Former MF Global CEO Jon Corzine seemed to strike an attractive bargain with the U.S. Commodity Futures Trading Commission when he agreed to pay the low-low price of $5 million over his role in the firm’s billion-dollar meltdown, but experts note the agency extracted more personal punishments on its way to wrapping up the five-year case.
An ex-Jefferies & Co. trader on trial for securities fraud a second time can't keep former customers from testifying they considered it "important" to know the trader hid the true prices of mortgage-backed bonds, a Connecticut federal judge ruled Friday.
A Manhattan federal judge on Friday denied Virtus Investment Partners Inc.’s bid to appeal his decision to keep alive class allegations over soured investments handled by now-bankrupt F-Squared Investments Inc., saying discovery needs to happen first.
An administrative law judge at the U.S. Securities and Exchange Commission refused Thursday to disqualify himself from or dismiss outright the case of a Kansas man who wanted his proceeding dropped after a recent Tenth Circuit decision saying the hiring — rather than appointment — of ALJs violates the Constitution.
Delaware’s Supreme Court on Friday granted a request by a group of law and corporate finance professors to file amicus briefs as the high court considers an appeal from DFC Global Corp., which says the state’s Chancery Court erred when it didn’t give enough weight to the $1.3 billion merger price in its buyout by Lone Star Fund VIII.
BlackRock Inc. and a group of coordinated asset management plaintiffs have asked a New York federal judge to allow them to use sampling to help determine HSBC’s liability in a suit accusing the bank of failing as a trustee of collateralized loans.
A New York federal judge on Friday pushed back to October the start of the corruption trial of Platinum Partners co-founder Murray Huberfeld and Norman Seabrook, the former head of the New York City correction officers union, after a trove of evidence was unearthed in a separate investigation of the hedge fund.
A corporate whistleblower who tipped the U.S. Securities and Exchange Commission to "an ongoing scheme" to defraud “vulnerable” investors has received a $5.5 million bounty, the commission said on Friday, handing out its 38th award since its first in 2012.
“Data sovereignty” is a recent trend with important consequences for GE’s future as a digital industrial company. The technical challenges alone are immense. But compounding those challenges are the growing number of countries considering laws that would impede the flow of data across national borders, says Alex Dimitrief, general counsel of General Electric Co.
Fashion executive Peter Nygard lobbed racketeering allegations at billionaire Louis Bacon for allegedly paying witnesses in Bacon's $50 million defamation suit against Nygard millions of dollars to testify against him.
Federal prosecutors embarked on a second attempt to convict Jesse Litvak on securities fraud charges on Thursday, telling a Connecticut jury the former Jefferies & Co. trader lied to customers about markups on mortgage-backed bonds he sold after the financial crisis.
Departing U.S. Securities and Exchange Commission Chair Mary Jo White issued a statement Thursday urging her replacement to continue to pursue global standards for financial reporting, a day after President-elect Donald Trump said he would nominate a Sullivan & Cromwell LLP partner to fill her spot.
Dechert LLP represented Column Financial Inc. in connection with its roughly $146.2 million loan to New York REIT Inc. for the so-called Twitter building in Chelsea, according to records made public Wednesday in New York.
A New York federal judge promised on Wednesday to free a hedge fund founder who has been jailed for contempt for almost 18 months once his family members follow instructions to turn over to the court the contents of a Swiss bank account.
A former Société Générale SA energy derivatives employee urged a New York federal court on Wednesday to overturn an arbitral award clearing the French financial firm of wrongdoing for denying him a post-merger promotion, saying "outrageous" bias against him by one of the arbitrators can't be ignored.
Mesa West Capital LLC has closed a $900 million fund that is its fourth and largest-ever closed-end fund for real estate debt, according to an announcement on Wednesday from the Los Angeles-based real estate private equity shop.
