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  • October 31, 2018

    In Immunity Case, Justices Ask What Meaning Of Word 'Is' Is

    The U.S. Supreme Court wrestled with the scope of immunity that international organizations like the World Bank and International Monetary Fund enjoy during oral arguments in a tort case Wednesday, trying to decipher the meaning of the word "is" in a 73-year-old statute.

  • October 31, 2018

    Fed Proposes Relaxing Rules For Some Large US Banks

    The Federal Reserve rolled out proposals on Wednesday that would significantly relax capital requirements and other rules for some bigger U.S. banks, furthering recent efforts in Washington to ease post-crisis regulatory burdens on financial institutions perceived as less risky.

  • October 31, 2018

    Pacific Drilling Gets Court Approval Of Ch. 11 Plan

    Pacific Drilling SA is set to put its Chapter 11 case in the rear view after receiving New York bankruptcy court approval Wednesday to restructure $3 billion in debt through a plan of reorganization and seed the company with $400 million in cash going forward.

  • October 31, 2018

    Bank Says Financial Adviser Shares Blame In ERISA Fight

    A Texas bank told a North Carolina federal judge Tuesday that a financial adviser that allegedly miscalculated a company’s stock price should share the blame for allegedly allowing overpriced stock to be sold to an employee benefit plan, urging the judge to torpedo the adviser’s attempt to skirt liability.

  • October 31, 2018

    5th Circ. Reverses Conviction In Mexico-Tied 'Bank' Fraud

    The Fifth Circuit reversed the bank fraud conspiracy conviction of a former Mexican finance minister's wife on Tuesday, saying that Texas federal prosecutors failed to show that she made any false statements to the sole federally insured bank she was accused of defrauding.

  • October 31, 2018

    7th Circ. Is Asked To Free Financing Co. From Business Ties

    An Illinois-based commercial insurance premium financer told the Seventh Circuit Wednesday that a lower court is forcing it to continue working with a competitor far beyond any term the two contemplated in a now-soured agreement that kept its acquisition of the competitor on the table.

  • October 31, 2018

    Labaton Threatens Fight If State St. Fee Deal Is Rejected

    Labaton Sucharow LLP told a Massachusetts federal judge Tuesday to approve its proposed resolution to the bitter State Street settlement fee fight or said the law firm would revert to its earlier position objecting to a special master's report and pursue further litigation.

  • October 31, 2018

    Wachtell Calls For Final Curtain On CVR Malpractice Case

    Looking to put a final nail into a 5-year-old malpractice suit, Wachtell Lipton Rosen & Katz has told a New York federal court that the latest amended complaint from CVR Energy Inc. doesn't include "a single new allegation" drawn from the recent discovery record.

  • October 30, 2018

    CFPB Payday Rule Plans On The Way, But Uncertainty Lingers

    The Consumer Financial Protection Bureau has confirmed that it will kick off the new year by rolling out proposals to revise key portions of its so-called payday rule as well as its compliance date, a move that financial services attorneys say should allow payday lenders to rest easier but not kick up their heels just yet.

  • October 30, 2018

    Deals Rumor Mill: Apollo Global, UBS, Papa John’s

    Apollo Global Management is in advanced talks to buy Arconic, UBS Group AG is considering deals for its asset management arm, and Papa John's has received buyout interest from potential private equity buyers including Bain Capital and CVC Capital Partners.

  • October 30, 2018

    NJ Bank Founder, Associate Indicted In Bogus Loan Scheme

    The founder of a New Jersey bank and his associate were indicted Tuesday in federal court on charges of taking part in a scheme to obtain roughly $9 million in loans from the financial institution to "nominee borrowers" when the money was actually used for his benefit, authorities said.

  • October 30, 2018

    Probe Shows Bankrupt Centrix Chief Hid Wealth, Trustee Says

    The trustee in the 12-year-old bankruptcy of auto finance lender Centrix Financial is taking company founder Robert Sutton back to court, saying the Sutton family hid assets using a variety of trusts, shell corporations and holding companies and that Sutton owes the trust at least $15 million.

  • October 30, 2018

    Ex-Modi Executive Subpoena Dispute Inches Forward

    Punjab National Bank’s bid to obtain documents from the former head of a trio of defunct companies tied to Nirav Modi’s $2 billion fraud took a small step forward Tuesday when a New York bankruptcy court ordered both sides to produce a log detailing each request and why the executive is refusing to answer them.

  • October 30, 2018

    7th Circ. Voids 12-Year Sentence For Mortgage Fraudster

    The Seventh Circuit on Monday vacated the 12-year sentence of a man accused of leading a $9 million mortgage fraud scheme in Chicago after prosecutors acknowledged they miscalculated the man's restitution obligation by millions of dollars, remanding the case to Illinois federal court for resentencing.

  • October 30, 2018

    AGs Join Call For CFPB To Keep Probing Military Lenders

    Colorado Attorney General Cynthia H. Coffman said she has joined a coalition of 32 other attorneys general in urging the Consumer Financial Protection Bureau to keep protecting military service members against predatory lenders under the Military Lending Act, following the CFPB’s reported decision to stop examining lenders.

