A Florida federal judge remanded an alleged $35 million cryptocurrency Ponzi scheme case to state court Monday, saying the lower court where the lawsuit originated has jurisdiction to hear the claims against the perpetrators of the "uncovered securities" enterprise.
Litigation funder Virage Capital Management claims Pierce Bainbridge has defaulted on debt the ailing law firm racked up over the past year, estimated by current and former attorneys at $65 million, as Virage bids to block a competing creditor from collecting on a much smaller debt in Texas state court.
Investors Bank is reportedly seeking to sell its $48 million loan backed by a Brooklyn building, an Investcorp venture may give a Florida mall back to its lenders, and Omninet Capital has reportedly paid a combined $78 million for two Los Angeles County office complexes.
A real estate investment trust in New York has agreed to drop its lawsuit accusing the Royal Bank of Canada of using the COVID-19 pandemic as an opportunity to illegally seize and sell off the trust's assets at fire-sale prices.
The latest of several proposed class actions alleging JPMorgan Chase has been manipulating futures markets since 2009 though the illegal trading strategy called spoofing was filed Friday in Illinois federal court.
The U.S. Securities and Exchange Commission won terminating sanctions and a default judgment against Blockvest LLC after a California federal court found that the cryptocurrency company's founder had submitted fake documents during the litigation.
The U.S. Supreme Court on Monday declined to hear an appeal of a Second Circuit ruling that the trustee for Bernie Madoff's fraudulent investment firm can claw back billions in Ponzi scheme proceeds transferred from foreign Madoff feeder funds to other foreign parties.
A Chinese asset manager has sued a British video game developer in London in an attempt to prove the company was sold to an American hedge fund despite a freezing order imposed in China over an unpaid €93 million ($103 million) loan.
The U.S. Supreme Court on Monday unanimously ruled that members of Puerto Rico's Financial Oversight and Management Board do not require U.S. Senate approval because the board's handling of the island's $125 billion bankruptcy is limited to Puerto Rico's fiscal issues and it only exercises local, territorial authority.
The U.S. Supreme Court affirmed U.S. Bank's Eighth Circuit win in a proposed ERISA class action on Monday, ruling that the bank's retirees didn't have standing to sue over alleged pension plan mismanagement because they were still receiving their pension checks.
A Neiman Marcus noteholder withdrew its request Friday for a probe of a pre-Chapter 11 transfer of $1 billion to the retailer's private equity owners, after a Texas bankruptcy judge criticized both the motion and the performance of a Neiman director on the stand.
An international standards group for the securities market said Friday that although the COVID-19 pandemic may cause difficulty for companies in making financial statements, it nonetheless called on corporations to try to be "fair" and transparent in their disclosures.
Emory University and its workers asked a Georgia federal judge Friday to approve a roughly $16.8 million settlement of an Employee Retirement Income Security Act class action accusing the school of letting its retirement plans charge high fees and keep bad investments.
The tidal wave of corporate debt offerings in recent months has enabled companies to raise billions in cash and gain much-needed breathing room to navigate the coronavirus pandemic, setting records and ushering in several first-of-their kind deals along the way.
The U.S. Securities and Exchange Commission ordered an Austin, Texas-based investment adviser to pay nearly $322,000 on Friday, claiming the firm failed to keep clients abreast of fees tied to investments in certain mutual funds over a more than five-year period.
The receiver for a Florida investment firm at the center of an alleged $39 million fraud scheme has reached agreement with the U.S. Securities and Exchange Commission for entry of a permanent injunction against the company and related entities.
Nearly three months after the pandemic stay-at-home orders began, cannabis companies already facing a capital crunch are encountering fewer investors, more questions and harsher terms as they fight to raise the money to stay in business beyond COVID-19.
A private equity financier has filed suit against Pittsburgh law firm Elliott & Davis PC and its client, the husband of a high-profile Indian technology executive, saying the firm has been paid with funds owed to the lender as part of a $134 million judgment in a separate case.
The Commodity Futures Trading Commission asked a Kentucky federal judge Thursday to halt an operation by a man it says took $10 million from investors for a "Ponzi-like scheme."
Legend Biotech, a clinical-stage biotechnology company being spun out of GenScript, said Friday it hopes to raise $350 million in an initial public offering steered by Cooley LLP, Harney Westwood & Riegels and JunHe LLP.
The past week in London has seen German financier Lars Windhorst dragged into court by a hospitality company, an Emirati lender sue former executives of a scandal-hit health company, and a bank representing the estate of musical artist Prince file IP claims against a unit of a major record label.
