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Securities

  • November 15, 2018

    3rd Circ. Says Fannie, Freddie Investors Not Owed Relief

    Two Fannie Mae and Freddie Mac investors are not entitled to relief in a suit alleging the Federal Housing Finance Agency diverted the companies’ profits to the government’s pockets, the Third Circuit ruled in a precedential decision on Wednesday, finding that the agency had the statutory authority to do so.

  • November 15, 2018

    Electronics Co. Ducks Derivative Suit Over CEO's Stock Deals

    A Delaware chancellor dismissed a derivative suit on Wednesday that claimed members of Richardson Electronics Ltd.’s board breached their fiduciary duties by failing to properly disclose or take action for three substantial repurchases of stock controlled by the company's CEO, citing a lack of reasonable doubt about the board’s good faith or due care.

  • November 15, 2018

    Judge Wants More Info On Citi's $10M Deal In Forex Rig Suit

    A Manhattan federal judge on Thursday rejected a $9.95 million settlement between Citigroup and a proposed class of investors who say it was among a dozen big banks that allowed fraud to go undetected in wholesale foreign exchange markets, saying she needed to know more.

  • November 15, 2018

    Real Estate Rumors: Mack, SEC, Southeast Frozen Foods

    Mack Real Estate Credit Strategies has reportedly loaned $77.5 million for a New York building leased to WeWork, the SEC is said to be seeking to downsize in New York, and Southeast Frozen Foods Co. has reportedly sold a Florida warehouse for $18.77 million and subsequently leased the property back.

  • November 15, 2018

    Chicago Merc's GC Can't Be Deposed In Trademark Spat

    Intercontinental Exchange Inc. cannot depose the Chicago Mercantile Exchange's general counsel in a trademark suit over CME's risk assessment software because ICE has not proven that the lawyer is the only source of certain information it seeks, an Illinois federal judge ruled Thursday.

  • November 15, 2018

    Wells Fargo Fights Revival Of ERISA Suit At 8th Circ.

    Wells Fargo has urged the Eighth Circuit not to revive a proposed Employee Retirement Income Security Act class action accusing it of wrongly letting its 401(k) plan invest in company stock with a value inflated by ongoing fraud at the bank, arguing that the plan participants’ allegations don't meet standards set by the high court.

  • November 15, 2018

    Ex-Dewey CFO Locked Up For Failing To Pay $1M Fraud Fine

    Former Dewey & LeBoeuf LLP Chief Financial Officer Joel Sanders on Thursday was taken into custody and led away from a Manhattan courtroom in handcuffs after failing to make good on the $1 million fine he was sentenced to pay following his fraud conviction last year.

  • November 14, 2018

    For CFTC, 2018 Was One Of The 'Most Vigorous' In Its History

    The U.S. Commodity Futures Trading Commission broke new ground in its enforcement this past year, with the largest number of market manipulation cases ever brought and the most cases involving parallel criminal charges, the agency announced on Wednesday.

  • November 14, 2018

    Sanctions Sought In Alleged Cryptocurrency Pyramid Scheme

    An Alabama man accused of promoting a cryptocurrency investment pyramid scheme faced questioning in Florida federal court Wednesday about his involvement with similar businesses as the Federal Trade Commission pushed for sanctions over his alleged failure to follow a court order to produce and preserve certain documents.

  • November 14, 2018

    Ex-Broker Can't Skirt Prison For NY Pay-To-Play Scheme

    Former New York broker Gregg Schonhorn was sentenced Wednesday to a year and a day in prison for his role in a pay-to-play bribery scheme in which a former New York pension fund director steered more than $3 billion in business from the New York State Common Retirement Fund to corrupt brokers, despite the defendant's "exceptional" cooperation with authorities.

  • November 14, 2018

    Ex-UN Boss Bribe Plans Are Fair Game In FCPA Trial

    A New York federal judge on Wednesday said the government may introduce evidence in the Foreign Corrupt Practices Act trial of the head of a Chinese nongovernmental organization that he planned to bribe the same United Nations official at the center of Chinese real estate billionaire Ng Lap Seng’s bribery case.

  • November 14, 2018

    9th Circ. Judge Doubts Bio-Rad Appeal Of Ex-GC's $11M Win

    A Ninth Circuit judge appeared skeptical Wednesday of Bio-Rad Laboratories Inc.'s arguments in favor of overturning an $11 million whistleblower judgment against the company, repeatedly questioning its counsel during a hearing on how an erroneous jury instruction would change the outcome of the verdict.

  • November 14, 2018

    Schorsch, Vereit Move Ahead In $18M Chancery Fee Fight

    A Delaware vice chancellor encouraged former real estate mogul Nicholas Schorsch, a Vereit Inc. affiliate and others to soldier on Wednesday in an $18 million fee advancement dispute linked to litigation over the meltdown of American Realty Capital Partners in 2015 

  • November 14, 2018

    Puerto Rico Sales Tax Plan Lacks Details, Stakeholders Say

    The outline of a plan to restructure nearly $18 billion in debt owed by the Puerto Rico Sales Tax Financing Corp., or COFINA, is missing vital information, some stakeholders said this week, saying more details are needed on how funds will be distributed and how pending lawsuits will affect the process.

  • November 14, 2018

    3rd Circ. Won't Revive Stock-Drop Suit Against Ocwen Affiliate

    The Third Circuit on Wednesday affirmed the dismissal of a securities fraud class action against an Ocwen Financial Corp. affiliate whose stock tumbled following its parent company's regulatory troubles stemming from the housing crisis in the mid-2000s, ruling in a precedential decision that the suing funds didn't plausibly allege the fraud cost investors billions.

