An organization headed up by a former chairman of the U.S. Commodity Futures Trading Commission on Friday published a white paper proposing an approach for developing a national digital currency, highlighting that the economic fallout from the coronavirus pandemic underscores the utility for such an initiative.
U.S. Bank NA shot back at Commerzbank's bid to reconsider a court order trimming the German bank's suit over U.S. Bank's stewardship of pre-crisis residential mortgage-backed securitization trusts, telling a New York federal court that its ruling resolved several issues and needs "no epilogue."
The Office of the Comptroller of the Currency issued a final rule Friday stating that interest rates established on bank-originated debt remain valid even after the debt is transferred to a nonbank partner, an action aimed at clearing up a yearslong controversy that called the longstanding "valid when made" doctrine into question.
The COVID-19 pandemic has caused widespread economic hardship for businesses of all sizes, with stay-at-home orders just now starting to be lifted after months in effect. Among the bipartisan actions taken by the federal government to support the business community was a concerted effort to provide forgivable loans to small businesses.
The tidal wave of corporate debt offerings in recent months has enabled companies to raise billions in cash and gain much-needed breathing room to navigate the coronavirus pandemic, setting records and ushering in several first-of-their kind deals along the way.
A New Jersey federal judge is standing firm in long-running litigation accusing Bankrate of trying to run a smaller rival out of business, saying Friday that she wouldn't reconsider her decision to end the 13-year-old saga in favor of the larger rate provider.
Hundreds of investors accusing banks of plotting to manipulate foreign exchange rates can move ahead with the bulk of their antitrust suit, a New York federal judge has ruled, while also limiting the claims they are allowed to pursue.
A private equity financier has filed suit against Pittsburgh law firm Elliott & Davis PC and its client, the husband of a high-profile Indian technology executive, saying the firm has been paid with funds owed to the lender as part of a $134 million judgment in a separate case.
President Donald Trump announced on Friday that he will begin to strip away Hong Kong's special trading status in the wake of the U.S. Department of State's determination that the region is no longer autonomous from China, further ratcheting up his showdown with Beijing.
A federal judge in California on Thursday denied a bid for class certification in a suit accusing a green home upgrades financing company of misrepresenting the terms of its loans, telling the borrowers they didn't show they had actually viewed various versions of the company's alleged misrepresentations.
Barclays Bank PLC should have to hand over all of the legal advice it received before paying Qatar millions of pounds for advisory services during the financial crisis, as it has waived any privilege over the communication, a private equity firm suing the bank argued Friday.
The past week in London has seen German financier Lars Windhorst dragged into court by a hospitality company, an Emirati lender sue former executives of a scandal-hit health company, and a bank representing the estate of musical artist Prince file IP claims against a unit of a major record label.
A judge formally declared on Friday that the administrators for the European subsidiary of Lehman Brothers are not liable for their work in securing assets on behalf of creditors of the defunct investment bank after the committee failed to clear the PricewaterhouseCoopers employees before disbanding.
A Seattle federal judge made an educated guess this week that civil and criminal jury trials in the Western District of Washington will likely not resume until at least 2021 due to the spread of the deadly coronavirus.
A nearly unanimous House on Thursday approved a bill that would give more time and flexibility to businesses that receive forgivable loans through the Paycheck Protection Program, but Republicans defeated a proposal for public disclosure of all loans over $2 million.
With Paycheck Protection Program fraud cases popping up across the country like spring flowers, thousands of lenders that have participated in the coronavirus relief loan program could be forgiven for worrying the crackdown is coming for them too. But experts say banks can rest easy, at least for now, with the primary focus still on borrower fraud.
The U.S. Department of Justice accused 28 North Korean bankers of helping launder more than $2.5 billion out of the sanctioned country in a scheme that involved setting up secret branches of a state-owned bank in foreign countries, according to an indictment unsealed in D.C. federal court Thursday.
A BigLaw firm and the NBA face lawsuits over allegedly delinquent rent payments, House Republicans are suing Speaker Nancy Pelosi over proxy voting amid the ongoing pandemic and Enterprise Rent-A-Car employees say the company should have warned them that mass layoffs were on the horizon.
The loan servicer for a Pittsburgh-area shopping center said a major tenant's rent reduction was a valid trigger for diverting all the tenants' rents toward its debt repayment and said the mall couldn't cite the COVID-19 pandemic to get an emergency injunction, according to filings in federal court Thursday.
The Trump administration's declaration that Hong Kong is no longer autonomous from China has opened the door for a wave of potential new trade and investment restrictions that could severely curtail American companies' ability to do business in the region.
In Law360's latest roundup of deal-makers on the move, Sidley Austin nabbed Shearman & Sterling's former head of global leveraged finance and private capital; Baker McKenzie added a banking and finance pro in Hong Kong; and Orrick picked up an M&A and private equity partner in Paris.
