Law professors, industry groups and recently public companies have banded together to urge the U.S. Supreme Court to find state courts don’t have jurisdiction over class actions related to securities offerings, saying confusion over the issue is leaving issuers exposed and damaging confidence in stock markets.
A group of investors on Wednesday asked the Second Circuit to resuscitate their claims against two funds that sank billions of dollars into Bernie Madoff’s fraudulent securities scheme, saying that since their claims are based on British Virgin Islands and Bermuda law, a prohibition against state-law securities class actions doesn’t apply.
Tax authorities that use information from country-by-country reports in inappropriate ways risk having foreign jurisdictions suspend the exchange of those reports, the Organization for Economic Cooperation and Development said Wednesday.
The Commodity Futures Trading Commission asked an Illinois federal judge on Tuesday to lock down a “scam” trading program by a California metal trading firm that allegedly lost $290 million for 12,000 customers, flouted registration requirements and refused to cooperate with its probe.
SWS Group Inc. investors filed an opening brief Wednesday with the Delaware Supreme Court in the bank holding firm's appeal of a chancery decision that lowered their consideration in SWS’ acquisition by Hilltop Holdings Inc. following a four-day appraisal trial.
The former president of an investment firm who pled guilty in D.C. federal court to stealing more than $1 million from clients, including boxer Mike Tyson and former NBA All-Star Glen Rice, was sentenced on Wednesday to 33 months in prison, according to the U.S. Department of Justice.
Best Inc., a Chinese logistics company backed by e-commerce giant Alibaba Group Holdings Ltd., set terms on an estimated $869 million initial public offering, one of two IPO launches on Wednesday totaling $959 million, including a $90 million deal from a mortgage company.
Gap is said to have renewed its lease for nearly 16,000 square feet on Third Avenue in Manhattan, REIT SL Green and Acore Capital have reportedly loaned $73.4 million for a New York property that's being converted to a mixed-use office building, and Florida Community Bank is said to have loaned $14 million for a Florida single-family home community project.
Pershing Square Capital Management LP will part ways with its roughly $497.3 million interest in U.K.-based Nomad Foods Ltd., the frozen-food company said Wednesday, a move that comes roughly two weeks after a board member chosen by the activist hedge fund resigned.
A Florida lawyer has been banned from practicing before the U.S. Securities and Exchange Commission after trading on confidential information gleaned from work for a “prominent hedge fund manager,” the SEC said Tuesday, listing trades that indicate the client was Omega Advisors Inc. founder Leon Cooperman.
The U.S. Department of Justice on Tuesday urged a California federal judge overseeing the government's bid to seize $1.7 billion worth of assets allegedly plundered from a Malaysian government fund to halt the forfeiture cases so its witnesses aren’t endangered by the “broad, sweeping” discovery sought by the asset owners.
U.S. Securities and Exchange Commission Chair Jay Clayton said at an event Tuesday night that his agency has not undergone a “dramatic shift” in enforcement priorities as it focuses on protecting retail investors, though he reaffirmed the agency is paying particular attention to cybersecurity under his watch.
Seyfarth Shaw LLP has hired a corporate and commercial lawyer to serve as managing partner in its recently opened Hong Kong office, as it continues to grow in the Asia-Pacific region, the firm has announced.
A New York federal judge on Tuesday certified a class of participants of a Deutsche Bank Americas Holding Corp. 401(k) plan in a suit accusing the bank of steering plan investments into under-performing funds that paid the bank high fees.
Hunton & Williams LLP has become the latest law firm to settle allegations that it aided Robert Allen Stanford’s $7 billion Ponzi scheme, inking a $34 million deal that would benefit some of Stanford’s thousands of victims. Here are four takeaways from Hunton’s deal and their potential impact on the case going forward.
Ambac Financial Group Inc. was cut loose Tuesday from a proposed class action accusing the bond insurer and its executives of misleading investors about its $2.5 billion Puerto Rican bond portfolio and exposure to losses, with a New York federal judge finding no alleged signs of intentional fraud or concealment.
Petroleo Brasileiro SA, or Petrobras, is urging the D.C. Circuit to reverse a decision allowing investment funds managed by EIG Global Energy Partners LLC to bring claims over a failed drillship venture, arguing EIG can't bring claims in the United States because it made its investment through Luxembourg-based companies.
The former head of regulatory reporting at Merrill Lynch has reached a settlement with the U.S. Securities and Exchange Commission that comes with no penalty but will require him to cease and desist from future securities law violations, ending allegations of his involvement in wrongdoing that led to a $415 million fine for the bank last year.
Zara Realty has reportedly paid nearly $20 million for two Queens residential buildings, Blackstone Group is said to be calling off its roughly $2.8 billion sale of 10 Australian shopping malls, and TPG Real Estate Finance has reportedly loaned $126 million for a New Jersey residential and retail property.
A Texas man who admitted to a nine-year oil and gas Ponzi fraud scheme was sentenced Tuesday to seven years in prison and ordered to pay more than $32.2 million in restitution, the U.S. Department of Justice announced.
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.
LedgerX this week became the first platform to operate as both a bitcoin swap exchange and a clearinghouse under the U.S. Commodity Futures Trading Commission’s oversight. This approval removes various previous barriers to widespread trading on bitcoin’s value, say attorneys with Morvillo LLP.
The hubbub over ascertainability has obscured another remarkable part of the Second Circuit's Petrobras decision — one that constitutes a major victory for the defense side, says Jonah Knobler of Patterson Belknap Webb & Tyler LLP.
When a law firm appoints a chief privacy officer, not only does the firm benefit from the crucial operational impact of a well-managed privacy program, but clients see how seriously you take your duties of confidentiality and competence, says Rita Heimes, research director at the International Association of Privacy Professionals.