After soaring to unprecedented prominence during the 2010s, the False Claims Act is flying into the 2020s against new headwinds, including executive branch actions to curtail cases, diminished litigation fodder and nettlesome decisions by the U.S. Supreme Court.
Attorneys representing banks and other financial institutions that sued over Home Depot's 2014 data breach won a $15.2 million fee award on Friday after the Eleventh Circuit nixed an earlier award and asked the Georgia federal court that handled the case to take another look.
Cantor Fitzgerald has reportedly renewed its leases at two midtown Manhattan buildings, Butters Construction & Development is said to have paid $13 million for a Florida office building, and Elion Partners has reportedly dropped $25.85 million on two Florida warehouses.
One of the investor classes pursuing the massive Libor-rigging litigation has sought preliminary approval for settlement with Societe Generale SA and in so doing disclosed a payout of just over $5 million in New York federal court that will put the class up to $187 million worth of settlements with major banks.
The Third Circuit said Friday it will not rehear a case over whether Bear Stearns & Co. Inc. skirted bankruptcy law by auctioning off to itself a set of mortgage-backed securities that it held as collateral on a defaulted loan to HomeBanc Mortgage Corp.
Cadwalader Wickersham & Taft LLP may be one of the oldest law firms in the country, but its banking attorneys are at the cutting edge of the financial services industry's efforts to leave behind what has been called the world's most important number, earning a spot among Law360's 2019 Banking Practice Groups of the Year.
The past week in London has seen two luxury car lenders drive a contract dispute into court, the liquidators of a Saudi billionaire's offshore holding company set its sights on a hedge fund, and a financial services company target the families behind a maritime engineering business.
A London appeals court ruled on Friday that a subsidiary of AIG does not owe 23 former executives some $108 million in deferred bonuses earned before the financial crisis because the company took a massive loss when it was bailed out by the U.S. government.
A New York federal judge has given his thumbs-down to a Chase credit card holder's proposed class action that banking industry groups have warned could upend trillions of dollars in asset-backed securitizations, concluding that the state-law usury claims at issue in the case are preempted.
A trio of Senate Democrats took aim at what they say are "plainly inadequate" transparency rules for amicus briefs at the U.S. Supreme Court, saying a wave of recent court filings opposing the Consumer Financial Protection Bureau are the result of "a small and powerful cabal of self-interested entities."
Nearly two dozen state attorneys general have told the U.S. Supreme Court that nixing a structural element of the Consumer Financial Protection Bureau doesn’t also require invalidating the agency entirely or related provisions of the Dodd-Frank Act, as a California law firm has asserted in its constitutional challenge to the agency.
Tax authorities in five countries including the U.S. issued subpoenas and warrants this week as part of a joint investigation into a financial institution in Central America, the Internal Revenue Service said Thursday.
Goldman Sachs' chief executive revealed Thursday the investment bank will no longer take a company public in the U.S. or Europe if its board is composed entirely of white men, noting that board diversity is tied to better returns.
The U.S. Department of Education has asked a California federal court not to jack up the $100,000 sanction it slapped Education Secretary Betsy DeVos with last year after her department violated a court order by billing thousands of students with loans tied to the disgraced and defunct Corinthian Colleges.
Federal prosecutors and a former trader who pled guilty to spoofing on the Chicago Mercantile Exchange have asked an Illinois federal court for a prison sentence that would send him home soon and credit him with time already served in American and Australian custody.
A class of purported victims of a cryptocurrency mining Ponzi scheme asked a Connecticut federal judge not to take away its certification at the behest of a crypto investor facing secondary liability claims over the scheme.
The Office of the Comptroller of the Currency said Thursday that it is bringing enforcement actions against five former Wells Fargo executives and has reached settlements with three others over their alleged roles in the bank's sales practices scandal, including a $17.5 million fine for former CEO John Stumpf.
Swiss lender Credit Suisse denied knowing about a $2 billion fraud and bribery scam tied to loans the bank made to Mozambique, rejecting the African country’s claims that it’s liable for the actions of three of its former employees.
Two dozen members of Congress told the U.S. Supreme Court on Wednesday that stripping the U.S. Securities and Exchange Commission's power to seek disgorgement in civil cases would upend decades of legislation and buck sound precedent undergirding the nation's securities laws.
PNC Bank and its parent company have agreed to pay $2.75 million to put to rest two suits from customer service workers claiming they were forced to perform job tasks off the clock and without pay, according to a motion for settlement approval filed Tuesday.
Twenty-one state attorneys general told the U.S. Office of the Comptroller of the Currency on Tuesday that its proposed rule addressing the fallout from the Second Circuit's Madden decision would enable predatory lending and goes beyond its statutory authority.
