Securities

  • February 10, 2016

    Puerto Rico Bondholder Group Floats Debt Restructure Plan

    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.

  • February 10, 2016

    Fla. Couple Must Pay $3M Over Precious Metals Scheme

    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.

  • February 10, 2016

    Co-Founder Claims Textile Co. Execs Unraveling Business

    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.

  • February 10, 2016

    Phosphate Co. Loses Bid To Nix $40M Award In Stock Row

    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.

  • February 10, 2016

    Texas Justices Told Investor Has Standing In DLA Piper Row

    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.

  • February 10, 2016

    Del. Justices Urged To Revive GM Shareholders' Ignition Suit

    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.

  • February 10, 2016

    SEC Approves New Cross-Border Swaps Reporting Rules

    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.

  • February 10, 2016

    McGuireWoods Nabs Andrews Kurth Trial Pro In Houston

    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.

  • February 10, 2016

    Pierce Atwood Snags Ex-McDermott Securities Duo

    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. 

  • February 10, 2016

    8th Circ. Revives Investors' Suit Against Ex-Dolan Execs

    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.

  • February 10, 2016

    Barnes & Thornburg Atty Not Owed More Info, Investors Say

    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.

  • February 10, 2016

    Cravath Takes Lead On Argentina Debt Default Defense

    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.

  • February 10, 2016

    SEC Names New Associate Directors For Enforcement In LA

    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.

  • February 10, 2016

    Carrington Coleman Adds Ex-Fortune 500 Co. GC In Dallas

    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.

  • February 10, 2016

    BofA Should Face Class Claims In Libor MDL, Borrower Says

    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. 

  • February 10, 2016

    Judge Says FSOC Wasn't Neutral In MetLife SIFI Labeling

    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. 

  • February 10, 2016

    Oil And Gas Co. Must Arbitrate Contract Claims, Court Told

    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.

  • February 10, 2016

    Halliburton Urges 5th Circ. To Undo Investors’ Cert.

    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.

  • February 10, 2016

    Ace Says Exclusion Applies In Facebook IPO Coverage Row

    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.

  • February 10, 2016

    CFTC, Europe Hatch Accord On Clearing Rules

    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.

Expert Analysis

  • How Does Skadden Stay No. 1?

    Elizabeth Duffy

    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.

  • A Deep Dive Into SEC’s Latest Mining Disclosure Proposal

    Michael R. Littenberg

    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.

  • Inside EU's Proposal For New Prospectus Regulation

    Tobia Croff

    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.

  • OPINION: The Road To Partnership Must Keep Evolving

    Daniel L. Butcher

    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.

  • 9th Circ. Muddies Loss Causation

    William F. Sullivan

    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.

  • Securities Law Considerations In Marketplace Lending

    Anthony R. G. Nolan

    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.

  • Challenging An Arbitrator Ab Initio: A Primer

    Solum, Matt.jpg

    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.

  • When A Corporate Logjam Ends Badly

    David Treacy

    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.

  • 'Uptiering' As A Strategy To Restructure Oil Cos.

    Jennifer Wisinski

    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.

  • Consider Your Options As NY Proxy Access Efforts Continue

    Yafit Cohn

    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.