Credit Suisse Securities on Thursday dodged a proposed class action accusing the company of stiffing its workers on up to $300 million in deferred compensation after a California federal judge ruled that the financial adviser bringing the case was bound by an arbitration agreement.
The Fifth Circuit on Thursday closed the book on the U.S. Department of Labor’s controversial 2016 fiduciary rule, which required retirement advisers to act in the best interest of clients, issuing a mandate that officially vacates the rule three months after a divided panel invalidated it.
A former executive at State Street Corp. decided Thursday against taking the stand in his Boston fraud trial, resting his defense against charges that he directed colleagues to slip hidden fees into multibillion-dollar trades for overseas clients and setting up a final courtroom showdown next week.
Prosecutors urged the Second Circuit to uphold the securities fraud conviction of former American Realty Capital Properties Inc. CFO Brian Block on Wednesday, saying a jury was free to reject his explanation of a $13 million tweak to financial statements.
Tops Markets LLC on Thursday received approval from a New York bankruptcy court for a settlement of a long-standing dispute over $184 million in pension liabilities at the same time it told the court it had reached an agreement with creditors in a discovery dispute.
Adult living community developer Gateway Lifestyle Group on Thursday said the real estate arm of Canadian firm Brookfield Asset Management offered approximately AU$698 million ($515 million) to take over the Australian company.
Two hedge funds threw a wrench into a massive proposed derivatives settlement between Lehman Brothers Holdings Inc. and Credit Suisse AG with an objection filed on Wednesday, sharply questioning Lehman's whiplash-inducing turn from demanding $75 million to agreeing to pay $750 million in the "black box" deal.
Cornell Capital LLC on Thursday announced that it has closed its debut multiasset private equity fund after collecting $1.33 billion from investors, with plans to ink investments within the consumer, energy, financial and industrial sectors.
A Massachusetts federal judge on Thursday said he would not recuse himself after three firms, including Labaton Sucharow LLP, accused of misconduct in an ongoing $75 million attorneys’ fee fight asked him to step aside, pointing to potential conflicts and “inflammatory” statements made by the judge.
The U.S. Supreme Court on Thursday held that U.S. Securities and Exchange Commission administrative law judges are “inferior officers” subject to the appointments clause of the Constitution, a decision that could have broad ramifications for an array of federal agencies that employ in-house judges.
An agreement between the Zohar Funds and an independent director appointed to oversee monetization of the debtors' assets in their Ch. 11 cases received approval Wednesday when a Delaware judge said changes to the deal’s indemnity provisions were acceptable.
The unsecured creditors of Tops Markets LLC are set to appear in New York bankruptcy court Thursday after calling for an investigation into the bankrupt grocery chain and payments made by its previous ownership group that saddled the company with unsustainable liabilities, arguing discovery provided by the debtors is inadequate.
LondonMetric Property PLC has purchased a mix of logistics and retail properties in the United Kingdom from ACT Foundation for a combined £55 million ($72.46 million), according to an announcement from the U.K. real estate investment trust Wednesday.
By agreeing to hear an appeal of an investment banker found liable for fraud for copying and pasting his boss's fraudulent emails into a message to clients, the U.S. Supreme Court is expected to clarify the important distinction between primary and secondary liability in securities fraud cases, legal experts say.
Windstream Holdings Inc. stockholders secured Delaware Chancery Court approval Wednesday for a $10.5 million settlement of a class suit alleging inadequate company disclosures before a 2015 investor vote on a real estate investment trust spinoff that cut dividends by 42 percent.
The wife and children of a former Oak Investment Partners executive are fighting the U.S. Securities and Exchange Commission’s demand for $89.4 million in assets over the family patriarch’s $67 million fraud, telling a Connecticut federal judge Tuesday that the agency’s motion "overreaches."
KKR Real Estate Finance Trust Inc. has closed a pair of loans, one each for properties in Pennsylvania and Massachusetts, that are worth a combined $378.7 million, according to an announcement from the company on Wednesday.
Ocwen Financial Corp. and its executives on Tuesday said a group of Owl Creek investment funds have based their claims over a decline in stock value amid the mortgage servicer's alleged compliance failures on inactionable statements and asked a Florida federal judge to toss the suit.
A Pennsylvania federal judge appointed Bleichmar Fonti & Auld LLP as lead counsel in Endo International PLC shareholders' suit claiming the company concealed knowledge of alleged price-fixing by Par Pharmaceutical Holdings Inc. before acquiring the business, finding Tuesday that the firm’s client was best suited to lead the proposed class action.
A former State Street Corp. executive on trial for allegedly hiding millions of dollars in fees from some of the firm's biggest clients asked a federal judge in Boston on Tuesday for an acquittal before the case goes to the jury, arguing that the government has not been able to prove its case.
In a profession notoriously averse to change, it should come as no surprise that there is skepticism about the value of having attorneys perform nonbillable tasks. But U.S. law firms have slowly begun to incorporate knowledge lawyers into their operations — and the trend is likely to continue, says Vanessa Pinto Villa of Hogan Lovells.
The U.S. Securities and Exchange Commission uses the fair fund process in a wide range of instances, with some cases involving the distribution of hundreds of millions of dollars to eligible investors. However, it is clear that completing the process can be arduous, as most of the fair funds created after 2009 are still open, says Alan Friedman of Charles River Associates.
While the U.S. Supreme Court's decision in China Agritech v. Resh is clearly a win for class action defendants, one might fairly question how broad an application the decision itself may have. Its real significance likely lies in what it conveys when viewed together with the court’s other recent decisions restricting both equitable tolling and class actions, say Noelle Reed and Austin Winniford of Skadden Arps Slate Meagher & Flom LLP.
For close observers of the Foreign Agents Registration Act, the June 8 release by the U.S. Department of Justice of over 50 FARA advisory opinions was a watershed. These opinions offer an unprecedented glimpse into how the FARA Registration Unit interprets the law, say Brian Fleming and Andrew Herman of Miller & Chevalier Chtd.
The deadline for appealing the Fifth Circuit's decision on the amended fiduciary rule to the U.S. Supreme Court expired on June 13, and — pending the Fifth Circuit's mandate ordering the U.S. Department of Labor to officially strike it down — the rule is no more. So, what now? Will the clock be turned back to an earlier time? Maybe not completely, say Andrew Oringer and Aryeh Zuber of Dechert LLP.
The more procedural tools a mediator can offer, the higher the likelihood that a mediation will be successful. Mediators should be prepared to employ pre-mediation initial caucuses in appropriate cases, says JAMS mediator and arbitrator Thomas Elkind.
The legal industry has already begun to feel the impact of anti-bribery and anti-money laundering requirements. When involved with cryptocurrency trading and remittance, law firms face more than the risk of being perceived as organizations that support money laundering practices, says John Reed Stark of John Reed Stark Consulting LLC.
Hakan Eraslan of White & Case LLP discusses a detailed new amnesty law recently enacted in Turkey, which offers taxpayers a broad amnesty for most types of unpaid taxes.
Law firms are increasingly accepting cryptocurrency as payment for services. While this might seem innovative and forward-thinking, ironically it is much more of a throwback, says John Reed Stark of John Reed Stark Consulting LLC.
The opportunity zone program is an exciting new tax incentive offering substantial benefits for its participants. However, many questions about the program remain outstanding, most of which need to be resolved in order for opportunity funds to succeed as expected, says Marc Schultz of Snell & Wilmer LLP.