The momentum behind the U.S. Securities and Exchange Commission's whistleblower program continued to build in 2018, culminating in the agency handing out more awards this year than all other years of the program combined.
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SEC's Whistleblower Program Hits Its Stride In 2018

The momentum behind the U.S. Securities and Exchange Commission's whistleblower program continued to build in 2018, culminating in the agency handing out more awards this year than all other years of the program combined. Read full article »

SocGen Fined $1.3B Over US Sanctions Violations

Société Générale SA said Monday that it has agreed to pay $1.34 billion in fines as part of settlements with U.S. federal and state authorities to resolve investigations into its processing of transactions involving Cuba, Iran and other targets of U.S. sanctions. Read full article »

Facebook Investors Challenge Motion To Toss Chancery Suit

Facebook founder Mark Zuckerberg’s tight control over the company and deep conflicts among board members trump the social media giant's arguments for dismissing a proposed class derivative damage suit targeting the Cambridge Analytica data scandal, investors said in a brief made public Monday. Read full article »

Wells Fargo Says No Evidence Of CDO Fraud Before Crisis

Wells Fargo Securities LLC told a New York federal judge on Monday that two years of discovery have failed to produce any evidence that in the runup to the financial crisis it handed control of collateralized debt obligations to a hedge fund that was simultaneously betting against them. Read full article »

Nasdaq Wants Fish & Richardson DQ'd From Patent Fight

A Nasdaq unit has urged the Patent Trial and Appeal Board to disqualify Fish & Richardson PC from Miami International Holdings Inc.'s challenge of a patent that is related to a lawsuit involving patents the law firm prosecuted for Nasdaq, calling the firm’s attempt to downplay its role in the proceedings “too cute by half.” Read full article »

WHITE COLLAR

Ex-Exec Gets 4.5 Years For Theft, Deceiving Aussie Exchange

An Australian businessman became the second former officer of technology company TZ Ltd. to receive a prison sentence after getting four-and-a-half years for swindling AU$6.25 million ($4.56 million) from the company’s coffers and falsifying reports with the Australian Securities Exchange, the Australian Securities & Investments Commission announced Monday.  Read full article »

MARKET MANIPULATION

Cboe Tries To Keep Lid On Discovery In VIX Manipulation MDL

Cboe Global Markets Inc. is urging an Illinois federal court to deny Chicago Board Options Exchange investors a head start on discovery in multidistrict litigation over alleged manipulation of its volatility index, arguing that their discovery bid goes beyond their claim to need the names of traders who manipulated the index. Read full article »

Spoofing Is Not Fraud, Ex-Merrill Lynch Traders Say

Two former Merrill Lynch traders who were indicted this summer on allegations that they ran a yearslong scheme to "spoof" the precious metals futures market told an Illinois federal judge on Friday that the government’s case rests on the “fallacy” that spoofing is a form of fraud. Read full article »

INVESTOR ACTIONS

Engineering Co. Owner Must Pay $917K To Investor He Duped

A Texas federal jury has found that the owner of an industrial engineering company duped an investor into sinking money into the company’s shares and awarded her $917,000 in damages, but cleared an attorney of responsibility for the fraud. Read full article »

Hatsopoulos Bros. Beat Investor Suit Over Energy Co. Merger

A prominent engineer and his business-minded brother dodged a proposed investor class action on Friday when a Massachusetts federal judge ruled that the shareholders failed to back up their remaining breach of fiduciary duty claims in a suit alleging they were shortchanged in a 2016 merger between the brothers’ energy-technology companies. Read full article »

Investors Sue Bank OZK For Hiding $46M Lost On Bad Loans

Investors hit Bank OZK with a proposed securities class action in New York federal court on Monday, after the regional bank was forced to write down nearly $46 million on real estate loans that went south. Read full article »

Uber Ex-CEO Seeks To Dump Fraud, Illicit Biz Practices Suit

Uber's ex-CEO Travis Kalanick asked a California federal judge Friday to toss a Texas-based retirement fund’s revamped proposed class action claiming Uber’s and Kalanick's illicit business tactics, corporate bullying, institutionalized harassment and rampant flouting of the law cost investors billions. Read full article »

