A former lead salesman for Abu Dhabi-based shipbuilder Privinvest on Monday asked a New York federal judge to let him out on bail following his indictment over alleged involvement in a $2 billion bribery and investor fraud scheme, saying a $20 million bail package with 24/7 private security would ensure he shows up in court.
UBS AG fired its own breach of contract claim at Bloomberg Finance LP on Friday in a suit that accuses UBS of redistributing proprietary data without authorization, telling a New York federal court that its use of the data was above board and that by “acting arbitrarily and/or irrationally in 2018,” Bloomberg was out of line.
The Financial Industry Regulatory Authority will put a spotlight on online securities distribution platforms and compliance with new rules and disclosure obligations as it looks for the first time toward risk monitoring, the brokerage watchdog said Tuesday in its annual examination letter.
After state and federal regulators urged banks earlier this month to work with customers affected by the government shutdown, Rep. Maxine Waters, the chair of the House Financial Services Committee, is now asking banking trade groups and credit bureaus to outline how they and their members are heeding that call.
Two consultants and an anonymous tipster urged the Second Circuit on Tuesday to make the U.S. Securities and Exchange Commission give them a cut of the $55 million fine that Deutsche Bank AG paid to settle claims over risky derivatives, saying the agency was wrong to deny them payouts under its whistleblower program.
Citigroup Inc. said Tuesday that it has issued its first green bond, which will be used to fund renewable energy and conservation efforts and was issued via €1 billion ($1.1 billion) three-year fixed-rate notes.
The government has asked the U.S. Supreme Court to decline to review the Second Circuit’s affirmation of a $10 million fine against a former Morgan Stanley attorney for tax evasion, calling the decision a “reasoned exercise of discretion.”
Former Wilmington Trust Corp. executive Joseph Terranova was sentenced Tuesday to 21 months in prison by a Delaware federal judge, the seventh of the bank’s former officers to get prison time for his role in a securities fraud scheme in which bad loans were hidden from regulators and investors.
Advent International Corp. on Tuesday announced plans to acquire just more than half of an Argentinian company specializing in online payment processing, with Baker McKenzie shepherding the 51 percent purchase of the $1.42 billion company.
Davis Polk & Wardwell LLP has long been known as a go-to firm in the banking world, and this year was no exception. The firm earned a spot among Law360's Banking Groups of the Year for the sixth year in a row by guiding the Royal Bank of Scotland through investigations into the "mortgage meltdown" and by extricating Morgan Stanley from a $3.7 billion suit over residential mortgage-backed securities, among other achievements.
The London Stock Exchange is looking to make a splash in the cryptocurrency market, saying Tuesday that its proprietary trading technology will be used in connection with the digital asset exchange of Hong Kong-based financial technology firm Atom Group.
A fintech expert and Wall Street vet has joined Cadwalader Wickersham & Taft LLP from Latham & Watkins LLP, bringing clients like Thesys Technologies to continue her work helping to build key financial services projects like the consolidated audit trail database.
A Texas federal judge has awarded fees of nearly $15.5 million to the attorneys representing a court-appointed receiver and a group of investors in their suit against Proskauer Rose LLP over its former partner's participation in R. Allen Stanford's $7 billion Ponzi scheme.
Danske Bank AG is facing the threat of a lawsuit over a €200 billion ($230 billion) money laundering scandal after a litigation funder said Tuesday it intends to back a shareholder action against the Danish lender.
The European Commission said Tuesday it has fined Mastercard Inc. €570 million ($648 million) for denying merchants access to payment services outside their home countries in breach of the bloc’s antitrust rules.
Federal plans to release Fannie Mae and Freddie Mac from conservatorship have been too shortsighted about the implications of restructuring housing finance, the Government Accountability Office said in a report released Friday.
A Manhattan bankruptcy judge rejected arguments by three “net winners” in the Madoff Ponzi scheme on Friday that he lost authority to hear a $2.8 million clawback action against them when they dropped their own claim against the bankruptcy estate.
Nationstar Mortgage asked the Florida Supreme Court for clarification Friday on its recent reversal of a precedent-setting appeals court decision that said a mortgage holder could not invoke an attorneys' fees provision after prevailing in a foreclosure suit because the noteholder failed to establish standing.
A former Consumer Financial Protection Bureau enforcement attorney and go-to expert for financial services litigation has joined Arent Fox LLP's complex litigation practice as a partner at the firm's San Francisco office, the firm said.
In an effort to streamline dual bankruptcy proceedings for Mexican oil rig company Perforadora Oro Negro in its home country and the U.S., a domestic mediator will join negotiations between the company and its creditors in a jack-up rig seizure dispute, a U.S. bankruptcy judge said.
Earlier this month, a California federal court denied discovery into the identification of third-party funders with a financial interest in the outcome of an underlying patent infringement action. This decision in MLC v. Micron follows a long line of well-reasoned precedent across U.S. federal courts, say Matthew Harrison and Sarah Jacobson of Bentham IMF.
This month, the First Department of New York's Appellate Division revived Avilon v. Leontiev, establishing that a debtor cannot obtain declaratory judgment shielding itself from personal liability to a creditor's associates, and then use that judgment to preclude claims from the creditor, say A. Robert Quirk and Muhammad Faridi of Patterson Belknap Webb & Tyler LLP.
2018 was full of important developments in international law, including a new North American trade treaty, significant litigation at the International Court of Justice, and rulings by various bodies related to environmental, human rights and criminal law, say Viren Mascarenhas and Douglass Cassel of King & Spalding LLP.
In late December, the U.S. Department of Justice quietly secured a guilty plea from Jiongsheng Zhao in Illinois federal court — capping off a year of systematic anti-spoofing enforcement, say Lanny Breuer and Laura Brookover of Covington & Burling LLP.
The lack of minority partners comes at a high cost to firms, say attorneys at Lightfoot Franklin & White LLC, as they suggest several practical ways to tackle this problem.
The New Jersey Department of Banking and Insurance has released a bulletin clarifying its law designed to protect consumers from "hidden" out-of-network health providers, but many questions still remain, say Cynthia Borrelli and Michael Morris of Bressler Amery & Ross PC.
For those navigating the California class action landscape in 2019, it pays to know what happened in 2018. William Stern of Covington & Burling LLP looks back at the most important developments and discusses what to expect going forward.
The U.S. Securities and Exchange Commission turned its attention to cybersecurity last year, and those efforts will intensify throughout 2019. There are at least four likely areas of enforcement activity, say attorneys with Linklaters LLP.
Starting this year, public companies must adopt the Financial Standards Accounting Board's new lease accounting rules, which eliminate the defined term "capital leases." Lenders and borrowers alike will need to consider taking a new approach to drafting credit agreements, says Brad Boericke of Pepper Hamilton LLP.
Alternative dispute resolution providers have made great strides toward diversity, but recent statistics show there is still work to be done. There are certain steps ADR providers can take to actively recruit more women and minority candidates to serve as arbitrators and mediators, says James Jenkins of the American Arbitration Association.