Outgoing U.S. Securities and Exchange Commission Chair Mary Jo White said Tuesday the agency must remain independent in the face of “partisan tides” and constricting legislation in order to fulfill its mission of protecting investors.
Elliott Management and Bluescape Energy revealed Tuesday that they together hold a 9.4 percent stake in NRG Energy and are considering nominating directors, marking the first time a hedge fund and a private equity firm joined forces on an activist campaign.
SkyBridge Capital has been sold, and founder Anthony Scaramucci, an adviser to President-elect Donald Trump who recently met with the head of Russia’s sovereign wealth fund to discuss potential future business relations, has severed all ties with the New York private investment firm.
The U.S. Securities and Exchange Commission on Tuesday announced a settlement with BlackRock Inc. over allegations that the asset manager made departing employees forgo their right to collect whistleblower awards.
Covington & Burling LLP on Monday announced that it has hired two top financial disputes lawyers formerly with King & Wood Mallesons LLP for its London office, making it the latest firm to recruit arbitration and litigation professionals from KWM as the firm’s European branch enters administration.
BigLaw and the federal bench turned out in force Friday to witness history's first attempt to transform U.S. District Judge Jed Rakoff's West Coast end-run around the Second Circuit's Newman insider trading decision into the stuff of legend.
An investment manager on Friday pled guilty in a New York federal court to one count of commodities fraud after losing about $20 million in investment funds, much of it from family, friends and fellow Harvard alumni, and then generating phony account statements to keep the investors sweet.
The Sixth Circuit on Friday upheld the dismissal of a former Morgan Stanley employee's retaliation lawsuit against the company, finding that his “vague assertions” of working with law enforcement don’t afford him whistleblower protections.
The bill passed Thursday in the U.S. House of Representatives requiring the U.S. Securities and Exchange Commission to perform a cost-benefit analysis on regulation could help the agency "drain the swamp" of burdensome regulation, experts said, but may bog SEC staff down in regulatory review and expensive litigation at the cost of investor protection.
The U.S. Supreme Court agreed Friday to hear an appeal of a Second Circuit decision that did not allow the California Public Employees' Retirement System to spin off its own claims from a larger class action because the claims were filed late.
U.S. Securities and Exchange Commission whistleblower Jason Thorell sparred Friday over the extent of his wrongdoing at Visium Asset Management LP with the counsel for Stefan Lumiere, a former portfolio manager at the hedge fund being tried on criminal charges of scheming to overvalue a $480 million debt fund.
A Morgan Stanley investment advisement subsidiary on Friday agreed to dole out $13 million to end the U.S. Securities and Exchange Commission’s allegations that it charged about 150,000 clients inadvertently heightened advisory fees due to billing system and administrative errors.
In this week’s Taxation With Representation, The Williams Cos. Inc. is undertaking an $11.4 billion repositioning of its financial relationship with its master limited partnership, Japanese pharmaceutical company Takeda is purchasing an oncology-focused firm in Massachusetts for $5.2 billion, and a new partnership will buy controlling stakes in McDonald’s in China and Hong Kong for $2.08 billion.
The U.S. Supreme Court agreed Friday to review whether the U.S. Securities and Exchange Commission is subject to time limits when seeking ill-gotten gains, taking up a New Mexico investment adviser’s appeal of an issue that has split the circuits.
A group of investors urged a New York judge Thursday to ignore recent correspondence from bank defendants including Deutsche Bank AG over a London Interbank Offered Rate rigging scandal, arguing that the banks are fighting a losing battle following a recent landmark decision involving foreign exchange rates.
A California federal judge on Thursday tentatively ruled that Warburg Pincus can’t escape a securities fraud suit brought by Oaktree Capital Management-owned funds claiming the private equity firm misrepresented the financial health of now-bankrupt Rural/Metro Corp., saying the funds had raised a strong inference that a managing director’s statement was meant to deceive.
A class of investors asked a New York federal judge Thursday to approve their $14 million settlement with Fifth Street Finance Corp., ending claims that the investment group made false representations to its shareholders.
