Securities

  • November 24, 2017

    Forex Wrangle Triggers Late Rewrite Of EU Derivative Laws

    European financial regulators said Friday they are reviewing some aspects of the final stage of new derivative laws that enter into force across the EU in January, following concerns that the legislation clashes with U.S. and other foreign standards.

  • November 24, 2017

    Watchdog Guides On Protecting Investors When Funds Terminate

    Global securities regulators have unveiled 14 steps on good practice for financial firms to follow when ending investment funds, in response to investor protection concerns.

  • November 22, 2017

    Arent Fox Still Can't Get Access To Docs In Malpractice Suit

    A New York federal judge said Tuesday he sees no problem with a magistrate judge’s recommendation denying Arent Fox LLP access to communications between a former client suing the firm for malpractice and that client’s other attorneys.

  • November 22, 2017

    Shkreli Deal Legit, Investor Says Ex-Katten Atty Told Him

    A former commodities trader and investor in one of Martin Shkreli's hedge funds and pharmaceutical company Retrophin Inc. told jurors Wednesday of how former Katten Muchin attorney Evan Greebel assured him that an allegedly sham deal to pay him off for his investment was aboveboard.

  • November 22, 2017

    CFTC Settles Fraud Suit Over Online Trading School For $5M

    A California couple accused of scamming would-be commodity futures traders into purchasing expensive memberships in their SchoolOfTrade.com business have been put on the hook for paying nearly $5 million in restitution and civil penalties as part of a deal ending a U.S. Commodity Futures Trading Commission fraud suit.

  • November 22, 2017

    Ponzi Suspect Poised To Change Plea After Emailed Threat

    The federal government told a California federal judge Wednesday that they'd reached an initial plea deal with an investment manager facing securities fraud charges for running a $42 million Ponzi scheme, eight months after he threatened those involved with the case and saw his bail revoked.

  • November 22, 2017

    Inventure Foods Shareholders Misled In Utz Merger, Suit Says

    Shareholders of specialty food marketer Inventure Foods Inc. hit the Phoenix-based company with a proposed class action Wednesday in Arizona federal court, alleging company officials intentionally misled them in an effort to move along an announced $165 million acquisition by branded snack maker Utz Quality Foods LLC.

  • November 22, 2017

    Exxon Climate Suit Not A Copy Of NY Probe, Investors Say

    Investors accusing Exxon Mobil Corp. of concealing its climate change knowledge said Tuesday that the company is glossing over clearly false and misleading statements it made over its climate change costs when it argued that their proposed class action parrots a politically motivated and "baseless" investigation pursued by New York Attorney General Eric Schneiderman.

  • November 22, 2017

    Perkins Coie Hires ‘Wolf Of Wall Street’ Lead Prosecutor

    Perkins Coie LLP has added New York Gov. Andrew Cuomo’s former special counsel for public integrity — who prosecuted securities frauds depicted in the film “The Wolf of Wall Street” — as a partner at the firm’s white collar and investigations practice, according to a statement.

  • November 22, 2017

    CFTC Sees Steep Drop In Enforcement Actions In 2017

    The U.S. Commodity Futures Trading Commission on Wednesday announced that it had imposed nearly $413 million in sanctions in fiscal 2017, less than half of the penalties issued in the previous fiscal year and the lowest since 2011.

  • November 22, 2017

    YPF Gets $10M Award Against Apache Confirmed

    Argentine energy giant YPF SA had an almost $10 million award against oil and gas exploration and production company Apache Corp. confirmed earlier this week, with a Texas federal court finding that the award was properly decided by KPMG LLP partners per an agreement between the companies. 

  • November 22, 2017

    Hunton Moves To Toss $34M Stanford Deal Objections

    Hunton & Williams LLP asked a Texas federal judge Tuesday to reject the objections that have been raised to its $34 million deal to settle allegations that it aided Robert Allen Stanford’s $7 billion Ponzi scheme, saying the settlement is fair and won’t impact the rights of other parties embroiled in litigation over the scheme.

  • November 22, 2017

    Finance Group Slams Proposed $12B CFPB Student Loan Deal

    A national structured finance trade group attacked a proposed Consumer Financial Protection Bureau lawsuit settlement with owners of $12 billion in securitized student loans late Tuesday, saying the federal court deal in Delaware could destabilize the industry and economy.

  • November 22, 2017

    ChinaCast Reaches Deal To Advance Ch. 11 Plan Confirmation

    ChinaCast Education Corp. and a private equity firm sitting on a $66 million judgment against the defunct company asked a New York bankruptcy court Tuesday for a second chance at approval of a settlement, which would see them team up to pursue $30 million worth of the debtor’s insurance policies.

  • November 22, 2017

    SEC Whistleblower Program Ain't Broke — So Don't 'Fix' It

    The U.S. Securities and Exchange Commission’s whistleblower program, now entering its seventh year, is maturing and gaining momentum, according to an agency report released Nov. 17, and whistleblower attorneys say they hope the Trump administration recognizes its value by staying out of the SEC’s way.

