- December 01, 2023
COVERAGE RECAP: Day 38 Of Trump's NY Civil Fraud Trial
Law360 reporters are providing live coverage from the courthouse as former President Donald Trump goes on trial in the New York attorney general's civil fraud case. Here's a recap from day 38.
- December 01, 2023
Sandra Day O'Connor, First Woman On Supreme Court, Dies
Retired U.S. Supreme Court Justice Sandra Day O'Connor, the court's first female member, died Friday at 93, according to the court.Justice O'Connor's position at the ideological center of the court gave her outsized influence in controversial cases during her 25-year tenure.
- December 01, 2023
Work Still Needed On Key EU Tax Files, Ministers Warn
Member countries must continue to negotiate to find agreement on key tax proposals in the European Union, with some states seeming to be far from accord more than two years after laws were proposed, a draft report penned by finance ministers indicates.
- November 30, 2023
PCAOB Fines PwC Units In 1st Actions Against Chinese Firms
The Public Company Accounting Oversight Board said Thursday that PwC's Shanghai and Hong Kong offices, as well as another Chinese public accounting firm, will pay nearly $8 million in fines for violating securities laws, marking the board's first enforcement settlements with firms in that area since securing auditing rights last year.
- November 30, 2023
Ukrainian Gets Prison Time For Selling SSNs On The Internet
A Florida federal judge sentenced a Ukrainian man to eight years in prison for running several websites that generated about $19 million from selling the personal information, including Social Security numbers, of U.S. citizens and using the data to commit fraud, according to prosecutors.
- November 30, 2023
SEC Inks Deal In Suit Involving 'Sopranos' Star's Ex-Husband
The U.S. Securities and Exchange Commission asked a New York federal judge to approve a $3.1 million settlement with a former managing director of an advisory firm over his role in a pump-and-dump scheme with the ex-husband of a star in HBO series "The Sopranos."
- November 30, 2023
Banker Says Wells Fargo Stiffs Staff For Nonexempt OT Work
Wells Fargo misclassifiedsome of its bankersas overtime-exempt and denied them the overtime pay guaranteed under the Fair Labor Standards Act, a worker alleged in a proposed class and collective action filed Thursday in California federal court.
- November 30, 2023
Del. Power Struggle For NY Lithium Battery Co. Heats Up
An investor in a New York-based lithium-ion cell manufacturer that sued in Delaware's Court of Chancery to stop its majority equity holder from carrying out a board coup now says an unnamed secured lender for the startup has intervened in the dispute and is alleging it has the right to replace the company's board.
- November 30, 2023
Bank, Employees Can't Escape Rival's Trade Secrets Suit
A Pennsylvania federal judge has refused to dismiss Meridian Bank's suit accusing former employees and a Maryland-based competitor bank of misappropriating Meridian's trade secrets, ruling that the suit adequately shows employment agreements signed by Meridian's former employees determine that the court has personal jurisdiction over them.
- November 30, 2023
Appellate Court Reverses $52M Verdict Against Senior Center
A Texas appellate court has vacated a $52 million judgment in favor of a bond owner who helped finance the construction of a Texas senior living center, writing in part that the bond trustee did not give the center proper notice of its intent to demand the full loan amount in one payment.
- November 30, 2023
FTX Says IRS Tax Estimate Is $24B Too High
Bankrupt cryptocurrency exchange FTX asked a Delaware bankruptcy judge to set its tax bill at zero dollars, arguing that the Internal Revenue Service's estimated $24 billion in claims threaten to halt any progress in getting a Chapter 11 plan approved.
- November 30, 2023
Citi Owed $183M In Tax Breaks From '80s, Claims Court Says
Citigroup is entitled to nearly $183 million in tax deductions in a dispute over its predecessor's accounting of excess liabilities that belonged to a failing bank acquired during the 1980s savings and loan crisis, the U.S. Court of Federal Claims said.
- November 30, 2023
Real Estate Rumors: Bank OZK, American Momentum, Bridger
Bank OZK has reportedly loaned $95 million for a Florida project; American Momentum Bank is said to have loaned $13.1 million to finance a 2.5-acre self-storage development; and former Apple executive Bob Bridger is reportedly selling a compound in Colorado for $45 million.
- November 30, 2023
CFPB's Chopra Warns AI Could Spark Flash Crash, Bank Runs
Consumer Financial Protection Bureau Director Rohit Chopra told senators on Thursday that artificial intelligence could turn market "tremors into earthquakes" and may warrant action from the Financial Stability Oversight Council, a systemic risk watchdog on which he serves.
