its first "abusive practices" enforcement action, the CFPB has forced American
Debt Settlement Solutions Inc. (ADSS) and its president to agree to pay over
one-half million dollars in damages and fines (most of which will be...
Form D is a document that the SEC requires a company to
file when it issues securities in a private placement under Regulation D.
It must be filed with the SEC within 15 days of the first sale of a
security in a private placement. In addition, for...
Please click on the Attachment: link at the top of the post to view or download the entire article.
If Aesop were still in the fable-writing business, and he had been watching the last three years of Dodd-Frank Act rulemaking, we would probably be...
In the 1970s, the expression “future shock” made its way into common use. It started, of course, with Alvin Toffler’s hugely successful book with that phrase as its title. Like others, Toffler had observed the overwhelming effects on...
Contingency Planning in the Absence of a
memorandum first explains the July 16, 2011 problem that will arise because the
Dodd-Frank derivatives legislation (Title VII of the statute) goes into effect
without either a ready...
With the new registration requirements under the
Dodd-Frank Act and the enhanced reporting required of some private fund managers
under Form PF, private fund managers must now make a yearly (or sometimes more
frequent) calculation of their "regulatory...
The nation's 11th largest CPA firm has been sued
for $150 million and accused of failing to detect the largest Ponzi scheme in
the history of the Pacific Northwest despite issuing clean opinion letters
following several audits of the funds from...
WASHINGTON, D.C. - (Mealey's) In what the U.S. Department
of Justice is calling the second largest fair lending settlement in the
department's history, Wells Fargo Bank NA on July 12 agreed to pay more than
$175 million to settle claims in...
Most investors contemplating investing in a hedge
fund believe they are presented with a set of fixed terms for
their investment. These terms are outlined in the private offering memorandum
and appear to apply across the board to all investors. However...
Whether the process is just winding down for the year or
the process is actually winding down for good, the bank closure rate has
recently fallen off dramatically. The FDIC has not taken over any banks for
three weeks straight, with no bank closure...
March continued the trend of way too many breaking news
stories in Ponzi scheme cases. Here is the summary of the stories that were
reported this month. Please feel free to post comments about these or other
Ponzi schemes that I may have missed. And...
A once-prominent Indiana money manager acknowledged
that he operated a Ponzi scheme that defrauded investors out of at least $7
million. Keenan Hauke, 40, pled guilty to a single charge of securities
fraud, which carries a maximum prison sentence...
by Diane Baker
The Credit Card Accountability Responsibility and Disclosure Act of 2009 (Pub.
L. 111-24, 123 Stat. 1734) contains extensive statutory changes in card
protections for consumers. The Act is intended to help protect consumers from
by Benjamin P. Saul, Amanda M. Raines and Ann D. Wiles
In response to heightened
regulatory and enforcement scrutiny of non-mortgage consumer credit, this
Emerging Issues Analysis addresses important considerations for conducting fair
Amid accusations of commingled accounts, misuse of
customer funds, and imprudent risk oversight, this past week MF Global CEO Jon
Corzine testified before the House Agriculture Committee that he was aware of
unreconciled accounts but that he does not...
In the wake of the financial crisis, mortgage-related
reforms enacted as part of the Dodd-Frank Act or established under the Basel
capital process have created four different classes of residential mortgage
loans that are entitled to some kind of favorable...
On this edition, Richard Phillips of K&L Gates and Professor Meyer "Mike" Eisenberg, Visiting Professor of Law at Willamette University College of Law, discuss the March 30, 2010 decision in Jones, et al. v. Harris Associates L.P., in which...
LOS ANGELES - (Mealey's) Capital One Bank NA USA has
agreed to pay $10 million to resolve claims that it promoted its credit card
services as offering low fixed annual percentage rates and then later abruptly
increased them, according to a document...
Robert M. Jaworski analyzes the "perfect storm" that has hit the subprime mortgage industry--including what caused the storm and what the effects of the storm have been. Mr. Jaworski writes:
Speculation and fraud also played a part in this...
MIAMI - (Mealey's) A federal judge in Florida on March 18 approved TD Bank NA's $62 million settlement that will allow the bank to exit a multidistrict litigation in which class members allege that several banks manipulated the order of debit...
Ronald Glancz of Venable LLP talks about the kinds of claims has seen filed against banks and their directors.
Videocast provided by HB Litigation Conferences. Find out more by about HB Litigation Conferences and their video and audio packages by going...
On this edition, Professor James Fanto of Brooklyn Law School on the recent upheaval of the U.S. financial system and the government's actions. Copyright© 2008 LexisNexis, a division of Reed Elsevier Inc.
Click here to play this audio clip
Designed to further regulatory reform, the Private Fund Investment Advisers Registration Act of 2009 (Proposed Act) would expand the pool of investment advisers required to register with the SEC by eliminating those portions of the Investment Advisers...
In this Emerging Issues commentary, Professor Jennifer Martin looks at the Federal Reserve's new overdraft services rules and the requirements for banks providing these services. The new rules establish an opt-in system for debit card and ATM transactions...
Private Equity has been siting on the fringes of
Anti-money laundering regulation for many years. It's still illegal to be
involved in money laundering and fund managers should be taking some steps to
protect themselves and to identify problems...