In this monthly series, legal recruiters at Major Lindsey & Africa interview management from top law firms about navigating an increasingly competitive business environment. Here we feature Toby Brown, chief practice management officer at Perkins Coie LLP.
A convicted pump-and-dump fraudster facing a U.S. Securities and Exchange Commission complaint was warned by a Manhattan judge Thursday that his “casual” response to an SEC document request could land him in jail for contempt.
The head of the Financial Crimes Enforcement Network assured House lawmakers Wednesday that his agency is not looking to “ding anybody” on the new customer due diligence rule that went into effect last week and that it understands financial institutions may need a little extra time to work out its kinks.
A California federal judge on Wednesday permanently restrained from selling securities two companies that the U.S. Securities and Exchange Commission claims participated in a scheme to fraudulently raise $22.5 million from Chinese investors looking to obtain green cards through the federal EB-5 visa program.
Royal Park Investments SA/NV will face sanctions of $1,000 a day beginning next week if certain material needed to comply with a discovery order in its residential mortgage-backed securities suit against Deutsche Bank National Trust Co. isn’t produced, a New York federal magistrate judge said Tuesday.
The full Ninth Circuit will not rehear a panel decision that revived a putative class action alleging that Bank of America NA skirted state law by electing not to pay interest on mortgage escrow accounts, circuit judges said in an order Wednesday.
The unsecured creditors in Puerto Rico's bankruptcy-like restructuring proceedings on Tuesday renewed a request to conduct their own investigation into the causes of the island's financial crisis and reckless accumulation of debt, slamming a federal board's ongoing probe for insufficient aims and continued delays.
A federal judge in Massachusetts on Tuesday declined to trigger a foreign treaty to help a former State Street executive access documents and depositions from co-workers and clients he allegedly swindled that could aid his defense against securities fraud charges, but expressed concern that the government can access evidence abroad.
A venture capitalist and his firm asked a California federal judge on Tuesday to boot them from a consolidated action accusing the Tezos blockchain network’s executives of offering Tezos tokens as unregistered securities, saying they had no hand in the alleged securities violations.
Investors in the Bank of New York Mellon urged a New York federal court on Tuesday to certify their class of American depositary receipt holders who were allegedly overcharged during the bank’s conversion of foreign-currency dividends to U.S. dollars.
Bill Carmody of Susman Godfrey LLP helped investors in the sprawling multidistrict litigation over alleged manipulation of Libor land a $130 million settlement with Citigroup last year, and also scored a judgment worth more than $100 million for General Electric after a jury verdict in a contract dispute, landing him among Law360’s 2018 Titans of the Plaintiffs Bar.
Federal Trade Commission staff warned Tuesday that certain corporate acquisitions and other transactions may need to be reported to antitrust enforcement agencies for review even if they don't involve a payment, including security swaps, share transfers and corporate reorganizations.
The U.S. Securities and Exchange Commission will continue to handle cryptocurrency offerings based on a “facts and circumstance” test that judges each case individually to determine whether it’s a security subject to SEC regulation, Stephanie Avakian, co-director of the agency’s the Division of Enforcement, said Wednesday.
VectoIQ Acquisition Corp., a blank-check company focused on acquiring a business in the automotive or smart mobility industry, saw shares begin trading Wednesday after raising $200 million through an initial public offering guided by Greenberg Traurig LLP.
The Federal Circuit on Tuesday affirmed a Texas federal judge's finding that InvestPic LLC's patented method for analyzing financial data, which it asserted against SAP America Inc., was invalid under Alice for claiming a noninventive and abstract mathematical idea.
A Manhattan federal judge said Tuesday that she may push the trial of two former Deutsche Bank traders accused of rigging the Libor to September, saying she felt “sandbagged” by U.S. Department of Justice prosecutors’ new theories a month before trial.
