News and Events for Attorneys and Executives

Banking & Finance

Circuit Split – Allowing Receiverships by Contract

News
A post on Bryan Cave’s website discusses a circuit split on the weight courts give contractual provisions allowing the appointment of a receiver in loan documents.

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Special Receiver Appointed in Federal Lawsuit Against Wells Fargo in Texas Case

News
The SEC alleges defendants were operating a Ponzi scheme, with limited returns paid to investors from monies raised from other investors.

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Automatic Renewals of Consumer Contracts: Everything You Ever Wanted to Know But Were Afraid to Ask

Insight
Automatic renewals of consumer contracts should be used with care, particularly in light of recent changes to state automatic renewal laws and increased scrutiny from government officials and class action lawyers, warns a recent post on the website of Drinker Biddle & Reath.

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Recovering Data Breach Losses from Non-Contractual Parties

Recovering Data Breach Losses from Non-Contractual Parties

Insight
Often, the loss initially falls on the financial institution through account or card agreement provisions or deadlines imposed by statutes or regulations, according to a Dykema blog post.

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Securities Lawyers Shocked By Elon Musk’s Tweet, Point to Potential Legal Minefield

Securities Lawyers Shocked By Elon Musk’s Tweet, Point to Potential Legal Minefield

News
Securities lawyers said Telsa’s board would have to form a committee to explore a take-private or risk being accused of skirting their duty, reports CNBC.

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Probate Judge Largely Wipes Out Widow’s Big Verdict Against JPMorgan

Probate Judge Largely Wipes Out Widow’s Big Verdict Against JPMorgan

News
The jury award was the highest in the U.S. for 2017, according to Bloomberg, but the judgment was reduced to $7.1 million, mostly in lawyers’ fees.

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Requiring Buyers to Buy Service Contracts? Read This.

Insight
When a dealer requires a service contract in financing transactions, but not in similar cash transactions, the charge for the service contract must be treated as a finance charge, according to a Hudson Cook post.

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Bitcoin Exchange Operator Faces 40 Years in Jail for Lying to SEC

Bitcoin Exchange Operator Faces 40 Years in Jail for Lying to SEC

News
The virtual currency operator absconded with investors’ assets, exchanging them into U.S. dollars to buy groceries and to pay for travel and other personal expenses, reports Bloomberg Law.

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Biglaw Tries to Persuade Judge Not to Send One of Their Own to Prison

News
Some former colleagues of the lawyer who was convicted of conspiracy to commit securities fraud and conspiracy to commit wire fraud in connection with the “Pharma Bro” case are asking the judge in his case for leniency.

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ITT’s Former Top Executives Settle Fraud Charges With SEC

News
ITT chief executive Kevin Modany and former chief financial officer Daniel Fitzpatrick were chagred with civil fraud in 2015 for allegedly deceiving investors about high rates of late payments and defaults on student loans backed by the company, according to The Washington Post.

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Warren Biro Joins Barnes & Thornburg Entertainment, Media and Sports Practice Group

News
Barnes & Thornburg LLP has added Warren Biro as an associate in the firm’s Entertainment, Media and Sports Practice Group in Los Angeles.

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Seventh Circuit Hands Win to Merchants in Data Breach Case

Seventh Circuit Hands Win to Merchants in Data Breach Case

Insight
Data breaches inflict additional costs on financial institutions, leading those institutions to turn to litigation to recoup their losses from merchants, writes Ehren M. Fournier in a post on the website of Schoenberg Finkel Newman & Rosenberg LLC.

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BofA’s Merrill Admits Misleading Customers, to Pay $42 Million SEC Fine

News
The SEC said Merrill falsely told customers that more than 15.8 million orders worth over $141 billion had occurred in-house, reports Reuters.

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Citigroup Agrees to Pay Fine Over State Libor Probes

Citigroup Agrees to Pay Fine Over State Libor Probes

News
The accord is the latest development in probes by governments around the globe into manipulation of benchmark interest rates, reports Bloomberg.

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Dallas Attorney Indicted for Allegedly Stealing From Client

News
Walter Thomas Finley is charged with felony theft in a case involving the trust fund of an East Texas woman. 

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Defrauded Students of For-Profit Schools Will Stay Indebted, Judge Rules

News
A proposed class of borrowers had asked U.S. Magistrate Judge Sallie Kim to revive an Obama-era policy that promised full debt forgiveness to students defrauded by the now-defunct, for profit Corinthian Colleges, reports Courthouse News Service.

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Wells Fargo Not the Only Bank to Have Created Unauthorized Accounts – But Regulator Won’t Identify Others

News
The Office of the Comptroller of the Currency found “bank-specific instances of accounts being opened without proof of customer consent” as part of a review of more than 40 banks, reports the Los Angeles Times.

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SEC Litigator Jessica Matelis Rejoins Foley in Washington, D.C.

News
Jessica Matelis, who most recently served as a senior counsel in the Division of Enforcement at the U.S. Securities and Exchange Commission, is joining Foley & Lardner LLP’s Washington, D.C. office.

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Goldman Sachs Vice President Charged With Insider Trading

News
Woojae “Steve” Jung, a 37-year-old Korean citizen, is charged with trading illegally on confidential information relating to upcoming transactions and merger negotiations that he was privy to through his job, reports Reuters.

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Seizures, Regulatory Scrutiny Follow Cryptocurrency Hype

Seizures, Regulatory Scrutiny Follow Cryptocurrency Hype

News
State and federal authorities are picking up the pace of investigations into cryptocurrency markets, digital investment promotions and so-called initial coin offerings.

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