This week’s record £27.6 million ($34.8 million) fine against UBS for misreporting 136 million transactions has underlined the need for banking compliance teams to focus on their trading desks if they hope to avoid falling foul of Europe’s formidable securities rules.
Two Second Circuit judges voiced skepticism on Thursday about the government's opposition to an admitted wire fraudster's request that his sentence be reduced because he later helped put six co-conspirators behind bars, expressing concern with the notion that they couldn't check the lower court's work for errors.
A New York federal judge dumped the Federal Deposit Insurance Corp.'s $695 million residential mortgage-backed securities suits against three banks Wednesday, finding for the second time that the agency lacked standing to bring claims of improper conduct against trustees of the bundled mortgages.
Lenders and the law firms they hire to perform nonjudicial foreclosures can take some comfort in the U.S. Supreme Court's unanimous decision that the Fair Debt Collection Practices Act doesn't broadly apply to these out-of-court proceedings, but the ruling still leaves some questions to sort out, experts told Law360.
Federal prosecutors have agreed to seek a five-year prison sentence for the CEO of now-shuttered AriseBank in exchange for his guilty plea in Texas federal court Wednesday to fraudulently raising $4.25 million through an unregistered initial coin offering for the bank’s proprietary digital currency, AriseCoin.
Figuring out what constitutes a manageable workload for the nation’s district judges is no simple task. Getting the judiciary the resources it needs is even harder.
The Western District of Louisiana is supposed to have seven district judges. But for a year, most of the courthouses were operating without a single Article III judge. As usual, magistrate judges picked up the slack.
Wells Fargo Securities has agreed to pay $812,500 to settle a government civil action claiming the bank misled investors in a $75 million bond offering involving a Major League Baseball pitcher's video game company, according to an order signed in Rhode Island federal court Tuesday.
Two white collar defendants were allowed to stay out of jail last week on one condition: that they publicly share their experiences to warn others off the criminal path — an assignment welcomed by some in the defense bar, but which might prove harder than it sounds.
The directors of high-frequency trading firm KCG Holdings Inc. told a Delaware Chancery judge Wednesday that claims they violated their duties to investors by approving a $1.4 billion merger were cleansed by subjecting the deal to a supermajority vote of uninterested stockholders.
The Federal Trade Commission argued Wednesday that its false advertising suit against a group of related automobile dealers in Arizona and New Mexico near the edge of the Navajo Nation's borders shouldn't be paused for the dealers' bankruptcy.
The SEC's in-house judge who issued a decision at the heart of investment adviser Raymond Lucia's recent case before the U.S. Supreme Court is leaving the agency at the end of the month, an agency spokesperson confirmed Wednesday.
The Solicitors Regulation Authority will launch a new probe to ensure law firms in England and Wales are in compliance with a recently enacted set of money laundering regulations, the body announced Wednesday.
A Lithuanian national told a Manhattan federal judge Wednesday that he helped trick Facebook and Google into sending $122 million of payments to overseas banks, entering a guilty plea and agreeing to forfeit nearly $50 million.
The U.S. Supreme Court ruled Wednesday that law firms that conduct nonjudicial foreclosures, or foreclosures outside of the court system, are not generally considered debt collectors under a key federal law that sets out a host of restrictions on the debt collection business.
Facebook on Tuesday settled a series of lawsuits alleging it enabled advertisers to illegally exclude certain users from seeing their job, housing and credit ads, with the tech giant agreeing to overhaul its platform to limit those ads from being targeted toward cherry-picked users in a discriminatory way.
An investment company urged a New York federal judge Monday to let it use loan sampling to support its claims that BNY Mellon bundled thousands of toxic loans into mortgage-backed securities, arguing that the data would help prove the bank’s liability.
Citibank NA has agreed to pay $49 million to settle charges that its employees denied mortgage discounts to people based on their race, ethnicity or sex, the Office of the Comptroller of the Currency announced Tuesday.
Partisanship has played a large role in the small passage rate of new judgeship bills since 1990. New judgeships create new vacancies, and neither party wants to give the other the upper hand.
Using magistrate hotlines, “showdown” hearings and extra mediation, many courts with heavy dockets have pioneered methods for moving cases along. But not every program succeeds, and the techniques have their detractors.
A newly effective embargo measure that allows U.S. claimants to sue the Cuban government in U.S. courts for confiscated Cuban property may soon be expanded to permit lawsuits against non-Cuban entities operating in Cuba. Attorneys at Greenberg Traurig LLP discuss key issues surrounding the policy change.
The U.S. Supreme Court's unanimous ruling on Wednesday in Obduskey v. McCarthy & Holthus LLP removes nearly all activities taken by creditors seeking nonjudicial foreclosure of liens and mortgages from the ambit of the Fair Debt Collection Practices Act, says John Baxter of Nelson Mullins Riley & Scarborough LLP.
These days, a popular theme in media is that lawyers' jobs will be taken by robots. However, based on the tech issues discussed at the South by Southwest technology conference in Austin, Texas, last month, robots may in fact need lawyers, says Nick Abrahams of Norton Rose Fulbright.
The Nevada Gaming Commission's recent $20 million fine against Wynn Resorts for failing to act after reports of its former CEO's alleged sexual misconduct demonstrates how #MeToo has altered the classic economic assessment for harassment claims, says Dove Burns of Obermayer Rebmann Maxwell & Hippel LLP.
You passed the bar exam and are ready for the character and fitness committee interview. Time to think about how to discuss that minor incident in college, that misdemeanor in high school or that mental health issue that you have totally under control, says Richard Maltz of Frankfurt Kurnit Klein & Selz PC.
My initial reaction to "Doing Justice" was that author Preet Bharara may have bitten off more than he could chew — an accusation leveled against him when he served as U.S. attorney for the Southern District of New York — but I found the book full of helpful gems, says U.S. District Judge Cynthia Bashant of the Southern District of California.
Though most experts believe that an imminent recession is unlikely, slowdown fears are increasing. Now is the time for firms to consider how to best leverage their communications and marketing teams to lessen impacts from a potential economic slowdown, says Tom Orewyler of Tom Orewyler Communications LLC.
The sale and partial leaseback of older data centers is a clever way to right-size a company, and data center operators benefit from this structure as well because it guarantees them an instant anchor tenant, says Michael Rechtin Jr. of Seyfarth Shaw LLP.
A Colorado federal court's recent decision in Shaw v. Vircurex underscores the risks in asserting personal jurisdiction over virtual currency exchanges — which are often decentralized, operate algorithmically, do not engage in marketing activities and have no traditional physical presence, says Scott Kimpel of Hunton Andrews Kurth LLP.
The Trump administration would like Congress to pass the U.S.-Mexico-Canada Agreement by June, but progress has been slow. The deal's fate will depend on cooperation from Democrats, support from Republicans and the strategy pursued by the president, says Robert Kyle of Hogan Lovells.