A Chicago loan originator pled not guilty Wednesday to charges he ran a lengthy and complex mortgage fraud scheme that involved conning elderly victims out of an estimated $10 million in equity in their homes.
The European Commission’s targeting of tax and financial advisers in its latest push to curb tax avoidance will undoubtedly limit the cross-border transactions that consultants support, but it also puts businesses in the strange position of having to self-report potential tax crimes before engaging in them.
A proposed class of retirement plan beneficiaries and others on Thursday asked the Second Circuit to revive claims against Credit Suisse, Deutsche Bank and other banks accusing them of violating the Employee Retirement Income Security Act by foreign exchange market-rigging, saying the banks were ERISA fiduciaries.
A Deutsche Bank unit fired back Thursday at a Morgan Stanley subsidiary’s bid for a quick win against a $306 million contract suit over a residential mortgage trust, saying there is nothing wrong with using sampling to identify defective loans among more than 4,000 Deutsche Bank oversaw as trustee.
The Second Circuit on Thursday affirmed the dismissal of a putative class action accusing Lincoln Automotive Financial Services of violating the Telephone Consumer Protection Act, saying the man suing the company consented to receive calls when he signed his car lease.
JPMorgan’s investment advisory arm urged a New York federal court on Wednesday to toss a suit over allegedly excessive fees charged to one of its mutual funds, saying the case is based on apples-to-oranges fee comparisons that don’t account for differing fund investment strategies and advisory roles.
U.S. Securities and Exchange Commission Chairman Jay Clayton called the decline in the number of initial public offerings and public companies on American markets a "great concern" on Thursday at a meeting of an SEC advisory committee, saying his agency is working to address the issue while protecting investors.
A Wisconsin federal judge signed off Wednesday on a $39 million judgment against a now-defunct mortgage assistance relief law firm to settle the Consumer Financial Protection Bureau's claims that it scammed struggling homeowners.
Willkie Farr & Gallagher LLP has nabbed a veteran fund formation attorney who previously chaired the Stroock & Stroock & Lavan LLP private funds group to join the firm’s New York office as a partner in its asset management group.
The 34 biggest banks in the United States would face up to $493 billion in losses under the most severe scenario described in stress tests required by the Dodd-Frank Act, but they would retain enough capital to keep lending and survive such a significant shock, the Federal Reserve said Thursday.
Europe's most influential financial firms and trade groups have said there is no need for bloc regulators to create new laws to deal with innovations such as blockchain and artificial intelligence, as more responses to a major consultation into the future of financial technology were published Thursday.
Former U.S. Rep. Kendrick B. Meek, D-Fla., has joined King & Spalding LLP as a senior adviser in its government advocacy and public policy practice in Washington, D.C., the firm said Tuesday.
U.S. Commodity Futures Trading Commission chairman nominee Christopher Giancarlo told a Senate committee on Thursday that his efforts to ease the burdens of agency rules won’t water down the reforms of the Dodd-Frank Act, the landmark law on post-crisis financial regulations for which he reiterated support.
The board overseeing Puerto Rico’s financial restructuring Wednesday united with bondholders and retirees to oppose moving a key dispute over sales tax revenue from federal court to the territory’s Supreme Court.
The acting head of the Office of the Comptroller of the Currency said on Thursday that the Consumer Financial Protection Bureau was not providing sufficient oversight of the smaller banks that it regulates.
Wells Fargo Securities LLC agreed to pay $3.25 million to end the Financial Industry Regulatory Authority’s allegations that it failed to report options positions in millions of instances after erroneously believing that the positions weren’t reportable, according to a settlement filed on Wednesday.
The Senate has approved a new Treasury assistant secretary, with a Wednesday vote putting a Proskauer Rose LLP veteran in charge of some of the agency’s antiterrorism efforts.
The Consumer Financial Protection Bureau unveiled updated guidelines Thursday for supervisory examinations of student loan servicers, as the agency aims to curb practices that borrowers have complained are delaying or denying their access to debt relief under the Public Service Loan Forgiveness program.
Federal banking regulators say that nearly 10 years after the financial crisis and seven years since the Dodd-Frank Act’s passage, the time has come for easing up on the Volcker Rule, making changes to the bank living will process, and rolling back other key regulations.
A Florida federal judge signed off Wednesday on a settlement of more than $4.2 million between the receiver in hedge fund manager Arthur Nadel's $168 million Ponzi scheme and Wells Fargo Bank NA to resolve the bank's claims on three properties in the Sunshine State and North Carolina.
The U.K. Criminal Finances Act 2017 introduces major changes to the regime for suspicious activity reports. To minimize the risk of serious business disruption, financial services firms, accounting firms and law firms doing business in the U.K. must be prepared to take a more considered approach to analyzing whether a suspicious activity report is genuinely required, say attorneys with Dechert LLP.
With the conclusion of this U.S. Supreme Court term just around the corner, the guessing game around Justice Anthony Kennedy’s possible retirement is reaching a crescendo. Yet the speculation does more than fuel bookmakers’ odds. It draws attention to his pivotal role as the court’s swing vote, says Nan Aron, president of Alliance for Justice.
A recent presidential directive lays out the framework for rolling back certain Obama-era regulations that eased travel and trade restrictions between the United States and Cuba. Although the action has received extensive coverage, its impact is fairly limited, says Paul Marquardt of Cleary Gottlieb Steen & Hamilton LLP.
After a major market contraction in the wake of the financial crisis, risk-pooling transactions show signs of gaining favor once more, says Daniel Budofsky of Pillsbury Winthrop Shaw Pittman LLP.
The U.S. Supreme Court's recent decision in the Kokesh case limits not just U.S. Securities and Exchange Commission enforcement actions, but also monetary relief sought by other agencies, like the Federal Trade Commission. A faithful application of this decision should lead to courts rejecting these agencies' long-standing practice of seeking penal monetary relief under their equitable authority, say Benjamin Mundel and Lucas Crosl... (continued)
Last week, in Henson v. Santander Consumer USA, the U.S. Supreme Court ruled that a company collecting debts it purchased for its own account would not be defined as a debt collector under the Fair Debt Collection Practices Act. While this certainty is a win for the debt collection industry, it's not the victory some believe it to be, says Craig Nazzaro of Baker Donelson.
One way to combat juror confusion and boredom is to allow jurors to ask witnesses questions. No federal evidentiary or court rule prohibits it, and every federal circuit court to address the practice has held it permissible, say Stephen Susman, Richard Lorren Jolly and Dr. Roy Futterman of the NYU School of Law Civil Jury Project.
The U.S. Department of Justice is reportedly examining whether Barclays breached antitrust laws by agreeing not to hire JPMorgan Chase employees. Reports that no formal investigation has yet been launched will only go so far in comforting the banks and individuals involved, given the DOJ’s recently announced intent to pursue certain no-poaching agreements criminally, say attorneys with Hughes Hubbard & Reed LLP.
In the concluding part of this primer on the Food Safety Modernization Act, Breia Schleuss and Rachael Dettmann Spiegel of Faegre Baker Daniels LLP discuss the FSMA’s intentional adulteration rule, foreign supplier verification program and produce safety rule, and how they may affect secured lenders.
Immediately following the U.S. Supreme Court's Escobar decision, it was unclear how defendants would be able to fend off implied false certification claims based on the Escobar standard. But the past year has shown that the heightened standard has teeth and that courts can, and will, dismiss False Claims Act complaints on materiality grounds, even before discovery, say attorneys with Pepper Hamilton LLP.