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SECURITIES |
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TOP NEWS Analysis Trump Call For SEC To Study Reporting Rules Sparks Debate
President Donald Trump on Friday called on the U.S. Securities and Exchange Commission to study ending quarterly reporting requirements for public companies and switch to a six-month system in order to cut costs and spur growth, a major policy shift that experts say would likely be embraced by many businesses but resisted by investors.
Ex-Katten Atty Gets 18 Months In Prison For Shkreli Fraud
Former Katten Muchin Rosenman LLP attorney Evan Greebel on Friday was sentenced to 18 months in prison over allegations that he aided now-imprisoned former pharmaceutical executive Martin Shkreli in defrauding Retrophin Inc.
Class Counsel In $2B Forex Deal Awarded $22M In Expenses
A New York federal judge on Thursday awarded nearly $22.5 million to an investor class' counsel for litigation expenses incurred in a $2.3 billion settlement resolving claims that 15 banks colluded to rig benchmark exchange rates in the foreign exchange markets.
Scottrade To Face Mass. Securities Watchdog In State Court
A Massachusetts federal judge said Thursday that the state securities division’s administrative complaint alleging Scottrade Inc. flouted its own internal impartial standard conduct should not have been removed to federal court, remanding the action to a state administrative court.
Fraudster's Ex-Wife Gets Email Hunt Paused In Atty Tryst Suit
An Indiana federal court on Friday temporarily paused discovery for emails sent by the ex-wife of an incarcerated hedge fund manager in his suit claiming that his attorney had an affair with his wife while representing him in his criminal case, but refused to halt discovery all together.
US Takes Ex-HSBC Trader's Extradition Win To Top UK Court
The U.S. is appealing the denial of extradition of a former HSBC foreign exchange trader to the U.K.'s highest court, prosecutors said Thursday, to face charges in New York alleging he and a colleague defrauded bank client Cairn Energy PLC by trading ahead of a $3.5 billion forex deal for the Scottish oil and gas developer.
Dutch National Gets 17 Years For $2.5M Investment Schemes
An Illinois federal judge on Thursday sentenced a Dutch national to 17 years in prison in an international criminal fraud case that saw the man cop to procuring more than $2.5 million through fake investment schemes between 1998 and 2010.
Chancery Rejects Bid To Unwind $170M Furniture Co. Merger
A Delaware Chancery judge on Friday sided with directors of furniture company Design Within Reach Inc. and its hedge fund backers at Glenhill Capital Management LP, and rejected investor claims that a roughly $170 million merger with Herman Miller Inc. should be voided because of a quickly fixed mistake.
Order Needed Now In Venezuela $1.2B Award Row, Miner Says
Crystallex International Corp. pressed a Delaware judge on Thursday to immediately issue an order allowing it to seize shares in Citgo Petroleum Corp. to enforce its $1.2 billion award against Venezuela, while the country's state-owned oil company angled for a pause during its pending appeal.
Investors Must Arbitrate $3.2M Row With Burial-Alternative Co.
A group of Texas investors who allege they were duped into sinking $3.25 million into a now defunct company that offered an eco-friendly alternative to cremation and burial were ordered by a federal judge on Friday to arbitrate their dispute with the company's Irish CEO.
Investment Co., Irked Clients Clash On Securities Law's Reach
An investment firm and proposed class of investors accusing it of transferring their money into a mutual fund while concealing conflicts of interest are duking it out over whether a federal securities law precludes the investors' claims, with the firm hoping to dismiss the suit and the investors moving for remand to state court.
Ex-Constellation CEO Says He Is Victim In Stock Fraud Suit
The ex-CEO of bankrupt Constellation Healthcare Technologies Inc. Thursday asked a New Jersey federal court to dismiss claims he engaged in securities fraud, alleging he is the victim of an investor’s takeover scheme.
Ex-Lannett Execs Face Derivative Suit Over Antitrust Probes
A shareholder of Lannett Co. Inc. has slapped several former executives at the generic-drug maker with a derivative lawsuit in Pennsylvania federal court, accusing them of orchestrating a damaging price-fixing scheme to artificially inflate the firm’s stock price.
2nd Circ. Won't Revive Madoff 'Feeder Fund' Class Action
A three-judge panel of the Second Circuit rejected an effort by investors in two so-called feeder funds that were linked to Bernie Madoff’s fraudulent investment scheme to revive their class action against the funds’ managers, auditors, consultant and administrator, ruling Friday that a lower judge was right to dismiss the case.
