Securities

  • April 25, 2017

    FTC Slams Atty's Bid To End Foreclosure Scam Injunction

    The Federal Trade Commission on Monday urged a California federal judge not to dissolve an injunction against an attorney accused of luring homeowners into “mass-joinder” lawsuits against mortgage lenders with false promises of debt relief, saying nothing has changed since he agreed to the injunction.

  • April 24, 2017

    Congress Tells SEC To Rein Itself In With CHOICE Act 2.0

    Although Rep. Jeb Hensarling’s second shot at repealing Dodd-Frank faces an uncertain path to passage, experts say the Financial CHOICE Act 2.0 sends a clear message to the U.S. Securities and Exchange Commission to pull back its enforcement program and focus on capital formation — a message likely to be well received by the agency’s new leadership.

  • April 24, 2017

    Portfolio Manager Cops To Fraud In $1.9M Trading Scheme

    A portfolio manager for Eaton Vance Corp. pled guilty to securities fraud Monday in Massachusetts federal court for diverting $1.9 million in trading profits to a personal brokerage account, the same day the U.S. Securities and Exchange Commission slapped fraud charges against the manager.

  • April 24, 2017

    Nomura Risk Management VP Charged With Insider Trading

    The U.S. Department of Justice and the U.S. Securities and Exchange Commission on Monday hit a Nomura Securities Inc. risk manager with parallel New York federal suits alleging he illegally traded on inside information about private equity shop Golden Gate Capital's acquisition of Neustar Inc.

  • April 24, 2017

    MetLife Wants SIFI Appeal Paused Amid Trump Order

    MetLife Inc., hoping it could be the first beneficiary of an executive order to review regulations for large financial institutions, on Monday asked the D.C. Circuit to pause the appeal of a ruling that freed the insurer from some of those very regulations.

  • April 24, 2017

    NY High Court Takes Up Goldman Code Theft Case

    New York’s highest court has agreed to take up the long-running case of former Goldman Sachs & Co. programmer Sergey Aleynikov, who was twice convicted for theft of the financial giant’s source code, though courts have split over whether he actually committed a crime.

  • April 24, 2017

    Judge Seeks Info On Giuliani, Mukasey In Sanctions Case

    A New York federal judge on Monday told lawyers for a Turkish businessman and a banking executive accused of cloaking millions of dollars in transactions on behalf of Iran to gather more information about the roles played by Rudy Giuliani of Greenberg Traurig LLP and Michael Mukasey of Debevoise & Plimpton LLP on the defense team.

  • April 24, 2017

    Sessions Says DOJ Won't Forsake White Collar Enforcement

    U.S. Attorney General Jeff Sessions said in a speech Monday that the new administration will not bring a sea change in white collar enforcement, saying the U.S. Department of Justice “will continue to investigate and prosecute corporate fraud and misconduct.”

  • April 24, 2017

    Master Rejects UBS Bid To Ax Some US Bank Loan Claims

    A special master appointed to help resolve U.S. Bank NA’s claims that a UBS AG unit breached its duty to repurchase some 9,300 residential mortgages that didn’t measure up to warranties rejected the Swiss bank’s bid to assert victory over several types of disputed loans Friday in New York federal court.

  • April 24, 2017

    Wells Fargo Ditches Restrictions Over 'Living Will' Issues

    Federal regulators removed restrictions that barred Wells Fargo & Co. from opening international branches or purchasing nonbank firms, saying in a letter Monday that the bank had fixed deficiencies in its "living will," a plan that details how to take it apart during a crisis.

  • April 24, 2017

    Dewey Execs Pin Hopes On Undermining State's Case

    Defense attorneys for two former Dewey & LeBoeuf LLP executives told a New York judge on Monday that they will not present full-blown defense cases, meaning a jury will likely start weighing the financial-crisis-era fraud case next week.

  • April 24, 2017

    2nd Circ. Remands Convicted Fraudster's 20-Year Sentence

    A Second Circuit panel on Monday ordered the resentencing of an investment adviser who was convicted for lying to his clients about the success of his fund and skimming millions from the fund's coffers, saying the court wrongly calculated the sentence regarding criminal history.

  • April 24, 2017

    5th Circ. Backs Dismissal Of ATP Investor Suit

    The Fifth Circuit on Friday upheld the dismissal of a shareholder suit accusing executives of now-bankrupt ATP Oil & Gas Corp. of giving misleading information about its financial health and boardroom turmoil, saying there's no evidence the company intended to deceive investors.

  • April 24, 2017

    Thompson Hine Snags 2 Insurance Specialists

    Thompson Hine has picked up two insurance and securities lawyers for its New York office, one from White & Williams and one from Standard & Poor's, it said Monday.

  • April 24, 2017

    Ex-Hungarian Telecom Execs Settle SEC's Bribery Claims

    Two former executives of Hungary’s largest telecommunications firm dodged an upcoming trial by settling the U.S. Securities and Exchange Commission’s allegations that they had paid bribes to government officials in Macedonia in exchange for regulations designed to hurt a competitor, according to papers filed in New York federal court Monday.