Former MF Global CEO Jon Corzine and assistant treasurer Edith O’Brien have agreed to pay $5 million and $500,000, respectively, to the U.S. Commodity Futures Trading Commission to settle charges over their roles in the firm’s 2011 collapse, the CFTC announced Thursday.
Private investment manager Neuberger Berman Group LLC said Thursday that it has closed a $2.5 billion fund focused on secondary private equity investments, surpassing its target by $500 million.
President-elect Donald Trump’s selection of Sullivan & Cromwell LLP partner Jay Clayton to chair the U.S. Securities and Exchange Commission signals a major shift for the Wall Street watchdog, as experts say the M&A attorney is likely to turn the agency’s focus from enforcement both domestically and internationally to cutting the rules companies find most irksome.
A New York bankruptcy judge on Wednesday warned Ironshore Insurance Ltd. and others accused of wrongfully refusing to participate in the payment of a massive settlement in connection with MF Global's infamous collapse of “draconian sanctions” should they again seek relief from a Bermuda court.
For legal departments to stay in front of the crowd, cost-cutting alone is not enough. Neither is claims-driven revenue generation, nor running endless analytics of outside legal spend. This is short-term, passive, scarcity-based thinking that keeps legal departments from offering their corporate clients the greatest possible value — competitive advantage, says David Wallace of Herbert Smith Freehills LLP.
Since the U.S. Securities and Exchange Commission established its public finance unit in 2010, it has brought a number of enforcement “firsts” against a range of defendants and has used an assortment of enforcement tactics. Attorneys with Norton Rose Fulbright review the cumulative new ground broken by the SEC to address perceived misconduct in the municipal securities market.
The ideologue’s main problem is believing in conformity of thought. They will now search for true believers, but fortunately very few judges harbor the dark, conservative uniformity desired. If they do find one, the Senate will not confirm, says James Brosnahan, a senior trial counsel with Morrison & Foerster LLP.
The promulgation of the new liquidity risk management rules for mutual funds and exchange-traded funds, together with the emphasis on reporting specific liquidity-based shortfalls to fund boards and to the U.S. Securities and Exchange Commission, raises interesting disclosure dynamics in the context of open-end funds conducting continuous public offerings, say attorneys with Skadden Arps Slate Meagher & Flom LLP.
With the election over, the process of selecting individuals to fill the next administration’s key appointed positions is quickly shifting into high gear. For those who are called to serve in such positions, the process entails extensive vetting of professional credentials and a host of personal background check issues, say attorneys with Covington & Burling LLP.
Getting larger isn’t a good enough reason to merge. Focus on whether the merger will make your firm better. Also, it’s possible that a merger can reduce profitability, says John Remsen Jr. of TheRemsenGroup.
New requirements designed to enhance and standardize liquidity risk management by mutual funds and exchange-traded funds will have a far-reaching impact on open-end funds and the industry at large. Attorneys with Skadden Arps Slate Meagher & Flom LLP discuss the contours of the new and amended rules in this two-part article.
Last week, in a little-noticed case involving a small, regional investment adviser, the U.S. Securities and Exchange Commission made clear that even in cases involving marginal conflicts, no harm to investors, and no improper intent, the commission will bring enforcement actions and insist on civil money penalties, say attorneys with K&L Gates LLP.
While many law firm mergers have been successful, some have been spectacularly unsuccessful — to the point of firm dissolution. Some have exceeded expectations, while others have had little impact on the overall competitiveness of the combined firm. In both failed discussions and less-than-successful mergers, there are mistakes that are made along the way, says Lisa Smith of Fairfax Associates.
The recent balance shift in Foreign Corrupt Practices Act enforcement likely reflects a strategic decision by the U.S. Department of Justice to reallocate internal agency resources toward larger, more complex corporate investigations and the pursuit of culpable executives, leaving the U.S. Securities and Exchange Commission in the driver’s seat for most lower-value corporate enforcement actions, say attorneys with Miller & Chevalier Chtd.