The Bank of NY Mellon Corp. on Friday slammed a proposed class of trust beneficiaries’ bid for class certification in their suit accusing the bank of irresponsible investing and unauthorized tax preparation fees, claiming that lead counsel’s “irreconcilably broken” relationship with one of lead plaintiffs renders her an inadequate class representative.
The last week has seen a group of shippers bring a commercial fraud claim against the Bank of Scotland, the head of a Syrian laminate group sue United Insurance, and a dispute involving RBS and the failed Caterham Formula One Team. Here, Law360 looks at those and other new claims in the U.K.
Deutsche Bank has told a New York federal judge that a class of plan participants improperly attempted to rebut earlier arguments and exclude certain pieces of evidence on the eve of a July trial over their Employee Retirement Income Security Act claims that the bank wrongly invested their retirement savings in proprietary funds.
The U.S. Supreme Court’s finding that U.S. Securities and Exchange Commission administrative law judges need to be appointed by the president or the head of the agency potentially leaves the judges open to heightened political influence, legal experts said Friday.
The Pacific Seafood Group told an Oregon federal court Thursday that bad advice from Wells Fargo’s insurance brokerage division left it on the hook for more than $27 million after it lost a processing plant in a 2013 fire.
A private equity firm led by an ex-Warburg Pincus executive is seeking $1.5 billion for a fund that will invest in Chinese health care and consumer companies, the European Commission will approve the $2.4 billion Tronox-Cristal deal with conditions, and BlackRock wants to buy into an Italian asset manager.
A New York federal judge on Thursday appointed Cohen Milstein Sellers & Toll PLLC and Levi & Korsinsky LLP to lead a putative class of Credit Suisse investors alleging the bank misrepresented the value of certain short-term notes during a critical time of steep price drops and substantial investor losses.
A push to modernize the European Union value-added tax regime was put on hold Friday, with France and Italy refusing to sign up unless the measures also included a financial sector tax cut that the bloc's own executive arm said would be unworkable.
The latest round of supervisory stress testing shows the nation’s nearly three dozen biggest banks would see significant losses during a severe global recession but would be able to keep credit flowing to households and businesses, the Federal Reserve said Thursday.
LendingClub Corp. asked the Delaware Chancery Court on Wednesday to dismiss or stay a stockholder derivative suit against the company pending resolution of other investor litigation, including a proposed $125 million class settlement in California.
The U.S. Supreme Court’s “narrow” ruling that U.S. Securities and Exchange Commission administrative law judges are inferior officers subject to the appointments clause of the Constitution leaves open the question of how the SEC — and other federal agencies that use ALJs — will resolve cases handled by improperly appointed judges, legal experts said Thursday.
ConAgra Brands reached out to Pinnacle Foods about a possible deal, Siemens AG is planning on cutting nearly half of its industrial divisions, and JAB Holding Co. has almost raised €5 billion ($5.8 billion) with its latest fundraising effort.
Credit Suisse Securities on Thursday dodged a proposed class action accusing the company of stiffing its workers on up to $300 million in deferred compensation after a California federal judge ruled that the financial adviser bringing the case was bound by an arbitration agreement.
The Fifth Circuit on Thursday closed the book on the U.S. Department of Labor’s controversial 2016 fiduciary rule, which required retirement advisers to act in the best interest of clients, issuing a mandate that officially vacates the rule three months after a divided panel invalidated it.
A Massachusetts attorney facing an almost-certain disbarment was sentenced to a year and three months in prison Thursday after admitting to being part of a scheme to defraud banks and mortgage companies by short-selling houses.
A former executive at State Street Corp. decided Thursday against taking the stand in his Boston fraud trial, resting his defense against charges that he directed colleagues to slip hidden fees into multibillion-dollar trades for overseas clients and setting up a final courtroom showdown next week.
A New York federal judge sentenced a Swiss banker who admitted to helping Americans dodge taxes to a year of probation on Thursday, noting that no other Swiss bankers who surrendered have been sent to prison and saying she had cooperated significantly with prosecutors.
