A proposed class of current and former AT&T employees can proceed with the bulk of their suit accusing the telecom company of burdening its nearly $35 billion 401(k) plan with excessive costs and fees, a California federal judge ruled Tuesday.
Investment firms led by business turnaround mogul Lynn Tilton slammed cash management proposals Tuesday for the bankrupt, collateralized loan “Zohar” funds she once controlled, arguing that creditors and others are trying to dismantle a settlement in the Delaware Chapter 11 case.
A former Fidelity Investments finance director who won whistleblower protection from the U.S. Supreme Court but lost her retaliation case at trial is sparring with the company in the First Circuit, saying in a brief made public Tuesday that Fidelity has attacked her character to try to deflect from its own wrongdoing.
Counsel for a class of Medtronic Inc. investors asked a Minnesota federal judge on Monday for $8.5 million in fees and expenses for their work in reaching a $43 million settlement over claims the medical device maker manipulated studies for one of its products.
Craig Carton meant no harm as he pursued fat profits from reselling Dead & Company, Barbra Streisand and other marquee concert tickets, his lawyer told a Manhattan jury Tuesday, blaming an incarcerated con man for preying on the former sports radio talker's “entrepreneurial spirit” and exposing him to an alleged $4.6 million fraud.
Stroock & Stroock & Lavan LLP represented landlord Edward J. Minskoff Equities Inc. in inking three new leases — including one to a private equity firm — totaling roughly 52,000 square feet at a trophy office property on the Avenue of the Americas in Manhattan, the law firm said Tuesday.
Chinese securities regulators pledged to accelerate reforms aimed at boosting confidence in its capital markets on Tuesday, including measures that the watchdog says will ease market liquidity, encourage long-term investment and improve the quality of listed companies through better disclosure.
A Florida federal judge has placed sanctions on a man who is among four accused of creating a cryptocurrency investment pyramid scheme for deleting company emails crucial to the investigation.
Squire Patton Boggs LLP has boosted the real estate practice in its Paris office with the appointment of two senior lawyers from Gowling WLG following a search in that city for attorneys who can help broaden Squire Patton's development of services for European clients, the law firm said.
Telemachus P. Kasulis, former co-chief of the securities and commodities fraud task force for the Southern District of New York, will join litigation boutique Morvillo Abramowitz Grand Iason & Anello PC as a partner next year, the firm announced.
Lehman Brothers Holdings Inc. received court approval Monday to amend complaints against nearly 100 banks from which it purchased allegedly misleading home loans before its 2008 collapse, tacking on obligations related to $2.45 billion worth of claim settlements with residential mortgage-backed securities trusts.
Attorneys for a former executive of defunct hedge fund Platinum Partners on Monday railed against the government for sandbagging the defense by withholding a trove of recorded calls, text messages and exculpatory evidence ahead of a trial early next year over an alleged $1 billion securities fraud scheme.
SSM Health Care Corp. and its former employees have agreed to settle a lawsuit accusing the hospital system of flouting the Employee Retirement Income Security Act by wrongly classifying its pension plans as “church plans” exempt from the law’s requirements, according to filings in Missouri federal court Monday.
Proxy advisory firms often give flawed guidance to shareholders while leaving corporations little time to respond to the firms' recommendations, which carry heavy sway among investors, according to a report Monday led by law firm Squire Patton Boggs and backed by a pro-business group.
A TD Ameritrade subsidiary has urged a Florida federal judge to block a bid to certify a class of clients accusing the company of causing major losses through the fraudulent liquidation of their futures option investments, saying there is no common, unifying theme among the liquidations that would keep a class together.
BridgeInvest has reportedly loaned $24.25 million for a Florida apartment building project, asset management firm Rohatyn Group is said to be leasing more than 10,000 square feet in Manhattan and Popular Bank is said to have provided financing for a recent $12.45 million deal for 77 condo units in Florida.
Brookfield Asset Management is getting close to snapping up the auto battery unit of Johnson Controls International PLC, Telecom Italia may tap I Squared Capital as the preferred bidder for a stake in its Persidera unit, and Bharti Airtel Ltd. is putting off plans to float its Africa unit.
A Manhattan federal jury swiftly convicted investment adviser Irfan Amanat on Monday of duping investors in video concern KIT Digital Inc. and defrauding backers in a hedge fund, a verdict that was followed by the judge jailing him as a flight risk amid new allegations he tried to frame two government witnesses.
A proposed class of Endo Pharmaceuticals shareholders has asked a Pennsylvania federal judge to reject the company's bid to dismiss a suit claiming the drugmaker inflated stock prices by concealing a conspiracy to fix the prices of generic drugs.
Japan's Hitachi Ltd. on Monday said it and an Italian rail unit have agreed to buy a nearly 32 percent stake in Ansaldo STS SpA owned by affiliates of Elliott Management Corp. for roughly €808 million ($919.5 million), increasing the unit's existing stake to roughly 82.6 percent.
Two court decisions within the past year have simplified the process for bringing derivative claims outside the Cayman Islands on behalf of Cayman companies, as shareholders no longer need permission from a Cayman court. However, such claims still face two difficulties, say Peter McMaster and Anna Snead of Appleby.
In this monthly series, Amanda Brady of Major Lindsey & Africa interviews management from top law firms about the increasingly competitive business environment. Here we feature Melanie Green, chief client development officer at Faegre Baker Daniels LLP.
Despite pessimism after the recession, mezzanine financing continues to be a part of almost every significant commercial real estate transaction. Lenders should understand the basic mezzanine debt structure and what title insurance options are available to them, say Spencer Compton and David Wanetik of First American Title Insurance Company.
Following the 2008 economic downturn, many observers blasted mortgage-backed securities and collateralized debt obligations. Today, we're hobbled with numerous regulations that stem from a fundamental misunderstanding of what these instruments were designed to do, says Edward Stringham of the American Institute for Economic Research.
Last year’s business-friendly amendment of Internal Revenue Code Section 168(k), which allows immediate expensing for certain business assets, left many questions. In August, the Department of Treasury proposed rules clarifying requirements for depreciable property, but not all solutions are permanent and many issues remain unresolved, say attorneys at Eversheds Sutherland LLP.
In TIAA-CREF Insurance Appeals, the Delaware Supreme Court struck a blow to insurers seeking to avoid responsibility for settlement payments made by policyholders. Though decided under New York law, this opinion opens the door to a fact-specific analysis that may help policyholders facing similar denials, say Catherine Doyle and Jan Larson of Jenner & Block LLP.
In response to the Delaware Chancery Court’s invitation earlier this year seeking expert opinions on market efficiency, we propose several tests to empirically assess the reliability of market price in appraising fair value, say Dirk Hackbarth of Boston University and Bin Zhou of The Brattle Group.
Delaware Vice Chancellor J. Travis Laster recently cautioned that while courts are now giving greater deference to deal prices and market evidence in determining fair value, this approach does not elevate "market value" to the governing standard under the appraisal statute. His caveat begs at least three finance questions, say Dirk Hackbarth of Boston University and Bin Zhou of The Brattle Group.
In Chamber of Commerce v. U.S. Department of Labor, the Fifth Circuit decided the DOL's so-called fiduciary rule conflicted with Section 3(21) of the Employee Retirement Income Security Act. George Sepsakos and Michael Kreps of Groom Law Group discuss the decision's implications and various elements to consider following vacatur of the rule.
It is at this point axiomatic that the Trump administration is intent on reversing significant portions of the Obama administration's regulatory activity. Interestingly, it seems that courts may pose another major risk to the survival of some Obama-era initiatives, say Andrew Oringer and Samuel Scarritt-Selman of Dechert LLP.