Acting U.S. Commodity Futures Trading Commission Chairman J. Christopher Giancarlo, currently awaiting confirmation as the agency’s permanent chair, announced Wednesday a new initiative to help the agency catch up and respond to rapidly transforming digital markets.
Former hedge fund boss Chetan Kapur is out of a New York City jail for contempt of two fraud judgments valued at about $10 million, and his Indian passport was released Wednesday, but a court filing also showed the recalcitrant judgment debtor was being held on an immigration detainer.
Democratic U.S. Sen. Elizabeth Warren and Republican U.S. Sen. James Lankford on Tuesday reintroduced legislation requiring greater transparency of settlements companies and individuals enter into with federal agencies, including a disclosure of tax deductible amounts or other credits that affect the actual dollar figure.
A TPG business unit is nearing a deal to buy broadband cable operator WaveDivision for more than $2 billion, including debt, Grupo Lala is the frontrunner to buy U.S. organic yogurt business Stonyfield from Danone, and reinsurance company Global Atlantic Financial Group could go public this year.
A fund that lent money to oil and gas driller Camber Energy Inc. only to be sued for converting its debt into Camber stock asked a Texas federal judge on Tuesday to give the fund a way to sell the shares before Camber’s “death spiral” whittles the stock price even further.
An asset management company heading a proposed securities class action alleging that Wells Fargo misrepresented its cross-selling activities has asked a California federal judge for permission to replace Motley Rice LLC with Bernstein Litowitz Berger & Grossmann LLP as lead counsel.
Hedge fund Standard General LP urged a New York federal court on Monday to declare that Travelers Indemnity Co. must pay its defense costs for a defamation lawsuit by American Apparel’s founder that was recently defeated in a California appeals court.
The U.S. Securities and Exchange Commission’s civil case against two former traders alleging they lied to customers about prices for mortgage-backed securities is the second such case the agency has brought in two weeks, a sign it is forging ahead on bond cases while federal prosecutors hesitate in the wake of a significant criminal trial loss.
The Eleventh Circuit ruled Tuesday that WestRock RKT Co. couldn’t sue a multiemployer benefit plan under two different sections of the Employee Retirement Income Security Act, finding the law doesn’t grant employers leeway to bring suit over certain pension fund changes.
A family that the U.S. government says benefited from money stolen from a Malaysian sovereign investment fund asked a Los Angeles federal judge on Monday to dismiss the government’s efforts to seize New York real estate, a jet and music publishing rights, saying there’s no link to California in those cases.
A lawyer-turned stock trader encountered a skeptical Second Circuit Tuesday in his quest for a new insider-trading trial in the wake of U.S. v. Newman, with one judge remarking on the "improbability" of a scenario in which the convicted defendant did not know a stream of tips was flowing in exchange for material benefit.
A former Faruqi & Faruqi LLP partner told the Second Circuit on Monday that a New York district court did not fairly evaluate her claims before tossing her lawsuit seeking a cut of $4 million the firm had earned from litigating a settlement for clients she’d brought in, even though she'd left by then.
British financial services and insurance firm Old Mutual PLC will sell shares in its U.S. business, Old Mutual Asset Management Ltd., in a secondary offering that could raise about $252 million, the company announced on Tuesday.
Valeant Pharmaceuticals and Pershing Square Capital Management LP have objected to the notification procedures proposed in a newly certified class action over insider trading claims related to an attempted $55 billion takeover of Allergan Inc., telling a California federal court on Monday that the investors behind the suit aren’t giving derivative traders an adequate chance to participate.
The U.S. Securities and Exchange Commission urged a New Jersey federal judge on Tuesday to rule in its favor and lodge a $2 million fine in a civil insider trading case against the former Simpson Thacher & Bartlett LLP clerk who was sentenced last year to nearly four years in prison.
