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TOP NEWS Trader Slams Prosecution's 'Nonsense' Claim In Euribor Trial
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.
GAO Calls Fannie, Freddie Reform Proposals Shortsighted
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.
Nationstar Asks Fla. High Court To Revisit Attys' Fees Case
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.
Madoff Investors Can't Evade Clawback By Withdrawing Claim
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.
Banking Group Of The Year: Covington & Burling
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.
Final IRS Pass-Through Deduction Rules Snub Team Owners
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.
Bipartisan House Bill Seeks Stricter SEC Insider Trading Rules
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.
Sen. Warren Seeks Info On Mnuchin's Calls To Bank CEOs
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.
BofA Tells High Court 401(k) Row Was Decided Correctly
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.
Forex Suit $300M Fee Objector Slams Class’ Appeal Bond Bid
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.
UK Litigation Roundup: Here's What You Missed In London
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.
Oro Negro Ch. 15 Parties Agree To Mediate Rig Fight
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.
Arent Fox Nabs Ex-CFPB Enforcement Pro In San Francisco
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.
Analysis Skadden's Deal With DOJ Comes With Woes For Greg Craig
Skadden Arps Slate Meagher & Flom LLP called its $4.6 million deal with the U.S. Department of Justice “closure” after failing to register its lobbying work for the Ukrainian government, yet experts say the settlement actually exposes serious legal risks faced by ex-partner Greg Craig and potentially others. Analysis Skadden Began Ukraine Work With Caution, Ended It In Lies
Emails released by the U.S. Department of Justice show how Skadden Arps Slate Meagher & Flom LLP lawyers slowly abandoned caution toward a foreign lobbying law and began openly lying to federal investigators during their engagement with the Ukrainian government from 2012 to 2013. Analysis For Skadden's Brand, Ukraine Scandal A Shot Across The Bow
Skadden’s unregistered lobbying work for the Ukrainian government has cost the law firm $4.6 million in a settlement with the U.S. Department of Justice, but could the debacle cost the firm even more in reputational damage? Analysis Skadden Deal Shows DOJ's FARA Focus Shifting To High Gear
The settlement announced Thursday between Skadden Arps Meagher & Flom LLP and the U.S. Department of Justice is the latest sign of increased enforcement of the current Foreign Agent Registration Act, even as efforts to update the law have gone nowhere. How Skadden's Foreign Agent Scandal Unfolded
Skadden Arps Slate Meagher & Flom LLP has agreed to pay a $4.6 million settlement with the U.S. Department of Justice for failing to register as a foreign agent. Here, we look at how the firm got to this point. Feature Could A Tougher Standard For Law Schools Hurt Diversity?
The American Bar Association’s governing body is poised to vote later this month on a proposal to create stricter standards for law school bar passage rates, a move some say could have a negative impact on the diversity of the legal profession. Feature Behind The Scenes, #TimesUp Fund Gets To Work
The TimesUp Legal Defense Fund, born of a social media hashtag, has grown to $24 million and is so far funding sexual harassment litigation, defamation defense, and public relations on behalf of dozens of women. But most of its work is taking place behind the scenes. Fed. Circ. To Remain Open During Shutdown
The Federal Circuit said in an order published on Friday that it would remain open during the partial government shutdown, with all deadlines remaining in place and all oral arguments proceeding as scheduled, as the federal courts brace themselves to run out of available funds within the coming days. Judge Orders Blue Cross Attys To Shape Up In Antitrust MDL
The Alabama federal judge overseeing sweeping antitrust litigation against the Blue Cross Blue Shield network has said he can no longer wait for the insurance giant’s army of lawyers to marshal themselves into a more manageable group, ordering a dozen attorneys into a "Council of Twelve" to streamline a leadership plan. GC Cheat Sheet: The Hottest Corporate News Of The Week
Two new reports found that in-house lawyers are increasingly looking for nontraditional perks such as flexible work arrangements and paid meals in addition to hefty bonuses, and that law firm leaders in the new year are overall fairly confident about their own shops' prospects but have more gloomy predictions about the domestic and global economies. These are some of the stories in corporate legal news you may have missed in the past week. In Case You Missed It: Hottest Firms And Stories On Law360
For those who missed out, here's a look back at the law firms, stories and expert analyses that generated the most buzz on Law360 last week. Podcast Law360's Pro Say LIVE: SDNY Chief Talks Women In The Law
This week the Pro Say podcast is live from the New York State Bar Association's annual meeting, talking with the chief judge of the Southern District of New York about how women are faring in the legal profession.
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