The Second Circuit affirmed dismissal of Commerzbank AG’s fraud claims concerning a collapsed structured investment vehicle against Morgan Stanley on February 23. Commonwealth of Pennsylvania Pub. Sch. Employees’ Ret. Sys. v. Morgan Stanley & Co., No. 13-2095-CV (2d Cir. Feb.
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Second Circuit Revives Simmtech Derivatives Suit against Citi
On February 23, the U.S. Court of Appeals for the Second Circuit vacated the district court’s dismissal of a fraud case brought by Simmtech Co. Ltd. — a Korean circuit board manufacturer — against Citigroup Inc. and certain of its…
Virginia Settles RMBS Fraud Cases with Wall Street
Last week, 11 Wall Street banks agreed to pay more than $63 million to settle claims brought against them by the Commonwealth under the Virginia Fraud Against Taxpayers Act. Brought by the Virginia attorney general, the suit originally sought $1.15…
Goldman Sachs Announces $5 Billion Settlement With DOJ
Goldman Sachs announced yesterday that it has agreed in principle to a $5.06 billion settlement with the U.S. Department of Justice (“DOJ”), which would resolve claims stemming from several state and federal investigations concerning the investment banking giant’s underwriting and…
New Policies from the ICC Court
The International Chamber of Commerce (ICC) has recently announced two major decisions. First, for cases registered on and after January 1, 2016, the Court will now publish on its website the names of the arbitrators sitting in ICC cases, their…
The Supreme Court Will Rule on Puerto Rican Government’s Authority to Restructure Debt
The U.S. Supreme Court agreed on Friday to consider Puerto Rico’s appeal regarding the Puerto Rico Public Corporation Debt Enforcement & Recovery Act (the “Recovery Act”), which was passed by its legislature last June and would allow Puerto Rico’s public…
China Cracks Down on Insider Trading in Effort to Calm Volatile Markets
Earlier this month, Chinese law enforcement officials arrested the manager of prominent hedge fund Zexi Investment, as well as executives of trading company Yishidun, for alleged futures trading schemes. First reported by state news service Xinhua, these arrests are part…
EMV Credit Card Liability Shift: Merchants at Risk
If you have noticed that newly issued credit cards look different because of a small metallic chip on the front, there is a reason. According to EMVCo, the entity that oversees EMV technology and specifications, these small chips — called…