Shareholders who bought stock in a since-failed biotech company urged a Texas federal court Tuesday to reject Jefferies LLC's attempt to enjoin arbitration before the Financial Industry Regulatory Authority, saying the investment firm’s requested preliminary injunction is identical to the end goal of its suit: to dodge arbitration.
The U.S. Securities and Exchange Commission filed a lawsuit Tuesday in Delaware federal court alleging a Delaware man raised more than $1.69 million from unsophisticated investors by falsely claiming he was running a highly successful mortgage business.
New York-listed Nord Anglia Education Inc. will be taken private by a consortium led by the Canadian Pension Plan Investment Board and its private equity backer, Baring Private Equity Asia, in a deal that values the international school operator at $4.3 billion, including debt, according to a Tuesday statement.
A group of investment firms, including funds related to Water Island Capital and Litman Gregory Master Funds, asked Delaware’s Chancery Court on Monday to determine the fair value of private equity firm American Securities LLC’s buyout of helicopter medical transporter Air Methods Corp.
A Connecticut federal judge told prosecutors on Monday to turn over the names of people who allegedly conspired with three traders at Nomura Securities International Inc. to juice their profits by lying to customers about the prices they paid for residential mortgage-backed securities.
A putative class of Lifetrade Fund investors sued rating agency S&P Global Inc. and Wells Fargo Bank NA in New York federal court Monday, alleging S&P passed off investments in life insurance policies as safe bets despite the investments' being based on fraudulent life-expectancy projections.
Tritec Real Estate Co. has finalized an $81.45 million recapitalization of a medical office portfolio on Long Island with its equity partner, a UBS Real Estate & Private Markets-advised fund, according to an announcement on Monday from Tritec's broker Holliday Fenoglio Fowler LP.
Although Rep. Jeb Hensarling’s second shot at repealing Dodd-Frank faces an uncertain path to passage, experts say the Financial CHOICE Act 2.0 sends a clear message to the U.S. Securities and Exchange Commission to pull back its enforcement program and focus on capital formation — a message likely to be well received by the agency’s new leadership.
A portfolio manager for Eaton Vance Corp. pled guilty to securities fraud Monday in Massachusetts federal court for diverting $1.9 million in trading profits to a personal brokerage account, the same day the U.S. Securities and Exchange Commission slapped fraud charges against the manager.
New York’s highest court has agreed to take up the long-running case of former Goldman Sachs & Co. programmer Sergey Aleynikov, who was twice convicted for theft of the financial giant’s source code, though courts have split over whether he actually committed a crime.
A special master appointed to help resolve U.S. Bank NA’s claims that a UBS AG unit breached its duty to repurchase some 9,300 residential mortgages that didn’t measure up to warranties rejected the Swiss bank’s bid to assert victory over several types of disputed loans Friday in New York federal court.
A Second Circuit panel on Monday ordered the resentencing of an investment adviser who was convicted for lying to his clients about the success of his fund and skimming millions from the fund's coffers, saying the court wrongly calculated the sentence regarding criminal history.
Blackstone Group affiliate Equity Office has reportedly reached a deal to lease 23,356 square feet of space in Manhattan to Cyrus Capital Partners, Duke Realty is said to have dropped nearly $80 million on two Miami-area industrial parks and Pistilli Realty has reportedly picked up a Bronx multifamily portfolio for $38.5 million.
An entity of NorthWest Healthcare Properties Real Estate Investment Trust has made an offer to acquire the 77 percent of Generation Healthcare REIT it doesn't already own in a deal that values the Australian company at close to AU$500 million ($378 million), according to an announcement by the prospective buyer Monday.
A California federal judge on Friday dismissed a putative class action by former employees of The Walt Disney Co. who alleged that an investment plan violated the Employee Retirement Income Security Act by including a fund that invested in now-embattled Valeant, saying the suit fell short in establishing a breach of fiduciary duty.
