• March 16, 2018

    'Unicorn' Zscaler Surges After Pricing Upsized $192M IPO

    Shares of cybersecurity startup Zscaler Inc. more than doubled in a sizzling debut on Friday, one day after the technology “unicorn” priced an upsized $192 million initial public offering above its projected range, representing the largest of four IPOs during the week of March 12.

  • March 16, 2018

    Businessman Fudged Funds To Nab $30M Loan, DOJ Says

    The owner of a company that helps employers provide legal services for their employees was charged with wire fraud in Pennsylvania federal court Friday for allegedly falsifying the company’s financial health to coax a $30 million line of credit out of potential lenders.

  • March 16, 2018

    Wilmington Trust Past Due Waivers Said To Run For Years

    A Wilmington Trust Corp. backlog of unacknowledged, past due commercial loans included 142 debts worth $177.3 million that were six months to three-and-a-half years past due when 2009 ended, a witness said Friday during a Delaware fraud and securities trial for four bank executives.

  • March 16, 2018

    SEC Affirms Bar Of Ex-FINRA Firm Rep Over Improper Conduct

    The U.S. Securities and Exchange Commission has affirmed the Financial Industry Regulatory Authority’s order barring a former FINRA-member firm representative over harassing, threatening and deceptive communications to his former coworkers, saying the bar was neither excessive nor oppressive.

  • March 16, 2018

    BofI Gets Early Exit From Securities Class Action

    A California federal judge on Thursday tentatively dismissed with prejudice the latest attempt by investors to sue the holding company of BofI Federal Bank for allegedly making false or misleading statements to the public, finding the investors still hadn’t linked stock value losses to the alleged misrepresentations.

  • March 16, 2018

    Enron Debt Investors Push Back On Banks' Quick Win Bids

    A group of investment funds seeking to hold Merrill Lynch, Deutsche Bank and Credit Suisse responsible for losses stemming from the infamous 2001 collapse of Enron Corp. have urged a New York federal judge to let their 15-year-old case proceed to trial, battling back against the banks’ latest efforts to slip the suit.

  • March 16, 2018

    Wells Fargo’s $27.5M Calif. Wage Deal Gets Final OK

    A California judge said Friday she’ll approve Wells Fargo Bank NA’s $27.5 million settlement resolving a consolidated action brought by the bank’s hourly Golden State bankers and sales representatives, who claim they were required to work more than 40 hours a week without overtime pay and were shorted meal breaks.

  • March 16, 2018

    UK Litigation Roundup: Here's What You Missed In London

    The last week has seen the Force India Formula One team sue Santander, the Fiat Group launch an action against its longtime pension scheme administrator and Squire Patton Boggs, and a Scipion fund take on a commodities warehouser. Here, Law360 looks at those and other new claims in the U.K.

  • March 16, 2018

    DOL Direction Sought After Fiduciary Rule Nixed By 5th Circ.

    A Fifth Circuit ruling vacating the U.S. Department of Labor’s fiduciary rule for retirement account advisers has created confusion across a broad swath of the U.S. investment landscape that will only be resolved once the DOL decides whether to drop the case or pursue it on appeal, legal experts said Friday.

  • March 16, 2018

    Court Freezes Leaders' Assets In Cryptocurrency Schemes

    A Florida federal court has frozen the assets of four alleged scammers accused of telling investors that they could turn $100 of digital currency into $80,000 per month, while setting up a pyramid scheme that enriched only themselves.

  • March 16, 2018

    Metals Co. Pleads Guilty To AML Weakness, Will Pay $15M

    Texas metals firm Elemetal LLC has pled guilty to having an inadequate anti-money laundering program and has agreed to pay $15 million and to stop buying precious metals overseas, the company and Florida federal prosecutors said Friday.

  • March 16, 2018

    ICSID Roundup: The Latest Claims You Need To Know

    It's been a busy few weeks at the International Centre for Settlement of Investment Disputes, with new claims in the construction, energy, banking, media and tourism industries filed against the republics of Azerbaijan, Colombia and Turkey, the Kingdom of Morocco, and the State of Kuwait. Here are the latest claims at ICSID you need to know.

  • March 16, 2018

    A Chat With Littler Info Chief Durgesh Sharma

    In this monthly series, legal recruiting experts at Major Lindsey & Africa interview management from top law firms about navigating an increasingly competitive business environment. Here we feature Durgesh Sharma, chief information officer at Littler Mendelson PC.

  • March 16, 2018

    Taxation With Representation: EY, Skadden, Slaughter

    In this week’s Taxation With Representation, Experian bought ClearScore for $385 million, SJW Group and Connecticut Water Service merged in a $750 million deal and Legal & General Group acquired the remaining stake of Cala Homes for $884.7 million.

  • March 16, 2018

    Credit Suisse Investors Sue Over Inverse VIX Price Drop

    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.

  • March 16, 2018

    BOE Says Brexit Poses 'Material Risks' To Financial Sector

    The Bank of England told lawmakers and regulators in the U.K. and Brussels on Friday that they need to do more to prevent “material risks” from Brexit disrupting Britain’s financial sector.

