Paul Hastings LLP asked a New York bankruptcy court Wednesday to again stop an attempt by the trustee of bankrupt Doral Financial Corp. to claw back $3.9 million in payments to the firm, saying the trustee's amended complaint still lacks sufficient detail.
BHP Billiton has hired advisers to help sell its roughly $10 billion U.S. shale oil and gas business, Deutsche Asset Management is selling a nearly $1.3 billion stake in U.K. water company Kelda, and debt-ridden U.S. retail chain Bon-Ton is exploring its options.
The bankruptcy trustee for Ponzi schemer Bernie Madoff’s investment company asked a New York federal court on Wednesday to make BNP Paribas SA and its affiliates pay $156 million for allegedly “turning a blind eye” to obvious signs of fraud in a thirst for profits.
A New York-based futures trader agreed Wednesday to pay a $200,000 fine to the U.S. Commodity Futures Trading Commission for failing to maintain adequate documentation related to thousands of transactions involving gold futures back in 2012.
After missing an initial deadline, Malaysia’s state-owned investment fund has finished paying $629 million to International Petroleum Investment Co. as part of a settlement reached during arbitration over its alleged failure to make debt payments to the United Arab Emirates sovereign wealth fund, local media outlets reported Wednesday.
A New York federal judge on Wednesday refused to certify a proposed class of investors accusing Bank of New York Mellon Corp. of failing in its role as trustee of some $1.12 billion in residential mortgage-backed securities, ruling that the class is not defined explicitly enough.
Activist investor Elliott Management Corp. said Thursday that it would not support a bid by Bain Capital and Cinven to tighten their hold on German pharmaceutical company Stada Arzneimittel AG unless they agree to pay more per share then they did in their €4.12 billion ($4.8 billion) takeover.
The Carlyle Group has scored $84.78 million in refinancing for a two-building office campus in North San Jose, California, according to an announcement on Thursday from Holliday Fenoglio Fowler LP, which brokered the deal for Carlyle.
Real estate investment trusts are closely monitoring potential tax reform in Washington, and certain changes in tax law could make it more difficult for REITs to avoid taxes the IRS assesses on “dealers,” Julie Robins, a tax managing director at accounting firm BDO, told Law360 in a recent wide-ranging interview.
In a split decision Tuesday, the Seventh Circuit affirmed a 57-month sentence for an Indiana-based financial adviser who spent hundreds of thousands of dollars of his clients' money on personal and home expenses.
Sen. Tammy Duckworth, D-Ill., asked FBI Director Christopher Wray on Wednesday to investigate whether billionaire investor Carl Icahn violated federal conflict of interest laws while serving as special adviser to President Donald Trump.
A group of retirees who allegedly suffered $80 million in damages as part of R. Allen Stanford’s Ponzi scheme has told the Fifth Circuit that a Louisiana federal judge wrongly confirmed a Financial Industry Regulatory Authority arbitral panel’s award clearing a financial services provider of liability for those damages.
The Eighth Circuit batted down investment fund objections to a $19 million compensation plan resulting from a $3.7 billion Ponzi scheme, saying Wednesday that the investments' original preferred status doesn't entitle the three funds to preferential treatment in the wake of the fraud.
Susman Godfrey LLP and Entwistle & Cappucci LLP urged a California federal judge Tuesday to appoint them co-lead counsel for a proposed class action alleging Valeant Pharmaceuticals and Bill Ackman’s hedge fund engaged in an insider trading scheme that cost derivatives investors billions.
The U.S. Department of Labor confirmed Wednesday that it plans to delay parts of its fiduciary rule for retirement account advisers until mid-2019, saying it would be impossible to conduct a new analysis of the rule ordered by the White House and make changes by the end of this year.
The U.S. Securities and Exchange Commission on Tuesday published a New York Stock Exchange proposal that would bar companies from issuing material news at the end of the day until after designated market makers finish their closing auctions, usually around 4:05 p.m.
