The U.S. Securities and Exchange Commission has dropped $45 million from its requested disgorgement against private equity magnate Lynn Tilton after the U.S. Supreme Court ruled earlier this month that disgorgement collected by the agency is subject to a five-year statute of limitations.
Thirteen Democratic and Republican state treasurers have urged U.S. Labor Secretary Alexander Acosta not to roll back the Obama administration’s rule to make retirement advisers put their clients’ interests before their own, calling the measure “essential” to protect investors.
The U.S. bankruptcy watchdog on Thursday appointed two committees to represent retirees and unsecured creditors in Puerto Rico’s ongoing restructuring case, while declining to create a committee for unsecured creditors of the Puerto Rico Sales Tax Financing Corp.
A Connecticut federal jury Thursday found a former supervisor on Nomura's residential mortgage-backed securities desk guilty of one conspiracy count linked to a secret commission allegedly tacked onto transactions, but rendered not-guilty verdicts on most charges against him and two others and hung on a smattering of counts, according to federal prosecutors.
A Utah federal court Wednesday denied requests for attorneys' fees from a pair of Skullcandy Inc. shareholders who scrapped their putative class actions over the company’s buyout when a larger offer was accepted, finding that the suits didn’t cause the increase in price.
Ohio real estate investment trust DDR Corp. and a Madison International Realty affiliate have recapitalized a $1.05 billion joint venture that owns 52 grocery-anchored shopping centers, many of which are in Florida, and Madison International will own 80 percent of the new joint venture, according to an announcement from the firms on Wednesday.
Justice Ruth Bader Ginsburg discusses the value of oral arguments, advice for advocates, and the one thing lawyers do that irks her, in the second of two articles based on an exclusive interview.
A Delaware Chancery judge ruled Wednesday that the dispute over biotech licensing firm Innoviva Inc.'s board makeup and whether activist hedge fund Sarissa Capital Management LP can have two director seats should go to trial after finding that there were too many disputed facts in the case.
A team of five sitting federal judges across several jurisdictions was appointed on Wednesday to help mediate issues arising from Puerto Rico's massive debt restructuring proceedings, with U.S. Bankruptcy Judge Barbara Houser of Texas' Northern District to serve as leader of the group.
A private equity firm owed $44 million by bankrupt ticket reseller and alleged Ponzi scheme front National Events Holdings LLC asked a New York bankruptcy court Wednesday to let the firm liquidate the debtor's $5.8 million in assets, and took aim at two other creditors.
A founder of bitcoin exchange Coin.mx who pled guilty to bank fraud and other charges asked a New York federal judge on Wednesday to sentence him to “dramatically less” than eight years behind bars, saying a rote application of sentencing guidelines would be unjust.
Alternative asset manager Hamilton Lane Inc. closed a $435 million credit-oriented investment fund Wednesday with the assistance of Ropes & Gray LLP, exceeding its initial fundraising target by nearly $200 million.
A New Senior Investment Group Inc. shareholder hit the senior-living property operator’s board with a derivative suit Tuesday in Delaware Chancery Court over a $640 million acquisition in 2015 that allegedly was fueled by the directors' conflicting self-interests and cost stockholders millions of dollars.
A former analyst and portfolio manager at Visium Capital Management LP accused of scheming to overvalue a $480 million health care sector fund was sentenced Wednesday to one and a half years in prison by U.S. District Judge Jed S. Rakoff, who derided the applicable federal sentencing guidelines as “barbaric.”
The former chief compliance officer of brokerage firm Windsor Street Capital LP has settled the U.S. Securities and Exchange Commission’s allegations that he failed to report $24.8 million in suspicious trading activity linked to a microcap stock pump-and-dump scheme.
The U.S. Commodity Futures Trading Commission said Tuesday it has reached a roughly $1.63 million settlement in a Florida federal suit against a company that allegedly offered off-exchange leveraged commodities transactions.
Activist investor Elliott Management on Wednesday urged BHP Billiton to acknowledge shareholders’ calls to make "substantial and meaningful change," noting that the anticipated appointment of a new chairperson is an opportunity for the mining and petroleum giant to independently review strategic options and refresh its board.
3M asked the Eighth Circuit on Tuesday to reconsider a finding that its insurers needn't cover alleged Ponzi scheme investment losses, saying its $100 million worth of crime insurance coverage applied not just to “owned” money but to money for which 3M was legally responsible.
A new report ranking the largest-ever securities class action settlements shows securities attorneys were busy last year, reaching 13 settlements that landed in the top 100 deals of all time and resulted in the largest total settlement amount of any single year.
Ex-American Realty Capital Properties Chief Financial Officer Brian S. Block made up financial data to make sure that an earnings metric in SEC filings matched the company's guidance, prosecutors said Tuesday in New York federal court at the opening of Block's trial for securities fraud, conspiracy and making false filings.
A Delaware federal judge's recent opinion in Millennium Lab Holdings demonstrates the extent to which the constitutional questions raised by the U.S. Supreme Court six years ago in Stern v. Marshall continue to cast a shadow over the adjudication of bankruptcy cases, says Benjamin Feder of Kelley Drye & Warren LLP.
Despite an increase in engagement with client feedback programs over the last 15 years, law firms — and their clients — have a way to go before realizing the maximum benefits such programs can deliver, says Elizabeth Duffy of Acritas US Inc.
As in many municipal bankruptcies, the Puerto Rico case is likely to devolve into a battle between bondholders on the one hand and the holders of pension obligations on the other, says John Hansen of John Hansen Law.
In addition to several big-ticket items, the newest version of the CHOICE Act also contains certain under-the-radar provisions that, collectively, could have a significant impact on U.S. Securities and Exchange Commission enforcement, says Daniel Chirlin of Walden Macht & Haran LLP.
Most law firms today aren't using common security and data protection measures that other industries employ to protect sensitive data. Options like continuous data replication and backups have various pros and cons, but most importantly, law practices must understand the need for a two-tiered approach to data protection, says Jeff Ton of Bluelock LLC.
Justice Neil Gorsuch joined the U.S. Supreme Court a little more than 30 days ago, on April 7, 2017. And while it is too early for him to have written any opinions, Gorsuch participated in the final 13 oral arguments of the 2016 term. Charles Webber of Faegre Baker Daniels LLP offers five takeaways from his first month on the job.
Although the end often comes quickly, law firms do not fail overnight. Randy Evans of Dentons and Elizabeth Whitney of Swiss Re Corporate Solutions review five mistakes that expedite law firm failures.
The Financial Industry Regulatory Authority recently proposed amendments to its research rules in order to ease many of the regulatory burdens on industry communications. Without certain refinements, however, the proposed safe harbor could have the ironic effect of creating additional uncertainty, say Amy Natterson Kroll and John Ayanian of Morgan Lewis & Bockius LLP.
As Jay Clayton, the new chairman of the U.S. Securities and Exchange Commission, takes office, attorneys with Orrick Herrington & Sutcliffe LLP list a few issues they are keeping an eye on.
If the Trump administration's 2017 tax proposal includes provisions relating to defined contribution retirement plans sponsored by private employers, such as 401(k) plans, the impact will be felt by employers and investment managers, as well as by plan participants, says Sharon Lippett of Epstein Becker Green.