Malaysia’s state-owned investment fund said Monday it will pay $1.2 billion to settle an arbitration case brought by a United Arab Emirates sovereign wealth fund after allegedly failing to make debt payments to the Emirati entity and — according to investigators in multiple countries — laundering the money into the pockets of Malaysia’s prime minister and his associates.
Private equity magnate Lynn Tilton missed the mark when petitioning the U.S. Supreme Court to hear her constitutional challenge against the U.S. Securities and Exchange Commission’s administrative law judges, the agency argued on Friday, saying the issue must first be heard in its in-house court.
The U.S. Supreme Court on Monday declined to review a Fourth Circuit decision that microcap broker-dealer Scottsdale Capital Advisors Corp. must challenge the Financial Industry Regulatory Authority’s power before the agency and the U.S. Securities and Exchange Commission instead of in federal court.
Maryland-based RLJ Lodging Trust will snap up fellow real estate investment trust FelCor Lodging Trust Inc. to create a lodging REIT heavyweight with a $4.2 billion market capitalization, boosting RLJ’s network of hotels and growing its geographical footprint, according to a Monday statement.
Franklin Resources Inc. does not have to replace more than $100 million in shares that a New York man claimed went missing on the company's watch after his father’s death in 1974, a California federal judge ruled Thursday.
If Time Magazine is correct in that being a lawyer is one of the five worst high-paying jobs, it may be time for the legal profession to pull one from the playbook of musicians and professional athletes and seek to enter a state of “flow,” says Jennifer Gibbs of Zelle LLP.
Suffering from law firm ranking fatigue? Bewildered by the methodologies? If so, you're in good company. Alan Morrison, associate dean for public interest and public service law at George Washington University Law School, wonders just how far law firm ranking efforts may go.
Puerto Rico’s “general obligation” bondholders are trying to kill off the competition for whatever scraps will be left over when, and if, creditors finally get paid. But their “Hunger Games”-like strategy is bound to fail, says Anthony Caso of Chapman University Fowler School of Law.
A bankruptcy trustee or a debtor in possession has several specific powers that frequently come into conflict with a nondebtor’s desire to invoke an arbitration clause. The Fifth Circuit’s recent decision in Janvey v. Alguire pushed back on a trend of expanding the nonsignatory related parties that can be swept into arbitration, says Laura Fontaine of Gruber Elrod Johansen Hail Shank LLP.
Most people have never had an opportunity to personally take part in a legal case that directly challenges laws or policies they don’t agree with. Now that crowdfunding is available for legal cases, people can engage directly with legal change in the community and be a check on the powerful, says Julia Salasky, CEO of CrowdJustice.
Michael Hong of Paul Weiss Rifkind Wharton & Garrison LLP compares the two primary sources of fiduciary obligations that U.S. investment advisers owe their clients — Section 206 of the U.S. Investment Advisers Act and Delaware law — and describes the legal sources of these duties, to whom each duty is owed, the modification of those duties, and the consequences of breaching them.
Perhaps lost in the presidential post-election tumult was a report issued in late 2016 by an international body evaluating U.S. compliance with anti-money laundering and counter-terrorist financing standards. Considering repeated criticisms of the legal profession, the American Bar Association should seriously consider a new model legal ethics rule, says Kevin Shepherd of Venable LLP.
For years, financial institutions have permitted their representatives to purchase “Class A” shares for clients, but only recently did the U.S. Securities and Exchange Commission begin bringing actions for the practice. The Credit Suisse settlement this week indicates that the SEC may seek to impose liability even where there is no allegation of intentional wrongdoing, say Jeffrey Coopersmith and Rachel Herd of Davis Wright Tremaine LLP.
In the final segment of his series on lateral recruitment, Howard Flack, a partner of Volta Talent Strategies LLC and former leader of the lateral partner recruiting team at Hogan Lovells, shares a number of factors law firms should consider when measuring lateral hire success.
In the second installment of this series on lateral recruiting, Howard Flack of Volta Talent Strategies LLC challenges law firms to ask themselves whether business strategies are determining lateral hires — or vice versa.