A Texas federal judge on Friday sentenced the former CEO of Arthrocare Corp. to 20 years in prison and the company's ex-CFO to 10 years after they were convicted of perpetrating a securities fraud that is now estimated at about $756 million, according to authorities.
A New York federal judge on Friday freed Goldman Sachs Group Inc., JPMorgan Chase & Co. and others from multidistrict litigation alleging they conspired to manipulate the supply of aluminum to inflate its value, ruling that the plaintiffs lack antitrust standing and haven't sufficiently pled the existence of a conspiracy.
A Wisconsin federal judge dismissed an insider trading case Friday brought against a former investment firm executive, three years after ruling in favor of the Securities and Exchange Commission, on grounds that the agency's arguments before appellate court had not been raised in district court.
In trumpeting its first-ever whistleblower award to a compliance and audit professional, the U.S. Securities and Exchange Commission on Friday also inadvertently disclosed information that could be used to determine the identity of a person who faced an enforcement action because of the whistleblower’s tip.
The Ninth Circuit on Friday ruled that Oracle Corp. can accept $356 million from SAP AG for infringing Oracle's software copyrights or head to a new trial on damages but can't reinstate the $1.3 billion awarded by the jury in the case.
A California federal judge said Friday he’d likely reject Google Inc.’s $8.5 million settlement in a class action claiming the tech giant illegally divulged search data, saying the fact most of the money would go to charities Google already supports “doesn’t pass the smell test.”
The U.S. Securities and Exchange Commission on Friday said it has granted its first whistleblower award to a compliance and audit professional when it agreed to pay $300,000 to an employee of an unnamed company who brought the agency information that led to an enforcement action.
A Massachusetts jury sided with Boston Scientific Corp. on Friday in the second bellwether trial involving the company’s pelvic mesh devices, finding that a transvaginal sling was not defectively designed and the company adequately warned of risks associated with the device.
A Louisiana federal judge on Thursday denied a Takeda Pharmaceutical Co. Ltd. and Eli Lilly & Co. bid to overturn the $9 billion verdict in a bellwether trial over allegations the companies hid the cancer risks of diabetes drug Actos, upholding the jury's punitive damages award.
The owner of a California Domino’s Pizza franchise was the sole employer responsible for handling a sexual harassment complaint in his store, the California Supreme Court ruled on Thursday in a decision that shifted liability away from the pizza chain’s corporate headquarters.
A London-based office of Deutsche Bank AG has agreed to pay £4.7 million ($7.8 million) to settle claims by the U.K. Financial Conduct Authority that, for 5 1/2 years, it misreported critical information about some 29 million equity swap transactions, the regulator said Thursday.
Dollar General Corp. said Thursday that it remained “firmly committed” to its $8.9 billion bid for Family Dollar Stores Inc. after the target flagged antitrust issues with the proposal and said it instead would pursue a less lucrative tie-up with a third discount retailer.
The U.S. Securities and Exchange Commission answered some industry complaints when passing vast new rules over bond deals at the heart of the financial crisis, but broad new disclosure requirements around asset-backed securities could push more of the business to the private market exempted by Wednesday's rulemaking, attorneys said.
Schlumberger Ltd. was ordered to pay $600,000 in attorneys' fees and sanctions on Wednesday after a Texas judge threw out the majority of a lawsuit the company had filed accusing its former chief intellectual property lawyer of sharing trade secrets with Acacia Research Group.
A California federal judge on Wednesday refused to permanently ban Samsung Electronics Co. Ltd. from selling several mobile phones and tablets that a jury recently found infringed Apple Inc. patents, ruling Apple hadn't shown that it would suffer irreparable harm to its reputation.
A Delaware Chancery judge agreed Wednesday to fast-track a lawsuit by activist investor Bill Ackman and Valeant Pharmaceuticals International Inc. looking to compel a special shareholder meeting as part of their $53 billion hostile takeover campaign of Botox maker Allergan Inc., questioning whether the target actually wants to hold a meeting in December.
The U.S. Securities and Exchange Commission on Wednesday finalized broad new rules covering two outstanding components of the Dodd-Frank Act when it passed extensive new disclosure and reporting requirements for asset-backed securities and imposed new internal controls on credit rating agencies.
