Global Cartel Enforcers Shift Attention To Local Conspiracies
Despite a rebound in penalties issued by U.S. and European enforcers last year, a report released Wednesday found that global criminal cartel fines are down over the past decade. But the downward trend may say more about where enforcers are focusing than it does about their level of activity.
CFPB Defender Says Constitutional Case 'Remarkably Weak'
The outside attorney tapped by the U.S. Supreme Court to argue that the Consumer Financial Protection Bureau is constitutionally structured told the justices on Wednesday that the case for invalidating the Dodd-Frank Act’s design for the agency is “remarkably weak.”
3rd Circ. Slams 'Ridiculous' SEC Delay In Ex-Informant Probe
The Third Circuit blasted the U.S. Securities and Exchange Commission's “ridiculous” delay in wrapping up its investigation into a broker-dealer and onetime government informant who beat criminal claims over a $17 million pump-and-dump scheme, as it considered Wednesday whether to revive a suit alleging the agency's probe is retaliatory.
House OKs Easing Path For Age Discrimination Suits
The House approved a bill Wednesday that would lower the bar for employees alleging age discrimination, with some Republicans joining Democrats in a push to override 2009 U.S. Supreme Court precedent.
Son Of Ex-Ariad Pharma Director Guilty Of Insider Trading
A Manhattan jury found entrepreneur Telemaque Lavidas guilty Wednesday of passing secret tips about his father's company Ariad Pharmaceuticals to his best friend, delivering a third conviction in the Manhattan U.S. attorney's effort to crack down on international insider trading.
Juror Podcast, Queries Can’t Upend Trader’s Guilty Verdict
One juror discussed his time in the box on his podcast and another juror's colleagues and family reportedly researched the case during trial, but those actions weren't enough for a New York federal judge to vacate a verdict finding onetime JPMorgan forex trader Akshay Aiyer guilty of fixing currency prices.
UK-Based Market Spoofer Asks For No Prison Time
A United Kingdom-based trader with autism who admitted to spoofing the stock market told an Illinois federal court Tuesday that his condition caused him to obsess over beating other traders at their own game, and asked for a sentence of time served.
Kik Says SEC's Request For More Discovery 'Unnecessary'
Kik Interactive Inc. and the U.S. Securities and Exchange Commission have once more asked for a decision in a discovery dispute over whether the agency can ask more questions of Kik in a case alleging the messaging company engaged in an unregistered securities offering of digital tokens.
Audit Shows Minn. Regulators Can't Keep Up With Medical Pot
An audit of state regulators overseeing Minnesota’s medical marijuana program found that while the program generally complied with most state laws, its internal controls for meeting certain legal requirements were “generally inadequate.”
Fed's Real-Time Payments Idea Presents Risks, Challenges
The Federal Reserve's development of a real-time payment and settlement service raises important questions related to consumer protection, litigation risk, and fraud and overdraft liability, say Ling Ling Ang at NERA Economic Consulting and Judy Mok at Ballard Spahr.
What To Expect If The CFPB Changes Course In 2021
Financial institutions should consider the implications of potential changes at the Consumer Financial Protection Bureau next year contingent on the U.S. Supreme Court’s pending Seila Law decision and the 2020 presidential election, say Eric Mogilnicki and David Stein at Covington.
Former Boies Schiller Lawyers Open 15-Atty Litigation Firm
Three Boies Schiller Flexner LLP lawyers are bringing together colleagues from their former employer and three other firms to launch a 15-attorney litigation shop with locations in New York and Miami, the latest in a series of recent departures from the legal powerhouse.
Michael Avenatti To Stay In Jail Ahead Of Embezzlement Trial
A California federal judge on Wednesday remanded Michael Avenatti to federal custody after finding probable cause that the embattled attorney committed mail and wire fraud while awaiting trial on criminal charges that he embezzled client funds to pay his own debts.
5th Circ. Calls Gender Pronoun Orders A 'Quixotic' Task
Granting requests from transgender litigants to change court records to reflect their preferred names and pronouns would be a "quixotic undertaking" that could call into question judges' impartiality, a divided Fifth Circuit said Wednesday.
Roberts Wonders If Workers Can Sue Over 'OK, Boomer'
Chief Justice John Roberts suggested in court Wednesday that an attorney's position would allow older workers to sue over use of the popular internet put-down "OK, Boomer," indicating he didn’t want an anti-age discrimination statute to be “really just a regulation of speech in the workplace.”
BakerHostetler Employment Pro Named To Texas Bench
President Donald Trump on Wednesday nominated the leader of BakerHostetler's employment practice in Houston to a lifetime seat on the U.S. District Court for the Southern District of Texas.
2 BigLaw Alums Among Reps. Prosecuting Trump In Senate
Two BigLaw veterans and a former federal prosecutor are among the seven impeachment managers appointed Wednesday to act as prosecutors in the coming Senate trial of President Donald Trump on House-approved charges of abuse of power and obstruction of Congress.
Calif., DC Bar Groups Tapped For Mental Health Study
Bar associations in California and D.C. will be participating in a confidential research project that aims to uncover what is driving the legal industry’s mental health and substance abuse issues.
Reed Smith Internal Task Force Will Address Mental Health
Reed Smith LLP on Wednesday announced a new mental health task force that will, among other things, examine the firm's current offerings for addressing mental health and substance use and try to tackle the stigma around them.
Longest-Serving Calif. Justice To Step Down
California Supreme Court Justice Ming W. Chin, the longest-serving of the seven current members of the state's high court and its first Chinese American judge, will retire at the end of August, the Golden State court system announced Wednesday.
Dentons Sees No Deal On Horizon In Guinea Fee Fight
Dentons told a D.C. federal judge Tuesday that the firm is not close to reaching a settlement with the Republic of Guinea in a fight over an unpaid $10 million legal bill, despite assertions to the contrary from the defense.
Profane Atty Says 'Sorry' In Allstate Sanctions Fight
A Culver City, California, attorney who sent threatening, profanity-laced emails to Allstate's counsel during an insurance coverage suit has reiterated his apologies to the court and told the court that Allstate has submitted an inflated cost and fees estimate in its sanctions request, calling the motion "excessive and unnecessary."
Law Firm Leaders: McCarter & English's Joseph Boccassini
Joseph Boccassini has served as managing partner of McCarter & English since 2016 and was recently appointed for a second five-year term. Here, Boccassini chats with Law360 about his goals for the 185-year-old law firm and how he approaches his job as a law firm leader.