A recent surge in shareholder activism was punctuated by a landmark 2013 proxy season with bigger-than-ever targets and tougher tactics that left boards scrambling. But as companies sharpen their focus on the coming year, experts suggest they stay vigilant to avoid second-bite plays from familiar faces.
A former owner of commodity pool operator Chicago Trading Managers LLC hit Colorado-based law firm Henderson & Lyman with a complaint in Colorado federal court Wednesday, alleging its attorney's poor advice caused him to be sued by the U.S. Commodity Futures Trading Commission.
Investors can't get any discovery yet for their $450 million mortgage-backed securities lawsuit against Goldman Sachs Group Inc., a New York state judge ruled during a hearing Thursday, saying he first needed a better idea of if he'd dismiss it.
Treasury Secretary Jack Lew on Thursday said that a "tough" ban on proprietary trading that regulators are set to begin voting on next week will be a key part of a broad package of financial reforms that have brought to an end the era of "too-big-to-fail" banks.
Bank of America Corp. agreed Wednesday to pay $20 million to settle part of a multidistrict litigation accusing it and other financial institutions of bid-rigging in the municipal bond derivatives market.
The U.S. House of Representatives passed a measure Wednesday that would undo a Wall Street reform established through the Dodd-Frank Act by exempting nearly all private equity fund advisers from registration requirements with the U.S. Securities and Exchange Commission.
Three trade industry groups on Wednesday filed suit in D.C. federal court against the U.S. Commodity Futures Trading Commission, accusing the agency of overstepping its bounds with the release of the so-called Cross-Border Rule governing the exchange of derivatives and swaps overseas.
A former SAC Capital Advisors LP analyst turned government witness said Wednesday that his best tips for portfolio manager Michael Steinberg came from an illicit source, despite defense suggestions that some information came through legitimate channels.
Lenders who say they lost $767 million in a complex OppenheimerFunds Inc.-backed securities deal should have their allegations revived because they already have provable damages, the lenders' attorney told a New York appeals court panel during a hearing Wednesday.
The U.S. Securities and Exchange Commission's trial loss on Monday against an executive at government website contractor NIC Inc. comes less than two months after a jury cleared Dallas Mavericks owner Mark Cuban of insider trading, reigniting questions about the agency’s courtroom chops.
A New York federal judge on Tuesday rejected Korean technology firm Simmtech Co. Ltd.’s motion to remand to state court its $73 million fraud suit accusing Citibank NA of duping Simmtech into investing in derivatives contracts to hedge against currency fluctuations by hiding risks.
Goldman Sachs Group Inc. was sued for fraud on Wednesday by a Singaporean investor who claims he lost over $34 million after the investment bank conned him into executing two exotic currency option trades by lying about the terms, while it reaped millions of dollars in commissions and fees.
The former owners of speech technology firm Dragon Systems Inc. asked the First Circuit on Wednesday to revive their allegations that Goldman Sachs & Co. failed to assess the stability of a company buying out Dragon, arguing that Goldman’s conduct was egregious enough to warrant liability.
The top U.S. accounting watchdog on Wednesday reissued a proposal that would require auditing firms to identify the lead partner and any other firms that contributed to an audit report in a bid to boost transparency for investors.
North Sound Capital LLC and two other institutional funds have sued Merck & Co. Inc. and its subsidiary for allegedly misrepresenting a crucial clinical study for its anti-cholesterol agents Zetia and Vytorin, according to court documents made public in New Jersey federal court on Wednesday.
Fifth Third Bancorp on Wednesday agreed to pay the U.S. Securities and Exchange Commission $6.5 million to settle allegations that it hid losses on commercial real estate loans it intended to sell during the financial crisis.
General Motors Co. will shed the last of its stake in former lending unit Ally Financial Inc. in a placement worth $900 million, while Men's Wearhouse — itself on a buyout hunt — is closing in on a deal that would send its discount clothing unit to Sycamore Partners.