Marketers Agree To Asset Freeze In CFTC Video Scam Suit

Marketing entities accused of duping at least 75,000 investors out of tens of millions of dollars with videos that falsely promised quick money have reached an agreement with the U.S. Commodity Futures Trading Commission freezing the companies' assets and prohibiting them from marketing any more products, according to a Friday filing in Florida federal court. Read full article »

Mallinckrodt Urges Court To Toss Investor Suit Over Acthar

Mallinckrodt PLC asked a D.C. federal judge to throw out a stockholder suit Monday, saying the investors can't meet a crucial legal test to show the firm deliberately misled them about reimbursement risks for the drug Acthar. Read full article »

PENNY STOCKS

2nd Circ. Says Law Supports SEC’s $12M Penny Stock Win

A three-judge Second Circuit panel ruled Monday that the U.S. Securities and Exchange Commission’s $12 million victory over a penny stock trader who didn’t comply with registration requirements could stand, saying the judgment was aboveboard and Delaware law didn’t protect the defendant. Read full article »

DEALS LITIGATION

2nd Circ. Affirms Barclays' Win In Suit Over $2.5B Offering

The Second Circuit on Monday affirmed Barclays PLC's 2017 victory in a long-running securities class action over a $2.5 billion notes offering in April 2008, agreeing with the lower court's finding that the bank did not make misstatements or omit information it was legally obligated to disclose. Read full article »

XO Investor Cries Foul Over $933M WeddingWire Deal Info

A shareholder for XO Group Inc. launched a proposed class action against the multimedia content publisher and its board of directors in Delaware federal court Friday, claiming a filing with the U.S. Securities and Exchange Commission related to its $933 million acquisition by private equity-backed WeddingWire Inc. left out important financial analyses and projections. Read full article »

Whitewash Alleged In Fight Over Shares Of $905M Sale

Attorneys for an adult daughter at the center of a family feud over shares from the $905 million sale of a landmark Brooklyn housing complex told a Delaware judge Monday that the company handling the sale proceeds tried to "whitewash" the books of the business. Read full article »

EMPLOYMENT

NJ Court Won't Revive Fired Accountant's Shareholder Claim

The New Jersey Appellate Division on Monday shut down a fired accountant’s bid to get back her job at a real estate management company, reasoning in a published decision that “at-will” workers have no reasonable expectation of continued employment. Read full article »

BANKRUPTCY

Toys R Us Noteholders Reach Deal Over $900M Asia JV

Toys R Us investors poised to buy an 85 percent stake in the toy giant's $900 million Asian business have reached an agreement with minority equity holder Fung Retailing Ltd., a China-based retailing arm of the Fung Group, putting to rest opposition over the purchase. Read full article »

David's Bridal Hits Ch. 11 In Delaware With $800M In Debt

Bridal retail giant David's Bridal Inc. entered Chapter 11 in Delaware bankruptcy court on Monday with a proposed restructuring support agreement for a debt-for-equity swap in place, citing financial strain caused by its roughly $800 million in debt, most of which is set to mature in the next year. Read full article »

EXPERT ANALYSIS

The Legacy Of Madoff, A Decade Later

Despite lessons from Bernie Madoff's Ponzi scheme that was revealed 10 years ago, financial fraud continues to thrive. Negative history repeats itself on what seems like a daily basis, say attorneys with Quarles & Brady LLP. Read full article »

LEGAL INDUSTRY

Cravath Keeps Steady On Bonuses For Another Year

Cravath Swaine & Moore LLP announced end-of-year bonuses for associates on Monday that are consistent with those of previous years, the first of a likely string of similar announcements from BigLaw firms. Read full article »

Law Firm Innovation Heads Say Clients Tepid On LegalTech

Law firms are developing and implementing a wide range of legaltech solutions designed to boost the efficiency of internal processes and provide new legal services, but the surge in innovation is not necessarily being driven, or even noticed, by clients, according to a new report released on Monday. Read full article »

BigLaw Firm Adopts New Hiring Software To Improve Diversity

O'Melveny & Myers LLP announced Monday that it has adopted new technology it says will reduce implicit bias in its hiring process and improve diversity by making use of neuroscience and artificial intelligence to assess candidates “on their potential, not pedigree.” Read full article »

Analysis

Is The High Court In Damage Control Mode?