Investors seeking a refund of their $96 million stake in troubled biotech venture Theranos Inc. won a recommendation Wednesday for extended use of documents collected in their Delaware Chancery Court lawsuit, but lost a bid to limit demands for records involving Walgreen Co., another Theranos lawsuit opponent.
Five former executives of the parent company of the now-defunct online stock trading company Ditto Trade Inc. were hit with a shareholder complaint on Thursday, accusing the five of essentially using the company as a personal bank account, among other things, in the wake of investigations from the Securities and Exchange Commission and the Financial Industry Regulatory Authority.
Wells Fargo is reportedly in talks to upsize its lease at a New York tower owned by real estate investment trusts Vornado and SL Green to 40,000 square feet, Jia Shu Xu is looking to get $60 million for a Queens development site, and JMB Realty is said to be in talks to add a food court to a Chicago mall.
The Delaware Chancery Court relied entirely on the merger price to determine “fair value” in Merion Capital v. Lender Processing Services, confirming that an appraisal award likely will not exceed the merger price in a nonaffiliated transaction where there was a pre-signing market check with “meaningful competition,” say attorneys with Fried Frank Harris Shriver & Jacobson LLP.
The New York courts’ interpretation of the pari passu clause in Argentine bonds to provide a basis for a powerful injunctive remedy was widely viewed as novel. But a new ruling out of the Southern District of New York will likely limit the precedential effect of the earlier rulings on sovereign debt restructurings for the large number of still-outstanding securities that contain pari passu clauses, say attorneys with Sullivan & Cromwell LLP.
The April 2016 leak of "Panama Papers" documents from law firm Mossack Fonseca removed any doubt that the threat of cyberattacks against the legal industry is more than hypothetical. While the case law on law firm data breach litigation has largely yet to be written, there are certain fundamental tenets worth reviewing, say Scott Vernick and Peter Buckley of Fox Rothschild LLP.
Since 2008, the legal relationship dynamic has consistently evolved, leading clients to demand more "value" for services received. In 2017, investment in and adoption of new technology and prioritizing cybersecurity will lead to an increase in billable hours and shifts in realization rates, says Haley Altman of Doxly.
With commercial litigation funding gaining acceptance throughout the U.S., law firms and corporations are investigating how they can benefit from the capital that funders provide, and which criteria they should use in selecting a funder. Ralph Sutton, chief investment officer of Bentham IMF, discusses several major trends to watch in 2017.
There are a number of concrete, practical steps that law firms can take to address the high cost of defending legal malpractice claims, both before and after a claim is made, says Richard Simpson, a partner with Wiley Rein LLP who serves on the ABA Standing Committee on Lawyers’ Professional Liability.
A primary driver of increasing litigation costs is the explosion of electronic discovery in recent years. Electronic data is not only increasing dramatically in volume, it is also growing in complexity. One way parties can save time and money is to use a neutral, technically skilled mediator, to ensure that e-discovery is both robust and cost-effective, says Daniel Garrie of JAMS.
The Federal Reserve Board recently released guidance clarifying how banking entities may request additional time to divest or conform their investments in certain illiquid funds to the Volcker Rule. However, the timing of the guidance presents specific challenges and considerations, say attorneys with Arnold & Porter LLP.
The U.S. Supreme Court's Salman decision and a few other 2016 cases provide us an opportunity to remind well-meaning directors, executives, lawyers, consultants and others privy to confidential business developments of just how important it is to talk about something else during the holidays, say attorneys with King & Spalding LLP.
A decade’s worth of multiple bar association initiatives, conferences, corporate law summits, detailed research reports and opinion pieces on the pay gap has seemingly fallen on the deaf ears of BigLaw. However, recent events presage substantial movement toward pay equity in law firms, say Stephanie Scharf of Scharf Banks Marmor LLC, Michele Coleman Mayes, general counsel for the New York Public Library, and Wendi Lazar of Outten & Golden LLP.