News and Events for Attorneys and Executives

Banking & Finance

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.

Continue Reading »

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.

Continue Reading »

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.

Continue Reading »

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.

Continue Reading »

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.

Continue Reading »

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.

Continue Reading »

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.

Continue Reading »

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.

Continue Reading »

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.

Continue Reading »

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.

Continue Reading »

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.

Continue Reading »

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.

Continue Reading »

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.

Continue Reading »

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.

Continue Reading »

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.

Continue Reading »

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.

Continue Reading »

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.

Continue Reading »

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.

Continue Reading »

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.

Continue Reading »

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. 

Continue Reading »

image_pdfimage_print
Top