New York University workers urged the Second Circuit on Thursday to follow the Eighth Circuit's lead when deciding whether to resurrect their ERISA class action against the school, pointing to the Midwestern appellate court's recent revival of a similar suit against Washington University in St. Louis.
A Kansas federal judge has ended a dispute between General Electric and the Boilermaker-Blacksmith National Pension Trust over who should oversee a $205 million withdrawal liability arbitration, appointing the arbitrator neither side wanted and condemning the parties' "regrettable" and "most unnecessary" "petty squabbling" on Thursday.
A federal judge in Manhattan on Thursday decided that a damages analysis is no longer admissible in a suit accusing Bank of New York Mellon of failing to protect investors in residential mortgage-backed securities.
In Law360's latest roundup of deal-makers on the move, Sidley Austin nabbed Shearman & Sterling's former head of global leveraged finance and private capital; Baker McKenzie added a banking and finance pro in Hong Kong; and Orrick picked up an M&A and private equity partner in Paris.
Independent directors at mutual fund complexes should consider their fiduciary roles and the underlying reasoning behind recent Mutual Fund Directors Forum guidance suggesting that boards regularly destroy meeting minutes and notes in order to avoid misinterpretation and potential litigation, says Aaron Morris at Barr Law Group.
The current decrease in formality and increase in common ground due to the work-from-home environment can make it easier to have a networking conversation, says Megan Burke Roudebush at Keepwith.
One mistake that attorneys commonly make when presenting a case to a third-party funder is focusing almost exclusively on liability and giving short shrift to the damages analysis — resulting in an aspirational damages estimate that falls apart under scrutiny, say Cindy Ahn and Justin Maleson at Longford Capital and Casey Grabenstein at Saul Ewing.
The Ohio Supreme Court's recent decision in Delphi Automotive v. Ohio Department of Job and Family Services sets an acquirer-friendly precedent for unemployment tax rates in mergers, acquisitions and reorganizations, which could be especially important in the wake of pandemic-related layoffs, say Jeremy Hayden and Christopher Tassone of Frost Brown.
Attorneys at WilmerHale highlight recent developments in privilege law, the significant challenges raised by nontraditional working arrangements popularized during the pandemic, and ways to avoid waiving attorney-client privilege when using electronic communications.
Cash-strapped companies looking for alternative sources of capital during the pandemic can take advantage of private equity funds’ newfound willingness to make minority investments, which can bring managerial, financial, technical and industry expertise to a business in exchange for considerable control over ongoing operations, say attorneys at Winston & Strawn.
To properly manage outside counsel, it's imperative for a company's legal department to implement and maintain rules on what they will and won't pay for, on staffing cases and requesting rate increases, and on how matters will be handled, says Chris Seezen at Quovant.
While pulling off an effective summer associate program this year will be no easy feat, law firms' investments in their future attorneys should be considered necessary even during this difficult time, says Summer Eberhard at Major Lindsey.
The recent large drop in oil prices — and in the prices of futures contracts tied to oil — resulting from the COVID-19 pandemic has generated substantial losses for many retail investors, and precedent suggests this may lead to a wave of litigation against fund managers, say economists at Bates White.
History suggests that legal malpractice claims will rise following the current economic downturn, and while a certain percentage of the claims will be unavoidable, there are prophylactic steps that law firms can take, says John Johnson at Cozen O'Connor.
The U.S. Supreme Court’s upcoming opinion in Liu v. U.S. Securities and Exchange Commission may call into question when Foreign Corrupt Practices Act settlements should be subject to disgorgement, say Matthew Rutter and Neal Hochberg at Charles River Associates.
Dealmakers can take advantage of COVID-19’s dampening effect on M&A activity to work through timing, pandemic considerations and sale process coordination for portfolio company sales so their deals will be ready when the market eventually picks back up, say Michael Gilligan and Caitlin Cornell at Schulte Roth.
Concerns that videoconferenced arbitration hearings compromise an arbitrator's ability to reliably resolve credibility contests are based on mistaken perceptions of how many cases actually turn on credibility, what credibility means in the legal world, and how arbitrators make credibility determinations, says Wayne Brazil at JAMS.
Ensuring uninterrupted client service and compliance with ethical obligations in a time when attorneys are more likely to fall ill means taking six basic — yet often ignored — steps to build some redundancy and internal communication into legal practice, say attorneys at Axinn.
Many remote meeting technologies include recording features as default settings, raising three primary concerns from a legal discovery and data retention perspective, and possibly bringing unintended consequences for companies in future litigation, says Courtney Murphy at Clark Hill.