A U.S. Securities and Exchange Commission judge ruled Monday that an ex-Lehman Brothers managing director and the brokerage firm he formed after the Wall Street giant’s collapse must pay $4 million for trading in violation of registration requirements.
U.K. authorities on Monday won court approval of their first-ever deferred prosecution agreement, which will see a former subsidiary of South Africa’s Standard Bank Group Ltd. pay $32.2 million in sanctions over a payment two former employees allegedly made to bribe members of the Tanzanian government.
A Second Circuit panel on Wednesday affirmed a 121-month prison sentence handed down to a New York broker-dealer who pled guilty in 2011 to running a Ponzi scheme to finance his real estate investments, saying the district court was right to count spouses as separate victims.
The Second Circuit on Wednesday asked the Delaware Supreme Court for help in determining whether a group of investors can directly sue Citigroup Inc. over an alleged $800 million loss related to the bank’s residential mortgage-backed securities, rather than in a derivative suit.
A Texas federal court Tuesday denied Halliburton Co.’s request to stay proceedings pending a Fifth Circuit appeal of an order certifying an investor class action that’s made two trips to the U.S. Supreme Court, saying the delay would prejudice investor claims that have been pending since 2002.
The U.S. Securities and Exchange Commission has agreed to drop its plans to bar former SAC Capital Advisors LP portfolio manager Michael Steinberg from the securities industry after his criminal conviction for insider trading was vacated last month.
A class of Barclays PLC investors asked a New York federal judge Tuesday to approve a $14 million settlement to end allegations that the British bank manipulated the London Interbank Offered Rate and made misstatements to cover it up.
A former Bank of New York Mellon manager who was sentenced to six months in prison for trading on illegal stock tips from a Merck analyst has reached an undisclosed settlement with the U.S. Securities and Exchange Commission in a related civil case, lawyers for the agency said Wednesday.
Private equity firm JH Partners LLC has agreed to pay a $225,000 penalty for allegedly obtaining interests in several of its funds' portfolio companies by lending the companies money without telling the funds about the loans or potential conflicts of interest, the U.S. Securities and Exchange Commission said Monday.
The Second Circuit on Monday rejected a protest from a hedge fund Ponzi schemer's father to the distribution taking place in the wake of the $723 million scheme, saying he can't point to other distributions as evidence he's been harmed.
Facebook CEO Mark Zuckerberg and other company executives can immediately appeal a Delaware Chancery Court’s refusal to let them out of a shareholder derivative suit over an increase in director pay, according to an order posted Friday.
A Massachusetts federal judge on Monday refused to dismiss a proposed class action brought against The Bank of New York Mellon Trust Co. NA by a trust beneficiary who says the company invested the trust's assets to benefit itself rather than the best interests of the beneficiaries.
Federal prosecutors agreed to withdraw appeal of the sentences handed to five people who were convicted of helping Bernard Madoff orchestrate his $65 billion Ponzi scheme, according to documents filed with the Second Circuit on Monday.
A California federal judge has paused a suit brought by the U.S. Securities and Exchange Commission against former Medical Capital Holdings Inc. CEO Sidney M. Field over his role in an alleged $1.7 billion Ponzi scheme, after Field and the SEC said they had reached a settlement.
A former employee of private equity firm TPG and his cousin have agreed to settle a U.S. Securities and Exchange Commission insider trading suit in New York federal court stemming from two health care industry acquisitions, according to Friday court documents.
Corinthian Colleges Inc. has agreed to pay $3.5 million to settle a shareholder suit in California federal court accusing the bankrupt for-profit educator of concealing predatory enrollment practices and lying about the college's job placement statistics.
A New York bankruptcy judge on Monday wiped out FirstBank Puerto Rico's $61.5 million claim against Lehman Brothers Inc. over a soured interest rate swap agreement, ruling that the bank doesn't qualify as a customer under a federal law designed to protect securities investors.
Mylan and fellow generic-drug maker Perrigo told a New York federal court Friday they had settled a suit in which Mylan was accused of misleading Perrigo investors in a failed $27 billion hostile takeover attempt, after too few investors agreed to tender their shares last week.
A Florida federal judge on Friday closed the U.S. Commodity Futures Commission’s suit against Worth Group Inc. that alleged the precious metals company defrauded customers of $73 million, reporting that the parties had settled the claims.
Barclays Capital Inc. has agreed to pay a $1 million fine to settle Financial Industry Regulatory Authority claims that it issued flawed data on a bond index it published and then failed to fix for months after discovering the problem, the regulator said in a settlement released Thursday.
Due to public pressure, Latin American governments are for the first time aggressively investigating allegations of bribery and corruption at the local level and actively cooperating with foreign government agencies, including the U.S. Department of Justice and the U.S. Securities and Exchange Commission. Companies operating in the region should take heed, say attorneys with Ropes & Gray LLP.
The U.S. Securities and Exchange Commission's recent enforcement action against Virtus Investment Advisers — alleged to have been negligent in failing to investigate subadviser F Squared Investments' false claims more closely — raises the question of when an adviser can be liable for disseminating misstatements by another entity, say attorneys with Katten Muchin Rosenman LLP.
Will the amendments to the Federal Rules of Civil Procedure actually help streamline cases, reduce discovery costs and improve case management? That is certainly the hope, although the key will be how well judges and counsel take advantage of early case assessment and management techniques, say Mark Tully and Michelle Briggs of Goodwin Procter LLP.
Several developments over the past few months caught the eye of Jim Maiwurm, chairman emeritus of Squire Patton Boggs. Try as he might, he could not resist the temptation to comment on a few — such as the expansion of the Dentons “polycentric” empire, a confused verein controversy, and provocative suggestions that the law firm partnership model is a dinosaur.
In this short video — the latest installment from the "Book of Jargon" — Latham & Watkins LLP partner Courtenay Myers Lima defines "happy meal."
The U.S. Securities and Exchange Commission's recently released whistleblower report makes clear that the commission will continue to focus on issues raised in the case of KBR, and that it is actively interested in any company documents, policies or statements suggesting that an employee talks to the SEC at his or her own peril, say attorneys with Jenner & Block LLP, including a former SEC trial lawyer.
The amendments to the Federal Rules of Civil Procedure scheduled to take effect Dec. 1 are designed to usher in a new era in the U.S. litigation system, this time acknowledging that what was once known as “e-discovery” is now just discovery. The amendments are sweeping in scope, but none is more important than the revised Rule 37(e), say Gregory Leighton and Eric Choi of Neal Gerber & Eisenberg LLP.
The rules of the game have changed to accommodate the evolving dynamics of capital formation in the 21st century. Attorneys with White and Williams LLP highlight 10 key items that all potential issuers, investors and intermediaries need to consider before deciding to participate in securities-based crowdfunding.
Peeling away the various arguments of stockholder activists and their often larger-than-life personas lays bare the gritty details of the ways stockholder activists actually take positions in their companies and what, if any, notice a company may have of such a position. Discerning where they may pop up next requires nuance and sophistication, says Ed Batts of DLA Piper.
Recognizing that defendants have no duty and little incentive to object to an inflated class counsel fee request, and that class counsel have every incentive to increase their fees, Judge Richard Posner and the Seventh Circuit have filled this void by directing “intense judicial scrutiny” of class counsel fee awards. In doing so, the court identified issues all counsel now should consider when crafting a class action settlement, sa... (continued)