A Florida ex-convict cooperating with prosecutors in the Manhattan bitcoin-exchange bribery and fraud trial of New Jersey pastor Trevon Gross and tech expert Yuri Lebedev conceded Friday that he tried to sell information and threatened Coin.mx founder Anthony Murgio before pleading guilty.
Acting U.S. Securities and Exchange Commission Chair Michael Piwowar said Friday that the agency should focus on what he called the “forgotten investor” and take a second look at policies like disclosure requirements, high corporate penalties and accreditation rules he says have adversely impacted investors.
Snapchat maker Snap Inc. plans to price its eagerly watched $3 billion initial public offering in the coming week, providing a rare blockbuster offering to an otherwise stagnant market, but experts caution the heavily hyped deal contains too many distinct qualities to be assumed a forerunner of a revival.
Federal prosecutors have told a Manhattan federal judge that a former Japanese yen derivatives trader for Dutch lender Rabobank, who was the first to plead guilty to participating in a conspiracy to manipulate the yen London Interbank Offered Rate, should get a lowered sentence for his cooperation.
The directors of Resource Capital Corp. were hit with yet another derivative suit in New York federal court accusing them of mishandling a Puerto Rico hotel loan portfolio that prompted a $41 million write-down in August 2015, with a shareholder alleging Thursday that his demand for the board to investigate was refused.
Lawyers handling claims brought by creditors of Lehman Brothers Inc., the failed investment bank’s broker-dealer unit, asked a New York bankruptcy court on Friday to approve as much as $228 million in new distributions to unsecured creditors, saying asset sales and cost reductions had freed up more funds.
The U.S. Treasury Department and the Federal Reserve Board released guidance Thursday on the level of compliance expected from swaps dealers in regard to new rules on swap collateral requirements in advance of the March 1 deadline.
A Manhattan federal judge on Thursday granted a stay pending arbitration proceedings to lenders who accuse two Egyptian businessmen of plundering $100 million in bonds issued by companies the men controlled, in a move limiting the brothers’ ability to further delay review of the nearly decade-old case.
Flanked by some of the nation’s top manufacturing executives, President Donald Trump signed an executive order Friday directing federal agencies to create task forces to identify burdensome regulations ready for the chopping block, promising the end of “an impossible situation” for U.S. companies and new economic growth.
A New York state appeals court on Thursday affirmed a decision that left a fraud claim by a German bank in play against Lynn Tilton and her investment firm Patriarch Partners LLC, saying early signs that the funds in question were not what they appeared didn’t start the clock on the statute of limitations.
The U.S. Securities and Exchange Commission on Thursday said that “robo-advisers” should be mindful of how the Investment Advisers Act applies to them and their relationship with clients since their services are unique from traditional investment advisers.
Divisions have sprung up among plaintiffs' firms that planned to share a $75 million fee award as part of a settlement between State Street Corp. and foreign exchange traders in the wake of a $2 million billing probe the court proposed after three firms said they accidentally overstated the value of their work, documents filed Wednesday in Massachusetts federal court show.
A Delaware Chancery Court judge has appointed Andrews & Springer LLC and Gainey McKenna & Egleston to represent CytRx Corp. investors in a derivative action accusing the biopharmaceutical company’s board of sanctioning a brazen stock-pumping scheme, calling their complaint “superior” to another in the consolidated suit.
Canadian securities regulators on Thursday launched a so-called regulatory sandbox, allowing companies that use innovative technologies and capital-raising techniques to experiment under fewer regulations, spreading an idea that has gained momentum across Europe and Asia.
European banks have raised more than twice the capital they did at this time last year, according to new data released Thursday, and the amount is bound to surge higher, assuming a $13.8 billion rights offering from Italian financial giant UniCredit goes through as expected in the coming days.
Braeburn Pharmaceuticals Inc., a commercial-stage biotech company developing a drug to treat opioid addiction, formally pulled an estimated $150 million initial public offering Wednesday, saying public markets are currently unattractive, echoing a common concern among life science issuers.
