MF Global’s expert witness in its $2 billion professional malpractice lawsuit against PricewaterhouseCoopers LLP said in cross-examination in New York federal court on Wednesday he relied on an old rule when he testified earlier that repurchased bonds must be listed on a balance sheet if the company could get an economic benefit from them.
The Fifth Circuit has ruled defense costs can count against insurance policy limits, leaving Mississippi-based hospital system Singing River Health Services is on the hook for some of the legal fees it paid defending itself from pension fraud claims.
Hospitality-focused real estate investment trust Host Hotels & Resorts Inc. said Wednesday that it has agreed to purchase the W Hollywood for $219 million, its second major hotel purchase in the past month.
American Apparel founder Dov Charney urged a California appeals court on Wednesday to revive his $30 million suit alleging hedge fund Standard General defamed him in an announcement about his firing from the company, arguing the announcement clearly implied he had engaged in “gross misconduct.”
Sullivan & Cromwell LLP partner Jay Clayton has submitted a number of ethics and financial disclosures, made available Wednesday, that detail some possible conflicts the M&A partner may run into if he’s confirmed as chair of the U.S. Securities and Exchange Commission.
A Delaware bankruptcy judge Wednesday trimmed more than $900,000 from the attorneys' fees being sought by the Delaware Trust Co. in Nortel Networks' long-running Chapter 11, finding most of the $8 million justified but knocking some of the bills submitted by Dewey & LeBoeuf LLP and Patterson Belknap Webb & Tyler LLP.
A New York federal judge issued a preliminary injunction against Platinum Partners’ chairman and one of the hedge fund's advisory firms Wednesday in a civil case over their alleged roles in a $1 billion fraud scheme, barring violations of securities laws while restricting creditors’ access to the company’s assets.
Canadian pension fund manager Caisse de dépôt et placement du Québec and French waste and water company Suez are joining forces to take over General Electric’s water and process technologies business in a deal that values the unit at $3.4 billion, according to a Wednesday announcement.
A venture that includes Randy Rissman has reportedly reached a deal to pay $75 million for a Chicago office tower, Moinian is said to be loaning as much as $160 million for a New York nursing home conversion project, and Paramount Miami Worldcenter has reportedly scored a $285 million loan for a Florida condo project.
A divided Ninth Circuit panel ruled Wednesday that the Dodd-Frank Act’s anti-retaliation protections extend to whistleblowers who haven’t reported to the U.S. Securities and Exchange Commission, widening a circuit split and affirming that a former Digital Realty Trust Inc. employee can sue over his termination.
Government watchdog and consumer advocacy group Public Citizen urged Congress Wednesday to review the lack of lobbying disclosures from Carl Icahn and his affiliated investment vehicles, given the renowned activist investor’s influence as the special adviser to President Donald Trump on regulatory reform.
An investment adviser depicted in the book and movie “The Big Short” has asked the D.C. Circuit to review the U.S. Securities and Exchange Commission’s decision that imposed $5.8 million in disgorgement while tossing arguments that the agency’s in-house court is unconstitutional.
Manhattan U.S. Attorney Preet Bharara on Tuesday scored what he said is the first conviction for federal securities fraud connected to municipal bond issuances when a former assistant town attorney for Ramapo, New York, pled guilty to conspiring to defraud investors.
The trial of a former Hunton & Williams patent partner who allegedly leaked inside information about a Pfizer deal continued Tuesday as a cooperating witness who pled guilty to trading on the intel told jurors the details about how the tip ended up in his hands — and how it was eventually discovered.
Affiliates of Highland Capital Management on Tuesday told a Texas state appeals court they should be able to move forward with a suit stemming from claims a Credit Suisse unit deceptively marketed loans for resorts and high-end residential communities.
The California Public Employees' Retirement System has urged the U.S. Supreme Court to overturn a Second Circuit decision that held the fund couldn’t file claims opting out of a securities class action because the claims were too late, saying the order would “generate tremendous waste” in the court system.