Mubadala and Twitter are separately considering $1 billion investments in Jio Platforms, Volkswagen is on the verge of buying stakes in two Chinese electric vehicle companies and Amazon might purchase self-driving technology startup Zoox. Here, Law360 breaks down these and other deal rumors from the past week that you need to be aware of.
The U.S. Securities and Exchange Commission asked a Utah federal judge Wednesday to grant a $2.5 million default judgment against the incarcerated owner of an online advertising business following a 2017 injunction against the alleged international Ponzi scheme.
The English courts must determine who the U.K. government formally recognizes as president of Venezuela before hearing any bid for forcing the release of €930 million ($1 billion) of the country's gold from the Bank of England's vaults, a London judge ruled Thursday.
Federal prosecutors on Wednesday contended that a former Goldman Sachs banker had played a critical role in an insider trading plot and should spend three years in federal prison, the global pandemic notwithstanding, but added that he shouldn't have to start that sentence until it was safe to do so.
Attorneys at WilmerHale highlight recent developments in privilege law, the significant challenges raised by nontraditional working arrangements popularized during the pandemic, and ways to avoid waiving attorney-client privilege when using electronic communications.
The Small Business Administration’s Paycheck Protection Program loan forgiveness application and interim final rule give borrowers the guidance to make critical operational decisions, but also perpetuate ambiguity, complicated calculations and the threat of investigations, says Amal Dave at Arent Fox.
To properly manage outside counsel, it's imperative for a company's legal department to implement and maintain rules on what they will and won't pay for, on staffing cases and requesting rate increases, and on how matters will be handled, says Chris Seezen at Quovant.
Expansion of the Anti-Terrorism Act to include secondary aiding and abetting claims, in conjunction with a stream of pro-plaintiff legislation, is increasing both liability and loss-of-reputation risk for private companies and banks operating in troubled foreign regions, say attorneys at Skadden.
While pulling off an effective summer associate program this year will be no easy feat, law firms' investments in their future attorneys should be considered necessary even during this difficult time, says Summer Eberhard at Major Lindsey.
The California Supreme Court’s holding that unfair competition and false advertising claims don’t need to be tried by a jury in Nationwide Biweekly v. Superior Court creates a framework for analyzing causes of action under other state laws that could steer courts to similar conclusions, says Patrick Hammon at McManis Faulkner.
While Latin American governments respond to pandemic-related financial needs, multinational companies face elevated compliance risks from increased interaction with government officials, and new enforcement policies related to the misappropriation of funds, expedited government contracting, increased transparency and monitoring, and international cooperation, say attorneys at K&L Gates.
History suggests that legal malpractice claims will rise following the current economic downturn, and while a certain percentage of the claims will be unavoidable, there are prophylactic steps that law firms can take, says John Johnson at Cozen O'Connor.
In its haste to enact COVID-19 relief legislation, Congress overlooked exempting federal stimulus payments from garnishment by private creditors — an omission that is causing additional financial pain for individuals and small businesses, and difficulty for banks, say John Culhane and Lori Sommerfield at Ballard Spahr.
The U.S. Supreme Court’s upcoming opinion in Liu v. U.S. Securities and Exchange Commission may call into question when Foreign Corrupt Practices Act settlements should be subject to disgorgement, say Matthew Rutter and Neal Hochberg at Charles River Associates.
Even though the Office of Foreign Assets Control has acknowledged COVID-19 challenges, the agency still expects companies to take a risk-based approach to sanctions compliance by routinely updating programs that reflect their individual business models, customer bases and geographic operations, say Mario Mancuso and Abigail Cotterill at Kirkland & Ellis.
During the current pandemic, counsel for energy companies must be prepared for the market condition known as contango — where short-term and long-term energy prices operate differently — and with pressure from banks providing reserve-based lending facilities, says Cameron Kinvig at Lexis Practice Advisor.
Concerns that videoconferenced arbitration hearings compromise an arbitrator's ability to reliably resolve credibility contests are based on mistaken perceptions of how many cases actually turn on credibility, what credibility means in the legal world, and how arbitrators make credibility determinations, says Wayne Brazil at JAMS.
Recent class actions challenging how lenders prioritized Paycheck Protection Program applications or alleging failure to pay agent fees to those facilitating loan applications may be based on the flimsiest of legal theories, however risks still exist, as we saw earlier this month in a Michigan federal court decision, say Richard Gottlieb and Brett Natarelli at Manatt.
A recent commitment from the European Union's commissioner for justice to introduce rules for mandatory corporate human rights due diligence next year may signal the arrival of this issue as a global business imperative, making it as fundamental as anti-corruption diligence, say attorneys at Paul Hastings.