Legal / Fraud

Equipment Finance Law Firm Marks & Associates Adds Attorney

Equipment leasing and finance law firm Marks & Associates, formerly Marks & Weinberg, said it has added Matthew D. Evans as a new associate. read more

Sydney Herald: Ex-Macquarie Leasing Manager Charged With Fraud

The Sydney Morning Herald reported that a former leasing manager at Macquarie Bank has been charged with defrauding the company of $1.2 million. read more

Reuters: JPMorgan May Settle 'Whale' Probes for $600MM

Reuters reported that JPMorgan Chase is in talks with regulators to settle probes of the bank's "London Whale" trading losses for about $600 million. read more

WSJ: JPMorgan Whale Trader Arrested in Spain

The WSJ reported that one of two former JPMorgan traders was arrested by Spanish police Tuesday. The article noted Javier Martin-Artajo, charged with hiding the London Whale losses, turned himself in to Madrid police. read more

Truck Dealership Sues CIT Group in Trademark Dispute

Bloomberg reported that CIT Group is being sued in a trademark dispute by an IL-based truck dealership, which does business as CIT Group Inc., and CIT Group Leasing. read more

Bloomberg: Icahn Loses Bid to Fast-Track Dell Lawsuit

Bloomberg reported that Delaware Chancery Court Judge Leo Strine Jr. denied Carl Icahn’s bid to speed up proceedings in a lawsuit against computer maker Dell. read more

SEC Charges JPMorgan Traders in 'Whale' Losses

The SEC charged former JPMorgan traders, Javier Martin-Artajo and Julien Grout, with fraudulently overvaluing investments in order to hide massive losses in a portfolio they managed. read more

London Whale Resurfaces in Potential U.S. JPMorgan Case

Bloomberg reported that Bruno Iksil, the former JPMorgan trader whose bets caused more than $6.2 billion in losses last year, is now central to any U.S. charges against his former colleagues. read more

NY A.G. Sues Western Sky Financial for Usury Law Violations

New York A.G. Eric T. Schneiderman announced that his office has filed a lawsuit against Western Sky Financial for violations of NY’s usury laws. The companies have been charging interest rates from 89% to more than 355% to thousands of NY consumers. read more

JPMorgan Said to be Near Settlement on 'London Whale' Loss

Bloomberg reported that JPMorgan Chase is negotiating final terms of a deal with regulators to end a yearlong probe of derivative bets that led to the bank’s biggest trading loss ever. read more

SEC Charges Bank of America With Fraud in RMBS Offering

The SEC charged Bank of America and two subsidiaries with defrauding investors in an offering of residential mortgage-backed securities by failing to disclose keys risks and misrepresenting facts about the underlying mortgages. read more

Reuters: U.S. Says States' S&P Suits Belong in State Courts

Reuters reported that the U.S. government, which is pursuing a $5 billion lawsuit accusing S&P of misleading investors, asked a federal judge to move similar cases by 15 U.S. states and the District of Columbia back to state courts. read more

JPMorgan to Pay $410MM to Settle Energy Market Case

The Federal Energy Regulatory Commission said it approved an agreement under which JP Morgan Ventures Energy will pay $410 million in penalties for allegations of market manipulation stemming from the company’s bidding activities in electricity markets. read more

Former UBS Execs Get Prison Terms for Muni Bond Fraud

The Wall Street Journal reported that three former UBS executives who were convicted on fraud and conspiracy charges related to the bidding for contracts for the investment of municipal bond proceeds were sentenced to prison terms and fined. read more

Bankruptcy Judge to Determine Detroit Protections

Bloomberg reported that Detroit’s police and fire pensions lost a bid that would delay the city’s $18 billion bankruptcy. read more

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Terry Mulreany
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