraft meant for use as private jets, saying it never defrauded customers nor could it have anticipated the jets would be grounded globally after two fatal crashes.
HSBC urged a judge Thursday to toss the bulk of a £118 million ($154 million) suit accusing the bank of ignoring signs of a $7 billion Ponzi scheme, but the judge countered that even a sliver of the claim could end up revealing a "smoking gun."
The Financial Crimes Enforcement Network warned financial firms Thursday to be particularly vigilant in their dealings with virtual currencies amid an increasing wave of COVID-19-related cybercrime.
CohnReznick LLP will have to face a suit brought by aggrieved Platinum Partners investors who say they lost $63 million in part because of the auditor's whitewashing of Platinum's many problems after a New York state judge said the case is solid enough to go forward.
Federal prosecutors in New York on Tuesday said a Turkish bank accused of facilitating sanctions evasion "grossly" distorted the statements of the judge handling its case in service of its request for the judge's recusal.
The head of the Consumer Financial Protection Bureau defended her agency's pandemic response, enforcement activity and recent move to roll back its payday lending regulations before a Senate panel on Wednesday, drawing sharp Democratic criticism of her record and even a call to resign.
The first half of 2020 saw a former cryptocurrency executive catapult to the top of a federal banking regulator, while state financial agencies reinforced their oversight of fintech and consumer protection as Congress began discussing the significance of digital assets with increased urgency.
A U.S. Bank executive who a jury found was defamed as a Mafia member and fired to keep from getting a bonus can collect a $17 million jury award, a California appeals court ruled, slashing the punitive damages in half.
New York, California and Illinois sued the Office of the Comptroller of the Currency on Wednesday over its valid-when-made rule, saying the recently promulgated rule would "dramatically expand" federal preemption and be a boon to predatory lenders seeking to skirt state interest rate caps.
A Harvard University chemistry professor has been hit with more charges over allegedly failing to report significant income he received from the Wuhan University of Technology in China, according to a superseding indictment handed down by a federal grand jury in Boston on Tuesday.
Wells Fargo was hit with a proposed class action in Florida federal court Tuesday alleging the bank fraudulently changed the maturity dates on thousands of mortgages that secured home equity loans without informing its customers, damaging the value and marketability of their homes.
Two HSBC bankers pled not guilty Tuesday after the Manhattan U.S. Attorney's office accused them of scheming to get $1 million of commercial loans, the proceeds of which one of the bankers allegedly thought he could "bust out" — or never repay.
Ten years after it was mandated under the Dodd-Frank Act, the SEC’s Office of the Whistleblower has paid out more than $500 million in awards to nearly 90 whistleblowers. Jane Norberg, who helped set up the OWB in 2012 and was named head of the office in 2016, spoke to Law360 about her recent efforts to accelerate the processing of awards while continuing to protect whistleblowers and fight fraud.
The Commodity Futures Trading Commission announced it paid approximately $9 million to a whistleblower who helped bring a successful enforcement action, one of the top five largest awards in the history of its whistleblower program.
The U.S. Securities and Exchange Commission has launched a new team within its examinations unit that will work hand-in-hand with financial firms to address emerging risks and threats, tapping a Marsh & McLennan alum to lead the effort, the agency announced Tuesday.
Regions Bank NA urged the Eleventh Circuit on Tuesday to reverse a district court decision clearing an investor in a Ponzi scheme of knowingly kiting checks to cover up the fraud, arguing it had presented a "mountain of evidence" that the investor knew the checks had insufficient funds.
A Florida federal judge entered a $13.9 million consent judgment Monday against a group of Florida telemarketing companies and their operators, whom the Federal Trade Commission accused of scamming consumers with deceptive robocalls and false promises to reduce the interest rates on their credit cards.
App-based pay advance service Earnin has agreed to pay as much as $12.5 million to end its users' claims that it misled the public about its offerings, hurting consumers who were charged bank fees as a result.