  • April 24, 2017

    Ex-Disney Workers' ERISA Suit Over Valeant Shares Gets Boot

    A California federal judge on Friday dismissed a putative class action by former employees of The Walt Disney Co. who alleged that an investment plan violated the Employee Retirement Income Security Act by including a fund that invested in now-embattled Valeant, saying the suit fell short in establishing a breach of fiduciary duty.

  • April 24, 2017

    Tilton's ALJ Fight 'Misses The Mark,' SEC Tells High Court

    Private equity magnate Lynn Tilton missed the mark when petitioning the U.S. Supreme Court to hear her constitutional challenge against the U.S. Securities and Exchange Commission’s administrative law judges, the agency argued on Friday, saying the issue must first be heard in its in-house court.

  • April 24, 2017

    5th Circ. Largely Sides With SEC In Life Partners Appeal

    The U.S. Securities and Exchange Commission persuaded the Fifth Circuit to partly reinstate a jury verdict against two executives at “death bonds” trader Life Partners Holdings Inc. on Friday, but the appeals court also threw out civil penalties after finding that the lower court miscalculated.

  • April 24, 2017

    High Court Won't Hear Microcap Dealer's FINRA Challenge

    The U.S. Supreme Court on Monday declined to review a Fourth Circuit decision that microcap broker-dealer Scottsdale Capital Advisors Corp. must challenge the Financial Industry Regulatory Authority’s power before the agency and the U.S. Securities and Exchange Commission instead of in federal court. 

  • April 24, 2017

    British Taxpayers Recoup $26B Spent On Lloyds Bailout

    The British government on Friday said that it has recovered all £20.4 billion ($26 billion) it spent rescuing Lloyds Banking Group PLC from collapse during the financial crisis, meaning taxpayers have broken even after footing cost of the bailout.

Expert Analysis

  • What Act 170 Means For Shareholder Litigation In Pa.

    Michael Kichline

    Pennsylvania corporations should not overlook Act 170’s provisions concerning shareholder litigation, which differ from Delaware’s standards and procedures in several important respects. The newly effective law is more demanding of shareholders and deferential to the properly considered determinations of a corporation, say Michael Kichline and Stuart Steinberg of Dechert LLP.

  • Examining FINRA Plan To Liberalize Advertising Rules

    Matthew R. Silver

    A recent proposal by the Financial Industry Regulatory Authority to liberalize restrictions on certain types of performance projection materials may alleviate some of the conflict that has existed in performance advertising rules under the Investment Advisors Act and FINRA rules, says Matthew Silver of Drinker Biddle & Reath LLP.

  • A Closer Look At Financial CHOICE Act 2.0

    Rodgin Cohen

    The recently released amended version of the Financial CHOICE Act builds on and retains key features of the original act adopted in the House Financial Services Committee last year, including its targeted approach of amending, repealing or replacing individual provisions of the Dodd-Frank Act. There are, however, several key modifications in the revised legislation, say attorneys with Sullivan & Cromwell LLP.

  • Will Corporate Monitor Reports Become Public?

    John Wood

    If independent compliance monitorships are to remain an important part of how the U.S. government resolves corporate investigations, it is imperative that courts eliminate recent uncertainty and protect monitor reports from public disclosure, says John Wood, a partner at Hughes Hubbard & Reed LLP and former U.S. attorney for the Western District of Missouri.

  • 10 Tips For Creating Winning Trial Visuals

    Kerri Ruttenberg

    Effective visuals require effective design. In her new book, "Images with Impact: Design and Use of Winning Trial Visuals," published by the American Bar Association, trial lawyer and Jones Day partner Kerri Ruttenberg discusses how to design and use visuals to help viewers understand, believe and remember the messages being conveyed.

  • Roundup

    Counsel To Counsel: Insights From Law Firm GCs

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    General counsel at four law firms share the biggest issues they face in an increasingly complex legal environment.

  • Rebuttal

    In Support Of Delaware’s Merger Litigation Jurisprudence

    Andy Stern

    In a recent Law360 guest article, two members of the plaintiffs bar contended that Delaware’s materiality standard for corporate disclosure has become more corporate-friendly in recent years. But a closer inspection reveals that Delaware law remains focused on providing a fair balance between individual stockholder rights and the avoidance of frivolous litigation, say attorneys with Sidley Austin LLP.

  • Monthly Column

    Gray Matters: The Attorney-Client Team

    Robert Creo

    A 1979 study of attorney-client interactions revealed startling information: Despite years of education and training to hone their legal expertise, attorneys were not acting as independent counselors but rather allowing their clients to control them. Our experience is that this trend has accelerated, say dispute resolution experts Robert Creo and Selina Shultz.

  • Justices Skeptical Of SEC Disgorgement Without Time Limits

    Dan McCaughey

    The decision by the U.S. Supreme Court in Kokesh v. Securities and Exchange Commission could meaningfully limit the uncertainty, expense and evidentiary disadvantages faced by parties responding to SEC investigations into conduct dating back more than five years, say attorneys with Ropes & Gray LLP.

  • Litigation Finance, Big Data And The Limits Of AI

    Christopher Bogart

    Theoretically, both better data and its better use should be able to improve results in litigation, and thus help litigation financiers allocate more capital to meritorious matters. However, while big data and artificial intelligence are intriguing additions to the litigation toolkit, they are far from turning litigation finance on its head, says Christopher Bogart, CEO of Burford Capital LLC.