News and Events for Attorneys and Executives

Banking & Finance

HousingWire Webinar: Digital Montgages – Don’t Get Left Behind

HousingWire Webinar: Digital Montgages – Don’t Get Left Behind

Event, Dec. 14, 2 p.m. EST
HousingWire will present a complimentary webinar on digital mortgages on Thursday, Dec. 14, 2017, at 11 a.m. Pacific time / 2 p.m. Eastern time.

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Legal Symposium to Explore Groundbreaking Terror-Financing Case

Legal Symposium to Explore Groundbreaking Terror-Financing Case

News
Werbner will discuss Linde, et al. v. Arab Bank PLC in a presentation titled, “Fighting Terror-Financing in the Courtroom,” during the State Bar of Texas Litigation Update Institute’s 34th annual course in January 2018.

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SEC Hires General Counsel From Company Under Investigation

News
The state attorney general has been investigating TIAA’s mutual fund and annuity sales practices following a whistleblower complaint filed by TIAA with the SEC, according to The Global Legal Post.

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Wall Street Penalties Have Fallen in Trump’s First Year, Study Says

Wall Street Penalties Have Fallen in Trump’s First Year, Study Says

News
In its latest fiscal year, Wall Street’s top regulator sought the smallest amount of penalties since 2013, a drop that could show a softer approach to policing wrongdoing, Bloomberg reports.

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Insurance Giant Receives New York Subpoena on Sales Practices

News
New York’s attorney general has subpoenaed TIAA, the giant insurance company and investment firm, seeking documents and information relating to its sales practices, according to people briefed on the inquiry, reports The New York Times.

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Dallas-Based Locke Lord Fined for Ethics Violations, “Acting Without Integrity”

News
Dallas-based law firm Locke Lord has received the largest fine ever levied by the profession’s U.K. regulatory body, the Solicitors Disciplinary Tribunal, reports The Global Legal Post.

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Silicon Valley Software Startup, Ex-CEO Fined Nearly $1M

Silicon Valley Software Startup, Ex-CEO Fined Nearly $1M

News
Zenefits will pay a $430,000 penalty and the co-founder/former chief executive has been fined more than $533,000, Reuters reports.

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Senate Kills Rule On Class-Action Suits Against Financial Companies

Senate Kills Rule On Class-Action Suits Against Financial Companies

News
Vice President Pence cast the tie-breaking vote to rollback the Consumer Financial Protection Bureau rule banning restrictive mandatory arbitration clauses found in the fine print of credit card and checking account agreements.

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Lawsuit Alleging General Electric Ripped Off Its Workers Shows the Pitfalls of 401(k) Plans

News
The Los Angeles Times explains that the suit alleges that GE managed the plan for its own benefit by loading it with mutual funds owned by its own subsidiary.

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Jury Slaps JPMorgan Chase with $6 Billion-Plus Verdict in Sabre Creator’s Estate

News
A jury has awarded the widow and heirs of Sabre airline reservation system pioneer Max D. Hopper more than $6 billion in damages after finding JPMorgan Chase in breach of its fiduciary duty in administering the multimillion-dollar Hopper estate.

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Wilmington Trust $60M Settlement Gets Criminal Charges Dropped

News
Wilmington Trust Corp., the only financial institution to be criminally charged in connection with the federal bank bailout program, reached a $60 million settlement with prosecutors Tuesday.

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Feds Accuse Georgia GC of Helping Orchestrate Client’s Ponzi Scheme

News
Georgia lawyer was an “active participant” in fleecing elderly and unsophisticated investors out of their savings, reports the Atlanta Journal Constitution.

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Equifax Breach Caused by Lone Employee’s Error, Former CEO Says

Equifax Breach Caused by Lone Employee’s Error, Former CEO Says

News
The Equifax data breach happened because a single employee failed to implement software fixes, the company’s former chief executive told members of Congress.

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Before the Breach, Equifax Sought to Limit Exposure to Lawsuits

News
Before Equifax discovered a massive computer breach that exposed sensitive information about millions of Americans, the company lobbied Congress on legislation to limit how much it could be forced to pay if sued by consumers, reports The Washington Post.

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Blank Rome Welcomes Former Small Business Administration Deputy GC in Washington, D.C.

News
Blank Rome LLP announces that Martin Teckler has joined the firm as a partner in the Finance group in the Washington, D.C., office.

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Valeant’s Latest Legal Threat Could Be Especially Costly

News
If other investors were to follow Lord Abbett’s lead, Valeant’s legal exposure could balloon,” according to Bloomberg.

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Seven Charged in U.S. Insider Trading Ring

News
The alleged tipster, Daniel Rivas, and James Moodhe, the father of Rivas’ girlfriend, both pleaded guilty to charges of fraud, conspiracy, and making false statements to the FBI, Reuters reports.

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GM Accuses Bankruptcy Trust of Secret $1 Billion Stock Plot

GM Accuses Bankruptcy Trust of Secret $1 Billion Stock Plot

News
As Bloomberg’s Erik Larson explains, the accord will pit GM against the “Old GM” General Unsecured Creditors Trust for the first time since the 2009 bankruptcy sale created the split to save the company.

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Has the Era of the Consumer Class Action Waiver Passed?

Insight
As a result of a rule imposed by the Consumer Financial Protection Bureau, consumer contracts entered into after March 19, 2018, with a wide range of consumer financial services companies will need to be revised in regard to their agreements’ arbitration clauses.

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PwC to Pay $1 Mln to Settle Merrill Lynch Audit Complaint

PwC to Pay $1 Mln to Settle Merrill Lynch Audit Complaint

News
Reuters is reporting that accounting company PricewaterhouseCoopers LLP will pay $1 million to settle a civil complaint alleging it conducted a flawed audit into Merrill Lynch’s compliance with federal brokerage customer protection rules.

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