U.S. homebuilding company Lennar Corp. said Monday a Florida jury had awarded it $1 billion in a case against California developer Nicolas Marsch III and his company, Briarwood Capital LLC, for defaming and extorting money from the company.
Plaintiffs in a putative class action accusing the U.S. Securities and Exchange Commission of facilitating Robert Allen Stanford’s $7 billion Ponzi scheme asked the Fifth Circuit on Monday to revive the case, arguing a law barring suits over federal officials' discretionary choices did not apply.
A former analyst for SAC Capital Advisors LP testified on Tuesday that portfolio manager Michael Steinberg asked him to mislead the FBI after the bureau began investigating insider trading at a number of hedge funds.
Bernard Madoff's former personal accountant may argue that the government waited too long to bring a criminal case over his alleged involvement in Madoff's Ponzi scheme, his lawyer said Tuesday.
A Texas federal judge on Tuesday denied the U.S. Securities and Exchange Commission bid to find that Life Partners Holdings Inc.’s revenue policies related to the sale of its life settlement investments violate securities laws, saying a jury should decide.
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.
The U.S. Securities and Exchange Commission announced Tuesday that it has sued a Miami-based trader for alleged insider trading of a Chinese company's stock and for illegal short sales of stock in three other companies.
The plan trustee for defunct Taylor Bean & Whitaker Mortgage Corp. asked a Florida bankruptcy judge on Monday to approve a settlement with the Government National Mortgage Association that would give Ginnie Mae a $610 million allowed claim for its disputed $5.2 billion claim.
Federal prosecutors on Monday told a New York federal judge that a former Goldman Sachs Group Inc. trader who pled guilty to fraudulently building an $8.3 billion futures position should get up to 41 months in prison and be forced to pay back the $118 million his trades cost Goldman.
A Texas federal judge on Tuesday said discovery in a securities fraud class action against Halliburton Co. would continue while the U.S. Supreme Court debates whether to overturn controlling precedent governing investors’ reliance on material misstatements.
A Seattle-based producer of coal from mines in China can’t ditch a securities class action alleging it lied about revenue on three annual reports, triggering a plunge in the stock price when investors found out, according to a ruling Tuesday.
Three of the regulators charged with writing the Volcker Rule on Tuesday said they will hold votes on the long-delayed rules implementing the Dodd-Frank Act's ban on proprietary trading next week.
The U.S. government’s civil prosecution of Standard & Poor’s over its alleged role in the financial crisis could require at least two years of discovery and eight months of trial unless the case is narrowed significantly, the credit rating agency told a New York federal court Monday.
Both critics and supporters of financial reform say problems with the Financial Stability Oversight Council's construction have caused it to fall short of providing the market oversight and protection that is needed in order to prevent a future financial crisis.
A D.C. federal judge on Monday sanctioned the CEO of e-Smart Technologies Inc., a purported producer of biometric identification cards, in a U.S. Securities and Exchange Commission securities fraud suit for defying orders to produce some of the so-called smart cards sought by the commission.
SAC Capital Advisors LP portfolio manager Michael Steinberg wanted confidential financial information gleaned from Dell Inc. kept secret, his former analyst testified Monday at Steinberg's insider trading trial.
One of two men accused by the U.S. Securities and Exchange Commission of trading on inside information acquired from Hunton & Williams LLP drug patent attorney Robert Schulman suggested Monday that he cannot be held liable because Schulman was allegedly drunk at the time of the disclosure.
A former member of Bernard Madoff's inner circle testified Monday that he long knew the infamous money manager's business was not legitimate, saying that several Madoff employees now on trial were in on it.
In the wake of Dell Inc.'s controversial decision to go private, the computer maker is fighting back against shareholders' accusations that the transaction undervalued the company in an attempt to skimp on investor payouts.
The U.S. Department of Justice is seeking a $1.1 million fine against former Countrywide Financial Corp. official Rebecca Mairone, after a New York federal jury found her and the bank liable for mortgage fraud, according to a recent court filing.
Picture this: A seller of goods is losing tens of millions of dollars per year on a requirements contract containing price caps that the parties have operated under for years. Given the Uniform Commercial Code and relevant case law, it would be natural — and completely logical — to accept the cogent authority establishing that rising costs are generally insufficient to invalidate a contract. I am betting that, in this case, the law will trick you, says Andrew Jarzyna of Ulmer & Berne LLP.
Nontraditional startups and small businesses have successfully used non-equity crowdfunding sites like Kickstarter, Indiegogo and RocketHub, and can be expected to expand into full crowdfunding under newly proposed rules from the U.S. Securities and Exchange Commission. In fact, companies could run two $1 million crowdfunding transactions concurrently, say Spencer Feldman and Nik Talreja of Olshan Frome Wolosky LLP.
When researching an expert, look for whether the expert’s opinion and methodology in the case is consistent with the expert’s approach outside of litigation. Inconsistency in an expert’s opinion not only is great fodder for cross-examination, but might also point to a more serious methodological problem that can form the basis for a Daubert challenge, says Matthew Whitley of Beck Redden LLP.
The New York Department of Financial Services is emerging as an aggressive regulator of financial institutions based in New York or doing business in the state. And recent information, including subpoenas issued to key industry players, suggests that the department has turned its attention to virtual currencies such as "Bitcoin," say attorneys with Jones Day.
The outcome of Lawson v. FMR LLC, the first Sarbanes-Oxley Act whistleblower case to reach the U.S. Supreme Court, may turn on how the justices resolve a hypothetical posed by Justice Stephen Breyer about a gardener hired to mow the lawn for a publicly traded corporation, say Edward Ellis and Stephen Melnick of Littler Mendelson PC.
While it has been best practice for several years to evaluate and monitor charitable donations using a risk-based approach, Stryker Corp.'s recent $13.2 million Foreign Corrupt Practices Act settlement demonstrates that donations provided to a legitimate entity can still be improper, say attorneys with Norton Rose Fulbright LLP.
A Texas jury recently dealt the U.S. Securities and Exchange Commission a stunning defeat in federal court by finding Mark Cuban, the entrepreneur and owner of the Dallas Mavericks, not liable for insider trading. While the verdict may have resulted from adverse evidentiary rulings, reliance on a reluctant, foreign witness and jury nullification for a hometown celebrity, this loss may cause the agency to reevaluate its approach to trials and to seek friendlier venues for insider trading cases, say attorneys with Cadwalader Wickersham & Taft LLP.
The offer and sale of securities is often subject to registration and other qualification requirements imposed by individual state securities laws, or blue sky laws. The fundamental requirement is submission of a prescribed form of registration statement and approval by a state administrator prior to an offering, but in some states, offerings are subject to “merit review,” says Robert Rapp of Calfee Halter & Griswold LLP.
In the wake of Dodd-Frank, it is likely that the Fed’s role in public policy is too great for elected officials to merely defer to its judgments. Navigating this new political landscape will be among Janet Yellen’s most challenging tasks as Fed chairwoman, says Andrew Olmem, a partner with Venable LLP and former Republican chief counsel for the U.S. Senate Committee on Banking, Housing and Urban Affairs.
Although recent wins by defendants in say-on-pay lawsuits should help limit proxy litigation relating to compensation-related disclosures, it is reasonable to expect that plaintiffs’ counsel will continue to find ways to target companies and their directors in this type of litigation. To minimize litigation risk related to disclosure claims, corporate counsel should remain proactive in six areas of business, say Jordan Eth and Mark R.S. Foster of Morrison & Foerster LLP.