Securities

  • May 26, 2020

    Titan Of The Plaintiffs Bar: Bernstein's Katie Sinderson

    Katie Sinderson knew from childhood that she wanted to be a lawyer, but playing a witness in her mother's moot court competitions as a middle schooler really made the law come alive. Watching her mom, a former schoolteacher, pursue her dream of becoming an attorney further propelled Sinderson toward what has become a lifelong passion, she says.

  • May 26, 2020

    Ares Management Pays $1M To Settle SEC Insider Info Claim

    Ares Management LLC, a private equity firm and registered investment adviser, will pay $1 million to settle a claim that it didn't enforce policies that would prevent the misuse of material nonpublic information, the U.S. Securities and Exchange Commission said Tuesday.

  • May 26, 2020

    Objector Fights $15M Deal In American Realty-Tied REIT Suit

    Abraham Fruchter & Twersky LLP is repping the only investor to object to a $15 million deal reached with the sponsor of American Realty Capital Properties over a real estate investment trust, a settlement the shareholder called "a relatively minor amount of total potential damages."

  • May 26, 2020

    Latest Deals In Libor Suit Boost Lenders' Recovery To $35M

    A Manhattan federal judge signed off Tuesday on settlements worth $4 million between lenders who accuse a group of global banks of rigging Libor and three of the defendant banks, JPMorgan Chase, Bank of America and UBS, bringing the lenders' total recovery to $35 million.

  • May 26, 2020

    Warner Music Group Plans IPO To The Tune Of $1.7B

    Media giant Warner Music Group Corp. on Tuesday set a price range on an estimated $1.7 billion initial public offering, represented by Debevoise & Plimpton LLP, setting the stage for the largest U.S. IPO since February.

  • May 26, 2020

    Facebook Rebrands Unlaunched Libra Wallet

    The unlaunched digital wallet for Facebook-affiliated digital currency network Libra has gotten a makeover following Libra's reconfiguration, the social media giant said Tuesday.

  • May 26, 2020

    CFTC Seeks Win Against Currency Trader Accused Of Fraud

    The U.S. Commodity Futures Trading Commission has asked a Colorado federal judge to declare a default judgment in its suit against a trader who allegedly defrauded would-be investors out of nearly a half-million dollars.

  • May 26, 2020

    High Court Won't Review Nonconsensual Ch. 11 Releases

    The U.S. Supreme Court on Tuesday said it won't review a Third Circuit decision that allowed the 2015 confirmation of a troubled laboratory company's Chapter 11 plan over opposition from creditors that argued the plan unconstitutionally released key parties from damage claims without creditor consent.

  • May 26, 2020

    ​​​​​​​Labaton Sucharow Takes Lead In WWE Stock-Drop Suit

    A New York federal judge on Friday named Labaton Sucharow LLP lead counsel in a consolidated proposed stockholder class action that alleges World Wrestling Entertainment Inc. hid souring relations with Saudi Arabia from investors, caused the stock price to drop when the facts came to light.

  • May 26, 2020

    Investors Seek To Wrap $95M Deal On Bond Price-Fix Claims

    Investors accusing Bank of America, Deutsche Bank and HSBC of rigging the market for bonds issued by foreign governments are urging a New York federal court to approve a proposed allocation of the $95.5 million in settlements reached with the banks over the proposed class action.    

  • May 22, 2020

    Law360 Reveals Titans Of The Plaintiffs Bar

    They've represented consumers, companies, and government entities, taken on Goliaths in industries ranging from aerospace to health care to finance to technology to sports, and won landmark victories on behalf of clients across the country.

  • May 22, 2020

    Feds Rip Ex-Apple Atty's 'Hail Mary' Bid To Nix Criminal Case

    Federal prosecutors on Friday tore into a dismissal bid lodged by a former senior Apple attorney indicted for insider trading, saying the lawyer's argument that the criminal case against him is unconstitutional is the legal equivalent of "a Hail Mary pass."

  • May 22, 2020

    Hollywood Executive Charged With $28M BlackRock Fraud

    Hollywood distribution executive William Sadleir was accused Friday of spiriting some $28 million out of his distribution company — cheating funder BlackRock, which had poured in $75 million — and separately misusing a $1.7 million coronavirus relief payment.

