A Florida man accused of helping criminals launder money through unlicensed bitcoin exchange site Coin.mx pled guilty to seven criminal counts including wire fraud in New York federal court on Tuesday, according to federal prosecutors.
Just days before stepping out of office, the Obama administration on Tuesday renewed a bid to fill a pair of vacancies at the U.S. Commodity Futures Trading Commission, re-nominating a former Cravath Swaine & Moore LLP attorney and a hedge fund manager who didn’t advance last year.
The U.S. Supreme Court on Tuesday pressed a professional debt collector to explain why it should not face legal liability if it pursues stale debt in bankruptcy proceedings, and questioned to what extent the U.S. Bankruptcy Code may preclude debtors from filing consumer protection law reprisals.
The former owners of two insurance companies launched a lawsuit in Delaware Chancery Court on Tuesday accusing the companies' buyers of hatching a scheme to replace the companies’ assets with worthless investments that, with the aid of U.S. Bank NA, cost the sellers hundreds of millions of dollars.
Capital One told a New York appellate panel Tuesday that a lower court should have forced loan guarantors to cough up $57 million for a defaulted loan for taxi medallions, saying that the contract language calling the guarantees absolute, irrevocable and unconditional entitles the bank to collect from the guarantors.
A D.C. federal judge on Tuesday shot down a Texas bank's bid to join an appeal before the full D.C. Circuit concerning the constitutionality of the Consumer Financial Protection Bureau’s single-director leadership, rejecting the bank’s arguments the move would serve the interest of “judicial economy.”
The anonymous Client A, who is at the center of a lawsuit against JPMorgan Chase & Co. by an ex-executive who claims the bank fired her for flagging possible fraud, will be identified at trial and may be called as a witness by the former banker, a New York federal judge said Tuesday.
German nursing home operator Vitanas could sell for up to €550 million; India's Tata Group intends to increase the stakes it owns in a number of its own listed companies, including an automaker; and emerging economy-focused private equity shop Abraaj Group is interested in buying a stake in Barclays South African business.
The U.S. Department of Justice finalized a $7.2 billion deal with Deutsche Bank AG Tuesday, releasing new details about how Germany’s largest bank misled investors in selling subprime mortgage-backed securities that led to the 2007 financial crisis.
Cadwalader Wickersham & Taft LLP said on Tuesday that it will close its Houston office as part of the firm’s decision to consolidate around its core client base of large corporations and the financial sector, including banks and hedge funds.
New York’s top financial watchdog on Tuesday blasted a federal regulator’s proposal to create a new charter for nonbank online lenders and other financial technology firms, saying that the new charters would open the door to weakening state consumer protection laws.
Deliberations have halted in the retrial of former Jefferies & Co. trader Jesse Litvak after an alternate juror died over the weekend and another was involved in a serious car accident, a spokesman for the Connecticut federal prosecutor's office confirmed Monday.
Outgoing U.S. Securities and Exchange Commission Chair Mary Jo White said Tuesday the agency must remain independent in the face of “partisan tides” and constricting legislation in order to fulfill its mission of protecting investors.
The former board chairman of now-defunct NOVA Bank has asked a Pennsylvania federal judge for leniency when sentencing him next week for devising a circular lending scheme in a failed effort to deceive federal regulators into investing in the bank, arguing that a probationary punishment should be handed down.
Senate Democrats will not negotiate to replace the Consumer Financial Protection Bureau's single-director leadership with a commission structure similar to that of other financial regulatory bodies, the party’s leader in that chamber said Tuesday.
Covington & Burling LLP on Monday announced that it has hired two top financial disputes lawyers formerly with King & Wood Mallesons LLP for its London office, making it the latest firm to recruit arbitration and litigation professionals from KWM as the firm’s European branch enters administration.
The U.S. Supreme Court on Tuesday rejected a bid by banks seeking to shut down an antitrust lawsuit from investors alleging widespread rigging of a key benchmark interest rate that a lower court had earlier brought back to life.
U.K. Prime Minister Theresa May on Tuesday outlined plans for a clean break from the European Union, including its single market for goods and services and the jurisdiction of the European Court of Justice, but held out hope for possible transitional arrangements for legal and financial services.
Moody’s Corp. said Friday it has agreed to pay $864 million in a settlement with the U.S. Department of Justice and 21 states over the ratings agency’s work on residential mortgage backed securities and other products whose crashes led to the financial crisis.
The Eleventh Circuit on Friday revived a Florida man’s suit accusing JPMorgan Chase of helping a fraudster siphon $1.3 million of his money out of a Chase account, ruling the man had presented sufficient evidence that bank employees knew a scam was underway.
Choice-of-law rules for the perfection and priority of a security interest in “securities credited to a securities account” will change on April 1, 2017, when the Hague Securities Convention comes into effect. Edwin Smith and Alan Beloff of Morgan Lewis & Bockius LLP describe what steps secured parties may need to take now for existing secured transactions and in planning for new ones.
After a full year in effect, the amended Federal Rule of Civil Procedure 37(e) has been tested in a variety of district courts. A sampling of these decisions reveals that courts seem to be adhering closely to the amended rule and ordering adverse inference instructions only where there was intent to deprive another party of access to relevant information, say Carrie Amezcua and Samantha Southall of Buchanan Ingersoll & Rooney PC.
Many organizations are interested in finding electronic discovery partners who offer tantalizingly low prices for electronic discovery services. However, unforeseen gaps, lax security practices, ignorance of global practices and delayed deliverables can all add up to a surprisingly large final cost, says Michael Cousino of Epiq Systems.
Both the U.S. Department of Justice and the Financial Crimes Enforcement Network have provided guidance for brokers and firms doing business with the cannabis industry, concerning how to avoid prosecution for violating the law. However, even 100 percent compliance does not guarantee total safety from investigation, says Neda Ghomeshi of Hunter Taubman Fischer & Li LLC.
The Financial Industry Regulatory Authority brings about 1,500 enforcement actions a year, but often lost in the volume of actions are the ones that merit particular attention. Jon Eisenberg and Michael Dyson of K&L Gates LLP review the 2016 actions that resulted in fines of $1 million or more.
The current eight-member U.S. Supreme Court will examine two Native American cases early this year, and may hear additional cases following the confirmation of a ninth justice. Thomas Gede of Morgan Lewis & Bockius LLP discusses the most important cases to pay attention to, including Lewis v. Clarke and Lee v. Tam.
Although the revised version of New York's proposed cybersecurity regulations addresses several areas of concern or confusion for financial services firms, certain questions of scope and liability remain. In addition, the revised proposal's requirements remain extensive, say attorneys with Arnold & Porter Kaye Scholer LLP.
As critical as lawyers are to society, they are reported to be the most frequently depressed occupational group in the United States. In response to the inherently stressful nature of the practice of law, more and more lawyers are turning to an ancient contemplative practice called “mindfulness,” says Jennifer Gibbs of Zelle LLP.
A New York state court’s recent decision in Ace Decade Holdings v. UBS, dismissing a $500 million fraud suit against Swiss bank UBS, highlights the nuanced issues involved in personal-jurisdiction disputes and demonstrates that Daimler has significantly limited general “doing business” jurisdiction over out-of-state defendants, say Muhammad Faridi and Jordan Engelhardt of Patterson Belknap Webb & Tyler LLP.
Blockchain is essentially a computerized public ledger that can apply to almost anything that a person might save into a database or spreadsheet. This versatile technology may enhance the legal industry by providing an improved record keeping system, setting up "smart contracts" and tracking intellectual property and land records, say R. Douglas Vaughn and Anna Outzen of Deutsch Kerrigan LLP.