  • November 14, 2018

    Energy Co. Hits Ch. 11 Alleging Predatory Takeover Scheme

    All American Oil & Gas Inc. has hit Chapter 11 with roughly $142 million in debt, telling a Texas bankruptcy court it was the victim of a “predatory loan-to-own scheme” orchestrated by two men who began buying up its debt after they were fired from the debtor’s longtime investment bank.

  • November 14, 2018

    United Airlines Investor Says Exec Pay Suit Should Survive

    An investor in United Airlines told a Delaware Chancery Court judge Wednesday that its claims against the company, its directors and former CEO over allegedly excessive compensation given to the executive after he was involved in a bribery scheme should survive because corporate officers shouldn’t be rewarded for bad behavior.

  • November 14, 2018

    Blue Bell Investors Can't Reargue Chancery Claim Dismissal

    Limited partners of ice cream maker Blue Bell Creameries LP will not be able to reargue a motion to dismiss its claims against the company after a Delaware Chancery Court judge said Tuesday that they raised the same arguments in their bid to have the motion heard again as they did the first time around.

  • November 14, 2018

    Disney Investor Faces Uphill 9th Circ. Fight In No-Poach Row

    A Ninth Circuit judge on Wednesday appeared unswayed by a Disney shareholder's bid to revive a derivative shareholder lawsuit claiming board members breached their fiduciary duties by agreeing not to poach other studios’ animators, saying during a hearing that “nothing in the complaint says the board knew about this conspiracy.”

  • November 14, 2018

    Insurance Trustee Fined $370K For Suing Life Partners

    A Texas bankruptcy court on Tuesday imposed more than $370,000 in fines and held in contempt a life insurance trustee who violated a court order not to launch new litigation over the ownership of insurance policies that were bought by Life Partners Holdings Inc.

Expert Analysis

  • Why Midterms Will Have Little Effect On Audit Regulation

    Robert Cox

    The 2018 midterm elections will cause big shake-ups in the House Financial Services Committee and the Senate Banking Housing and Urban Affairs Committee. However, new audit regulations will likely be driven by the Public Company Accounting Oversight Board and not by Congress, says Robert Cox of Briglia Hundley PC.

  • Q&A

    A Chat With Bryan Cave Innovation Chief Katie DeBord

    Katie DeBord

    In this monthly series, Amanda Brady of Major Lindsey & Africa interviews management from top law firms about the increasingly competitive business environment. Here we feature Katie DeBord, chief innovation officer at Bryan Cave Leighton Paisner LLP.

  • Simple Secrets For Improving Your CLE

    Daniel Karon

    With few cases going to trial, many attorneys keep their oral-presentation skills sharp by teaching continuing legal education programs. To avoid giving a CLE that falls flat and damages your reputation, you must fashion a thoughtful message, control its presentation, and nail the beginning and ending, says Daniel Karon of Karon LLC.

  • SEC Sheds Light On Compliance-Related Liability

    Glen Barrentine

    In its review of a disciplinary action against Southridge Investment's chief compliance officer, the U.S. Securities and Exchange Commission recently issued an opinion that could mean a higher oversight standard for CEOs of registered financial services companies, says Glen Barrentine of Winston & Strawn LLP.

  • It’s Time For Law Firms To Start Talking About Gen Z

    Eliza Stoker

    Since the oldest members of Generation Z aren’t even finished with law school yet, law firm management is in a unique position to prepare for their entrance into the legal workforce, says Eliza Stoker of Major Lindsey & Africa.

  • Clear, Concise Disclosures For Variable Contracts In Sight

    Ronald Holinsky

    The U.S. Securities and Exchange Commission's recent proposals to improve disclosures about variable annuities and variable life insurance contracts should go a long way in enhancing the investment experience for retail investors, say Ronald Holinsky of Lincoln Financial Group and Robert Robertson of Dechert LLP.

  • 5 Common Misconceptions About SEC Investigations

    Daniel Hawke

    Defense counsel often take approaches that reflect misperceptions of how the U.S. Securities and Exchange Commission enforcement game is really played. It is a complex process susceptible to mismanagement by even the most capable or well-intentioned attorney, says Daniel Hawke of Arnold & Porter.

  • Q&A

    Back To School: Yale's Linda Greenhouse Talks Journalism

    Linda Greenhouse

    In this series featuring law school luminaries, Yale Law School lecturer and Pulitzer Prize-winning reporter Linda Greenhouse discusses her coverage of the U.S. Supreme Court, the conservatives' long game and trends in journalism.

  • Opinion

    An Opportunity To Slow The Rise Of Securities Class Actions

    Joshua Briones

    A major securities fraud case now before the U.S. Supreme Court — Lorenzo v. U.S. Securities and Exchange Commission — marks the first of many opportunities the court will have to roll back expansive interpretations of securities law and deter plaintiffs from filing low-quality complaints, say attorneys with Mintz Levin Cohn Ferris Glovsky and Popeo PC.

  • Opinion

    Celebrate Veterans By Improving Their Access To Justice

    Linda Klein

    Attorneys should think beyond the Veterans Day parades and use their time and talents to help the many veterans facing urgent legal issues, says Linda Klein of Baker Donelson Bearman Caldwell & Berkowitz PC.