Federal prosecutors urged a New York federal court on Wednesday to deny former Hunton & Williams LLP patent lawyer Robert Schulman's bids for acquittal and a new trial, saying his new arguments about the government's supposed failure to prove a single insider trading conspiracy between him, his investment adviser and a friend of the adviser are "meritless."
As the ninth anniversary of Lehman Brothers’ historic collapse approaches, attorneys overseeing the wind-down of the former banking giant reported Thursday that over the past year, the estates have doled out $7 billion to creditors and wrapped up all bankruptcy court claims brought against Lehman Brothers Inc.
Federal prosecutors and the U.S. Securities and Exchange Commission on Tuesday announced their largest insider trading case in years against a former Bank of America employee and six associates, and experts say the charges illustrate the power of the SEC's new data analysis tools as well as the continuing influence of the Second Circuit's Newman decision.
An Eighth Circuit panel on Thursday said a Minnesota federal court wasn’t out of bounds refusing to hear a suit brought against BMO Harris Bank NA by one of the creditors to Thomas Petters in his $3.7 billion Ponzi scheme, but the suit should have been stayed rather than dismissed.
MassMutual International LLC has agreed to sell its Hong Kong-based subsidiary to a Chinese financial services company for $1.01 billion in cash and roughly $664.6 million worth of stock, the insurance holding company announced Thursday.
An administrative law judge on Wednesday trimmed a U.S. Securities and Exchange Commission complaint accusing a New Jersey attorney and his hedge fund of using investors’ funds for risky investments in legal receivables, ruling that claims that they inflated the value of the investments “amount to nothing.”
The attorneys general of 13 states reached a $192 million settlement with Aequitas Management LLC on Thursday over claims the private equity fund schemed with defunct Corinthian Colleges Inc. to skirt government lending rules and keep federal loans flowing to the vulnerable students the for-profit school operator allegedly preyed on.
Behavioral health care company Acadia on Wednesday announced that four of its top executives and a handful of shareholders were cutting their stakes and selling off a combined 2.8 million shares in the company in an underwritten public offering.
A Securities and Exchange Commission in-house judge on Wednesday dismissed enforcement staff's claims that a New York hedge fund manager defrauded bond issuers by recruiting terminally ill patients to profit on early redemptions, praising the manager's integrity and suggesting he fairly exploited a Wall Street loophole.
Investment adviser Capital Dynamics Inc. has agreed to pay $275,000 to resolve allegations by the U.S. Securities and Exchange Commission that it violated federal securities laws by billing a solar power fund it managed $1.3 million in legal, hiring and consulting costs that it should have paid itself.
A California federal judge on Wednesday said that Edison International was liable for breaching its fiduciary obligations under the Employee Retirement Income Security Act to workers who claimed that the utility chose unnecessarily expensive retirement plans, accepting an agreement that leaves Edison on the hook for at least $7.5 million in damages.
A group of public pension funds on Thursday sued Bank of America Corp., JPMorgan Chase & Co., Goldman Sachs Group Inc. and two other big banks alleging that they colluded to prevent modernization of the $1.7 trillion stock loan market to prevent losing out on massive fees.
Fashion executive Peter Nygard asked the Eleventh Circuit on Tuesday to revive his suit alleging a racketeering conspiracy to pay witnesses in fellow billionaire Louis Bacon's $50 million defamation suit against him, saying the trial judge made numerous errors in ruling the case should be tried in the Bahamas.
A North Carolina compliance consultant has struck a deal to resolve U.S. Securities and Exchange Commission allegations that his work as chief compliance officer for two investment advisory firms led to their failure to file timely and accurate disclosure reports, the agency said Tuesday.
Old GM's unsecured creditors were right to accept a $15 million loan from Uncle Sam to pursue a $1.5 billion avoidance action over a prebankruptcy loan that was left unsecured thanks to a paralegal's mistake, a New York federal court said as it overruled one creditor's objection to the agreement.
