An attorney for Privinvest Group executive Jean Boustani on Wednesday told a New York jury his client was involved in payments to government officials in Mozambique, which prosecutors say were part of a $2 billion fraud scheme, but denied that he defrauded investors or laundered any funds.
House Democrats on Wednesday slammed the head of the Consumer Financial Protection Bureau for approving agency settlements without consumer restitution and stopping the agency's court defense of its structure's constitutionality, with Republicans objecting to one lawmaker's comments as over the line.
A pair of consumers have launched a proposed class action against Hy-Vee Inc., alleging that the supermarket chain's poor security practices made it easy for thieves to install malware that collected the credit card information of millions of accounts.
The U.S. Supreme Court on Wednesday appeared skeptical of a Pennsylvania man’s argument that a debt collection suit served twice to the wrong person amounted to fraud, wondering if it wasn’t just an innocent mistake on the part of the serving lawyer.
A retired NFL player is fighting back against litigation funder Thrivest's attempt to throw him in jail for not depositing $1.25 million in escrow to pay off a $475,000 loan, telling the Pennsylvania federal judge overseeing the concussion settlement he's dead broke and suffering from severe brain damage.
A top Federal Reserve official highlighted Wednesday a number of challenges Facebook's digital currency Libra will have to confront before its launch, including the need for protections against fraud and data breaches.
A New York federal judge ruled Tuesday that banks he'd previously dismissed from a bond price-fixing lawsuit cannot escape claims again in light of information investors gleaned from a settlement with Deutsche Bank.
Counsel for some of the mortgage originators facing $1.2 billion in claims from Lehman Brothers for allegedly selling it bad loans told a New York bankruptcy judge Wednesday that the bankrupt investment firm gave up its indemnification rights against them.
Tanzania owes the Hong Kong subsidiary of Standard Chartered Bank $185 million for breaching a power plant operation contract, an International Center for the Settlement of Investment Disputes tribunal has ruled.
Stanford Bank has argued that its negligence suit against HSBC for missing signs of the $7 billion Ponzi scheme that brought down the Antigua-based lender was not too late because the bank could only have discovered the fraud against it within the past three years.
Three senior Barclays bosses drastically increased the fees the bank agreed to pay Qatar for "pretend" advisory services as it fought to secure the country’s investment during the financial crisis, a prosecutor told a London jury Wednesday during a high-profile fraud trial.
European private equity shop Permira, guided by Fried Frank, said Wednesday it has clinched its seventh flagship buyout fund after receiving €11 billion ($12.1 billion) from limited partners, with plans to target investments in sectors like technology, consumer products, financial services and health care.
Capital One wants the Federal Circuit to rethink a panel decision holding that antitrust claims against patent licensing firm Intellectual Ventures could not move forward in Maryland federal court because they had already been rejected by a Virginia federal judge.
Signing off on a settlement that would see a lone objector drop his opposition to a $300 million attorney fee award in exchange for a slice of the pie would set a bad precedent, a New York federal judge has ruled.
A New York federal judge said Tuesday that the National Credit Union Administration may swap in an additional plaintiff to fix standing issues that arose in its residential mortgage-backed securities trustee suit against Deutsche Bank, but he ruled that a chunk of the refreshed case's claims won't be moving forward.
A leading voice in the cryptocurrency compliance space has joined Bradley Arant Boult Cummings LLP, where she will lead the firm’s work on regulatory, enforcement and compliance matters for digital currency and blockchain clients.
Federal prosecutors in Manhattan brought an indictment against Turkey's Halkbank on Tuesday for allegedly flouting U.S. sanctions on Iran by allowing the country to access some $20 billion in funds, including proceeds from oil and gas sales to Turkey.
Brokers and brokerages seeking to erase investor complaints from their records through Financial Industry Regulatory Authority arbitration proceedings have been working with their law firms to pick the arbitrators most likely to grant their requests, an investor advocacy group said Tuesday.
A finance executive who cooperated in the Manhattan U.S. attorney's prosecution of former American Banknote Holographics Inc. CEO Morris Weissman for a $115 million fraud avoided prison Tuesday, more than 18 years after his guilty plea in a case apparently linked to U.S. intelligence.
A former supervisor for the Industrial and Commercial Bank of China Financial Services LLC will pay $150,000 to settle allegations of lax oversight of the broker-dealer's securities lending desk, the U.S. Securities and Exchange Commission announced Tuesday.
The Second Circuit on Friday affirmed a New York federal judge's ruling that Monster Worldwide Inc. doesn't owe an investment bank $8.9 million in fees from work related to potential transactions for the employment search site.
