05/01/2012
Law firm Dewey & LeBoeuf loses seven more partners
Dewey removed the partners' names from its website between Friday and Monday.
Legal, Regulation & Compliance
05/01/2012
Bank of America directors fight back over $20 million settlement
The accord would resolve a New York lawsuit claiming the bank's board, including former Chief Executive Officer Kenneth Lewis, had hidden how Merrill was headed toward an eventual $15.84 billion quarterly loss, even as it was paying $3.6 billion of b
04/30/2012
HSBC’s Geneva Bank Gave Employee Names to U.S., Le Temps Reports
The firm notified staff and created a telephone hotline for client advisers to check whether they are on the list, the Swiss newspaper said.
04/30/2012
Regulators close 5 banks in 4 states
Regulators also closed Inter Savings Bank in Maple Grove, Minn., Plantation Federal Bank in Pawleys Island, S.C., and Palm Desert National Bank in Palm Desert, Calif.
04/30/2012
New York prosecutors probe law firm Dewey & LeBoeuf
A source familiar with the probe said a preliminary investigation was prompted after a group of Dewey partners asked District Attorney Cyrus Vance to examine "financial irregularities" at the firm.
04/30/2012
Rand Paul Seeks to Block Tax Treaty Change on Swiss Accounts
Senator Rand Paul is blocking an amendment to a U.S.-Swiss tax treaty, slowing Switzerland’s handover of data on thousands of Americans with bank accounts hidden from the U.S. Internal Revenue Service.
04/27/2012
Goldman Sachs banker in California said to be target
Federal prosecutors in New York this month disclosed that a Goldman Sachs employee was under investigation for passing illegal tips to Rajaratnam.
04/27/2012
TD Says Lawyer Falsely Told Judge Document Didn’t Exist
TD Bank also replaced the law firm, Greenberg Traurig LLP, which represented it during a January trial in which the bank was sued by investors who claimed it should have detected money laundering in accounts Rothstein held there.
04/27/2012
Clifford Chance Elects Four New Partners in the Americas
Clifford Chance has announced the election of 27 lawyers to its global partnership, including four from the Americas region
04/25/2012
Swiss bank ordered to forfeit $16m in US tax case
Federal prosecutors in Manhattan labeled Wegelin & Co. a "fugitive" in February after it failed to appear a court hearing in a separate criminal case against the Swiss private bank.
04/23/2012
BofA Directors Must Defend $20 Million Merrill Buyout Settlement
Bank of America Corp. directors, who were sued by shareholders for allegedly paying too much for Merrill Lynch & Co., must defend a proposed $20 million settlement of the claims in federal court in New York.
04/23/2012
SEC Charges British Twin Brothers Touting "Stock Picking Robot" in Internet Pump-and-Dump Scheme
The Securities and Exchange Commission today charged twin brothers from the U.K. with defrauding approximately 75,000 investors through an Internet-based pump-and-dump scheme in which they touted a fake “stock picking robot” that purportedly i
04/23/2012
MIT prof and son agree to pay $5M in hedge fund fraud
The Securities and Exchange Commission has charged a Boston-based father-son duo of hedge fund managers and their firms with securities fraud for misleading investors about their investment strategy and past performance.
04/20/2012
Volcker Rule, Fiduciary Standard Outcomes Critical For Wealth Industry
The Volcker Rule could negatively impact investing in bonds by leading to the creation of a two-tiered market for municipal bonds while also reducing liquidity for some corporate bonds, Snook said. It could also impact mutual fund investing, he said, by r
04/20/2012
Goldman wins mortgage case appealed by German bank
It was one of the few cases to reach the appellate level in which a sophisticated investor accused a bank of profiting unjustly by being negligent in marketing and selling a product.
04/20/2012
Goldman Sachs facing a new insider trading probe
The investigation of the Goldman employee was divulged during a hearing involving the insider trading case against former Goldman board member Rajat Gupta.
04/19/2012
IRS Issues Final Non-Resident Reporting Rule
Within its announcement of the final regulations, the Treasury and the IRS have attempted to confront some of the questions and opposition that the reporting rule has previously raised in Congress and the US financial sector, in that it has been forecast
04/18/2012
Former OHL club owner ready to take his ‘lumps’ for Ponzi scheme
In an exclusive interview with the Star, Wise told his story, trying to explain how his life took so many wrong turns.
04/16/2012
Financial reforms: Regulators aim to make ‘middle office’ a safer place
This was illustrated in early April, when the US futures regulator filed a lawsuit against Royal Bank of Canada.
04/16/2012
Swiss banks to hand over staff names in U.S. tax row: report
In the latest attempt to end the long-running dispute, Switzerland's Federal Council has now authorized banks to hand over email traffic in connection with such clients to U.S. prosecutors, the Tages-Anzeiger newspaper reported.