Two of President Donald Trump’s nominees to the Federal Reserve Board of Governors told senators Tuesday that they support the concept of tailoring post-financial crisis rules to better fit banks’ differing risk profiles so long as it doesn’t undermine the safety and soundness of the financial system.
Enforcement activity by the U.S. Securities and Exchange Commission against public companies continued to fall during the first half of the current fiscal year, according to a study released Tuesday, a further sign the regulator is backing away from the frequent and large sanctions it imposed against such issuers under the Obama administration.
The U.S. Securities and Exchange Commission on Tuesday accused four individuals in New York federal court of perpetrating a $34 million penny stock scheme by making illegal trades on artificially inflated stock belonging to the microcap company Biozoom Inc., then allegedly covering it up with offshore bank accounts and sham legal documents.
Carl Icahn and Darwin Deason want to auction Xerox Corp. as soon as possible, billionaire David Tepper inked a deal to buy the Carolina Panthers NFL team for at least $2.2 billion, and blockchain server producer Canaan Creative plans to list publicly in Hong Kong.
By incorporating an explicit requirement that discovery must be “proportional to the needs of the case,” the 2015 amendments to the Federal Rules of Civil Procedure garnered much speculation as to their impact on courts’ decision-making processes. Now that the rules have been implemented for over two years, several themes have emerged, say attorneys with Buckley Sandler LLP.
If cryptocurrency exchange Coinbase completes a recently initiated regulatory process and becomes a registered exchange, it may herald a wave of registration with the U.S. Securities and Exchange Commission. In this event, exchanges should take note of the regulatory requirements and concerns and decide which registration option fits best with their business model, say attorneys with Holland & Knight LLP.
The advancement in connected technologies and software has created an explosion of nontraditional data sources that present challenges to e-discovery practitioners. Many tools and techniques used to process traditional data may not be practical for these new data types, say Jason Paroff and Sagi Sam of Epiq.
It is difficult to say exactly what the ultimate changes to the Volcker Rule will be. However, certain political realities on the legislative side and a convergence of statements by policymakers on the regulatory side suggest that there are at least a few broad changes that can be reasonably forecast, say Michael Silva and Paola Ronquillo of DLA Piper.
The Ninth Circuit’s recent decision in Varjabedian v. Emulex Corp. substantially diminished the initial burden in pleading claims related to tender offers under Section 14(e) of the Exchange Act. This provides plaintiffs with a reason to bring their cases in the Ninth Circuit, say attorneys with Paul Hastings LLP.
Out of 94 district courts nationwide, the Eastern District of Virginia has the fastest civil trial docket in the country, now for at least the 10th straight year. The modern EDVA bench clearly takes pride in efficiently dispensing justice, and this dedication to efficiency has continued even in the face of increased filings, says Bob Tata of Hunton Andrews Kurth LLP.
Even the most mild-mannered banker will turn vitriolic if an equity deal launch press release does not hit the wire services on time. Attorneys with Hunton Andrews Kurth LLP offer some legal and practical considerations and a sample timeline in light of a recently revised New York Stock Exchange policy.
A number of class actions have been filed against initial coin offering founders for securities fraud, which means courts will soon begin to grapple with applying the federal securities laws to a new and potentially groundbreaking fundraising mechanism, say Michael Canty and Ross Kamhi of Labaton Sucharow LLP.
When the solicitor general agreed with Raymond Lucia's argument that the U.S. Securities and Exchange Commission itself must appoint administrative law judges to conform with the appointments clause, the result in Lucia v. SEC seemed foreseeable. But oral arguments this week suggest that the U.S. Supreme Court justices may be more divided than expected, says professor Harold Krent of IIT Chicago-Kent College of Law.
There is speculation that smart contracts may enable technology to replace the practice of law. However, disputes will almost certainly arise as a result of the innate characteristics of smart contracts, requiring seasoned legal representation, say Collin Starkweather, a principal at Charles River Associates, and Izzy Nelken, a member of the Chicago Board Options Exchange's product development committee.