A Delaware Chancery judge on Wednesday tossed a putative class action by SynQor Inc. shareholders who claimed senior management's take-private deal shortchanged minority stockholders of the power conversion company, ruling the transaction was an appropriate exercise of business judgment.
Two executives at a Dallas-based information technology company have agreed to pay the U.S. Securities and Exchange Commission $675,000 to settle claims they mischaracterized a deal with an equipment manufacturer in order to inflate their company’s reported revenue, the SEC said Thursday.
A U.S. Securities and Exchange Commission judge won't consider a filing by SEC enforcement attorneys purporting to show discrepancies in the testimony of a former Barclays Capital Inc. bond trader accused of a fraudulent "parking" scheme, ruling the filing includes legal argument and belonged in the attorneys' post-hearing brief.
The Fifth Circuit on Thursday ordered the landmark securities class action against Halliburton Co. back to the Texas district court now that the U.S. Supreme Court has rejected its attempt to quash the claim but gave the energy giant the power to challenge the impact of its alleged misstatements on its share price.
Employers will have a tougher time getting Sarbanes-Oxley Act whistleblower claims thrown out because of a string of federal court rulings — including one involving Fannie Mae — that have deferred to the U.S. Department of Labor's worker-friendly Sylvester v. Parexel ruling from 2011, lawyers say.
A Japanese court ordered Bank of America Corp.'s Merrill Lynch Japan Securities Co. and others to pay more than 14.5 billion yen ($140 million) in damages to failed credit company Takefuji Corp., now TFK, over losses it suffered in a bond transaction with the brokerage, TFK said Tuesday.
A New York federal judge on Wednesday paved the way for the MF Global Holdings Ltd. bankruptcy administrator to take a $1 billion malpractice suit against longtime auditor PricewaterhouseCoopers LLP to trial, ruling it isn't barred by MF Global's liquidation plan.
The Ninth Circuit on Wednesday refused to reverse a $10 million securities fraud ruling against Brookstreet Securities Corp.’s former CEO, deciding the U.S. Securities and Exchange Commission could hold him liable for the actions of brokers he hired who sold risky investments.
The Second Circuit on Wednesday affirmed a New York man's conviction for scamming $485,000 from investors who were told they were investing in the assets of a bankrupt fuel cell company, saying alleged government misconduct did not “permeate” the trial and was mostly harmless.
A New York judge on Tuesday freed Proskauer Rose LLP and Greenberg Trauring LLP from an $18.2 million suit brought by investors allegedly duped into buying bogus shares of pre-IPO Facebook Inc., ruling the suit did not closely tie the firms to the fraud.
A New York federal judge said it won’t force Nasdaq OMX Group Inc. to produce documents it provided to the U.S. Securities and Exchange Commission in an investigation surrounding Facebook Inc.’s $16 billion initial public offering, ruling Tuesday that Nasdaq’s immunity is currently on appeal.
A Texas federal judge on Tuesday reconsidered but refused to reverse his year-old ruling that Internet-traded bitcoin is a form of currency subject to federal securities laws, preserving the United States’ claims accusing the founder of Bitcoin Savings & Trust of running a Ponzi scheme.
The Second Circuit on Monday declined to grant a panel rehearing to Petroleos Mexicanos and Pemex-Refinacion over the court's dismissal of a $160 million lawsuit alleging Siemens AG and SK Engineering & Construction Co. Ltd. bribed Mexican government officials to secure a refinery construction contract.
Billionaire Ron Burkle on Tuesday voluntarily dismissed his lawsuit against OTK Associates LLC that accused the investment firm of tainting a Morgans Hotel Group shareholder election by issuing misleading proxy statements, apparently ending a more than year-long legal feud among several parties.
A Delaware Chancery Court judge declined Monday to close a consolidated shareholder class action challenging Astex Pharmaceuticals Inc.'s planned $886 million buyout by Japanese drugmaker Otsuka Holdings Co. Ltd., saying the parties failed to notify remaining class members that the plaintiffs dropped the case and were divvying up attorneys’ fees.
