Tax havens blacklisted by the European Union enable only 1 percent of the financial-secrecy services that threaten EU countries, while one-third comes from financial centers within the 28-nation bloc, an advocacy group asserted in a new study.
Civil litigation, potential criminal charges and uncertain access for beneficiaries are among the risks of the relatively new concept known as crowdfunding, as highlighted by the the viral story chronicling the legal battle between a homeless veteran and a New Jersey couple. Here are three things attorneys should tell their clients about do-it-yourself fundraisers.
The last week has seen a London no dealing desk sue Merrill Lynch for breach of fiduciary duty, more competition claims against Visa and MasterCard and a German shipper bring a suit against Axa and other insurers.
A New York state appeals court revived a suit by insurer QBE against other insurers over coverage for sprawling underlying litigation over lender-placed homeowners' insurance, saying a contract was misread to grant summary judgment.
Fifteen law firms will guide initial public offerings from 13 companies that are expected to raise more than $1.1 billion during the week of Sept. 24, a busy lineup dominated by technology and life sciences firms going public during a sweet spot on the annual IPO calendar.
U.S. District Judge Jed S. Rakoff on Friday hit a former Transmar Commodity Group Ltd. finance executive with a three-month sentence for his role in a $352 million fraud that bankrupted the cocoa trader and damaged banks, crediting his effort to cooperate but saying the size of the caper required a prison term.
Charles Schwab Corp. and TD Ameritrade Inc. have accused Goldman Sachs Group Inc. of unfairly trying to terminate an agreement allowing the brokerages to share Goldman securities offerings with their own customers, according to a complaint filed in New York state court Thursday.
A New York bankruptcy judge on Friday granted Croatian food and beverage giant Agrokor U.S. bankruptcy protection while the company works through its restructuring deal in its home country.
Lone Star is reportedly mulling floating Xella, a tie-up between banking giants Deutsche Bank and Commerzbank has earned the favor of the German government, and Calsonic Kansei Corp. has roughly €5 billion ($5.9 billion) in financing for its bid to buy Magneti Marelli SpA.
A group of former Morgan Stanley Smith Barney brokers who are accused of luring their former clients to a new firm asked an Illinois federal judge not to enter a temporary restraining order against them Friday, saying there is no evidence to support the bank's claims.
Noting months of costly disagreements and litigation among parties to a troubled $15 billion fleet of student loan trusts, a Delaware vice chancellor agreed Friday to appoint a special master to handle disputes involving the trusts' owners, investors, agents and administrators.
A Delaware Chancery Court judge expressed confusion Friday over the nature of a settlement proposed among a shareholder of Goldman Sachs Group Inc. and the company's directors, saying the deal didn't make sense and didn't offer a balanced result because the board members weren't giving up the stock awards at the center of the excessive compensation complaint.
A California federal judge has trimmed fiduciary duty and failure to monitor claims from a proposed class of plan participants accusing Charles Schwab & Co. Inc. of mismanaging its retirement savings and investment plan, but allowed prohibited transaction claims against the company to proceed.
Financial institutions on Thursday urged a Georgia federal court to deny Equifax Inc.'s bid to toss their claims in multidistrict litigation stemming from a massive 2017 data breach, saying the money and time spent to protect their customers' data is a valid injury directly tied to Equifax's allegedly deficient data security measures.
A former Deutsche Bank trader who was allegedly involved in manipulating a key European interest rate benchmark has been arrested in Italy and could be extradited to the U.K., the Serious Fraud Office revealed on Friday.
New York’s attorney general on Thursday accused a constellation of student debt relief companies of lying to struggling borrowers to extract illegal upfront fees for relief services that can be done for free.
A California federal judge seemed skeptical Thursday about whether a proposed class of PayPal shareholders’ data breach suit could move forward, saying his “biggest issue” was the suit’s reliance on confidential witnesses, whose allegations were “pretty amorphous,” especially when it came to showing the company knowingly hid the breach in an early press release.
A New York appeals court on Thursday reversed an order requiring a group of insurers to pay J.P. Morgan Securities Inc. $286 million for settlement costs that Bear Stearns shelled out in a deal with the U.S. Securities and Exchange Commission, saying coverage is precluded based on the U.S. Supreme Court's 2017 ruling in Kokesh that disgorgement is a penalty.
King & Spalding LLP announced this week that a former partner will be returning to its Washington, D.C., office to rejoin the firm’s special matters and government investigations team, pulling from his near-decade of experience at the U.S. Securities and Exchange Commission and recent years with the Financial Industry Regulatory Authority.
Labaton Sucharow LLP announced Tuesday that Richard Levine, longtime associate general counsel for legal policy at the U.S. Securities and Exchange Commission, has joined the firm as a partner in its whistleblower representation practice.
While in-house technology investments on the scale and complexity needed to compete with large firms remain cost prohibitive for small and midsize law firms, cloud-based services offer significant cost savings and productivity gains with little to no capital investment, says Holly Urban of Effortless Legal LLC.
The Office of the Comptroller of the Currency recently proposed regulations to implement the “covered federal savings association” designation introduced by the Economic Growth, Regulatory Relief, and Consumer Protection Act. For many eligible institutions, opting for this designation will make a great deal of sense, says Joan Guilfoyle of Jones Walker LLP.
With the Milbank/Cravath pay scale once again equalizing compensation at many Am Law 100 firms, there is even more pressure for firms to differentiate themselves to top lateral associate candidates. This presents strategic considerations for both law firms and lateral candidates throughout the recruitment process, says Darin Morgan of Major Lindsey & Africa.
I have spent nearly 10 years fighting in court for the rights of Lehman Brothers’ creditors. This arduous legal journey has yielded insights into weaknesses in our financial system and bankruptcy laws that could allow catastrophic losses to happen again, says Andrew Rossman of Quinn Emanuel Urquhart & Sullivan LLP.
A recently introduced bill that would create a new authority over mortgage loan servicers that handle loans for Fannie Mae and Freddie Mac likely has no chance of passage in the short term. But these entities should keep an eye on the potential federal extension of so-called safety and soundness principles, say Laurence Platt and Michael McElroy of Mayer Brown LLP.
In this series featuring law school luminaries, Stanford Law School professor Jeffrey Fisher discusses his motivation for teaching, arguing before the U.S. Supreme Court and what the court might look like if Judge Brett Kavanaugh is confirmed.
An interagency statement issued by several banking agencies last week — that supervisory guidance does not have the force and effect of law — reflects the current administration’s deregulatory agenda. But ultimately, the agencies’ newly stated position may have little practical impact, say attorneys with Arnold & Porter.
There has been a dip in the number of enforcement actions from the U.S. Securities and Exchange Commission during Chairman Jay Clayton’s tenure, but this decline does not tell the whole story. The commission is still bringing a historically high volume of actions — they just happen to be in slightly different areas, says Kurt Wolfe of Troutman Sanders LLP.
For Florida practitioners who experienced the foreclosure crisis that swept through the state beginning in 2008, the recent uptick in foreclosure filings may feel ominous. However, Florida's foreclosure jurisprudence has evolved at an incredible pace, capable of expediting the process tremendously if another crisis arises, says Victor Petrescu of Levine Kellogg Lehman Schneider & Grossman LLP.
The first comprehensive overhaul of California's Rules of Professional Conduct in nearly 30 years becomes operational on Nov. 1. Some of the new rules mirror the model language used by the American Bar Association, but many continue to reflect California’s unique approach to certain ethical questions, says Mark Loeterman of Signature Resolution LLC.