The Serious Fraud Office failed to examine the trading records of a former Deutsche Bank executive accused of conspiring to rig interest rates, his attorney told a jury in London on Tuesday, criticizing prosecutors for “plucking their theory out of thin air.”
With a potential life sentence at stake, a convicted former medical device company executive and prosecutors sparred over testimony Monday on the connection between a $100 million loan fraud scheme he orchestrated and the collapse of one of Puerto Rico's largest banks.
A portfolio manager who claims Wells Fargo Bank NA illegally fired her over a medical disability will get another chance to prove her case after the Ninth Circuit said Friday that a lower court had been wrong to find she hadn't mounted sufficiently convincing evidence.
Consumers leading litigation accusing a tribe-owned lender of charging exorbitant interest rates urged the Second Circuit on Friday not to hold off on enforcing its decision allowing the claims to proceed until the U.S. Supreme Court decides whether to review the case, saying the justices likely won't be interested.
Investors suing MoneyGram over a $125 million fine urged an Illinois federal court Monday not to throw out their proposed securities class action accusing the money transfer company of lying about its anti-fraud compliance, saying the company's argument that its misconduct reflected software kinks doesn’t hold water.
The Third Circuit on Monday vacated an injunction that blocked a banking tycoon from distributing his business book, finding that although TD Bank owns the exclusive rights to some of his life story and business philosophy, the lower court's "sweeping conclusions" would justify an injunction in every copyright case.
Five companies — a venture-backed health care platform, a property and casualty insurer and three blank check companies — filed with the U.S. Securities and Exchange Commission late Friday seeking to raise $825 million in total, setting the stage for a busy, late July.
Forster & Garbus LLP is violating a federal consumer protection law through the language it uses in collection letters, a putative class action filed in New Jersey federal court claims.
Federal prosecutors have urged a New York federal court to quash the subpoena of a potential cooperating government witness in its case against a former JPMorgan foreign exchange trader who was indicted in an antitrust conspiracy last year, arguing that the request is "classic impeachment material."
Cryptocurrency platform Xtrade and its executives outlined the basis for their anticipated motion to dismiss a case brought by investors in New York federal court seeking millions in compensation for the alleged botched rollout of a crypto trading platform, saying rather than accusing the company of fraud, they should blame the 2018 cryptocurrency crash.
The U.S. Department of Commerce’s proposal to set duties on imports benefiting from undervalued foreign currency has touched off fierce debate among the trade bar with attorneys for U.S. producers advocating for the rule change and respondent-side counsel warning of its perils.
Hong Kong-based insurer FWD Group Management Holdings Ltd. on Monday agreed to buy the life insurance business of Thailand’s Siam Commercial Bank Public Co. Ltd. for roughly 92.7 billion baht ($3 billion), in what the companies say is the largest ever life insurance deal in Southeast Asia.
A New York federal judge sentenced the operator of a binary options company to more than seven years in prison Monday for a $1.5 million scheme to defraud investors in the business and its cryptocurrency.
A Massachusetts investment adviser agreed Monday to pay the U.S. Securities and Exchange Commission $1.3 million to settle charges that he leveraged $7 million of his clients' money to avoid repaying a personal loan.
The Bank for International Settlements, a global coalition of central banks, has unveiled an initiative designed to increase collaboration on financial technology initiatives amid the growing interest in digital currencies and other technological advances around the world.
The Second Circuit ruled that Weston Capital Advisors Inc. can't turn to the Delaware Chancery Court in a battle over the makeup of the hedge fund's board, ripping Weston's "defiance" of court directives to give back millions of dollars to an Indonesian bank.
As a lawyer, Stu Alderoty has gravitated toward complex issues in need of a resolution. Following that path, he recently moved to San Francisco to become the general counsel of blockchain solutions provider Ripple. Here, he shares how blockchain technology is transforming the financial services industry and how the company will continue to build momentum in that space.
A former Barclays PLC trader has asked a European court to overturn an eight-year prison sentence handed down in London in 2018 for rigging a key European benchmark interest rate, his lawyer said Monday.
A former Deutsche Bank executive accused of plotting to rig a key interest rate benchmark was “literally surrounded by fraud” allegedly perpetrated by members of his team, a prosecutor for the Serious Fraud Office told a London jury Monday.
Squire Patton Boggs LLP announced that it has poached a former managing partner of Ashurst LLP to join its financial services team in London, bringing expertise in banking and finance law.
The Australian computer scientist who claims to have invented bitcoin told a Florida federal court Friday he cannot comply with a court order to produce a list of his bitcoin holdings in a $10.2 billion lawsuit against him.
