Securities

  • November 26, 2014

    Securities MVP: Davis Polk's James Rouhandeh

    Davis Polk & Wardwell LLP securities litigator James Rouhandeh defended Morgan Stanley this year against a slew of class actions regarding the megabank's mortgage-backed securities business, earning him a spot on Law360's 2014 list of Securities MVPs.

  • November 26, 2014

    SEC Delays $1M Fine Against High-Frequency Clearing Firm

    The U.S. Securities and Exchange Commission on Wednesday agreed to stay a $1 million penalty the Chicago Board Options Exchange had imposed against a clearing firm that caters to high-frequency traders as it looks to review the self-regulatory organization’s decision in the case.

  • November 26, 2014

    Ackman Says Allergan Sale May Net $6B For Pershing Square

    Bill Ackman said that his Pershing Square Capital Management LP could realize $6 billion when pharmaceutical company Allergan Inc. closes its sale to rival Actavis PLC, after his pressure led to the agreement to sell last week.

  • November 26, 2014

    Wal-Mart Shareholder Wins Bid For Vote On Gun Sales

    A Delaware federal judge ruled Wednesday that Wal-Mart Stores Inc. violated securities law when it refused to include in its proxy materials a Wall Street church's proposal to tighten board oversight of the retailer's sale of guns with high-capacity magazines, sexually explicit music and other “offensive” products.

  • November 26, 2014

    Revolving-Door Roundup: Gibson Dunn, Holland & Knight, Irell

    November was a relatively slow month for attorneys moving between the public and private sectors, with only four job-hoppers, in comparison to last month's dozen and a half. But the crop still included stars like a top lawyer for the state of New Jersey and a leading aide to New York Gov. Andrew Cuomo.​

  • November 26, 2014

    BofA Avoids SEC 'Bad Actor' Label After $17B Mortgage Deal

    The U.S. Securities and Exchange Commission on Tuesday broke through an internal impasse and granted Bank of America Corp. and its Merrill Lynch brokerage business a reprieve from being barred from certain securities dealings as "bad actors" following a $16.7 billion mortgage settlement, but only if the firms comply with certain requirements first.

  • November 26, 2014

    Dragon Tells 1st Circ. It Missed Facts In $580M Goldman Suit

    Dragon Systems Inc.'s founders Tuesday urged the First Circuit to rehear en banc their bid to revive a consolidated $580 million negligence suit alleging Goldman Sachs & Co. failed to assess the stability of the company buying their speech technology firm, saying a panel ignored crucial facts.

  • November 26, 2014

    SEC Will Hear SAC Trader Steinberg's Appeal Of Industry Ban

    The U.S. Securities and Exchange Commission on Wednesday granted former SAC Capital Advisors LP trader Michael Steinberg’s request to hear his appeal of an in-house judge’s decision to ban him from the securities industry following his insider trading conviction last year.

  • November 26, 2014

    Fund Dropped From Suit Over $3.5B Petters Ponzi Scheme

    A hedge fund operated by a man accused of funneling hundreds of milllions of dollars to convicted Ponzi schemer Thomas Petters is being dropped as a defendant in a class action alleging damages from the $3.5 billion scheme.

  • November 26, 2014

    Wachtell Rips Counterclaim By Icahn's CVR In Legal Mal Row

    Wachtell Lipton Rosen & Katz told a New York judge on Monday that CVR Energy Inc.’s counterclaim in the law firm’s suit fighting back CVR's federal malpractice allegations over Carl Icahn’s $2.6 billion takeover of CVR is barred by earlier rulings.

  • November 26, 2014

    Former FDIC Chairwoman Bair Joins DLA Piper

    Former Federal Deposit Insurance Corp. Chairwoman Sheila Bair has joined DLA Piper as a senior policy adviser, the firm announced on Wednesday.

  • November 26, 2014

    DHB Investors Reach $37M Deal To Fund Ch. 11 Plan

    The bankruptcy estate of military body armor maker DHB Industries Inc., felled by a massive insider-trading fraud, unveiled a settlement Tuesday with victimized company investors that hands them $37 million in disputed funds in exchange for their financing a liquidation plan.

  • November 26, 2014

    Bond Buyers Won't Copy Argentina Holdouts, S&P Says

    Argentina’s apparent defeat in an epic sovereign-debt dispute with a small group of U.S. hedge funds won’t encourage bondholders in future sovereign restructurings to litigate for full repayment instead of accepting negotiated haircuts, a ratings agency said Wednesday.

  • November 26, 2014

    Novell Board Absolved In Bad-Faith Suit Over Attachmate Deal

    A Delaware judge on Tuesday threw out claims that Novell Inc.'s board gave unlawfully favorable treatment to suitor Attachmate Corp. in the run-up to their 2010 merger, finding no actionable evidence that the board kept other suitors including Symphony Technology Group out of the loop ahead of the $2.2 billion deal.

  • November 26, 2014

    Judge OKs $1.6M Settlement In Chinese E-Retailer IPO Row

    A New York federal judge on Wednesday preliminarily approved a $1.55 million settlement in a consolidated securities class action alleging Chinese e-retailer LightInThebox Holding Co. Ltd. had misled investors about the company’s sales growth prospects ahead of its $79 million initial public offering last year.

  • November 26, 2014

    Fla. Stock Scheme Atty Sees Post-Trial Motions Rejected

    A Florida federal judge on Tuesday rejected a slew of post-trial motions lodged by attorney Mitchell J. Stein, convicted of participating in former NFL player Willie Gault's scheme to inflate heart-monitoring company Signalife Inc.'s stock, as prosecutors told the court Stein should serve 25 years in prison.