Activist investor Elliott Management blasted BHP Billiton on Tuesday for the “swift dismissal” of its plan to improve the mining and petroleum giant’s alleged “chronic underperformance,” contending the company needs to weigh the sale or separation of its petroleum business and its other strategic options.
A New York federal judge on Monday granted class certification in a securities class action against Virtus Investment Partners Inc. over alleged public misstatements, but simultaneously denied certification in another suit with similar allegations.
The former Katten Muchin Rosenman LLP lawyer charged alongside notorious former pharma executive Martin Shkreli over a series of purported securities fraud schemes asked a New York federal judge on Monday to cut language from charging documents and throw out one of the conspiracy charges against him as too vague.
A New York federal court awarded $27 million in legal fees to Wohl & Fruchter LLP, Pomerantz LLP and Kreher & Trapani LLP on Friday for their work representing Elan Corp. shareholders in a now-settled suit against defunct hedge fund SAC Capital Advisors LP.
A company suing U.S. Bank NA for allegedly failing to oversee residential mortgage-backed securities it invested in told a New York federal judge on Friday that the bank’s gripes about document production were nothing but hot air and no reason to disqualify the company as lead plaintiff.
The decision by the U.S. Supreme Court in Kokesh v. Securities and Exchange Commission could meaningfully limit the uncertainty, expense and evidentiary disadvantages faced by parties responding to SEC investigations into conduct dating back more than five years, say attorneys with Ropes & Gray LLP.
Theoretically, both better data and its better use should be able to improve results in litigation, and thus help litigation financiers allocate more capital to meritorious matters. However, while big data and artificial intelligence are intriguing additions to the litigation toolkit, they are far from turning litigation finance on its head, says Christopher Bogart, CEO of Burford Capital LLC.
It's no longer enough for law firms simply to provide expert legal advice — we are expected to mirror clients' legal, ethics and social commitments and promises. For law firm GCs, the resulting job demands seem to grow exponentially, says Peter Engstrom, general counsel of Baker McKenzie.
Arguments before the U.S. Supreme Court this week in California Public Employee Retirement System v. ANZ Securities were notable for CalPERS’ focus on appealing to the court’s textualists. The case was argued on Justice Gorsuch’s first day on the bench by two of the court’s most well-credentialed advocates, say attorneys with Mintz Levin.
Puerto Rico faces difficult choices regarding how to address the substantial cost and massive underfunding of its public pension systems. Title III is likely the best option available to the commonwealth to adjust its public pension obligations as part of the larger effort to address its current fiscal crisis, say attorneys with Cleary Gottlieb Steen & Hamilton LLP.
Leidos v. Indiana Public Retirement System, which the U.S. Supreme Court will hear this year, presents potentially far-reaching questions, ranging from the U.S. Securities and Exchange Commission’s role in interpreting Section 10(b) to courts’ role in creating a federal common law of disclosure duties, say Stephen Cohen and Daniel McLaughlin of Sidley Austin LLP.
Increasingly, we see companies in all industries seeking to perform various levels of due diligence on our information security defenses. We received three times as many diligence requests from clients and prospective clients in 2016 as we did in 2015. Some clients even conduct their own penetration tests, says Thomas White, general counsel of WilmerHale.
The U.S. Securities and Exchange Commission's recently granted no-action relief is an incremental step in reducing barriers to global distribution of U.S. registered funds and may marginally increase the use of cross-border master-feeder arrangements, say attorneys with K&L Gates LLP.
What happens when attorneys come to their general counsel’s office with knowledge of a potential positional conflict? While the inquiry will depend on the rules governing the particular jurisdiction, there are a few general questions to consider from both business and legal ethics perspectives, say general counsel Nicholas A. Gravante Jr. and deputy general counsel Ilana R. Miller of Boies Schiller Flexner LLP.
Regardless of where we live and practice, regardless of whether trade deals succeed or fail, and regardless of whether the movement of people or capital is easy or difficult, our clients will still have needs or problems far away from home, says John Koski, global chief legal officer at Dentons.