The First Circuit’s Thursday decision upholding a Massachusetts attorney’s conviction for trading on tips from a golf buddy widened a circuit split in the wake of the Second Circuit’s Newman decision and showed that courts are waiting for the U.S. Supreme Court to chip them back onto the fairway in insider trading law, experts said.
Attorneys seeking a $6 million fee for winning a proposed $2.75 million buyout of minority shareholders stranded in an allegedly “stolen” company defended the class deal Friday in Delaware Chancery Court, saying the suit also proved NavSeeker Inc.’s overall worth despite the controlling company’s claims that it had no value.
Kathy Patrick of Gibbs & Bruns LLP has recovered more than $21 billion for mortgage-backed securities investors — including the largest private settlement in Wall Street history — and changed mortgage servicing to benefit both borrowers and investors, putting her among Law360's Influential Women in Securities Law.
The Fifth Circuit vacated part of a Texas district court ruling in a contract dispute between investors in a hotel venture and the venture’s founder Friday, agreeing with the lower court that the individual investors had been released from making payments on a note but saying the company they created had not been.
A class of investors alleging Halliburton misled them over its asbestos liabilities shot back at the oil field services giant’s bid to block expert testimony from an accounting professor, arguing Friday that the statements at issue are in direct rebuttal to those of a Halliburton witness.
A top Republican lawmaker on Thursday pressed the Federal Reserve to cooperate with an audit of the central bank’s stress test process.
Goodwin Procter LLP has bolstered its Silicon Valley employment practice with a former Skadden Arps Slate Meagher & Flom LLP attorney with experience advising companies on compensation and tax compliance matters in life sciences, technology, private equity and real estate, the firm said.
Chelsea Therapeutics International Inc. has agreed to pay $5.5 million in cash to settle an investor’s putative securities class action stemming from alleged misstatements about its blood pressure drug Northera, the investor told a North Carolina federal court Friday.
A July trial on whether businessmen Ramy and Michel Lakah can be held liable in arbitration to debt investors including UBS AG for $100 million in bonds issued to businesses the Egyptian brothers controlled is going forward regardless of Ramy Lakah's purported trouble in obtaining a visa, a Manhattan federal judge said Friday.
Clean Yield Asset Management sent a letter to Alphabet Inc. shareholders Thursday urging them to vote in favor of a proxy measure that would require Google’s parent company to disclose details about its political donations, saying some of its efforts have already caused harm to its reputation.
The U.K.’s Financial Conduct Authority has called for regulatory agencies to gain greater access to data revealing how modern market-based finance, or shadow banking, functions as it expands its global reach and is poised to potentially overshadow traditional banking.
The legal saga over Energy Transfer Equity LP’s and The Williams Cos. Inc.’s troubled $37.7 billion merger reached the boiling point Friday, with ETE revealing a counterclaim in Delaware state court that contends Williams is actually the one delaying the deal and argues it should be allowed to abandon merger. Here, a Law360 interactive graphic recaps the many twists since Williams spurned ETE’s advances last summer.
A Florida federal judge ruled Friday that the owner of the Jay Peak Resort, sued by the SEC over an alleged $350 million fraud scheme involving the EB-5 immigrant investor program, can sell his luxury New York condominium to pay for legal fees and living expenses.
Merrill Lynch, Citigroup and others involved with a West Coast cancer-treatment company's $240 million initial public offering last year allegedly overstated its financial prospects, which led to a massive drop in its stock price, investors said in a putative class action filed on Wednesday in California state court.
BakerHostetler has expanded its securities team in New York with the addition of a former Dentons partner who served as special counsel to the U.S. Securities and Exchange Commission in the 1990s.
As the U.S. Securities and Exchange Commission considers revising the definition of an accredited investor — the decades-old, nearly untouched financial criteria that determines eligibility to participate in private placements — deals lawyers say regulators must resist anything that disturbs the increasingly robust private offerings market and aim for broader flexibility instead.
The Federal Reserve on Friday said that it will release the outline of its long-awaited capital rules for insurance companies, including those designated systemically important financial institutions, at a meeting set for June 3.
The lure of a well-compensated gig in private practice has for years coaxed many a government lawyer to make the move through the revolving door to the defense side, but former prosecutors say departing public attorneys should be prepared to roll up their sleeves and embrace a different frame of mind.
A New Jersey couple who purportedly owned a hedge fund was hit with criminal charges and a hefty civil penalty Friday for allegedly collecting money from two dozen investors and spending it on a lavish lifestyle as part of a Ponzi scheme that netted nearly $600,000 from victims.
Former Dewey & LeBoeuf LLP executive director Stephen DiCarmine on Friday dropped his longtime counsel at Bryan Cave LLP in favor of Seward & Kissel LLP, for a coming retrial over a purported scheme to con the law firm’s financial backers out of tens of millions of dollars before it collapsed in 2012.
During complex litigation, litigants often retain consulting experts to help them understand any intricate aspects of social and natural sciences present in a case, but the federal rules provide no such mechanism for the presiding judge. That is where technical advisers come in, say attorneys at K&L Gates LLP.
The Delaware Chancery Court’s decision in Chelsea Therapeutics Stockholder Litigation highlights that, as reflected in the trend of Delaware decisions over the past couple of years, there is only a narrow path to success in establishing liability of independent and disinterested directors in a post-closing damages action, say attorneys with Fried Frank Harris Shriver & Jacobson LLP.
The Eighth Circuit's decision in Best Buy represents a pernicious legal analysis that distorts, if not contravenes, the consistent and precise guidelines carefully crafted by the U.S. Supreme Court, beginning with Basic and ending, at least for now, with Halliburton II, says John Harnes of Chitwood Harley Harnes LLP.
Assuming the building-block and consolidated approaches to insurer capital regulation are ultimately implemented in a manner consistent with the U.S. Federal Reserve's proposal for new capital standards, multinational insurance groups subject to the board’s jurisdiction will soon face additional challenges in navigating an even larger patchwork of standards and regulations, say attorneys at Mayer Brown LLP.
A U.S. Department of Justice official recently expressed his view that spoofing is widespread in the commodities and derivatives markets in addition to the equities markets, likely leading to an uptick in spoofing cases going forward. With the new anti-spoofing authority given to the U.S. Commodity Futures Trading Commission, and the DOJ’s recent interest, we agree with this assessment, say attorneys with Cadwalader Wickersham & Taft LLP.
Courts often require parties to develop a joint e-discovery plan. But even when they are not court-imposed, parties should consider using joint e-discovery plans to promote transparency and streamline the discovery process, say Anthony Rospert and Jake Evans of Thompson Hine LLP.
Does your basket have any headroom? Latham & Watkins LLP partner Greg Robins explains the term "headroom" in this short video from the firm's Book of Jargon.
Amid heightened scrutiny of financial measures not calculated in accordance with generally accepted accounting principles, the U.S. Securities and Exchange Commission's recently released guidance should facilitate compliance with the SEC’s non-GAAP rules, say Yafit Cohn and Michael Nathan of Simpson Thacher & Bartlett LLP.
Kevin LaCroix of RT ProExec explains why the wording commonly used in the contractual liability and the professional liability exclusions in private company directors and officers insurance policies is problematic.
Absent allegations that he violated the insider trading laws, there does not appear to be any reason for professional golfer Phil Mickelson to be named as a party in a recently announced insider trading case — unless the U.S. Securities and Exchange Commission is rewriting insider trading law, says Thomas Gorman, a partner at Dorsey & Whitney LLP and former senior counsel in the SEC Division of Enforcement.