• October 25, 2016

    Ex-Oppenheimer Adviser Cops To Insider Trading

    A former investment adviser with Oppenheimer & Co. Inc. on Tuesday admitted to insider trading charges before a Manhattan federal judge, saying he used information gained through a relationship with a Pfizer Inc. employee to purchase stock in the drugmaker’s acquisition targets.

  • October 25, 2016

    Fraudster Gets 2 Years In $5M Twitter, Uber Ponzi Scheme

    Buffalo venture capital fund manager Gregory Gray, who operated a $5 million Ponzi scheme involving fake purchases of Twitter Inc. and Uber Technologies Inc. shares, was sentenced by a New York federal judge Tuesday to two years in prison after his 2015 guilty pleas to wire fraud and perjury.

  • October 24, 2016

    Petrobras To Settle With Pimco, Other Investors Over Scandal

    Petróleo Brasileiro SA said on Monday it has decided to settle four class actions in which some of its largest investors outside of the Brazilian government, including Pacific Investment Management Co., sought to recover losses they blame on an ongoing corruption scandal.

  • October 21, 2016

    TD Ameritrade Ditches Securities Suit At 11th Circ.

    The Eleventh Circuit on Friday nixed a securities suit alleging TD Ameritrade Inc. aided in a Ponzi scheme perpetrated by a convicted fraudster, upholding a lower court’s ruling that TD’s role as the custodian of transactions was not enough to allege it knew of, controlled or materially aided the fraud.

  • October 21, 2016

    Dewey Star Cooperator's Deal Sweetened Before 2nd Trial

    The Manhattan District Attorney’s Office has agreed to allow the star cooperating witness in the Dewey & LeBoeuf LLP criminal trial to drop his guilty plea to grand larceny and cop to a lesser charge ahead of the coming retrial of the firm’s former executive director and chief financial officer.

  • October 21, 2016

    Man Tipped By KPMG Partner Pays $171K To End SEC Claims

    A man who the U.S. Securities and Exchange Commission says profited off three public transactions after a KPMG LLP partner tipped him off has agreed to pay $171,000 to end insider trading claims against him, according to a consent judgment filed Friday in Georgia federal court.

  • October 21, 2016

    Pomerantz To Lead Investor Suit Over Embraer Bribery

    A New York federal judge on Thursday appointed Pomerantz LLP as lead counsel in a proposed class action alleging that Brazilian aircraft manufacturer Embraer SA hid from investors a scheme to bribe Dominican Republic officials to win aircraft contracts.

  • October 20, 2016

    Barclays Beats Investors' Dark Pool Claims

    Barclays Capital Inc. and its parent company, Barclays PLC, on Wednesday beat a suit by a broker-dealer claiming Barclays misled its traditional customers about their exposure to high-frequency traders in its dark pool, with a California federal judge finding the broker didn't seem to have relied on the supposed misinformation.

  • October 20, 2016

    Nelson Mullins Atty Can’t Escape SEC’s Pay-To-Play Claims

    An Ohio federal judge on Thursday refused to dismiss the U.S. Securities and Exchange Commission’s suit against a Nelson Mullins Riley & Scarborough LLP partner, finding his alleged involvement in a pay-to-play scheme while representing State Street Corp. had enough connection to securities transactions.

  • October 20, 2016

    Historic $1.6B HSBC Securities Settlement Gets Final Nod

    An Illinois federal judge signed off on a record-breaking $1.575 billion settlement Thursday that ends a 14-year lawsuit between HSBC unit Household International Inc. and a class of investors alleging securities fraud, over the objections of one class member who said the attorneys’ fees were too high.

  • October 20, 2016

    Ex-CEO Settles With SEC Over Money Laundering Claims

    The former CEO of a Miami brokerage firm Wednesday settled claims by the U.S. Securities and Exchange Commission that she failed to prevent her firm from violating anti-money laundering laws.

  • October 20, 2016

    CFTC Wins Bid For Deutsche Bank Swaps-Reporting Monitor

    A Manhattan federal judge on Thursday granted the U.S. Commodity Futures Trading Commission’s bid to appoint an independent monitor to Deutsche Bank AG in response to alleged problems with the bank’s swaps data reporting system.

  • October 20, 2016

    SEC Sanctions Ex-Microcap Co. CEO For $23M Scheme

    The U.S. Securities and Exchange Commission on Wednesday said it has barred a former microcap company CEO from associating with brokers, dealers and others after he was accused of working with a boiler room operator to defraud investors out of about $23 million.

  • October 19, 2016

    SEC Muddles Message With Watered-Down E&Y Fine

    The U.S. Securities and Exchange Commission aimed to send a strong message Tuesday by fining Ernst & Young LLP in the agency’s first case against a Big Four firm for audit failures in seven years, but experts questioned whether the penalties were large enough to make other firms take notice.

  • October 19, 2016

    Dow Derivative Suit Fails To Show Board's Bad Faith: Judge

    A Michigan federal judge on Wednesday tossed a derivative investor suit alleging Dow Chemical Co.’s top brass failed to act against a price-fixing scheme that resulted in an $835 million class settlement, saying the company wasn’t necessarily wrong to refuse an investor’s litigation demand.

  • October 19, 2016

    Yahoo Beats Securities Suit Over Alibaba Investment

    Yahoo beat a pension fund’s accusations that the technology giant has been illegally operating as an investment company after a California federal judge ruled Wednesday that a 16-year-old pact with the U.S. Securities and Exchange Commission trumped the investors’ claims.