Rocket Cos., which owns a collection of financial services businesses including the largest U.S. mortgage lender, said Tuesday it hopes to raise nearly $3.2 billion in an initial public offering advised on by Paul Weiss and Davis Polk.
A ruling in favor of the defendant in Fast Trak Investment v. Sax, a case recently accepted by the New York Court of Appeals, could enable borrowers to avoid repaying litigation funders by claiming state usury law violations, say attorneys at MoloLamken.
Although many traditional business development activities are on hold due to the COVID-19 pandemic, associates should seize the unique opportunities of this time to cultivate business by strengthening their personal and professional relationships, and developing new ones, says Jeremy Schneider at Jackson Lewis.
Parallel U.S. Department of Justice and U.S. Securities and Exchange Commission fraud charges connected with NAC Foundation's digital currency offering draw attention to the use of undercover agents in financial crime investigations, the risk of retaining questionable service providers, and heightened securities law scrutiny in the space, says Casey O'Neill at Fenwick.
Shira Blank and Joshua Stein at Epstein Becker examine pandemic-related accessibility challenges businesses should consider when balancing Americans with Disabilities Act Title III compliance against employee and patron safety as the statute's 30th anniversary approaches.
As a result of the COVID-19 pandemic and ensuing shelter-in-place regulations, mezzanine lenders will likely want to account for the changing Uniform Commercial Code landscape and recent New York state court rulings when approaching foreclosure sales and litigation, say attorneys at King & Spalding.
Although Florida's recently passed Uniform Commercial Real Estate Receivership Act isn't specifically intended as COVID-19 relief, it should give lenders a better framework for contemplating receivership, streamlining commercial foreclosures and protecting their interests in the looming increase in foreclosures, say attorneys at Nelson Mullins.
In this moment of national recognition of historical institutional racism, the American Bar Association must implement a model rule that explicitly declares efforts to fight racism and advance equality to be a matter of attorneys' ethics and professional conduct, say Marc Firestone at Philip Morris International and David Douglass at Sheppard Mullin.
The Financial Conduct Authority's £37.8 million ($47.85 million) fine of Commerzbank London last month for alleged failures in anti-money laundering controls provides useful risk-management reminders for financial institutions operating in the U.K., say attorneys at Crowell & Moring.
When evaluating the vast range of legal technology options available today, law firms will want to make sure that firm intellectual property and client data stored in the software are encrypted, isolated, protected through backups and in compliance with the ever-growing list of data regulations, say Eric Tucker and Dorna Moini at Documate.
While the dust appears to have settled after the surreal departure of U.S. Attorney Geoffrey Berman from the Southern District of New York last month, the interim tenure of Acting U.S. Attorney Audrey Strauss bears close watch in this fraught moment leading up to the presidential election, say Danya Perry and Samidh Guha at Perry Guha.
With the COVID-19 crisis heightening borrowers' desire to minimize costs and lenders' desire for liquidity in secondary markets, real estate loan terms for future advances may be an attractive option but they also create some complexities that should be addressed in loan agreements, say Steven Herman and Matthew McManus at Cadwalader.
With business development dinners and social events no longer viable for new lateral hires, law firms need a refreshed game plan — one that fully exploits the digital landscape, say Andrew Longstreth and Jesse Dungan at Infinite Global and Michael Coston at Coston Consulting.
If recent corporate claims against systemic racism and discrimination are genuine, companies should return bias and harassment claims to the courts by discontinuing the use of mandatory employment arbitration agreements, says attorney Victor Caldwell.
Recent New York state court cases involving mezzanine loan foreclosures offer important guidance with regard to the wave of borrower defaults that is projected to strike as a result of COVID-19 and the requirements for mezzanine lenders conducting foreclosure sales under the Uniform Commercial Code, say attorneys at White and Williams.
With the increasing use of channel-based platforms such as Slack, Messenger and Teams in the work-from-home era, companies should assume they may be compelled to produce channel-based data in litigation and take proactive steps to protect sensitive information, say Jessica Brown and Collin James Vierra at Gibson Dunn.