The Fourth Circuit on Friday sided with former NFL linebacker Jesse Solomon, who is seeking higher disability benefits from the league's retirement plan for cognitive impairments resulting from head injuries, finding that the plan ignored evidence of when the player became disabled.
AbbVie Inc., the biopharmaceuticals giant fending off lawsuits over its failed, $55 billion merger with Shire PLC, urged an Illinois federal judge on Thursday not to send a fraud case brought by a group of hedge funds back to state court, saying the case involves federal law.
The former head of operations at an Investment Technology Group Inc. unit has settled the U.S. Securities and Exchange Commission's allegations that he failed to properly supervise a securities lending desk that allegedly obtained American securities of foreign companies without gaining the underlying foreign shares.
A Walter Investment Management Corp. investor sued the mortgage lender’s board of directors in Pennsylvania federal court on Thursday over allegations they knew about but did not disclose the company’s weak internal controls and involvement in potentially fraudulent practices.
A couple charged by the U.S. Commodity Futures Trading Commission in a civil suit in Washington federal court with lying to potential investors and fleecing them out of more than $11 million consented to orders issued Friday that bars them from trading in commodities.
Extell Development is close to reaching a deal for $900 million in construction financing for its Central Park luxury condo project, Blackstone unit Equity Office has reportedly leased 46,884 square feet at the Willis Tower to engineering firm ESD, and the U.S. Department of Housing and Urban Development is said to have loaned $72.6 million for a Baltimore multifamily project.
The last week has seen Bank of India sue a unit of a troubled Mumbai diamond house, another suit from a private equity firm against BayernLB amid bribery claims over the sale of Formula One and a pension claim from confectionary giant Mondelez. Here, Law360 looks at those and other new claims in the U.K.
A New York federal court on Thursday selected Labaton Sucharow LLP to serve as lead counsel for a proposed class of Tempur Sealy International Inc. investors who say the mattress manufacturer misled them before its relationship with the largest U.S. mattress retailer dissolved.
A federal prosecutor on Thursday told a New York federal judge that a relative of former pharmaceutical executive Martin Shkreli had contacted a witness and implied they should not testify, while Shkreli's lawyers warned that the government may be scaring off defense witnesses from the securities fraud trial.
Bar Works, a startup that purports to be in the shared-workspace business, is now the subject of at least two lawsuits from investors who call it a multimillion-dollar Ponzi scheme.
Federal prosecutors on Friday showed jurors in the fraud trial of ex-American Realty Capital Properties Chief Financial Officer Brian S. Block a salary schedule that would grant him eight times his $500,000 salary in cash and equity as a bonus that depended in part on the value of a key earnings metric with which he is accused of fiddling.
A Deutsche Bank unit fired back Thursday at a Morgan Stanley subsidiary’s bid for a quick win against a $306 million contract suit over a residential mortgage trust, saying there is nothing wrong with using sampling to identify defective loans among more than 4,000 Deutsche Bank oversaw as trustee.
JPMorgan’s investment advisory arm urged a New York federal court on Wednesday to toss a suit over allegedly excessive fees charged to one of its mutual funds, saying the case is based on apples-to-oranges fee comparisons that don’t account for differing fund investment strategies and advisory roles.
U.S. Securities and Exchange Commission Chairman Jay Clayton called the decline in the number of initial public offerings and public companies on American markets a "great concern" on Thursday at a meeting of an SEC advisory committee, saying his agency is working to address the issue while protecting investors.
Commercial real estate investment trust Safety, Income and Growth Inc. priced an initial public offering that raised $205 million late Wednesday and earmarked the money to acquire net lease assets, representing the first of three commercial REITS slated to debut on public markets this week.
New York REIT Inc., a real estate investment trust now in liquidation, agreed Wednesday to settle the U.S. Securities and Exchange Commission’s allegations that it failed to properly disclose that a change to its charter would substantively limit its shareholders’ rights in certain merger or acquisition events.
A New York bankruptcy judge found Thursday that former MF Global excess insurer Allied World Assurance Co. Ltd. owes the defunct company $926,000 in attorneys' fees over Allied’s failure to get court permission before filing an action to arbitrate a contract dispute in Bermuda.
Willkie Farr & Gallagher LLP has nabbed a veteran fund formation attorney who previously chaired the Stroock & Stroock & Lavan LLP private funds group to join the firm’s New York office as a partner in its asset management group.
The board overseeing Puerto Rico’s financial restructuring Wednesday united with bondholders and retirees to oppose moving a key dispute over sales tax revenue from federal court to the territory’s Supreme Court.
Wells Fargo Securities LLC agreed to pay $3.25 million to end the Financial Industry Regulatory Authority’s allegations that it failed to report options positions in millions of instances after erroneously believing that the positions weren’t reportable, according to a settlement filed on Wednesday.
The Delaware Chancery Court’s recent decision in SWS Group raises the question whether below-the-merger-price appraisal results will now become more common. A number of commentators have suggested that the answer is yes, but their conclusion follows what we believe to be a misconception, say attorneys with Fried Frank Harris Shriver & Jacobson LLP.
A Virginia federal court's recent decision in Volvo Group North America v. Truck Enterprises highlights how a factory right of first refusal can directly impede the sale of dealerships that have multiple franchises operating from the same dealership location, says Sara Decatur Judge of Burns & Levinson LLP.
The guessing game around Justice Anthony Kennedy’s possible retirement is reaching a crescendo. Yet the speculation does more than fuel bookmakers’ odds. It draws attention to his pivotal role as the court’s swing vote, says Nan Aron, president of Alliance for Justice.
After a major market contraction in the wake of the financial crisis, risk-pooling transactions show signs of gaining favor once more, says Daniel Budofsky of Pillsbury Winthrop Shaw Pittman LLP.
The U.S. Supreme Court's recent decision in the Kokesh case limits not just U.S. Securities and Exchange Commission enforcement actions, but also monetary relief sought by other agencies, like the Federal Trade Commission. A faithful application of this decision should lead to courts rejecting these agencies' long-standing practice of seeking penal monetary relief under their equitable authority, say Benjamin Mundel and Lucas Crosl... (continued)
One way to combat juror confusion and boredom is to allow jurors to ask witnesses questions. No federal evidentiary or court rule prohibits it, and every federal circuit court to address the practice has held it permissible, say Stephen Susman, Richard Lorren Jolly and Dr. Roy Futterman of the NYU School of Law Civil Jury Project.
The immediate effects of imposing a five-year statute of limitations on SEC disgorgement claims may be limited. A far more intriguing element of the Kokesh opinion is found in a footnote, which brings opportunities for real damage to the SEC’s toolbox, say attorneys with Walden Macht & Haran LLP.
As mining companies continue on their rapid recovery path from the commodity price downturn, the perceived sins of the past return to haunt management teams soon to be swimming in cash, say John Tivey and Rebecca Campbell of White & Case LLP.
When the U.S. risk-retention rules became effective for collateralized loan obligation transactions last December, market participants began a new period of adjustment. With the first few months of work behind us, approaches to compliance are becoming more standardized and best practices are beginning to emerge, says Deborah Festa of Milbank Tweed Hadley & McCloy LLP.
Last month, the American Bar Association published revised guidance regarding an attorney’s duty to protect sensitive client material in light of recent high-profile hacks. The first step in compliance is understanding how your data is being stored and accessed. There are three key questions you should ask your firm’s information technology staff and/or external solution vendors, says Nick Holda of PreVeil.