Antitrust & Trade Regulation Finance & Banking Civil Procedure

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Anti-trust Liability: Lessons from Goldman Sachs

In April we witnessed The European Commission impose a fine of €37.3 million directly on Goldman Sachs, holding the investor partly responsible for participation by its former portfolio company, Prysmian, in a cartel it ran...more

Section 1 Claims Dismissed in LIBOR, TIBOR Class Action

On March 28, 2014, Judge Daniels of the Southern District of New York dismissed antitrust and unjust enrichment claims against over 20 banks accused of manipulating prices in the Euroyen interbank lending market by submitting...more

Financial Services Law

Court: FTC Can Regulate Payday Lenders Affiliated With Indian Tribes - In what is being hailed by the Federal Trade Commission as a victory for regulators, a federal court judge in Nevada has ruled that the FTC has the...more

Nevada Federal Court Holds Tribal Lender Subject to FTC Jurisdiction

Adopting a magistrate judge’s report and recommendations, the United States District for the District of Nevada held that the FTC has enforcement jurisdiction over tribal payday lenders. ...more

Canadian Court Certifies Visa/Mastercard Class Action

In reasons publicly released on Thursday March 27, 2014, Chief Justice Bauman certified two classes of Canadian merchants who allege a price-fixing conspiracy related to Visa and MasterCard interchange fees. As the first...more

Tribal Affiliation Not a Bar to FTC Authority

In an enforcement action alleging violations of the Federal Trade Commission Act (FTC Act) and other federal laws by tribally affiliated entities that operated an Internet payday lending operation, a Nevada federal court...more

Willful Fair Credit Reporting Act Violation Confers Article III Standing

Whether they would admit it or not, most people have probably at some point searched for their own name in a search engine. Often the results illustrate how much personal information has been scraped and aggregated by...more

Court Approves $7.25 Billion Settlement of Antitrust Class Action Relating to Visa and MasterCard Interchange Fees

In the face of objections from some of the nation’s largest retailers, a New York federal judge has approved a massive settlement between a putative class of approximately 12 million merchants and Visa, MasterCard, and...more

Update: Where (and What) is the Harm?

We previously wrote about Judge Buchwald of the Southern District of New York dismissing plaintiffs’ antitrust claims arising from the LIBOR manipulation scandal.Recently, the Court denied plaintiffs’ request to cure the...more

Appellate Law -- Aug 06, 2013

In an opinion issued late last week, the California Supreme Court interpreted the Unfair Competition Law, Cal. Bus. & Prof. Code § 17200 et seq. (the “UCL”), to allow a UCL unlawfulness claim based on a “borrowed” federal...more

Case Against VISA and MasterCard Dismissed

In a ruling from Ottawa yesterday, Canada’s Competition Tribunal dismissed the case against Visa Canada Corporation and MasterCard International Incorporated (CT-2010-10), without costs, noting that some of the reasons for...more

Mexican Telecom Reform: The Rise of the STEM Lawyers

The Reform started effects on June 12, 2013. As from this moment, several deadlines were triggered that will define the new telecom and antitrust landscapes: - Since June 12, 2013, foreign companies and individuals can...more

Corporate and Financial Weekly Digest - May 24, 2013

In this issue: - SEC Division of Corporation Finance Issues 13 New and Revised C&DIs - CFTC Issues Final Trade Execution Rules - CFTC Issues Interpretive Guidance on Disruptive Trade Practices - New York...more

LIBOR Going Forward: How Will Dismissal of Antitrust Claims Effect Investigations and Private Claims?

We recently wrote about the dismissal of the plaintiffs’ antitrust claims against banks involved in the LIBOR manipulation scandal for failure to allege an antitrust injury. Since that dismissal, the court has granted...more

In re LIBOR-Based Financial Instruments Antitrust Litigation: A Long Road Ahead

In a self-described “unexpected” ruling for the defendants in the consolidated LIBOR proceedings, Judge Naomi Reice Buchwald has dismissed the private plaintiffs’ antitrust and Racketeer Influenced and Corrupt Organizations...more

Where (and What) Is the Harm?

The recent LIBOR suppression scandal has given rise to numerous lawsuits, both individual and putative class actions based on several theories of recovery, that have been consolidated in the Southern District of New York....more

Visa/MasterCard Interchange Fee Litigation – May 28, 2013 Deadline to Respond to Class Action Settlement Agreement

All entities that accept Visa- or MasterCard-branded credit and/or debit cards must decide, on or before May 28, 2013, how to respond to the settlement agreement with Visa and MasterCard on behalf of a class covering...more

Banks Shed Libor Antitrust Claims

On March 29, the U.S. District Court for the Southern District of New York dismissed the antitrust claims brought by plaintiffs in numerous consolidated actions against 23 financial institutions over their alleged...more

Update On Tribal Loans To State Residents

Native American tribes increasingly are engaging in consumer lending over the Internet. These “tribal loans” present unique legal questions and issues, including whether tribal sovereign immunity shields tribes and their...more

"UK’s Department of Business, Innovation and Skills Proceeds with Private Competition Action Reforms"

The U.K.’s Department of Business, Innovation and Skills (BIS) has issued a ‘government response’ or plan for reform indicating that the government will move forward with a number of substantial changes to the U.K.’s...more

Second Circuit Rules That Putative Auction Rate Securities Class Action Complaints Failed to Adequately Plead Antitrust Conspiracy

In Mayor and City Council of Baltimore v. Citigroup, Inc., No. 10-0722-cv(L) and 10-0867-cv(CON), 2013 WL 791397 (2d Cir. Mar. 5, 2013), the United States Court of Appeals for the Second Circuit upheld the dismissal of two...more

Mortgage Banking Update - March 08, 2013

In This Issue: - Kentucky County Clerks Cannot Sue MERS for Failure To Record Mortgage Assignments, Sixth Circuit Rules - Bipartisan Policy Center Proposes New Directions for National Housing Policy - FTC...more

McCarn v. HSBC USA, Inc.: A Federal Court Dismisses a Plaintiff's Attempt to Apply Antitrust-Conspiracy Principles to a Consumer...

On November 13, 2012, the U.S. District Court for the Eastern District of California, in McCarn v. HSBC USA, Inc., 2012 U.S. Dist. LEXIS 162257, issued an important decision rejecting as inadequate a plaintiff’s attempt to...more

Supreme Court to Hear Another Case on Class Arbitration Waivers

On November 9, 2012, the U.S. Supreme Court agreed to consider the enforceability of a class action waiver clause in agreements between American Express and merchants that accepted its cards. The merchants filed a proposed...more

FTC Loses Motion in Unfair Billing Case Against Online Payday Loan Referral Service

On November 7, the U.S. District Court for the Middle District of Florida held that numerous factual issues prevented the court from granting summary judgment on the FTC’s claims that an online payday loan referral business...more

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