A high-profile complaint filed by Massachusetts' top securities cop against Scottrade for allegedly violating conflict-of-interest laws is a sign that state regulators will be stepping in to fill a perceived void in federal policing of retirement account advisers, legal experts said Tuesday.
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State Securities Cops Filling In For Feds On Fiduciary Beat

A high-profile complaint filed by Massachusetts' top securities cop against Scottrade for allegedly violating conflict-of-interest laws is a sign that state regulators will be stepping in to fill a perceived void in federal policing of retirement account advisers, legal experts said Tuesday. Read more »

Ex-UBS Trader Gets Spoofing, Fraud Counts Nixed Over Venue

A Connecticut federal judge on Monday axed the criminal spoofing and commodities fraud counts facing a former UBS AG trader accused of scheming to manipulate the precious metals market, blasting the government’s handling of the case and refusing to scrap its remaining conspiracy charge in order to let federal prosecutors have a mulligan. Read more »

High Court Turns Away Fannie, Freddie Investor Appeals

The U.S. Supreme Court on Tuesday denied a plea from investors hoping for reconsideration of their case challenging the federal government’s conservatorship of Fannie Mae and Freddie Mac, reinforcing a lower court’s ruling that the Federal Housing Finance Agency cannot be sued over its role in managing the mortgage finance duo. Read more »

Judge Nixes LendingClub Investor Bid For Underwriter Docs

Morgan Stanley, Goldman Sachs and the other underwriters of LendingClub Corp.'s $1 billion initial public offering for now don't have to produce roughly a thousand documents sought by a class of investors suing the peer-to-peer lending company for alleged stock fraud, a California federal judge ruled Tuesday. Read more »


Ex-Katten Muchin Atty Says Jury Misconduct Tainted Trial

Attorneys for former Katten Muchin Rosenman LLP partner Evan Greebel on Saturday gave the most detailed account to date of a raft of purported jury misconduct they say plagued the trial of the onetime attorney to Martin Shkreli, arguing that Greebel’s conviction should be quashed. Read more »

SEC Settles Suits Over $1.8M Shell Company Scheme

Three Israeli residents, a Washington, D.C., attorney and an Israeli accountant and his Baltimore-based firm have settled lawsuits with the U.S. Securities and Exchange Commission that alleged the group schemed to create numerous shell companies that made them more than $1.8 million in profits, agreeing to disgorgements and penny stock bars. Read more »

Woodbridge Ponzi Defendant Seeks Toss Of SEC Charges

Ponzi-scheme suspect Robert Shapiro asked a Florida federal court Tuesday to dismiss the Securities and Exchange Commission’s case against him, saying the mortgage notes he sold were not securities. Read more »


Cohen Can't Seal Suit Over Alleged Harassment At Firm

Steven A. Cohen’s investment firm lost a bid to seal a current employee’s lawsuit alleging widespread sexual discrimination Tuesday when a New York federal judge ruled there was no reason to keep the allegations confidential while the parties suss out whether the case should be arbitrated. Read more »

Wilmington Suit Over Ex-Chesapeake CEO's $464M Debt Stays

A New York federal judge on Friday largely left intact a suit brought by Wilmington Trust National Association over a $464 million loan guaranty from the late Chesapeake Energy CEO and part-owner of the NBA's Oklahoma City Thunder, finding the court has jurisdiction to hear the case. Read more »

High Court Rejects Cert Petitions In 7 Employment Cases

The U.S. Supreme Court declined petitions to review several employment cases Tuesday, including a ruling that Consol Energy illegally pushed out a miner who refused to use biometric hand scanners he believed would tag him with the biblical “mark of the beast,” and a decision that Foot Locker owes at least $100 million in benefits to thousands of workers whose pensions it cut. Read more »


$300M Emergency Loan Approved For Puerto Rico Electric Co.

Puerto Rico’s ailing power utility on Monday was authorized to accept a $300 million unsecured loan from the commonwealth to stave off an imminent blackout, after the utility’s creditors successfully fought off an earlier $1 billion secured loan proposal. Read more »


Harbor Drops $56M On Offices Via Goldman, Blue Vista JVs

Harbor Associates LLC has picked up a pair of California office properties through separate transactions, one through a joint venture with private equity shop Blue Vista Capital Management and another with Goldman Sachs, for a total of $56 million, the Long Beach-based firm announced on Monday. Read more »

Deals Rumor Mill: Deutsche Bank, Tesco, United Arab Bank

Deutsche Bank is planning to list its asset management arm next month, Booker investors are being urged to reject Tesco's $4.6 billion takeover offer, and the Commercial Bank of Qatar is looking to sell its stake in United Arab Bank to Tabarak Investment. Read more »

Real Estate Rumors: Blackstone, Angelo Gordon, GGP

Blackstone is said to have sold an Illinois office property for $47 million, Angelo Gordon has reportedly sold a Florida apartment complex for $64 million, and mall real estate investment trust GGP is said to have bought an Illinois Macy's store for $25 million and leased it back to the retailer. Read more »


Observations On Delaware Appraisal In A Post-Dell World

It is too early to assess the full reach that Dell will have on appraisal in Delaware. But the Delaware Chancery Court's ruling last week in Verition Partners v. Aruba Networks provides a first look, say John Hughes and Jack Jacobs of Sidley Austin LLP. Read more »



Russia, Ukraine Ties Mark Ex-Skadden Atty Snared By Mueller

Six years ago, Skadden associate Alex van der Zwaan was just one of several junior members of a firm team that wrote a controversial report about the prosecution of an ex-Ukrainian prime minister — a lucrative job arranged by Paul Manafort, now a Russia probe defendant. But van der Zwaan’s client list belies any junior lawyer status. Read more »

Ex-Skadden Atty Pleads Guilty To Lying In Mueller Probe

A former Skadden Arps Slate Meagher & Flom LLP lawyer pled guilty Tuesday to lying to officials in Special Counsel Robert Mueller’s investigation into Russian meddling in the 2016 presidential election. Read more »

Pro Bono Spotlight

Akin Gump Secures Asylum For US Military Interpreter

Afghan native Abdul Samey Honaryar should not have spent a year detained in the custody of the same government he served as a war zone translator, his Akin Gump Strauss Hauer & Feld LLP attorneys told Law360. Read more »


15 Minutes With Discover Financial Services' General Counsel

Kelly McNamara Corley, who has served as executive vice president, general counsel and secretary of Discover Financial Services since 2008, shared with Law360 how the company prioritizes diversity and inclusion and what keeps her up at night, as technology continues to develop rapidly. Read more »

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