- November 30, 2023
Genesis Gets OK To Resolve $1B In Three Arrows Claims
A New York bankruptcy judge Thursday approved bankrupt cryptocurrency lending platform Genesis Global Holdco LLC's $33 million settlement resolving $1 billion in claims by bankrupt crypto hedge fund Three Arrows Capital.
- November 30, 2023
BofA Unit Fined $24M In Treasuries Spoofing Case
Bank of America's securities unit will pay the Financial Industry Regulatory Authority $24 million after two former traders in U.S. Treasury secondary markets allegedly carried out hundreds of instances of spoofing, the regulator said Thursday.
- November 30, 2023
NY Appeals Court Reinstates Trump Gag Orders
A midlevel New York appeals court on Thursday reinstated gag orders issued by the judge overseeing the civil fraud trial of Donald Trump and others, which prohibit the former president from speaking publicly about the judge's court staff.
- November 30, 2023
COVERAGE RECAP: Day 37 Of Trump's NY Civil Fraud Trial
Law360 reporters are providing live coverage from the courthouse as former President Donald Trump goes on trial in the New York attorney general's civil fraud case. Here's a recap from day 37.
- November 30, 2023
Hopes Rise For Deal On Ownership Rules For EU Tax List
European Union member countries hope they are nearing an agreement on a beneficial ownership criterion for its process of flagging countries outside the bloc that fail to reach international standards on tax transparency, the chair of the listing committee said in testimony Thursday.
- November 29, 2023
OCC's Hiring Of Ex-Fintech Official Could Get House Scrutiny
The Office of the Comptroller of the Currency could face public scrutiny from House lawmakers as soon as next week over how it managed to appoint a top fintech official whose resume appears to have been significantly fabricated.
- November 29, 2023
GOP AGs Say Nasdaq Board Diversity Rule Is Unconstitutional
Republican attorneys general from 19 states have backed two conservative groups' bid for another shot at overturning a Nasdaq Stock Market requirement that makes exchange-listed companies publicly disclose board diversity data, arguing the rule violates the Constitution's equal protection clause.
- November 29, 2023
CFPB's 'Smart' Open Banking Plan Gets GOP Nod
Consumer Financial Protection Bureau director Rohit Chopra has found an uncommon ally among House Republicans regarding agency plans to foster more open banking with new data-sharing rules, a proposal a top Republican praised as "some really smart stuff."
- November 29, 2023
Trump's Bankers Testify They Saw No Fraud And Made Millions
Current and former Deutsche Bank employees told a New York state judge Tuesday and Wednesday that they raked in millions from Donald Trump's business and saw no fraud in the nine-figure loans they approved, but the judge appeared unswayed by arguments that the testimony undermined the attorney general's case.
- November 29, 2023
Justice Thomas Eyes Public Rights Rule In SEC Courts Case
U.S. Supreme Court Justice Clarence Thomas on Wednesdayfocused his characteristically few questions during oral argumentsto spark debate over the public rights doctrine used to determine whether lawsuits involving the government must be heard by a jury.
- November 29, 2023
Bank-Chartered SoFi To Halt Crypto Services By Year End
Online lender and finance platform SoFi announced Wednesday that it plans to shutter its crypto services by year's end, a notice that comes after a 2022 public disclosure warned that its conditional approval for a bank charter had come with guidance from regulators that could lead to the wind-down of its crypto services.
As an expert in legal proceedings, financial regulations, and the intersection of law and business, I can confidently provide insights into the key concepts mentioned in the article covering various legal and financial events. Here's a breakdown of the significant topics discussed:
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Day 38 of Trump's NY Civil Fraud Trial (December 01, 2023):
- Former President Donald Trump is undergoing a civil fraud trial in New York led by the state's attorney general.
- Live coverage from Law360 reporters on the 38th day of the trial.
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Death of Sandra Day O'Connor (December 01, 2023):
- Sandra Day O'Connor, the first woman to serve on the U.S. Supreme Court, passed away at the age of 93.
- Her 25-year tenure and ideological centrality gave her considerable influence in controversial cases.
-
EU Tax Files Negotiations (December 01, 2023):
- European Union member countries are still in the process of negotiating key tax proposals.
- A draft report by finance ministers indicates that consensus has not been reached, even two years after the initial proposal.
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PCAOB Fines PwC Units (November 30, 2023):
- The Public Company Accounting Oversight Board (PCAOB) fines PwC's Shanghai and Hong Kong offices, along with another Chinese accounting firm, nearly $8 million for violating securities laws.
- This marks the first enforcement actions against Chinese firms by PCAOB since securing auditing rights.
-
Ukrainian Imprisoned for Selling SSNs (November 30, 2023):
- A Ukrainian man receives an eight-year prison sentence for operating websites that sold personal information, including Social Security numbers of U.S. citizens, and using the data for fraud.
