A Seattle federal judge made an educated guess this week that civil and criminal jury trials in the Western District of Washington will likely not resume until at least 2021 due to the spread of the deadly coronavirus.
A nearly unanimous House on Thursday approved a bill that would give more time and flexibility to businesses that receive forgivable loans through the Paycheck Protection Program, but Republicans defeated a proposal for public disclosure of all loans over $2 million.
With Paycheck Protection Program fraud cases popping up across the country like spring flowers, thousands of lenders that have participated in the coronavirus relief loan program could be forgiven for worrying the crackdown is coming for them too. But experts say banks can rest easy, at least for now, with the primary focus still on borrower fraud.
The U.S. Department of Justice accused 28 North Korean bankers of helping launder more than $2.5 billion out of the sanctioned country in a scheme that involved setting up secret branches of a state-owned bank in foreign countries, according to an indictment unsealed in D.C. federal court Thursday.
A BigLaw firm and the NBA face lawsuits over allegedly delinquent rent payments, House Republicans are suing Speaker Nancy Pelosi over proxy voting amid the ongoing pandemic and Enterprise Rent-A-Car employees say the company should have warned them that mass layoffs were on the horizon.
The loan servicer for a Pittsburgh-area shopping center said a major tenant's rent reduction was a valid trigger for diverting all the tenants' rents toward its debt repayment and said the mall couldn't cite the COVID-19 pandemic to get an emergency injunction, according to filings in federal court Thursday.
The Trump administration's declaration that Hong Kong is no longer autonomous from China has opened the door for a wave of potential new trade and investment restrictions that could severely curtail American companies' ability to do business in the region.
In Law360's latest roundup of deal-makers on the move, Sidley Austin nabbed Shearman & Sterling's former head of global leveraged finance and private capital; Baker McKenzie added a banking and finance pro in Hong Kong; and Orrick picked up an M&A and private equity partner in Paris.
Mubadala and Twitter are separately considering $1 billion investments in Jio Platforms, Volkswagen is on the verge of buying stakes in two Chinese electric vehicle companies and Amazon might purchase self-driving technology startup Zoox. Here, Law360 breaks down these and other deal rumors from the past week that you need to be aware of.
The U.S. Securities and Exchange Commission asked a Utah federal judge Wednesday to grant a $2.5 million default judgment against the incarcerated owner of an online advertising business following a 2017 injunction against the alleged international Ponzi scheme.
The English courts need to determine whom the U.K. government formally recognizes as president of Venezuela before hearing any bid for forcing the release of €930 million ($1 billion) worth of the country's gold from the Bank of England's vaults, a London judge ruled Thursday.
Federal prosecutors on Wednesday contended that a former Goldman Sachs banker had played a critical role in an insider trading plot and should spend three years in federal prison, the global pandemic notwithstanding, but added that he shouldn't have to start that sentence until it was safe to do so.
A Canadian court on Wednesday removed a key barrier for the potential extradition to the U.S. of Huawei top executive Meng Wanzhou to face charges in New York stemming from a purported scheme to deceive banks about Huawei's operations in Iran.
Capital One Financial Corp. has been ordered to disclose a cybersecurity firm's forensic analysis of its massive 2019 data breach, after a Virginia federal court that is hearing consumer litigation stemming from the breach rejected an argument that the report is protected by attorney-client privilege.
Fenwick & West LLP-advised Coinbase announced on Wednesday the acquisition of crypto-focused prime brokerage platform Tagomi with a team from Latham & Watkins in its corner, as the well-known cryptocurrency exchange seeks to bolster its offerings to institutional clients.
A New Jersey state judge on Wednesday urged PNC Bank and a former employee to try to strike a deal amid their competing bids for new trials in the ex-worker's suit against the financial institution over being attacked by a customer, saying the matter "should be settled."
Federal prosecutors attempting to seize assets from former Trump campaign boss Paul Manafort have been cleared to obtain testimony from an ex-bank executive accused of attempting to bribe the onetime chairman with $16 million in risky loans in exchange for a job in the administration.
The U.S. Securities and Exchange Commission is fielding a "spike" in COVID-19-related tips, complaints and referrals, or TCRs, many of which are leading to new investigations that the commission will look to probe in short order, an agency official said Wednesday.
The U.S. Department of State has found that Hong Kong is no longer autonomous from China and should not be treated as though it is, a decision that could have sweeping implications for U.S. trade and diplomacy in the region.
A Florida attorney has been charged with defrauding clients out of $1.3 million as part of a scheme involving property owners facing foreclosure and bankruptcy, federal prosecutors announced on Wednesday.
The Consumer Financial Protection Bureau says its unauthorized accounts lawsuit against Fifth Third Bank NA should remain in Chicago instead of being moved to Ohio because the Windy City has been a "hotbed of unscrupulous conduct" by the bank's employees.
