• October 26, 2016

    Tilton, Hedge Fund Clash Over Docs In SEC Fraud Case

    Attorneys for Lynn Tilton fought Wednesday to force a Minneapolis investment firm to hand over more documents they said are relevant to the U.S. Securities and Exchange Commission’s $200 million fraud suit against Tilton, while a director of the firm found himself apologizing on the stand for “mean-spirited” emails he sent about the private equity magnate.

  • October 26, 2016

    Labaton Secures $23.8M In Fees For Amgen Securities Deal

    A California federal judge on Wednesday granted $23.8 million in attorneys' fees to Labaton Sucharow LLP and others serving as class counsel to investors who reached a $95 million settlement with Amgen Inc. over the company’s alleged misstatements about two of its anti-anemia drugs.

  • October 26, 2016

    Fla. Man Gets 17 Years For Currency Trading Fraud Scheme

    A Florida man was sentenced Tuesday in Miami to more than 17 years in federal prison for duping about 300 investors out of millions of dollars through a phony currency trading firm before cashing out and fleeing to Panama.

  • October 26, 2016

    Ex-AIG CFO Says He Was Against Key Deal In Fraud Case

    The former chief financial officer of American International Group Inc. took the witness stand on Wednesday in New York state court in the fraud trial of the executive and former AIG CEO Maurice “Hank” Greenberg, and said he was against one of the reinsurance deals at the heart of the government’s case.

  • October 26, 2016

    Discovery Claims Roil $18B Towers Watson Appraisal Fight

    A stockholder petition for appraisal of shares withheld from the $18 billion Towers Watson & Co.-Willis Group merger has taken a sharply adversarial turn, with allegations of document destruction and dueling motions to compel set for a Delaware Chancery Court hearing on Tuesday.

  • October 26, 2016

    Swiss Release $51M In Venezuelan Oil Assets To US

    The Swiss government said it turned over $51 million in frozen assets owned by the Venezuelan state oil company to the U.S. government Wednesday as part of an ongoing probe into allegations of corruption at the South American operation.

  • October 26, 2016

    US Attorney Starts Probe Of Brixmor Accounting Issues

    Prosecutors in the office of Manhattan U.S. Attorney Preet Bharara have launched an investigation into Brixmor Property Group Inc., which acknowledged earlier this year that it had cooked the books, according to a filing Brixmor made Monday with the U.S. Securities and Exchange Commission.

  • October 26, 2016

    Neovasc Seeks Quick Win In Suit Over $70M Trial Loss

    Canadian medical device company Neovasc Inc. urged a federal judge in Boston on Wednesday to dismiss a proposed securities class action over its $70 million trade secrets trial loss, saying its statements about the dispute with a rival fell under safe harbor protections.

  • October 26, 2016

    Banks Ask Justices To Review Revived Libor Antitrust Suit

    Bank of America, Citigroup and JPMorgan Chase recently told the U.S. Supreme Court that the Second Circuit erred in reviving an antitrust lawsuit that accused them and 13 others of rigging the London Interbank Offered Rate, arguing that their actions didn’t hurt competition in any way.

  • October 26, 2016

    People’s United Bank Can’t Duck $400M EB-5 Suit: Investors

    Investors in a $400 million EB-5 visa suit accusing Vermont ski resorts Jay Peak and Q Burke of stealing and misusing funds alleged Tuesday in Florida federal court that People's United Bank knowingly participated in the fraudulent scheme.

  • October 26, 2016

    Qualcomm Investors Appeal Chancery Toss Of Antitrust Suit

    A Qualcomm Inc. investor has urged the Delaware Supreme Court to reverse the recent dismissal of its derivative suit, saying the company invited a $975 million fine after refusing to change risky intellectual property practices that had already cost it over $1 billion.

  • October 26, 2016

    OCC To Open Innovation Office To Boost Fintech At Banks

    The Office of the Comptroller of the Currency on Wednesday announced the creation of a new office aimed at helping banks and other companies develop financial technology products and services that comply with federal law while meeting safety and consumer protection standards.

  • October 26, 2016

    9th Circ. Revives Shareholder Suit Over Arena's Diet Drug

    The Ninth Circuit on Wednesday revived a proposed class action against Arena Pharmaceuticals alleging the company lied to shareholders about tests for a diet drug, finding that even though the drug was later approved, the company shouldn't have told shareholders testing was going smoothly when it wasn't.

  • October 26, 2016

    PwC Must Cough Up Docs In NY AG Exxon Climate Probe

    A New York judge on Wednesday ordered PricewaterhouseCoopers LLP to comply with a state attorney general subpoena for documents related to an investigation into whether Exxon Mobil Corp. lied to investors about climate-change-related risks to its business.

  • October 26, 2016

    M&T Says Class Case Fails In Suit Over $3.7B HCB Merger

    Shareholders who challenged Hudson City Bancorp Inc.’s merger with M&T Bank last year made lots of money but haven't made enough of a case to salvage their putative class challenge to the $3.7 billion deal, an M&T attorney told a federal judge in Delaware on Wednesday.

  • October 26, 2016

    $5.4M Settles SEC Oil Investor Fraud Dispute In Texas

    A Texas company and two executives will pay $5.4 million to settle U.S. Securities and Exchange Commission allegations they perpetrated a scheme to dupe investors in fraudulent oil and gas ventures, according to recent federal court filings.