Two hedge funds threw a wrench into a massive proposed derivatives settlement between Lehman Brothers Holdings Inc. and Credit Suisse AG with an objection filed on Wednesday, sharply questioning Lehman's whiplash-inducing turn from demanding $75 million to agreeing to pay $750 million in the "black box" deal.
The cost of administering $2.3 billion worth of settlements with 15 banks accused of rigging foreign exchange rates reached $9.5 million on Wednesday, when a New York federal judge consented to investors’ request to dole out an additional $3 million from the settlement fund.
A New York federal judge has found the Consumer Financial Protection Bureau to be unconstitutionally structured, saying in a ruling Thursday that she disagrees with the D.C. Circuit’s holding to the contrary from earlier this year and isn’t bound by it.
Since a 2014 tax ruling that permits holding digital currency in tax-deferred retirement accounts, investment companies have sprung up encouraging people to roll their traditional retirement investments into cryptocurrencies. But investment vehicles of dubious legality may lead to loss of tax deferral and penalties for early withdrawal, says Seth Pierce at Mitchell Silberberg & Knupp LLC.
No superlative could aptly describe the magnitude of U.S. sanctions developments through the first six months of 2018. The pace of change has been so intense and complex that, understandably, even the most sophisticated international companies and investors have been challenged to respond to policy and regulatory developments, say attorneys with Ropes & Gray LLP.
Legal industry compensation practices are once again in the news as BigLaw firms continue to match the new high watermark of $190,000 for first-year associate salaries. The typical model of increasing associate salaries uniformly fails star associates, the firms they work for and, ultimately, the clients they serve, says William Brewer, managing partner of Brewer Attorneys & Counselors.
When Consumer Financial Protection Bureau Acting Director Mick Mulvaney recently dismissed the bureau’s case against PHH Corp., it marked the end of an important chapter in the short life of the new agency and provided valuable lessons for its future, says Eric Mogilnicki of Covington & Burling LLP.
There is no doubt that the U.S. Supreme Court’s decision in China Agritech v. Resh squarely precludes the viability of untimely successive class actions. But what impact might it have on the viability of timely filed successive class actions? Erica Rutner of Lash & Goldberg LLP explores the question.
While some may say it’s ironic, it’s also embarrassing and enraging that the very industry that offers anti-harassment training, policies and counsel now finds itself the subject of #MeToo headlines. The American Bar Association recommendation that will bring about the greatest change is the call to provide alternative methods for reporting violations, says Beth Schroeder, chair of Raines Feldman LLP's labor and employment group.
The U.S. Department of Treasury Office of Foreign Assets Control continues its effort to allow U.S. persons to wind down operations or existing contracts that would otherwise violate Ukraine- and Russia-related sanctions. Even though OFAC has issued general licenses for this purpose, U.S. persons may need to obtain specific licenses to fully divest their interests, say attorneys with Schulte Roth & Zabel LLP.
To cope with the uncertainty inherent in the U.S. Securities and Exchange Commission's complicated fair fund distribution process, respondents can take six actions that will reduce the organizational burden and ultimately shave time, maybe even years, off the distribution timeline, says Alan Friedman of Charles River Associates.
In a profession notoriously averse to change, it should come as no surprise that there is skepticism about the value of having attorneys perform nonbillable tasks. But U.S. law firms have slowly begun to incorporate knowledge lawyers into their operations — and the trend is likely to continue, says Vanessa Pinto Villa of Hogan Lovells.
In the year since the U.S. Supreme Court decided Bristol-Myers Squibb Co. v. Superior Court of California — limiting where plaintiffs can bring claims and curbing forum-shopping in mass tort litigation — courts have grappled with questions that the ruling did not address, and defendants have pursued jurisdictional defenses in class actions and federal cases that were not previously available, say attorneys with Eversheds Sutherland LLP.