A former brokerage rep who bribed a New York state pension official to throw business her way escaped a prison term Friday after begging a New York federal judge for mercy, saying her “unforgivable and disastrous behavior” will haunt her forever.
Puerto Rico’s beleaguered electric power company has rejected its bondholders’ offer of a $1 billion debtor-in-possession loan, calling it a cynical and “unsolicited” ploy to boost debt prices and leapfrog other creditors even as the island struggles to rebuild in the wake of Hurricane Maria’s devastation.
The last week has seen a slew of asset managers' funds sue a Turkish infrastructure and transportation firm, more competition claims against Visa and a corporate finance advisor lodge a suit against private equity firm Sun European Partners. Here, Law360 looks at those and other new claims in the U.K.
The U.S. Securities and Exchange Commission on Thursday accused two New York brokers of defrauding their clients through a pattern of unlawful trading and deception that cost clients nearly $700,000, while the brokers netted hundreds of thousands of dollars in fees.
A U.S. District Court judge in Delaware allowed Wilmington Trust Corp. to move ahead Thursday with limited subpoenas for some federal records of past bank disclosures on overdue and troubled loans, at the close of preparations for a two-month criminal trial.
The U.S. Securities and Exchange Commission announced Thursday that Andrew Calamari, who has led the New York regional office for the last five years, is leaving the agency in October.
A unit of Morgan Stanley will pay $500,000 after the Commodity Futures Trading Commission found that it overbilled customers for certain futures trades because of errors in its calculation program, violating supervisory rules, the regulator said Thursday.
Lawyers representing trusts that own $12 billion in student loans accused a loan servicer and Wilmington Trust Corp. late Wednesday of wrongly refusing to issue payments to attorneys for legal services in a recent, and still unconfirmed, $22 million settlement with regulators over bogus collections.
A California federal judge ordered the U.S. Securities and Exchange Commission on Wednesday to provide a list of 44,000 documents from its investigation of the Empire State Building's primary owner to a small stakeholder who sued for the records under the Freedom of Information Act.
A former K&L Gates LLP partner with a focus on investment management and derivatives has been named a partner at Drinker Biddle & Reath LLP's Chicago office, extending the firm’s efforts to expand its investment management practice.
A New York federal judge on Wednesday denied a bid by Puerto Rico's capital, San Juan, to stall a vote on a restructuring plan for the $4.1 billion debt load of the territory’s investment bank, saying that the city had not shown it had a secured interest on funds in the bank.
Goldman Sachs is reportedly leading a syndicate of banks that's providing $1.2 billion in financing for a Manhattan trophy tower to a venture that includes REIT SL Green, Farbman Group is said to be seeking $24 million for a Chicago loft office building, and Extell Development has reportedly bought a New York drug rehab building for $19 million.
Federal prosecutors in New York rocked the college sports world on Tuesday with bribery and corruption allegations that experts say should put schools across the country on notice of a much broader problem given the increasing commercialization of college athletics.
A group of bondholders with interests in Puerto Rico’s insolvent and beleaguered electric power company are offering to lend the utility $1 billion in new cash to help address damage wrought by Hurricane Maria, potentially positioning themselves for an earlier payout in the public corporation’s restructuring.
A Minnesota federal judge on Wednesday denied a bid by Ritchie Capital Management and other intervenors to terminate the receivership over the assets of fraudster Thomas Petters, saying that scrapping the receivership now would threaten efforts to recover funds for all of the other victims and creditors who were caught up in Petters’ $3.7 billion Ponzi scheme.
General Electric Co. took its retirement plan investors' money and parked it in company-run funds even as they continued to perform poorly, according to a proposed class action filed in California federal court Tuesday that says the company violated ERISA and cost workers $700 million in savings.
A California judge Wednesday granted Sheppard Mullin Richter & Hampton LLP’s request to arbitrate a bankruptcy trustee’s suit accusing the firm of bungling a $50 million California real estate deal, saying the trustee is bound by an arbitration agreement signed by the debtor company.
Bloomberg News on Tuesday asked the Second Circuit to rehear an appeal that reinstated defamation claims brought by a former Dutch hedge fund executive, saying the article for which it was sued is protected by absolute privilege for “fair and true reports of judicial proceedings.”
Congress on Wednesday passed a bill aimed at creating a research safe harbor for exchange traded funds, after a House voice vote sent the measure to President Donald Trump.
Investment manager Lynn Tilton and her companies on Wednesday won dismissal of the U.S. Securities and Exchange Commission's allegations that they defrauded investors in several commercial debt funds, with an administrative law judge ruling the SEC failed to show alleged misconduct by Tilton and her company Patriarch Partners rose to the level of fraud.
The 5-4 U.S. Supreme Court decision in California Public Employees’ Retirement System v. ANZ Securities was the first in which we saw Justice Neil Gorsuch’s view of securities liability — he represented the crucial fifth justice joining the majority opinion, say Robert Long of Alston & Bird LLP and Edgar Neely.
Special master appointments can be very beneficial in resolving disputes quickly, streamlining discovery, handling delicate settlement negotiations, and — somewhat surprisingly — reducing cost and delay, says retired U.S. District Judge Shira Scheindlin, now with JAMS.
As more law firms become the targets of major cyberattacks, more firms may consider appointing a chief privacy officer. In this series, CPOs at four firms discuss various aspects of this new role.
For outside counsel, oftentimes efficiency and responsiveness collide with security measures as clients are increasingly requiring their law firms to comply with third-party risk management programs. To meet these challenges, law firms are focusing more on the roles of chief privacy officer and chief information security officer, says Phyllis Sumner, chief privacy officer for King & Spalding LLP.
In the space of less than two weeks, the Delaware courts issued two landmark appraisal decisions that, when combined with recent statutory changes, likely will dampen “appraisal arbitrage” activities going forward, say attorneys with Cleary Gottlieb Steen & Hamilton LLP.
During the jury selection process, many times parties submit proposed voir dire questions, but the court ultimately chooses the questions to be asked and does all of the questioning of the jury panel. While this approach is judicially efficient, rarely do we learn anything meaningful from the panel members, say Lisa Blue of Baron and Blue and Robert Hirschhorn of Cathy E. Bennett & Associates.
With the Seventh Circuit’s recent affirmation of spoofing and fraud convictions against Michael Coscia in the first criminal prosecution under the spoofing statute, traders should keep in mind the different pieces of evidence that the government used to assemble the puzzle for the jury, say Clifford Histed and Gilbert Perales of K&L Gates LLP.
As law firms hold sensitive information not only related to the firm but to the firm’s clients, an insider threat — whether it's a "bad actor employee" or inadvertent activity — poses a particular concern. There are steps that privacy officers can initiate to help minimize these threats, says Patricia Wagner, chief privacy officer for Epstein Becker Green.
A recent case in New York state court, One Williams Street Capital Management v. U.S. Education Loan Trust IV, affords a useful opportunity to understand both the reach and the limitations of a uniquely New York statute, which provides that a transfer of a bond “vests in the transferee all claims or demands of the transferrer,” say Abbe Dienstag and John Bessonette of Kramer Levin Naftalis & Frankel LLP.
The U.S. Securities and Exchange Commission this week released a risk alert highlighting the results of its Cybersecurity 2 Initiative, which reveals a critical cybersecurity truth — that it is not enough just to set up a program and plug existing leaks, say Michael Bahar and Brian Rubin of Eversheds Sutherland.