Deloitte & Touche

1. Securities Litigation Developments In 2009

Tuesday, Feb 23, 2010

In 2009, U.S. courts of appeal issued more than 60 decisions analyzing claims by private litigants under the Securities Exchange Act of 1934 and the Securities Act of 1933. These decisions — covering a wide array of issues that are often dispositive in high-stakes private securities litigation — point to a few trends, say Brian A. Herman and Karen Pieslak Pohlmann of Morgan Lewis & Bockius LLP.

2. Legal Power Couple: Jordan Hershman & Diana Lloyd

Wednesday, Feb 10, 2010

This week, as Valentine's Day approaches, Law360 takes a look at five couples whose careers couldn't preempt the laws of attraction. Today's powerful pairing: Bingham McCutchen LLP's Jordan Hershman and Choate Hall & Stewart LLP's Diana Lloyd.

3. Actrade Settlement Nixed Over CEO's Alleged Pilfering

Tuesday, Jan 26, 2010

A federal judge has affirmed a bankruptcy court's rejection of a securities class action settlement involving defunct corporate receivables trading company Actrade Financial Technologies Ltd. in light of new allegations that the company's former CEO looted $31.6 million in previously hidden funds.

4. $6.7M Ends Adelphia Investors' Feud With Rigases

Thursday, Jan 21, 2010

Adelphia Communications Corp. investors have struck a $6.725 million settlement deal with 10 former executives and directors — including now-jailed John and Timothy Rigas — who they accused of artificially inflating the price of the erstwhile cable provider's securities.

5. $37M Settlements End AHM Securities MDL

Friday, Jan 15, 2010

American Home Mortgage Investment Corp., auditor Deloitte & Touche LLP and a raft of underwriters have paid more than $37 million to settle class allegations that they deceived investors about the bankrupt subprime mortgage lender’s dicey practices and impending collapse.

6. Kohlberg Hit With 2 Securities Class Actions

Thursday, Jan 07, 2010

Kohlberg Capital Corp. and some of its top officials have been hit with at least two securities fraud class actions alleging that they artificially inflated the company's stock price by failing to properly account for the fair value of its investment portfolio.

7. Deloitte, Grant Thornton To Settle Parmalat Suit

Thursday, Nov 19, 2009

Deloitte Touche Tohmatsu and Grant Thornton International have agreed to cough up $15 million to settle with a class of Parmalat SpA stockholders in a suit stemming from the Italian dairy giant's collapse.

8. American Home CFO Loses SEC Discovery Feud

Thursday, Oct 29, 2009

Stephen Hozie, the former chief financial officer of toppled mortgage lender American Home Mortgage Investment Corp., has failed to win access to federal regulators' discovery documents as he fights accounting fraud allegations his one-time colleagues have chosen to settle.

9. WaMu, Other Defendants Fail To Toss Securities MDL

Wednesday, Oct 28, 2009

Shareholders who accused Washington Mutual Inc. of a massive home lending fraud have weathered an effort to get their case thrown out.

10. Patent Cliff Has Drug Companies On Deal Hunt: Report

Tuesday, Oct 27, 2009

The looming prospect of health care reforms and the upcoming expiration of a number of drug patents by 2012 are fueling consolidation in the pharmaceutical industry, with many more companies pushing to do deals with biotechnology firms that have products in the later stages of development, a new report says.

11. Storch Named To Key Enforcement Role At SEC

Friday, Oct 16, 2009

The U.S. Securities and Exchange Commission on Friday named Goldman Sachs & Co. wunderkind Adam Storch as managing executive of the agency's Enforcement Division.

12. Bear Stearns Execs Face Another Amended Complaint

Monday, Oct 12, 2009

A unit of Stillwater Capital Partners LP has filed an amended complaint that, like many others, accuses various Bear Stearns Cos. defendants of breaching their fiduciary duties to a pair of hedge funds that imploded due to risky bets in the subprime mortgage market.

13. PCM Co-Founder Sues Bear Stearns Over Collapse

Monday, Sep 28, 2009

The co-founder of investment firm Private Capital Management LP is suing Bear Stearns Cos. Inc., its auditor and two top executives for allegedly deceiving him about the bank's finances in the lead-up to its spectacular collapse in March 2008.

14. Deloitte White Collar Pro Joins Barnes & Thornburg

Monday, Sep 21, 2009

Former Deloitte & Touche LLP attorney Patrick Brady has joined the white collar defense group at Barnes & Thornburg LLP in the firm's Chicago office.

15. Tele-Media Drops Deloitte From Adelphia Suit

Thursday, Sep 17, 2009

Deloitte & Touche LLP has been let off the hook by some of the plaintiffs in the long-running multidistrict securities litigation against Adelphia Communications Corp. over the massive accounting fraud that took place at the collapsed cable company.

16. Haynes & Boone Lands SEC Heavyweight

Thursday, Sep 03, 2009

Having spent the past two decades overseeing high-profile enforcement actions for the U.S. Securities and Exchange Commission, the regulator's Atlanta regional director is planning to make the jump to Haynes and Boone LLP.

17. Questions For International Accounting Firm Networks

Thursday, Aug 20, 2009

International accounting firm networks historically have relied on their structures to contain liabilities for the acts of member firms, usually with success. Earlier this year, certain rulings in the litigation arising from the collapse of the Italian dairy conglomerate Parmalat Finanziaria SpA raised questions as to whether this trend may be ending, says Thomas M. Beshere of McGuireWoods LLP.

18. Deloitte Hire Boosts Venable's Green Energy Practice

Thursday, Aug 06, 2009

Venable LLP has brought on tax attorney Elias Hinckley, formerly of Deloitte & Touche LLP, as a partner in its Washington office to boost its national clean energy roster.

19. New Acting Chairman Appointed To PCAOB

Monday, Aug 03, 2009

The U.S. Securities and Exchange Commission has appointed one-time Baker & McKenzie LLP attorney Daniel L. Goelzer to serve as acting chairman of the Public Company Accounting Oversight Board, which supervises the accounting firms that audit public companies.

20. Adelphia Auditor Fails To Get Punishment Tossed

Tuesday, Jul 28, 2009

A judge has rejected a bid by a former Deloitte & Touche LLP partner to overturn the U.S. Securities and Exchange Commission's decision barring him from practicing before the SEC because of his alleged misconduct in the auditing of Adelphia Communications Corp.'s financial statements in 2000.