  • November 21, 2017

    SEC Sues Long Island Town, Ex-Official For Securities Fraud

    The U.S. Securities and Exchange Commission on Tuesday hit the Long Island town of Oyster Bay and its former top elected official with a securities fraud suit alleging that they concealed from investors the town’s indirect guarantees of more than $20 million in private loans to a local businessman who ran concessions and restaurants at town facilities.

  • November 21, 2017

    NY Atty Seeks To Avoid Jail For Pump-And-Dump Scheme

    A New York attorney who pled guilty in August to playing a role in a pump-and-dump scheme urged a Florida federal judge Monday not to send him to jail, saying his crime was inexcusable but “an aberration in an otherwise exceptionally upstanding life.”

  • November 21, 2017

    Texas Man Gets 4 Years For $6.4M Diamond Fraud Scheme

    A Texas federal judge on Tuesday ordered a Dallas businessman to forfeit about $3.79 million together with two co-conspirators in a diamond investment fraud scheme, also sentencing him to nearly four years in prison and two years of supervised release.

  • November 21, 2017

    Akorn Reaches $24M Deal To End Investors' Accounting Suit

    Specialty drugmaker Akorn Inc. has reached a $24 million deal to settle a proposed investor class action alleging that the company’s failure to fix widespread accounting problems and weak internal controls led it to report inflated revenue figures to the market, according to papers filed in Illinois federal court on Monday.

  • November 21, 2017

    Ex-Galleon Trader Says He Didn't Report Shkreli To Feds

    A former Galleon Group trader turned Deutsche Bank project manager on Tuesday told jurors that he never reached out to federal prosecutors about his suspicions that Martin Shkreli was engaged in a market manipulation scheme with Retrophin Inc. stock despite having dropped the dime on his old boss at Galleon.

Expert Analysis

  • Does Your D&O Policy Really Cover Gov't Investigations?

    Lilit Asadourian

    Many directors and officers insurance policies purport to insure the fees and costs companies incur in responding to government investigations. However, a recent Tenth Circuit decision in MusclePharm v. Liberty Insurance Underwriters calls into question the scope of such coverage, say attorneys with Reed Smith LLP.

  • DOJ Guidance Is Dead, Long Live DOJ Guidance

    David Chaiken

    Comments in a recent speech by U.S. Attorney General Jeff Sessions appeared to kill much-needed U.S. Department of Justice guidance for companies. But a closer look reveals that this interpretation is likely a misunderstanding, says David Chaiken of Troutman Sanders LLP.

  • Roundup

    Financial Crisis, 10 Years On

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    One decade since the first signs of trouble, members of the Financial Crisis Inquiry Commission, former Obama administration officials, and legal industry experts explore the profound impact of the Great Recession.

  • SDNY Case Raises Provocative Questions On US Jurisdiction

    Louis Rothberg

    U.S. v. Reza Zarrab, set to start trial this month in the Southern District of New York, is likely to affect the manner in which entities and individuals decide to comply with the Office of Foreign Assets Control's secondary sanctions and represents a critical interpretive question regarding the International Emergency Economic Powers Act, say attorneys with Morgan Lewis & Bockius LLP.

  • Initial Coin Offerings May Face A Global Crackdown

    Paul Anderson

    In recent years, initial coin offerings have exploded into the spotlight, but following their recent ban in China and South Korea, and mobilization from a number of top financial regulators in the U.S., U.K. and Australia, it is almost certain that we will see rapid developments in ICO regulation, say Paul Anderson and Harriet Rogers of Squire Patton Boggs LLP.

  • Roundup

    Judging A Book

    Alexander Hamilton and the Development of American Law

    Are the latest books on the judicial system worth reading? Federal judges share their thoughts in this series of book reviews.

  • Don't Waste This Planning Cycle: Year-End Strategies

    Hugh A. Simons

    Law firms are businesses where partners operate with significant autonomy. To see their priorities translate into individual partner action, firm leaders should use a few collaborative strategies, suggests Hugh A. Simons, former senior partner of The Boston Consulting Group and former COO of Ropes & Gray LLP.

  • Opinion

    CRA Review Of Bank Regulatory Guidance Is A Bad Idea

    Michael Silva

    Following the recent determination that the Interagency Guidance on Leveraged Lending is subject to the Congressional Review Act, a congressman urged bank regulators to review all of their existing guidance and determine if any should be submitted to Congress. However, regulators should respectfully decline to do so, says Michael Silva, chairman of the financial services regulatory practice at DLA Piper.

  • Financial Crisis Anniversary

    10 Years After Crisis, What We Still Need To Do

    H. Rodgin Cohen

    We can all sleep easier at night because financial reforms have produced a considerably strengthened banking system. This desirable state, however, should not lead to somnambulism. We must still attend to at least four areas of concern, say Rodgin Cohen and Mitch Eitel of Sullivan & Cromwell LLP.

  • From Snaps To Tweets: The Craft Of Social Media Discovery

    Matthew Hamilton

    Courts have consistently held that social media accounts are subject to established discovery principles but are reluctant to allow parties to rummage through private social media accounts. Recent case law confirms that narrowly tailored information requests get the best results, say Matthew Hamilton, Donna Fisher and Jessica Bae of Pepper Hamilton LLP.