While President Donald Trump is expected to further delay the start of the U.S. Department of Labor's fiduciary rule for retirement account advisers beyond the regulatory freeze imposed Friday, experts said the path to an actual rollback of the regulation is still unclear — especially if firms that have already put millions into compliance choose not to dismantle their efforts.
Jury selection in the retrial of two former top executives of failed law firm Dewey & LeBoeuf LLP began Monday, and the judge overseeing the marathon case laid out some ground rules for the defense in its questioning of the star cooperating witness in the case, in light of his sweetened plea deal.
Oil tanker company Overseas Shipholding Group Inc. on Monday agreed to pay a $5 million fine to the U.S. Securities and Exchange Commission to settle charges it failed to report hundreds of millions of dollars in tax liabilities for almost 12 years.
The Seventh Circuit affirmed two separate decisions dismissing securities class actions for not complying with the Securities Litigation Uniform Standards Act, saying Monday that their claims were based on omissions that must proceed under federal law, not the state laws under which they were brought.
The U.S. Supreme Court on Monday refused to reconsider its decision not to hear an appeal from convicted Ponzi schemer Robert Allen Stanford, who's serving a 110-year sentence for running a $7 billion fraud, rejecting Stanford's request it take up the case after President Donald Trump appoints a ninth justice.
A California federal judge on Monday approved a settlement valued at more than $1.6 billion that resolves lawsuits filed by Volkswagen AG franchise dealerships in the wake of the carmaker's 2015 diesel emissions scandal.
KaloBios Pharmaceuticals and two executives have agreed to shell out $1.5 million to settle part of a putative securities class action sparked by pharmaceutical executive Martin Shkreli’s one-month tenure as KaloBios CEO, ending allegations that they violated securities laws by omitting facts concerning Shkreli’s legal woes but not claims against Shkreli.
Ruling that some requirements for fairness are obvious even if unstated, Delaware’s Supreme Court on Friday reversed a Chancery Court’s dismissal of two key objections to an $11.2 billion merger of Regency Energy Partners LP with Energy Transfer Partners LP.
Qualcomm Inc. investors whose derivative claims accusing the board of faulty controls that led to $2 billion worth of international regulatory actions and antitrust lawsuits were dismissed by the Delaware Chancery Court told the state high court Monday that the decision would allow directors to ignore “systemic illegality.”
Another Resource Capital Corp. shareholder has brought a suit against the real estate investment trust’s directors in New York federal court, accusing them Monday of mishandling a Puerto Rico hotel loan portfolio that prompted a $41 million write-down in August 2015.
A New York bankruptcy judge on Monday said that by failing to obtain his permission before filing an action against MF Global’s trustee to arbitrate a contract dispute in Bermuda, Ironshore Insurance Ltd. and other MF Global excess insurers violated a legal doctrine and must dismiss those foreign proceedings by Tuesday.
Best Buy shareholders urged a Minnesota federal judge Friday to allow evidence that alleged securities law violations committed by the retailer’s executives caused its stock price to drop, following the Eighth Circuit’s decision last year to decertify a class of investors over opposing evidence from Best Buy.
Private equity magnate Lynn Tilton has petitioned the U.S. Supreme Court to weigh a circuit split over the constitutionality of the U.S. Securities and Exchange Commission’s administrative court, arguing the agency’s home field advantage in a $200 million fraud case against her amounts to a “stacked-deck proceeding.”
The U.S. Securities and Exchange Commission on Monday handed over $7 million, its sixth-highest whistleblower award ever, to three individuals who helped the agency successfully prosecute an investment scheme, bringing the program’s total endowment to approximately $149 million.
A group of foreign nationals seeking EB-5 visas who allege they were fraudulently duped into investing $50 million in a botched Palm Beach real estate project asked a Florida federal court on Friday to deny a hotel mortgage holder’s bid to escape the case, saying the holder made the fraud possible.
Daimler AG on Friday urged a California federal judge to toss a consolidated class action lawsuit accusing the automaker of misleading investors about its use of software to cheat emissions tests in certain Mercedes vehicles, saying the company does not have sufficient ties to the U.S.