  • May 22, 2020

    Goldman Class Cert. Ruling Has COVID-19 Implications: Amici

    A group of law professors and former SEC officials said Friday that the Second Circuit's recent split-panel ruling against Goldman Sachs in a heavily watched class certification fight creates risks to public companies that are now exacerbated by the COVID-19 crisis.

  • May 22, 2020

    Akorn Gets OK To Tap Into $30M Ch. 11 Funds

    Specialty pharmaceutical giant Akorn Inc. was cleared Friday by a Delaware judge to tap into its $30 million debtor-in-possession loan as it seeks a Chapter 11 buyer for its assets with a floor bid worth roughly $1 billion in place from secured lenders.

  • May 22, 2020

    Calif. Financial Adviser Charged In Alleged $10M Ponzi Scam

    Federal prosecutors have charged and arrested a California-based financial planner and adviser for wire fraud tied to an alleged Ponzi scheme they say he used to dupe 75 victims, mainly senior citizens, into forking over $10 million to invest in securities that didn't exist.

  • May 22, 2020

    SEC Actions Point To 'Hyperfocus' On Disclosure Issues

    The U.S. Securities and Exchange Commission is clamping down on investment advisers and broker-dealers with wide-ranging initiatives and settlements that highlight a "hyperfocus" on disclosure issues, showing the regulator is determined to improve the ways firms communicate with clients, attorneys say.

  • May 22, 2020

    Investors Seek Class Cert. In Health Insurance Scam Suit

    Investors of a Tampa-based health insurance company alleging it led a "bait-and-switch scam" that caused its stock to drop 62% when it came to light asked a Florida federal judge Thursday to certify the proposed class action.

  • May 22, 2020

    FINRA Can't Pin $12.5M Promissory Note Fraud On Brokerage

    A three-member Financial Industry Regulatory Authority panel chucked an enforcement action accusing a brokerage firm and its principals of fraudulently selling $12.5 million in promissory notes to prop up a struggling real estate investment business, finding on Thursday that the regulator was short on evidence.

  • May 22, 2020

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

    The past week in London has seen a Puerto Rican lender sue Venezuela's state-run oil company months after inking a settlement over suspicious payments, a Dutch tulip grower take Maersk into court over a cargo shipment and Wilmington Trust face down commercial fraud claims. Here, Law360 looks at those and other new claims in the U.K.

  • May 22, 2020

    SEC Backs Fine For Compliance Chief Who Missed Red Flags

    The U.S. Securities and Exchange Commission told the D.C. Circuit on Thursday that a former broker-dealer compliance chief was sanctioned not for knowing about a new hire's ties to a barred broker, but for failing to investigate them "in the face of red flags."

  • May 22, 2020

    Is The Future Of The Annual Shareholder Meeting Online?

    The coronavirus pandemic has forced a reckoning for in-person shareholder meetings. This year's necessary migration to virtual meetings could erode some of the traditional opposition to online formats, but attorneys say widespread adoption in the future isn't inevitable.

  • May 22, 2020

    Coronavirus Q&A: Dechert Real Estate Leader

    In this edition of Coronavirus Q&A, one of Dechert's global real estate finance leaders discussed the ways COVID-19 is impacting the commercial mortgage-backed securities market and likened the current pandemic to the unknowns faced by early explorers and cartographers.

  • May 22, 2020

    3 Ways The Pandemic Has Changed How IPOs Are Done

    The coronavirus outbreak has shaken up how initial public offerings are done in ways that could last beyond the pandemic itself, including a shift to virtual roadshows that deal advisers say provide certain efficiencies that companies may enact permanently. Here, Law360 takes a look at three ways the pandemic is altering how IPOs are practiced.

  • May 21, 2020

    Tesla Investor Latest To Sue Elon Musk For Libel By Tweet

    A Tesla investor who runs the law website PlainSite became the latest person to sue CEO Elon Musk for libel by tweet on Wednesday, alleging Musk and another man perpetuated false allegations against him and his family for months to service "one of the largest securities frauds in American history."

Expert Analysis

  • Justices' SEC Disgorgement Ruling May Shape FCPA Matters

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    The U.S. Supreme Court’s upcoming opinion in Liu v. U.S. Securities and Exchange Commission may call into question when Foreign Corrupt Practices Act settlements should be subject to disgorgement, say Matthew Rutter and Neal Hochberg at Charles River Associates.

