Seven financial institutions are urging a New York federal court to drop them from a putative class action over price fixing of foreign exchange rates, saying investors tied them to an exaggerated conspiracy theory in hopes of forcing a settlement.
JPMorgan Chase & Co. can’t kill a suit claiming it misrepresented the quality of loans in a $1.9 billion mortgage-backed securities trust, a New York appellate court ruled Tuesday, saying the bank had guaranteed information that later turned out to be inaccurate.
Pillsbury Winthrop Shaw Pittman LLP has picked up two capital markets and deals pros from Stikeman Elliott LLP and Latham & Watkins LLP with experience representing private equity, energy, technology and financial industry clients in London and the Middle East, the firm said this week.
Automated Matching Systems Exchange LLC, which aims to be a virtual marketplace for automated dark pool trades, has told the Eighth Circuit that without a real reason the U.S. Securities and Exchange Commission wrongly denied the company's application to run an exchange.
The owner of a business that reorganizes company stock after mergers and acquisitions pled not guilty in Illinois federal court Tuesday to charges he spent $1.2 million on payroll expenses using client money meant for stock purchases.
Aerie Pharmaceuticals Inc. on Monday fired back at a putative class action brought by investors who say the company misled them into thinking its top drug would perform better in clinical trials, telling a New Jersey federal court that the suit is based on “unfounded speculation” and “makes no sense.”
The inspector general of the U.S. Commodity Futures Trading Commission has reopened his review of the agency’s whistleblower office, with an aim to figure out why the agency is handing out so few whistleblower awards and what can be done about it, the watchdog said Monday.
Jurors deliberating in the criminal trial of former Massey Energy coal magnate Don Blankenship are deadlocked and have been given the “dynamite charge” that commands holdout jurors to reconsider, according to Blankenship's attorney.
New York state may soon require top executives at financial firms to certify that their institutions are in compliance with the state’s strict anti-money laundering rules under a proposal released Tuesday aimed at further cracking down on terror financing.
Harbinger Capital Partners LLC asked the Second Circuit on Monday to revive claims that Garmin and other GPS makers defrauded their wireless-spectrum neighbor LightSquared, which Harbinger had acquired for $1.9 billion, by hiding issues that interfered with LightSquared's supposed spectrum band.
Norris McLaughlin & Marcus PA has been sued by a security equipment company alleging that the New Jersey firm law tried to sabotage its relationships with banks, vendors and employees while it represented of a group of dissident investors seeking to oust its board members.
Federal prosecutors told a Securities and Exchange Commission judge Monday they no longer need a stay on the agency’s administrative case against billionaire hedge fund runner Steven A. Cohen, days after the agency refused to ban an ex-Cohen employee whose insider trading conviction was overturned.
A U.S. Securities and Exchange Commission judge ruled Monday that an ex-Lehman Brothers managing director and the brokerage firm he formed after the Wall Street giant’s collapse must pay $4 million for trading in violation of registration requirements.
The Federal Reserve tightened up its rule eliminating its bailout powers for individual firms in response to pressure from lawmakers, but the failure to set a tough penalty rate for emergency loans still gives the agency too much flexibility to engineer a bailout, critics say.
A New Jersey resident facing a U.S. Securities and Exchange Commission action tied to his failed business, which aimed to organize mixed martial arts tournaments and sell related media content, is the latest person to sue the SEC claiming that its in-house court uses unconstitutionally appointed judges.
A Texas ethics commission on Monday referred a draft opinion that would allow a public official in the state attorney general's office to accept gifts from out-of-state donors to a subcommittee after some members raised concerns about the potential for “bundling,” a commission attorney said Monday.
A Florida federal judge on Monday denied a former vacation rental firm executive's attempt to derail a second trial stemming from allegations he facilitated a $300 million Ponzi scheme, refusing to acquit him based on arguments that prosecutors failed to prove their claims.
An administrative judge on Monday said the U.S. Securities and Exchange Commission’s Division of Enforcement needs to prove how much Seattle-based coal company L&L Energy Inc. profited by concealing that the company lacked a chief financial officer.
The U.S. Securities and Exchange Commission has named a new associate director in the Office of International Affairs, announcing Monday that it has tapped a 10-year agency veteran to lead SEC policy on international regulatory matters.
A California federal judge has frozen the assets of a doctor, an office manager and businesses involved in an alleged scheme to steal at least $10 million from funds Chinese investors believed would lead to visas under a program that rewards job-creating investments in the United States.
Companies named in a securities class action frequently fail to engage in a competitive interview process for their defense counsel, and instead simply retain litigation lawyers at the firm they use for their corporate work. But an interview process involves myriad benefits — including tens of thousands of dollars of free legal advice, says Douglas Greene, chairman of the securities litigation practice at Lane Powell PC.
Recent case law reflects a clear progression toward judicial acceptance of document analytics. In this article, principals at The Brattle Group Inc. and the leader of Reed Smith LLP's records and e-discovery group summarize court opinions on the superiority of using predictive coding over keyword searches and provide an illustration of how a closely related method, topic modeling, can be used in document-intensive investigations.
Due to public pressure, Latin American governments are for the first time aggressively investigating allegations of bribery and corruption at the local level and actively cooperating with foreign government agencies, including the U.S. Department of Justice and the U.S. Securities and Exchange Commission. Companies operating in the region should take heed, say attorneys with Ropes & Gray LLP.
The U.S. Securities and Exchange Commission's recent enforcement action against Virtus Investment Advisers — alleged to have been negligent in failing to investigate subadviser F Squared Investments' false claims more closely — raises the question of when an adviser can be liable for disseminating misstatements by another entity, say attorneys with Katten Muchin Rosenman LLP.
Will the amendments to the Federal Rules of Civil Procedure actually help streamline cases, reduce discovery costs and improve case management? That is certainly the hope, although the key will be how well judges and counsel take advantage of early case assessment and management techniques, say Mark Tully and Michelle Briggs of Goodwin Procter LLP.
Several developments over the past few months caught the eye of Jim Maiwurm, chairman emeritus of Squire Patton Boggs. Try as he might, he could not resist the temptation to comment on a few — such as the expansion of the Dentons “polycentric” empire, a confused verein controversy, and provocative suggestions that the law firm partnership model is a dinosaur.
In this short video — the latest installment from the "Book of Jargon" — Latham & Watkins LLP partner Courtenay Myers Lima defines "happy meal."
The U.S. Securities and Exchange Commission's recently released whistleblower report makes clear that the commission will continue to focus on issues raised in the case of KBR, and that it is actively interested in any company documents, policies or statements suggesting that an employee talks to the SEC at his or her own peril, say attorneys with Jenner & Block LLP, including a former SEC trial lawyer.
The amendments to the Federal Rules of Civil Procedure scheduled to take effect Dec. 1 are designed to usher in a new era in the U.S. litigation system, this time acknowledging that what was once known as “e-discovery” is now just discovery. The amendments are sweeping in scope, but none is more important than the revised Rule 37(e), say Gregory Leighton and Eric Choi of Neal Gerber & Eisenberg LLP.
The rules of the game have changed to accommodate the evolving dynamics of capital formation in the 21st century. Attorneys with White and Williams LLP highlight 10 key items that all potential issuers, investors and intermediaries need to consider before deciding to participate in securities-based crowdfunding.