A Florida federal judge has ordered a Florida couple to pay nearly $3 million to settle charges by the U.S. Commodity Futures Trading Commission that they absconded with customer funds from illegal, off-exchange precious metals transactions, the commission announced Tuesday.
An Australian appeals court on Tuesday rejected mining tycoon Joseph Gutnick's bid to set aside a $40.4 million arbitration award issued to India's largest fertilizer collective following a dispute over shares in Gutnick's phosphate company, saying the award wouldn't result in double recovery.
The Eighth Circuit on Wednesday revived a proposed class action claiming former executives of Dolan Co. should have disclosed the loss of Bank of America Corp. business that decimated the company's legal services division, saying the lower court erred in finding the shareholders hadn't alleged recklessness.
A Delaware vice chancellor rejected a partial settlement and $1.275 million fee award Tuesday in a shareholder suit challenging Providence Service Corp.’s $400 million purchase of Matrix Medical Group, saying too many questions still hang over insider roles in the deal.
A Delaware Chancery Court judge on Monday dismissed a suit from a holder of class B shares in an audio technology maker claiming a 2014 merger triggered his right to redeem his shares, finding the suit has to be brought in New York.
Evidence that a former Fox Rothschild LLP partner violated internal policies by buying and selling stock of a publicly held client likely helped sway Pennsylvania federal jurors on Friday as they found him guilty for trading ahead of an insurance industry merger the firm helped handle.
The Ninth Circuit on Monday affirmed Houston Casualty Co. isn’t obligated to front defense costs to Impac Mortgage Holdings Inc. in a trio of actions over its purported mishandling of mortgage-backed securities offerings, rejecting Impac’s interpretation of a covered security in its directors and officers policy.
A New York bankruptcy judge on Monday approved a $1.42 billion settlement to resolve most litigation between Lehman Brothers Holdings Inc. and JPMorgan over transactions that occurred in the runup to Lehman’s 2008 bankruptcy.
A New York federal judge has fined a purported foreign currency trading company and its criminally indicted principal $8.2 million and ordered they reimburse $2.7 million to 19 people they duped into investing in a Ponzi scheme, the U.S. Commodity Futures Trading Commission announced Monday.
Cliffs Natural Resources Inc. has agreed to pay $84 million to settle a shareholder lawsuit in Ohio federal court and similar state-court suits alleging the company's former officers misled investors about the financial effect of its purchase of a Canadian iron mine, the company announced Sunday.
BlackRock Inc. and dozens of other investors alleging that U.S. Bank National Association failed to oversee residential mortgage-backed security trusts properly have asked a New York federal court to consider a ruling denying Deutsche Bank’s bid to escape a similar suit.
The Second Circuit on Monday declined to give investors another shot at allegations Tremor Video Inc. misled them ahead of its $75 million initial public offering, saying proposed amendments didn't show the online video advertising company knew about looming losses.
A New York federal judge said Monday he would grant the U.S. Securities and Exchange Commission's request for a $1 million judgment against an imprisoned hedge fund manager who allegedly stole money from investors before faking his own death.
A California federal court entered a default judgment Friday against an a law firm targeted in a fraud lawsuit by a Chinese national who claims she was improperly persuaded to invest $500,000 with a promise of securing an immigrant visa and has been unable to recoup all of her money.
A trustee sought a New York court's help Friday in distributing Bank of America Corp.’s $8.5 billion settlement with investors who had purchased mortgage-backed securities from Countrywide, potentially delaying the disbursement.
Argentine President Mauricio Macri is floating a $6.5 billion deal to settle a slew of litigation with holdout bondholders over the country’s 2001 debt default, a court-appointed mediator said Friday.
An ex-Fox Rothschild LLP attorney was convicted Friday on charges that he used inside information about the firm’s work to trade ahead of a $760 million insurance industry merger in 2011.
LAN Airlines SA's CEO has settled charges with the U.S. Securities and Exchange Commission that he violated the Foreign Corrupt Practices Act by authorizing $1.15 million in bribes to union officials to resolve a labor dispute, according to an SEC filing released Thursday.
A New York federal judge on Thursday tossed a whistleblower lawsuit from a former Moody’s Corp. managing director who claimed the credit rating powerhouse gamed its ratings of troubled mortgage securities, saying there’s been no showing that Moody’s caused false claims to be made to the government.
A former employee of Miami-based Forex Monthly Income Fund LLC has entered into a consent order with the Commodity Futures Trading Commission over a foreign exchange commodity pool fraud, the agency said Thursday.
Analyzing the reasons why clients choose certain firms reveals a great deal about what is important and valued in the marketplace. Based on interviews with a random sample of over 600 heads of legal in the largest U.S. organizations, Elizabeth Duffy, vice president of Acritas US Inc., identifies the core brand drivers of Skadden Arps Slate Meagher & Flom LLP.
Late last year, the U.S. Securities and Exchange Commission issued its long-awaited proposed rule on the disclosure of resource extraction payments by public companies — the SEC’s second bite at the apple after an earlier rule was vacated in court. Michael Littenberg and Marvin Tagaban of Ropes & Gray LLP detail the scope and requirements of the new proposal and what companies should be doing now.
The main concern related to the new “simplified” disclosure regime recently proposed by the European Commission for companies issuing shares or debt on the market is whether the simplifications introduced mean less protection for investors, say attorneys with Shearman & Sterling LLP.
In a recent Law360 article it was suggested that promotion to partner was a competition between associates and that taking maternity, paternity or family medical leave could impact an associate's chances at promotion. But this sort of ethos — which may have contributed to law firms’ success in the past — is not the best way to secure the industry's future, says Daniel Butcher, managing partner of Strasburger & Price LLP.
The Ninth Circuit in Jacksonville Police and Fire Pension Fund v. CVB Financial added another wrinkle to the determination of whether and when the public disclosure of an internal investigation or a government subpoena establishes loss causation under the federal securities laws, say attorneys with Paul Hastings LLP.
The marketplace lending industry continues to mature and the regulatory landscape continues to evolve to address the unique challenges it poses. Anthony Nolan and Edward Dartley of K&L Gates LLP discuss some federal securities law considerations that are critical to the structures and business models of online marketplaces and their interactions with investors.
Where a perceived conflict is identified early in the process, a party may consider asking the forum overseeing an arbitration to determine whether it is appropriate for an arbitrator to serve on the panel. Despite the potential opacity of these kinds of decisions, discussions with practitioners and experience suggest that such challenges can arise from a number of situations, says Kirkland & Ellis LLP partner Matthew Solum.
Who is entitled to assert the rights of an aggrieved corporation when the party that allegedly injured the corporation is a 50 percent shareholder, controls half of the board of directors, and does not want the corporation to pursue litigation? The Kentucky Court of Appeals' answer in Gross v. Adcomm speaks to the scope of fiduciary duties owed by officers and directors in the state, says David Treacy of Dinsmore & Shohl LLP.
The key question that many exploration and production companies currently face is what the best strategic options to survive the depressed crude oil price market are. The most notable development in 2015 in out-of-court restructurings has been the use of junior-lien financings and “uptiering” transactions, say attorneys with Haynes and Boone LLP.
The proxy access proposals submitted to public companies by the New York comptroller’s office this year suggest that, in its sustained pursuit of a global standard of proxy access, the comptroller’s office may continue to target those issuers at which its proposal has previously failed, say attorneys with Simpson Thacher & Bartlett LLP.