Plaintiffs are more likely to bring opt-out lawsuits in larger securities class action settlements, but the decision to opt-out could have important consequences for defendants and smaller investors, according to a report released Tuesday by Cornerstone Research and Latham & Watkins LLP.
Seven law firms whose stars had dimmed in the eyes of general counsel are once again shining bright, and two up-and-coming legal sparklers are suddenly radiating excellence, according to a new survey of corporations’ favorite firms.
Skadden Arps Slate Meagher & Flom LLP stands alone among elite law firms in the arena of client service thanks to a concerted long-term effort to respond to client feedback, according to a new survey of corporate counsel.
The fickle feelings of corporate counsel are apparent once again in an annual survey gauging which law firms deliver the most sterling client service, as one-third of last year's favorites were cast aside after being outflanked by hungry rivals.
There are more arrogant law firms than in years past, according to a new survey of corporate counsel, but one familiar firm has risen above them all.
The number of law firms that Fortune 1000 clients say offer excellent client service grew by 9.8 percent over the past year, a sign that firms with broader services are separating themselves from the competition, according to a new survey of corporate counsel.
Attentive client service, not size, continues to be the critical factor for general counsel at the world's largest corporations, according to a recent survey of corporate counsel, who gave top marks to a mix of large and midsize law firms.
A Thursday government watchdog report finding that the largest banks benefited most from the federal government's efforts to support the financial system in 2008 highlighted the need for more curbs to end the problem of too-big-to-fail banks, lawmakers pushing stricter capital standards said.
Legal practices focused on regulatory compliance have unmatched growth prospects in 2014, as businesses confront stronger government oversight of health care, financial services and other sectors, although the $5.9 billion in projected income is below prerecession levels, according to a new survey of corporate counsel.
A recent Treasury Department report has shown potential blind spots for financial regulators overseeing the $53 trillion asset management industry, and it could be the first step toward tagging several large players not already monitored closely by the Federal Reserve as risks to the global financial system.
Litigation matters are expected to spike in the coming year, but budget-conscious general counsel expect firms to do whatever it takes to make sure they stick to the bottom line — and that includes settling and settling early, a new survey of in-house counsel said.
With litigation on the rise, law firms are looking for a bigger piece of the pie these days, but they won't get it unless they start to think more creatively about how to attract and retain clients, a new survey of in-house counsel said.
Corporate clients' three top go-to firms for securities and finance litigation are Skadden Arps Slate Meagher & Flom LLP, Jones Day and K&L Gates LLP, which clients say stand apart for their ability to anticipate legal issues and craft tailor-made defense strategies, according to a new survey.
Four firms strike fear in the hearts of corporate counsel more than any others thanks to their relentless approach to high-stakes litigation and a knack for building legal teams that go for the jugular, according to a new survey.
The Federal Reserve said Monday that the 18 banks subject to the central bank's annual stress tests each suffered from at least one shortcoming in the way they measured their capital reserves necessary to survive an economic shock.
A surge in spending by financial institutions on compliance costs last year was driven by banks with $10 billion or less in assets that are now getting increased attention from regulators around the world, according to a report released Monday.
Federal securities class actions filings have remained at historically low levels in the first half of 2013, with fewer large companies facing litigation than in past years and mergers and acquisitions cases continuing to migrate to state court, according to a Wednesday report.
The U.S. Judicial Panel on Multidistrict Litigation has rejected a higher percentage of centralization requests in recent years, a trend the head of the panel told Law360 was due in part to a rise in patent cases and other types of litigation he said were more likely to center on individual issues.
The top U.S. accounting watchdog on Thursday said that Ernst & Young LLP did not independently verify data provided by executives at companies the firm audited and failed to correct problems with its audit procedures even after the agency ordered it to do so.
Managing and mitigating risk around cybersecurity, information technology strategy, Dodd-Frank regulatory compliance and leadership succession are the primary concerns for U.S. directors and general counsel, according to a survey released Wednesday by FTI Consulting Inc. and Corporate Board Member.
Even though the New York Stock Exchange has significantly reduced the number of matters with respect to which brokers may vote, brokers remain permitted to vote on the ratification of auditors, so companies will still be able to use the broker vote to help establish quorum, says Keir Gumbs of Covington & Burling LLP.
The Second Circuit's recent decision reversing the municipal bond bid-rigging convictions of three former General Electric Co. officials provides an important limitation on the government’s efforts to extend the statute of limitations in financial crimes when there is a continuous flow of economic benefits to a conspirator, says Lathrop Nelson of Montgomery McCracken Walker & Rhoads LLP.
The CEO and the factory worker are not competing for the same job, but rather competing in separate labor markets across firms and sometimes industries. It is thus meaningless to compare executive and worker pay as the U.S. Securities and Exchange Commission would require. Let the firms decide for themselves how much their labor is worth, says Korok Ray, assistant professor of accounting at the George Washington School of Business.
The extensive amendments to Federal Rule of Civil Procedure 45 that took effect on Dec. 1, 2013, bring welcome changes that simplify and streamline subpoena practice. In particular, the elimination of uncertainty in determining where compliance can be required and where service can be effected will reduce the effort and costs involved in issuing subpoenas, say Lawrence Friedman and Sheilah Kane of Cleary Gottlieb Steen & Hamilton LLP.
While existing risk management protocols and alternative investment compliance policies may be sufficient to integrate Bitcoin, financial services firms should nevertheless keep abreast of regulatory developments, including those in money transmission laws. With Bitcoin's global reach, foreign exchange regulations may become more relevant than before, say attorneys with Reyhani Nemirovsky LLP and investment analyst Daniel Gallancy.
Certainly, no defendant wishes to advocate for greater damages. In addition to having to advance such an untenable position for the privilege of gaining access to federal court, there are at least two other issues that a defendant in the Second Circuit should consider before spending the time and money to seek removal of an action when the complaint is ambiguous on its face as to the amount of damages sought, say Andre Cizmarik and Kara Cormier of Edwards Wildman Palmer LLP.
In light of the proposed e-discovery amendments to the Federal Rules of Civil Procedure, businesses need to set themselves up to efficiently respond to discovery and requests for information from their counsel by implementing and following document-control policies as part of normal business practices. The failure to do so will eventually consume vast amounts of employee time, say Steven Cvitanovic and Colin Murphy of Haight Brown & Bonesteel LLP.
The Second Circuit’s opinion in Halebian v. Berv — a significant departure from its own oft-cited Joy v. North decision — highlights that a derivative plaintiff’s entitlement to discovery, if any, is inversely proportional to the showing made by a special litigation committee in support of its motion to terminate, says Donald Corbett of Lowenstein Sandler LLP.
While the sheer volume of tips received this year underscores the impact the U.S. Securities and Exchange Commission whistleblower program has had on enforcement activities in its second year of operation, the continuing pattern of diversity among whistleblowers is also noteworthy. Any concerns about the commission’s ability to adequately publicize the program have seemingly been laid to rest, says Steven Goldschmidt of Ropes & Gray LLP.
Companies should carefully consider the interaction of the various timing requirements under Regulation FD and Form 8-K. Filing of a Form 8-K is not required until four business days after initial disclosure, but to take advantage of the filing exception for nonwritten communications, the earnings call must take place no more than 48 hours after the earnings release is filed on Form 8-K, says Michael Zeidel of Skadden Arps Slate Meagher and Flom LLP.