Three directors of Jaguar Mining Inc. on Thursday asked a New Hampshire federal judge to quash claims brought by shareholders and former executives over a botched $1 billion deal with a Chinese firm and the subsequent firing of Jaguar's CEO, arguing they weren’t on the company’s board at the time.
The Supreme Court of Texas has declined to revive a $2.5 million suit against Thompson & Knight LLP that alleged the firm helped a defunct home theater business transfer assets to a new venture and cut shareholders out of their investment in the company, according to a Friday filing.
Following a series of high-profile, high-dollar settlements with a host of federal and state agencies capped off by a $13 billion mortgage-backed securities deal, JPMorgan Chase & Co.’s top attorney said Thursday that regulators were piling on banks with duplicate enforcement actions.
Lehman Brothers Holdings Inc. on Thursday hit real estate investment company LCOR Alexandria LLC with an adversary complaint in New York bankruptcy court, seeking to recover $83 million it says LCOR owed to one of its subsidiaries upon termination of an interest rate swap transaction.
A government witness on Thursday linked an SAC Capital Advisors LP analyst who worked for portfolio manager Michael Steinberg to a "corrupt network" of tech industry-oriented insider traders, opening the first day of testimony in Steinberg's insider trading trial.
A proposed $800 million settlement between the bankruptcy trustee recovering funds for Bernard L. Madoff investors and a firm that invested nearly $2 billion in Madoff's Ponzi scheme has fallen through, according to reports Thursday.
Swiss financial services firm UBS AG has reached an immunity deal with antitrust regulators with the European Union that will keep the bank from paying additional fines for market manipulation of financial benchmark interest rates, The Wall Street Journal reported Thursday, citing people familiar with the matter.
The European Commission's investigation into whether several major banks manipulated two key interbank offered rates used as lending benchmarks is close to yielding results, the watchdog's antitrust chief said Thursday.
The former directors of a collapsed $2.5 billion hedge fund that had invested in commercial mortgage-backed securities said at a hearing in Texas federal court Thursday that the fund investors' class certification should be denied because their claims are too individualized to move forward as a group.
The U.S. Securities and Exchange Commission filed suit in New York federal court Thursday, accusing a former Marvell Technology Group Ltd. employee of tipping nonpublic information that was used in conjunction with Raj Rajaratnam's giant insider trading scheme and helped generate $680,000 in unlawful profits for Spherix Capital LLC.
The Second Circuit on Thursday upheld a lower court’s ruling that Philadelphia Indemnity Insurance Co. has no duty to cover securities brokerage David Lerner Associates Inc. in litigation over its alleged misleading of investors in a real estate investment trust, saying policy exclusions apply.
Former U.S. Sen. Ted Kaufman, D-Del., sounds off on Attorney General Eric Holder's record on financial crime and efforts to rein in speculative bank trading through the Volcker Rule.
A Washington appeals court on Thursday disbarred Matthew Kluger, a former Wilson Sonsini Goodrich & Rosati PC mergers and acquisitions attorney, following his 12-year prison sentence on charges he used his position to orchestrate a $37 million insider trading scheme.
A Texas appeals court said Thursday that a former Valerus Compression Services LP executive must arbitrate his claim that he is being unfairly deprived of his stock in the company because of a noncompete agreement he signed.
Federal Deposit Insurance Corp. Chairman Martin Gruenberg said Thursday that his agency would soon put out a fuller description of its plans for taking apart a failed global financial institution.
The U.S. Securities and Exchange Commission on Wednesday accused two Florida-based investment advisers of failing to disclose that they received compensation for steering investors toward risky offshore funds, including some that did business with convicted Ponzi schemer Bernard Madoff.
A U.S. Senate banking committee on Thursday approved the nomination of economist Janet Yellen to be the next chair of the Federal Reserve, setting the stage for a full Senate vote on the former vice chair of the Board of Governors of the Federal Reserve System.
