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  • April 18, 2014

    Impax Can't Shake Drug Quality-Control Securities Action

    A California federal judge on Friday refused to toss a securities fraud class action against Impax Laboratories Inc. that alleges the pharmaceutical company hid serious quality-control deficiencies while exaggerating its progress toward fixing them.

  • April 18, 2014

    Stock Exchanges Hit With High-Frequency Trades Class Action

    The city of Providence, R.I., hit the Nasdaq Stock Market LLC and several other registered public stock exchanges, banks and brokerage firms with a proposed securities class action in New York federal court on Friday, accusing the defendants of manipulating the U.S. securities markets.

  • April 18, 2014

    BP Pounded By Spate Of New Deepwater Investor Suits

    BP PLC was hit with at least six securities suits in Texas federal court Friday, with groups of foreign businesses and U.S. retirement funds alleging the oil company’s actions and response to the Deepwater Horizon oil spill cost them millions of dollars.

  • April 18, 2014

    Libor Rulings May Not Doom Forex Antitrust Claims

    The banks accused of manipulating foreign exchange rates will almost certainly turn to a pair of decisions dismissing similar antitrust claims over the setting of the London interbank offered rate, but key differences in the way the two benchmarks are set mean that the Libor rulings won't necessarily doom the forex antitrust claims, attorneys say.

  • April 18, 2014

    Solicitor General Can Argue In Pom, 8 Other High Court Cases

    The U.S. Supreme Court said Friday that the U.S. solicitor general can participate as amicus curiae next week in oral arguments in nine cases, including Pom Wonderful LLC's suit accusing competitor Coca-Cola Co.'s juice label of misleading consumers.

  • April 18, 2014

    McKenna Long Tried To 'Destroy' Heart Tronics, Suit Says

    Heart Tronics Inc. on Friday accused its former counsel at McKenna Long & Aldridge LLP of malpractice and fraud, alleging in California federal court that the firm plotted to force Heart Tronic’s CEO to resign, allowing it to tap into a separate insurance fund for defending executives.

  • April 18, 2014

    Sterling Foster Plaintiffs Fight Bear Stearns Win In Fraud Suit

    Plaintiffs accusing Bear Stearns & Co. of engaging in a scheme that led to the downfall of now-defunct securities firm Sterling Foster & Co. on Thursday appealed the dismissal the case, taking issue with the court's finding that they failed to show the company knowingly engaged in fraud.

  • April 18, 2014

    NY Times Needn't Cough Up Docs For Hospital Investor Spat

    A New York federal judge ruled Thursday that The New York Times Co. doesn't have to produce documents sought by a pension fund for an underlying investor suit accusing a health care operator of performing unnecessary, highly profitable cardiac procedures.

  • April 18, 2014

    Ex-Quest CFO Loses Bid To Undo 16-Year Fraud Sentence

    The former chief financial officer of oil and gas exploration company Quest Resource Corp. lost a bid Thursday in Oklahoma federal court to overturn his 16-year sentence for his part in an investment scheme that cost investors more than $100 million.

  • April 18, 2014

    JPMorgan Thwarts Jury Trial In Hedge Fund Revenue Row

    JP Morgan Securities Inc. beat out hedge fund Hayground Cove Asset Management LLC's bid for a jury trial, after a New York judge ruled Thursday that Hayground's claims weren't enough to undo a jury waiver in the parties' heavily disputed revenue-sharing agreement.

  • April 18, 2014

    Rajaratnam Brother Can't Nix Insider Trading Indictment

    A New York federal judge has refused to dismiss insider trading charges against Rengan Rajaratnam, the younger brother of convicted Galleon Group LLC founder Raj Rajaratnam, according to a ruling made public Friday.

  • April 18, 2014

    Ex-Mutual Benefits Atty Will Appeal 10-Year Prison Term

    A former outside counsel for Mutual Benefits Corp. filed a notice in Florida federal court Thursday of his intention to appeal a 10-year sentence he received for his role in the company's $837 million insurance investment scam.

