Securities

  • May 27, 2016

    Appeals Courts Still Lost In Insider Trading Muddle

    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.

  • May 27, 2016

    NavSeeker Attorney Defends $6M Fee, $2.75M Class Award

    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.

  • May 27, 2016

    Influential Women In Securities Law: Kathy Patrick

    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.

  • May 27, 2016

    5th Circ. Overturns Part Of Days Inn Investment Ruling

    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.

  • May 27, 2016

    Investors Slam Halliburton's Bid To Muzzle Accounting Pro

    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.

  • May 27, 2016

    Top House Republican Prods Fed On Stress Test Audit

    A top Republican lawmaker on Thursday pressed the Federal Reserve to cooperate with an audit of the central bank’s stress test process.

  • May 27, 2016

    Goodwin Snags Compensation Pro From Skadden

    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.

  • May 27, 2016

    Chelsea Therapeutics Settles Investor Class Action For $5.5M

    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.

  • May 27, 2016

    No More Delays For $100M Egypt Bond Debt Trial

    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.

  • May 27, 2016

    Google Shareholder Seeks Political Transparency

    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.

  • May 27, 2016

    UK Regulators Lack Data On Shadow Banking, Watchdog Says

    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.

  • May 27, 2016

    Legal Saga Over $38B ETE, Williams Deal Heats Up

    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.

  • May 27, 2016

    Jay Peak Owner Can Sell Swanky Condo To Pay Attys' Fees

    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.

  • May 27, 2016

    Merrill Lynch, Citi Hit In Class Action Over Cancer Co. IPO

    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.

  • May 27, 2016

    BakerHostetler Lures Former Dentons & SEC Securities Pro

    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.

  • May 27, 2016

    Accredited Investor Debate Puts SEC On Hot Seat

    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.

  • May 27, 2016

    Fed To Unveil Insurance Co. Capital Rules In Early June

    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.

  • May 27, 2016

    The Revolving Door: 6 Tips For Prosecutors Switching Sides

    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.

  • May 27, 2016

    NJ Couple Faces Prison, Civil Fine Over Alleged Ponzi Scheme

    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.

  • May 27, 2016

    Dewey's DiCarmine Taps Seward & Kissel, Drops Pro Se Plans

    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.

Expert Analysis

  • Behind The Curtain: Technical Advisers In Complex Cases

    Christopher S. Finnerty

    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.

  • Takeaways From Chelsea Therapeutics Post-Closing Action

    Philip Richter

    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.

  • How Best Buy Is Directly At Odds With Halliburton II

    John F. Harnes

    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.

  • The Fed's Proposed Capital Rules Could Be Overly Complex

    Lawrence Hamilton

    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.

  • Regulators Are Widening The Spoofing Net

    Jonathan Flynn

    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.

  • 5 Tips For Negotiating And Drafting Joint E-Discovery Plans

    Anthony J. Rospert

    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.

  • From The Book Of Jargon: Headroom

    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.

  • Non-GAAP Compliance: 5 Tips From SEC Guidance

    Yafit Cohn

    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.

  • 2 Things D&O Insurers Regularly Get Wrong

    Kevin M. LaCroix

    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.

  • Does Mickelson Case Signal A New SEC Insider Trading Rule?

    Thomas O. Gorman

    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.