The prospects of "Flash Boys"-inspired litigation dimmed Wednesday when a New York federal judge ruled that stock exchanges have immunity from private suits claiming they helped high-frequency traders gain an unfair advantage in the marketplace, experts say.
Morgan Stanley was sued for $20 million on Thursday by two former brokers who say they were fired in retaliation for bringing up fraud and illegal activity at the megabank.
Todd Newman and Anthony Chiasson, the hedge fund managers whose insider-trading convictions were famously overturned by a federal appeals court in December, both urged the Supreme Court this week not to extend the life of the case just so that the solicitor general could take a stab at a moot point.
The U.S. Department of Justice told a New York federal court Wednesday that a metal company executive’s son can’t reclaim money his father forfeited after pleading guilty to a scheme to smuggle magnesium later supplied to a government contractor, arguing he didn’t own the account from which the sum was taken.
Bryan Cave LLP doesn’t carry professional malpractice insurance for its individual attorneys, a former employee said in a New York state court suit Wednesday, demanding at least $2.5 million for his criminal defense of charges related to an alleged scheme to buy Maxim magazine.
The U.S. Securities and Exchange Commission on Thursday appealed to the Second Circuit a New York federal judge’s decision to block its in-house case against a former Standard & Poor’s Ratings Services executive, in which the court said the agency's process for appointing judges is "likely unconstitutional."
A New York federal judge will allow a deposition of the Macedonian secret service’s ex-chief in the Foreign Corrupt Practices Act trial of three former executives of a Hungarian telecommunications company, ruling the deposition’s problems do not doom the testimony.
A Manhattan federal judge on Thursday denied summary judgment to trustees BOKF NA and UMB Bank NA in their attempts to force Caesars Entertainment Corp. to make good on $7 billion in Caesars Entertainment Operating Co. notes, finding discovery is needed to find out if the casino concern's private equity owners restructured the bankrupt subsidiary's debt in ways that impaired lenders' rights.
Google co-founder Sergey Brin is eyeing a $49 million mansion in New Jersey, Palm Tree Golf Management has reportedly sold a Florida golf course for $26 million, and Prometheus Global Media is said to be subleasing more than 40,000 square feet in New York from Twitter.
Shareholders suing private equity firm Clayton Dubilier & Rice LLC and others over a $610 million leveraged buyout of water treatment product company Culligan Ltd. have sought to disqualify defense-side counsel Debevoise & Plimpton LLP over its alleged involvement in underlying transactions.
Counsel for American International Group Inc. unit Lavastone Capital LLC likened the family operators of life policy seller Coventry First LLC to mobsters Wednesday at the start of a civil racketeering trial in which the insurance giant is asking for more than $2 billion in payment, damages and interest from allegedly illegal overcharges.
A New York federal judge concluded Wednesday that attorneys at Morelli Alters Ratner PC did not properly advise their clients during the discovery phase of a case alleging foam insulation sold by Lapolla Industries Inc. was toxic, and recommended the district court impose attorney fee sanctions.
Bankrupt magazine wholesaler Anderson News LLC revealed Tuesday that it will ask the Second Circuit to revive its $371 million antitrust suit against Time Inc., Hearst Communications Inc. and other magazine publishers, which was tossed after a federal court ruled the publishers didn't scheme to put Anderson out of business.
Plaintiffs in a class action accusing the NHL of conspiring to inflate the price of broadcast rights for NHL games told a New York federal court on Wednesday that a small number of objectors to a proposed settlement should not deter its final approval.
After both a New York district court and the Second Circuit denied class certification in a case accusing a Xerox Corp. unit and U.S. Bank NA of deceiving student loan borrowers, the parties on Tuesday jointly discontinued the case, saying a settlement had been reached.
A New York federal judge dismissed five cases Wednesday alleging exchanges and dark pools, including one operated by Barclays PLC, have given high-frequency trading firms market advantages, claims spotlighted by Michael Lewis' 2014 book, “Flash Boys.”
An assistant to crooked immigration lawyer Richard Kassel was sentenced to probation Wednesday by a New York federal judge who said she participated in her former boss's illegal diploma mill to keep her job while he pocketed $187,000 in legal fees.
