Banking Law

Law Prof Sees Securities Issues in Proposal to Finance Education Through Stake in Grads’ Future Pay

A University of Chicago law professor is pointing out some securities problems in a proposal to finance education with a venture capital model. The proposal by University of Chicago professor Luigi Zingales is for investors to finance college education in exchange for a fraction of students’ future incomes—or perhaps a…

Jun 25, 2012 10:30 AM CDT

Federal Judge Refuses Request to Serve Party by Facebook, Orders Newspaper Publication Instead

A Manhattan federal judge has refused a bank’s request to serve an elusive party by Facebook. U.S. District Judge John Keenan instead opted for traditional methods to serve a woman with a history of providing fake or old addresses, the New York Law Journal reports. He told Chase Bank to…

Jun 12, 2012 11:59 AM CDT

Ousted Bank of America Lawyer Gets Top Job at Fannie Mae

A lawyer ousted as general counsel at Bank of America is getting a new job: He has been appointed president and CEO of Fannie Mae, where he currently serves as general counsel. The appointment of Timothy Mayopoulos, 53, was announced yesterday, report the New York Times and Bloomberg. His company…

Jun 6, 2012 2:36 PM CDT

Top Greenberg Traurig Lawyer Apologizes to Fed’l Judge, Calls Doc Errors in $67M Case Unintentional

A top partner of Greenberg Traurig has apologized to a federal judge concerning his law firm’s handling of the discovery in a civil case brought by investors in a Ponzi scheme orchestrated by the then-leader of another well-known Florida law firm, Scott Rothstein. But although “very saddened” by the situation,…

May 30, 2012 5:22 PM CDT

Dewey Lawyer Says Firm Is Negotiating Deal with Ex-Partners; Judge Rejects Funding Motion

A lawyer representing Dewey & LeBoeuf told a bankruptcy judge on Tuesday that the firm is negotiating a settlement to recover money from former partners. Speaking in a packed Manhattan courtroom, lawyer Albert Togut didn’t reveal details, report Reuters, the Am Law Daily and the New York Times DealBook blog.…

May 30, 2012 11:46 AM CDT

Toronto Law Grad Pays Off $114K in Student Loans with Cash

A 2009 University of Toronto law graduate apparently made enough money at a venture capitalist firm to pay off his remaining $114,000 law school debt with just one payment—and he did it with cash. Alex Kenjeev tells the Business Insider he was trying to be funny rather than make a…

May 29, 2012 11:00 AM CDT

Philippine Chief Justice Facing Impeachment Admits He Didn’t Disclose $2.4M, But Says That’s OK

The Philippine Supreme Court chief justice, accused of stealing money from the country and in the middle of an impeachment trial, yesterday stated that he did nothing wrong by not declaring $2.4 million in his bank accounts. Last week, a prosecutor testified that Renato Corona failed to disclose between $10…

May 25, 2012 3:22 PM CDT

Three Dewey Lenders Have Sold Part of the Debt; About 200 Employees Remain

As Dewey & LeBoeuf’s top partners move on to other firms, its debt is also changing hands. Three out of four banks owed a reported $75 million by the crumbling law firm have sold part of the debt, a source tells the Am Law Daily. The lenders are Citi Private…

May 25, 2012 11:32 AM CDT

Suit Claims Facebook and Underwriters Failed to Disclose Slow-Revenue Forecasts

An investor lawsuit filed in Manhattan federal court today alleges Facebook and its underwriters failed to disclose negative forecasts in advance of the company’s initial public offering. The would-be class action suit alleges Mark Zuckerberg and other defendants concealed forecasts of weakened revenue growth, according to Reuters, the Wall Street…

May 23, 2012 6:32 PM CDT

Bank Blames Greenberg Traurig in High-Profile Contempt Case, Says Firm Had Access to All Documents

In the first day of a contempt hearing concerning evidence that wasn’t produced in a federal civil case that resulted in a $67 million judgment against Toronto-Dominion Bank, the institution’s new counsel, McGuireWoods, pointed the finger at its former counsel. Greenberg Traurig, the bank contended Thursday, had access to all…

May 18, 2012 6:07 PM CDT

Greenberg Traurig Fights Sanctions Request in Rothstein Fallout

Greenberg Traurig and its former bank client are fighting a request for sanctions alleging discovery misconduct in a suit filed by investors who lost money in convicted ex-lawyer Scott Rothstein’s Ponzi scheme. The client, Toronto-Dominion Bank, was found liable for $67 million in January based on a finding that bank…

May 17, 2012 12:29 PM CDT

Reports: DOJ Has Joined SEC in Looking at JPMorgan Chase After $2B Trading Loss

Updated: The U.S. Department of Justice has joined the Securities and Exchange Commission in taking a look at what’s been happening at JPMorgan Chase & Co. in the aftermath of what could be a $2 billion trading loss by the bank in a relatively short period. Citing unidentified sources, the…

May 15, 2012 3:44 PM CDT

Faced with IRS Crackdown re Offshore Bank Accounts, Some Resolve Issue by Renouncing US Citizenship

It hasn’t yet become a deluge. But a trickle of Americans opting to give up their United States citizenship has increased to a steady stream, in conjunction with an ongoing effort by the Internal Revenue Service to collect tax owed by those with assets in offshore bank accounts, the Miami…

May 14, 2012 10:13 PM CDT

DOJ Doesn’t Tally Execs Convicted in Financial Crisis Wrongdoing; Is Embarrassment the Reason?

The U.S. Justice Department says it doesn’t keep track of the number of high-level executives convicted as a result of wrongdoing related to the financial crisis. In a letter to Sen. Charles Grassley, R-Iowa, the department disclosed what it did know, the Wall Street Journal (sub. req.) reports. Since the…

May 14, 2012 4:28 PM CDT

Lawyer is Federally Charged re Claimed Conspiracy to Use Swiss Bank Accounts to Defraud IRS

A lawyer has been criminally charged concerning a series of events beginning with a meeting more than a decade ago at a New York hotel. There, authorities say, members of an American family described as “the Seggermans” were advised about how to bring millions into the United States from an…

May 11, 2012 8:02 PM CDT