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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
With the Milbank/Cravath pay scale once again equalizing compensation at many Am Law 100 firms, there is even more pressure for firms to differentiate themselves to top lateral associate candidates. This presents strategic considerations for both law firms and lateral candidates throughout the recruitment process, says Darin Morgan of Major Lindsey & Africa.
I have spent nearly 10 years fighting in court for the rights of Lehman Brothers’ creditors. This arduous legal journey has yielded insights into weaknesses in our financial system and bankruptcy laws that could allow catastrophic losses to happen again, says Andrew Rossman of Quinn Emanuel Urquhart & Sullivan LLP.
A recently introduced bill that would create a new authority over mortgage loan servicers that handle loans for Fannie Mae and Freddie Mac likely has no chance of passage in the short term. But these entities should keep an eye on the potential federal extension of so-called safety and soundness principles, say Laurence Platt and Michael McElroy of Mayer Brown LLP.
In this series featuring law school luminaries, Stanford Law School professor Jeffrey Fisher discusses his motivation for teaching, arguing before the U.S. Supreme Court and what the court might look like if Judge Brett Kavanaugh is confirmed.
An interagency statement issued by several banking agencies last week — that supervisory guidance does not have the force and effect of law — reflects the current administration’s deregulatory agenda. But ultimately, the agencies’ newly stated position may have little practical impact, say attorneys with Arnold & Porter.
There has been a dip in the number of enforcement actions from the U.S. Securities and Exchange Commission during Chairman Jay Clayton’s tenure, but this decline does not tell the whole story. The commission is still bringing a historically high volume of actions — they just happen to be in slightly different areas, says Kurt Wolfe of Troutman Sanders LLP.
For Florida practitioners who experienced the foreclosure crisis that swept through the state beginning in 2008, the recent uptick in foreclosure filings may feel ominous. However, Florida's foreclosure jurisprudence has evolved at an incredible pace, capable of expediting the process tremendously if another crisis arises, says Victor Petrescu of Levine Kellogg Lehman Schneider & Grossman LLP.
The first comprehensive overhaul of California's Rules of Professional Conduct in nearly 30 years becomes operational on Nov. 1. Some of the new rules mirror the model language used by the American Bar Association, but many continue to reflect California’s unique approach to certain ethical questions, says Mark Loeterman of Signature Resolution LLC.
The House and Senate are entering their respective final runs before the November midterm elections. The most pressing items of business are funding the government and the pending Senate confirmation of Brett Kavanaugh to the U.S. Supreme Court. But several lower-profile issues remain as well — including a Republican push for further tax reform, says Layth Elhassani of Covington & Burling LLP.
The balancing act between protecting attorneys’ speech rights and ensuring unbiased adjudications was highlighted recently in two cases — when Michael Cohen applied for a restraining order against Stephanie Clifford's attorney, and when Johnson & Johnson questioned whether a Missouri talc verdict was tainted by public statements from the plaintiffs' counsel, says Matthew Giardina of Manning Gross & Massenburg LLP.