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European Union Sanctions Against Russia - September 2014 Expansion of Sanctions

As NATO and the EU seeks to increase pressure on Russia and the Crimea, the EU expanded its sanctions against Russia on 12 September. This is the latest in a series of measures introduced since March in response to the...more

Credit Crunch Digest

This issue of the Credit Crunch Digest focuses on ongoing civil lawsuits and regulatory investigations into Libor manipulation by large banks, including the possible imposition of new criminal penalties by U.K. authorities...more

STOA Schemes Face Increased Regulatory Scrutiny

Increased SEC and Justice Department prosecution is bad news for stranger-originated annuity (STOA) schemes. The SEC recently announced that enforcement actions were taken against brokers Michael A. Horowitz of California and...more

New York DFS Obtains Substantial Settlement In Licensing Enforcement Action

On March 31, in an enforcement action with potential implications for a range of financial service providers, the New York State Department of Financial Services (DFS) announced that an insurance holding company agreed to pay...more

Legislative Update Report No. 2014-01 -- Jan 13, 2014

In This Article: Federal Government; Alberta; British Columbia; Manitoba; New Brunswick; Newfoundland; Northwest Territories; Nova Scotia; Nunavut; Ontario; Prince Edward Island; Québec/Quebec; Saskatchewan; and Yukon....more

Washington Appellate Court Holds That Below-Limits Settlement Fails to Trigger Excess Policies

On November 12, 2013, in Quellos Group LLC v. Federal Insurance Company, the Washington Court of Appeals affirmed summary judgment in favor of two excess professional liability insurers because the excess policies “require[d]...more

Florida Court Holds Criminal Conduct Exclusion In E&O Policy Applicable

In its recent decision in Certain Interested Underwriters at Lloyd’s v. AXA Equitable Life Insurance Company, 2013 U.S. Dist. LEXIS 159639 (S.D. Fla. Nov. 7, 2013), the United States District Court for the Southern District...more

Loan Originator Compensation: New Rules

On January 24, 2013, as the last of the Final Rules of the Consumer Financial Protection Bureau (CFPB) rolled out, I offered an outline of all of them, entitled "CFPB's Gang of Seven (Final Rules)".* I listed them in...more

Wager, Insurance, Bucketing or Swap?

In yesterday’s post, I mentioned Professor Joan Heminway’s recent essay on crowdfunding. She notes that some crowd funding arrangements may “may look less like investment instruments commonly known as common stock or...more

DOJ Brings Civil Fraud Action Against S&P

On February 4, the Department of Justice filed a complaint in the Central District of California against two Standard & Poor’s entities in connection with credit ratings S&P provided for certain RMBS and CDOs....more

U.S. Treasury Looks to States to Share Information as Part of Insurance Anti-Money Laundering Efforts

The U.S. Treasury Department’s criminal enforcement arm, the Financial Crimes Enforcement Network (FinCEN), has reached individual agreements with the states of Louisiana and California which will allow state insurance...more

Health Care Enforcement Defense Alert: DOJ and HHS Announce Efforts to Obtain Proactive Data Mining Tools to Supplement Anti-Fraud...

In yet another health-related joint law enforcement initiative, Attorney General Eric Holder and Department of Health and Human Services (HHS) Secretary Kathleen Sebelius announced yesterday, December 16th, that they would...more

PRESUMPTION OF INNOCENCE AND SETTING OF BOND

The presumption of innocence in a criminal law case means just that: you are presumed innocent unless proven guilty. This is true regardless of whatever crime is alleged, e.g., child sexual abuse, murder, sexual battery,...more

Customer Due Diligence - CDD - as an Instrument For Combating Financial Crimes in Nigeria

The essay in exposing the damage caused by money laundering at national and global levels, highlights the importance of customer due diligence (CDD), an anti money laundering (AML) measure, in tackling financial crimes like...more

IRS Offshore VDP -- Last Opportunity for Taxpayers to Avoid Criminal Prosecution and Penalties?

As a result of the current state of the economy and recent calls for more regulation on international finance, it should come as no surprise that the federal government is seeking ways to close tax havens and increase...more

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