  • April 18, 2014

    2nd Circ. Could Curtail Insider Trading Prosecutions

    An impending Second Circuit ruling on whether the government should have to prove that recipients of insider trading tips knew their source stood to benefit from the disclosure could drastically limit prosecutors' ability to pursue charges against those further down the "daisy chain" from an illegal tip, experts say.

  • April 18, 2014

    Judge Trims German Bank's $160M MBS Suit Against UBS

    A New York state judge on Thursday largely trimmed a suit brought by Germany's fourth-largest bank against UBS AG and its subsidiaries over $160 million worth of mortgage-backed securities, leaving intact two fraud claims against them.

  • April 18, 2014

    Lululemon Beats Investors' Too-Sheer Yoga Pants Suit

    A New York federal judge on Friday granted final dismissal to a consolidated securities class action against Lululemon Athletica Inc. and two principals over the fallout from its costly March 2013 recall of too-sheer yoga pants, finding claims of purportedly false statements by the company to be mere puffery.

  • April 18, 2014

    JPMorgan To Pay Madoff Victims $218M After Judge's OK

    A New York federal judge on Thursday finalized a $218 million settlement between JPMorgan Chase & Co. and victims of Bernard Madoff, ending a class action suit that accused the bank of turning a blind eye to the decadeslong Ponzi scheme.

  • April 18, 2014

    Brookstone Bondholders Decry Terms Of DIP Loan

    A group of bankrupt Brookstone Holdings Corp.’s bondholders took issue Friday with a portion of the specialty retailer’s $96 million debtor-in-possession financing package, arguing that a provision to roll up some of it into prepetition debt will unfairly undercut the value of their bonds.

  • April 18, 2014

    Banks Say Senate Housing Bill Could Duplicate Regulations

    A banking industry group on Friday came out in favor of sweeping Senate legislation aimed at reshaping the U.S. housing finance market and eliminating Fannie Mae and Freddie Mac, but said the bill as constructed risked creating regulatory confusion and duplication among other concerns.

  • April 18, 2014

    Defunct Auto Parts Co. Says Parent's Suit Belongs In Canada

    Bankrupt Canadian car part manufacturer Fenwick Automotive Products Ltd. told a California federal judge on Thursday that a securities suit lodged by its parent company, Motorcar Parts of America Inc., was just an inflated contractual suit spurred by “buyer's remorse" and that it belongs in a Canadian court.

  • April 18, 2014

    Deals Rumor Mill: Sprint, Virtu Financial, Apollo

    A prospective merger between Sprint and T-Mobile could prompt regulators to reshape rules in the leadup to a big-ticket airwave auction set for 2015, while Virtu Financial yanked plans for an April IPO amid blowback sparked by a new book that criticizes high-frequency trading.

Expert Analysis

  • Conflict Minerals Law — Will The SEC Take It To The Banc?

    J. Robert Brown Jr.

    Given that the D.C. Circuit struck down a small aspect of the conflict minerals rule on First Amendment grounds, the U.S. Securities and Exchange Commission will have to decide its next step. To the extent that the agency opts to seek en banc review, it will presumably need to give some thought to the possible change in the pool of judges that could result from the suggested consolidation with another case, and the impact of this change on the outcome of a critical issue, says J. Robert Brown Jr. of Sturm College of Law at the University of Denver.

  • Activist Investors — Brace Yourselves For 13D Changes

    Perrie Michael Weiner

    The U.S. Securities and Exchange Commission is turning more aggressive attention toward shareholder activists, and the issue of revising the Schedule 13D timetable is alive once again, largely due both to a recent media report and its confluence with another event — the news that such a measure has the support of perhaps the preeminent juridical voice in American corporate law, Delaware Supreme Court Chief Justice Leo E. Strine Jr., say Perrie Michael Weiner and Patrick Hunnius of DLA Piper.

