2018 Financial Law Legal News Archives

December 2014

Federal Court Overturns Insider Trading Convictions

Thursday, 11 December, 2014

This week, a federal appeals court raised a stir in the world of securities regulation by unanimously overturning two insider-trading convictions, and significantly limiting the reach of the Securities and Exchange Commission.  Federal prosecutors, who up until this week had a sparkling record in insider trading cases, were chastened by … continue reading

August 2014

Unclaimed Funds Accounts Grow in New York

Wednesday, 6 August, 2014

From pop stars to mafia dons to governors, the state of New York has reported a record list of individuals forgoing money to the state’s unclaimed property fund.  Over 31 million owners have accounts held by New York State as unclaimed property, and the number is growing annually.  From uncashed … continue reading

December 2012

HSBC Pays $1.92 Billion to Avoid Money Laundering Indictment

Tuesday, 11 December, 2012

The UK-based bank HSBC will pay a $1.9 billion payment to the United States in an agreement that has authorities deferring prosecution in a multinational money laundering investigation.  The investigation, carried out by federal prosecutors, seems to confirm the findings outlined in a July 2012 report by a Congressional committee … continue reading

October 2012

Stock Markets Reopen After Hurricane Sandy Caused NYSE to Close

Wednesday, 31 October, 2012

The New York Stock Exchange and other trading companies shut down Monday due to extreme weather conditions for the first time since 1888. Reopening Wednesday brings uncertainty on Halloween as investors brace themselves for what damage may have been caused by the two-day interruption. While the East Coast mourns the … continue reading

US Sues Bank of America for Mortgage Fraud

Friday, 26 October, 2012

One of the largest banks in the country, Bank of America, is being sued by the US government’s Justice Department for selling thousands of bad loans to mortgage financiers, costing taxpayers over $1 billion in losses, according to Reuters. As you’ll remember, mortgage loan companies, Fannie Mae and Freddie Mac, … continue reading

ACLU Sues Morgan Stanley Over Subprime Lending Practices

Tuesday, 16 October, 2012

The American Civil Liberties Union (ACLU) has filed a lawsuit accusing Morgan Stanley of encouraging low income African-Americans to take out home loans they could not afford.  Filed in federal court in October, the ACLU suit alleges that the billions of dollars Morgan Stanley lent to the now defunct subprime … continue reading