• March 19, 2018

    Valeant, Pershing Get Initial OK On $290M Investor Deals

    A California federal judge granted preliminary approval Monday to two settlements totaling $290 million from Pershing Square Capital Management LP and Valeant Pharmaceuticals International Inc. to resolve investor claims of an insider-trading scheme ahead of their failed takeover bid for Allergan Inc.

  • March 19, 2018

    Investor Claims Over Tanking Blackberry Z10 Sales Revived

    Three years after their initial claims were tossed, a putative class of investors accusing BlackBerry Ltd. of inflating the value of its stock by hiding poor performance of its Z10 smartphone saw their suit revived after a New York federal judge halted a dismissal attempt of their newly amended complaint, finding Monday that important information had emerged.

  • March 19, 2018

    Former NJ US Atty Joins Arnold & Porter

    New Jersey’s longest-serving U.S. Attorney in five decades, Paul J. Fishman, is taking his 35 years of experience on both sides of the private-public fence to Arnold & Porter’s crisis management and strategic response team, the firm announced Monday.

  • March 19, 2018

    SEC Chair Outlines Fiduciary Duty Proposal Goals

    The head of the U.S. Securities and Exchange Commission on Monday offered new snippets of what to expect from the agency's long-awaited plans to revise the fiduciary duty standard while also expressing exasperation with the slow rollout of the consolidated audit trail.

  • March 19, 2018

    Aon Hewitt Sheds Caterpillar Plan ERISA Suit

    Caterpillar Inc. retirement plan participants suing Aon Hewitt for allegedly violating the Employee Retirement Income Security Act through an advisory fees kickback scheme saw their proposed class action thrown out Monday, when an Illinois federal magistrate judge found the suit lacked evidence to support its claims.

  • March 19, 2018

    Investor Suit Against Target Won't Be Revived, Judge Says

    A Minnesota federal judge on Monday said she would not reconsider the dismissal of a proposed securities class action accusing Target of misleading investors amid its tumultuous expansion into Canada, saying public statements company executives had made during the expansion don't meet the standard for securities fraud.

  • March 19, 2018

    Ex-Autonomy Exec Who Took Plea Testifies Against Ex-Boss

    An ex-Autonomy Corp. executive who cut a deal with the government to testify against his former boss told a California federal jury Monday that the British company’s ex-chief financial officer approved sales tactics that misled investors about Autonomy’s worth ahead of its $11 billion acquisition by Hewlett-Packard Co.

  • March 19, 2018

    ETE Cites Williams' 'Trash Talk' In $1.5B Fee Reargument Bid

    Pipeline giant Energy Transfer Equity urged Delaware Chancery Court on Monday to allow reargument on dismissed counterclaims that the company deserves a $1.48 billion termination fee for The Williams Companies' alleged breaches of a $38 billion merger agreement that ETE itself abandoned in 2016.

  • March 19, 2018

    Former Georgeson Advisers Get Mistrial After Juror’s Exit

    A Boston juror’s family emergency led to a mistrial Monday in a bribery case against four former corporate advisers at Georgeson LLC, despite calls from both sides to move forward with a smaller panel.

  • March 19, 2018

    $9.3B Oracle-NetSuite Merger Row Survives Dismissal Bid

    A Delaware Chancery judge refused on Monday to toss stockholders' challenge to Oracle Corp.'s $9.3 billion acquisition of NetSuite Inc., finding there are enough potential conflicts between Oracle's directors and its founder Larry Ellison, who also controls NetSuite, that the investors didn’t have to take their legal challenge to the board before suing.

  • March 19, 2018

    Reinsurance Firm's Restructuring Implementation Deal OK'd

    A restructuring implementation agreement needed to integrate insolvency proceedings in multiple jurisdictions for bankrupt reinsurance firm Scottish Holdings Inc. received approval Monday in Delaware after the objections of creditors and the U.S. trustee were resolved.

  • March 19, 2018

    Akin Gump Reps Tippee Pro Bono In Insider Trading Case

    Akin Gump Strauss Hauer & Feld LLP has agreed to take up the defense of a computer analyst charged with trading on confidential merger information gleaned from a former Bank of America executive pro bono, according to notices filed Friday in New York federal court.

  • March 19, 2018

    Akerman Adds 2 Dykema Attys To Fraud, Recovery Group

    Akerman LLP on Friday announced that it has bolstered its fraud and recovery practice group in Dallas with the addition of two partners it hired away from Dykema Cox Smith PLLC, bringing the total number of litigation and transactional attorneys that the firm employs in Texas to almost 60.

  • March 19, 2018

    Trump Bans Venezuelan Cryptocurrency Transactions In US

    President Donald Trump on Monday issued an executive order banning transactions within the United States that involve Venezuela's new cryptocurrency, marking the administration’s latest attempt to escalate pressure on Venezuela President Nicolas Maduro’s beleaguered regime.

  • March 19, 2018

    Fund Liquidity Risk Disclosure: Too Much Or Not Enough?

    An SEC proposal to allow mutual funds to scale back on liquidity risk disclosures is being criticized by investor advocates as a concession to the fund industry and an assault on transparency, while some legal experts argue too much risk disclosure can be misleading and confusing.