  • The Future Of Law Firm PR: The Good, Bad And Ugly

    Paul Webb

    There has been a dramatic change in how public relations professionals interact with the news media to promote or protect a law firm’s brand and reputation. But content is queen and has a bright future in law firm PR — it all begins with a plan that should include goals, performance indicators and a system of assessment, say Paul Webb, director of marketing at Young Conaway Stargatt & Taylor LLP, and Kathy O'Brien, senior vice president at Jaffe PR.

  • Roadblocks To D&O Coverage For Subpoena Response Costs

    Benjamin D. Tievsky

    While it must be emphasized that a policyholder’s entitlement to coverage is dependent upon the precise language of the policy at issue and the specific facts of each case, the recognition by many courts that a subpoena is a “claim” under D&O policies opens the door for potential recovery in a variety of circumstances, says Benjamin Tievsky of Orrick Herrington & Sutcliffe LLP.

  • Good News For South Fla. Ponzi Schemers?

    Lawrence A. Kellogg

    In its effort to protect public companies and legitimate businesses in general, the U.S. Supreme Court appears to be overlooking the effect its rulings are having on those for whom the fraud provisions of the securities laws were designed to protect. Should the court ring the death knell on class action securities cases, the South Florida climate for Ponzi schemers and other fraudsters will become better than ever, says Lawrence Kellogg, a founding partner of Levine Kellogg Lehman Schneider & Grossman LLP.

  • CFTC Data Will Be A Powerful Tool For FERC Enforcement

    Terry S. Arbit

    The Commodity Futures Trading Commission and the Federal Energy Regulatory Commission recently signed two long-awaited memoranda of understanding, the lower-profile information-sharing one, which provides FERC with “large trader data” in the CFTC’s possession, being the more significant. Regulators achieved a significant victory by including surveillance purposes in the memo — it was a long time coming and provides FERC with a potent tool for surveilling the natural gas and power markets, say attorneys at Norton Rose Fulbright.

  • The 6 Most Important Changes To Russian Pledge Rules

    Alexey Kukharev

    Among the most significant changes being made to the Russian Civil Code is the introduction of the security trustee concept, which will strengthen syndicated lending and asset-backed security structures involving Russian collateral, and will bring the Russian legal system into harmony with the most developed legal systems in the world in this area, says Alexey Kukharev of Orrick Herrington & Sutcliffe LLP.

  • What Will Gov't Seek To Prove In Rajaratnam Brother Case?

    Michele Adelman

    More courts than not have found that the government bears the burden of proving that a remote tippee knew that the tipper received some form of personal benefit, so the inevitable question is whether the government will reverse course and seek to prove that Rajarengan Rajaratnam knew that his brother Raj's tippers received a personal benefit, rather than running the risk of having a reversal of any conviction of Rajarengan, says Michele Adelman of Foley Hoag LLP.

  • Fog May Be Lifting Around Finders

    Kenneth G.M. Mason

    The regulatory world of when and whether a U.S. person can raise capital and receive transaction-based compensation without registering as a broker-dealer has been murky. But the U.S. Securities and Exchange Commission’s aggressive stance on when finders have to register as broker-dealers has recently encountered judicial disavowal by courts, which has helped clarify certain compensation issues, say Kenneth Mason and Sharon Obialo of Kaye Scholer LLP.

  • Beware 'Jewel' Risks In Lateral Partner Hiring

    Pamela Phillips

    Jewel litigation has been filed after every major law firm bankruptcy in the past 10 years, including Lyon & Lyon, Brobeck, Coudert, Thelen, Heller and Howrey. These lawsuits have produced years of litigation, with similar suits expected in the Dewey bankruptcy. Despite the legal uncertainties surrounding such claims, hiring firms can take steps now to minimize their Jewel risk for any lateral hire, say attorneys with Arnold & Porter LLP.