The Brooklyn federal judge hearing the government’s fraud cases against hedge fund Platinum Partners told the seven men facing criminal charges on Thursday that he was "unlikely" to try them separately, raising the prospect that they may not face jurors until 2019.
Barclays Bank PLC and Citigroup have joined with Deutsche Bank AG in urging a New York bankruptcy court to prevent Lehman Brothers Holdings Inc. from issuing preferred stock to substitute the banks’ potentially more valuable interests in Lehman debt, saying the defunct firm’s Chapter 11 plan prohibits the move.
The federal judge presiding over Puerto Rico’s restructuring cases Tuesday told a group of commonwealth bondholders she doesn’t have the authority to force the island’s government to put hundreds of millions in special revenues toward paying off their notes.
Beus Gilbert PLLC won court approval Wednesday for $88.03 million in fees after an 11-year pursuit of a bankruptcy trustee’s claims against billionaire industrialist Ira Rennert and his RenCo Group Inc. for allegedly plundering bankrupt subsidiary Magnesium Corp. — and the ultimate win of a $214.7 million judgment.
A Colorado federal judge on Tuesday granted class certification to tens of thousands of Oracle Corp. 401(k) plan participants in an Employee Retirement Income Security Act suit alleging the technology company racked up excessive record-keeping fees and retained poorly performing funds.
Two Boston-area former Morgan Stanley financial advisers were charged and quickly agreed to plead guilty Wednesday to using client money to fund their own investments and to pay personal expenses, on the same day the Securities and Exchange Commission launched an enforcement action against the duo.
A Minnesota federal judge on Tuesday said a group of Life Time Fitness Inc. investors cannot revive their lawsuit over the company’s 2015 private equity buyout, finding that the shareholders are unable to pinpoint any new information that could alter the court’s initial decision.
The Seventh Circuit on Wednesday reversed a lower court's finding that Florida-based boutique wealth management firm Ariel Capital Advisors LLC infringed Chicago-based Ariel Investments LLC's trademarks, agreeing with the smaller firm that it lacked enough ties to Illinois for the lower court to hear the case.
Former pharmaceutical executive and convicted fraudster Martin Shkreli on Wednesday had his sentencing pushed off for another two weeks so his lawyers and the federal government can make their cases for how much investors lost and how much he gained from criminal wrongdoing.
The Second Circuit on Wednesday shut down a challenge to a jury verdict in favor of HSBC Securities against former bank senior vice president Mike Picarella, who claimed his 2015 firing came in retaliation for his decision to stick up for a coworker who was harassed.
A federal jury on Tuesday convicted a Pennsylvania businessman on fraud charges for bilking investors out of some $2 million on false promises he would use the money to help incubate a string of promising startup businesses.
A former executive for LBMZ Securities who pled guilty last year to insider trading charges will serve periods of probation and home confinement, with the Illinois federal judge who handed him his sentence saying Wednesday his cooperation in the case has helped keep him out of prison.
Singapore real estate investment trust Cache Logistics Trust on Wednesday said it will pay AU$191 million ($154 million) to acquire nine warehouses in eastern Australia in a deal that nearly doubles its holdings in the country.
Fujifilm Holdings Corp. said Wednesday it will take control of Xerox Corp. through a $6.1 billion deal that involves an existing joint venture between the companies and establishes an industry giant in the printing, document and workplace solutions market.
A Manhattan federal judge on Wednesday said that class certification is not appropriate for investors hoping to stick trustee U.S. Bank NA with the bill for $2 billion of financial crisis-era losses in 25 home mortgage trusts, finding that would-be members in large part bought in at a discount after the fact and were not injured.
In closing arguments Tuesday in a case accusing defunct investment adviser The Nutmeg Group LLC’s owner of mismanaging and misreporting investor funds, the U.S. Securities and Exchange Commission told an Illinois federal judge that Randall Goulding understood the nature of his conduct, while Goulding argued the SEC did not prove that.
Bond investors suing Deutsche Bank National Trust Co. over its handling of nearly five dozen residential mortgage-backed securities trusts originally worth a combined $85.8 billion have urged a New York federal judge to certify their case as a class action.
