Attorneys for a class of shareholders suing a company known until recently as Heckmann Corp. — which provides fluids and environmental services to the energy industry — over its $505 million acquisition of China Water and Drinks Inc. told potential class members Wednesday that they have reached a $27 million settlement.
The Delaware Chancery Court is scaling down fee awards tied to settlements that unearth new disclosures but don't significantly change the landscape of a given deal, a sign that the premier U.S. business court is reining in plaintiffs' attorneys looking for an easy payout.
A LIN Media LLC shareholder has filed a class action in Delaware Chancery Court against the TV company's board and Media General Inc., which agreed to acquire LIN for $1.6 billion.
A group of Democratic federal lawmakers on Tuesday urged the head of the Securities and Exchange Commission to implement a new rule requiring issuers to conduct due diligence and report on the sourcing of conflict minerals from the Democratic Republic of Congo.
A New Jersey federal judge on Wednesday declined to toss racketeering charges against a pair of reputed Lucchese crime family associates accused of draining $12 million from a mortgage lender and forcing its bankruptcy but dismissed counts against two attorneys and another defendant.
The Sixth Circuit on Wednesday affirmed an 18-year prison sentence given to the ex-president of penny stock company Plasticon International Inc., saying the man convicted of bilking investors out of over $18 million failed to object to his sentence at trial.
A Kansas federal judge on Tuesday tossed the National Credit Union Administration board’s state-law claims alleging UBS Securities LLC misrepresented the risk of about $2 billion in residential mortgage-backed securities it sold to two now-defunct credit unions, finding the claims were time-barred.
The Second Circuit on Wednesday partially revived a class action against Apple REIT Inc. and others alleging they duped investors into supporting multiple ventures by presenting misleading and incomplete documents, saying a lower court erred in finding the plaintiffs failed to allege a cognizable loss.
Conservative activist groups on Wednesday launched a broadside attack against a U.S. Senate bill that would reshape the United States housing finance system and eliminate Fannie Mae and Freddie Mac, saying that it would simply increase government intrusion in the housing market.
Swedish pension fund Alecta, a shareholder of truck manufacturer Scania AB, came out Wednesday against the buyout of minority shares by Volkswagen AG for €6.6 billion ($9.1 billion), joining other skeptical institutional shareholders.
Botox maker Allergan Inc. adopted a poison pill late on Tuesday to insulate itself from hostile takeover plays, a move that came the same day it confirmed an unsolicited offer worth nearly $46 billion from Valeant Pharmaceuticals International Inc. and famed activist Bill Ackman.
A Ropes & Gray LLP lawyer has returned to Gibson Dunn where he will serve as co-chair of the firm’s life sciences practice and work closely with technology and life sciences companies as well as their investors on corporate and securities matters in its San Francisco office, the firm said Monday.
Billionaire investor Sam Wyly on Tuesday defended his use of offshore trusts that the government claims were used to pull off a $550 million fraud, but told a New York jury he regrets not demanding his subordinates disclose to U.S. securities regulators every transaction involving those trusts.
A former U.S. Securities and Exchange Commission trial attorney who was involved in the agency’s litigation around JPMorgan Chase & Co.’s London whale debacle has rejoined Akin Gump Strauss Hauer & Feld LLP as a partner in its New York office, the firm said Tuesday.
A former Bank of America Corp. official who became a U.S. government witness in its crackdown on alleged municipal contract bid-rigging escaped punishment at his sentencing hearing Tuesday in New York federal court.
A New York judge on Tuesday refused to throw out a $281 million fraud suit brought by Israeli megabank Bank Hapoalim BM brought against several Morgan Stanley & Co. Inc. units over misrepresentations about risky residential mortgage-backed securities, but trimmed two claims from the action.
Pennsylvania Middle District Judge John E. Jones III talks to Law360 about the surreal aftermath of his divisive ruling against intelligent design as he prepares for yet another potentially explosive trial over Pennsylvania's same-sex marriage ban.
A bill that could transform the housing finance system and stave off years of continued dependence on government backing will face a tough political test next week during a scheduled Senate markup, but U.S. Housing and Urban Development Secretary Shaun Donovan said Tuesday he's optimistic that reform is on the horizon.
A New York federal judge on Tuesday approved the U.S. Securities and Exchange Commission's "no-admit, no-deny" insider trading settlement with a former SAC Capital Advisors LP analyst, but said he still didn't know whether the deal was fair.
A former Celgene Corp. executive was sentenced to 16 months in prison in New Jersey federal court Tuesday, for sharing tips on acquisitions, quarterly earnings and regulatory news during a five-year insider trading scheme also fueled by nonpublic information from Stryker Corp. and Sanofi-Aventis U.S. LLC.
The U.S. Securities and Exchange Commission's recent guidance on third-party social media commentary in investment adviser advertising maintains existing agency principles while providing greater latitude under the Testimonial Rule. Advisers must be willing to adopt a fairly specific and practical policy for social media advertising, and policies should include ways of managing the "do's" and "don'ts" of publishing site commentary, say attorneys at Bingham McCutchen LLP.
Over the last 15 years, financial institutions have paid billions of dollars to settle claims that they colluded with each other. In this two-part series, we discuss cases beginning with the Nasdaq spread collusion allegations in the late 1990s and ending with the more recent Libor and Forex investigations, identify lessons that emerge, and suggest steps that firms, and in some cases, regulators, may wish to consider to reduce risks going forward, says Jon Eisenberg of K&L Gates LLP.
The State Bar of California has decided to follow New York's lead and require prospective attorneys to record 50 hours of pro bono service in order to be eligible for admission. While we applaud the intentions behind these initiatives, there are a number of reasons why state bars should limit any mandatory pro bono requirement to this context, rather than extend it to licensed attorneys as some have suggested, say attorneys with the Association of Pro Bono Counsel.
In what has become an annual rite of springtime, shareholder plaintiff lawyers are once again targeting Schedule 14A annual meeting proxy statements that include proposals on executive compensation, requirements for tax deductibility of performance-based compensation, and other issues requiring shareholder action. Fortunately for issuers, these types of claims usually fare poorly when plaintiffs are forced to defend them in court, say Gerard Pecht and Peter Stokes of Norton Rose Fulbright LLP.
Most seasoned investment fund managers know it’s only a matter of time before they get dragged into litigation over something. While much of that risk relates to sales of their portfolio companies, post-closing merger and acquisition litigation is easy to avoid, says Casey McTigue of SRS|Acquiom LLC.
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.
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.
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.
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.
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.