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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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)
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.
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.
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.
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.
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.
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.
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.