A U.S. House of Representatives committee in New York federal court Friday stood its ground against a U.S. Securities and Exchange Commission subpoena for documents in connection with a health care insider trading probe, calling it a "fool's errand" with no legal backing.
Facing the possibility that an upcoming proxy fight could lead to a default under a $750 million credit agreement, Darden Restaurants Inc.’s board has approved and nominated the slate of director nominees proposed by Starboard Value LP, though it doesn’t recommend voting for them, according to a Friday regulatory filing.
Chinese brokerage Hong Yuan Securities Co. Ltd. dislcosed plans on Friday to be acquired by Shenyin & Wanguo Securities Co Ltd. in a 39.6 billion yuan ($6.40 billion) deal resulting in China's third-biggest brokerage.
With its booming real estate market and cash-rich but connection-poor investors, both locally and from Latin America and Europe, South Florida could become one of the hottest real estate crowdfunding markets in the coming years, experts say.
A Texas watchdog group has asked Austin’s district attorney to launch a formal criminal investigation into the Republican candidate for state attorney general after he admitted signing up clients for an investment firm without registering with the state, the group announced Friday.
An ad hoc coalition of municipal finance groups wants the U.S. Securities and Exchange Commission to tweak its new enforcement program aimed at encouraging municipal issuers and underwriters to self-report disclosure violations.
For many companies, confronting an investigation by the U.S. Securities and Exchange Commission is a lot like confronting a commercial lawsuit — both cost money, suck up valuable resources and threaten reputational damage. But, as a panel of Law360 experts advise, dealing with the government like you would a corporate adversary might land you in even bigger trouble.
RBS Securities Inc. urged the Tenth Circuit on Thursday to nix parts of an order enabling a New York federal judge to make discovery rulings in a case brought in Kansas by the National Credit Union Administration over RBS' alleged misrepresentations of mortgage-backed securities.
As qui tam False Claims Act lawsuits continue to rise, health care companies and their attorneys are working to bolster internal compliance programs and eyeing employee litigation releases as a way to limit exposure. But those agreements require some careful handling. Here, attorneys share three tips to crafting an employee release that won't be thrown out in court.
Bill Ackman's career as an activist investor has been distinguished by impressive wins and huge losses, but the number of bets falling into the latter category has been on the rise as he has shown a bias for more aggressive plays that some experts say set management on the defensive and cast a pall over all activist investors.
A shareholder trying to sue the directors of Transocean Ltd. in a derivative suit in Texas over their alleged mishandling of the Deepwater Horizon explosion and its aftermath will have to take her case to Switzerland if she wants to continue, a Texas appeals court ruled on Thursday.
A Seattle stock trader who pled guilty to trading on inside information from a friend at Microsoft Corp., including news of the company’s impending 18 percent stake in Barnes & Noble Inc.'s e-reader business, was sentenced on Friday to one and a half years in prison.
The Fifth Circuit on Friday said a district court decision to send a case back to an arbitration panel for further clarification was not a final order that could be appealed, rejecting a Nuance Communications Inc. bid to enforce an arbitration award of zero dollars to investors challenging a $45 million merger.
GlaxoSmithKline PLC said Friday that it is investigating allegations of misconduct by the company's former consumer operations and related distributors in Syria, after receiving a whistleblower's email detailing the claims.
A Florida stock-transfer agent has settled SEC charges and pled guilty to federal criminal charges in connection with allegations he stole $3.3 million from investors by selling counterfeit stock certificates via cold calls, according to court documents.
A former agent for mining company BSG Resources Ltd. was sentenced in New York federal court on Friday to two years in prison for obstructing a U.S. Foreign Corrupt Practices Act investigation into potential bribery in Guinea.
The U.S. Securities and Exchange Commission has dropped its probe of Facebook Inc., and will not bring an enforcement action over issues around the company’s $16 billion initial public offering, the social media giant said on Thursday in a regulatory filing.
