Banking Law

Ex-lawyer Tom Girardi’s former CFO had escape plan and lavish spending habits, ex-fiancee testifies

The former chief financial officer of the now-collapsed Girardi Keese law firm in Los Angeles asked his former fiancee to flee to the Bahamas with him in 2022, she testified Tuesday in the embezzlement trial of disbarred lawyer Tom Girardi.

Aug 21, 2024 11:09 AM CDT

Disbarred lawyer Tom Girardi ‘didn’t seem all there’ in late 2020, ex-employee testifies in embezzlement trial

A public defender representing disbarred lawyer Tom Girardi in his embezzlement trial asked a former accounting employee Tuesday about a secret bank account being used by other lawyers at his now-closed law firm.

Aug 14, 2024 12:47 PM CDT

Convicted lawyer’s victimhood claim is ‘absolutely delusional,’ judge says at sentencing hearing

A Chicago lawyer sentenced to prison for bank embezzlement Tuesday interrupted the judge throughout the proceeding and claimed that the case against him “is an evil that’s going on here.”

Aug 14, 2024 10:30 AM CDT

Lawyer accused of misappropriating up to $282M allegedly handed firm control to disbarred attorney

Updated: A lawyer accused of misappropriating up to $282 million from as many as 60,000 debt-relief clients, either through intentional or “grossly negligent” conduct, had employed a disbarred lawyer alleged to be running the operation.

Aug 13, 2024 3:49 PM CDT

Lawyer thought he was working with feds when he lost retirement savings to scammers

A 76-year-old retired lawyer in Arlington, Virginia, lost about $740,000 in retirement savings to sophisticated scammers who led him to think that he was helping the federal government catch thieves trying to gain access to his retirement and bank accounts.

Jul 30, 2024 11:54 AM CDT

Milberg avoids sanctions despite filing fake claims in Visa and Mastercard settlement

Plaintiffs law firm Milberg Coleman Bryson Phillips Grossman will not face sanctions after submitting fake claims as part of a billion-dollar settlement involving Visa and Mastercard, a federal magistrate judge ruled on Saturday.

Jul 15, 2024 3:30 PM CDT

After lawyers exceed status-letter limit by ‘whopping’ 70 pages, judge sees echoes of fictional Jarndyce case

The handiwork of lawyers who crafted a joint 73-page monthly status letter won’t appear on the federal docket after a magistrate judge noted last week that it was a “whopping” 70 pages over the limit.

Jul 11, 2024 10:36 AM CDT

Fenwick & West ‘closely intersected’ with FTX’s improper operations and management, examiner says

Updated: Fenwick & West was the only law firm “entrusted with a bird's-eye view” of collapsed cryptocurrency exchange FTX Trading, according to a report by an independent court-appointed examiner in the bankruptcy of FTX and affiliated entities.

May 29, 2024 8:50 AM CDT

With reclassifying proposal for cannabis, companies are seeing green

The smoke is finally clearing on decades of stigma. On Thursday, the White House Office of Management and Budget signed off on a proposal for the reclassification of marijuana, puffing the way forward from a Schedule I drug to a Schedule III drug.

May 17, 2024 12:11 PM CDT

Federal judge halts new US rules limiting credit card late fees

A federal judge on Friday temporarily blocked the U.S. government from trying to limit credit card late fees, siding with banks and other business lobbyists that had challenged the policy as unconstitutional.

May 13, 2024 1:15 PM CDT

Bankruptcy law firm files for Chapter 11 after losing advertising dispute

A bankruptcy law firm in Minnesota has filed for Chapter 11 protection after losing a legal dispute with a competitor.

May 3, 2024 9:31 AM CDT

Lawyer reprimanded after mistakenly emailing opposing counsel with plan to avoid judge’s call

Updated: A Massachusetts lawyer who mistakenly copied the opposing counsel on an email has been reprimanded for its message to a bankruptcy attorney.

Apr 18, 2024 11:51 AM CDT

Pulling the Weed: Bankruptcy opinion shows debt restructure path for cannabis workers

While 24 states have legalized recreational marijuana use, it remains a criminal activity under the federal Controlled Substances Act, and bankruptcy courts generally have been a rather hostile forum for debtors employed in the marijuana industry.

Apr 18, 2024 11:35 AM CDT

Lewis Brisbois accused of failing to recognize ‘draconian lending terms,’ conspiring to cover up mistakes

A lawsuit accuses Lewis Brisbois Bisgaard & Smith of conspiring to deflect blame for its failure to protect 185 Chinese investors who lost $92.5 million that they invested in a hotel and condominium project through an investment group called CMB Export.

Mar 26, 2024 1:08 PM CDT

Wells Fargo’s ‘willful blindness’ enabled former lawyer’s fraud, victims’ suit alleges

Updated: A former San Antonio lawyer was able to steal millions of dollars from his clients because of Wells Fargo’s “avarice and greed” and “intentional disregard of banking regulations,” according to a lawsuit filed Monday.

Mar 7, 2024 8:54 AM CST