Securities

  • July 27, 2014

    House Panel Won't Budge In Face Of SEC Subpoena

    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.

  • July 25, 2014

    Darden OKs Starboard Nominees To Prevent $750M Default

    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.

  • July 25, 2014

    Chinese Brokerage Hong Yuan Unveils $6.4B Tie-Up Plans

    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.

  • July 25, 2014

    South Fla. Real Estate Market Primed For Crowdfunding Boom

    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.

  • July 25, 2014

    Texas AG Candidate Faces Complaint Over Securities Work

    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.

  • July 25, 2014

    Securities Attys Press SEC On Muni Disclosure Effort

    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.

  • July 25, 2014

    Law360's Guide To Surviving An SEC Investigation

    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.

  • July 25, 2014

    RBS Urges 10th Circ. To Nix NY Judge's Discovery Powers

    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.

  • July 25, 2014

    3 Tips For Workable FCA Release Programs

    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.

  • July 25, 2014

    Herbalife, Allergan Lead To Questions Over Ackman Strategy

    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.

  • July 25, 2014

    Texas Court Kicks Deepwater Investor Suit To Switzerland

    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.

  • July 25, 2014

    Stock Trader Gets 1.5 Years For Microsoft Inside Trades

    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.

  • July 25, 2014

    5th Circ. Says Orders To Clarify Arbitration Awards Aren't Final

    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.

  • July 25, 2014

    GSK Investigating Alleged Misconduct By Former Syria Ops

    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. 

  • July 25, 2014

    SEC Settles Suit Over $3.3M Stock Counterfeiting Scheme

    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.

  • July 25, 2014

    Ex-BSGR Agent Gets 2 Years For Obstructing FCPA Probe

    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.

  • July 25, 2014

    Facebook Says SEC Won't Bring Enforcement Action Over IPO

    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.

  • July 25, 2014

    UK Fraud Office To Pay RE Mogul $5M Over Iceland Bank Sting

    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.

  • July 25, 2014

    Issa Demands Citi, JPMorgan Settlement Files From DOJ

    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.

  • July 25, 2014

    XL Asks 11th Circ. To Excuse It From $4.9M Piedmont Deal

    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.

Expert Analysis

  • Tips For Recovery Under Mandatory Victims Restitution Act

    Paul Monnin

    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.

  • Your D&O Insurance Policy Post-Halliburton

    Roberta D. Anderson

    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.

  • 3 Takeaways From BofA's $16.5M Settlement With OFAC

    Michael V. Dobson

    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.

  • Understanding The Investment Adviser Registration Process

    Excerpt from Lexis Practice Advisor
    Gretchen Passe Roin

    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.

  • 6 Years In, Why Haven't FRE 502(d) Orders Caught On?

    John A. Rosans

    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.

  • Rakoff's Foreign Fund Clawback Ruling Has Limitations

    Raniero D’Aversa

    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.

  • Fla. Sets Strict Standard For Direct Shareholder Claims

    Jeffrey W. Gutchess

    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.

  • High Court Will End Circuit Split With Libor MDL Case

    Stacey Slaughter

    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.

  • Trial-Ready In 180 Days: Prepare For SDNY's Rocket Docket

    Isaac S. Greaney

    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.

  • When You Are Responsible For Your Book Of Business

    Jennifer Topper

    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.