• March 19, 2018

    Former NJ US Atty Joins Arnold & Porter

    New Jersey’s longest-serving U.S. Attorney in five decades, Paul J. Fishman, is taking his 35 years of experience on both sides of the private-public fence to Arnold & Porter’s crisis management and strategic response team, the firm announced Monday.

  • March 19, 2018

    SEC Chair Outlines Fiduciary Duty Proposal Goals

    The head of the U.S. Securities and Exchange Commission on Monday offered new snippets of what to expect from the agency's long-awaited plans to revise the fiduciary duty standard while also expressing exasperation with the slow rollout of the consolidated audit trail.

  • March 19, 2018

    Teachers’ RICO Claims In Loan Fight Fall Flat: Judge

    A Pennsylvania-based student loan servicer dodged a proposed class action Monday claiming it illegally converted federal teaching grants to loans, when an Ohio federal judge found allegations under the Racketeer Influenced and Corrupt Organizations Act and for unjust enrichment fell short of pleading requirements.

  • March 19, 2018

    Akin Gump Reps Tippee Pro Bono In Insider Trading Case

    Akin Gump Strauss Hauer & Feld LLP has agreed to take up the defense of a computer analyst charged with trading on confidential merger information gleaned from a former Bank of America executive pro bono, according to notices filed Friday in New York federal court.

  • March 19, 2018

    Trump Bans Venezuelan Cryptocurrency Transactions In US

    President Donald Trump on Monday issued an executive order banning transactions within the United States that involve Venezuela's new cryptocurrency, marking the administration’s latest attempt to escalate pressure on Venezuela President Nicolas Maduro’s beleaguered regime.

  • March 19, 2018

    Fund Liquidity Risk Disclosure: Too Much Or Not Enough?

    An SEC proposal to allow mutual funds to scale back on liquidity risk disclosures is being criticized by investor advocates as a concession to the fund industry and an assault on transparency, while some legal experts argue too much risk disclosure can be misleading and confusing.

  • March 19, 2018

    SocGen Earmarks €1B To Handle US Probes Into Libor, Libya

    Societe Generale SA on Monday said it has set aside €1 billion ($1.23 billion) to deal with investigations by U.S. authorities into benchmark rate rigging and transactions between the French lender and Libya’s sovereign wealth fund.

  • March 19, 2018

    SEC Whistleblowers Net $83M In Largest Ever Bounties

    The U.S. Securities and Exchange Commission on Monday approved its largest ever whistleblower awards, agreeing to pay out roughly $83 million combined to three tipsters, who are represented by Labaton Sucharow LLP, according to the firm.

  • March 19, 2018

    Standard Chartered Units Hit With $4.9M Singapore AML Fine

    Singapore's bank regulator announced on Monday that it has fined two local arms of U.K.-based multinational bank Standard Chartered PLC a total of 6.4 million Singapore dollars ($4.9 million), the latest in a string of probes and penalties aimed at catching banks’ anti-money laundering failures.

  • March 19, 2018

    15 Minutes With PayPal’s General Counsel

    Shortly after she joined PayPal in 2015, Wanji Walcott initiated her second pro bono program in the corporate legal realm, this time across the world. Here, the online payment company’s general counsel and senior vice president discusses with Law360 how she explains complicated legal matters to nonlawyers and which book she recommends to attorneys hoping to enhance their craft.

  • March 16, 2018

    'Unicorn' Zscaler Surges After Pricing Upsized $192M IPO

    Shares of cybersecurity startup Zscaler Inc. more than doubled in a sizzling debut on Friday, one day after the technology “unicorn” priced an upsized $192 million initial public offering above its projected range, representing the largest of four IPOs during the week of March 12.

  • March 16, 2018

    Businessman Fudged Funds To Nab $30M Loan, DOJ Says

    The owner of a company that helps employers provide legal services for their employees was charged with wire fraud in Pennsylvania federal court Friday for allegedly falsifying the company’s financial health to coax a $30 million line of credit out of potential lenders.

  • March 16, 2018

    Wilmington Trust Past Due Waivers Said To Run For Years

    A Wilmington Trust Corp. backlog of unacknowledged, past due commercial loans included 142 debts worth $177.3 million that were six months to three-and-a-half years past due when 2009 ended, a witness said Friday during a Delaware fraud and securities trial for four bank executives.

  • March 16, 2018

    SEC Affirms Bar Of Ex-FINRA Firm Rep Over Improper Conduct

    The U.S. Securities and Exchange Commission has affirmed the Financial Industry Regulatory Authority’s order barring a former FINRA-member firm representative over harassing, threatening and deceptive communications to his former coworkers, saying the bar was neither excessive nor oppressive.

  • March 16, 2018

    BofI Gets Early Exit From Securities Class Action

    A California federal judge on Thursday tentatively dismissed with prejudice the latest attempt by investors to sue the holding company of BofI Federal Bank for allegedly making false or misleading statements to the public, finding the investors still hadn’t linked stock value losses to the alleged misrepresentations.

  • March 16, 2018

    Enron Debt Investors Push Back On Banks' Quick Win Bids

    A group of investment funds seeking to hold Merrill Lynch, Deutsche Bank and Credit Suisse responsible for losses stemming from the infamous 2001 collapse of Enron Corp. have urged a New York federal judge to let their 15-year-old case proceed to trial, battling back against the banks’ latest efforts to slip the suit.

