Private equity magnate Lynn Tilton and the U.S. Securities and Exchange Commission will finally face off Monday over claims Tilton and her firm overcharged investors by more than $200 million, and both sides are preparing for a fight befitting what could be the largest case ever heard by an SEC judge as Tilton raises a host of new claims the agency acted improperly.
A trio of federal banking regulators recently moved to require that the largest banks and their service providers do more to ensure they can quickly respond to cyberattacks and limit their spread, a shift that would crank up the pressure on boards of directors and third-party vendors to play an active role in dealing with increasingly prevalent cyberthreats.
Facebook Inc. has told the Delaware Chancery Court that shareholders challenging a plan to create a nonvoting class of stock are trying to “invade the attorney-client privilege wholesale” and resorting to “gamesmanship” with their document requests related to the social media giant’s proposed reclassification.
A proposed class of investors suing Wells Fargo over the bank’s alleged mishandling of its residential mortgage-backed securities investments informed a New York federal judge Thursday of a Wednesday order by a California state judge that rejected pleading challenges “identical” to those raised by Wells Fargo in the instant case.
The U.S. Securities and Exchange Commission on Friday lodged an amended complaint against Texas Attorney General Ken Paxton over stock sales referrals, signaling the agency’s refusal to drop the case despite a Texas federal judge’s conditional dismissal two weeks ago.
The Eleventh Circuit on Friday nixed a securities suit alleging TD Ameritrade Inc. aided in a Ponzi scheme perpetrated by a convicted fraudster, upholding a lower court’s ruling that TD’s role as the custodian of transactions was not enough to allege it knew of, controlled or materially aided the fraud.
Public stockholders of Talen Energy Corp. opened a proposed class challenge Friday to the power producer's $5.2 billion sale to Riverstone Holdings LLC, saying the proposed buyout price is unfair in light of Talen's true value.
The Department of Homeland Security has issued its final rule regarding potential fee changes for a slew of immigration-related forms, including a proposed 145 percent fee increase for a key form used by EB-5 visa applicants and a new $3,035 fee for regional centers, which pool immigrant investor funds.
One of the co-founders of TelexFree Inc. who allegedly ran a $1 billion pyramid scheme targeting Brazilian and Dominican immigrants, has agreed to plead guilty on the day before jury selection in his trial was set to begin, prosecutors said on Friday.
An attorney facing securities fraud allegations for a waste-to-fuel business, which several professional athletes invested in, told a Georgia federal judge on Thursday that the U.S. Securities and Exchange Commission's lawsuit is the personal vendetta of an SEC team that set out to "ruin his life" because he "annoys the SEC" and beat them once in a high-profile securities case.
SunEdison creditors on Thursday sued the energy giant’s bank lenders and other financiers in New York to recover at least $200 million they allege was used to mask the company’s deteriorating finances and improprieties months before filing for bankruptcy.
The China Securities Regulatory Commission announced Friday it has opened an investigation into claims of initial public offering fraud by six companies.
A Texas federal judge on Friday tossed a suit by a proposed class of Eagle Rock Energy Partners LLP shareholders alleging that Vanguard Natural Resources LLC hid a potential debt covenant breach leading up to its $474 million acquisition of Eagle Rock, saying the information was publicly available.
The Manhattan District Attorney’s Office has agreed to allow the star cooperating witness in the Dewey & LeBoeuf LLP criminal trial to drop his guilty plea to grand larceny and cop to a lesser charge ahead of the coming retrial of the firm’s former executive director and chief financial officer.
A man who the U.S. Securities and Exchange Commission says profited off three public transactions after a KPMG LLP partner tipped him off has agreed to pay $171,000 to end insider trading claims against him, according to a consent judgment filed Friday in Georgia federal court.
A representative of the former shareholders of smartphone battery case maker Mophie Inc. filed a proposed class action suit against Zagg Inc. on Friday, saying it hasn’t paid the shareholders $12 million in tax refunds after its $100 million purchase of Mophie earlier this year.