  • March 15, 2018

    Split 5th Circ. Vacates DOL's Obama-Era Fiduciary Rule

    A split Fifth Circuit panel on Thursday vacated the U.S. Department of Labor’s fiduciary rule for retirement account advisers, with the majority finding the agency overstepped its authority and that the Obama-era rule’s redefinition of "fiduciary" was unreasonable.

  • March 15, 2018

    Manafort Disputes Criminal Charges, Attacks Mueller Probe

    Paul Manafort on Wednesday made his latest move to defeat a slew of money laundering and foreign lobbying charges brought by Special Counsel Robert Mueller, saying in court filings that Mueller’s appointment improperly gave him a “blank check” to investigate anything arising from the Russia investigation, however attenuated.

  • March 15, 2018

    Law Firms Can Prosecute On Behalf Of DA, 9th Circ. Rules

    The Ninth Circuit on Thursday refused to revive a bank’s contention that a California district attorney can’t hire Baron & Budd PC and other firms to prosecute allegations of customer deception, ruling for the first time that the government can pay private counsel to pursue civil penalties.

  • March 15, 2018

    Visa, AmEx, Others Duck Cert. In Chip Fraud Risk Suit

    Discover, Visa, MasterCard and American Express have for now thwarted class certification in a suit alleging they colluded to shift fraud risk onto retailers during the U.S. rollout of microchip-enabled credit cards, as a New York federal judge voiced dissatisfaction with “arbitrary” proposed time periods during which the alleged actions occurred.

Expert Analysis

  • An Update On Spoofing And Its Challenges

    Ilan Guedj

    Regulators have recently increased their efforts in cracking down on spoofing, yielding an increasing number of criminal indictments and civil settlements. However, an important challenge in identifying spoofing is separating legitimate calculations from those that were intended to manipulate the market, say Ilan Guedj and An Wang of Bates White LLC.

  • Venmo: The Battle Between App Usability And Compliance

    Jason Sarfati

    Venmo’s settlement with the Federal Trade Commission over privacy concerns should serve as a cautionary tale for all software and application development companies that are seeking to create innovative and user-friendly products, says Jason Sarfati of Joseph Greenwald & Laake PA.

  • An Update On The Blockchain Patent Landscape

    Nelson Rosario

    What is perhaps more interesting than the number of blockchain-related patent filings, or their subject matter, is the number of assignees for these patents, says Nelson Rosario of Marshall Gerstein & Borun LLP.

  • Identifying Cybersecurity Best Practices For Financial Firms

    Rishi Zutshi

    As financial services and fintech firms seek to reduce their vulnerability to cyberattacks and mitigate against regulatory and litigation exposure, one key inquiry is the extent to which a company’s cybersecurity controls are consistent with industry best practices. In this regard, a recent report from the World Economic Forum provides a valuable reference point, say Rishi Zutshi and April Collaku of Cleary Gottlieb Steen & Hamilton LLP.

  • What To Expect From DOJ Shift In Marijuana Enforcement

    Gerald Sachs

    Under the U.S. Department of Justice's new marijuana enforcement strategy, the DOJ is unlikely to begin prosecuting marijuana growers and distributors who are operating in compliance with state law. The DOJ will likely prosecute the most egregious violators of state law, say Gerald Sachs and Evan Shea of Venable LLP.

  • How The Federal Reserve Might Approach Regulatory Reform

    George Madison

    The Federal Reserve’s new leadership has made clear that while it supports certain changes to Dodd-Frank and the related regulations, it broadly supports the post-crisis regulatory framework. With that background, we focus on the Fed’s anticipated views of five areas where reform is possible, say attorneys with Sidley Austin LLP.

  • Lawyering A La Carte: Unbundled Dispute Resolution Services

    David Wallace

    There's no reason for limiting unbundled legal services to family law or even pro se litigants. Wider adoption, especially by litigators, presents an opportunity to correct law's distribution and pricing problem, to make justice practically available to all, and to dethrone litigation as the "sport of kings," says New York-based trial lawyer David Wallace.

  • Bitcoin: A New, Volatile Asset In Bankruptcy

    Erin Jane Illman

    Given the mainstream use of bitcoin and the “staying power” of this cryptocurrency, bankruptcy practitioners need to prepare to see bitcoin as part of the assets in future bankruptcy cases. The volatility of bitcoin value, however, will require bankruptcy courts and parties to come up with creative solutions, say Erin Illman and Robert Cox of Bradley Arant Boult Cummings LLP.

  • You’re Perfect, Now Change: Perfectionism Hurts Lawyers

    Peter Norman

    Like medical professionals, lawyers often resist policies to reduce errors due to the culture of perfectionism that permeates the industry. Autonomy is key to the legal professional's prestige and the outward demonstration of competence is key to maintaining autonomy, says Peter Norman of Winnieware LLC.

  • In Lakeridge, Concurring Justices Take The Spotlight

    Steven Wilamowsky

    The U.S. Supreme Court last week held in Village at Lakeridge that the appropriate standard for determining nonstatutory insider status in bankruptcy is the clearly erroneous standard that was applied by the Ninth Circuit. But the concurring opinions, which address an issue that was not before the court, appear to be more significant, say Steven Wilamowsky and Aaron Krieger of Chapman and Cutler LLP.