When a slim U.S. Supreme Court majority blocked the Trump administration from adding a citizenship question to the census because the government hadn't been forthcoming, the justices gave litigants an irresistible precedent to cite in future policy fights with federal agencies, experts said.
Members of the conservative majority on the U.S. Supreme Court had some surprises for court watchers this term, with one of the newer — and generally most conservative — justices becoming a particularly strange bedfellow to liberals.
So far this year, the U.S. Supreme Court has broadened the scope of liability for the spread of false information about investments and put off deciding whether private plaintiffs are able to bring lawsuits alleging false statements and related to tender offers. Here, Law360 examines those rulings and other developments from the first half of 2019.
Two Democratic lawmakers, including Sen. Elizabeth Warren, want to know why JPMorgan Chase brought back a policy of forcing its millions of credit card users to arbitrate any disputes, saying the plan would exploit customers.
The Texas Supreme Court and Fifth Circuit will eventually resolve whether Texas criteria for attaching liens to homesteads are affirmative defenses against home equity loan foreclosures. But until such clarity exists, borrowers should continue to assert these defenses, says Niles Illich of Scott H. Palmer PC.
A recently proposed New Jersey rule instituting a uniform fiduciary standard for broker-dealers and investment advisers registered in the state could impose significant changes to investment firms' relationships with their customers, say David Libowsky and Daniel Strashun of Bressler Amery.
As the Secure and Fair Enforcement Banking Act progresses through Congress, it will be interesting to see whether it will be amended to address all financial services providers that do business with cannabis companies, and whether the bill can maintain bipartisan support in the process, say attorneys at Mayer Brown.
The U.S. Department of the Treasury’s Office of Foreign Assets Control has recently increased the real cost of sanctions violation settlements by requiring annual compliance certifications. This alters the cost-benefit analysis of implementing robust sanctions compliance programs at nonfinancial institutions, says Jeremy Paner of Holland & Hart.
Prosper Funding's recent $3 million settlement with the U.S. Securities and Exchange Commission suggests that companies may face Securities Act Claims even for inadvertent performance data errors if their code is out of date or poorly understood by staff, say attorneys at Mayer Brown.
In this monthly series, legal recruiting experts from Major Lindsey & Africa interview management from top law firms about the increasingly competitive business environment. Here, Amanda Brady and Dustin Laws talk with Hy Pomerance, chief talent officer of Cleary.
Jury trials are not dying because arbitration is a “better product,” as alleged in a recent Law360 guest article, but because corporations have rigged the system through forced arbitration to ensure they cannot be held accountable before a judge or jury, say attorneys at Hagens Berman.
A key theme in Preet Bharara's new book is the enormous role the human element plays in the administration of justice. The former U.S. attorney for the Southern District of New York discussed this theme, among other topics, in a recent conversation with White and Williams attorney Randy Maniloff.
Last week, the Trump administration announced it would activate Title III of the Helms-Burton Act, allowing individuals whose property was confiscated by the Cuban government to bring claims in U.S. courts against anyone deriving economic benefit from the property. But companies operating in Cuba have some defenses against such suits, say attorneys and advisers with Akerman.
A brief review of the procedural history of Emulex v. Varjabedian, and the circumstances giving rise to the U.S. Supreme Court’s abrupt dismissal of the case Tuesday, may provide useful insights for future petitioners seeking the court’s review, say attorneys with Labaton Sucharow.
The U.S. Supreme Court's decision Tuesday to dismiss Emulex v. Varjabedian leaves behind a great deal of confusion in the federal securities laws governing corporate mergers and acquisitions, and there are at least three important consequences, says Lyle Roberts of Shearman & Sterling.
Recent guidance from the U.S. Securities and Exchange Commission may help issuers avoid having their future initial coin offerings categorized as unregistered securities offerings. But for past ICOs, issuers must rely on the SEC's remediation process, and should consider two key questions before proceeding, says Kayvan Sadeghi of Schiff Hardin.
The Conference of State Bank Supervisors' recently announced suggestions to harmonize state law frameworks for nonbank fintech companies could be particularly beneficial to cryptocurrency companies, for whom the applicable regulatory landscape is especially uncertain, say attorneys at Cleary Gottlieb.
In a recent Law360 guest article, the author applauded the disappearance of jury trials as an inefficient, costly mechanism, but in doing so he overlooked the greater value of jury trials for our justice system, says Stephen Susman, executive director of the Civil Jury Project at NYU School of Law.
During the past 15 years, three widely read articles bolstered by starstruck media have promulgated the incorrect perception — sorely in need of revision — that the U.S. Supreme Court bar is limited to a handful of elite lawyers, says Lawrence Ebner of Capital Appellate Advocacy.