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Securities

  • January 18, 2019

    Madoff Investors Can't Evade Clawback By Withdrawing Claim

    A Manhattan bankruptcy judge rejected arguments by three “net winners” in the Madoff Ponzi scheme on Friday that he lost authority to hear a $2.8 million clawback action against them when they dropped their own claim against the bankruptcy estate.

  • January 18, 2019

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

    The last week has seen former Rabobank trader Anthony Conti sue his old employer, ArcelorMittal take Essar’s investment manager to court months after acquiring its steel business, and the managing director of AlixPartners sue a prominent Irish businessman and a British property tycoon. Here, Law360 looks at those and other new claims in the U.K.

  • January 18, 2019

    Prison Co. Stock’s Non-Reaction To Disclosures Dooms Cert.

    A Tennessee federal judge declined Friday to certify a class of investors who allege that private prison operator CoreCivic Inc. misrepresented its safety, security and rehabilitation standards, saying shares of the company didn’t decline when the supposed misstatements were first revealed.

  • January 18, 2019

    Bitcoin Boss Deserves 2 1/2 Years For SEC Lies, Gov't Says

    Alternative currency purveyor Jon E. Montroll should serve about 2 1/2 years in prison for lying to the U.S. Securities and Exchange Commission and defrauding customers after hackers stole 6,000 bitcoins from his businesses, prosecutors told a Manhattan federal judge.

  • January 18, 2019

    Enviro Co. Owes Ex-Officers Legal Fees, Chancery Hears

    Two former officers of industrial and environmental cleanup services company USES Corp. filed suit Friday in Delaware Chancery Court seeking to have the company pay legal fees they incurred in connection with a New York lawsuit over the 2014 purchase of the company.

  • January 18, 2019

    Bipartisan House Bill Seeks Stricter SEC Insider Trading Rules

    A new bipartisan bill introduced by House Committee on Financial Services leadership on Friday seeks to curb insider trading by calling for the U.S. Securities and Exchange Commission to explore amendments to its corporate insider rule. 

  • January 18, 2019

    2nd Circ. Won't Budge On Reviving IBM Workers' ERISA Suit

    The Second Circuit won’t rethink its decision to revive a proposed Employee Retirement Income Security Act class action accusing IBM of wrongly investing its workers’ retirement savings into overvalued company stock, the court ruled Friday.

  • January 18, 2019

    White & Case Adds Former Justice Dept. Head, Gaming GC

    White & Case LLP has beefed up it governance, disputes, sanctions and antitrust practices with the addition of an O'Melveny & Myers LLP former partner whose varied career includes being a presidential appointee supervising all Justice Department financial prosecutions and serving as general counsel to two different public gaming companies.

  • January 18, 2019

    Pharma Investor Says $180M Deal Proxy Lacks Key Info

    A shareholder of intravenous pain medication developer Avenue Therapeutics Inc. filed suit in Delaware federal court Thursday against the company’s directors alleging a proxy statement describing a $180 million acquisition of the company is misleading due to the omission of material information.

  • January 18, 2019

    IHeartMedia Clears Ch. 11 Path With Legacy Noteholder Deal

    IHeartMedia Inc. has inked a deal with a contingent of its legacy holders who had protested the radio broadcast giant's bid to emerge from Chapter 11 in Texas, giving them $4 million in fees and allowing $544 million in legacy note claims.

  • January 18, 2019

    Blank Rome Adds Ex-DLA Piper Transactions Atty In LA

    Blank Rome LLP has hired a former DLA Piper transactions veteran and self-professed "deal lawyer" with experience brokering deals for lifestyle companies and entrepreneurs, bolstering its corporate, mergers and acquisitions and securities group in Los Angeles.

  • January 18, 2019

    Zynga Settles Chancery Insider Stock Sale Suit For $11.25M

    A once-dismissed derivative suit targeting insider trading in 2012 by directors of online game maker Zynga Inc. ended in Chancery Court Friday with an $11.25 million settlement for the company and pruned fee awards for the lead stockholder and class attorneys.

  • January 18, 2019

    Forex Suit $300M Fee Objector Slams Class’ Appeal Bond Bid

    The lone objector to $300 million in attorneys' fees granted in relation to $2.3 billion in settlements with banks over alleged benchmarking rate rigging in the foreign exchange markets has hit back at an investor class’ bid to require a $1.4 million bond while he appeals the award, telling a New York federal judge Friday that the request is unnecessary and burdensome.

  • January 18, 2019

    Sale Of Fugitive's Cos.' Assets OK'd In $7.4M Fraud Case

    A court-appointed receiver won approval from a Florida federal court Friday to move forward with a settlement agreement with foreign liquidators and a plan to sell assets of companies linked to a Chilean fugitive accused of bilking securities investors out of $7.4 million.

  • January 18, 2019

    Theranos Execs' Days Of Reckoning Draw Nearer

    The dissolution of Theranos Inc. hasn’t ended legal troubles for ex-leaders of the wannabe bloodwork disruptor, who are getting closer to climactic trials in fraud suits brought by prosecutors, consumers and securities enforcers. Here, Law360 updates attorneys on criminal and civil cases threatening former executives of the onetime Silicon Valley juggernaut.