  • Opinion

    Credibility Concerns About Virtual Arbitration Are Unfounded

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    Concerns that videoconferenced arbitration hearings compromise an arbitrator's ability to reliably resolve credibility contests are based on mistaken perceptions of how many cases actually turn on credibility, what credibility means in the legal world, and how arbitrators make credibility determinations, says Wayne Brazil at JAMS.

  • Treat Internal Investigation Search Term List As Work Product

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    Lawyers investigating allegations of a company's internal misconduct typically hand over their search term lists to outside auditors and government enforcers, but this puts clients' privilege arguments at risk, say Markus Funk and Chelsea Curfman at Perkins Coie.

  • 2 New Accounting Fraud Cases Offer Lessons For Boards

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    Luckin Coffee and TAL Education Group — two high-profile Chinese companies listed in the U.S. — recently announced suspected cases of colossal revenue fraud, and these case studies may help companies recognize the germinating seeds of accounting fraud, say Fabian Roday at Fangda Partners and William Fotherby at Meredith Connell.

  • Human Rights Are Becoming A Compliance Issue

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    A recent commitment from the European Union's commissioner for justice to introduce rules for mandatory corporate human rights due diligence next year may signal the arrival of this issue as a global business imperative, making it as fundamental as anti-corruption diligence, say attorneys at Paul Hastings.

  • How CFTC's Agricultural Enforcement May Evolve Amid Crisis

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    The U.S. Commodity Futures Trading Commission recently singled out agricultural commodities market manipulation as an area of focus, potentially representing a return to the agency’s core mission that could shape enforcement during the current crisis, say attorneys at Latham.

  • A Lawyer's Guide To Client Service Continuity Planning

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    Ensuring uninterrupted client service and compliance with ethical obligations in a time when attorneys are more likely to fall ill means taking six basic — yet often ignored — steps to build some redundancy and internal communication into legal practice, say attorneys at Axinn.

  • A New Approach To OFAC's Rejected-Transactions Reporting

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    Alexandre Lamy at Baker McKenzie proposes a common-sense framework for nonfinance companies, which in 2019 became subject to the Office of Foreign Assets Control's rejected-transaction reporting requirements, but have received little guidance about how to comply.

  • Virtual Meetings Could Be Fertile Ground For Legal Discovery

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    Many remote meeting technologies include recording features as default settings, raising three primary concerns from a legal discovery and data retention perspective, and possibly bringing unintended consequences for companies in future litigation, says Courtney Murphy at Clark Hill.

  • Funding Considerations Amid COVID-19 Liquidity Crunch

    Excerpt from Lexis Practice Advisor
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    Companies and creditors in search of funding during the pandemic should analyze available options under existing bond and term loan covenants, and explore creative ways to establish priority status where necessary in the critical search for liquidity, say attorneys at Shearman.

  • Performance Vesting Is Trickier Than You Think

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    Despite the general ubiquity of performance-based vesting in the capital structures of post-buyout and other growth companies, it is surprising how little attention is often paid to how performance vesting actually works, say John LeClaire and Chris Wilson at Goodwin.

  • The Role Of Remote Mediation After The Crisis Is Over

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    When the dark cloud of COVID-19 has passed and resolution centers are once again peopled with warring parties and aspiring peacemakers, remote mediations will likely still be common, but they are not going to be a panacea for all that ails the dispute resolution industry, says Mitch Orpett at Tribler Orpett.

  • Sponsor-Backed PIPEs Can Aid In The Race For Liquidity

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    ​​​​​​​Even in the best of times, private investments in public equity may provide an attractive source of financing, but PIPEs are especially attractive in times of financial distress given the unavailability of traditional financing markets to many companies, say attorneys at Debevoise.

  • Preventing Elder Exploitation As Securities Fraud Increases

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    Because securities fraud tends to increase in times of crisis, financial institutions should be on the lookout for elder abuse red flags identified by the Financial Crimes Enforcement Network and U.S. Department of Justice, and shore up suspicious activity reporting, says Michael Napoli at Akerman.

  • 7 Steps To Romancing The Virtual Classroom

    Excerpt from Lexis Practice Advisor
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    For professors, trainers, lawyers, students and businesses grappling with the unexpected challenges of distance learning, trial attorney and teacher James Wagstaffe offers best practices for real-time online instruction.

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