A Second Circuit panel looked ready Wednesday to quickly send families of U.S. soldiers killed in an Iran-backed bombing back to a Manhattan federal judge to collect $1.68 billion of Iranian assets held by European banking giant Clearstream, after Congress specifically authorized them to do so.
Weil-led Foley Trasimene Acquisition Corp. debuted in public markets Wednesday after pricing a $900 million initial public offering that could fund the acquisition of a fintech business, marking this year's second-largest IPO by a blank-check company.
One of four suspects in a market manipulation scheme run out of the precious metals department at JPMorgan Chase & Co. urged an Illinois federal judge Tuesday to let him have his own trial, arguing that a joint trial with his co-defendants would prejudice the jury against him.
Chase credit card holders on Tuesday asked a Manhattan federal judge to approve their proposed $2.5 million settlement with the bank, which would end claims they were unfairly charged cash-advance fees when they used their cards to buy cryptocurrency.
While pulling off an effective summer associate program this year will be no easy feat, law firms' investments in their future attorneys should be considered necessary even during this difficult time, says Summer Eberhard at Major Lindsey.
The California Supreme Court’s holding that unfair competition and false advertising claims don’t need to be tried by a jury in Nationwide Biweekly v. Superior Court creates a framework for analyzing causes of action under other state laws that could steer courts to similar conclusions, says Patrick Hammon at McManis Faulkner.
While Latin American governments respond to pandemic-related financial needs, multinational companies face elevated compliance risks from increased interaction with government officials, and new enforcement policies related to the misappropriation of funds, expedited government contracting, increased transparency and monitoring, and international cooperation, say attorneys at K&L Gates.
History suggests that legal malpractice claims will rise following the current economic downturn, and while a certain percentage of the claims will be unavoidable, there are prophylactic steps that law firms can take, says John Johnson at Cozen O'Connor.
In its haste to enact COVID-19 relief legislation, Congress overlooked exempting federal stimulus payments from garnishment by private creditors — an omission that is causing additional financial pain for individuals and small businesses, and difficulty for banks, say John Culhane and Lori Sommerfield at Ballard Spahr.
The U.S. Supreme Court’s upcoming opinion in Liu v. U.S. Securities and Exchange Commission may call into question when Foreign Corrupt Practices Act settlements should be subject to disgorgement, say Matthew Rutter and Neal Hochberg at Charles River Associates.
Even though the Office of Foreign Assets Control has acknowledged COVID-19 challenges, the agency still expects companies to take a risk-based approach to sanctions compliance by routinely updating programs that reflect their individual business models, customer bases and geographic operations, say Mario Mancuso and Abigail Cotterill at Kirkland & Ellis.
During the current pandemic, counsel for energy companies must be prepared for the market condition known as contango — where short-term and long-term energy prices operate differently — and with pressure from banks providing reserve-based lending facilities, says Cameron Kinvig at Lexis Practice Advisor.
Concerns that videoconferenced arbitration hearings compromise an arbitrator's ability to reliably resolve credibility contests are based on mistaken perceptions of how many cases actually turn on credibility, what credibility means in the legal world, and how arbitrators make credibility determinations, says Wayne Brazil at JAMS.
Recent class actions challenging how lenders prioritized Paycheck Protection Program applications or alleging failure to pay agent fees to those facilitating loan applications may be based on the flimsiest of legal theories, however risks still exist, as we saw earlier this month in a Michigan federal court decision, say Richard Gottlieb and Brett Natarelli at Manatt.
A recent commitment from the European Union's commissioner for justice to introduce rules for mandatory corporate human rights due diligence next year may signal the arrival of this issue as a global business imperative, making it as fundamental as anti-corruption diligence, say attorneys at Paul Hastings.
The U.S. Commodity Futures Trading Commission recently singled out agricultural commodities market manipulation as an area of focus, potentially representing a return to the agency’s core mission that could shape enforcement during the current crisis, say attorneys at Latham.
Public and private entities receiving funds under the Paycheck Protection Program, and others engaged in business transactions with them, should be aware of potential criminal liability under the federal program theft and bribery statute — as the U.S. Supreme Court ruled in 2000 regarding Medicare, say attorneys at Winston & Strawn.
Federal and state regulators remain vigilant about the ways in which financial institutions are offering payment relief to consumers, and for many companies, simply having a robust compliance program may not do the trick, says Vaishali Rao at Hinshaw & Culbertson.
Ensuring uninterrupted client service and compliance with ethical obligations in a time when attorneys are more likely to fall ill means taking six basic — yet often ignored — steps to build some redundancy and internal communication into legal practice, say attorneys at Axinn.