Activist groups and unions on Tuesday blasted the U.S. Securities and Exchange Commission for dropping a proposed rule to require companies to disclose political spending, saying such regulations are urgently needed in the wake of the U.S. Supreme Court’s Citizens United ruling.
The European Commission on Wednesday fined eight global banks, including The Royal Bank of Scotland PLC, Citigroup Inc., JPMorgan Chase & Co. and Deutsche Bank AG, a total of €1.71 billion ($2.3 billion) for their roles in allegedly rigging two benchmark interest rates.
A Kansas federal jury on Monday cleared NIC Inc.’s chief financial officer of all 12 counts brought against him by the U.S. Securities and Exchange Commission in a suit accusing him of concealing $1.18 million paid to the company's former chief executive officer.
Three recent cases applied the economic substance doctrine, with quite different results, to the "structured trust advantaged repackaged securities" transaction, one of several foreign tax credit generators the IRS is aggressively challenging. These decisions likely foreshadow a fight in the circuit courts over STARS and the economic substance doctrine, say Robert Probasco and Lee Meyercord of Thompson & Knight LLP.
The recent California appeals court decision in GetFugu Inc. v. Patton Boggs LLP serves as a reminder that parties should refrain from attempting to litigate their case in the press or on social media, particularly if the statements are known to be false, or the veracity of such statements is not yet confirmed, say Mark Hansen and Robert Milligan of Seyfarth Shaw LLP.
A new avenue of recovery has just been opened to Madoff victims. The U.S. Attorney for the Southern District of New York recently announced that the Madoff Victim Fund would begin accepting claims. Those who lost money invested with Madoff — indirectly or directly — should be aware of several aspects of the MVF so they can maximize their recovery, say James Masella and Jeremy Weinberg of Patterson Belknap Webb & Tyler LLP.
The U.S. Securities and Exchange Commission recently announced sanctions against six investment advisory firms that, taken as a whole, highlight two continued areas of focus for the SEC: compliance program deficiencies and violations of the “custody rule," say Hoyt Stastney and Peter Kaiser of Quarles & Brady LLP.
Federal regulators last month proposed rules implementing the Basel III liquidity coverage ratio. Among other things, the proposed LCR is more stringent than the international LCR standard agreed upon by the Basel Committee on Bank Supervision earlier this year, says Brian Barrett of Sutherland Asbill & Brennan LLP.
Mandated law student pro bono programs have not worked in championing the causes of social justice for those unable to afford counsel. States would be far better off using their resources to insist on a legislative solution to a very troubling and persistent deficiency in the allocation of legal resources, says Fred Isquith of Wolf Haldenstein Adler Freeman & Herz LLP.
Remarks from U.S. Department of Justice and U.S. Securities and Exchange Commission officials at the 30th International Conference on the Foreign Corrupt Practices Act reaffirmed the heightened risk of prosecutions — and particularly the increased potential for multijurisdictional investigations — at a time when some observers have perceived diminishing support for anti-corruption enforcement, say Taylor Phillips and Eli Richardson of Bass Berry & Sims PLC.
While the Delaware Chancery Court’s approach to Orchard Enterprises Inc. was limited to the facts of the case, there are at least two other options that can be considered in valuing preferred stock. In particular, the option pricing methodology has become a well-recognized approach to allocate enterprise value among security holders, say Louisa Galbo and Jaime d'Almeida of Duff & Phelps Corp.
Companies wishing to discuss non-GAAP financial measures must carefully follow the requirements of Regulation G. In the event that a public announcement or release is going to include such measures, the presentation of, and reconciliation to, the most comparable GAAP measure is typically included in the release, says Michael Zeidel of Skadden Arps Slate Meagher and Flom LLP.
At long last, the U.S. Supreme Court will address the fraud-on-the-market presumption of reliance established by the court in 1988. Securities litigators on both sides of the aisle are understandably anxious, because our entire industry is about to change — either a little or a lot. I say “change” because the ruling in Halliburton cannot and will not do away with securities litigation, says Douglas Greene of Lane Powell PC.