U.S. Securities and Exchange Commissioner Michael Piwowar filed a public comment letter with the U.S. Department of Labor on Tuesday blasting its Obama-era rule requiring retirement advisers to act in their clients’ best interests.
The U.S. Securities and Exchange Commission said on Tuesday that “initial coin offerings” that issue digital tokens in exchange for money or digital currency may run afoul of federal securities laws, warning that its approach to enforcement would be guided by “economic realities” instead of the labels businesses use.
A Panamanian company asked a Miami federal court to send its suit accusing Credit Agricole of failing to flag risky investments back to Florida state court Monday, refuting the French bank's assertion that the parties have a valid arbitration agreement based in federal law and treaties.
A Caribbean financial regulator asked a New York bankruptcy court Monday to toss a suit alleging the regulator mismanaged the takeover of an Anguillan bank in the financial crisis' aftermath, accusing Caribbean Commercial Investment Bank Ltd. of forum shopping and saying the suit belongs in Anguillan court.
A settlement proposal in a dispute over consideration given to shareholders of credit card services firm iPayment Inc. in an equity cashout transaction received court approval, with shareholders receiving an increased recovery for cashing out their shares.
Ocwen urged an Illinois federal judge Monday not to certify a proposed class of consumers who allegedly received unwanted autodialed calls from the company in violation of the Telephone Consumer Protection Act, asserting that it would be practically impossible to determine which of the more than 1 million potential class members consented to the calls.
The Consumer Financial Protection Bureau’s latest rule against forced arbitration is one step closer to being repealed, following a Tuesday vote in the U.S. House of Representatives along party lines to nix the measure.
A California federal judge sent a proposed class action alleging Bank of America underpaid its business bankers back to state court on Tuesday, saying the bank hasn’t shown there is more than $5 million in controversy by a preponderance of the evidence.
The U.S. Securities and Exchange Commission said Tuesday it was doling out a whistleblower award of nearly $2.5 million to a government worker who tipped the agency to a company’s misconduct.
A Chinese petroleum company embroiled in a dispute with a Texas consulting firm over unpaid invoices related to the $775 million sale of certain BP PLC assets removed the firm’s suit to Texas federal court Monday, blasting the litigation as a "naked attempt" to attack a prior arbitration award.
A securities broker whose suit against his former lawyers at Willkie Farr & Gallagher LLP was dismissed in 2015 won a partial victory Tuesday, with a New York state appeals court saying the lower court used the wrong date when it determined that Dennis T. Palmeri Jr. sued too late.
An Oregon-based mortgage brokerage hit the IRS with a Tax Court petition last week, accusing the agency of improper adjustments totaling in the hundreds of thousands of dollars and alleging the IRS failed to accommodate its disabled managing member.
A former Deutsche Bank AG trader accused of rigging the London Interbank Offered Rate told a New York federal judge on Tuesday that he wants to stick with his counsel from Paul Hastings LLP even though there may be a conflict that might limit his attorney’s ability to defend him.
A group of foreign banks accused of rigging the Singapore Interbank Offered Rate and another financial benchmark told a New York federal judge on Monday that a recent U.S. Supreme Court decision on jurisdiction strengthens their argument for dismissal, contrary to what plaintiffs have said.
A federal magistrate judge on Monday ordered an investment fund suing HSBC Holdings PLC over failed mortgage-backed securities to turn over more than 1,000 documents without redacting personal information contained in those messages, despite the fund’s concerns over potential privacy violations.
Attorneys representing a class of 3.2 million consumers who allege that Wells Fargo violated the Telephone Consumer Protection Act by autodialing their phones without consent asked a Georgia federal court on Monday to award them more than $4.45 million in fees after they secured a $14.8 million settlement to resolve the dispute.
An Illinois federal judge on Tuesday rejected Mizuho Bank Ltd.'s request for sanctions against Edelson PC, saying there wasn’t enough evidence to support an order that Edelson strike claims in its proposed class action over the collapse of bitcoin exchange Mt. Gox.
Wells Fargo Advisors LLC asked a New York state judge on Monday to prevent further dissemination of reams of client data inadvertently provided in a response to a subpoena, saying the release was a mistake and a former employee and his counsel should be forced to return it.
Counsel for Axiom Investment Advisors LLC will receive $8.75 million from a $50 million settlement with Barclays Bank LLC in a New York federal court action filed over purported misuse of a foreign exchange trading system to boost bank profits.
The Sixth Circuit on Friday affirmed a lower court’s decision awarding JPMorgan Chase $11.2 million in fees and expenses for litigation related to the bankruptcy of an auto parts magnate’s business, finding that the issue of fees hadn’t been previously argued and decided.
Two efforts are currently underway to limit the effect of the U.S. Supreme Court's past decisions involving anti-class action arbitration clauses in both consumer and employment agreements. However, both efforts are under attack, says John Hansen of John Hansen Law.
Project finance lenders typically require that borrowers agree to financial covenants in loan agreements, prescribing the parameters within which the business venture may operate. These covenants and related provisions are often highly negotiated, and reflect the ultimate confidence of the parties in the financial success of the project, say Emeka Chinwuba and Laura Pettinelli of Norton Rose Fulbright LLP.
Many commentators predict the Second Circuit's Allen decision last week will substantially chill the government's cross-border law enforcement efforts, but the truth is that the government won't have to make major changes to its increasingly robust coordination with foreign law enforcement to avoid similar problems in the future, say Jason Linder and John Long of Irell & Manella LLP.
Law firm management should understand the client’s reasons for requesting an alternative fee arrangement, and whether approving the fee will help grow the relationship with the client, say attorneys with WilmerHale.
Having embraced the notion that the right space can reinforce the right firm culture, law firm leaders have been evaluating real estate primarily for its physical properties. However, it's hard to be collegial, even in the coolest of in-house coffee bars, if your cost structure is untenable, says Craig Braham of Advocate Commercial Real Estate Advisors LLC.
When should mortgage lenders be required to conduct business in a foreign language because the consumer has expressed a preference for a different language? This is only one of the questions that is “top of mind” for lenders, servicers and loan-holders who have read the Federal Housing Finance Agency’s recent request for input on language access in mortgage lending and servicing, say Laurence Platt and Tori Shinohara of Mayer Brown LLP.
Cases are built on evidence and evidence comes from discovery. But discovery is largely a voluntary process. Serving a document subpoena on a third party can be an efficient and creative way to fill in the gaps that may exist in the productions of opposing parties, says Wyatt Dowling of Yetter Coleman LLP.
Lawyers move to New York City to work on some of the most sophisticated work the legal market has to offer. This exposure and experience is an amazing asset and many of the skills developed will make associates very marketable in the event they consider relocating to another market. However, this isn’t always the case, says Jacqueline Bokser LeFebvre of Major Lindsey & Africa.
Only a handful of the largest U.S. law firms are led by women. Here, in their own words, are perspectives from Shook Hardy & Bacon Chair Madeleine McDonough, Crowell & Moring Chair Angela Styles, Morgan Lewis & Bockius Chair Jami Wintz McKeon and Goodwin Procter Chair Emeritus Regina Pisa.
Despite more focus and investment, the numbers continue to show little progress in advancing women to the top tiers of firm leadership. Considering the irreversible nature of the transformation of the market for top talent, it is time to start experimenting and innovating from the core, rather than from the periphery, say Anusia Gillespie and Scott Westfahl of Harvard Law School.