A class action bumped up to federal court on Tuesday claimed JPMorgan Chase & Co. has foreclosed on “hundreds” of houses after homeowners missed three mortgage payments without attempting to confer with the owners as required by federal regulation.
Acting New York Attorney General Barbara D. Underwood was tapped Tuesday by the state legislature to serve out the remainder of Eric Schneiderman’s term after he resigned earlier this month amid allegations of physical abuse by four women.
A Maryland federal judge on Tuesday handed the Consumer Financial Protection Bureau a win by default in its suit over a “debt validation” program that was allegedly marketed with false claims of government affiliation, slapping the no-show defendants with a nearly $21 million judgment.
U.S. Securities and Exchange Commission Chairman Jay Clayton on Tuesday encouraged all issuers of digital tokens to reach out to the agency he oversees with questions regarding whether their initial coin offerings are securities subject to SEC regulation.
A shareholder derivative suit accusing a number of JPMorgan directors of having failed to properly oversee the bank’s subprime residential mortgage-backed securities business in the run-up to the financial crisis is too similar to another already-dismissed case to proceed, a New York federal judge said Monday.
Far Point Acquisition Corp., a blank check company backed by hedge fund Third Point LLC and run by former NYSE Group President Tom Farley, filed an initial public offering Tuesday to raise $400 million in order to acquire a fintech business.
Citco Group Ltd. can keep confidential certain communications with UBS AG sought by several pension funds that have accused Citco and others of making misrepresentations about a $100 million investment in an insolvent investment vehicle, a Louisiana federal judge ruled Monday, finding that the documents warranted attorney-client privilege.
The U.S. House of Representatives on Tuesday passed a major rollback of Dodd-Frank rules, sending a package of financial industry changes that backers say cut costly and burdensome regulations to President Donald Trump, who has indicated his support for the measure.
An Illinois state judge convicted earlier this year in a $1.4 million mortgage fraud scheme appeared in court on Tuesday to reset the date of her sentencing while she argues that the government had not proved she intended to commit fraud.
Banking giant Emirates NBD has inked a $3.1 billion deal to buy an almost complete stake in Turkish private bank DenizBank AS held by state-owned Sberbank of Russia, the banks said Tuesday.
A New Jersey federal judge on Tuesday imposed an 18-month prison sentence on a man for his role in a $6 million mortgage scheme that led to several property loan defaults and exposed public and private lenders to millions of dollars in potential losses, U.S. Attorney Craig Carpenito announced.
The U.S. Supreme Court has agreed to review a D.C. Circuit decision holding that international organizations enjoy even more immunity from lawsuits than do foreign governments, taking up a case Monday from a group of Indian nationals suing the International Finance Corp. over a power plant project they say has wreaked havoc on the surrounding environment.
Lawmakers may have run out of time to use the Congressional Review Act to overturn the Consumer Financial Protection Bureau’s controversial restrictions on issuers of payday, title and other forms of short-term, high-interest loans, but that doesn’t mean the agency’s so-called payday lending rule is in the clear.
Prosecutors on Friday ripped a renewed bid in Connecticut federal court for a new trial from a former Nomura Securities International Inc. residential mortgage-backed securities trader found guilty of conspiracy, saying the Second Circuit's recent reversal of ex-Jefferies Group trader Jesse Litvak's conviction has no bearing on this case.
A purported oil and gas entrepreneur found guilty of criminal contempt for refusing to repay a bank that won a $5 million judgment against him, and later convicted of bank fraud by a second jury, was sentenced Monday to two years in prison by a Manhattan federal judge in the contempt matter.
An Irish-American businessman has asked the Delaware bankruptcy court overseeing Irish Bank Resolution Corp.’s Chapter 15 proceedings to let him subpoena the debtor for documents, claiming the government-run “bad bank” cheated him out of $12.6 million.