Manhattan federal prosecutors on Wednesday said seven people have been charged for their roles in a $5 million insider trading scheme, in which a former Bank of America vice president is accused of doling out confidential merger information he obtained from the bank.
The National Association for Fixed Annuities urged the D.C. Circuit on Tuesday to revive the group's challenge to the U.S. Department of Labor’s fiduciary rule for retirement account advisers, saying the regulation threatens to upend the fixed annuities industry and exceeds the agency’s authority.
Two brothers stole upwards of $855,000 from investors who thought they were investing in penny stock companies, investment funds and blue chip companies, the U.S. Securities and Exchange Commission recently alleged in a New York federal suit.
Broker-dealer Great Pacific Securities asked the Ninth Circuit on Monday to revive a proposed class action alleging Barclays Capital Inc. misled its traditional customers about their exposure to high-frequency traders in its dark pool, saying the complaint had enough to show firms relied on Barclays’ ads about the pool.
Latham & Watkins LLP said Tuesday it advised private equity-backed Vista Oil & Gas, an energy-focused special purpose acquisition company, in raising $650 million through Mexico's first initial public offering of a SPAC.
One growing trend is for clients to enter into alternative fee arrangements in which one law firm represents multiple parties who “share” fees and costs in a related matter. This way parties can more efficiently manage a matter and reduce their individual legal fees. But joint representation is not without its own risks and challenges, say attorneys with WilmerHale.
Legal incubators serve as an important bridge to practice and a crucial step toward aligning the incentives of new lawyers with the needs of their clients. They may even pose a threat to the traditional law school model itself, and that's not necessarily a bad thing, says Martin Pritikin, dean of Concord Law School at Kaplan University.
If the media is going to cover your law firm’s crisis, they are going to cover it with or without your firm’s input. But your involvement can help shape the story and improve your firm’s image in the public eye, says Michelle Samuels, vice president of public relations at Jaffe.
In the final article in this series on proposed innovations to the American jury trial, Stephen Susman, Richard Lorren Jolly and Dr. Roy Futterman of the NYU School of Law Civil Jury Project sum up the improvements they believe the U.S. jury system desperately needs.
A recent report by the U.S. Securities and Exchange Commission makes clear that the commission intends to assert jurisdiction over some initial coin offerings, but it does not necessarily suggest that the agency will classify all cryptocurrencies or ICOs as securities. The SEC’s cautious approach may be just what’s called for on this rapidly evolving topic, say attorneys with Paul Hastings LLP.
While no particular form is required to establish a durable alternative fee arrangement, there are terms that should, for the benefit of both client and outside attorney, be expressly set forth in the agreement itself, but are often overlooked, say attorneys with WilmerHale.
With its first-ever use of nonprosecution agreements in a spoofing case against Citigroup, the U.S. Commodity Futures Trading Commission is not sending smoke signals about its new enforcement strategy, but rather, is shouting through a bullhorn that it is shifting gears, say Rachel Cannon and Kristina Liu of Dentons.
As cybercriminals continue to look for easy targets, the court system will surely enter their crosshairs. If judges and court personnel do not maintain proper data security and cyber hygiene, confidential litigant information can fall into the hands of a wide variety of bad actors, say Daniel Garrie of JAMS, David Cass of IBM Cloud, Joey Johnson of Premise Health Inc. and Richard Rushing of Motorola Mobility LLC.
The U.S. Securities and Exchange Commission's recent $2.5 million award to a government tipster marks the first time it deemed a government employee eligible for a whistleblower payout. This determination raises significant policy and practical concerns about a government employee’s ability to provide information and documents to the SEC, say attorneys with Paul Hastings LLP.
When you look at your client through the "survival circuit" lens, what first appeared as an emotional mess is now valuable information about what is important to them, what needs have to be met to settle the case, or what further clarity your client requires before moving forward, say dispute resolution experts Selina Shultz and Robert Creo.