  • October 26, 2016

    Wells Fargo Hits Back At Feds In $76M Tax Credit Suit

    Wells Fargo should not have to prove its entitlement to foreign tax credits under the “substance over form” doctrine in a $76 million tax dispute, the bank told a Minnesota federal court Tuesday, because the U.S. government’s pretrial arguments featuring the doctrine are “legally flawed.”

  • October 26, 2016

    Split SEC Eases Proxy Voting Rules On Corporate Elections

    A divided U.S. Securities and Exchange Commission approved rule changes on Wednesday to make it easier for shareholders to vote for corporate board candidates nominated by activist investors, while unanimously agreeing to relax intrastate crowdfunding rules.

  • October 26, 2016

    UBS, Barclays Settle With Bondholders In Libor Suit

    Bondholders suing major banks for allegedly conspiring to manipulate the London Interbank Offered Rate told a Manhattan federal judge on Wednesday that they have settled with UBS AG and Barclays Bank PLC.

  • October 26, 2016

    Ex-DOJ Criminal Chief Sees Red Flags In FCPA Pilot

    The former head of the U.S. Department of Justice’s Criminal Division said Wednesday that a requirement under a pilot Foreign Corrupt Practices Act disclosure program forcing companies to step back from conducting their own investigations raises serious concerns.

Expert Analysis

  • The SEC’s Aggressive Stance On Employee Agreements

    Renee Phillips

    In about a six-week span, the U.S. Securities and Exchange Commission has fined three different companies for employee agreements that, in its view, could impede individuals from communicating with the commission. The SEC’s prioritization of this issue, combined with its incredibly expansive interpretation of its whistleblower rule, places companies at a heightened risk of scrutiny, says Renee Phillips of Orrick Herrington & Sutcliffe LLP.

  • Corporate Voting Standards Are Not That Standard

    Daniel E. Wolf

    As we enter the homestretch of the presidential election and the quadrennial bewilderment at the vagaries of the Electoral College system, it is an opportune moment to highlight that the voting standards for corporate shareholder approvals in the United States can be similarly confounding, say Daniel Wolf and Michael Brueck of Kirkland & Ellis LLP.

  • When Your Client Is The President

    Peter J. Wallison

    I was given immediate responsibility for responding to the Iran-Contra crisis. My problem as a lawyer was what to do about all the requests for files, documents and other information that were coming in from investigators. Ultimately, it came down to this: What do I believe about my client? says Peter Wallison, who served as White House counsel for President Ronald Reagan.

  • When Your Client Is The President

    Fred F. Fielding

    The experience of preparing for the 1981 air traffic controller strike brought home to me the responsibility a lawyer owes to his or her client — be it an average citizen, a corporation or a president, says Morgan Lewis & Bockius LLP partner Fred Fielding, who served as White House counsel for Presidents Ronald Reagan and George W. Bush.

  • Bridging The Gap Between Outside And Inside Counsel

    Andrew S. Chamberlin

    Results from a recent International Association of Defense Counsel survey reveal a significant disconnect between inside and outside lawyers when it comes to perceptions of their own effectiveness versus the perceptions of their counterparts on the other side of the fence, say Andrew Chamberlin, a partner at Ellis & Winters LLP, and Orlyn Lockard, associate general counsel at Siemens Corp.

  • Wrap Fee Programs In SEC’s Crosshairs

    Nicole M. Runyan

    The U.S. Securities and Exchange Commission’s scrutiny of wrap fee programs has picked up some tailwind with the SEC recently announcing three separate enforcement actions against wrap fee program participants. Unlike the vast majority of actions the SEC brings each year against investment advisers, these wrap fee program participants did not appear to have undisclosed conflicts of interest with their clients, say Nicole Runyan and... (continued)

  • Extraterritoriality: The ATS In Focus

    Perlette Michèle Jura

    Although it is a RICO case, the U.S. Supreme Court’s decision in RJR Nabisco Inc. v. European Community has finally put to rest the debate about whether Morrison’s “focus” test applies to the question of extraterritoriality in Alien Tort Statute cases, say Perlette Michèle Jura and Dylan Mefford of Gibson Dunn & Crutcher LLP.

  • Renewable Fuels Producers Burned By ID Number Fraud

    Jason Moore

    An uptick in recent federal enforcement actions involving renewable fuel credits signals that market participants can expect more fraud investigations and prosecutions as federal regulators strive to maintain control over the renewable fuel credit program. The enforcement actions involve the trading of Renewable Identification Numbers under the Renewable Fuels Standard program, says Jason Moore of Husch Blackwell LLP.

  • When Your Client Is The President

    William E. Casselman II

    My experience with the Nixon pardon, the Nixon tapes, the construction of the White House swimming pool, and other matters well out of the ordinary for a president’s lawyer taught me that in the practice of law one should learn to expect and cope with the unexpected, says William Casselman, who served as White House counsel for President Gerald Ford.

  • Will 2nd Circ. Pare Back Rakoff’s Class Definitions?

    Ronald J. Colombo

    On Nov. 2, the Second Circuit will hear oral argument in a Petrobras investor suit that involves important questions concerning the proper application of Morrison v. National Australia Bank and Basic v. Levinson within the context of class certification. How the court responds to Judge Jed Rakoff’s approach could have profound implications for securities class action litigation, says Ronald Colombo, professor of law at Hofstra University.