A national structured finance trade group attacked a proposed Consumer Financial Protection Bureau lawsuit settlement with owners of $12 billion in securitized student loans late Tuesday, saying the federal court deal in Delaware could destabilize the industry and economy.
Two United Arab Emirates financial institutions could merge to create a single entity boasting about 50.6 billion dirhams, CEFC and Penta Investments are partnering on a bid for Time Warner’s Central European Media Enterprises, and Standard Chartered is nearing a sale of its real estate principal finance business.
Florida developer P3 Investments has reportedly sold a development site for $20.5 million, Boston developer Diamond Sinacori is said to have purchased and subsequently sold a property in Duxbury, Massachusetts, and Swire has reportedly leased space in Miami to Interaudi Bank and KPMG.
The U.S. Securities and Exchange Commission’s whistleblower program, now entering its seventh year, is maturing and gaining momentum, according to an agency report released Nov. 17, and whistleblower attorneys say they hope the Trump administration recognizes its value by staying out of the SEC’s way.
A New York federal jury on Tuesday acquitted a former Swiss banker of what prosecutors alleged was a criminal conspiracy to help U.S. taxpayers hide millions of dollars in undeclared income in offshore bank accounts to dodge taxes.
The U.S. Securities and Exchange Commission on Tuesday hit the Long Island town of Oyster Bay and its former top elected official with a securities fraud suit alleging that they concealed from investors the town’s indirect guarantees of more than $20 million in private loans to a local businessman who ran concessions and restaurants at town facilities.
Wells Fargo’s attempt to retry settled matters of law and fact relating to a tax refund claim should be denied out of hand because the bank did not meet rules governing post-trial arguments, the Department of Justice told a Minnesota federal judge Tuesday.
The Consumer Financial Protection Bureau said Tuesday that Citibank NA would pay a $2.75 million fine and refund $3.75 million to private student loan borrowers over accusations that it charged them excess fees and provided them with incorrect or insufficient information as far back as 2006.
The federal board charged with guiding Puerto Rico through its watershed debt restructuring reasserted Tuesday that it must remain unfettered from bondholder litigation to certify fiscal budgeting plans for the territory and ultimately come up with debt readjustment proposals, tamping down complaints of alleged constitutional violations.
The Second Circuit on Tuesday revived a bid by families of the victims of the 1983 Beirut Marine Corps barracks bombing to collect $1.68 billion linked to Iran’s central bank, overturning an earlier decision that the money was beyond the reach of U.S. courts.
A judge’s recent decision to let a pharmaceutical CEO escape civil penalties for failing to report his Swiss bank account doesn’t necessarily signal that courts could be a reliable counterweight against the IRS’ dwindling sympathy, tax specialists say, but instead highlights the fact-dependent approach for determining willful nondisclosure.
A New York federal judge on Tuesday suggested using an anonymous jury in the upcoming trial of Turkiye Halk Bankasi AS executive Mehmet Hakan Atilla on charges of scheming to dodge U.S. sanctions against Iran, following reports that “third parties” have contacted people involved in the case.
A JPMorgan Chase & Co. securities subsidiary on Tuesday agreed to pay $1.25 million in a settlement alleging that the firm did not perform adequate background checks on around 95 percent of its support staff.
An Illinois federal judge on Tuesday signed off on a $600,000 settlement to end a class action accusing a health care debt collector of placing more than 1 million autodialed and prerecorded calls without express consent, saying she “feels comfortable” that the deal’s proposed terms meet preliminary approval requirements.
PayPal Inc. has agreed to drop a trademark lawsuit that claimed Pandora Media Inc.'s rebranded "P" logo was deliberately similar to the one used by the online payment giant.
The Consumer Financial Protection Bureau squared off against CashCall Inc. and its affiliates in California federal court on Monday about whether it would be appropriate to make the online lender pay as much as $287 million for deceiving consumers, with the CFPB calling the company’s loans “financial snake oil” and CashCall saying its business was legitimate.
Federal Deposit Insurance Corp. Chair Martin Gruenberg on Tuesday said that a Senate proposal to raise the asset level that qualifies banks for enhanced regulations and capital requirements could potentially put the federal deposit insurance system at risk.
Special Counsel Robert Mueller’s office is waving red flags about the lawyer representing President Donald Trump's ex-lobbyist Rick Gates in a money-laundering case that spun out of the 2016 election, saying the Manhattan white-collar attorney has a glaring conflict of interest.
JPMorgan Chase & Co. has effectively taken the top spot among the world's most important financial firms, as global regulators on Tuesday moved Citigroup Inc., BNP Paribas SA and Credit Suisse Group SA down the ranking of banks that pose the biggest threat to the financial system.
Two tribal lending companies pressed the U.S. Supreme Court on Friday to hear their challenge to a Ninth Circuit ruling that they must comply with a Consumer Financial Protection Bureau investigation, saying the high court should resolve a circuit split around when generally applicable federal laws apply to tribes.
In Oil States v. Greene’s — set for oral argument on Monday — more than 50 amicus briefs have been filed with the U.S. Supreme Court, representing a substantial share of the U.S. GDP. The issues presented are weighty, including concerns regarding separation of powers and the limits of the administrative state, the impact of inter partes reviews on the patent system, and the application of originalism to 18th century patent practice... (continued)
One decade since the first signs of trouble, members of the Financial Crisis Inquiry Commission, former Obama administration officials, and legal industry experts explore the profound impact of the Great Recession.
U.S. v. Reza Zarrab, set to start trial this month in the Southern District of New York, is likely to affect the manner in which entities and individuals decide to comply with the Office of Foreign Assets Control's secondary sanctions and represents a critical interpretive question regarding the International Emergency Economic Powers Act, say attorneys with Morgan Lewis & Bockius LLP.
In the rare instance when otherwise collectible assets are owned by a debtor’s spouse — who is not liable on the underlying judgment — a creditor must be determined and creative in order to recover on its judgment, say Craig Weiner and Michael Kolcun of Robins Kaplan LLP.
In recent years, initial coin offerings have exploded into the spotlight, but following their recent ban in China and South Korea, and mobilization from a number of top financial regulators in the U.S., U.K. and Australia, it is almost certain that we will see rapid developments in ICO regulation, say Paul Anderson and Harriet Rogers of Squire Patton Boggs LLP.
The Consumer Financial Protection Bureau has been a lightning rod for controversy since its creation in 2010. Now, with the announcement of Director Richard Cordray's resignation last week, Allison Schoenthal of Hogan Lovells examines what changes may be on the way.
Are the latest books on the judicial system worth reading? Federal judges share their thoughts in this series of book reviews.
Law firms are businesses where partners operate with significant autonomy. To see their priorities translate into individual partner action, firm leaders should use a few collaborative strategies, suggests Hugh A. Simons, former senior partner of The Boston Consulting Group and former COO of Ropes & Gray LLP.
By analyzing the case law from Argentina’s default in 2001 and the terms of the Venezuelan bonds, it is possible to predict how a disorderly default might play out in Venezuela's debt crisis. Attorneys with Kirkland & Ellis LLP examine key elements from Argentina’s default in order to predict whether history is likely to repeat itself.
Following the recent determination that the Interagency Guidance on Leveraged Lending is subject to the Congressional Review Act, a congressman urged bank regulators to review all of their existing guidance and determine if any should be submitted to Congress. However, regulators should respectfully decline to do so, says Michael Silva, chairman of the financial services regulatory practice at DLA Piper.