The head of the Office of the Comptroller of the Currency said Wednesday that he is not inclined to give more time for the public to weigh in on a proposed overhaul of regulations requiring banks to lend in underserved communities, despite objections from Democratic lawmakers and advocacy groups that the rules changes are being rushed through.
Bankrupt milk supplier Borden Dairy Co. defended its proposed use of cash reserves Wednesday, telling a Delaware bankruptcy judge that lenders' claims that they have liens on the cash are unfounded and not supported by the loan documents governing the secured debt.
A New Jersey federal judge sentenced Gilmore & Monahan PA name partner and onetime Republican power broker George Gilmore to a year and a day in prison for payroll tax violations and a falsified bank loan application, saying Wednesday that his psychological troubles warranted a shorter sentence than the government sought.
A Texas appellate court has tossed securities fraud claims brought by investors against pigment maker Venator Materials PLC, its executives and underwriters, ruling a state court has no jurisdiction over those groups and their alleged roles in delaying the release of information about a fire at a production facility.
Groundbreaking rules from the American Bar Association impose new standards on how law firms can govern departing lawyers’ contact with clients, placing major restrictions on this ubiquitous practice, say Amy Richardson and Hilary Gerzhoy at Harris Wiltshire.
The Eleventh Circuit's recent opinion in Principle Solutions v. Ironshore demonstrates courts' willingness to adopt a reasonable view of insurance coverage for cybercrime, while the dissent serves as a warning against outdated provisions, say Patrick Cordova and Caroline Meneau of Jenner & Block.
Increasing congressional support for leadership, programs and legislation that prioritize corporate diversity and inclusion is pushing financial services companies to recognize the importance of equitable performance metrics that focus on results, say Weldon Latham and Michael Hatcher at Jackson Lewis.
Lawyers can draw a number of useful lessons about reputation management from the efforts of former Nissan executive Carlos Ghosn — who recently escaped house arrest in Tokyo — to restore his sullied reputation, says Elizabeth Ortega at ECO Strategic Communications.
The Public Company Accounting Oversight Board's modest increase in enforcement actions in 2019 suggests the board's 2020 priorities will include non-U.S. firms, quality control standards, workpaper accuracy and independence violations, says Robert Cox of Briglia Hundley.
The MLB's recent disciplinary action against the Houston Astros for stealing other teams' hand signals underscores compliance lessons for banks and other financial institutions, whose regulators are similarly focused on insufficient institutional controls, say Mitchel Kider and Michael Kieval at Weiner Brodsky.
In Arizona's case challenging California's doing business tax, the solicitor general's recently filed amicus brief arguing that Arizona's constitutional challenge does not warrant the U.S. Supreme Court’s exercise of its original jurisdiction may signal the end of Arizona's attempt to bypass state court, say Robert Merten and Mike Le at Pillsbury.
Last year, three court decisions addressing the Financial Institutions Reform, Recovery and Enforcement Act's civil monetary penalties provision — two at the final judgment stage and one at the pleadings stage — expanded FIRREA jurisprudence and remind us why this statute cannot be ignored, say attorneys at Morgan Lewis.
The Office of Foreign Assets Control's recent declaration that a Lebanese art dealer's gallery was used to conceal Hezbollah financing is a reminder to the art community of the need for strict compliance with U.S. criminal anti-money laundering laws, say Nicole Horowitz and Brendan Hanifin of Ropes & Gray.
During the last 10 years, the need to embrace change was fundamental for law firms, and that change affected associates in many ways — most, but not all, for the better, says Brad Kaufman, co-president of Greenberg Traurig.
Oral arguments in Thole v. U.S. Bank suggested the U.S. Supreme Court is willing to explore whether Employee Retirement Income Security Act plaintiffs have constitutional standing to sue over an adequately funded plan — even though the lower courts sidestepped the issue, say attorneys at King & Spalding.
In upholding the dismissal of fraudulent conveyance claims against former shareholders of the bankrupt Tribune Company, the Second Circuit may have laid out a path for parties looking to stay within a crucial Bankruptcy Code safe harbor provision, say attorneys at Cadwalader.
The Federal Reserve's development of a real-time payment and settlement service raises important questions related to consumer protection, litigation risk, and fraud and overdraft liability, say Ling Ling Ang at NERA Economic Consulting and Judy Mok at Ballard Spahr.
A flurry of year-end activity, including three petitions before the U.S. Supreme Court and a spate of proposed legislation, requires a recap on the current status of the debate over the Federal Trade Commission's Section 13(b) authority to obtain permanent injunctions and restitution, say John Villafranco and Khoury DiPrima of Kelley Drye.
Financial institutions should consider the implications of potential changes at the Consumer Financial Protection Bureau next year contingent on the U.S. Supreme Court’s pending Seila Law decision and the 2020 presidential election, say Eric Mogilnicki and David Stein at Covington.