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U.S. v. Coinbase: Virtual Currency Holders Not Outside the IRS’s Reach

by Dechert LLP on

The U.S. District Court for the Northern District of California, on November 28, 2017, ordered the international digital currency broker, Coinbase, Inc., to produce to the Internal Revenue Service (IRS) the records of...more

US Court of Appeals Overturns LIBOR Convictions Based on Derivative Use of Compelled Testimony Lawfully Obtained in UK

by Dechert LLP on

In a decision with significant implications for cross-border criminal and regulatory investigations in both the UK and U.S., a panel of the U.S. Court of Appeals for the Second Circuit recently overturned two convictions for...more

Second Circuit’s ruling in United States v. Allen strikes blow to cross-border enforcement efforts

by Dentons on

The Second Circuit’s recent decision in United States v. Allen has created a potentially serious obstacle to the United States’ cross-border enforcement efforts. The court ruled that the Fifth Amendment prohibits the...more

LIBOR Criminal Convictions Reversed – The Perils of Global Enforcement

by Michael Volkov on

The growth of global enforcement systems raises important policy issues and risks for enforcement authorities. In an interesting case, US v. Allen and Conti, the Second Circuit Court of Appeals reversed criminal convictions...more

Second Circuit: Fifth Amendment Bars Testimony Compelled by Foreign Governments

by Latham & Watkins LLP on

The court vacates LIBOR convictions with significant implications for US criminal cases involving cross-border investigations. Key Points: ..The Fifth Amendment also limits the use a defendant’s statements compelled by...more

Second Circuit Clarifies Fifth Amendment Law, with Implications for US Prosecution of International Cartels

by McDermott Will & Emery on

On July 19, 2017, the Second Circuit vacated the convictions and dismissed the indictments of two individuals accused of playing a role in the manipulation of the London Interbank Offered Rate (LIBOR). United States v. Allen,...more

US Second Circuit Finds Testimony Compelled by UK Regulators to be Inadmissible in Criminal Proceedings

Creating a potential new impediment for collaboration between UK and US investigators, the Court of Appeals for the Second Circuit in New York recently held that evidence derived from compelled testimony cannot be used in a...more

A Constitutional Check on Cross-Border Enforcement Tactics: Takeaways from the Second Circuit’s Decision in United States v. Allen

by King & Spalding on

Today’s global investigations frequently involve the cooperation of many government agencies in multiple countries. On July 18, 2017, the U.S. Court of Appeals for the Second Circuit handed down a decision creating a major...more

United States v. Allen and the Taint of Compelled Testimony in Cross-Border Enforcement Actions

In a decision likely to cause global reverberations in the realm of cross-border enforcement, the US Court of Appeals for the Second Circuit has vacated the convictions and indictment in the first US criminal appeal related...more

Fifth Amendment Prohibits Use of Compelled Foreign Testimony in U.S. Criminal Trials

by Pepper Hamilton LLP on

On July 19, the U.S. Court of Appeals for the Second Circuit vacated the conviction of two former London-based bankers, Anthony Allen and Anthony Conti, who were convicted in October 2015 on multiple counts of bank and wire...more

Convictions reversed in LIBOR case

On July 19, 2017, in United States v. Allen, et al. (16-cr-98) (Cabranes, Pooler, Lynch), the Second Circuit issued a decision reversing the convictions of defendants Anthony Allen and Anthony Conti for wire fraud and...more

Privacy & Cybersecurity Update - June 2017

In this month's edition of our Privacy & Cybersecurity Update, we examine a new Chinese cybersecurity law that went into effect despite international concern for how it will be implemented; Colorado's adoption of new...more

Recent Developments with Respect to Conflict Minerals

by Snell & Wilmer on

In the Spring 2017 issue of our Corporate Communicator, we included a brief discussion of the status of the conflict minerals rules contained in Rule 13p-1 of the Securities Exchange Act of 1934, as amended (the “Exchange...more

Orrick's Financial Industry Week In Review

Rating Agency Developments - On April 19, 2017, Fitch issued a report entitled Airport Operating Lease ABS Rating Criteria. On April 14, 2017, Fitch issued a report entitled North America and Asia-Pacific...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Wells Fargo’s Board Chair, Stephen Sanger, did survive his reelection vote the other day. Barely. But Breakingviews thinks he should think awfully hard about his future as a Director at the bank....more

Orrick's Financial Industry Week In Review

Financial Industry Developments - SEC Adopts T+2 Settlement Cycle for Securities Transactions - On March 22, 2017, the Securities and Exchange Commission (SEC) adopted an amendment to Rule 15c6-1(a), shortening the...more

Trading and Markets Enforcement Report - January 2017

by Morgan Lewis on

January 2017 - The last several years have seen law enforcement and regulatory bodies sharpen their focus on trading activity in the securities and derivatives markets. This focus has coincided with the advent of new and...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Lynn Tilton’s very public spat with the SEC over the agency’s in-house court system may be heading to the Supreme Court, thanks in part to a recent 10th Circuit opinion last week that created a Circuit split over the...more

New York’s high court finds jurisdiction over foreign bank on basis of correspondent bank account activity

by DLA Piper on

In a ruling that three dissenting judges warned would “have grave implications for correspondent banking relationships,” New York’s Court of Appeals has reinstated claims against a Swiss bank after concluding that its alleged...more

This Week In Securities Litigation

by Dorsey & Whitney LLP on

The D.C. Circuit handed down the first circuit court decision ruling on the Appointments Clause question concerning the retention of SEC ALJs. The court concluded that there was no violation of the Clause....more

The Administrative Procedure Act - Challenging FBAR Penalties

by Moskowitz LLP on

Over the past 10 years, thousands of U.S. taxpayers with a wide variety of circumstances have been forced to pay extraordinarily high penalties for failure to disclose foreign bank accounts. For years, tax experts said that...more

"Cross-Border Investigations Update - June 2016"

This issue of Skadden’s semiannual Cross-Border Investigations Update takes a look at recent cases and enforcement trends, including proposed amendments to China’s commercial bribery law, the use in U.S. courts of compelled...more

This Week In Securities Litigation

by Dorsey & Whitney LLP on

The Second Circuit rejected a challenge to the SEC’s venue selection decisions, concluding that the district court did not have jurisdiction to hear an issue regarding the Appointments Clause. This is the third circuit court...more

Florida Supreme Court: Origin Sourcing for Sales Tax is Constitutional

by Reed Smith on

The Florida Supreme Court upheld the imposition of a sales tax obligation on an in-state florist for all of its worldwide sales regardless of delivery destination. This “origin sourcing” method of determining transactions...more

Testing The 5th: Compelled Testimony From Foreign Regulators

by WilmerHale on

The circumstances of the prosecution of Anthony Allen and Anthony Conti exemplify how cross-border cooperation and parallel investigations can give rise to novel issues in a subsequent criminal trial. Allen and Conti were...more

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