The former CEO of Bank of Choice in Greeley, Colo., will pay $65,000 in restitution to settle charges that he violated registration and anti-fraud provisions of the Colorado Securities Act, according to a stipulation filed Thursday in Denver district court.
Investors in $951 million worth of Deutsche Bank AG mortgage-backed securities can pursue allegations that some of the securities' loans were defective, but they can't undo the whole deal based on alleged "fundamental breaches" of the contracts, a New York state judge ruled Monday.
A substantial minority investor in commodity supply chain company MFC Industrial Ltd. on Monday kicked off a proxy fight aimed at a board overhaul, building on a trend of more engaged stakeholders against the backdrop of a surge in shareholder activism.
Morrison & Foerster LLP announced Monday that the former chief legal officer for Allied Capital Corp. and deputy general counsel for Fannie Mae had joined the firm’s Washington, D.C., office as partner in its corporate finance practice.
Activist shareholders concerned about the integrity of CommonWealth REIT's board and its alleged plan to wrest control of the company formally sought Monday to oust the entire body and replace it with a group of “truly independent” members.
Robbins Geller Rudman & Dowd LLP should be sanctioned for pursuing a securities class action suit against The Boeing Co. based on deeply flawed allegations by a confidential witness, the aerospace company told an Illinois federal judge on Friday, arguing the firm’s conduct had "crossed the line."
The receiver for WG Trading Co. on Friday urged a New York federal judge to approve a $3.4M settlement with Credit Suisse International and its subsidiary Zephyros Ltd. in a clawback suit over an alleged Ponzi scheme orchestrated by WG executives.
A New York state judge on Thursday dismissed BGC Capital Markets LP’s allegations that rival brokerage Tullett Prebon America’s Corp. had stolen proprietary U.S. Treasury data through a joint venture between the two, ruling that BGC had already recovered damages through arbitration.
The Second Circuit on Friday affirmed that the wife of Eric Butler, the former Credit Suisse Group Inc. broker convicted for his role in a $1.1 billion securities fraud scheme, cannot block the government from seizing accounts held in his name, despite her claim to part of the accounts.
A judge on Friday sentenced former Credit Suisse AG investment banker Kareem Serageldin to 30 months for inflating the value of mortgage-linked bonds to mask losses, and he criticized the bank's supposedly "evil climate."
A pair of investment firms on Thursday slapped Barclays Bank PLC, UBS AG and others with a $100 million lawsuit in New York Supreme Court, claiming the banks breached contracts with investors by conspiring to rig the London Interbank Offered Rate for their own gain.
The Florida federal judge overseeing a clawback suit brought by the receiver for Lancer Management Group LLC over alleged fraudulent transfers tied to a purported multimillion-dollar investment scam on Friday refused to recuse himself, saying adverse rulings he issued in a related suit don't demonstrate bias.
The Federal Reserve official leading the central bank's regulatory reform efforts renewed on Friday his call for extending regulators' reach into the so-called shadow banking system, and provided some details on potential proposals for regulating securities financing transactions that take place outside of regulated banks.
The Second Circuit on Thursday upheld the dismissal of a $143 million suit against Merrill Lynch & Co. Inc. and Bank of America Corp. over alleged misrepresentations regarding mortgage-backed securities, saying that South Korea's Woori Bank failed to file its suit on time.
The U.S. Securities and Exchange Commission’s Investor Advisory Committee asked the agency Friday to impose so-called user fees on investment advisers to help fund agency investment adviser examinations, and to impose fiduciary duties on broker-dealers who provide investment advice to retail investors.
The Texas Supreme Court refused Friday to weigh in on a family dispute over the sale of Pescor Plastics Inc., declining to review a decision finding that the company's majority shareholders had no fiduciary duty to their brother when they sold Pescor to Berry Plastics Corp. for $25 million.
The Second Circuit on Friday refused to revive a shareholder class action accusing ING Groep NV of illegally hiding its risky mortgage-backed securities, ruling that the expiration of a statute of limitations prevented the plaintiffs from bringing their claims.