The U.K. Financial Conduct Authority on Wednesday fined The Royal Bank of Scotland PLC and its NatWest business £14.5 million ($24 million) for failing to provide suitable advice to consumers purchasing mortgages after investigating a series of transactions in 2012.
Allergan Inc. said Tuesday it will hold a special meeting on Dec. 18 where shareholders can vote on a proposed board overhaul, part of a $53 billion takeover bid by Valeant Pharmaceuticals International Inc., and will seek an order blocking Valeant, investor Bill Ackman and Ackman's hedge fund from voting their shares.
The Financial Industry Regulatory Authority and a group of U.S.-based securities exchanges have filed their proposal to implement a one-year pilot program to evaluate widening the trading tick size for certain small-capitalization stocks, the U.S. Securities and Exchange Commission announced Tuesday.
These days, jurors and judges are so accustomed to seeing graphics — on the street, on the Web, on their smartphones — that they expect to see something good in the courtroom. The best graphics are composed of consequential information, clearly displayed, with emphasis on what matters most, paired with artwork that adds meaning. This simultaneously compels people to think, feel and make decisions, says Aaron Stienstra, design direc... (continued)
United Technologies Corporation's global settlement with the U.S. Departments of State and Justice underscores the importance of a robust compliance program to prevent, detect and remediate any violations of export control laws or regulations — especially if products and services are destined for China, say Jeffrey Gerrish and Soo-Mi Rhee of Skadden Arps Slate Meagher & Flom LLP.
Following the U.S. Supreme Court's treatment of the machine-or-transformation test in Mayo Collaborative Services Inc. v. Prometheus Laboratories Inc., the test — previously thought to be the governing test for patent eligibility under § 101 — no longer appears to occupy such a prominent role in patent-eligibility jurisprudence, says William Merkel of Marshall Gerstein & Borun LLP.
“This is an easy case,” Justice Antonin Scalia wrote in his opinion in Radlax Gateway Hotel LLC v. Amalgamated Bank, settling the issue of whether the Bankruptcy Code grants the secured creditor a right to credit bid in an auction sale under a plan. But interestingly, the opinion barely mentions the infamous Philadelphia News decision from the Third Circuit which was effectively overruled by the U.S. Supreme Court, say attorneys wi... (continued)
While the New York state Senate did not act on the Foreclosure Fraud Prevention Act of 2012 before adjourning its regular session — and as a result there is little chance the bill will be enacted this year — the bill represents the latest attempt by state governments to impose criminal liability on fraudulent foreclosure practices by mortgage servicers or their employees, say attorneys with Dechert LLP.
In United States v. Aleynikov, the Second Circuit recently created an unfortunate cloud over the scope of the federal trade secret statute. The decision detracts from the primary legislative objectives to promote and protect national economic security and punish individuals who misappropriate intellectual property in the form of trade secrets, say Mark Krotoski and Richard Scott of the U.S. Department of Justice.
Although the Patient Protection and Affordable Care Act and its coverage mandates have been upheld, the lack of regulatory guidance for many key areas of the statute creates uncertainty regarding implementation and enforcement. No matter how employers and plan fiduciaries approach the various coverage mandates, it is clear that the future is not without risk of litigation, say attorneys with Proskauer Rose LLP.
The Northern District of California's opinion in Oracle America Inc. v. Google Inc. is suprising given that there was direct copying and that the threshold of originality required for a work to qualify as copyrightable has traditionally been so low that the application programming interfaces almost certainly qualified as sufficiently original to be protected by copyright, says David Makman of the Law Offices of David A. Makman.
The Committee on Foreign Investment in the United States recently blocked yet another acquisition involving Chinese investors. Any foreign companies looking to invest in the U.S. should be wary of the scrutiny they may confront, and determine whether CFIUS review is likely, say George Wang and Yelena Kotlarsky of Haynes and Boone LLP.
ING Bank NV's $619 million fine to settle criminal charges is the largest ever against a financial institution in connection with an investigation into U.S. sanctions violations and related offenses. The enforcement action is also notable in several other respects, say attorneys with Steptoe & Johnson LLP.