Two investors in Credit Suisse’s short-term notes inversely related to the stock market’s volatility index have filed putative class actions in New York federal court alleging the bank misrepresented the value of the notes during a critical time of steep price drops and substantial investor losses.
Private equity firm Clearlake Capital Group LP has closed its latest round of funding with more than $3.6 billion in commitments that will be invested in target sectors including technology and energy, the firm said Friday.
Music streaming giant Spotify Technology SA on Thursday touted its direct-listing plan as a transparent way of going public that is more democratic than a traditional initial public offering, marking the company’s first public discussion about its rationale for the unconventional strategy.
A former hedge fund manager pled guilty to securities fraud in New York federal court on Thursday in the face of accusations that he’d basically run a $22 million Ponzi scheme, and that the investor money not lost in the market was spent on his own expenses.
A New York federal judge on Thursday tossed an antitrust suit from small-time forex investors against more than a dozen big banks accused of rigging wholesale foreign exchange markets, ruling that the allegations are too vague.
A condo in South Burlington, Vermont, recently traded hands, and documents for the deal were entered into the blockchain in a historic first for a U.S. real estate transaction, with Gravel & Shea PC helping lay the groundwork to make the deal possible.
Commodities and Futures Trading Commission member Brian Quintenz on Wednesday threatened retaliation against the European Commission if it proceeds with plans to revise an equivalence agreement regarding the regulation of central counterparties, saying that would damage trust between the United States and Europe.
An Illinois futures trader with a long history of run-ins with regulatory agencies has been arrested and charged with criminal fraud in Chicago federal court for allegedly scheming to rip off investors by lying about his brokerage business and creating false financial statements.
The head of a company that intended to launch a membership-based yacht sharing club pled guilty to a conspiracy to commit fraud charge in Connecticut federal court Thursday, admitting he lied to investors about how their money would be used to fund the now-sunk operation.
Alibaba Group Holding Ltd. is reportedly laying the groundwork for a Chinese stock market listing, Department of Justice antitrust officials aren’t satisfied with Bayer’s divestment plans related to its Monsanto takeover, and BP is looking to sell its stake in an Egyptian joint venture.
A New York bankruptcy judge on Thursday said the failure of Weil Gotshal & Manges LLP to disclose it had represented a Breitburn Energy Partners LP lienholder before taking on the company's bankruptcy case was a “fee issue” that could come into play when the firm tries to collect its pay.
The House of Representatives passed a pair of measures altering financial institution rules Thursday, creating an independent board to review agency actions and altering Regulation A+ securities offerings.
A California attorney and her investment advisory company on Thursday moved to dismiss a suit brought by a medical device developer that claimed the attorney scammed it out of $1.76 million, arguing that Texas federal courts had no jurisdiction over either the attorney or her company.
White & Case LLP has picked up a former Paul Hastings partner who represents financial institutions and securities issuers in cross-border offerings, including advising Morgan Stanley and JPMorgan in Jose Cuervo’s initial public offering in Mexico.
Pharmaceutical maker ProNAi Therapeutics Inc. and two of its executives shed a proposed securities class action on Tuesday when a New York federal judge found most of the company’s statements about the success of a cancer treatment that investors claimed to be misleading could be chalked up to puffery.
Ex-Deutsche Bank AG trader Christian Bittar has pled guilty to rigging a key European interest rate benchmark ahead of a trial scheduled for April, Britain’s Serious Fraud Office said Thursday.
A cryptocurrency lawyer told a House of Representatives committee on Wednesday that Congress should urge the Securities and Exchange Commission to amend its rules to improve clarity in the market for initial coin offerings, a nascent but booming field of capital raising.
A New York federal judge on Wednesday affirmed a bankruptcy court’s dismissal of a Lehman Brothers unit's bid to claw back $1 billion in swaps transactions, saying it correctly determined the safe harbor provision for swap agreements protects the distributions of the collateral.
Warby Parker has received a $75 million capital injection from a group of private investors led by asset management firm T. Rowe Price, the eyewear retailer revealed on Wednesday, with plans to use the money to strengthen the company for the future, including through research and development.
The White House said Wednesday that Lawrence Kudlow, a conservative economic commentator, will replace Gary Cohn as President Donald Trump’s chief economic adviser following Cohn’s decision last week to resign as director of the National Economic Council.
The Tax Cuts and Jobs Act is causing concerns for advisers of middle-market collateralized loan obligation issuers as it potentially imposes new requirements. Advisers to MM CLOs must be creative and thoughtful in mitigating the potential adverse effects of Section 1446(f), say attorneys with Cadwalader Wickersham & Taft LLP.
In light of the stress on the student loan market and the amount of money invested in securities backed by student loans, the likelihood of litigation regarding the marketing and securitizing of these assets is substantial. In addition, billions in defaulted student loans may be uncollectible, adding a further level of peril for investors, says Kevin O’Brien of Butler Rubin Saltarelli & Boyd LLP.
We dissected the Financial Industry Regulatory Authority's 2017 disciplinary actions to see how it performed in different categories and found that rather than going for box-office gold, FINRA focused on a variety of “nuts and bolts” issues. However, FINRA did return a substantial amount of money to investors, say Brian Rubin and Adam Pollet of Eversheds Sutherland.
In Digital Realty Trust v. Somers, the U.S. Supreme Court undermined Wall Street’s advocacy of internal corporate compliance programs as an alternative to whistleblower reward laws. But the adverse impact of Digital’s Supreme Court victory can and should be mitigated, says Stephen Kohn of Kohn Kohn & Colapinto LLP.
Overstock.com’s disclosure last week that its ongoing $250 million initial coin offering has been under investigation by the U.S. Securities and Exchange Commission appears to be part of a widespread probe pursuant to which “scores” of companies and advisers have reportedly received subpoenas. This underscores the SEC’s continued commitment to vigorous oversight in the virtual currency space, say attorneys with Ropes & Gray LLP.
Increasingly, when courts impose a “legal hold” they require legal supervision of the preservation process, meaning lawyers must rely heavily on information technology professionals to execute the mechanics. John Tredennick of Catalyst Repository Systems and Alon Israely of TotalDiscovery offer insights on how legal and IT can work together to make the process more efficient and fulfill the company’s legal obligations.
Investment advisers need to understand that self-reporting under the new Share Class Selection Disclosure Initiative will undoubtedly result in a settled enforcement action, which will include the U.S. Securities and Exchange Commission’s typical terms. Assessing all of the issues and risks will be resource-intensive, say James Lundy and Mary Hansen of Drinker Biddle & Reath LLP.
It is fair to say that the U.S. Securities and Exchange Commission’s directive that its administrative law judges reconsider the record in pending proceedings has not resulted in a groundswell of revised rulings. The ALJs, whose previous appointments have now been “ratified,” are not suddenly seeing these cases through a brand new lens, says Marc Fagel of Gibson Dunn & Crutcher LLP.
Multiple courts have held that discoverable material from negotiations with a litigation funder, when executed properly, can be attorney work product and immune from disclosure in the later litigation. The recent Acceleration Bay decision is indicative of what happens when difficult facts conflict with best practices, says Eric Robinson of Stevens & Lee PC.
Newly appointed member Robert Jackson of the U.S. Securities and Exchange Commission recently added an important voice to the continuing debate about perpetual dual-class stock. Using Jackson's patriotic and practical arguments, smart company founders will find the right balance in adopting dual-class stock structures with negotiated sunset provisions, says Spencer Feldman of Olshan Frome Wolosky LLP.