A New York state appeals court on Wednesday dismissed three counts in a $100 million fraud suit over the purchase of computer hardware company eSys Technologies Pte Ltd., saying allegations that Bunge Ltd. fraudulently transferred millions of dollars were not sufficiently pled.
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.
Remember that the information on your CEO’s iPad does not exist on the iPad alone. She backed it up to her home computer, right? When she took it out of the box and started it up for the very first time, did she say “yes” to iCloud? If she did, she created yet another avenue — maybe an easier one — for opposing lawyers to follow, say Matthew Yarbrough and Todd Shadle of Yarbrough Law Group PC.
Unfortunately, the credentials normally supplied by Big Law firms in beauty contests simply do not tell in-house counsel what they really want to know. Without discounting the difficulty of obtaining helpful information from candidates for outside counsel, there is one question that may be useful for in-house counsel to pose, says Andrew Jarzyna of Ulmer & Berne LLP.
According to a recent regulatory notice, broker-dealers examined for compliance with the new suitability rule have generally had updated policies and procedures, had collected the necessary new customer information, and had trained their staff on the new requirements. Nevertheless, firms should prepare for their next examination by studying the notice, which contains, among other things, the most frequently found deficiency, say Linda Riefberg and Gregory Gnall of Fried Frank Harris Shriver & Jacobson LLP.
In a move reminiscent of recent guidance on the U.S. Foreign Corrupt Practices Act, Russia’s Supreme Court has weighed in on Russian anti-corruption law — the first such guidance in 13 years. From the perspective of multinational companies, two of the most significant aspects are likely to be guidance on what qualifies as a bribe under the Russian law and its expanded definition of an extortion defense, say attorneys with Debevoise & Plimpton LLP.
As the U.S. equity markets reach post-crisis heights, hedge fund managers with contrarian views have ample opportunity to express their conviction by taking short positions in stocks they consider overvalued. At the same time, however, the recent rebound in equity capital-raising may expose short-selling managers to risk under Rule 105, the SEC’s tool to deter manipulative shorting related to public stock offerings. This risk is more than theoretical, say Scott Budlong and Michael Mann of Richards Kibbe & Orbe LLP.
The most significant advantage of being a well-known seasoned issuer involves the filing of an automatic shelf registration statement. Unlike non-WKSI filers, the registration statement and any amendments are automatically effective regardless of whether there are any outstanding regulatory comments — providing extraordinary flexibility and eliminating any potential delay, says Michael Rave of Day Pitney LLP.
Although there may be some marginal utility in the U.S. Securities and Exchange Commission's new admissions of wrongdoing policy with respect to resolving whether previously eluded insurance coverage may be available, we can expect litigation over insurance coverage to continue, says John Hughes of Edwards Wildman Palmer LLP.
While the U.S. Securities and Exchange Commission’s fiscal year closed on Sept. 30, the agency typically does not report its annual statistics until November or December. Yet trends from the first three quarters of the fiscal year provide a glimpse of what the market can expect for the full year — namely, a reduction in new enforcement actions, say David Marcus and Sara Gilley of Cornerstone Research.
President Obama seems to be of the view that if law school were reduced to two years, students would incur two-thirds of the expense of attending law school, be burdened by two-thirds of the debt they currently have, and be generally economically better off than they are today after three years of law school. Most startling about the president’s proposal, however, is that he did not discuss the educational effect of his suggestion on the students or the effect on their clients, says Fred Isquith of Wolf Haldenstein Adler Freeman & Herz LLP.
A special task force of the American Bar Association recently proposed to the United States Sentencing Commission substantial amendments to the U.S. sentencing guidelines for economic crimes. While there is work to be done to make the proposals more concrete, this would represent the most significant philosophical shift in sentencing in white collar cases since the inception of the sentencing guidelines — even if they are adopted only in part, say Daniel Levy and Sachin Bansal of McKool Smith PC.