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National Law Journal

FBI 'Pressure on Companies'?: DOJ Launches New Whistleblower Awards Program

Having 120 days to self-report corporate wrongdoing for a nonprosecution agreement "puts pressure on companies," Arnold & Porter Kaye Scholer partner Jane Norberg said. "This puts pressure on doing internal investigations quickly."
4 minute read

New York Law Journal

Beneficial Owner of Bond Debt Has Standing to Sue, New York Judge Rules

The decision from Manhattan Acting Supreme Court Justice Joel Cohen of the Commercial Division helps further clarify which bondholders are able to pursue legal claims.
3 minute read

New York Law Journal

Hedge Fund Executives Convicted of $1.7B Fraud Scheme by Federal Jury

GPB Capital founder David Gentile could face up to two decades in prison with co-defendant Jeffry Schneider for running a Ponzi-like scheme involving $1.7 billion.
2 minute read

New York Law Journal

UBS Sues Bank of America for $200 Million Over Indemnification Breach

The complaint, filed in Manhattan state court on Wednesday, alleges Countrywide Financial – which was purchased by Bank of America in 2008 – agreed to cover legal costs stemming from residential mortgage-backed securities that were backed by Countrywide's mortgage loans.
2 minute read

Law.com

Messner Reeves Salt Lake City Managing Partner Accused of Stealing $10M from Escrow Deposits for Fraudulent Loan Provider

"It's a very unusual thing for borrowers to take out huge sums of money to be able to borrow money," the plaintiffs' attorney Howard W. Foster said about the Utah lawsuit. "It's backwards; you have to put up a ton of money in order to borrow money. I've never heard of anything like that. It's not going to stop until the court steps in."
5 minute read

Law.com

Fox Rothschild Files Fraud Suit Against Digital Banking Platform Scammers Accused of Illegally Transferring $5.7M to Truist Bank Account

Several fraudulent transactions were executed from Le Vian's accounts to the fake beneficiaries with Truist bank accounts. Truist has returned nearly $400,000 in stolen funds, while just short of $1.6 million is still fraudulently held in the accounts, the complaint said.
3 minute read

New York Law Journal

'An Entrepreneur and a Visionary': US Judge Sentences Ex-Crypto Exchange Founder to Time Served

The judge explained that under the American Bar Association's "shadow guidelines"—an alternative the United States Sentencing Commission's sentencing guidelines—he felt that Anatoly Legkodymov had already served a sentence in that range during pre-trial detention.
4 minute read

Corporate Counsel

FINRA Hires Senior JPMorgan Chase Attorney to Lead Beefed-Up Enforcement Team

Julie Glynn is boomeranging back to FINRA, where she spent seven years as an enforcement attorney before joining the banking giant in 2011.
3 minute read

Corporate Counsel

Fintech Veteran Takes Legal Reins of Startup Aiming to Disrupt Banking Globally

Damier Xandrine said she was drawn to the mission of Tala, which through an app offers microloans globally of between $10 and $500.
3 minute read

The Legal Intelligencer

Pro Se Plaintiff Wins Appeal in Conversion Case Against Big Law-Backed Bank

"Taking on a big bank like Wells Fargo by myself was tough, but the facts and the law were on my side," the plaintiff said. "I'm glad the Superior Court got it right and overturned the trial court's decision."
3 minute read

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