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Legal News
10 Sep 2015
by Emelina Perez

[JURIST] The US Department of Justice (DOJ) [official website] on Wednesday unveiled a new policy [text, PDF] for white-collar crimes, which targets individuals accused of crimes instead of the companies. The guidelines were sent [USA Today report] to all US Attorneys effective immediately. Previously, the DOJ made a priority of … [read more]

Legal News
4 Aug 2015
by Steven Wildberger

[JURIST] Former UK bank trader Tom Hayes [BBC profile] was convicted Monday of eight counts of conspiracy to defraud. Following a unanimous jury verdict, Judge Jeremy Cooke [official profile] sentenced Hayes to 14 years in prison for attempting to rig the London interbank offered rate (Libor) [WSJ market data]. Hayes, … [read more]

Legal News
22 Jul 2015
by Colleen Mallick

[JURIST] US regulators on Tuesday ordered [text, PDF] Citigroup [corporate website] to refund $700 million to nine million credit card customers, along with a $70 million fine for illegal and deceptive practices.The Consumer Financial Protection Bureau (CFPB) [agency website] ordered the bank and its subsidiaries to refund its customers [CFPB … [read more]

Legal News
22 May 2015
by Laura DeGeer

[JURIST] Five of the world's largest banks agreed Wednesday to plead guilty [press release] to rigging currency markets and to pay over USD $5 billion in penalties to the US Department of Justice (DOJ) [official website], along with several domestic and international agencies. Traders from Citicorp, Barclays, the Royal Bank … [read more]

Legal News
14 Mar 2015
by William Helbling

[JURIST] The US Department of Justice (DOJ) [official website] on Thursday criticized the US Sentencing Commission [official website] after a federal panel introduced a proposal which would reduce prison time for white-collar criminals. The DOJ objected to the panel's ideas to reduce prison sentences for various fraud-related crimes. Reports indicate … [read more]

Legal News
20 Feb 2015
by Valerie Howell

[JURIST] Judge Nicholas G. Garaufis [official profile] of the Federal District Court for the Eastern District of New York [official website] decided on Thursday that American Express' practice of barring merchants from asking customers to use one credit card over another violated the Sherman Antitrust Act [text]. All credit and … [read more]

Legal News
21 Aug 2014
by William Hibbitts

[JURIST] The US Department of Justice (DOJ) [official website] on Thursday announced a $16.65 billion settlement [press release] with Bank of America (BOA) [corporate website] to settle claims that it sold precarious mortgage-backed securities to investors. Of the $16.65 billion, $9.65 billion will be split among federal and state entities … [read more]

Legal News
16 Aug 2014
by Kimberly Bennett

[JURIST] Holders of Argentina's euro-denominated bonds filed a notice of appeal Friday of a US District Court for the Southern District of New York's [official website] ruling [opinion, PDF] barring the country from making interest payments on the notes until first paying $1.5 billion to a group of hedge funds. … [read more]

Legal News
31 Jul 2014
by Nicholas Tomsho

[JURIST] A federal judge on Wednesday imposed [opinion; PDF] a $1.27 billion penalty on Bank of America [corporate website] after a jury found them liable for mortgage fraud. Judge Jed Rakoff [official profile] for the US District Court for the Southern District of New York [official website] ruled after a … [read more]

Legal News
15 Jul 2014
by Taylor Gillan

[JURIST] Citigroup, Inc. on Monday agreed to pay $7 billion to settle a federal inquiry into mortgage-backed securities sold by the bank prior to the country's financial crisis. The deal, which involves one of the largest cash penalties [NYT report] ever paid to settle such allegations, includes [WSJ report] a … [read more]

Professional Commentary
2 Jul 2014
by Akshat Tewary of Law Offices of Kamlesh Tewary
edited by Jason Kellam

JURIST Guest Columnist Akshat Tewary of the Law Offices of Kamlesh Tewary discusses Judicial Independence and Agency Accountability in reference to SEC v. Citigroup... The US Court of Appeals for the Second Circuit recently issued a ruling that could debilitate the ability of the judiciary to serve as an independent … [read more]

Legal News
11 Jun 2014
by Peter Snyder

[JURIST] The US Court of Appeals for the District of Columbia Circuit [official website] on Tuesday rejected [opinion, PDF] Wells Fargo & Co's [corporate website] contention that the bank's participation, along with other national banks, in a $25 billion settlement with the US government over foreclosure abuses [JURIST report] should … [read more]

Legal News
11 Apr 2014
by Amy Mathieu

[JURIST] Judge William Pauley of the US District Court for the Southern District of New York [official website] dismissed [opinion, PDF] a class action lawsuit on Thursday against American Express, Citigroup and Discover Financial Services [corporate websites] that alleged the three credit card issuers violated the Sherman Antitrust Act [text] … [read more]

Legal News
22 Nov 2013
by Taylor Gillan

[JURIST] The US Court of Appeals for the Second Circuit [official website] on Thursday upheld the dismissal [opinion, PDF] of a lawsuit brought by South Korea's Woori Bank against Bark of America's Merrill Lynch [corporate websites] unit. The lawsuit, which concerned losses from USD $143 million of collateralized debt obligations, … [read more]

Legal News
12 Nov 2013
by Elizabeth LaForgia

[JURIST] A federal judge on Monday recommended that e-mails and other data collected by a large due-diligence firm for Wall Street banks should be turned over to the Department of Justice (DOJ) [official website], a move that may determine which banks the government will bring to court for their part … [read more]

Legal News
26 Oct 2013
by Julie Deisher-Edwards

[JURIST] The Federal Housing Finance Agency (FHFA) [official website], acting in its capacity as conservator for Freddie Mac and Fannie Mae [corporate websites], on Friday announced a $5.1 billion settlement with JPMorgan Chase & Co. [corporate website]. The FHFA alleged [complaint, PDF] that JPMorgan misrepresented the quality of the sub-prime … [read more]

Legal News
2 Aug 2013
by G. Redd

[JURIST] A judge for the US District Court for the Southern District of New York [official website] on Thursday approved a settlement [opinion, PDF] wherein Citigroup [corporate website] will pay its investors over $590 million for misrepresenting its assets in securities linked to the sub-prime mortgage crisis [JURIST news archive]. … [read more]

Legal News
2 Apr 2013
by Samuel Franklin

[JURIST] A judge for the US District Court for the Southern District of New York [official website] on Monday refused to approve Citigroup Inc.'s [corporate website] proposed $590 million settlement of a shareholder lawsuit, questioning the reasonableness of some details of the agreement. Judge Sidney Stein requested [IBTimes report] that … [read more]

Legal News
19 Mar 2013
by Peter Snyder

[JURIST] Citigroup, Inc. [corporate website] agreed on Monday to pay out $730 million to settle a lawsuit brought by investors claiming the financial services corporation misled debt investors about its condition during the financial crisis. According to a statement [text] from Citigroup, the agreement will settle "a class action lawsuit … [read more]

Academic Commentary
13 May 2012

JURIST Guest Columnist Michael Macchiarola of the City University of New York School of Law says that several recent cases involving the Securities and Exchange Commission may present an opportunity to reevaluate the judiciary's deferential approach toward settlements made between administrative agencies and private parties...Over the past several years, in … [read more]

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