A Connecticut federal judge on Monday axed the criminal spoofing and commodities fraud counts facing a former UBS AG trader accused of scheming to manipulate the precious metals market, blasting the government’s handling of the case and refusing to scrap its remaining conspiracy charge in order to let federal prosecutors have a mulligan.
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Ex-UBS Trader Gets Spoofing, Fraud Counts Nixed Over Venue

A Connecticut federal judge on Monday axed the criminal spoofing and commodities fraud counts facing a former UBS AG trader accused of scheming to manipulate the precious metals market, blasting the government’s handling of the case and refusing to scrap its remaining conspiracy charge in order to let federal prosecutors have a mulligan. Read more »

Ex-Skadden Atty Pleads Guilty To Lying In Mueller Probe

A former Skadden Arps Slate Meagher & Flom LLP lawyer pled guilty Tuesday to lying to officials in Special Counsel Robert Mueller’s investigation into Russian meddling in the 2016 presidential election. Read more »

Judge Nixes LendingClub Investor Bid For Underwriter Docs

Morgan Stanley, Goldman Sachs and the other underwriters of LendingClub Corp.'s $1 billion initial public offering for now don't have to produce roughly a thousand documents sought by a class of investors suing the peer-to-peer lending company for alleged stock fraud, a California federal judge ruled Tuesday. Read more »

High Court Turns Away Fannie, Freddie Investor Appeals

The U.S. Supreme Court on Tuesday denied a plea from investors hoping for reconsideration of their case challenging the federal government’s conservatorship of Fannie Mae and Freddie Mac, reinforcing a lower court’s ruling that the Federal Housing Finance Agency cannot be sued over its role in managing the mortgage finance duo. Read more »

Wilmington Suit Over Ex-Chesapeake CEO's $464M Debt Stays

A New York federal judge on Friday largely left intact a suit brought by Wilmington Trust National Association over a $464 million loan guaranty from the late Chesapeake Energy CEO and part-owner of the NBA's Oklahoma City Thunder, finding the court has jurisdiction to hear the case. Read more »


2nd Circ. Upholds Forfeiture Order In $10M Tax Fraud Case

The statute of limitations on a motion for relief from a federal court judgment starts running when the court issues its initial decision, and the clock doesn’t reset when the court issues its reasoning afterward, a Second Circuit panel held Friday in an appeal of settling title to property forfeited in a $10 million tax fraud case. Read more »

HSBC Faces $1.5B In Fines From Swiss Tax Evasion Probes

HSBC Holdings PLC could be hit with fines exceeding $1.5 billion from investigations around the world into allegations of tax evasion and money laundering at its Swiss private-banking subsidiary and other operations, according to the bank's annual report published Tuesday. Read more »

RBS Report Shows 'Systematic' Customer Mistreatment

Parliament’s Treasury Committee on Tuesday published an in-depth report on the Royal Bank of Scotland PLC, revealing "systematic" inappropriate treatment of small and midsized businesses, thwarting efforts by the Financial Conduct Authority to keep the document under wraps. Read more »


Supreme Court Rejects Investor's Claims On Tax Shelter

The U.S. Supreme Court on Tuesday rejected an investor’s appeal contesting the Internal Revenue Service’s disallowance of tax benefits being claimed from a tax shelter known as “BLIPS” that was promoted by KPMG. Read more »

Stanford Ponzi Deal Wrongly Bars Claims, 5th Circ. Hears

Hundreds of investors in the Stanford Ponzi scheme urged the Fifth Circuit on Monday to overturn a $120 million deal settling claims that broker Willis Ltd. fraudulently induced their investments, arguing that the settlement funds inexplicably go to the Stanford receiver and the terms of the deal indefensibly bar further claims against Willis. Read more »

Fed. Circ. OKs Killing Money Transfer Patent Under Alice

The Federal Circuit on Tuesday upheld U.S. District Judge Rodney Gilstrap’s decision to invalidate claims in four Integrated Technological Systems Inc. patents tied to money transfers in the newest of several high-profile decisions over how to interpret the U.S. Supreme Court’s Alice test. Read more »

London Trumps NY As Citi's €290M Securities Dispute Venue

A High Court judge ruled Tuesday that a claim filed by Citibank NA over the status of €290 million ($356 million) of debt securities will be decided in the English courts, dismissing the arguments from several defendants that New York would be a more appropriate jurisdiction. Read more »


4 Cos. Restock IPO Pipeline With Filings Totaling $300M

Four companies, spanning the life sciences, technology and banking industries, have filed initial public offerings that are preliminarily estimated to raise $300 million, adding new potential deals to an IPO pipeline that has thinned out in recent weeks. Read more »

Harbor Drops $56M On Offices Via Goldman, Blue Vista JVs

Harbor Associates LLC has picked up a pair of California office properties through separate transactions, one through a joint venture with private equity shop Blue Vista Capital Management and another with Goldman Sachs, for a total of $56 million, the Long Beach-based firm announced on Monday. Read more »

Deals Rumor Mill: Deutsche Bank, Tesco, United Arab Bank

Deutsche Bank is planning to list its asset management arm next month, Booker investors are being urged to reject Tesco's $4.6 billion takeover offer, and the Commercial Bank of Qatar is looking to sell its stake in United Arab Bank to Tabarak Investment. Read more »


Swift Action Called For In Pacific Drilling Ch. 11 Case

Turning down calls for mediation in the Chapter 11 case for Pacific Drilling, a New York bankruptcy judge on Tuesday questioned the company’s reorganizing efforts to date and said he expects quick signs of progress in its restructuring plan talks with creditors. Read more »

$300M Emergency Loan Approved For Puerto Rico Electric Co.

Puerto Rico’s ailing power utility on Monday was authorized to accept a $300 million unsecured loan from the commonwealth to stave off an imminent blackout, after the utility’s creditors successfully fought off an earlier $1 billion secured loan proposal. Read more »



15 Minutes With Discover Financial Services' General Counsel

Kelly McNamara Corley, who has served as executive vice president, general counsel and secretary of Discover Financial Services since 2008, shared with Law360 how the company prioritizes diversity and inclusion and what keeps her up at night, as technology continues to develop rapidly. Read more »


Lessons From Rabobank's Anti-Money Laundering Failures

Rabobank's $368 million resolution of an investigation into the bank's anti-money laundering program has several parallels with other recent Bank Secrecy Act actions that financial institutions may wish to consider in assessing their compliance programs, say attorneys with Paul Weiss Rifkind Wharton & Garrison LLP. Read more »

A Review Of Cross-Border Investigations In 2017: Part 1

A number of significant corporate resolutions were reached in 2017, which have provided guidance on the level of cooperation expected by criminal and civil authorities, primarily in Europe. Meanwhile, the divergent approaches to legal privilege taken by courts in different jurisdictions provide significant challenges to those conducting cross-border internal investigations, say attorneys with Cleary Gottlieb Steen & Hamilton LLP. Read more »



Russia, Ukraine Ties Mark Ex-Skadden Atty Snared By Mueller

Six years ago, Skadden associate Alex van der Zwaan was just one of several junior members of a firm team that wrote a controversial report about the prosecution of an ex-Ukrainian prime minister — a lucrative job arranged by Paul Manafort, now a Russia probe defendant. But van der Zwaan’s client list belies any junior lawyer status. Read more »

Pro Bono Spotlight

Akin Gump Secures Asylum For US Military Interpreter

Afghan native Abdul Samey Honaryar should not have spent a year detained in the custody of the same government he served as a war zone translator, his Akin Gump Strauss Hauer & Feld LLP attorneys told Law360. Read more »

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