An Envision Healthcare Corp. investor filed a class action in Tennessee federal court over the weekend that seeks to block a stockholder vote on a proposed $9.9 billion sale to affiliates of investment firm KKR & Co. LP, saying company executives engaged in a faulty sales process that undervalued the company.
Federal authorities claim a Miami-based asset manager defrauded two of his clients out of more than $1 million by first concealing that their money was misappropriated by hedge fund operator and convicted fraudster Nicholas Mitsakos, and then saying after Mitsakos’ arrest that their investment had been lost completely.
A proposed class of investors has reached an $18.5 million settlement with one of the law firms they accused of offering legal advice to a Ponzi scheme, saying the sum is likely greater or equal to the amount the class could get at trial.
A shareholder of Goldman Sachs Group Inc. defended a proposed settlement of her derivative suit against the company’s directors Tuesday, saying the deal provides significant value to the company and its investors despite opposition from another shareholder.
A California federal judge on Monday certified a class of investors accusing Twitter Inc. of overstating user engagement and ultimately causing shares to fall almost 15 percent in one day.
A Manhattan federal judge cut the hedge fund bribery case against Norman Seabrook down to its original size Tuesday, calling a new fraud count "multiplicitous," but also held that prosecutors can try to convince a jury that the labor boss' alleged lawbreaking was tied to his former union's investment losses.
The First Circuit on Monday ruled that a failed condominium developer did not receive proper notice of a belated claim in a creditor's bid to stop him from discharging multimillion-dollar debts, reversing the ruling against him and sending the case back to Massachusetts bankruptcy court.
Italian real estate firm Coima Res SPA SIIQ has landed €70 million ($81.6 million) in financing from a syndicate of banks for a pair of office properties in Milan, according to an announcement on Tuesday from the real estate investment trust.
The Fifth Circuit has affirmed the four-year sentence given to an investment counselor convicted of defrauding NBA player Tim Duncan out of $13.5 million, ruling that the trial court was correct in calculating the amount of loss while determining the severity of his sentence.
An accountant’s counsel urged a California federal jury to clear him of charges claiming he helped a biotech venture capitalist siphon $18 million from an investment fund, arguing as a weekslong trial closed Monday that the fraud was solely caused by the accountant's client, who was “completely consumed with his ego.”
The nation’s safety net for struggling pension plans issued a proposed rule Monday that would allow smaller multiemployer plans terminated by mass withdrawal of participating employers to evaluate and report on their asset levels less frequently, while adding withdrawal liability reporting requirements for those plans and several other types.
A federal judge on Friday rebuffed the U.S. government by forcing it to face a lawsuit brought by a group of investors with billions at stake in diverted Puerto Rico public pension contributions, saying the bondholders have a valid constitutional claim against a federal entity.
Clifford Chance LLP represented a division of Legal & General Group PLC in connection with its roughly £50 million ($66.2 million) purchase of an office property in Sheffield, England, from Trinova Real Estate, the buyer said Monday.
Investors accusing Davis Selected Advisers LP of charging excessive fees in one of its mutual funds pushed back on the firm's bid to have the suit thrown out, telling a New York federal judge Friday that conflicting factual evidence merits sending it to trial.
An executive order signed last week by President Donald Trump eliminating the competitive examination and selection procedures for appointing administrative law judges has heightened concerns that both the ALJ hiring process and decisions made by the judges will be unduly influenced by politics, legal experts said Monday.
An investor in Triangle Capital Corp. who asked a judge to prevent the company from holding a vote on a plan to sell nearly all its assets for $981 million was defeated in North Carolina federal court on Monday, with the judge saying his injunction request failed in every regard.
A former Gannett Co. Inc. employee has urged a Virginia federal judge to certify a class of more than 12,000 individuals in his suit accusing the company of causing its 401(k) plan to lose roughly $135 million by keeping investments in its former parent company's stock.
Four companies launched initial public offerings on Monday that could raise more than $1.1 billion combined, led by a wealth management firm plus an oil producer, cybersecurity firm and drug manufacturer that are seeking to go public while the summer IPO market remains hot.
Foreign banks including Deutsche Bank AG, HSBC Bank PLC and the Royal Bank of Canada urged a New York federal court on Friday to dismiss a proposed class action accusing them and their affiliates of conspiring to rig a benchmark interest rate linked to the cost of borrowing Canadian dollars, saying the U.S. lacks jurisdiction.
In the roughly eight years since he joined Blackstone Group, John Finley has overseen a significant expansion of the firm’s legal and compliance department while also handling the many responsibilities that come with being the top lawyer for a major private equity firm.
Earlier this year, Rep. Trey Gowdy, R-S.C., made headlines with his decision to leave Congress and return to law. In this series, former members of Congress who made that move discuss how their experience on the Hill influenced their law practice.
The Internal Revenue Service's March 31, 2020, deadline for remedial amendment of 403(b) plan documents is not as far off as it seems. If remediation is needed, it will take time, so public schools and other eligible tax-exempt organizations should move plan review to the top of their to-do lists now, say Denise Erwin and Sarah Bhagwandin at Bryan Cave Leighton Paisner LLP.
Notice 2018-26, recently issued by the IRS to clarify Section 965 — which imposes a transition tax on certain previously untaxed foreign earnings — leaves gaps in guidance that could lead to taxpayer uncertainty as well as imposes some excessive and burdensome requirements, say attorneys at Eversheds Sutherland LLP.
The Senate Republican leadership and the Trump administration are racing to fill Justice Anthony Kennedy’s spot on the U.S. Supreme Court. Does opposition to their plans have any chance of success? My answer is yes, because the stakes are so high, people are so engaged, and the records of those short-listed are so deeply troubling, says Nan Aron, president of Alliance for Justice.
As clients increasingly look to limit their own liability exposure, they can reasonably expect that their retained counsel should do the same. In this context, a carefully crafted, thoughtfully presented engagement letter can help a law firm strike a successful balance between protecting itself and preserving a client relationship, say Stuart Pattison and John Muller of Sompo International Holdings Ltd.
Cryptocurrency has been a source of significant consternation in the tax arena due to the lack of guidance regarding transaction classification and consequent lack of reporting compliance. Despite the IRS ending its offshore voluntary disclosure program this coming September, alternate disclosure programs remain to enable taxpayers to come into compliance without significant penalty, says Patrick McCormick of Drucker & Scaccetti.
In this analysis of disciplinary action trends in the legal industry, Edwards Neils LLC managing member Jean Edwards examines data provided by bar organizations for 17 states and the District of Columbia.
Gov. Charlie Baker's newly proposed budget bill addresses hot tax topics such as foreign income provisions of the Tax Cuts and Jobs Act and the U.S. Supreme Court decision in South Dakota v. Wayfair Inc. in a business-friendly way, say attorneys at Sullivan & Worcester LLP.
Custodians of individual retirement accounts that escheat to the state will soon be required by the IRS to withhold 10 percent for federal income tax and report the escheatment as a taxable distribution to the owner. It is unclear whether the new rules provide any relief from the taxes and penalties these IRA owners may face, says Daniel Morgan of Blank Rome LLP.
With law firms increasingly exposed to professional liability risks associated with their corporate client relationships, firms must craft well-structured client engagement letters to help protect against malpractice claims. Two key elements of an engagement letter are how it defines the scope of engagement and how it handles conflicts of interest, say Stuart Pattison and John Muller of Sompo International Holdings Ltd.