Derivative lawsuits accusing Resource Capital Corp.'s directors of mishandling a Puerto Rico hotel loan portfolio that prompted a $41 million write-down in August 2015 continued to mount Wednesday, as a shareholder of the real estate investment trust filed the fourth case of its kind in New York.
A New York federal judge on Wednesday largely kept intact a consolidated class action claiming game maker iDreamSky Technology Ltd. misled investors ahead of its $115.5 million initial public offering, saying generalized disclosures don’t shield the developer from its obligation to report issues with its popular mobile game “Cookie Run.”
A Florida man who recently admitted to fraud and conspiracy charges in connection with the Coin.mx bitcoin exchange testified Wednesday that New Jersey pastor Trevon Gross and tech expert Yuri Lebedev were in on a plot to co-opt a small bank for use in a money-laundering operation.
Retail developer Jeff Sutton has reportedly raised $233 million through a bond sale on the Tel Aviv Stock Exchange, Tenet Healthcare is said to have bought a Florida hospital from HCP and Compass is said to be taking another 25,000 square feet on Fifth Avenue in New York.
Presidential adviser Kellyanne Conway's TV appearances provide some examples of what lawyers should and shouldn't do when speaking to the media, says Michelle Samuels, a vice president of public relations at Jaffe.
In the first 30 days of his administration, President Donald Trump issued more than two dozen executive orders, memoranda and proclamations, several of which significantly impact the financial services industry. In addition, policymakers are turning their time and attention to reforming the nation’s financial services laws, with a “Choice Act 2.0” likely to be introduced soon, say Matthew Cutts and James Sivon of Squire Patton Boggs LLP.
We all recognize that cutting or copying text from earlier works and pasting it into new documents saves attorneys time. However, with this increase in speed comes an increased risk of making, or not catching, errors, says Robert Lang of D’Amato & Lynch LLP.
Detractors of litigation funding have strained to characterize a recent decision from a California federal court as significant headway in their crusade against the litigation funding industry. However, in truth, this is a victory for both the industry and those in need of capital to bring meritorious claims against wrongdoers in an often prohibitively expensive legal system, say Matthew Harrison and Priya G. Pai of Bentham IMF.
Figures from 2016 show that the investment-grade bond market remained strong despite global change and uncertainty. Ari Blaut and Brian Farber of Sullivan & Cromwell LLP highlight practical considerations for the terms of investment-grade bond offerings in light of last year's trends.
We do not anticipate the new administration will ease anti-money laundering enforcement. In fact, it is more likely that enforcement of the Bank Secrecy Act is an area of supervision that will increase in the coming years, say attorneys with Arnold & Porter Kaye Scholer LLP.
Fred Korematsu’s U.S. Supreme Court case challenging President Franklin Roosevelt’s executive order that led to the incarceration of approximately 120,000 people of Japanese ancestry may sound like ancient history. However, Feb. 19 marks the 75th anniversary of the order's signing, and that it’s celebrating its diamond anniversary now is breathtaking timing, says Randy Maniloff of White and Williams LLP.
General counsels face the challenging task of understanding how companies can navigate the rules surrounding uses of artificial intelligence. To get smart on AI, general counsels must ask the right questions about areas such as human resources, intellectual property, liability and insurance, say Bruce Heiman and Elana Reman of K&L Gates LLP.
Though the Trump administration has yet to make an official statement regarding artificial intelligence, support for AI is consistent with its expressed desire to promote American business. As such, general counsel will inevitably have to navigate what big data and AI mean for compliance with current and future laws and regulations, say Bruce Heiman and Elana Reman of K&L Gates LLP.
With all of the political appointments and personnel changes at the U.S. Commodity Futures Trading Commission, the big question is whether the CFTC will continue to aggressively pursue market participants for violations of the Commodity Exchange Act and related regulations. We believe it will, say attorneys with Reed Smith LLP.