A former accounting executive is urging the U.S. Supreme Court to review the standard for when defense attorneys can subpoena evidence from third parties along with how courts calculate fraud losses, two questions he said have “recurring and exceptional importance” to white collar practice.
Accuride Corp.’s board undervalued the commercial vehicle parts supply company by taking a $124.5 million buyout offer from private equity firm Crestview Partners without getting other bids, shareholders alleged in Indiana federal court Thursday.
London-based asset manager M&G Investments said Friday that it will resume trading shares next month in its £4.1 billion ($5 billion) real estate fund after suspending trading in July when a rush of redemption orders accompanied uncertainty surrounding the U.K.'s vote to leave the European Union.
The Republic of Argentina called Thursday for a New York federal court to reject final approval of a class action settlement over the country’s $90 billion debt default, claiming nonclass members are seeking a piece of the deal.
In the U.S. Commodity Futures Trading Commission's ongoing action against DRW Investments, a New York federal judge recently issued an order that provides important protections to market participants and is a blow to the CFTC's effort to lower the standard for proving price manipulation, say attorneys with WilmerHale.
I went to the law books, where I discovered the crime of “obstruction of justice,” and realized I was right in the middle of a criminal conspiracy. I didn't fully understand my conduct during Watergate until — decades later — I learned about the psychology of cover-up at work, says John Dean, who served as White House counsel for President Richard Nixon.
Somewhat surprisingly, very few of the dozens of "trial pros" who have been interviewed by Law360 have revealed the secret to effective trial preparation that is vital to their success. But ultimately, the “secret” to effective trial preparation is not actually a secret, says Jamin Soderstrom of Soderstrom Law PC.
Although a new form of entity under Cayman Islands law, the Cayman Islands LLC is familiar in form to U.S. lawyers and industry participants; Cayman Islands LLCs operate in an almost identical way to Delaware LLCs, say Tim Buckley and Andrew Barker of Walkers Global.
The U.S. Securities and Exchange Commission has aggressively stepped up its efforts to prosecute insider trading by institutional portfolio managers in the funds that they manage, with an insistence on broad disgorgement and civil penalty calculations. But recent decisions — resting on a strong precedential foundation — call the SEC's strategy into question, say Paul Monnin and Sam Puathasnanon of Paul Hastings LLP.
Look at any deposition of any witness and within a few moments you will see them reach for the water glass, bottle, carafe or pitcher and quaff with seemingly unquenchable thirst. What could possibly be wrong with that? As a trial consultant for over three decades, I am going to tell you, says Dr. Ross Laguzza of R&D Strategic Solutions LLC.
On Dec. 1, 2016, several important amendments to the Federal Rules of Appellate Procedure take effect. The most impactful amendment is the shortening of the permissible length of appellate briefs, which will affect many appeals and will have a particularly significant impact on complex appeals such as patent cases, says Matthew Dowd of Dowd PLLC.
A number of companies have received written comments on their use of non-GAAP financial measures from the staff of the U.S. Securities and Exchange Commission’s Division of Corporation Finance. Attorneys with Skadden Arps Slate Meagher & Flom LLP identified several trends in the comments received to date.
Companies and executives should promptly familiarize themselves with the Committee of Sponsoring Organizations of the Treadway Commission's new fraud risk management guide and re-evaluate each of their internal control components. Once the principles become the industry standard, any deficiencies discovered later can create a risk of liability, say attorneys with Norton Rose Fulbright US LLP.
The Delaware Chancery Court's recent decision in Nguyen v. Barrett highlights yet again its narrowing of the circumstances under which plaintiffs can successfully challenge merger and acquisition transactions. Further, for the first time, the court has articulated the higher burden to a plaintiff in bringing a disclosure claim in a post-closing damages action, say attorneys at Fried Frank Harris Shriver & Jacobson LLP.