The European Commission said Tuesday it has fined Mastercard Inc. €570 million ($648 million) for denying merchants access to payment services outside their home countries in breach of the bloc’s antitrust rules.
Federal plans to release Fannie Mae and Freddie Mac from conservatorship have been too shortsighted about the implications of restructuring housing finance, the Government Accountability Office said in a report released Friday.
A Manhattan bankruptcy judge rejected arguments by three “net winners” in the Madoff Ponzi scheme on Friday that he lost authority to hear a $2.8 million clawback action against them when they dropped their own claim against the bankruptcy estate.
Nationstar Mortgage asked the Florida Supreme Court for clarification Friday on its recent reversal of a precedent-setting appeals court decision that said a mortgage holder could not invoke an attorneys' fees provision after prevailing in a foreclosure suit because the noteholder failed to establish standing.
A former Consumer Financial Protection Bureau enforcement attorney and go-to expert for financial services litigation has joined Arent Fox LLP's complex litigation practice as a partner at the firm's San Francisco office, the firm said.
In an effort to streamline dual bankruptcy proceedings for Mexican oil rig company Perforadora Oro Negro in its home country and the U.S., a domestic mediator will join negotiations between the company and its creditors in a jack-up rig seizure dispute, a U.S. bankruptcy judge said.
The last week has seen former Rabobank trader Anthony Conti sue his old employer, ArcelorMittal take Essar’s investment manager to court months after acquiring its steel business, and the managing director of AlixPartners sue a prominent Irish businessman and a British property tycoon. Here, Law360 looks at those and other new claims in the U.K.
A new bipartisan bill introduced by House Committee on Financial Services leadership on Friday seeks to curb insider trading by calling for the U.S. Securities and Exchange Commission to explore amendments to its corporate insider rule.
Bank of America Corp. urged the U.S. Supreme Court Thursday to not review a case seeking to compel a judge to force the bank to disgorge 401(k) plan transaction profits, saying the judge correctly found no profits existed, and he shouldn’t have to issue an inappropriate remedy.
The lone objector to $300 million in attorneys' fees granted in relation to $2.3 billion in settlements with banks over alleged benchmarking rate rigging in the foreign exchange markets has hit back at an investor class’ bid to require a $1.4 million bond while he appeals the award, telling a New York federal judge Friday that the request is unnecessary and burdensome.
Covington & Burling LLP's financial institutions practice over the past year guided PayPal to a settlement with the Federal Trade Commission, steered two of 2018's largest financial services acquisitions and notched a win for a major bank trade group in litigation over a federal credit union regulation, earning a spot as one of Law360's Banking Practice Groups of the Year.
The Internal Revenue Service rejected pleas from the Major League Baseball commissioner and others to allow sports franchise owners to qualify for a new 20 percent tax deduction for pass-through businesses, under final regulations released Friday.
U.S. Sen. Elizabeth Warren pressed Treasury Secretary Steve Mnuchin and the CEOs of the country's six largest banks Friday to provide more details about phone conversations last month in which Mnuchin called and asked if the banks had enough liquidity to weather a sustained stock market downturn.
A trader accused of illegally rigging a key interest rate benchmark did not act dishonestly when he submitted rates to benefit bankers’ trading positions, his attorney told a London jury on Friday, saying it is “nonsense” to suggest he flooded the market with cash to bolster huge financial trades.
Navient Corp. urged a Pennsylvania federal judge on Thursday to narrow the Consumer Financial Protection Bureau's lawsuit accusing it of harmful federal student loan servicing practices, saying the agency hasn't backed up its allegations that borrowers struggling to make payments were steered into opting for costly quick fixes.
The fate of a closely-watched deal designed to restructure nearly $18 billion in debt carried by the Puerto Rico Sales Tax Corp., or COFINA, hangs in the balance as a two-day hearing on the matter came to a close Thursday with opponents complaining it amounts to an unjust taking.
The trustee tasked with winding down convicted insider trader Raj Rajaratnam’s defunct Galleon Group hedge fund told a New York bankruptcy court on Thursday he’d reached a nearly $450,000 settlement with Rajaratnam and two former executives being sued for fraud, and that money should be enough to pay off the fund’s remaining creditors.
Under new leadership, the Consumer Financial Protection Bureau is asking Congress’ help to reassert its oversight over banks’ adherence to the Military Lending Act.
The government’s record-breaking shutdown, having already derailed the January schedule for initial public offerings, will cause ripple effects that could slow capital markets deals for months and leave many companies stuck in limbo with unappealing options.
Maine-based Wex will snap up employee benefits administrator Discovery Benefits for $425 million as the payments and technology company looks to bolster its offerings to customers, according to a Thursday statement.
The lack of minority partners comes at a high cost to firms, say attorneys at Lightfoot Franklin & White LLC, as they suggest several practical ways to tackle this problem.
The New Jersey Department of Banking and Insurance has released a bulletin clarifying its law designed to protect consumers from "hidden" out-of-network health providers, but many questions still remain, say Cynthia Borrelli and Michael Morris of Bressler Amery & Ross PC.
For those navigating the California class action landscape in 2019, it pays to know what happened in 2018. William Stern of Covington & Burling LLP looks back at the most important developments and discusses what to expect going forward.
The U.S. Securities and Exchange Commission turned its attention to cybersecurity last year, and those efforts will intensify throughout 2019. There are at least four likely areas of enforcement activity, say attorneys with Linklaters LLP.
Starting this year, public companies must adopt the Financial Standards Accounting Board's new lease accounting rules, which eliminate the defined term "capital leases." Lenders and borrowers alike will need to consider taking a new approach to drafting credit agreements, says Brad Boericke of Pepper Hamilton LLP.
Alternative dispute resolution providers have made great strides toward diversity, but recent statistics show there is still work to be done. There are certain steps ADR providers can take to actively recruit more women and minority candidates to serve as arbitrators and mediators, says James Jenkins of the American Arbitration Association.
Alternative fee agreements can help align law firm and client interests, increase efficiency and eliminate corporate extortion, among other benefits. They are the best thing to happen to the practice of law in decades, says Kelly Eisenlohr-Moul at Dinsmore & Shohl LLP.
A key 2019 priority for the U.S. Securities and Exchange Commission will be adopting the proposed Regulation Best Interest. Attorneys with Eversheds Sutherland explore the questionable foundation of the Financial Industry Regulatory Authority's claim that it is unnecessary.
Can lawyers lead a revolution? According to "The Clamor of Lawyers: The American Revolution and Crisis in the Legal Profession" — a slim but elegant volume by Peter Charles Hoffer and Williamjames Hull Hoffer — they can and they did, says First Circuit Judge David Barron.
It is important to establish a framework for understanding the privacy and security challenges of blockchain so that the industry can address them, says Steve Snyder of Bradley Arant Boult Cummings LLP.