PricewaterhouseCoopers had one job to do and botched it, destroying the credibility of MF Global in the marketplace, killing the company and causing $2 billion in damages, the bankrupt investment firm alleged Tuesday in opening arguments in New York federal court.
A Texas federal judge confirmed a deal between the U.S. Securities and Exchange Commission and a man it accuses of a $13 million investment fraud that bars the defendant and two of his companies from violating federal securities laws, judgments entered on Tuesday show.
An Illinois federal judge on Monday tossed a putative class action accusing financial advisory firm Northern Trust Co. of violating the Employee Retirement Income Security Act through changes to its employees’ pension plan, ruling that the company did not guarantee that it would always tie benefit increases to salary.
Australian institutional investment manager QIC Ltd. on Tuesday said that it has closed an infrastructure fund with AU$2.35 billion ($1.78 billion), exceeding its AU$1.75 billion target and hitting its hard cap.
A U.S. Securities and Exchange Commission investigation can span from several months to multiple years and feature both periods of heightened activity and extended silence that are largely beyond the company’s control. Nonetheless, it is essential for companies to control what they can as quickly as possible, say Mary Hansen and Stephen Stroup of Drinker Biddle & Reath LLP.
With so many possibilities and variables, it can be difficult to adhere to a strict graphics budget when preparing effective visuals for trial. There are several things you can do to limit the cost of your visuals without sacrificing quality, says Marti Martin Robinson of Litigation Insights Inc.
A year ago, the U.S. Supreme Court in Amgen v. Harris warned practitioners and courts alike that claims brought under the Employee Retirement Income Security Act over employee stock ownership plans must be carefully pled and will be closely scrutinized. Despite some initial setbacks, plaintiffs are beginning to tackle this strict pleading requirement head-on, say Karen Handorf and Julie Goldsmith Reiser of Cohen Milstein Sellers & Toll PLLC.
2016 was a notable year for the Judicial Panel for Multidistrict Litigation: It created only 26 new MDL proceedings, a low-water mark for new MDL proceedings not seen in almost a quarter of a century. In this installment of his bimonthly series on the panel, Alan Rothman of Arnold & Porter Kaye Scholer LLP looks at the panel’s activity over the past year.
With its expanded definition of retaliation in place in 2015, the U.S. Securities and Exchange Commission brought a cavalcade of settled enforcement actions, culminating with its recent action against HomeStreet. Each of these cases has pushed the envelope further and further away from Dodd-Frank’s simple prohibition on retaliation, say Nicolas Morgan and Thomas Zaccaro of Paul Hastings LLP.
The Dodd-Frank Act was passed in 2010 with the Great Recession providing momentum and popular support for its enactment. Conversely, there is no acute crisis to serve as a catalyst for its repeal, say Anthony Drenzek and Timothy Mungovan of Proskauer Rose LLP.
While some courts have declined to apply the common-law doctrine of champerty to invalidate third-party litigation funding agreements, two recent rulings by appellate courts in New York and Pennsylvania have brought renewed attention to champerty principles, casting doubts on the legality of certain forms of third-party litigation funding, say John Beisner and Jordan Schwartz of Skadden Arps Slate Meagher & Flom LLP.
The U.S. Supreme Court recently granted certiorari in U.S. Securities and Exchange Commission v. Kokesh to review whether civil enforcement claims brought by the SEC for the remedy of disgorgement are subject to any statute of limitations. Attorneys with Ropes & Gray LLP examine the significance of the statute of limitations question, especially for private equity firms.
Instead of trying to change the new workforce to follow a law firm's existing processes and procedures, perhaps it's time for firms to start changing their processes and procedures to better accommodate the mentality of this next generation of lawyers, says Christopher Imperiale, a law firm adviser with Berdon LLP.
The beginning of 2017 brings with it significant changes to the government as a whole and the U.S. Department of Justice in particular, but one constant in this time of change is the U.S. Attorney’s Office for the Southern District of New York. Recent developments reflect a seal of approval for that office’s aggressive enforcement approach under Preet Bharara, says Nicholas Lewis of McGuireWoods LLP.