  • October 30, 2018

    Fla. Gov. Taps Carlton Fields Partner As County Court Judge

    Florida Republican Gov. Rick Scott has tapped a Carlton Fields insurance and class action partner for a position as a judge in Miami-Dade County Court, where he will assume a seat on the bench in the criminal division on Nov. 15.

  • October 30, 2018

    Bitcoin Funder Sanctioned For Deleting Emails In Fraud Case

    A Florida federal judge has placed sanctions on a man who is among four accused of creating a cryptocurrency investment pyramid scheme for deleting company emails crucial to the investigation.

  • October 29, 2018

    Ex-SDNY Securities Fraud Boss Joins Morvillo Abramowitz

    Telemachus P. Kasulis, former co-chief of the securities and commodities fraud task force for the Southern District of New York, will join litigation boutique Morvillo Abramowitz Grand Iason & Anello PC as a partner next year, the firm announced.

  • October 29, 2018

    Lehman Gets OK To Amend Claims Against Mortgage Sellers

    Lehman Brothers Holdings Inc. received court approval Monday to amend complaints against nearly 100 banks from which it purchased allegedly misleading home loans before its 2008 collapse, tacking on obligations related to $2.45 billion worth of claim settlements with residential mortgage-backed securities trusts.

  • October 29, 2018

    Ex-CEO, Others Indicted In 'Massive Fraud' On Bank, FDIC

    The former head of the now-defunct First State Bank and two other men were indicted Monday in New Jersey federal court on charges of engaging in a “massive fraud” that involved a sham capital infusion and bogus loans to deceive regulators and the bank about its financial health, authorities said.

Expert Analysis

  • Does Rule 45 Protect Nonparties From Undue Burden?

    Matthew Hamilton

    Interpretations of Rule 45 protections vary but what's clear is that "undue burden" does not mean no burden at all. To avoid the costs of compliance with a subpoena, a nonparty should be ready to demonstrate its disinterest in the litigation and the anticipated cost and burden of compliance, say attorneys at Pepper Hamilton LLP.

  • 5.5 Ways To Remove GILTI From Your State Tax Base

    Zal Kumar

    In many states, the lack of specific guidance addressing the inclusion of global intangible low-taxed income, or GILTI, is causing concern that GILTI will be includible in the state tax base. Attorneys from Mayer Brown LLP highlight several possible avenues for removing GILTI from the state tax base.

  • Trends In FINRA's 2018 Disciplinary Actions

    Brian Rubin

    According to recent Financial Industry Regulatory Authority reports, there was an increase in fines and a decrease in the number of disciplinary actions during the first half of 2018 compared to the same period in 2017. Regardless of how 2018 finishes, however, FINRA’s actions show that firms should consider concentrating on issues as classic as apple pie, say Brian Rubin and Adam Pollet of Eversheds Sutherland.

  • How US And EU Sanctions Clash With Russian Antitrust Laws

    Stefan Weber

    U.S. and EU sanctions on Russia are forcing many international companies to carefully evaluate and restructure their contractual relationships with Russian counterparties. In this process, Russian antitrust law provides obstacles that may be difficult to overcome in some situations, say attorneys with Noerr Consulting AG.

  • 6th Circ. Encourages Insureds To Be Open With Insurers

    Matthew Beato

    The Sixth Circuit's recent decision in First Horizon v. Houston reinforces the importance of providing timely and complete notice to insurance carriers, and will discourage insureds from disguising crucial facts about claims, says Matthew Beato of Wiley Rein LLP.

  • CFPB Takes A Big Step Toward Better Consumer Disclosures

    Eric Mogilnicki

    The Consumer Financial Protection Bureau's previous trial disclosure program offered those experimenting with new types of consumer disclosures limited protection from liability. The bureau’s new policy announced last month seeks to replace this regulatory quicksand, say Eric Mogilnicki and Michael Nonaka of Covington & Burling LLP.

  • Dismissing FCA Cases: The Granston Memo In Action

    Jeffrey Belkin

    In January, the Granston memo advised U.S. Department of Justice attorneys that, in tandem with their decisions to decline intervention in False Claims Act qui tam suits, they should consider proactively seeking dismissal. Since then, only a small number of cases have explored this form of dismissal, and the results have been mixed, say Jeffrey Belkin and Michael Mortorano of Alston & Bird LLP.

  • SEC Case Brings Rarely Used Cyber Rules Into Limelight

    Erica Williams

    The U.S. Securities and Exchange Commission's settlement this week with Voya Financial Advisors represents the first SEC action involving the Identity Theft Red Flags Rule and only its third action involving the Safeguards Rule. The case provides a critical data point in evaluating how the SEC plans to enforce these two rules going forward, say Erica Williams and Sunil Shenoi of Kirkland & Ellis LLP.

  • How Corporate Reputation Risk Is Exacerbating D&O Liability

    Nir Kossovsky

    At a time when the materiality of corporate reputation risk is widely recognized, but institutional safeguards against that risk are not, what are the implications for directors and officers? The current state of play is not comforting, says Nir Kossovsky of Steel City Re.

  • The Principles Guiding FINRA Enforcement

    John Sikora

    Recent remarks by the head of enforcement at the Financial Industry Regulatory Authority offer valuable clues to regulated entities as to how FINRA decides whether to bring an enforcement action. This can be useful in guiding effective responses to FINRA actions, say attorneys with Latham & Watkins LLP.