Members of the U.S. Supreme Court have sought in recent days to preserve the court’s reputation as a nonpartisan institution on the heels of one of the most bitter confirmation fights in decades, insisting through interviews and other public appearances that their work will be unaffected by the partisan uproar over Justice Brett Kavanaugh’s appointment. Read full article »

Senate Dems Sue To Oust Acting AG Whitaker

A group of Senate Democrats sought to oust acting Attorney General Matthew Whitaker from his post in a lawsuit filed Monday in Washington, D.C., arguing that his appointment violates the Constitution. Read full article »

Calif. Bar Exam Pass Rate Keeps Tumbling, Hits Record Low

Only 40.7 percent of those who took the California bar exam this summer passed, according to recently released data, continuing a decline that's vexed Golden State officials and hitting a low not seen since 1951. Read full article »

Interview

15 Minutes With Adams Street Partners' General Counsel

Timothy Bryant had no plans to set off on a new career path after working his way up to become a partner at McDermott Will & Emery LLP, but after being recruited by a client he landed the role of general counsel for Adams Street Partners, showing that fresh opportunities can exist for any hardworking lawyer who has proven their worth. Read full article »

Legal Tech Download: Orrick’s Fund And Eversheds’ App

The world of legal technology is evolving quickly, with new products coming to market in rapid succession. Here, Law360 takes a look at six recent developments. Read full article »

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LAW FIRMS

Barrack Rodos & Bacine

Berman Tabacco

Block & Leviton

Brown Rudnick

Buckley Sandler

Carter Ledyard

Cravath Swaine

Davis Polk

Debevoise & Plimpton

Dilworth Paxson

Eversheds Sutherland

Finn Dixon

Fish & Richardson

Gibson Dunn

Herrick Feinstein

Hogan Lovells

Irell & Manella

Jenner & Block

Jones Day

K&L Gates

Kasowitz Benson

Katten Muchin

Kessler Topaz

King & Spalding

Kirkland & Ellis

Klehr Harrison

Kobre & Kim

Kutak Rock

McDermott Will

Meister Seelig & Fein

MoloLamken LLP

Monteverde & Associates

Morris Nichols

O'Melveny & Myers

Orrick Herrington

Paul Weiss

Pomerantz LLP

Potter Anderson

Quarles & Brady

Quinn Emanuel

Rajah & Tann

Rigrodsky & Long

Robbins Geller

Ross Aronstam

Sallah Astarita

Schlanger Silver

Skadden

Sterne Kessler

Sullivan & Cromwell

Sullivan & Worcester

Vandeventer Black

Venable LLP

Wachtell Lipton

Weycer Kaplan

Whiteford Taylor

Williams & Connolly

Wolf Popper

Young Conaway

COMPANIES

Adams Street Partners LLC

American Bar Association

American DG Energy Inc.

Apple Inc.

Associated Press

Australian Securities Exchange

Bank of America Corporation

Barclays PLC

Brown & Joseph Ltd.

CBOE Holdings Inc.

Cable News Network Inc.

Cantor Fitzgerald

Chicago Cubs

Citigroup Inc.

Consilio LLC

David's Bridal Inc.

Deutsche Bank AG

Facebook

Federalist Society

Financial Industry Regulatory Authority Inc.

Google Inc.

HSBC Holdings PLC

Instagram Inc.

Lehman Brothers Holdings Inc.

LinkedIn Corp.

Lyft Inc.

Magnetar Capital LLC

Mallinckrodt PLC

Mintz Group Inc.

NASDAQ OMX Group Inc.

National Basketball Association

New York Times Co.

Permira

Pymetrics Inc.

S&P Global Inc.

Spectrum Equity Investors LP

Spectrum Management Holding Co.

State Bar of California

State Teachers Retirement System of Ohio

Toys "R" Us Inc.

UBS AG

Uber Technologies Inc.

Unilever Plc

Wells Fargo & Co.

Wilmington Trust Corp.

Woodbridge Group of Cos. LLC

Yahoo! Inc.

YouTube Inc.

GOVERNMENT AGENCIES

California Supreme Court

Commodity Futures Trading Commission

Delaware Court of Chancery

Federal Reserve System

Federal Trade Commission

New York State Department of Financial Services

Office of Foreign Assets Control

Securities and Exchange Commission

U.S. Attorney's Office

U.S. Department of Justice

U.S. Department of the Treasury

U.S. Supreme Court

United States Bankruptcy Court for the District of Delaware