An Illinois federal court has sanctioned Robbins Geller Rudman & Dowd LLP after finding that the firm had engaged in “reckless and unjustified” conduct in a securities class action against The Boeing Co. that relied on erroneous claims by a confidential witness, according to a ruling made public Monday.
An Ohio man received a five-year prison sentence in Georgia federal court Tuesday for his role in an $80 million Ponzi scheme allegedly targeting former University of Georgia football players and other staff.
A German appeals court ruled Tuesday that two former Porsche Automobil Holding SE executives must face trial on criminal market manipulation charges stemming from the company's unsuccessful effort to acquire Volkswagen AG, reversing a lower court's decision.
Citigroup Global Markets Inc. will pay nearly $2.5 million to settle Financial Industry Regulatory Authority charges that it failed to provide best execution on some 22,000 customer trades and supervise this trading even after being alerted about the alleged problems, FINRA said Tuesday.
A Texas federal judge on Monday rejected convicted Ponzi schemer Robert Allen Stanford’s bid to suspend the activities of his companies’ receiver and freeze the receiver’s personal accounts, ruling that Stanford had not shown he would likely prevail getting a special prosecutor to investigate the receiver.
The departure of attorneys from large firms is a trend that has increased as a result of the Great Recession and its aftermath, and boutique firm partners who previously worked at large firms understand the potential large-firm pitfalls, say attorneys with Levine Kellogg Lehman Schneider & Grossman LLP.
Given the significant differences among the circuits in examining the crime-fraud exception, and the Third Circuit’s recent erosion of the attorney-client privilege, U.S. Supreme Court review is necessary to ensure the consistent treatment of litigants and to protect the privilege, say attorneys with Blank Rome LLP.
The Second Circuit was appropriately concerned with the implications of the Section 10(b) test set forth by the U.S. Supreme Court in Morrison v. National Australia Bank. But in ParkCentral Global Hub Ltd. v. Porsche Automobile Holdings, the court developed a test only used to deny the availability of Rule 10b-5, says J. Robert Brown Jr. of Sturm College of Law at the University of Denver.
A Delaware Supreme Court decision in a Wal-Mart shareholder suit connected to alleged bribery may breathe new life into the Garner doctrine and serves as a reminder of the fragility of the attorney-client privilege, say Bruce Ericson and Dorothy Kaslow of Pillsbury Winthrop Shaw Pittman LLP.
A recent speech by a Federal Reserve Board governor has once again raised the issue of whether bank boards should face “broadened” fiduciary duties, but creating a liability regime that would encourage further litigation and expand the potential liabilities of bank directors would accomplish little, says Kevin LaCroix of RT ProExec.
In this short video — the latest installment from the "Book of Jargon" — Latham & Watkins LLP partner Rafal Gawlowski defines "accelerated share repurchase."
Whether the Russian Federation complies with the Permanent Court of Arbitration's final award — $50 billion — for its destruction of Yukos Oil Company will demonstrate the extent of the country's commitment to honoring international obligations and the rule of law, say Emmanuel Gaillard and Yas Banifatemi of Shearman & Sterling LLP.
The rhetoric used by shareholder activists on all sides should be taken with a large pinch of salt — most issues described as momentous generally are not — and these symbolic battles may divert attention from more meaningful reform, say professors at the New York University School of Law and the University of Pennsylvania Law School.
If the Fourth Circuit's reasoning in Tatum v. RJR Pension Investment Committee is adopted elsewhere the case could substantially impact the future conduct of fiduciary breach litigation as well as plan practices in administering stock funds, say Myron Rumeld and Russell Hirschhorn of Proskauer Rose LLP.
"If you follow the philosophy of saving everything you're just multiplying exponentially the costs and risks of litigation and investigations," says Robert Owen, partner in charge of Sutherland Asbill & Brennan LLP's New York office and president of the Electronic Discovery Institute.