News and Events for Attorneys and Executives

Banking & Finance

HSBC to Pay $765 Million in Settlement Over Pre-Crisis Mortgage Bonds

HSBC to Pay $765 Million in Settlement Over Pre-Crisis Mortgage Bonds

News
Housing Wire is reporting that HSBC will pay $765 million to the federal government as part of a settlement that covers the bank’s mortgage bond activities in the run-up to the housing crisis.

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Contract Roulette: The Top Five Agreements That Get Businesspeople into Trouble

Contract Roulette: The Top Five Agreements That Get Businesspeople into Trouble

Insight
You can do a lot of damage with a signature, warns Jack Garson of Garson Law LLC in Bethesda, Maryland. You can go broke.

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Elon Musk’s SEC Settlement Could Have Gone So Much Worse

Elon Musk’s SEC Settlement Could Have Gone So Much Worse

News
The SEC’s initial suit sought to bar the CEO from becoming an officer or director for any public company, perhaps for life, according to Wired.

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Three Charged in $364M Scheme That Paid for Splurges on Diamonds, Bugattis and Mansions

News
A federal grand jury has indicted three men for what officials describe as a $364 million Ponzi scheme to defraud investors, reports The Dallas Morning News.

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Former Locke Lord Partner Indicted on Charges Related to Alleged Cryptocurrency Ponzi Scheme

Former Locke Lord Partner Indicted on Charges Related to Alleged Cryptocurrency Ponzi Scheme

News
According to the indictment, Mark S. Scott was part of a conspiracy to conceal the source of $400 million in process from an alleged pyramid scheme involving a purported cryptocurrency, OneCoin.

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Citigroup Pays $12 Million to Settle Dark Pool Probe

Citigroup Pays $12 Million to Settle Dark Pool Probe

News
The bank will pay a penalty of $6.5 million and disgorgement and prejudgment interest totaling $5.4 million, while its affiliate, Citi Order Routing and Execution, will pay a penalty of $1 million.

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SEC Says Biotech Billionaire CEO Took Part in Pump-and-Dump Schemes

SEC Says Biotech Billionaire CEO Took Part in Pump-and-Dump Schemes

News
In a lawsuit filed in federal court in New York, the SEC alleged OPKO Health chairman and CEO Phillip Frost took part in three pump-and-dump schemes between 2013 and 2018, according to MedCity News.

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JPMorgan Chase Will Pay $24 Million to End Lawsuit From Black Advisers

JPMorgan Chase Will Pay $24 Million to End Lawsuit From Black Advisers

News
The company will also put $4.5 million into a fund that will back recruitment, bias training, a review of branch assignments and a coaching program for black advisers.

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Judge Rejects Ex-Bank Executives’ Bids for Acquittals, New Trials

News
Judge Richard Andrews refused to enter judgments of acquittal or set new trials for the former Wilmington Trust executives.

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Ex-Biglaw Partner Gets 18 Months in Prison for Role in Shkreli Fraud

News
The former lawyer who helped “Pharma Bro” Martin Shkreli defraud investors landed just one and a half years in prison for his role in the crime.

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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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