  • January 18, 2019

    PPG Discloses Federal Probe Into Accounting Practices

    Paint maker PPG Industries Inc. said Thursday federal prosecutors are investigating potential accounting violations that were already the subject of an investigation by the U.S. Securities and Exchange Commission as well as an investor lawsuit.

  • January 18, 2019

    Ill. Atty Must Arbitrate Exit Claims Against Former Firm

    An Illinois federal judge has ruled that a Chicago attorney suing his former firm Williams Montgomery & John Ltd. will have to pursue his claims that the firm stiffed him on benefits in arbitration, despite his effort to keep the dispute in the courts.

  • January 18, 2019

    Sen. Warren Seeks Info On Mnuchin's Calls To Bank CEOs

    U.S. Sen. Elizabeth Warren pressed Treasury Secretary Steve Mnuchin and the CEOs of the country's six largest banks Friday to provide more details about phone conversations last month in which Mnuchin called and asked if the banks had enough liquidity to weather a sustained stock market downturn.

  • January 18, 2019

    Securities Group Of The Year: Pomerantz

    Pomerantz LLP secured almost $3 billion in 2018 for investors who alleged securities of Brazil's state-run oil giant Petrobras were negatively impacted by a massive corruption scandal, earning the firm a place on Law360's list of Securities Groups of the Year.

  • January 18, 2019

    Lead Counsel Seeks $4.5M Cut Of $18M ITG Trading Deal

    Lead counsel in the now-settled class action dispute over allegations that Investment Technology Group Inc. concealed a trading desk that made profits from supposedly confidential trading data asked a New York federal court on Thursday for a $4.5 million cut of the $18 million settlement that brought the suit to a close.

Expert Analysis

  • High Court's Emulex Issue Is Narrower Than Some Suggest

    Corban Rhodes

    Some have seen the U.S. Supreme Court’s recent decision to hear Emulex v. Gary Varjabedian as an opportunity to deny investors any ability to bring claims under Section 14(e) of the Securities Exchange Act. This effort is misguided for several reasons, say Corban Rhodes and Anna Menkova of Labaton Sucharow LLP.

  • 4 Critical Questions When Obtaining A Fairness Opinion

    Dayton Nordin

    Due to the increase in shareholder activism and greater focus on board accountability, fairness opinions in M&A deals are more important than ever, say Dayton Nordin and Mayis Kirakosyan of EY.

  • Diversity's Next Step: Developing Minority Partners

    Chris King.jpg

    The lack of minority partners comes at a high cost to firms, say attorneys at Lightfoot Franklin & White LLC, as they suggest several practical ways to tackle this problem.

  • Nuts And Bolts Of The IRS' Proposed Anti-Hybrid Regulations

    Thomas Humphreys

    In December, the IRS proposed regulations under two new sections of the Internal Revenue Code aimed at hybrid arrangements — transactions by multinational companies subject to corporate income tax in one national jurisdiction but not another. Attorneys at Mayer Brown LLP discuss the scope of the rules and which transactions may be affected.

  • A 2019 Field Guide To Calif. Class Actions

    William Stern

    For those navigating the California class action landscape in 2019, it pays to know what happened in 2018. William Stern of Covington & Burling LLP looks back at the most important developments and discusses what to expect going forward.

  • Expect More SEC Cybersecurity Enforcement This Year

    Doug Davison

    The U.S. Securities and Exchange Commission turned its attention to cybersecurity last year, and those efforts will intensify throughout 2019. There are at least four likely areas of enforcement activity, say attorneys with Linklaters LLP.

  • 2019 Annual Meeting And Reporting Considerations: Part 4

    Hagen Ganem

    In the final installment of their four-part series, attorneys with Skadden Arps Slate Meagher & Flom LLP focus on corporate governance best practices such as disclosures related to board evaluations and virtual shareholder meetings; the status of Dodd-Frank and other U.S. Securities and Exchange Commission rule-making matters; and considerations in assessing social media policies.

  • Capital Leases Are Dead, Long Live Finance Leases

    Brad Boericke

    Starting this year, public companies must adopt the Financial Standards Accounting Board's new lease accounting rules, which eliminate the defined term "capital leases." Lenders and borrowers alike will need to consider taking a new approach to drafting credit agreements, says Brad Boericke of Pepper Hamilton LLP.

  • 2019 Annual Meeting And Reporting Considerations: Part 3

    Caroline Kim

    In the third installment of their four-part series, attorneys with Skadden Arps Slate Meagher & Flom LLP consider corporate governance best practices including environmental, social and governance reporting, updates to director and officer questionnaires, board diversity and related disclosures, and shareholder proposals.

  • A Closer Look At CFTC's Loss In Market Manipulation Case

    Michael Brooks

    While the New York federal court's decision in U.S. Commodity Futures Trading Commission v. Wilson may embolden defendants in CFTC and Federal Energy Regulatory Commission enforcement matters, the circumstances surrounding it should continue to serve as a caution to market participants, say Michael Brooks and Robert Pease of Bracewell LLP.