The Seventh Circuit affirmed the conviction Monday of a major Chicago real estate developer who was found guilty of misleading the city and two banks about his company's financial health in order to keep money flowing in and stave off foreclosure on some of his properties.
A Tenth Circuit panel won't revisit its finding that Great-West didn't act as a fiduciary in an Employee Retirement Income Security Act class action over how the company distributed investment profits to 401(k) plan participants, although the judges did tweak their ruling.
The unsecured creditors' committee in Puerto Rico's financial restructuring proceedings is facing considerable pushback in its bid to potentially sue over the past issuance of billions in commonwealth debt, seeing recent challenges from the island government, federal control board, and commonwealth bondholders.
The National Rifle Association has asked for a New York federal court's help subpoenaing material from Lloyd's of London underwriters for the organization's lawsuit alleging New York authorities have tried to snuff it out, saying the state's financial services regulator is interfering with discovery by resisting service of those subpoenas.
A British cybersecurity researcher credited with stalling the global WannaCry ransomware worm has pled guilty in Wisconsin federal court to, years earlier, developing malware that could harvest the information of online banking users.
The nation's largest credit unions asked on Monday to pick their own government watchdog, telling the Consumer Financial Protection Bureau that the agency can and should relinquish routine oversight activities to the National Credit Union Administration.
Three Chicago homeowners who said they were scammed into taking out reverse mortgages from a Ditech Holding Corp. subsidiary are asking for the appointment of a consumer committee to defend their rights in the mortgage company's Chapter 11.
Prosecutors are asking a New York federal judge not to accept a former JPMorgan currency trader’s “redraft” of the indictment charging him with a conspiracy to rig foreign exchange markets.
U.S. Steel investors have urged a Pennsylvania federal judge to grant them class certification in their stock-drop suit accusing the steel manufacturer of misrepresenting maintenance plans for its plants and equipment, and to name their attorneys at Levi & Korsinsky LLP class counsel.
A California man accused of buying and selling bitcoin for shady clients he met online is the target of the Financial Crimes Enforcement Network's first-ever enforcement action against a peer-to-peer cryptocurrency exchanger, a case that some attorneys say could show the agency is stepping up its profile as a regulator of virtual currencies.
The Commodity Futures Trading Commission approved a final rule on Friday that allows exceptions to its requirement that certain dealers and merchants must provide customers with annual privacy notices.
A Washington federal judge won’t let Zillow Group Inc. shake the latest version of a proposed securities class action alleging it extended to agents and lenders an illegal co-marketing deal that was later investigated by the Consumer Financial Protection Bureau.
Wells Fargo urged the Ninth Circuit on Friday to reverse a lower court's decision to certify a class of 2,000 home mortgage consultants and bankers who claim the bank didn't reimburse their expenses or pay commissions on time, arguing that the expenses were optional and commissions can't be determined classwide.
A Florida loan manager faces up to 20 years in prison on wire fraud charges for allegedly bilking a Brazilian company out of $3 million when it sought a $30 million hotel construction loan that never got issued, according to the U.S. Attorney for the Southern District of Florida.
A New York federal court on Thursday denied a retail foreign exchange dealer’s attempt to skirt a subpoena in a case that accuses foreign banks of manipulating the foreign exchange market, siding with a class of investors that transactional data is needed to determine class members and damages.
Bank of America, Barclays and other big banks under fire for allegedly saddling millions of merchants with excessive swipe fees argued that the rules governing those charges are set down by Visa and Mastercard, leaving the banks with “no part to play” in retailers’ litigation to escape the fees.
The Argentine government urged a New York federal judge Thursday to toss a suit brought by distressed debt titan Aurelius Capital seeking $84 million over unsettled securities payouts due six years ago, arguing that the hedge fund’s calculations are “erroneous” and the payment “unwarranted.”
A third former executive at defunct Dubai private equity firm Abraaj Group has been accused of participating in a scheme to defraud investors of hundreds of millions of dollars, according to documents unsealed by prosecutors in New York on Friday.
The last week has seen private equity giant Terra Firma sue its former CEO, the FSCS take on shuttered investment manager Bentley-Leek, and an Italian insurer lodge a commercial fraud claim against a financial services firm that lost its U.K. authorization. Here, Law360 looks at those and other new claims in the U.K.
The trustee for Bernie Madoff's fraudulent investment firm has asked the Second Circuit not to stay its decision that he can claw back billions in Ponzi scheme proceeds transferred between foreign parties, saying defendants’ planned U.S. Supreme Court appeal is unlikely to succeed.
The Financial Crimes Enforcement Network recently assessed its first civil penalty against a peer-to-peer exchanger of convertible virtual currency, indicating that virtual currency exchanges of any size that fail to comply with the Bank Secrecy Act do so at their own peril, say Wade Thomson and E.K. McWilliams of Jenner & Block.
Given last year's U.S. Supreme Court ruling that the U.S. Securities and Exchange Commission administrative law judge who tried Raymond Lucia's case had not been constitutionally appointed, Lucia should not be facing an SEC ALJ again on remand, says Joel Nolette of Mintz.
As the cannabis industry continues to grow, it will need more legal professionals to help navigate the turbulent business landscape, but lawyers should understand the industry's unique limitations and characteristics before diving in, says Sabas Carrillo of consulting firm Adnant.
Though the Consumer Financial Protection Bureau's proposal to rescind portions of a 2017 payday lending rule covers much ground, three aspects focusing on unfair, deceptive, or abusive acts or practices have potential application outside of payday lending, say Jason Tompkins and Jonathan Hoffmann of Balch & Bingham.
The Delaware Court of Chancery’s recent decisions in Schnatter, Tempur-Sealy and CHC Investments further delineate the metes and bounds of a stockholder's right to obtain a company's books and records, say attorneys with Winston & Strawn.
U.S. Supreme Court oral arguments Monday in Emulex v. Varjabedian — a case that could alter the landscape of tender offer litigation under Section 14(e) of the Securities Exchange Act — confirmed the potentially significant nature of the forthcoming decision, as well as the justices’ sharp divide on the issues, say attorneys with Ropes & Gray.
A recent Law360 article reported on federal judges bemoaning jury trials' nationwide decline, but these laments are unfounded as jury trials have been replaced by better alternatives, says J.B. Heaton of J.B. Heaton Research.
Instead of going to college after high school, I followed in my father’s footsteps and became an electrician. Later I became an electrical engineer, and then an IP attorney. Every twist and turn along the way has made me a better lawyer, says Joseph Maraia of Burns & Levinson.
Recent enforcement actions and agency guidance illustrate how the federal government sets expectations for corporate compliance internal controls, even when no formal regulations have been issued. But companies must know where to find the relevant information, says Jo Ritcey-Donohue of JRD Law.
Garden leave — when a departing employee remains on company payroll and cannot compete with the employer — is an attractive alternative to regular noncompetes. Elisaveta Dolghih of Lewis Brisbois discusses the advantages and disadvantages of garden leave provisions and provides drafting best practices.