Paul Weiss Rifkind Wharton & Garrison LLP’s year defending electronics security company ADT Corp. in litigation over a $450 million buyback and Citigroup from cases over losses due to the 2008 financial crisis and over subprime-related asset exposure has won the firm a spot as one of Law360’s Securities Groups of the Year for the third consecutive year.
A former investment analyst accused of using his mother's brokerage account to profit from inside knowledge of a $15 billion merger was taken into custody Monday after a Manhattan federal judge ordered his arrest for failing to appear at day one of his criminal trial.
The U.S. Securities and Exchange Commission became an increasingly political focal point in the eight years of Barack Obama's presidency, buffeted by partisan forces both inside and out that experts say have damaged the SEC’s credibility and are unlikely to abate during the Trump administration.
Financier Lynn Tilton on Wednesday accused three collateralized loan obligation funds she founded of playing “tactical games” when they filed a fraud lawsuit seeking judgment on their ownership after convincing her to drop a similar case in New York federal court, prompting the funds to fire back in a letter Thursday, calling her accusations “unfounded and irrelevant.”
Given the complex rules that govern opening and maintaining a self-directed individual retirement account to hold physical precious metals, and the possible tax consequences, many companies that offer such IRA products advise their clients to consult their attorney before opening one. Trusts and estates attorney Christopher Johnson addresses key questions that clients may ask prior to opening a gold IRA.
The Dodd-Frank Act was passed in 2010 with the Great Recession providing momentum and popular support for its enactment. Conversely, there is no acute crisis to serve as a catalyst for its repeal, say Anthony Drenzek and Timothy Mungovan of Proskauer Rose LLP.
Delaware Chancellor Andre Bouchard’s recent decision in Solera follows an increasingly familiar template in merger litigation based on the landmark 2015 Corwin decision and furthers a trend that leans strongly toward application of business judgment review and early dismissal of post-closing complaints, say attorneys with Fried Frank Harris Shriver & Jacobson LLP.
Litigated motions related to recanting confidential witnesses have created a confusing mass of case law. The approach recently taken by a California federal court in Union Asset Management Holding v. SanDisk is sensible in that it uses the appropriate and well-established procedures of Rule 11 to deal with confidential witness recanting allegations, says Michael Eisenkraft of Cohen Milstein Sellers & Toll PLLC.
Last year saw several large portfolio trades in the tertiary life settlements market, and the industry faced cost of insurance increases by several major companies. Brian Casey and Thomas Sherman of Locke Lord LLP discuss 2016's most important life settlements court cases from all around the country.
In its systematic, careful and Rule 23-specific opinion in Briseno v. ConAgra, the Ninth Circuit found a way to eviscerate the Third Circuit’s views on “ascertainability.” This important opinion may not end the debate, but it may engender new thinking from the Third and Fourth Circuits, says Fred Taylor Isquith of Wolf Haldenstein Adler Freeman & Herz LLP.
A year after the Delaware Chancery Court announced in Trulia that the paragon of nuisance settlements — the “disclosure only” settlement — would no longer be welcome, deal litigation is still common and, increasingly, it is avoiding Delaware. This is because of the failure of the forum-selection solution advertised in Trulia, says professor Sean Griffith of Fordham University School of Law.
While some courts have declined to apply the common-law doctrine of champerty to invalidate third-party litigation funding agreements, two recent rulings by appellate courts in New York and Pennsylvania have brought renewed attention to champerty principles, casting doubts on the legality of certain forms of third-party litigation funding, say John Beisner and Jordan Schwartz of Skadden Arps Slate Meagher & Flom LLP.
The U.S. Supreme Court recently granted certiorari in U.S. Securities and Exchange Commission v. Kokesh to review whether civil enforcement claims brought by the SEC for the remedy of disgorgement are subject to any statute of limitations. Attorneys with Ropes & Gray LLP examine the significance of the statute of limitations question, especially for private equity firms.
Instead of trying to change the new workforce to follow a law firm's existing processes and procedures, perhaps it's time for firms to start changing their processes and procedures to better accommodate the mentality of this next generation of lawyers, says Christopher Imperiale, a law firm adviser with Berdon LLP.