An attorney for the former executive director of Dewey & LeBoeuf LLP on Tuesday made her final remarks to the jury in the retrial over a purported scheme to fraudulently prop up the now defunct law firm, telling a Manhattan jury no witness testimony or evidence implicates Stephen DiCarmine in a crime.
Lawyers for Citibank NA came out swinging Tuesday to open a bankruptcy court trial over the nearly $2 billion valuation of about 30,000 derivatives trades that went into default after Lehman Brothers’ 2008 collapse, saying Citibank used proper methods to determine the cost of replacing those trades.
A Florida federal judge sentenced a California-based stock promoter Monday to six months in prison for his role in an alleged pump-and-dump scheme in which he and several co-conspirators issued shares in fraudulent shell companies and sold them to investors at a profit.
Several investors in Southern Co. sent a letter Monday criticizing executive compensation at the utility company and urging fellow shareholders to vote against re-electing two board members at an upcoming meeting.
A former Merrill Lynch investment adviser pled guilty Tuesday to pocketing $1 million belonging to two of his clients by withdrawing the funds without the clients' permission and passing them through a Chicago-based chamber of commerce.
The U.S. Commodity Futures Trading Commission has agreed that commodity trading advisers can use offsite data centers and services to manage and store their books and records, potentially allowing them to lower costs and increase efficiency.
A bill by House Republicans seeking to rewrite the Dodd-Frank Act would bring major changes to the way primary banking regulators are funded and how much leeway they have in shaping the industry, ultimately making it harder to oversee Wall Street practices, attorneys and policy experts say.
A former computer technician at Expedia Inc. who pled guilty last year to snooping on executives’ emails and trading on insider information about revenues to gin up $331,000 in illicit profits was sentenced to 15 months in prison by a federal judge in Washington state Tuesday.
Investors who sued banks for rigging a benchmark swaps rate asked a New York federal judge on Monday to appoint an authority to make sure Morgan Stanley turns over all the files it was ordered to and to make the investment bank pay for it.
The U.S. Securities and Exchange Commission on Tuesday handed over nearly $4 million, its 10th-highest whistleblower award to date, to an individual who alerted the agency about securities misconduct, bringing the program’s total endowment to approximately $153 million.
The insider trading conviction of former Hunton & Williams LLP patent lawyer Rob Schulman was based on insufficient evidence that he meant to profit from tipping an investment adviser about Pfizer Inc.’s plans to acquire his drugmaker client, Schulman argued in a pair of filings Monday in New York federal court.
The U.S. Tax Court ruled Monday that two former business partners are on the hook for about $46 million each, plus penalties, for structuring transactions involving the partners' shares in a distressed debt loan business so as to avoid reporting them as taxable compensation.
Shareholders who bought stock in a since-failed biotech company urged a Texas federal court Tuesday to reject Jefferies LLC's attempt to enjoin arbitration before the Financial Industry Regulatory Authority, saying the investment firm’s requested preliminary injunction is identical to the end goal of its suit: to dodge arbitration.
A former Pennsylvania stockbroker who at one point sat on the state’s Court of Judicial Discipline received six and a half years in prison Monday after pleading guilty to a $3 million fraud scheme that involved false promises of real estate investments and wine and olive oil imports.
Defense lawyers in the felony securities fraud case against Texas Attorney General Ken Paxton on Monday directly asked Harris County to assign a new judge to the case, again arguing that without their consent, the original judge can no longer preside over the case after ordering a change in trial venue.
The U.S. Securities and Exchange Commission filed a lawsuit Tuesday in Delaware federal court alleging a Delaware man raised more than $1.69 million from unsophisticated investors by falsely claiming he was running a highly successful mortgage business.
A Florida real estate executive convicted for bank fraud in an alleged $300 million Ponzi scheme repeated his opposition to prosecutors’ recommendation of a 93-year prison sentence and millions in restitution and fines on Monday, saying he has no prior arrests and has a low likelihood of recidivism.
The U.S. Securities and Exchange Commission has urged a Florida federal judge to enter default judgment against a Florida man regarding allegations he helped sell approximately $4.8 million in shares in a purported lottery business while misrepresenting how the funds were used.
A group of investment firms, including funds related to Water Island Capital and Litman Gregory Master Funds, asked Delaware’s Chancery Court on Monday to determine the fair value of private equity firm American Securities LLC’s buyout of helicopter medical transporter Air Methods Corp.
Wells Fargo & Co. shareholders re-elected all 15 members of the embattled bank’s board of directors on Tuesday, but the results at the frequently raucous meeting showed discontent with Wells Fargo board members who were in place before revelations about fake account generation came to light.
Pennsylvania corporations should not overlook Act 170’s provisions concerning shareholder litigation, which differ from Delaware’s standards and procedures in several important respects. The newly effective law is more demanding of shareholders and deferential to the properly considered determinations of a corporation, say Michael Kichline and Stuart Steinberg of Dechert LLP.
A recent proposal by the Financial Industry Regulatory Authority to liberalize restrictions on certain types of performance projection materials may alleviate some of the conflict that has existed in performance advertising rules under the Investment Advisors Act and FINRA rules, says Matthew Silver of Drinker Biddle & Reath LLP.
Allowing attorneys to telecommute may seem like a great fix for law firms. But without significant changes to the firm's culture, telecommuting is just a patch applied to the problem of attrition, says Michael Moradzadeh, founding partner of Rimon PC.
The recently released amended version of the Financial CHOICE Act builds on and retains key features of the original act adopted in the House Financial Services Committee last year, including its targeted approach of amending, repealing or replacing individual provisions of the Dodd-Frank Act. There are, however, several key modifications in the revised legislation, say attorneys with Sullivan & Cromwell LLP.
If independent compliance monitorships are to remain an important part of how the U.S. government resolves corporate investigations, it is imperative that courts eliminate recent uncertainty and protect monitor reports from public disclosure, says John Wood, a partner at Hughes Hubbard & Reed LLP and former U.S. attorney for the Western District of Missouri.
Effective visuals require effective design. In her new book, "Images with Impact: Design and Use of Winning Trial Visuals," published by the American Bar Association, trial lawyer and Jones Day partner Kerri Ruttenberg discusses how to design and use visuals to help viewers understand, believe and remember the messages being conveyed.
General counsel at four law firms share the biggest issues they face in an increasingly complex legal environment.
In a recent Law360 guest article, two members of the plaintiffs bar contended that Delaware’s materiality standard for corporate disclosure has become more corporate-friendly in recent years. But a closer inspection reveals that Delaware law remains focused on providing a fair balance between individual stockholder rights and the avoidance of frivolous litigation, say attorneys with Sidley Austin LLP.
A 1979 study of attorney-client interactions revealed startling information: Despite years of education and training to hone their legal expertise, attorneys were not acting as independent counselors but rather allowing their clients to control them. Our experience is that this trend has accelerated, say dispute resolution experts Robert Creo and Selina Shultz.
The decision by the U.S. Supreme Court in Kokesh v. Securities and Exchange Commission could meaningfully limit the uncertainty, expense and evidentiary disadvantages faced by parties responding to SEC investigations into conduct dating back more than five years, say attorneys with Ropes & Gray LLP.