  • March 19, 2018

    Calif. Energy Services Co. Wants SEC Fraud Case Out Of NY

    A Los Angeles-area energy services holding company and its CEO have told a New York federal court that the U.S. Securities and Exchange Commission’s suit accusing them of stock fraud doesn’t belong there and should be thrown out or at least sent to California, thousands of miles closer to home.

  • March 19, 2018

    EZCorp Fights Class Cert. In 'Lawyer-Driven' Investor Suit

    Pawn shop operator and "instant cash" loan provider EZCorp Inc. on Friday told a Texas federal judge that a foreign investor was allowing his counsel to make all the decisions in his "lawyer-driven" securities suit accusing the company of misrepresenting its financial well-being.

  • March 19, 2018

    SocGen Earmarks €1B To Handle US Probes Into Libor, Libya

    Societe Generale SA on Monday said it has set aside €1 billion ($1.23 billion) to deal with investigations by U.S. authorities into benchmark rate rigging and transactions between the French lender and Libya’s sovereign wealth fund.

  • March 19, 2018

    Justices Ask Gov't For Views On ERISA Causation Burden

    The U.S. Supreme Court on Monday asked the U.S. solicitor general to weigh in on a case asking when the burden of showing whether an Employee Retirement Income Security Act fiduciary caused an alleged loss shifts from the workers to the fiduciary.

  • March 19, 2018

    SEC Whistleblowers Net $83M In Largest Ever Bounties

    The U.S. Securities and Exchange Commission on Monday approved its largest ever whistleblower awards, agreeing to pay out roughly $83 million combined to three tipsters, who are represented by Labaton Sucharow LLP, according to the firm.

Expert Analysis

  • SEC, CFTC Display United Front On Cryptocurrency

    Laura Anthony

    In a recent Senate committee hearing on virtual currencies, both Jay Clayton and Christopher Giancarlo confirmed that the U.S. Securities and Exchange Commission and the U.S. Commodity Futures Trading Commission are working together to ensure effective oversight. However, regulation and oversight need to be fashioned in a way that properly addresses the new technology, says Laura Anthony of Legal & Compliance LLC.

  • Can The SEC Enforce Securities Laws Abroad?

    James Goldfarb

    This week, the Tenth Circuit will hear a case with far-reaching consequences, literally, for the U.S. Securities and Exchange Commission's enforcement activity. If the commission has its way in its case against Traffic Monsoon, more aggressive overseas enforcement activity could be in store, say attorneys with Murphy & McGonigle PC.

  • Changes To Rule 23 Are Coming, Are You Prepared?

    Niki Mendoza

    Proposed amendments to the Federal Rules of Civil Procedure Rule 23, which governs class actions, are set to take effect on Dec. 1, 2018, pending approval. The amendments would significantly alter class action litigation procedure from notice to settlement, says Niki Mendoza of Garden City Group LLC.

  • Virtual Currency As Commodity: From Coinflip To McDonnell

    Douglas Arend

    Through a series of public statements and judicial opinions beginning with the 2015 Coinflip action and progressing to a New York federal court’s decision in McDonnell this month, the U.S. Commodity Futures Trading Commission has established itself as the primary regulator of virtual currencies, notwithstanding the absence of clear statutory authority, say Douglas Arend and Jeffry Henderson of Greenberg Traurig LLP.

  • An Update On Spoofing And Its Challenges

    Ilan Guedj

    Regulators have recently increased their efforts in cracking down on spoofing, yielding an increasing number of criminal indictments and civil settlements. However, an important challenge in identifying spoofing is separating legitimate calculations from those that were intended to manipulate the market, say Ilan Guedj and An Wang of Bates White LLC.

  • Are ICOs In The Crosshairs Of New York’s Martin Act?

    Daniel Alter

    Although much attention has been paid to the U.S. Securities and Exchange Commission’s actions in the initial coin offering space, little thought has been given to the applicability of New York’s own securities fraud statute. That could be a serious oversight, says Daniel Alter of Murphy & McGonigle PC.

  • Choice-Of-Law Takeaways From Dole Insurance Dispute

    Kevin LaCroix

    The insurance coverage litigation arising from the settlement of the shareholder claims filed in connection with Dole Food’s 2013 going-private transaction continues to grind on, and the latest ruling could be helpful for companies seeking to argue that Delaware law should govern the interpretation of their insurance policies, says Kevin LaCroix of RT ProExec.

  • How The Federal Reserve Might Approach Regulatory Reform

    George Madison

    The Federal Reserve’s new leadership has made clear that while it supports certain changes to Dodd-Frank and the related regulations, it broadly supports the post-crisis regulatory framework. With that background, we focus on the Fed’s anticipated views of five areas where reform is possible, say attorneys with Sidley Austin LLP.

  • Lawyering A La Carte: Unbundled Dispute Resolution Services

    David Wallace

    There's no reason for limiting unbundled legal services to family law or even pro se litigants. Wider adoption, especially by litigators, presents an opportunity to correct law's distribution and pricing problem, to make justice practically available to all, and to dethrone litigation as the "sport of kings," says New York-based trial lawyer David Wallace.

  • 3 Critical Events For Cryptocurrency Exchanges: Part 2

    John Reed Stark

    Coordinated federal initiatives scrutinizing cryptocurrency exchanges may be viewed as alarming by entrepreneurs and their advisers. But we believe such concerns are largely misguided, say John Reed Stark, president of John Reed Stark Consulting LLC, and David Fontaine, CEO of Kroll Inc.