Hitachi Automotive hopes to buy Elliott Management’s stake in Italian rail-signaling business Ansaldo STS, U.S. and European institutional investors are in talks to buy small stakes in Pakistan’s Meezan Bank, and Kuwait Energy is mulling the sale of an oil and gas field in southern Iraq.
The U.S. Commodity Futures Trading Commission is entering an agreement with state regulators aimed at slashing red tape and increasing coordination and has put out new guidance on how exchanges should handle cryptocurrency derivatives, the agency's head said on Monday.
Two co-founders of cryptocurrency company Centra Tech Inc. on Monday denied charges of conning investors in a $25 million initial coin offering to fund a digital currency payment card they falsely claimed was backed by major payment processors including Visa Inc.
Fifth Third Bancorp and an Illinois-based holding company for MB Financial Bank NA on Monday said that they have agreed to merge in a deal that is valued at $4.7 billion and was guided by Simpson Thacher & Bartlett LLP, Silver Freedman Taff & Tiernan LLP and Vedder Price PC.
The current business climate has produced vast opportunities for seasoned lawyers to create valuable connections with millennial business owners, but first lawyers must cleanse their palate of misconceptions regarding millennials, says Yaima Seigley of Isaac Wiles Burkholder & Teetor LLC.
The United States effectively forced Chinese smartphone manufacturer ZTE to cease major operations this month, after the U.S. Department of Commerce blocked its access to vital U.S.-made components. The case puts into focus the Trump administration’s use of sanctions, anti-corruption and anti-money laundering laws as trade war weapons against economic rivals, says Hdeel Abdelhady of MassPoint Legal and Strategy Advisory PLLC.
In a dramatic win for the auto finance industry, Congress recently voted to reverse the Consumer Financial Protection Bureau’s 2013 guidance related to fair lending and interest rates for indirect loans. However, such rollbacks may not be enough to create long-lasting regulatory relief, say attorneys with Nelson Mullins Riley & Scarborough LLP.
U.K. financial regulators recently decided the first test case under the country’s whistleblower protection provisions in a matter involving Barclays CEO Jes Staley. The decision not to take action against Barclays calls into question the extent to which regulators will give teeth to the protections, say Lynne Bernabei and Kristen Sinisi of Bernabei & Kabat PLLC.
On May 17, 1954, the U.S. Supreme Court decided Brown v. Board of Education, recognizing a moral and legal truth that should be beyond question in American society. The refusal by some of President Donald Trump's judicial nominees to say whether they believe the case was decided correctly is indicative of the narrow-minded elitism they would bring to the bench, says professor Franita Tolson of the University of Southern California's Gould School of Law.
In deciding whether cloud computing is right for the organization or firm, an attorney must consider cloud computing’s significant impact on the electronic discovery process, say Daniel Garrie, managing partner at Law & Forensics LLC, and David Cass, chief information security officer at IBM Cloud.
The Office of the Comptroller of the Currency’s agenda for the next few months, as articulated by new OCC leader Joseph Otting, seems promising for the industry and may provide regulatory relief to banks in many areas. At the same time, Otting’s proposals may face legal challenges, say attorneys with Arnold & Porter.
There has been much discussion on the continued viability of the bank holding company model, but elimination of the holding company will deny the organization needed flexibility in matters of corporate governance and cash and capital management, says Craig Landrum of Jones Walker LLP.
In these politically divisive times, many ask whether our institutions and traditions can help us return to a greater consensus. In days long past, the legal profession could have been counted on to serve just such a function. But lawyers are now just as polarized as everyone else, says Samuel Samaro of Pashman Stein Walder Hayden PC.
A nuclear fuel transport company's March settlement with the U.S. Department of Justice resulted in charges against not only the company itself, but also against senior executives, a foreign official and a middleman allegedly involved in bribe payments. The DOJ's pursuit of all sides in this case parallels its actions in other recent cases, say Amelia Hairston-Porter and Nina Gupta of Miller & Chevalier Chtd.