Attorneys for shareholders who sued Citigroup Inc. directors over alleged years of mismanagement and fraud at the company told the Delaware Chancery Court late Wednesday that new evidence warrants reopening the recently dismissed case, while they separately fired up an appeal.
The trustee for four pools of toxic residential mortgage-backed securities that allegedly caused $1.2 billion in losses at the hands of Credit Suisse asked a New York state judge on Thursday to streamline two cases against two units of the bank for trial, saying key terms from the underlying contracts should be defined in advance of trial.
The U.S. Tax Court on Thursday upheld regulations issued by the U.S. Department of the Treasury governing income from a controlled foreign corporation, saying an affiliate of commodities trader Susquehanna International Group LLP owes taxes on some $377 million in income.
A Manhattan judge expressed unease Thursday over the failure of Berkshire Bank to disclose that the son of its CEO Moses Krausz is a lawyer with a direct stake in the lender's effort to lead a class targeting four megabanks for allegedly rigging the global London Interbank Offered Rate.
An attorney who specializes in representing lenders and borrowers on risky leveraged loans at Ashurst LLP’s New York office has moved to Jones Day, her new firm said Monday.
Cyberattacks and anti-money laundering compliance remain among the biggest threats that the U.S. banking sector faces in a relatively strong economy and rising interest rate environment, the Office of the Comptroller of the Currency said on Thursday.
Quinn Emanuel Urquhart & Sullivan LLP continued making its mark in 2017 as one of the leading firms to challenge Wall Street banks in the aftermath of 2008’s financial crisis, winning big for country and countryman alike to earn a place among Law360’s Banking Groups of the Year.
Proposed changes to the Committee on Foreign Investment in the United States could be beneficial to U.S. national security, but lawmakers should be careful not to unintentionally stifle outbound investment, a panel of experts told the Senate Committee on Banking, Housing and Urban Affairs on Thursday.
The U.S. Federal Reserve Board on Wednesday said that Taiwan-based bank Mega International Commercial Bank Co. Ltd. has been assessed a $29 million penalty for anti-money laundering violations and ordered to make improvements to its anti-money laundering oversight and controls.
The Consumer Financial Protection Bureau told a Kansas federal judge on Thursday that it wanted to ax its own suit against lenders owned by a California tribe over allegedly abusive loans.
The Consumer Financial Protection Bureau’s disputed acting director on Wednesday told the Federal Reserve that the bureau needs no additional funding to continue its operations for the second quarter of fiscal year 2018, saying that he intends to spend down the bureau’s existing reserves.
RBS faced continued heat Wednesday over its controversial global restructuring group for troubled borrowers as U.K. lawmakers released a colorful 2009 tip sheet counseling that "sometimes you need to let customers hang themselves."
A former Illinois county judge's efforts to escape criminal fraud charges failed again Tuesday when a federal court rejected her argument that the grand jury testimony was perjured and declined to dismiss the indictment.
The New York Attorney General’s Office on Wednesday asked a New York federal court to force a debt collection company and its owner to turn over financial documents, business records and other information that the agency is seeking in its suit alleging the defendants were part of a multimillion-dollar illegal debt collection scheme.
The FBI arrested the ex-personal assistant of Goldman Sachs’ co-President David Solomon in Los Angeles Tuesday for allegedly stealing $1.2 million of rare wine from his former boss, according to a release from the U.S. Attorney for the Southern District of New York.
Sidley Austin LLP has added Andrew Cardonick, who formerly helped lead Greenberg Traurig LLP's finance practice, to its global finance practice as a partner in Chicago, the firm announced Wednesday.
Commodity Futures Trading Commission chairman J. Christopher Giancarlo said Wednesday that Maggie E. Sklar, a high-ranking CFTC attorney who previously worked at three prominent law firms, would serve as his senior counsel.
The Chapter 11 plan of structured settlement financing company J.G. Wentworth Co. received court approval Wednesday in Delaware over the objection of the U.S. trustee to third-party releases in the plan.
A top official at the U.S. Department of the Treasury said Wednesday its financial intelligence unit is reviewing guidance that allowed banks to serve marijuana businesses, after the U.S. Department of Justice reversed Obama-era policies on enforcing federal marijuana laws in states that legalized the drug.
A California appeals court on Wednesday affirmed a lower court ruling denying class certification in a long-running suit alleging that US Bank NA misclassified a group of banking officers as overtime-exempt outside salespeople, agreeing that the workers’ claims rest on unreliable data.
Erich Potter, discovery counsel with Oles Morrison Rinker & Baker LLP, discusses six ways e-discovery will continue to excite and confound in 2018.
A Florida district court is poised to decide several interesting questions in St. Paul v. Rosen, offering policyholders guidance on the extent to which traditional insurance policies can protect them from data breaches and on whether policyholders' corporate affiliates can look to their policies for protection, say Jan Larson and Alex Langlinais of Jenner & Block LLP.
The Trump administration's recently released unified agenda indicates an even greater pace of deregulatory action in 2017 than was called for in the president's "two-for-one" executive order. But parties interested in particular future regulatory reforms must develop a strategy for aligning with the relevant agency’s priorities, say attorneys with Clark Hill PLC.
Smart law firms are increasingly positioning professionals to proactively guide them as the legal landscape reshapes itself, harnessing six emerging roles within their organizational charts to embrace new approaches, tools and systems, says Rob MacAdam of HighQ.
New sanctions under the 2016 Global Magnitsky Human Rights Accountability Act not only provide the U.S. government with a new instrument to take action in response to conduct that might violate the Foreign Corrupt Practices Act or the U.S. anti-money laundering laws, but also expand the scope of U.S. extraterritorial enforcement, say partners with Dentons.
The U.S. capital markets produced 24 initial public offerings by China-based companies in 2017, making it the most active IPO year for Chinese companies in about seven years. Here, members of Mei & Mark LLP and Weitian Group LLC discuss two distinctive trends that emerged last year.
Highly profitable companies have comprehensive corporate wellness programs that realize plateauing health care costs, greater employee engagement, and a demonstrable competitive advantage. The legal field needs a similar awakening, says Rudhir Krishtel, a former partner of Fish & Richardson and senior patent counsel at Apple.
While each new year is expected to bring fresh challenges to the legal industry, 2018 will be particularly disruptive to the status quo. Both law firms and organizations that cater to the legal community should prepare for developments like increasing pressure from international clients and data security risks caused by multigenerational gaps, says Jeff Ton of Bluelock LLC.
One probable reason for the recent shift in focus by the Office of Foreign Assets Control toward export-related transactions is that the agency’s enforcement efforts targeting big banks have worked. With fewer cases to bring against them, OFAC seems to be moving on to new weak spots in enforcement, say Sean Kane and Susie Park of Hughes Hubbard & Reed LLP.
State attorney general campaigns will be in full swing with 31 elections this year. In addition to three top substantive areas, campaign issues themselves will influence how state attorneys general prioritize enforcement, says Joe Jacquot, former chief deputy attorney general of Florida, now with Foley & Lardner LLP.