  • March 16, 2018

    Wells Fargo’s $27.5M Calif. Wage Deal Gets Final OK

    A California judge said Friday she’ll approve Wells Fargo Bank NA’s $27.5 million settlement resolving a consolidated action brought by the bank’s hourly Golden State bankers and sales representatives, who claim they were required to work more than 40 hours a week without overtime pay and were shorted meal breaks.

  • March 16, 2018

    UK Litigation Roundup: Here's What You Missed In London

    The last week has seen the Force India Formula One team sue Santander, the Fiat Group launch an action against its longtime pension scheme administrator and Squire Patton Boggs, and a Scipion fund take on a commodities warehouser. Here, Law360 looks at those and other new claims in the U.K.

  • March 16, 2018

    DOL Direction Sought After Fiduciary Rule Nixed By 5th Circ.

    A Fifth Circuit ruling vacating the U.S. Department of Labor’s fiduciary rule for retirement account advisers has created confusion across a broad swath of the U.S. investment landscape that will only be resolved once the DOL decides whether to drop the case or pursue it on appeal, legal experts said Friday.

  • March 16, 2018

    Court Freezes Leaders' Assets In Cryptocurrency Schemes

    A Florida federal court has frozen the assets of four alleged scammers accused of telling investors that they could turn $100 of digital currency into $80,000 per month, while setting up a pyramid scheme that enriched only themselves.

Expert Analysis

  • New Bribery Suit's Implications For Venezuela Restructuring

    Richard Cooper

    The decision by Venezuela’s state-owned oil company PDVSA to pursue claims in the U.S. over an alleged bribery scheme raises a number of legal and strategic issues not just for the defendants named in the suit, but also for PDVSA’s bondholders and creditors of the republic, say Richard Cooper and Boaz Morag of Cleary Gottlieb Steen & Hamilton LLP.

  • Changes To Rule 23 Are Coming, Are You Prepared?

    Niki Mendoza

    Proposed amendments to the Federal Rules of Civil Procedure Rule 23, which governs class actions, are set to take effect on Dec. 1, 2018, pending approval. The amendments would significantly alter class action litigation procedure from notice to settlement, says Niki Mendoza of Garden City Group LLC.

  • An Update On Spoofing And Its Challenges

    Ilan Guedj

    Regulators have recently increased their efforts in cracking down on spoofing, yielding an increasing number of criminal indictments and civil settlements. However, an important challenge in identifying spoofing is separating legitimate calculations from those that were intended to manipulate the market, say Ilan Guedj and An Wang of Bates White LLC.

  • Venmo: The Battle Between App Usability And Compliance

    Jason Sarfati

    Venmo’s settlement with the Federal Trade Commission over privacy concerns should serve as a cautionary tale for all software and application development companies that are seeking to create innovative and user-friendly products, says Jason Sarfati of Joseph Greenwald & Laake PA.

  • An Update On The Blockchain Patent Landscape

    Nelson Rosario

    What is perhaps more interesting than the number of blockchain-related patent filings, or their subject matter, is the number of assignees for these patents, says Nelson Rosario of Marshall Gerstein & Borun LLP.

  • Identifying Cybersecurity Best Practices For Financial Firms

    Rishi Zutshi

    As financial services and fintech firms seek to reduce their vulnerability to cyberattacks and mitigate against regulatory and litigation exposure, one key inquiry is the extent to which a company’s cybersecurity controls are consistent with industry best practices. In this regard, a recent report from the World Economic Forum provides a valuable reference point, say Rishi Zutshi and April Collaku of Cleary Gottlieb Steen & Hamilton LLP.

  • What To Expect From DOJ Shift In Marijuana Enforcement

    Gerald Sachs

    Under the U.S. Department of Justice's new marijuana enforcement strategy, the DOJ is unlikely to begin prosecuting marijuana growers and distributors who are operating in compliance with state law. The DOJ will likely prosecute the most egregious violators of state law, say Gerald Sachs and Evan Shea of Venable LLP.

  • How The Federal Reserve Might Approach Regulatory Reform

    George Madison

    The Federal Reserve’s new leadership has made clear that while it supports certain changes to Dodd-Frank and the related regulations, it broadly supports the post-crisis regulatory framework. With that background, we focus on the Fed’s anticipated views of five areas where reform is possible, say attorneys with Sidley Austin LLP.

  • Lawyering A La Carte: Unbundled Dispute Resolution Services

    David Wallace

    There's no reason for limiting unbundled legal services to family law or even pro se litigants. Wider adoption, especially by litigators, presents an opportunity to correct law's distribution and pricing problem, to make justice practically available to all, and to dethrone litigation as the "sport of kings," says New York-based trial lawyer David Wallace.

  • Bitcoin: A New, Volatile Asset In Bankruptcy

    Erin Jane Illman

    Given the mainstream use of bitcoin and the “staying power” of this cryptocurrency, bankruptcy practitioners need to prepare to see bitcoin as part of the assets in future bankruptcy cases. The volatility of bitcoin value, however, will require bankruptcy courts and parties to come up with creative solutions, say Erin Illman and Robert Cox of Bradley Arant Boult Cummings LLP.