News and Events for Attorneys and Executives

Banking & Finance

Republicans Introduce Bills to Scrap New Bank Arbitration Rule

News
The new Consumer Financial Protection Bureau rule would ban banks and other financial institutions from forcing arbitration clauses on customers to prevent them from bringing or joining class-action suits, reports The Los Angeles Times.

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CFPB Hits Back at Efforts to Kill Rule Easing Bank Lawsuits

CFPB Hits Back at Efforts to Kill Rule Easing Bank Lawsuits

News
Under the new rule, financial firms are restricted from forcing consumers to resolve their disputes through arbitration, a practice that has been used by the industry for years to keep grievances tied to payday loans, credit cards and other products out of courts, reports Bloomberg.

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My Smart Contract Just Ate $14 Million – Now What?

My Smart Contract Just Ate $14 Million – Now What?

InsightM
A digital currency exchange reported recently that a malfunction in a smart contract is responsible for a $14 million dollar loss of the cryptocurrency ether, reports Jared Butcher in the Steptoe Blockchain Blog.

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HSBC, UBS Settle U.S. Rate-Rigging Litigation; 10 Banks’ Total Payout Tops $408 Million

HSBC, UBS Settle U.S. Rate-Rigging Litigation; 10 Banks’ Total Payout Tops $408 Million

News
If approved by the judge overseeing the case, the settlements would boost the total payout from 10 settling banks to $408.5 million. HSBC and UBS denied wrongdoing.

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Wells Fargo’s $142-Million Sham Accounts Settlement: What You Need to Know

Wells Fargo’s $142-Million Sham Accounts Settlement: What You Need to Know

News
The Los Angeles Times offers some answers to typical questions that consumers may have about the settlement and what it can mean for the customer individually.

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Consumer Watchdog Makes It Easier to Sue Banks and Other Companies

Consumer Watchdog Makes It Easier to Sue Banks and Other Companies

News
The government’s consumer watchdog has finalized a rule that will make it easier for people to challenge financial companies in court, reports The Washington Post.

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Fiduciary Rule Creates Breach of Contract Claim, No Private Right of Action

Insight
A private right of action cannot exist under the BIC exemption because the Supreme Court’s ruling in Sandoval only allows a private right of action to be created by Congress.

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Ex-American Realty CFO Convicted of Falsifying Company’s Accounts

News
American Realty shares lost about $4 billion in market value on one day in 2014 after the company said employees intentionally concealed accounting errors, reports Reuters.

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Law Firm Not Liable for $1.5B Loan Gaffe

Law Firm Not Liable for $1.5B Loan Gaffe

News
A recent ruling means that entities that loaned General Motors $1.5 billion before it went bankrupt cannot sue GM’s law firm, Mayer Brown, for accidentally canceling the collateral on the loan, Courthouse News Service is reporting.

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Shkreli Described by Prosecutors as Spinning ‘Lies Upon Lies’

Shkreli Described by Prosecutors as Spinning ‘Lies Upon Lies’

News
Shkreli is accused of fraud in relation to his control of two hedge funds he ran as well as Retrophin Inc., a pharmaceutical company he founded in 2011. Prosecutors characterize him as a con man.

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Prominent California Lawyer Convicted of Embezzling $300,000

News
A federal jury convicted California lawyer James R. Miller of embezzlement and tax evasion for stealing more than $300,000 from the internet sales company he oversaw as president from 2009 to 2012, reports The Beach Reporter.

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MetLife General Counsel to Step Down After Beating U.S. in Court

News
Bloomberg reports that MetLife Inc. General Counsel Ricardo Anzaldua is stepping down after he helped win a court battle that reversed the government’s designation of the insurer as too big to fail.

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Lawsuit in U.S. Accuses 12 Big Banks of Credit Default Swap Collusion

Lawsuit in U.S. Accuses 12 Big Banks of Credit Default Swap Collusion

News
A small trading exchange on Thursday filed an antitrust lawsuit accusing Bank of America Corp , Citigroup Inc, JPMorgan Chase & Co and nine other banks of conspiring to shut it out of the $9.9 trillion credit default swap market, reports Reuters.

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It’s All Fun and Games Until Someone Sues for Breach of Contract

It’s All Fun and Games Until Someone Sues for Breach of Contract

Insight
A recent federal court case analyzed the ability of a lender to act upon stock pledged to secure a loan, and provides insight into valuable language to be included in the loan documentation, explains Loeb & Loeb LLP.

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Dubious Corporate Practices Get a Rubber Stamp From Big Investors

Dubious Corporate Practices Get a Rubber Stamp From Big Investors

News
Institutional asset managers carry enormous clout across corporate America. So it’s unfortunate that so many of these managers choose to support the status quo for boards, even when investors are ill served, points out The New York Times.

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Hackers Face $8.9 Million Fine for Law Firm Breaches

News
Three Chinese stock traders were ordered to pay $8.9 million in fines and penalties for hacking into two law firms and stealing information on upcoming mergers and acquisitions and then leveraging the information to trade stocks.

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Creating Material Wealth for Business Owners & Labor with ESOPs

Creating Material Wealth for Business Owners & Labor with ESOPs

Event, June 1, 2017, New York
ESOPs are commonly used by an owner seeking to retire, however, in today’s business market of successful start-ups, there’s an opportunity to consider them earlier in the lifecycle of the company.

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Best Practices for Limiting Liability Arising from Smart Contract Vulnerabilities

Best Practices for Limiting Liability Arising from Smart Contract Vulnerabilities

Insight
Jared Butcher, writing in the Steptoe Blockchain Blog, offers six best practices to consider when implementing a smart contract.

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Not an Inside Job: How Two Analysts Became SEC Whistleblowers

Not an Inside Job: How Two Analysts Became SEC Whistleblowers

News
Reuters tells the story of how two analysts who liked to swap notes on numbers they thought looked odd took a fateful step and tipped off U.S. regulators about a company that one of them had watched for months.

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U.S. Bank Fined, Ordered to Pay Remediation for Bankruptcy Filing Violations

U.S. Bank Fined, Ordered to Pay Remediation for Bankruptcy Filing Violations

News
The OCC said that as a result of the bank’s bankruptcy practices, U.S. Bank “has made or will make approximately $29 million in remediation to approximately 22,000 account-holders.”

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