The bankruptcy trustee for Bernard Madoff’s investment fund asked a New York bankruptcy judge on Thursday for time to replead cases against Credit Suisse Group AG and others in light of new standards handed down from the district court.
Carlyle Group LP has agreed to pay about $115 million to settle a long-running proposed class action brought against it and several other private equity firms for allegedly teaming up to depress prices in leveraged buyouts leading up to the financial crisis, according to media reports on Friday.
A Texas federal judge on Friday sentenced the former CEO of Arthrocare Corp. to 20 years in prison and the company's ex-CFO to 10 years after they were convicted of perpetrating a securities fraud that is now estimated at about $756 million, according to authorities.
The Texas Supreme Court on Friday upheld an Exxon Mobil Corp. plan that stripped a top executive of $5 million in nonvested stock rights when he joined a rival energy firm, paving the way for more employers to use incentive plans to keep top talent in place without running afoul of the state's noncompete laws.
A Wisconsin federal judge dismissed an insider trading case Friday brought against a former investment firm executive, three years after ruling in favor of the Securities and Exchange Commission, on grounds that the agency's arguments before appellate court had not been raised in district court.
Ailing former Mutual Benefits Corp. CEO Joel Steinger received a 20-year sentence Friday in Miami federal court for masterminding an $837 million insurance investment scam that the prosecutor said ranks among the country's worst frauds, alongside Bernie Madoff's and Scott Rothstein's Ponzi schemes.
In trumpeting its first-ever whistleblower award to a compliance and audit professional, the U.S. Securities and Exchange Commission on Friday also inadvertently disclosed information that could be used to determine the identity of a person who faced an enforcement action because of the whistleblower’s tip.
A U.S. Securities and Exchange Commission judge should waste no time in banning hedge fund manager Michael Steinberg from the securities industry over his insider trading conviction, despite a looming Second Circuit decision that could eventually set him free, enforcement attorneys said this week.
The administrative law judge overseeing the U.S. Securities and Exchange Commission's case against Wedbush Securities Inc. and two company officials denied the SEC's request to withhold 200,000 pages of documents from the respondents, saying Friday that the argument the documents are irrelevant falls flat.
Brokerage and trade services provider GFI Group Inc. and futures exchange operator CME Group Inc. were hit with a proposed shareholder class action in a New York court Friday to block CME’s $580 million takeover of GFI, alleging the deal undervalues the company.
The former chief financial officer of convicted Ponzi schemer Scott Rothstein's law firm, Rothstein Rosenfeldt Adler PA, was sentenced Friday to five years in prison for knowingly diverting investor money in support of the $1.2 billion scheme and floating checks to make the firm's finances seem legitimate.
A top U.S. Securities and Exchange Commission official publicly lashed out at the agency over its “wrist slap” settlement tactics, offering a rare window into the regulator’s heated battles to shape enforcement policy.
Former Countrywide Financial executive Rebecca Mairone asked a New York federal court Friday to overturn a jury's decision that she helped defraud Fannie Mae and Freddie Mac, saying the finding that she helped the Bank of America Corp. unit to scam the government relied on a distortion of the term “quality” as it applied to the loans.
August saw a number of big names move back and forth between the government and BigLaw, and no firm played a bigger role in that movement than DLA Piper. Of the nine attorneys who crossed the public-private divide, three of them now call DLA Piper home.
JPMorgan Chase & Co., Bank of America Corp. and other large banks targeted in the foreign exchange antitrust litigation told a New York federal court on Thursday that the plaintiffs still have not alleged that the banks have manipulated the market.
Bank of America Corp.’s mortgage lending unit reached a deal Thursday to end a lawsuit over an insurer's $447 million purchase of mortgage-backed securities from Countrywide Financial Corp., according to filings in California federal court.
Shareholders of California-based chipmaker International Rectifier Corp. this week filed two putative class actions in California court over its proposed $3 billion acquisition by the German semiconductor giant Infineon Technologies AG, saying the transaction undervalues International Rectifier.
Retailer Abercrombie & Fitch Co. on Friday reached a settlement in Ohio federal court with a shareholder who accused company directors including CEO Michael Jeffries of violating their fiduciary duties by failing to link CEO pay with performance and other lapses.
In an exclusive interview with Law360, Mary Schapiro, former chair of both the U.S. Securities and Exchange Commission and Commodity Futures Trading Commission, says she regrets not being able to pass tough money market rules while at the SEC, adding that she is "very nervous" that new provisions will do more harm than good.
The U.S. Securities and Exchange Commission on Friday said it has granted its first whistleblower award to a compliance and audit professional when it agreed to pay $300,000 to an employee of an unnamed company who brought the agency information that led to an enforcement action.
The departure of attorneys from large firms is a trend that has increased as a result of the Great Recession and its aftermath, and boutique firm partners who previously worked at large firms understand the potential large-firm pitfalls, say attorneys with Levine Kellogg Lehman Schneider & Grossman LLP.
Given the significant differences among the circuits in examining the crime-fraud exception, and the Third Circuit’s recent erosion of the attorney-client privilege, U.S. Supreme Court review is necessary to ensure the consistent treatment of litigants and to protect the privilege, say attorneys with Blank Rome LLP.
The Second Circuit was appropriately concerned with the implications of the Section 10(b) test set forth by the U.S. Supreme Court in Morrison v. National Australia Bank. But in ParkCentral Global Hub Ltd. v. Porsche Automobile Holdings, the court developed a test only used to deny the availability of Rule 10b-5, says J. Robert Brown Jr. of Sturm College of Law at the University of Denver.
A Delaware Supreme Court decision in a Wal-Mart shareholder suit connected to alleged bribery may breathe new life into the Garner doctrine and serves as a reminder of the fragility of the attorney-client privilege, say Bruce Ericson and Dorothy Kaslow of Pillsbury Winthrop Shaw Pittman LLP.
A recent speech by a Federal Reserve Board governor has once again raised the issue of whether bank boards should face “broadened” fiduciary duties, but creating a liability regime that would encourage further litigation and expand the potential liabilities of bank directors would accomplish little, says Kevin LaCroix of RT ProExec.
In this short video — the latest installment from the "Book of Jargon" — Latham & Watkins LLP partner Rafal Gawlowski defines "accelerated share repurchase."
Whether the Russian Federation complies with the Permanent Court of Arbitration's final award — $50 billion — for its destruction of Yukos Oil Company will demonstrate the extent of the country's commitment to honoring international obligations and the rule of law, say Emmanuel Gaillard and Yas Banifatemi of Shearman & Sterling LLP.
The rhetoric used by shareholder activists on all sides should be taken with a large pinch of salt — most issues described as momentous generally are not — and these symbolic battles may divert attention from more meaningful reform, say professors at the New York University School of Law and the University of Pennsylvania Law School.
If the Fourth Circuit's reasoning in Tatum v. RJR Pension Investment Committee is adopted elsewhere the case could substantially impact the future conduct of fiduciary breach litigation as well as plan practices in administering stock funds, say Myron Rumeld and Russell Hirschhorn of Proskauer Rose LLP.
"If you follow the philosophy of saving everything you're just multiplying exponentially the costs and risks of litigation and investigations," says Robert Owen, partner in charge of Sutherland Asbill & Brennan LLP's New York office and president of the Electronic Discovery Institute.