The U.S. Supreme Court said Tuesday it will not hear an attempt by a group of Enron investors to revive their claims that UBS AG's brokerage units broke securities laws by failing to warn stock option-holding employees of the energy company’s infamous fraud scheme.
U.S. Supreme Court justices peppered attorneys for the Financial Oversight and Management Board for Puerto Rico with questions Tuesday about the board's powers in administering the commonwealth's $125 billion Chapter 9 restructuring efforts and whether its members need to be confirmed by the U.S. Senate.
The Libra Association announced Monday that 21 founding members officially signed on to the association’s charter, including Spotify, Uber, Coinbase and Andreessen Horowitz.
Panic over what a government takeover would do to his bonus kept a senior Barclays banker up at night at the height of the financial crisis, prosecutors told a jury Tuesday hearing charges that the bank's former executives committed fraud to avoid a bailout.
Given the extraordinary risks and evolving regulatory landscape in the rapidly expanding cannabis industry, investors should consider due diligence matters across a wide swath of legal fields when evaluating cannabis-focused transactions, say attorneys with Epstein Becker.
Two recent executive orders on the use of guidance documents by federal agencies represent a major change for virtually every executive agency and a historic assertion of the president’s authority under Article II to oversee the independent regulatory agencies, says Paul Noe, former counselor to the administrator of the White House Office of Information and Regulatory Affairs.
In United States v. Johnson, the Second Circuit’s decision affirming an ex-HSBC foreign exchange trader's wire fraud conviction highlights that the government and courts may not agree on the government's burden to prove tangible economic harm under the so-called right-to-control theory, say attorneys at White & Case.
Vince Sliwoski and Molly Nelson of Harris Bricken review all of the presidential candidates' stances on marijuana and rank them based on their current positions as well as their legislative history and prior rhetoric.
As shown by recent case law, including a New Jersey federal court holding last month in Valsartan Products Liability Litigation, there is no "shifting tide" in favor of disclosing litigation funding arrangements, say Matthew Harrison and Stephanie Southwick of Bentham IMF.
While artificial intelligence has already revolutionized the e-discovery field, the development of emotionally intelligent AI promises to explore data in an even more nuanced and human way, thereby further reducing the burden on legal teams, say Lisa Prowse and Brian Schrader at e-discovery services provider BIA.
It is unclear how the virtual currency sector will find a practical way to comply with the recent expansion of the Financial Crimes Enforcement Network regulation known as the travel rule, but any solution is likely to have both unintended consequences and unintended benefits, say attorneys with King & Spalding.
As America teeters on the edge of a sports betting revolution, both prudent betting operators and the banks they use should roll out tailored compliance programs that effectively manage reputational, regulatory and business risks to avoid civil or criminal penalties, say attorneys at Cadwalader.
In 2019, there have been 3,494 cyberattacks against financial institutions, including, most notably, Capital One. Until regulatory action is taken, financial institutions, which are on their own when it comes to addressing potential cloud service risks, should incorporate liability and security provisions into cloud service contracts, say Nicholas Smith and Rita Ganguli of Milbank.
The Second Circuit's recent Section 1782 decision in Application of Antonio Del Valle Ruiz could be particularly burdensome for New York–based offices of multinational companies, which may now be compelled to produce documents located abroad despite not being involved in any domestic litigation, say attorneys at Ropes & Gray.
Although most lawyers are well-prepared to defend or justify the value of an insurance claim for clients, often law firms have not clearly identified their own potential liabilities, planned for adequate insurance or established prudent internal risk management practices, says Victor Sordillo at Sompo International.
With lateral transfers between law firms on the rise, it is more important than ever for partners to understand the steps they must take to adhere to ethics rules and other requirements when making a transition, say attorneys at Harris Wiltshire.
Initially, it appeared that Consumer Financial Protection Bureau Director Kathy Kraninger would avoid abusiveness claims, but a recent supervisory finding and an enforcement action alleging a mortgage relief services provider misled consumers suggest that Kraninger will not be shy about using the agency’s abusiveness authority, says Ori Lev at Mayer Brown.
For banks, an effective approach to preventing, detecting and resolving fraud is one that focuses on the objectives of recent publications from the Office of the Comptroller of the Currency and is appropriately integrated into the bank’s risk management system, say Neil Bloomfield and Kristina Whittaker at Moore & Van Allen.
The U.S. Securities and Exchange Commission’s recent expansion of permissible prefiling communications between issuers and certain potential investors may allow issuers to be in a better position to gauge interest in the market in a cost-effective manner, say attorneys at Debevoise.