  • October 19, 2016

    $13.3M Citibank Deal OK'd In Jay Peak EB-5 Suit

    A Florida federal judge on Tuesday approved Citibank's $13.3 million settlement with a group of EB-5 foreign investors whose funds were part of more than $200 million allegedly misused by the owner of Vermont ski resort Jay Peak, agreeing with the investors that they have a right to a portion of the settlement funds.

  • October 19, 2016

    Chicago Trader Settles CFTC’s Spoofing Suit

    A Chicago-based trader facing spoofing allegations announced Wednesday that he has settled with the U.S. Commodity Futures Trading Commission ahead of a January trial to determine if he placed fake orders on several futures markets in order to profit off the ensuing price fluctuations.

  • October 18, 2016

    EZCorp, CEO Dodge Securities Suit In Texas For Now

    A Texas federal judge on Tuesday dismissed a putative securities fraud class action against EZCorp Inc. and the “instant cash” company’s CEO, saying shareholders had failed to adequately plead that the executive intentionally misled investors about the financial well-being and profitability of a Mexican consumer loan company it acquired.

  • October 18, 2016

    Madoff Feeder Funds Get No Love On Appeal Over Citco, PwC

    A New York state appeals court on Tuesday refused to revive litigation brought by the successors for a pair of feeder funds to Bernie Madoff against PricewaterhouseCoopers LLP and certain Citco Group Ltd. entities for not warning them of the infamous Ponzi schemer, agreeing that courts are barred from resolving disputes between two wrongdoers.

Expert Analysis

  • When Your Client Is The President

    Fred F. Fielding

    The experience of preparing for the 1981 air traffic controller strike brought home to me the responsibility a lawyer owes to his or her client — be it an average citizen, a corporation or a president, says Morgan Lewis & Bockius LLP partner Fred Fielding, who served as White House counsel for Presidents Ronald Reagan and George W. Bush.

  • Bridging The Gap Between Outside And Inside Counsel

    Andrew S. Chamberlin

    Results from a recent International Association of Defense Counsel survey reveal a significant disconnect between inside and outside lawyers when it comes to perceptions of their own effectiveness versus the perceptions of their counterparts on the other side of the fence, say Andrew Chamberlin, a partner at Ellis & Winters LLP, and Orlyn Lockard, associate general counsel at Siemens Corp.

  • Wrap Fee Programs In SEC’s Crosshairs

    Nicole M. Runyan

    The U.S. Securities and Exchange Commission’s scrutiny of wrap fee programs has picked up some tailwind with the SEC recently announcing three separate enforcement actions against wrap fee program participants. Unlike the vast majority of actions the SEC brings each year against investment advisers, these wrap fee program participants did not appear to have undisclosed conflicts of interest with their clients, say Nicole Runyan and... (continued)

  • Extraterritoriality: The ATS In Focus

    Perlette Michèle Jura

    Although it is a RICO case, the U.S. Supreme Court’s decision in RJR Nabisco Inc. v. European Community has finally put to rest the debate about whether Morrison’s “focus” test applies to the question of extraterritoriality in Alien Tort Statute cases, say Perlette Michèle Jura and Dylan Mefford of Gibson Dunn & Crutcher LLP.

  • Renewable Fuels Producers Burned By ID Number Fraud

    Jason Moore

    An uptick in recent federal enforcement actions involving renewable fuel credits signals that market participants can expect more fraud investigations and prosecutions as federal regulators strive to maintain control over the renewable fuel credit program. The enforcement actions involve the trading of Renewable Identification Numbers under the Renewable Fuels Standard program, says Jason Moore of Husch Blackwell LLP.

  • When Your Client Is The President

    William E. Casselman II

    My experience with the Nixon pardon, the Nixon tapes, the construction of the White House swimming pool, and other matters well out of the ordinary for a president’s lawyer taught me that in the practice of law one should learn to expect and cope with the unexpected, says William Casselman, who served as White House counsel for President Gerald Ford.

  • Will 2nd Circ. Pare Back Rakoff’s Class Definitions?

    Ronald J. Colombo

    On Nov. 2, the Second Circuit will hear oral argument in a Petrobras investor suit that involves important questions concerning the proper application of Morrison v. National Australia Bank and Basic v. Levinson within the context of class certification. How the court responds to Judge Jed Rakoff’s approach could have profound implications for securities class action litigation, says Ronald Colombo, professor of law at Hofstra University.

  • So You Want To Be A Partner? You Need A Mentor

    Rebecca Glatzer

    Not all aspects of the partnership process are within an attorney’s power. However, there are some factors that an associate can control on the path to partnership, the most important of which are the relationships cultivated along the way, says Rebecca Glatzer of Major Lindsey & Africa.

  • Recent Application Of MFW Confirms 3 Important Principles

    Christopher E. Austin

    The Delaware Chancery Court's recent opinion in a shareholder suit challenging the buyout of Books-A-Million clarifies the obligations of controlling stockholders when it comes to going-private and similar transactions. The opinion also indicates the continued viability of MFW despite the efforts of the plaintiffs bar to limit its benefits, says Christopher Austin of Cleary Gottlieb Steen & Hamilton LLP.

  • The Manipulation Standard And A Setback For CFTC

    Paul M. Architzel

    In the U.S. Commodity Futures Trading Commission's ongoing action against DRW Investments, a New York federal judge recently issued an order that provides important protections to market participants and is a blow to the CFTC's effort to lower the standard for proving price manipulation, say attorneys with WilmerHale.