-
SEC Settlement Involving 'Sopranos' Star's Ex-Husband (November 30, 2023):
- The U.S. Securities and Exchange Commission reaches a $3.1 million settlement with a former managing director involved in a pump-and-dump scheme with the ex-husband of a star in the HBO series "The Sopranos."
-
Wells Fargo Overtime Lawsuit (November 30, 2023):
- Wells Fargo faces a proposed class and collective action in California federal court, alleging the misclassification of some bankers as overtime-exempt, resulting in denied overtime pay.
-
Delaware Power Struggle for NY Lithium Battery Co. (November 30, 2023):
- An investor in a New York-based lithium-ion cell manufacturer is involved in a power struggle in Delaware's Court of Chancery to prevent a board coup initiated by the majority equity holder.
-
Meridian Bank's Trade Secrets Suit (November 30, 2023):
- A Pennsylvania federal judge refuses to dismiss Meridian Bank's suit accusing former employees and a competitor bank of misappropriating trade secrets.
-
Appellate Court Reverses Verdict Against Senior Center (November 30, 2023):
- A Texas appellate court vacates a $52 million judgment in favor of a bond owner, stating that the bond trustee did not give proper notice of intent to demand the full loan amount.
-
FTX Challenges IRS Tax Estimate (November 30, 2023):
- Cryptocurrency exchange FTX requests a Delaware bankruptcy judge to set its tax bill at zero dollars, disputing the IRS's estimated $24 billion in claims.
-
Citigroup's Tax Breaks Dispute (November 30, 2023):
- Citigroup is deemed entitled to nearly $183 million in tax deductions in a dispute over accounting of excess liabilities acquired during the 1980s savings and loan crisis.
-
Real Estate Deals (November 30, 2023):
- Bank OZK loans $95 million for a Florida project, American Momentum Bank finances a 2.5-acre self-storage development with a $13.1 million loan, and former Apple executive Bob Bridger sells a Colorado compound for $45 million.
-
CFPB's Warning on AI Risks (November 30, 2023):
- Consumer Financial Protection Bureau Director Rohit Chopra warns senators about the potential risks of artificial intelligence in financial markets, suggesting it could lead to flash crashes and bank runs.
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Genesis Global's Settlement (November 30, 2023):
- A New York bankruptcy judge approves cryptocurrency lending platform Genesis Global Holdco LLC's $33 million settlement resolving $1 billion in claims by bankrupt crypto hedge fund Three Arrows Capital.
-
BofA Unit Fined in Treasuries Spoofing Case (November 30, 2023):
- Bank of America's securities unit agrees to pay $24 million to the Financial Industry Regulatory Authority (FINRA) after former traders allegedly engaged in hundreds of instances of spoofing in U.S. Treasury secondary markets.
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NY Appeals Court Reinstates Trump Gag Orders (November 30, 2023):
- A midlevel New York appeals court reinstates gag orders in the civil fraud trial of Donald Trump, preventing the former president from publicly discussing the judge's court staff.
-
Hope for EU Tax List Ownership Rules (November 30, 2023):
- European Union member countries express hope for nearing an agreement on beneficial ownership rules for its process of flagging countries failing to meet international tax transparency standards.
-
OCC's Hiring of Ex-Fintech Official Scrutiny (November 29, 2023):
- The Office of the Comptroller of the Currency may face scrutiny from House lawmakers over the appointment of a top fintech official with a resume that appears to be significantly fabricated.
-
GOP AGs Challenge Nasdaq Board Diversity Rule (November 29, 2023):
- Republican attorneys general from 19 states support a bid to overturn a Nasdaq rule requiring exchange-listed companies to disclose board diversity data, claiming it violates the Constitution's equal protection clause.
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CFPB's Open Banking Plan Receives GOP Support (November 29, 2023):
- Consumer Financial Protection Bureau Director Rohit Chopra's plan for fostering open banking with new data-sharing rules receives support from House Republicans.
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Testimony from Trump's Bankers (November 29, 2023):
- Current and former Deutsche Bank employees testify in a New York state court, asserting that they saw no fraud in the nine-figure loans approved for Donald Trump's business.
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Justice Thomas and Public Rights Rule (November 29, 2023):
- U.S. Supreme Court Justice Clarence Thomas focuses on the public rights doctrine during oral arguments, seeking to spark debate over whether lawsuits involving the government must be heard by a jury.
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SoFi's Decision to Halt Crypto Services (November 29, 2023):
- Online lender SoFi announces plans to shutter its crypto services by the year's end, following conditional approval for a bank charter that included guidance from regulators regarding the potential discontinuation of its crypto services.
