Supreme Court rules state law applies to corporate tax refund allocation
The US Supreme Court on Tuesday unanimously ruled that, even in cases concerning federal bankruptcy and tax law, state tax law is to be applied concerning corporate property. The ruling vacates the decision of the lower court that applied a federal common-law rule known as the Bob Richards rule on how to allocate a tax [...]
Supreme Court hears arguments on ownership of tax refunds and preemption of hazardous cleanup
The US Supreme Court heard arguments Tuesday in cases concerning how courts should determine the ownership of tax refunds paid to affiliated corporate groups and whether federal law preempts state law claims for the cleanup of hazardous waste beyond what the US Department of Environmental Protection (EPA) has ordered. The first case, Rodriguez v. FDIC, [...]
Outcome Health to pay $70 million to victims of advertising fraud scheme in DOJ Settlement
Medical advertising company Outcome Health agreed to pay $70 million to victims Thursday in a settlement with the Department of Justice. Outcome Health places screens and tablets which display educational content into doctors’ offices and then sells advertising space on these to pharmaceutical companies. According to Special Agent in Charge Emmerson Buie Jr. of the [...]
JURIST Guest Columnist Julie A. Hill of The University of Alabama School of Law, discusses the Financial Choice Act and duplicative enforcement of financial regulations ... After the L.A. Times revealed that Wells Fargo employees opened millions of unauthorized consumer...
The US Commodity Futures Trading Commission (CFTC) on Thursday ordered Citigroup Global Markets Inc. (Citigroup) to pay over 25 million dollars for engaging in deceitful business trading practices. The CFTC found that Cigroup would...
US appeals court revives FDIC suit against banks over mortgage-backed securities sales
The 2nd U.S. Circuit Court of Appeals in New York on Wednesday revived a lawsuit that stems from the 2008 financial crisis. The Federal Deposit Insurance Corp (FDIC) brought suit in 2012 against five...
Obama urges strong financial regulation reforms to protect economy
US President Barack Obama on Thursday called for new financial regulations , outlining the major components of his proposal. Answering critics who claim that the reforms will increase bailouts, Obama compared the concept behind the proposed financial...
The US Federal Reserve Board Sunday approved a controversial merger between Wachovia bank and Wells Fargo that had prompted a legal challenge from jilted corporate suitor Citigroup . Encouraged by the Federal Deposit Insurance...
The US House of Representatives on Friday passed a $700 billion financial rescue bill that President Bush quickly signed into law . The House approved the Emergency Economic Stabilization Act of 2008...
Goldman Sachs and Morgan Stanley to fall under Bank Holding Company Act controls
The Federal Reserve Board on Sunday preliminarily approved applications by independent investment banks Goldman Sachs and Morgan Stanley to convert to bank holding companies, which would put the banks under Federal Reserve regulation, grant them...
