Financier Lynn Tilton and her investment firm Patriarch Partners LLC objected Monday to the appointment of White & Case LLP under a $500,000 retainer as counsel to an independent director assigned to the Delaware Chapter 11 cases of her Zohar funds.
Four ex-Wilmington Trust executives attacked their May convictions on federal securities fraud and conspiracy charges late Friday, demanding acquittal or new trials and accusing the government of missteps ranging from changing theories mid-trial to lacking evidence of criminal intent to conceal past due commercial loans.
Netflix Inc. asked a California federal judge Friday to toss a shareholder suit accusing the streaming service of misclassifying executives’ “exorbitant” bonuses for tax purposes, saying the shareholder failed to either notify Netflix’s board before suing or prove the board couldn’t fairly handle the issue.
New Jersey-based Essential Properties Realty Trust Inc. set the terms for an initial public offering on Monday that could raise up to $588.5 million, which the real estate investment trust said will be put toward an an operating partnership.
The U.S. Supreme Court gave companies some relief Monday when it ruled that plaintiffs can't file follow-on class actions after the statutory deadline has expired, but that relief could be short-lived if plaintiffs respond by taking more actions in the cases they're involved in to preserve their rights.
A California judge on Monday confirmed an arbitrator's finding that Glaser Weil Fink Howard Avchen & Shapiro LLP did not commit legal malpractice while representing ousted American Apparel founder Dov Charney, and that Charney must pay the firm roughly $2.2 million in legal fees.
Wells Fargo & Co. said Monday that it has stopped allowing customers to use its credit cards to buy cryptocurrency, making it the latest major bank to impose such restrictions amid concerns about volatility and other risks in the market for digital currencies.
A U.S. Securities and Exchange Commission attorney who, while an associate at Willkie Farr & Gallagher LLP, helped defend a former IndyMac executive after the bank’s collapse in 2008 is joining Foley & Lardner LLP’s securities enforcement and litigation practice, the firm has announced.
A former prosecutor on the task force that pursued international banks for hiding the risk within sickly residential mortgage-backed securities has rejoined Lowenstein Sandler LLP, the firm announced on Monday.
Pebblebrook Hotel Trust increased its offer price Monday for LaSalle Hotel Properties, looking to disrupt a $3.7 billion deal that the hotel-focused real estate investment trust struck with private equity giant Blackstone Group LP last month.
A former JPMorgan Chase & Co. wealth manager has settled her Manhattan federal court retaliation suit against the $379 billion bank, ending a lengthy fight that appeared bound for a third trip to the Second Circuit, according to a filing on Monday.
Fengate Real Asset Investments on Monday said it has agreed to a $100 million equity commitment and co-development partnership with Texas-based solar power development company PowerFin Partners LLC that includes the acquisition of a portfolio of solar projects.
A liquidation trustee suing the U.S. Securities and Exchange Commission for almost $15 billion in allegedly ill-gotten disgorgements told a Massachusetts federal judge on Friday that the agency’s arguments against the suit cannot insulate its “unlawful power grab” from being challenged.
The U.S. Supreme Court on Monday cemented a new limit on plaintiffs filing successive class actions, holding that the tolling provisions it established in its landmark American Pipe decision don't extend to individual class members wanting to file a new action on behalf of others after the statutory deadline to do so has passed.
A former director at State Street Corp. who admitted that he conspired to overcharge clients in 2010 and 2011 testified Friday that his boss approved the method that hid millions of dollars in commissions and knew about “nonsense” contracts intended to dupe some of the bank’s biggest clients.
Lawmakers in five states say their recently enacted auto-IRA programs, which funnel a portion of all private-sector workers' paychecks into individual retirement accounts unless they opt out, will extinguish their state's retirement-savings crisis — but will the programs buckle under accusations that they violate the Employee Retirement Income Security Act?