Gramercy Property Trust has paid $331 million to acquire a portfolio of nine industrial properties in several U.S. cities including Boston, Atlanta and Chicago, the real estate investment trust said in a statement Wednesday.
A Colorado federal court has given wins to Tishman Speyer, Lehman Brothers and slew of other defendants involved in the $22 billion leveraged buyout of the Archstone-Smith real estate investment trust, ending a 10-year-long investor suit over one of the biggest real estate deals to come out of the mid-2000s property bubble.
The oversight board tasked with steering Puerto Rico through its bankruptcy-like process hit back on Monday against two bond insurers seeking to overturn the island’s proposed fiscal plan, telling the federal court overseeing the restructuring that the insurers have no standing and their suit must be dismissed.
An in-house judge for the U.S. Securities and Exchange Commission found Tuesday that former Standard & Poor’s executive Barbara Duka did not intentionally conceal changes to her company’s mortgage-debt ratings methodology, but that she acted negligently in failing to ensure that the changes were disclosed.
With increasing international focus on matters of beneficial-ownership information, the British Virgin Islands has taken steps aimed at making such information readily available without compromising the privacy of those who, for perfectly legal and acceptable reasons, choose the BVI as the domicile of an entity, say members of Walkers and BDO.
Recently, this publication featured an op-ed in which one law firm partner contended that midsize firms will be the next casualty of the legal market, due to a supposed inability to compete with BigLaw or boutique firms for business. Though we can expect to see Am Law firms continue to lead the market in megadeals and life-or-death litigations, by all indications midsize is on the rise, says Ronald Shechtman of Pryor Cashman LLP.
Beginning with the 2013 charges against Jesse Litvak for misrepresentations to counterparties in the market for residential mortgage-backed securities, the U.S. Securities and Exchange Commission has aggressively pursued similar cases against bond traders. Michael Osnato Jr. and Meaghan Kelly of Simpson Thacher & Bartlett LLP survey the impact of the Litvak line of cases and offer insights into where the SEC will next deploy its an... (continued)
Outside counsel should be able to articulate why she is proposing an alternative fee arrangement for this matter. If the client has not requested an AFA or the case is unusually difficult to budget with accuracy, this might not be the case to propose an AFA, say attorneys with WilmerHale.
The fact that the U.S. Securities and Exchange Commission's administrative law judges now lack the authority to preside over proceedings in some regions of the country but not others, and given the recent D.C. Circuit deadlock on the issue, the U.S. Supreme Court is overwhelmingly likely to resolve the conflict, say Justin Shur and Eric Nitz of MoloLamken LLP.
Despite the boom in mobile application development, many lawyers are still reluctant when it comes to using apps in their daily work. Attorney Sean Cleary explores the benefits and shares some recommendations for apps geared toward attorneys.
Although the wisdom of the U.S. Supreme Court’s decision in ANZ Securities is certainly subject to debate, commentary suggesting that the ruling is the death knell for securities class actions goes too far. A recent Law360 guest article ignores the securities litigation procedures mandated by Congress as well as the trend away from early class certification in these cases, says Mark Rosen of Barrack Rodos & Bacine.
Several recent studies claim to show that competition is adversely affected when institutional investors hold significant shares in multiple firms within a “concentrated” industry. Following on this research, Eric Posner, Fiona Scott Morton and E. Glen Weyl have proposed a remedy that is a costly and disruptive way to change asset manager behavior, say members of The Brattle Group Inc.
In a recent Law360 guest article, Christopher Bogart of Burford Capital LLC claimed that "while theoretically well designed to find the proverbial needle in a haystack, big data and AI currently lack the ability to do so usefully in a commercial litigation financing context." But AI can manage many of the tasks that litigation financiers would otherwise perform, says Eva Shang, co-founder of Legalist Inc.
In Petrobras, the Second Circuit purported to “clarify” its leading ascertainability decision, Brecher v. Republic of Argentina. In reality, however, it essentially rewrote Brecher, stretching it beyond recognition to revamp the law of ascertainability in the circuit, says Jonah Knobler of Patterson Belknap Webb & Tyler LLP.