  • November 26, 2014

    Lowey, Grant & Eisenhofer To Helm Silver Fixing Cases

    Lowey Dannenberg Cohen & Hart PC and Grant & Eisenhofer PA have been appointed co-lead counsel for silver futures buyers and sellers pursuing antitrust claims against Deutsche Bank AG, HSBC USA Bank NA and the Bank of Nova Scotia over a purported price manipulation scheme, a New York federal judge said Tuesday.

  • November 26, 2014

    Shire Backers Say AbbVie Execs Lied About Inversion Upside

    A group of Shire PLC shareholders accused executives at AbbVie Inc. on Wednesday of lying about the non-tax benefits behind the drugmakers' planned $55 billion union, the highest-profile inversion to crumble after the Obama administration unfurled restrictions to curb tax-motivated deals.

  • November 25, 2014

    Goldman Hit With More Metal-Rigging Claims

    A putative class on Tuesday added to allegations that Goldman Sachs Group Inc. and others unfairly pulled strings in metals markets with a suit that says the bank fixed prices in platinum and palladium, in what plaintiffs firm Labaton Sucharow LLP called the first nationwide suit over those metals.

  • November 25, 2014

    Chancery Tosses Claims Over $100M Sanchez Energy Deal

    A Delaware Chancery judge on Tuesday threw out derivative claims that Sanchez Energy Corp. overpaid in an allegedly inside $100 million deal for oil and gas rights to the Tuscaloosa Marine Shale, ruling the suing shareholders didn’t make a pre-suit demand on the board nor show why they couldn’t.

Expert Analysis

  • The Pitfalls Of Crowdfunding

    Steven Ellis

    Continued litigation, including potential class action litigation, regarding allegations of fraud by companies obtaining investments through crowdfunding is likely. And navigating through the existing hodgepodge of applicable federal statutes and regulations is no easy task, say Steven Ellis and Nicole Tate-Naghi of Goodwin Procter LLP.

  • Amgen Likely To Be Leading Case Affecting ERISA Pleading

    Fred T. Isquith

    Given the Ninth Circuit decision in Harris v. Amgen Inc., practitioners should be advising their clients of a considerable change in the judiciary’s approach to the responsibilities of fiduciaries in employment plans covered by the Employee Retirement Income Security Act, says Fred Isquith of Wolf Haldenstein Adler Freeman & Herz LLP.

  • Year Of The Whistleblower For SEC In Asia

    Wendy Wysong

    Although unsupported by extraterritorial anti-retaliation protection and despite the fact that only 0.0014 percent of U.S. Securities and Exchange Commission whistleblower reports have resulted in awards, the number of whistleblowing tips the SEC receives from China continues to increase, say Wendy Wysong and Montse Ferrer De Sanjose of Clifford Chance LLP.

  • Reminder: FCPA Charges Can Focus On Improper Gifts Alone

    Philip Urofsky

    The government’s tendency to mention improper gifts as mere "icing on the cake" to more serious allegations of cash bribes does not mean that prosecutors will not bring enforcement actions for gifts alone, as shown by the U.S. Securities and Exchange Commission's recent Foreign Corrupt Practices Act action against two former employees of defense contractor FLIR Systems Inc., say Philip Urofsky and Kyle Noonan of Shearman & Sterling LLP.

  • What Municipal Bond Investors Can Learn From Detroit

    Mark N. Berman

    It is interesting to observe that on the eve of confirmation of Detroit’s Chapter 9 plan, the city settled its disputes with certain bond insurers by giving them rights to certain real estate that, prior to the settlement, had not been part of the proposed plan. This begs the question as to how much additional property the city may have had available, and whether this property could have been used to increase unsecured creditors' r... (continued)

  • Remembering Doar: Justice As A 4-Letter Word

    Kevin J. Curnin

    John Doar ran the U.S. Justice Department's Civil Rights Division at perhaps the most chaotic and pivotal time in its history. His passing earlier this month is an occasion for lawyers everywhere to marvel at just how impactful one attorney can be. He didn’t just preside at a historic time, he calmly and coolly shaped it, says Kevin Curnin of the Association of Pro Bono Counsel.

  • Ordinary Course Of Business After An Extraordinary Event

    Neil Whoriskey

    In light of Vice Chancellor Sam Glasscock’s decision in Cooper Tire & Rubber Co. v. Apollo (Mauritius) Holdings, and in particular, the impact of an unqualified obligation to operate in the ordinary course, merger targets may seek more flexibility to respond to extraordinary events that occur following the signing of a merger agreement, say attorneys with Cleary Gottlieb Steen & Hamilton LLP.

  • Real Estate Investing Goes High-Tech With Crowdfunding

    Mark Schonberger

    A range of new and varied companies are emerging as developers, sponsors, entrepreneurs and investors explore the forms of online real estate investing opportunities through crowdfunding. At the same time, this innovation raises questions regarding risks to market integrity, the need for investor education and the importance of sound regulation, say Mark Schonberger and David Perechocky of Goodwin Procter LLP.

  • New ESG Considerations For Private Funds

    Scott W. Naidech

    Evidence demonstrates that there is an increasing focus on environmental, social and governance issues in the private equity industry based in part on investor demands and general public pressure for increased accountability and transparency. In response, frameworks and industry standards for ESG investing are emerging, says Scott Naidech of Chadbourne & Parke LLP.

  • Differentiate Your Litigation Practice With Data Security

    Jennifer Topper

    Despite the significant tilt toward technology in how litigation is now conducted, many senior lawyers still delegate tech-related issues to e-discovery specialists or associates at their firms. This is a missed opportunity not just for client development, but also for shaping the way the firm and lawyer are seen in the eyes of corporate counsel, says legal industry business development specialist Jenn Topper.