By Commentary by Milton Vescovacci and Adam Miller | August 30, 2017
This article highlights potential problems regarding what the Financial Industry Regulatory Authority (FINRA) refers to as digital investment advisers, but what we hereinafter call robo-advisers, and is not intended as an argument against their use. We accept as fact the usefulness of computerization as we accept the uselessness of unpassed regulations, write attorneys Milton Vescovacci and Adam Miller.
By Joseph Evans | August 28, 2017
Morrison & Foerster and Skadden Arps Slate Meagher & Flom are advising on a deal in which Japanese telecommunications company SoftBank Group is investing $4.4 billion into U.S. workshare space company WeWork.
By R. Robin McDonald | August 28, 2017
Calling out attorneys with the U.S. Consumer Financial Protection Bureau for their "blatant disregard" for judicial instructions, U.S. District Judge Richard Story in Atlanta sanctions the agency by dismissing four payment-processing companies from a civil case over debt collection abuses.
By C. Ryan Barber | August 28, 2017
The Consumer Financial Protection Bureau has prevailed in its latest standoff with a law firm, as a federal judge ordered the California-based Seila Law to respond to the agency's demand for records related to debt relief services. A judge wasn't impressed with what she called a law firm's "cleverly" use of ellipses in the attack against the subpoena.
By Sue Reisinger | August 25, 2017
Nearly a decade after the financial crisis, costs related to conduct still continue to cost banks big time.
By F. Paul Greene | August 25, 2017
F. Paul Greene writes: The day has finally arrived for the financial services industry in New York. The new cybersecurity regulations issued by the New York State Department of Financial Services are officially in force, and for the first time, a single state is regulating cybersecurity on a potentially global scale, and it has done so via the regulatory process, not legislative action.
By C. Ryan Barber | August 25, 2017
Here's a weekly roundup of big regulatory news, including CFPB Director Richard Cordray taking to the NYT op-ed pages to defend his agency's new anti-arbitration rule; Colorado telling the feds to be more chill on marijuana; and ex-Uber engineer Susan Fowler, who exposed hostile-work complaints, taking her story to the U.S. Supreme Court.
By Greg Land | August 24, 2017
Lawyers for Wells Fargo Bank squared off against those representing what they hope remains a class of plaintiffs challenging the bank's overdraft practices at the Eleventh Circuit Court of Appeals on Thursday.
By C. Ryan Barber | August 24, 2017
Wells Fargo, represented by Gibson, Dunn & Crutcher, mounts an appeal to challenge the wrongful-termination claims of a former branch manager in California who alleged she was fired after blowing the whistle on bankers opening new accounts without proper authorization. OSHA ordered the bank to reinstate the whistleblower, and pay $577,500 in back pay and damages.
By James Booth | August 23, 2017
The global legal giant has made a double partner hire for its leveraged finance practice in London and Hong Kong.
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