An Illinois federal judge granted preliminary approval Thursday to a proposed $25 million settlement between Continental Casualty Co., fiduciaries to its 401(k) plan and a class of plan participants who accused the company of breaching federal benefits laws by canceling a group annuity contract that was one of the plan's investments.
A pair of National Football League player benefit plans urged the First Circuit on Friday not to reverse a lower court decision that the NFL’s retirement board properly denied claims for survivor benefits made by the ex-wife of a late New England Patriots player.
Relativity Media LLC co-founder Ryan Kavanaugh will not have to face negligence claims in a California state suit accusing him of defrauding an investor before the company went belly-up in 2015, as a New York bankruptcy judge ruled Thursday that Relativity's confirmed Chapter 11 plan blocks certain allegations.
A California federal judge all but tossed Bank of Internet shareholders' derivative suit against board members for allegedly damaging the company’s reputation and incurring a host of legal and investigative fees stemming from shady business dealings, calling the claims "unripe" and finding that the bulk of the complaint relies too heavily on the outcome of related litigation.
A risk alert recently issued by the U.S. Securities and Exchange Commission identifies the top fee and expense deficiencies from over 1,500 examinations over the last two years, providing valuable information for investment advisers. This guidance should serve as more than a warning, say attorneys with K&L Gates LLP.
By incorporating an explicit requirement that discovery must be “proportional to the needs of the case,” the 2015 amendments to the Federal Rules of Civil Procedure garnered much speculation as to their impact on courts’ decision-making processes. Now that the rules have been implemented for over two years, several themes have emerged, say attorneys with Buckley Sandler LLP.
The views of tax professionals and the IRS interpreting Internal Revenue Code Section 1061 are rapidly evolving in the aftermath of hurriedly adopted legislation. While future corrective legislation and agency interpretations may target planning, the statute in its current form provides opportunities for taxpayers to work around the negative consequences of the new three-year holding period for certain carried interests, say attorneys at Frost Brown Todd LLP.
If cryptocurrency exchange Coinbase completes a recently initiated regulatory process and becomes a registered exchange, it may herald a wave of registration with the U.S. Securities and Exchange Commission. In this event, exchanges should take note of the regulatory requirements and concerns and decide which registration option fits best with their business model, say attorneys with Holland & Knight LLP.
The advancement in connected technologies and software has created an explosion of nontraditional data sources that present challenges to e-discovery practitioners. Many tools and techniques used to process traditional data may not be practical for these new data types, say Jason Paroff and Sagi Sam of Epiq.
Recently enacted Internal Revenue Code Section 1061 makes several important modifications to the beneficial tax treatment of carried interest. Professionals in the hedge fund, private equity or real estate industries need to keep this new provision in mind when structuring their compensation arrangements, say attorneys at Frost Brown Todd LLC.
It is difficult to say exactly what the ultimate changes to the Volcker Rule will be. However, certain political realities on the legislative side and a convergence of statements by policymakers on the regulatory side suggest that there are at least a few broad changes that can be reasonably forecast, say Michael Silva and Paola Ronquillo of DLA Piper.
Under President Donald Trump, federal agencies have killed or delayed key regulations and imposed drastically fewer penalties against corporate wrongdoers — thus enabling cheaters, victimizing consumers and compromising well-behaving companies. It falls to state attorneys general, as well as the private bar — plaintiffs and defense attorneys together — to pick up the slack, says Daniel Karon of Karon LLC.
Out of 94 district courts nationwide, the Eastern District of Virginia has the fastest civil trial docket in the country, now for at least the 10th straight year. The modern EDVA bench clearly takes pride in efficiently dispensing justice, and this dedication to efficiency has continued even in the face of increased filings, says Bob Tata of Hunton Andrews Kurth LLP.
A number of class actions have been filed against initial coin offering founders for securities fraud, which means courts will soon begin to grapple with applying the federal securities laws to a new and potentially groundbreaking fundraising mechanism, say Michael Canty and Ross Kamhi of Labaton Sucharow LLP.