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.
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.
Commercial real estate investment trust Safety, Income and Growth Inc. priced an initial public offering that raised $205 million late Wednesday and earmarked the money to acquire net lease assets, representing the first of three commercial REITS slated to debut on public markets this week.
New York REIT Inc., a real estate investment trust now in liquidation, agreed Wednesday to settle the U.S. Securities and Exchange Commission’s allegations that it failed to properly disclose that a change to its charter would substantively limit its shareholders’ rights in certain merger or acquisition events.
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.
China Unicom hopes to raise about $10 billion from investors including Alibaba and Tencent, Vinci is interested in buying a majority stake in a French airport operator that boasts a total value of around €14.3 billion, and WhistlePig Whiskey may be up for sale.
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.
European telecommunications giant Altice NV priced an initial public offering for its U.S. affiliate on Wednesday, raising $1.9 billion for the company and a pair of investors including BC Partners in the second-largest U.S. IPO of the year, guided by Shearman & Sterling LLP.
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 former attorney for Busybox.com Inc. on Wednesday made yet another attempt to escape his guilty plea to securities fraud charges related to the stock photo company’s failed initial public offering, telling a Second Circuit panel he stands convicted of conduct which is no longer deemed criminal in light of the U.S. Supreme Court's Janus ruling.
Justice Sonia Sotomayor discusses her views on writing dissents and the change she hopes they inspire in the law, in the second of two articles based on an exclusive interview with the 111th justice.
Genworth Financial Inc. has agreed to pay $20 million to settle claims from a class of investors that it concealed poor market conditions prior to its Australian insurance unit’s initial public offering, according to documents filed in New York federal court on Wednesday.
A New York federal judge dismissed an insider trading suit Tuesday against Liberty Media, one of Live Nation’s largest shareholders, over a $400 million purchase of Live Nation stock, ruling the allegations didn’t support a claim that Liberty made an illegal “short swing” trade in violation of securities laws.
An Illinois appellate court found that a commodities trading company had the right to arbitrate claims for $27 million in losses against its brokerage firm Tuesday, reversing a lower court’s decision staying the arbitration before the Financial Industry Regulatory Authority and the London Metal Exchange.
New York federal prosecutors Tuesday sought a 10-year minimum prison term for Coin.mx operator Anthony Murgio after he pled guilty to bank fraud and other charges, ripping his “self-serving gloss” on his misdeeds and saying a lesser sentence would send a bad signal.
A change in the way the Federal Reserve will evaluate most banks’ ability to withstand a financial shock should make the central bank’s stress testing process for this year much less harrowing than in previous years, experts say.
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.
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)
The U.S. Securities and Exchange Commission has brought about significant changes to the procedures contemplated by the original Securities Act of 1933, but it is surprising how little the overall scheme has changed. On the other hand, conditions in the securities markets have changed dramatically since 1933, says Joseph McLaughlin of Sidley Austin LLP.
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 immediate effects of imposing a five-year statute of limitations on SEC disgorgement claims may be limited. A far more intriguing element of the Kokesh opinion is found in a footnote, which brings opportunities for real damage to the SEC’s toolbox, say attorneys with Walden Macht & Haran LLP.
When the U.S. risk-retention rules became effective for collateralized loan obligation transactions last December, market participants began a new period of adjustment. With the first few months of work behind us, approaches to compliance are becoming more standardized and best practices are beginning to emerge, says Deborah Festa of Milbank Tweed Hadley & McCloy LLP.
Last month, the American Bar Association published revised guidance regarding an attorney’s duty to protect sensitive client material in light of recent high-profile hacks. The first step in compliance is understanding how your data is being stored and accessed. There are three key questions you should ask your firm’s information technology staff and/or external solution vendors, says Nick Holda of PreVeil.
The First Circuit in Brennan v. Zafgen reaffirmed a vital point about scienter that is often misunderstood — that is, where a plaintiff alleges a defendant did not disclose a material fact, it is not enough for that plaintiff to establish that the defendant was aware of the fact, says Taylor Washburn of Lane Powell PC.
Puerto Rico's recent petition for court protection created the largest municipal bankruptcy in U.S. history. Here, Bradley Wendt of Charles River Associates reviews the legislative process leading to the filing for court protection and analyzes the dominant debt restructuring issues being considered by the court and stakeholders.