The U.S. Securities and Exchange Commission asked a Massachusetts federal judge on Tuesday to enter a final judgment resolving claims against a former Eaton Vance Corp. portfolio manager who’s now serving an 18-month prison sentence after copping to a $1.9 million scheme involving matched options trades.
Claims from a pair of Chapter 11 adversary complaints accusing two failed Anguillan banks and a Caribbean regulator of illegally transferring millions deposited by customers at subsidiary offshore banks should first be heard in the British territory of Anguilla, two New York bankruptcy judges ruled Monday, citing jurisdictional deference.
Approximately two dozen conservative groups called on President Donald Trump and Treasury Secretary Steven Mnuchin to index capital gains to inflation, saying in a letter on Monday that the status quo leads to a tax on nonexistent income.
The twist in the Lindsey Manufacturing Foreign Corrupt Practices Act case was the truncated time in which we prepared. Having refused to waive their rights to a speedy trial, our clients took control of the case — this, along with the compressed time frame, forced the government to make errors, say Janet Levine, Sima Namiri-Kalantari and Megan Weisgerber of Crowell & Moring LLP.
I was confident that the U.S. Supreme Court would grant certiorari in Lucia v. SEC to resolve the split in the circuits over whether federal administrative law judges should be considered inferior officers or employees under the Constitution — until the government's response to the Lucia petition last week, says professor Harold Krent of IIT Chicago-Kent College of Law.
Last month, the U.K. Financial Conduct Authority publicly censured Capita Financial Managers with respect to the collapsed unregulated collective investment scheme known as the Connaught Income Fund. This serves as a salutary reminder that those in the fund administration and outsourcing fields take on a high level of responsibility and liability, says Greg Lascelles of Covington & Burling LLP.
Since its whopping $800 million Foreign Corrupt Practices Act settlement in 2008, Siemens cleaned up — and it has “cleaned up” in its long-standing competition with General Electric. How? As Secretary of State Rex Tillerson reportedly told President Donald Trump, you don’t need to pay bribes to succeed in international business, says Peter Y. Solmssen, former general counsel of Siemens.
The 2008 Siemens matter — then the largest sanction ever imposed in a Foreign Corrupt Practices Act enforcement action — set the stage for future cross-collaboration in global anti-corruption enforcement, say Cheryl Scarboro, former chief of the FCPA Unit at the U.S. Securities and Exchange Commission, and Diana Wielocha of Simpson Thacher & Bartlett LLP.
Both the Dodd-Frank Act in the U.S. and rules under the Financial Conduct Authority in the U.K. provide whistleblower protections for financial industry employees who report fraud and regulatory breaches. Whereas the specific protections in the U.S. and U.K. differ somewhat, many of the protection mechanisms are remarkably similar, say Lynne Bernabei and Kristen Sinisi of Bernabei & Kabat PLLC.
The past year saw an aggressive approach to whistleblowing and retaliation actions by the plaintiffs bar and the U.S. Securities and Exchange Commission alike. Steven Pearlman and Edward Young of Proskauer Rose LLP examine the most impactful developments of 2017.
The Foreign Corrupt Practices Act case of U.S. v. Harris Corp. was tried in March 1991 — so long ago that pretty much only the parties and counsel remember it. With a smile, I’ve just about given up correcting people who say their case is "the only FCPA case ever to be tried,” says Robert Feldman of Quinn Emanuel Urquhart & Sullivan LLP.
In Dan Brown’s latest best-seller "Origin," he explores where we come from and how we will evolve. The U.S. Securities and Exchange Commission's fiscal 2017 enforcement report is no "Origin," "The Da Vinci Code" or even "Inferno," but the SEC has raised "Origin"-like questions, say Brian Rubin and Gregory Amoroso of Eversheds Sutherland.
At the U.S. Securities and Exchange Commission in April 1978, we filed a case against Page Airways and envisioned the trial of a precedent-setting enforcement action that would have defined Foreign Corrupt Practices Act standards at an early stage. Instead, the matter was settled under circumstances that I am sure are unique in SEC history, says Burton Wiand of Wiand Guerra King PA.