The judge presiding over the Chapter 11 case for Westmoreland Coal Co. issued a stern warning Tuesday that restructuring professional Jay Alix's allegations of fraud and insufficient disclosures leveled at McKinsey & Co. could lead to "huge ramifications," potentially ending careers.
Attorneys for a former NFL offensive lineman told a state district court judge in Houston Tuesday afternoon that Jackson Walker LLP cannot get out of his lawsuit alleging the law firm played a role in the disastrous mismanagement of his assets by arguing the claim is time-barred when it helped keep the misdeeds from him.
Final rules approved Tuesday will require companies doing business in U.S. markets to begin disclosing whether any employees or directors are allowed to engage in hedging transactions that provide compensation when the company goes south.
Holders of bonds issued by Petróleos de Venezuela SA have urged the Third Circuit to overturn a decision allowing Crystallex International Corp. to seize shares in Citgo's parent company, saying it could jeopardize their interests as creditors of the state-owned oil company.
The U.S. Securities and Exchange Commission on Tuesday invited input on whether the quarterly reporting system for public companies should be relaxed in favor of semiannual reporting, hoping to address broader concerns that markets are too focused on short-term results.
The U.S. Securities and Exchange Commission promoted its chief inspections counsel to be co-deputy director of the office that conducts compliance checks on Wall Street, expanding the roster of people who shape SEC examinations, the agency announced Tuesday.
A group of TD Ameritrade Futures & Forex LLC clients' investments were too diverse and unique to sue the Omaha, Nebraska-based brokerage subsidiary for breach of implied covenant of good faith and fair dealing as a class, a Florida federal judge ruled Monday.
A proposed class of participants in a CenturyLink 401(k) plan urged a Colorado federal judge not to toss their suit accusing the company of unwisely choosing and failing to monitor a poor investment option for the plan, arguing that a magistrate judge held their claims to an unfair standard.
In our latest roundup of deal-makers on the move, Greenberg Traurig LLP added some corporate firepower to its Dallas and Atlanta offices, McDermott Will & Emery brought on a former Reed Smith LLP deals pro, and Willkie Farr & Gallagher LLP snagged a pair of ex-Paul Hastings LLP attorneys to launch a West Coast office.
Highland Capital Management Fund Advisors LLP asked a Texas federal court Monday to toss a proposed shareholder class action, saying a committee of trustees had conducted an investigation into claims that an energy-based mutual fund was improperly propped up and found no wrongdoing.
Singapore-based real estate investment trust SPH REIT Management Pte. Ltd., as part of a joint venture trust, said on Tuesday that it has agreed to buy a shopping center in New South Wales, Australia, for AU$206 million ($147.7 million) from Swordfish Australian Mid TC Pty Ltd.
AT&T Services Inc. has urged a California federal judge to revisit a decision allowing a suit accusing the telecom company of saddling its nearly $35 billion 401(k) plan with excessive costs and fees, arguing that a Ninth Circuit ruling in a similar case against Chevron had changed the legal landscape.
The general counsel and senior adviser for the Office of the Speaker of the U.S. House of Representatives has joined a hedge fund industry trade association as general counsel, the association announced Monday.
Sears Holding Corp. on Tuesday won approval from a New York bankruptcy judge for the sale of its home improvement business for $60 million, while telling the judge it is going ahead with the sale of the rest of its assets without a stalking horse bidder.
Deloitte & Touche LLP and Sidley Austin LLP have moved to dismiss a $131 million suit brought by investors who claim the firms were partly responsible for the money they lost because of the collapse of Aequitas Capital Management, an alleged Ponzi scheme.
Attorneys who reached a preliminary $28.75 million settlement resolving investors’ allegations that hedge fund Och-Ziff Capital Management Group LLC downplayed investigations into an African bribery scheme asked a New York federal court on Monday for $8.63 million in fees.
A former partner at White & Case LLP with experience representing financial institutions and helping them navigate regulatory hurdles has joined Cooley LLP’s financial services regulatory practice as a partner in its Boston office.
Attorneys for a former Société Générale SA executive accused of falsifying the Paris bank's submissions to the London Interbank Offered Rate argued Monday that living in France doesn't make their client a fugitive and urged a New York judge to consider the case's constitutionality.
The plan participant leading a proposed Employee Retirement Income Security Act class action against Charles Schwab & Co. Inc. urged a California federal judge not to toss his breach of fiduciary and monitoring duty claims, arguing that his new pleadings showed the company engaged in flawed decision-making over the funds.
An activist investor and Fordham University School of Law professor asked the Delaware Chancery Court to approve a $575,000 attorneys' fee bid for having raised fairness objections that helped sink a settlement agreement in a stockholder suit challenging the pay of Goldman Sachs Group Inc.'s nonemployee directors.
November was an especially aggressive month for the U.S. Securities and Exchange Commission in terms of cracking down on unauthorized digital activities. Three enforcement actions described as "firsts" demonstrate that the SEC will be using all of the tools in its toolkit, say attorneys with Baker McKenzie.
David M. Hargrove's new book, "Mississippi’s Federal Courts: A History," is a remarkably candid portrait of the characters and courts serving the state's federal judiciary from 1798 on, and contributes new scholarship on how judges were nominated during the civil rights era, says U.S. District Judge Michael Mills of the Northern District of Mississippi.
The recent courtroom battle over the admissibility of statements made by former Deutsche Bank traders shines a spotlight on a potentially recurring problem — excessive government entanglement in an internal investigation. Counsel conducting such investigations should take certain steps to minimize the risk, say attorneys with Troutman Sanders LLP.
The U.S. Commodity Futures Trading Commission last month suffered a stunning blow to its expansive interpretation of market manipulation in its case against DRW Investments. But this does not quite spell the end for such cases, says Daniel Chirlin of Walden Macht & Haran LLP.
He was White House counsel to two presidents. When Reagan was shot, he explained the chain of command to a four-star general. And until a few years ago, many people still thought he was Deep Throat during the Watergate scandal. Fred Fielding of Morgan Lewis & Bockius may be the quintessential Washington insider. White and Williams attorney Randy Maniloff learned more.
The eighth hearing in the Federal Trade Commission’s series on competition in the 21st century addressed concerns that stock holdings by institutional investors of noncontrolling interests in competing portfolio companies may have anti-competitive effects. Barry Reingold of Perkins Coie LLP offers some key takeaways.
The IRS recently proposed regulations for discounting unpaid losses under Internal Revenue Code Section 846. This necessary guidance, affecting both long- and short-tail insurers, removes obsolete regulations following the Tax Cuts and Jobs Act, say Kristan Rizzolo and Graham Greene of Eversheds Sutherland LLP.
Last month, the IRS updated its voluntary disclosure practices. For taxpayers without criminal exposure, the updated protocol can provide the optimal route for an offshore disclosure, but more palatable options likely exist for the significant majority of noncompliant taxpayers, says Patrick McCormick of Drucker & Scaccetti.
Many law firms have tickets or luxury suites at sporting events to host clients and prospects. Matthew Prinn of RFP Advisory Group and Matt Ansis of TicketManager discuss some of the ways that firms can use those tickets effectively.
A recent opinion from the American Bar Association provides useful guidance on attorneys’ obligations to guard against cyberattacks, protect electronic client information and respond if an attack occurs, says Joshua Bevitz of Newmeyer & Dillion LLP.