Deutsche Bank won a temporary restraining order from the Delaware Chancery Court on Monday barring interests of Norwegian billionaire investor Alexander Vik from shuffling $48 million to an alleged shell company as part of a purported conspiracy to duck a $323 million judgment issued in 2010.
The U.S. Securities and Exchange Commission has moved in to stop what has been touted as the largest initial coin offering ever launched, alleging in a complaint unsealed Monday in Texas federal court that the offering by Dallas-based AriseBank, which had a $1 billion goal, was illegal and fraudulent.
The legal woes facing cryptocurrency marketplace BitConnect mounted Monday as the U.K.-registered lending and exchange platform was hit with a second class action complaint alleging it was a Ponzi scheme that cheated thousands of investors out of millions of dollars.
Investors suing HSBC Bank USA NA over its handling of more than 200 residential mortgage-backed securities trusts told a New York federal judge on Friday that a magistrate judge’s recent recommendation against certifying a similar suit involving Wells Fargo as a class action doesn’t undermine their own bid for class certification.
The star witness in the trial of a New Jersey pastor and a Florida tech expert over an unlawful bitcoin-dollar exchange scheme was spared an incarceratory sentence on Monday after a prosecutor lauded his cooperation as “extremely valuable” to the government.
A spate of coordinated spoofing cases against three banks and their former traders are a new high water mark in cooperation between the U.S. Department of Justice and the Commodity Futures Trading Commission and bear out commitments to cracking down on manipulation and going after individuals, according to former government attorneys.
Puerto Rico’s financial overseers Saturday asked a federal court to let the island’s beleaguered electric utility take a $1.3 billion line of credit with the territory’s government to keep the island’s lights on past the middle of next month.
Yahoo Inc. successor Altaba Inc. on Friday fired back against a claim in Delaware Chancery Court that it owes BNY Mellon Trust a bonus under a $1.4 billion notes-to-shares conversion agreement, saying not enough of Yahoo’s assets were sold to trigger it.
Six companies — including energy services providers, an asset manager, a marketing analytics firm and a drugmaker developing a biosimilar of Botox — launched six initial public offerings on Monday that are estimated to raise about $1.4 billion, engaging the work of 11 law firms.
The direct lending arm of West Palm Beach, Florida-based private investment firm Comvest Partners said Monday it has closed its fourth direct lending fund, Comvest Capital IV LP, after $836 million in commitments, well past its $650 million target.
Sidley Austin LLP said Monday it has bolstered its Houston office with the hiring of a former Bracewell LLP environmental partner experienced in regulatory matters and energy-related transactions.
Blank check company Union Acquisition Corp. on Monday filed a $100 million initial public offering, hoping to raise money that will help fund an acquisition of a business from Latin America, a region the company’s management believes is rife with opportunities.
A trio of European banks urged a Manhattan federal judge Friday to force a potential class of foreign exchange traders to arbitrate or relocate their claims over the banks’ alleged policy of delaying trades to increase their profits, a practice known as “last look.”
A former UBS trader facing criminal allegations that he schemed to manipulate the precious metals futures market through a trading tactic known as “spoofing” was hit Friday in Connecticut federal court with a related U.S. Commodity Futures Trading Commission suit that seeks to ban him from the business.
Deutsche Bank National Trust Co. can proceed to trial with its suit alleging that a Morgan Stanley unit stuffed a $735 million pool of residential mortgages with bad loans and then failed to live up its contractual obligations, a New York federal judge ruled Thursday.
Barclays New York’s ex-foreign currency exchanges head, who appeared in California federal court Friday to face charges in an alleged trading scheme that defrauded Hewlett-Packard, was granted permission to travel between his Manhattan home, Long Island vacation property, Connecticut and New Jersey to visit friends and family.
The Commodity Futures Trading Commission on Friday sued a pair of former Deutsche Bank AG traders for allegedly engaging in manipulative trading or “spoofing” in the market for precious metals futures, as the U.S. government continues its crackdown on the practice.
Firearm maker Remington is reportedly looking to restructure $950 million worth of debt, Casey's General Stores has offered to buy Kroger's $2 billion convenience store business and Dell is eyeing acquisitions or an IPO to make up for a lackluster EMC deal.
A Texas bankruptcy judge greenlit a deal under which Angolan state-owned oil company Sonangol EP will pay $500 million to take over Cobalt International Energy Inc.’s interests in a pair of offshore drilling blocks, resolving arbitration in which Cobalt was seeking more than $2 billion.
Eight firms are set to guide seven companies projected to raise more than $3.4 billion through initial public offerings during the week of Jan. 29, led by an estimated $1 billion initial public offering from a real estate investment trust formed by Caesars Entertainment Corp.’s emergence from bankruptcy.
In a recent study, 20 out of 25 law firms surveyed have made billing process improvement a top priority for 2018. Firms can foster consistency and increase efficiency at all stages of their billing cycle by focusing on a few specific procedures, say Sharon Quaintance and Christine Indiano at HBR Consulting.
The Fifth Circuit is among the busiest federal circuit courts in the country. What can you do to increase your chances of reaching oral argument? And if given the opportunity, how can you present a persuasive argument? Former Fifth Circuit clerk Justin Woodard, an associate at Jones Walker LLP, shares some advice.
Having just completed a six-year term as chair of the U.S. Sentencing Commission, I read Yale Law School professor James Forman's new book, "Locking Up Our Own: Crime and Punishment in Black America," with particular interest, says Judge Patti Saris, chief judge for the U.S. District Court for the District of Massachusetts.
Based on U.S. Supreme Court arguments Tuesday in Digital Realty Trust v. Somers, corporate whistleblowers are headed back to a world in which their main protection against retaliation will be the stalwart Sarbanes-Oxley Act, says Scott Oswald of The Employment Law Group PC.
The U.S. Supreme Court is poised to hear argument in Digital Realty Trust v. Somers, but if it decides to strip the protections of employees who report violations of law to in-house managers it will constitute the greatest setback for voluntary compliance programs since they were established in the mid-1980s, says Stephen Kohn of Kohn Kohn & Colapinto LLP.
Statoil ASA will pay $4 million to resolve claims that the company attempted to manipulate propane prices, but the intent evidence that the U.S. Commodity Futures Trading Commission relied upon is not very persuasive, say attorneys with Willkie Farr & Gallagher LLP.
One decade since the first signs of trouble, members of the Financial Crisis Inquiry Commission, Obama administration officials, legal industry experts, and others explore the profound impact of the Great Recession.
In recent years, initial coin offerings have exploded into the spotlight, but following their recent ban in China and South Korea, and mobilization from a number of top financial regulators in the U.S., U.K. and Australia, it is almost certain that we will see rapid developments in ICO regulation, say Paul Anderson and Harriet Rogers of Squire Patton Boggs LLP.
Are the latest books on the judicial system worth reading? Federal judges share their thoughts in this series of book reviews.
Law firms are businesses where partners operate with significant autonomy. To see their priorities translate into individual partner action, firm leaders should use a few collaborative strategies, suggests Hugh A. Simons, former senior partner of The Boston Consulting Group and former COO of Ropes & Gray LLP.