A Florida lawyer pled guilty Wednesday in federal court to a charge of conspiracy to commit mail and wire fraud for his role in an international investment fraud scheme that prosecutors said scammed victims out of more than $137 million.
Bank of America Corp. and a former bank official told a New York federal judge on Wednesday they should not be forced to pay fines after a jury found them liable for defrauding Fannie Mae and Freddie Mac through a mortgage program nicknamed the “hustle.”
A top Federal Reserve official said Thursday that efforts to push large portions of the derivatives trading market onto clearinghouses would reduce risks to the financial system, but to be truly effective, the clearinghouses themselves must be hardened against severe shocks.
As the Foreign Corrupt Practices Act resource guide recognizes, and several recent cases demonstrate, pre-acquisition anti-corruption due diligence alone will not provide protection from FCPA successor liability. Companies must have a detailed FCPA plan of action as negotiations advance, due diligence commences, and negative due diligence results are uncovered, says Sharie Brown of Troutman Sanders LLP.
The U.S. Securities and Exchange Commission has developed a series of forms for registration statements and reports to be used by foreign private issuers. Among the most important is Form 20-F, which contains items of disclosure required for a securities sale, and related instructions that are often lengthy and technical, says Jonathan Guest of McCarter & English LLP.
Now that the U.S. Securities and Exchange Commission has lifted an 80-year-old ban on general solicitation and advertising of private securities offerings, are we going to witness the proliferation of "matchmaking" websites designed to introduce companies seeking capital to Mr./Ms. Moneybags? asks Eliza Sporn Fromberg of Day Pitney LLP.
The recent district court decision in U.S. v. Countrywide Financial Corporation highlights the Financial Institution Reform, Recovery and Enforcement Act's expanding scope. Should the derivative theory of liability under FIRREA become judicially accepted, companies may well find themselves entangled in government-initiated lawsuits that once were solely within the realm of private disputes, say attorneys with Jenner & Block LLP.
Goaded by the Public Investors Arbitration Bar Association into a snipe hunt for the still-elusive improper expungement of valid customer claims from any broker’s public record, FINRA recently issued a “Notice to Arbitrators and Parties on Expanded Expungement Guidance.” This effort is misguided, say Bryan Ward and S. Lawrence Polk of Sutherland Asbill & Brennan LLP.
Among 10 battle-proven strategies for getting your witnesses ready for trial is to role-play the cross-examiner. For instance, if you expect the cross-examiner to yell, get in the witness’ face or use scathing sarcasm, do that during practice to minimize surprises at trial, say Dawn Solowey and Lynn Kappelman of Seyfarth Shaw LLP.
Recent events, from the Westgate Mall attack in Nairobi to the Lac-Mégantic train derailment in Quebec, underscore the need for in-house counsel to keenly weigh risks and benefits for their companies doing business on a multinational scale. There are a number of best practices to consider that set the right tone for mitigating risk, whether you are doing business in one or hundreds of locations around the world, says Veta Richardson, president and CEO of the Association of Corporate Counsel.
Given the barrage of pessimism surrounding the potentially market-destroying risk retention rules that have been proposed, it is understandable that collateralized loan obligation market participants are leery of new regulatory proposals generally. However, the Bad Actor Provisions of the U.S. Securities and Exchange Commission's new Rule 506 should be the least of a CLO issuer’s concerns, say attorneys with Dechert LLP.
A case involving the offering of 450 condominium hotel units at the Hard Rock Hotel is of unique importance to the resort real estate industry. Among other things, the case makes clear that if properly structured, condominium unit offerings associated with rental programs can be real estate offerings and not investment contracts subject to securities law, says Richard Davis of Greenberg Traurig LLP.
The ability to use Form S-3 for a follow-on offering is preferable to the use of Form S-1 from virtually every standpoint. But in order to utilize Form S-3, both the registrant requirements and the transaction requirements specified by the form must be met, says Michael Rave of Day Pitney LLP.