Analysis PG&E Fire Liability Has Calif. Considering Ch. 11 Alternative
As wildfires again ravage swaths of California forests in what has become a deadly summer ritual, the threat of a Pacific Gas and Electric Co. bankruptcy looms over state lawmakers who are hastily debating how to apportion liability for billions of dollars' worth of damage stemming from last year's infernos.
Cooley Adds Ex-Boies Schiller Trial Partner In NY
Cooley LLP said Thursday that it has hired a former Boies Schiller Flexner LLP trial partner with experience representing financial institutions and sports and entertainment clients in securities and antitrust litigation, as well as in international and domestic arbitrations, bolstering its offerings in New York.
The Curious Case Of Ripple's Removal
Coffey v. Ripple Labs is a much-anticipated cryptocurrency case that squarely presents the question of whether Ripple is a “security” within the meaning of the securities laws. A recent decision in the case, however, addressed an important removal question of more general applicability, says Douglas Pepe of Joseph Hage Aaronson LLC.
Plan Sponsors Should Consider Pension De-Risking
For some plan sponsors, the prospect of engaging in a pension risk transfer may seem cost-prohibitive. However, the cost of transferring risk is lower than what many sponsors perceive, says Elliott Dinkin of Cowden Associates Inc.
Series Judging A Book: Lipez Reviews 'Last Great Colonial Lawyer'
In his new book, "The Last Great Colonial Lawyer: The Life and Legacy of Jeremiah Gridley," Charles McKirdy argues that Gridley — someone I had never heard of — was the last great colonial lawyer, and that his cases illuminate his times. The author largely substantiates both claims, says First Circuit Judge Kermit Lipez.
Analysis Despite Abuse Horrors, Attys Feel Duty To Defend The Church
Despite horrific details in a recently unveiled grand jury report about sexual abuse suffered by more than a thousand victims at the hands of Catholic clergy in Pennsylvania, attorneys who have represented the church say that public scorn hasn't swayed them from their duty to provide a vigorous defense. Feature 3rd Circ. Oral Argument Dip Troubling, Chief Judge Says
The Third Circuit appellate bar is trying to reverse a troubling decline in oral arguments before its panels, which its Chief Judge D. Brooks Smith in an exclusive interview with Law360 says could have been brought on by a "stunning" increase in pro se filings he traces to the Great Recession of the late aughts. Quinn Emanuel Says Ex-Partners Can't Duck Fee Arbitration
Quinn Emanuel Urquhart & Sullivan LLP reiterated on Thursday in New York court that its former partners who launched Selendy & Gay PLLC cannot escape arbitrating a dispute over a clause in their partnership agreement requiring them to remit fees earned from clients they took to their new firm. Stinson Leonard Grows In St. Louis With IP Boutique Tie-Up
Stinson Leonard Street LLP continued its expansion streak Thursday, announcing plans to acquire 28-strong St. Louis intellectual property boutique Senniger Powers LLP, following up on two new office openings earlier this year. Feature 3 Reasons Attys Should Learn A Foreign Language
Becoming fluent in a foreign language may seem daunting, but the challenge can offer big rewards, including career opportunities and personal satisfaction, for attorneys willing to take it on. Here, Law360 looks at three reasons why lawyers should learn languages other than their own. Feature GC Cheat Sheet: The Hottest Corporate News Of The Week
The Sixth Circuit ruled the Fair Labor Standards Act doesn’t on its own thwart arbitration agreements, consumer groups fought back against industry attempts to amend a hastily enacted landmark privacy law in California and British police warned of an increase in cryptocurrency fraud. These are some of the stories in corporate legal news you may have missed in the past week. In Case You Missed It: Hottest Firms And Stories On Law360
For those who missed out, here's a look back at the law firms, stories and expert analyses that generated the most buzz on Law360 last week. Podcast Podcast Law360's Pro Say: Disabled Attys Fight For A Place In BigLaw
The legal profession can be a lonely place for attorneys with disabilities. They are often overlooked in diversity discussions, and may feel pressure to downplay their disability out of fear of facing bias and stigma. On this week's Pro Say podcast, we dive into these challenges and highlight how disabled attorneys are fighting for their place in the law. Kavanaugh Will Meet With Top Senate Opponent
U.S. Supreme Court nominee Brett Kavanaugh will come face-to-face with his opposition Monday as he sits down with Sen. Dianne Feinstein, D-Calif., the ranking member of the Senate Judiciary Committee and the lawmaker leading the fight against his confirmation. Ex-Clerk Says NY Courts Protected Judge Who Harassed Her
A former law clerk has accused the New York state judicial system of covering up for a judge who she says sexually harassed her, allegations she made in a suit filed in federal court against the jurist and 16 other judges, administrators and attorneys.
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