A bondholder group holding $17.3 billion in Puerto Rico debt floated a restructuring proposal on Wednesday as the White House continued to push Congressional Republicans to back legislation that would give the island’s municipalities the ability to seek bankruptcy.
A Florida federal judge has ordered a Florida couple to pay nearly $3 million to settle charges by the U.S. Commodity Futures Trading Commission that they absconded with customer funds from illegal, off-exchange precious metals transactions, the commission announced Tuesday.
The co-founder and partial owner of California-based Lekos Dye & Finishing Inc. filed a derivative suit against two of its executives on Tuesday, telling a California state court their mismanagement has cost the company upward of $1 million.
An Australian appeals court on Tuesday rejected mining tycoon Joseph Gutnick's bid to set aside a $40.4 million arbitration award issued to India's largest fertilizer collective following a dispute over shares in Gutnick's phosphate company, saying the award wouldn't result in double recovery.
An Australian financier and investor who lost $1.7 million in retirement funds because he took allegedly negligent advice from his attorneys and granted a loan to a now-defunct company has standing to sue DLA Piper under longstanding state law, the Texas Supreme Court was told in oral arguments Wednesday.
General Motors shareholders urged the Delaware Supreme Court on Wednesday to overturn a Chancery Court decision tossing their derivative claims that directors acted in bad faith while overseeing the company’s operations in connection with a deadly ignition switch defect, but ran into arguments they were distorting facts and ignoring contrary evidence.
The U.S. Securities and Exchange Commission on Wednesday approved a rule it said will ensure foreign and domestic security-based swaps dealers are subject to equal scrutiny under the Dodd-Frank Act when they engage in deals here, closing what had been called a loophole left open by the prior framework.
McGuireWoods LLP on Wednesday announced that an Andrews Kurth LLP partner has joined the firm’s business and securities litigation team, bolstering the firm’s Houston offerings with experience litigating high-stakes suits for clients in a range of industries.
Pierce Atwood LLP has added two former McDermott Will & Emery LLP partners with an extensive background in securities litigation to its Boston office, the pair said Wednesday.
The Eighth Circuit on Wednesday revived a proposed class action claiming former executives of Dolan Co. should have disclosed the loss of Bank of America Corp. business that decimated the company's legal services division, saying the lower court erred in finding the shareholders hadn't alleged recklessness.
Investors pursuing a breach of fiduciary duty claim against a Barnes & Thornburg LLP partner who was appointed as the receiver of The Nutmeg Group on Wednesday rejected her claim that their discovery efforts have been lax, telling an Illinois federal court any relevant materials have been provided.
Cravath Swaine & Moore LLP confirmed Wednesday that Argentina has picked the firm to take over as the country’s lead counsel in long-running bondholder litigation in New York stemming from its 2001 debt default.
The U.S. Securities and Exchange Commission on Tuesday said it has selected a pair of assistant directors from the enforcement division’s Los Angeles office to head enforcement operations in Arizona, Hawaii, Nevada and Southern California.
Carrington Coleman Sloman & Blumenthal LLP on Tuesday announced that it has strengthened its corporate transaction and counseling services with the addition of a former general counsel to BearingPoint and Affiliated Computer Services Inc. as a partner in Dallas, with expertise in the areas of banking, securities, private equity and technology, among others.
A mortgage borrower accusing Bank of America of assigning customers inflated interest rates by way of a Libor-rigging conspiracy asked a New York federal judge Tuesday to bar the bank's bid to strike his class allegations, saying it would waste the court’s time.
A D.C. federal judge criticized the process behind the Financial Stability Oversight Council's decision to designate MetLife a systemically important financial institution subject to stricter rules, noting Wednesday that the agency did not separate staff functions in a way that would have allowed neutrality.
An English oil company being sued in Texas federal court over an African drilling contract it allegedly quit because of a Foreign Corrupt Practices Act investigation into its U.S. partner asked a judge to throw the partner's case out on Tuesday, saying it failed to arbitrate the dispute as it had agreed to do.
Halliburton has urged the Fifth Circuit to vacate a decision granting class certification to investors alleging the energy giant concealed its liability over asbestos suits, saying the ruling contravened a previous U.S. Supreme Court ruling in the same case.
Ace American Insurance Co. on Tuesday struck back against a fellow insurer’s bid to put it on the hook for part of Nasdaq’s $31 million settlement with a class of investors who sued over Facebook’s botched initial public offering, saying the evidence shows a policy exclusion applies.
U.S. and European derivatives regulators on Wednesday announced a long-awaited plan to harmonize key regulations concerning the central clearing of swaps agreements and other instruments, settling years of intense negotiations in which the future of cross-border derivatives trading was at stake.
Analyzing the reasons why clients choose certain firms reveals a great deal about what is important and valued in the marketplace. Based on interviews with a random sample of over 600 heads of legal in the largest U.S. organizations, Elizabeth Duffy, vice president of Acritas US Inc., identifies the core brand drivers of Skadden Arps Slate Meagher & Flom LLP.
Late last year, the U.S. Securities and Exchange Commission issued its long-awaited proposed rule on the disclosure of resource extraction payments by public companies — the SEC’s second bite at the apple after an earlier rule was vacated in court. Michael Littenberg and Marvin Tagaban of Ropes & Gray LLP detail the scope and requirements of the new proposal and what companies should be doing now.
The main concern related to the new “simplified” disclosure regime recently proposed by the European Commission for companies issuing shares or debt on the market is whether the simplifications introduced mean less protection for investors, say attorneys with Shearman & Sterling LLP.
In a recent Law360 article it was suggested that promotion to partner was a competition between associates and that taking maternity, paternity or family medical leave could impact an associate's chances at promotion. But this sort of ethos — which may have contributed to law firms’ success in the past — is not the best way to secure the industry's future, says Daniel Butcher, managing partner of Strasburger & Price LLP.
The Ninth Circuit in Jacksonville Police and Fire Pension Fund v. CVB Financial added another wrinkle to the determination of whether and when the public disclosure of an internal investigation or a government subpoena establishes loss causation under the federal securities laws, say attorneys with Paul Hastings LLP.
The marketplace lending industry continues to mature and the regulatory landscape continues to evolve to address the unique challenges it poses. Anthony Nolan and Edward Dartley of K&L Gates LLP discuss some federal securities law considerations that are critical to the structures and business models of online marketplaces and their interactions with investors.
Where a perceived conflict is identified early in the process, a party may consider asking the forum overseeing an arbitration to determine whether it is appropriate for an arbitrator to serve on the panel. Despite the potential opacity of these kinds of decisions, discussions with practitioners and experience suggest that such challenges can arise from a number of situations, says Kirkland & Ellis LLP partner Matthew Solum.
Who is entitled to assert the rights of an aggrieved corporation when the party that allegedly injured the corporation is a 50 percent shareholder, controls half of the board of directors, and does not want the corporation to pursue litigation? The Kentucky Court of Appeals' answer in Gross v. Adcomm speaks to the scope of fiduciary duties owed by officers and directors in the state, says David Treacy of Dinsmore & Shohl LLP.
The key question that many exploration and production companies currently face is what the best strategic options to survive the depressed crude oil price market are. The most notable development in 2015 in out-of-court restructurings has been the use of junior-lien financings and “uptiering” transactions, say attorneys with Haynes and Boone LLP.
The proxy access proposals submitted to public companies by the New York comptroller’s office this year suggest that, in its sustained pursuit of a global standard of proxy access, the comptroller’s office may continue to target those issuers at which its proposal has previously failed, say attorneys with Simpson Thacher & Bartlett LLP.