The former CEO of a high-definition television display maker was charged in New York federal court Wednesday with hiding assets after being hit with a $3.4 million judgment in a U.S. Securities and Exchange Commission case.
Three former executives of a Hungarian telecommunications company asked a New York federal judge in a brief unsealed Wednesday to disallow the testimony of the former head of that country’s secret service, saying procedural irregularities should make his deposition unallowable.
The owner of A&P supermarkets asked a New York bankruptcy judge Tuesday to approve a retention plan worth up to $5 million to retain nearly 500 “key” nonunion employees, saying the plan is needed to keep the company from continuing to bleed high-level workers.
The D.C. Circuit’s opinion this week shooting down the New York and Tennessee Republican parties’ First Amendment challenge to the SEC’s pay-to-play rule contains strong and convincing language that the lawsuit is untimely. The opinion also suggested that the D.C. Circuit may not view the ultimate merits of the challenge favorably, says Raymond Sarola, associate at Cohen Milstein Sellers & Toll PLLC and a former policy adviser in t... (continued)
The Second Circuit's noteworthy embrace of the filed rate doctrine in Rothstein v. Balboa Insurance Co. gives a strong boost to a doctrine that has come under scrutiny in the trial courts for some time, say attorneys at Dentons.
The Fifth Circuit's decision in Rigsby v. State Farm Fire & Casualty Co. and the Fourth Circuit's decision in Smith v. Clark/Smoot/Russell reaffirm that federal courts are highly reluctant to dismiss cases brought under the False Claims Act for breaches of its seal provisions. They also reinforce divisions among the circuits concerning the applicable standards for such dismissals, says Robert Sherry of Morgan Lewis & Bockius LLP.
The Second Circuit's ruling in Eric M. Berman PC and Lacy Katzen LLP v. City of New York will only embolden state and federal agencies to aggressively regulate debt collection attorneys. Debt collection practitioners should consider the heightened regulatory climate when deciding whether to handle the pre-litigation activities of debt collectors and debt buyers, say attorneys at Ballard Spahr LLP.
Real estate developers and investors in New York and elsewhere could face challenges posed by three big tax incentive and funding issues whose resolution could have an impact on current mechanisms used to facilitate deals, says Phillip Crain at Schiff Hardin LLP.
It is the better part of judicial restraint for courts to defer currently to local privacy rules in cases like the Microsoft Ireland one. Leave it to lawmakers to decide whether and where U.S. prosecutors should be able to reach such user data stored overseas, without unduly tying Congress’ hands with constitutionalized privacy rules that might or might not apply in all cases, says Nathan Newman, director of the nonprofit Data Justice.
Recent decisions in New York and District of Columbia federal courts appear to illustrate a developing rift between the courts over the proper procedure to follow when asked to enforce an International Center for Settlement of Investment Disputes award, say James Berger and Charlene Sun at King & Spalding LLP.
The National Football League, especially the commissioner, aided and abetted by its “independent” law firm Paul Weiss Rifkind Wharton & Garrison LLP and “scientific consultant” Exponent from the very start of Deflategate have distorted the truth and defamed Tom Brady — an innocent man, says Robert Blecker, a criminal law professor at New York Law School.
The dire forecast from the group of 15 states that filed an emergency petition seeking a stay of the Clean Power Plan is greatly exaggerated. The final rule allows significant flexibility to utilities and states, and much of the legal infrastructure necessary for states to comply with the final rule is already in place throughout the country, say Ayres Law Group LLP's John Bernetich and Richard Ayres, co-founder of the Natural Reso... (continued)
Citco Group Ltd.’s recent $125 million settlement in Anwar et al. v. Fairfield Greenwich Ltd. has left PricewaterhouseCoopers LLC as the sole defendant in the class action related to Bernie Madoff's Ponzi scheme. PwC, like Citco, has deep pockets, but it perhaps is more vulnerable than other service provider defendants in the case, say Jonathan Sablone and Danielle McLaughlin of Nixon Peabody LLP.