The U.K.'s Serious Fraud Office has agreed to pay British real estate tycoon Vincent Tchenguiz and his businesses £3 million ($5.1 million) to settle Tchenguiz's civil damages claims over his arrest stemming from a botched 2011 investigation into the collapse of Iceland's Kaupthing Bank HF, the SFO said Friday.
Republican congressman Darrell Issa asked the U.S. Department of Justice on Thursday for internal documents on $20 billion worth of settlements with Citigroup Inc. and JPMorgan Chase & Co. in an effort to understand why the agency decided against suing the banks over their toxic mortgage-backed securities.
XL Specialty Insurance Co. urged the Eleventh Circuit to rule that it isn't required to pay for a $4.9 million settlement in a shareholders class action concerning former client Piedmont Office Realty Trust Inc. because it never consented to the agreement.
The Mandatory Victims Restitution Act is a valuable tool to recover the expenses of a costly, yet necessary, internal investigation into a former employee’s criminal wrongdoing. Anticipate and plan for a necessity showing under the MVRA as a potential criminal matter is being investigated and after government cooperation has commenced, say Paul Monnin and Zachary LeVasseur of DLA Piper LLP.
The U.S. Supreme Court decision in Halliburton Co. v. Erica P. John Fund may significantly increase defense costs at and prior to the class certification stage, so companies may wish to carefully consider their directors and officers insurance program and confirm that their policies would respond to cover expert witnesses and “event study” expenses, says Roberta Anderson of K&L Gates LLP.
Bank of America’s roughly $16.5 million settlement with the Office of Foreign Assets Control for alleged violation of OFAC sanctions is a treasure trove of sanctions compliance guidance, and carries important lessons for those preparing to submit voluntary self-disclosures, says Michael Dobson Jr. of Kelley Drye & Warren LLP.
The Investment Advisers Act preempts most state regulation of a U.S. Securities and Exchange Commission-registered investment adviser and its supervised persons. However, states have the power to regulate the licensing and registration of an SEC-registered adviser’s “investment adviser representatives,” say James Anderson and Gretchen Passe Roin of Wilmer Cutler Pickering Hale and Dorr LLP.
In this e-discovery era, why aren't more litigants using Federal Rule of Evidence 502(d) orders and affording themselves basic protection of their most sensitive information? Or, if they are moving for such orders, why are they doing it wrong? asks John Rosans of Katten Muchin Rosenman LLP.
Judge Jed Rakoff’s recent ruling in the case of Madoff Securities gives comfort to foreign investors that the proceeds of their indirect investments in U.S. companies will not likely be clawed back, but it does not come without certain warnings and limitations — especially considering a contradictory Ninth Circuit ruling issued a mere three days prior to Rakoff’s decision, say attorneys with Orrick Herrington & Sutcliffe LLP.
In Dinuro Investments v. Camacho, a Florida court clarified the limited circumstances under which a corporate shareholder or limited liability company member has standing to bring a direct claim for damages relating to the company — an issue that has become more and more unsettled, say Jeff Gutchess and Justin Brenner of Bilzin Sumberg Baena Price & Axelrod LLP.
The U.S. Supreme Court's acceptance of Gelboim v. Bank of America Corp. will resolve a circuit split on whether a plaintiff can immediately appeal the district court’s dismissal of a lawsuit that has been consolidated with other suits that are still pending, but it is merely the first of several steps needed to revive the bondholder plaintiffs' antitrust claim, say Stacey Slaughter and Thomas Berndt of Robins Kaplan Miller & Ciresi LLP.
A growing trend in the Southern District of New York akin to a sua sponte rocket docket can provide defendants with an opportunity to set the tone of discovery and shift the burden and risks of the schedule to their adversaries, say Isaac Greaney and Jackie Lu of Sidley Austin LLP.
Finding prospective clients and retaining them has little to do with your legal training and expertise, and yet you have no practice without successful client acquisition and retention. There is no reason you cannot apply your basic legal training to successful sales efforts hinging upon your practice strength and experience, says independent law firm consultant Jennifer Topper.