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Overseas Shipping Group ("Overseas") recently sued its former attorneys, a prominent New York-based law firm, for legal malpractice in drafting credit agreements that resulted in the company incurring an estimated $463 million in tax liability.
On March 9, District Judge Sarah Evans Barker issued her long-anticipated order on the motion to dismiss in CFPB v. ITT Educational Services, Inc., No. 1:14-cv-00292 (S.D. Ind.).
"...just to give you an idea of the actual impact of Lehman Brothers, we can consider the figures published by one of the Lehman's counterparties: Merrill Lynch, which in the third quarter of 2008 disclosed a US$2 billion pre-tax trading loss, which was mainly due to the unwinding of trades for which Lehman Brothers was a counterparty.
FinCEN’s announcement discussed three examples of money-laundering activity that the bank allegedly facilitated.
Troutman Sanders LLP
As anticipated, yesterday the CFPB announced the release of its report to Congress following the CFPB’s study of arbitration agreements in connection with offering or providing consumer financial products or services.
Blank Rome LLP
Benjamin Lawsky, the Superintendent of Financial Services for New York State, is seeking to increase regulatory pressures on the financial services industry, beyond the measures imposed by federal regulators.
The FTC and CFPB have renewed their vow to continue to coordinate their activities and avoid duplication of federal law enforcement and regulatory efforts.
New York is the jurisdiction of choice for a majority of international and interstate financial transactions.