A Colorado federal judge on Wednesday allowed most claims to continue in a hedge fund's lawsuit alleging that Wells Fargo NA breached its responsibilities as both a trustee and a servicer for certain residential mortgage-backed securities, costing the fund millions of dollars in losses.
A Washington federal court on Thursday blocked a journalist’s access to confidential reports on American International Group Inc.'s accounting practices that were ordered as part of a $46 million settlement with securities regulators in 2004, saying a recent appeals court ruling had closed the issue.
Florida law firm Saxon Gilmore Carraway & Gibbons PA recently announced it has landed a banking and securities litigation partner formerly of Trenam Kemker to join its Tampa office.
The Eleventh Circuit on Thursday dismissed appeals by the owner and office manager of a fraudulent investment firm, who had spent $18 million they collected from investors on spas, cars and office expenses, ruling that trial testimony didn't amount to conjecture about their states of mind.
The language in the Financial Industry Regulatory Authority's Letters of Acceptance, Waiver and Consent could easily be changed to be more like the U.S. Securities and Exchange Commission’s settlement language, says Joseph Edmondson, a partner with Foley & Lardner LLP specializing in securities litigation.
Glencore PLC tightened control over its newly expanded commodities empire on Thursday as shareholders voted out legacy directors from Xstrata PLC, whose grueling $33 billion tie-up with Glencore — billed as a merger of equals — closed just two weeks ago.
U.S. Securities and Exchange Commission Chairman Mary Jo White told U.S. House of Representatives lawmakers Thursday she opposes a GOP-sponsored bill that would force the agency to more closely scrutinize the costs and benefits of its rules.
A Nevada federal judge on Wednesday dismissed a claim of unauthorized mortgage banker activity in a suit filed against Wells Fargo Bank NA by a group of real estate investors that put $13.4 million into properties owned by a convicted Ponzi schemer, ruling that the claim was preempted by federal law.
Bank of America NA on Wednesday pressed a New York federal judge to reject American International Group Inc.'s motion to move a $10.5 billion lawsuit over residential mortgage-backed securities to state court, arguing that remanding the case would dangerously split the case between federal and state courts and would adversely affect certain bankruptcy proceedings.
Marine Harvest could ratchet up its bid for rival fish farmer Cermaq past the current $1.7 billion mark if the target company agrees to make certain concessions in the deal, while activist hedge fund Elliott Management continues on its tear this proxy season with new plans to shake up yet another company.
Hess Corp. will add three directors nominated by Elliott Management Corp. and six new independent directors, ending a long-running proxy contest just hours before Thursday's shareholder vote after the early tally showed Elliott's slate in the lead.
Computer Sciences Corp. has reached a $97.5 million settlement with a class of shareholders alleging CSC's stock price fell due to revelations that it hid accounting irregularities related to a $5.4 billion contract with Britain's National Health Service, according to a Wednesday court filing.
Attorneys for investors on Wednesday won their bid for reconsideration of an award of $231,000 for their work on a class action against Davis Wright Tremaine LLP when the Ninth Circuit ruled a judge had not explained how he calculated the number.
A French businessman linked to BSG Resources Ltd. pled not guilty Wednesday to charges that he obstructed a U.S. investigation into bribes the mining company allegedly paid to secure mining rights in Guinea.
Shearman & Sterling has nabbed three partners from Weil Gotschal & Manges for its private equity team in London, including two merger and acquisition whizzes and an investment expert, the firm announced Wednesday.
Fitch Ratings Inc. expressed concern Monday about the AAA rating that other ratings agencies gave a commercial mortgage-backed securities loan used to finance the iconic Seagram Building in Manhattan, saying the building's estimated income had been inflated and could be at risk for default.
A Delaware judge effectively blessed the sale of Plains Exploration & Production Co. last week even though Plains never looked for a higher bid — a reminder that boards have a lot of leeway in crafting an arms-length deal, even if shareholders don't like it, attorneys say.
Foreign Corrupt Practices Act prosecutors have Wall Street in their crosshairs after suing two traders at New York broker-dealer Direct Access Partners LLC last week, but experts say the hyper-vigilant industry is ready for any clampdown.
President Barack Obama has pushed through a significantly higher number of major rules over the last four years than former President George W. Bush did during his own first term, according to a report by the research arm of Congress.
Electronically stored information is a boon to productivity but a bane in investigations and litigation/enforcement, creating additional layers of costs and issues for all involved, says Thomas Potter, a partner with Burr & Forman LLP specializing in securities disputes and panel chairman for the Financial Institution Regulatory Authority.
Does cooperating really provide insider trading defendants with tangible benefits? Based on our analysis of cases in the past three years, cooperation with the U.S. Attorney’s Office for the Southern District of New York yields significant benefit — cooperators on average received lower overall sentences than noncooperators, say attorneys with Morrison & Foerster LLP.
Rule 144A for life offerings allow private entities to enjoy many of the benefits that accrue to publicly listed entities by borrowing funds through U.S. capital market offerings without subjecting the private entity to periodic filings with the U.S. Securities and Exchange Commission or having its top executive officers attest quarterly to the adequacy of disclosure controls, says Richard Roth of Jackson Walker LLP.
The Jumpstart Our Business Startups Act that was enacted on April 5, 2012, will likely change the business of third-party marketers by expanding the scope of permitted promotional activities in connection with offering investments in hedge and private equity funds, says Richard Morris of Herrick Feinstein LLP.
Early neutral evaluation usually asks a retired judge to consider one party’s case, as if preparing to rule on summary judgment or presiding over a bench trial. Effective evaluation can supply a reality check on a case — it gives the lawyer the gift of seeing the case as others see it, says James Rosenbaum, a panelist with JAMS and former U.S. district judge for the District of Minnesota.
Defense counsel no doubt will be emboldened by the Seventh Circuit’s affirmation of the dismissal of a securities class action against Boeing in light of baseless confidential witness allegations. Simple themes emerge from this and similar cases, says Bryan House of Foley & Lardner LLP.
The approach by the Northern District of Illinois in Grede v. FCStone LLC represents a departure from the Second Circuit’s approach in Enron Creditors Recovery Corp. v. Alfa SAB de CV, in which the court of appeals broadly interpreted the language of Bankruptcy Code section 546(e) to protect a transaction that did not involve the traditional purchase or sale of securities, albeit under a distinguishable set of facts, says Matthew Kremer of Cadwalader Wickersham & Taft LLP.
There has been a marked increase in global securities enforcement activities by regulators in the U.S., U.K., Canada and the EU. Continued cooperation and coordination in enforcement activities will be required to seamlessly address the desire to strengthen global regulatory initiatives aimed at harmonizing and centralizing international securities regulation to create safer, more fundamentally sound financial markets for investors, say attorneys with Weil Gotshal & Manges LLP.
The recent evolution of case law governing the standard for Rule 12(b)(6) motions to dismiss reveals that Rule 12(e) serves no practical purpose in modern pleading practice, says Nathan Kipp of Seyfarth Shaw LLP.
Despite recession-driven cost pressures that have resulted in the downsizing of nonlawyer personnel at law firms, many litigation support departments are growing. In a recent survey, half of respondents indicated that their function has grown in size in the past three years, and more than half of respondents indicated that current staffing levels are inadequate for the projected needs of the coming year, say experts at Epiq Systems and Georgetown University Law Center.
This term marks a continuation of the Roberts court trend of close attention to business issues. From affirmative action and class actions to tort litigation, government enforcement and intellectual property, almost one half of this term’s argued cases are of interest to the business community, say Cliff Sloan and David Foster of Skadden Arps Slate Meagher & Flom LLP.