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Securities

  • March 19, 2019

    Banks Fight Credit Union Agency's Bid To Exit Libor Suits

    Bank of America and JPMorgan Chase Co. told a New York federal judge that the National Credit Union Administration can’t escape an investor class bringing antitrust actions over alleged rigging of a key lending benchmark, saying the deadline to opt out passed months ago.

  • March 19, 2019

    Riot Blockchain Tries To Ax Suit Over Alleged Bitcoin Fraud

    A putative class action accusing biotech company-turned-cryptocurrency investor Riot Blockchain Inc. of misleading shareholders about its bitcoin trading practices should be dumped for failure to state a claim, the company told a New Jersey federal court Monday.

  • March 19, 2019

    Puma Biotech Owes $22M For Libel In Proxy Fight, Jury Says

    A North Carolina federal jury has found that Puma Biotechnology Inc. defamed Pharmaceutical Product Development LLC’s former CEO during a proxy fight by telling the public he had been “involved in clinical trial fraud,” awarding the former PPD head $22.35 million.

  • March 19, 2019

    SEC Targets More Musk Tweets In Ongoing Contempt Push

    Tesla CEO Elon Musk can’t unilaterally decide his February tweet about production estimates wasn’t material to investors, the U.S. Securities and Exchange Commission said late Monday. The agency also claimed Musk sent a number of other tweets that violated a prior deal.

  • March 19, 2019

    Indonesian Shipping Co. Unit Confirms $143M Ch. 11 Plan

    A debt-laden unit of Indonesian coal transporter Arpeni Pratama Ocean Line received New York bankruptcy court approval Tuesday for a prepackaged Chapter 11 plan that swaps $143 million in senior secured debt for equity and supports a $437 million restructuring of the parent company.

  • March 19, 2019

    SEC Challenges Releases In Aegean Marine's Ch. 11 Plan

    The U.S. Securities and Exchange Commission on Tuesday told a New York bankruptcy court that the litigation releases in Greek refueling company Aegean Marine Petroleum Network Inc.’s revised Chapter 11 disclosures are still unacceptable.

  • March 19, 2019

    FCA Fines UBS £27.6M For Transaction Reporting Failures

    The U.K.'s financial services watchdog slapped UBS with a £27.6 million ($36.61 million) fine Tuesday for failing to adequately report more than 100 million trades over the course of a decade, saying the lender lacked internal controls to ensure its reports were accurate.

  • March 18, 2019

    SEC's Rio Tinto Fraud Case Trimmed, But Moves Forward

    The U.S. Securities and Exchange Commission's suit against mining giant Rio Tinto over its public forecasts for the success of an ultimately decimated Mozambique mining project can go forward, a federal judge in Manhattan ruled Monday, though multiple claims were dismissed.

  • March 18, 2019

    Tivity Atty's 'Suspicious Stock Sales' Support Suit, Judge Says

    Fitness and wellness program provider Tivity Health lost a bid to kill a stock-drop suit on Monday when a Tennessee federal judge said allegations of "suspicious stock sales" by executives, including Tivity's chief legal officer, bolstered the case against the company.

  • March 18, 2019

    Qualcomm Can't Shake Investor Suit Over Licensing Battles

    Qualcomm Inc. lost its bid Monday to shut down investors’ claims that the chipmaker and its top officials lied about the company’s anti-competitive licensing practices that ultimately sparked an enforcement action, tanked the company’s stock price and cost shareholders billions.

  • March 18, 2019

    Level 3 Investors' Deal Denied After CenturyLink Tie-up OK'd

    A Colorado federal judge has declined to approve a settlement of claims brought by a class of Level 3 Communications Inc. shareholders who sued to block the company's sale to CenturyLink for $34 billion, saying the suit is likely moot because the shareholders have approved the deal.

  • March 18, 2019

    Sanctions Sought Over Appeal In Synergy Pharma's Ch. 11

    A New York bankruptcy judge was asked on Friday to sanction a committee of equity holders and attorneys from Stevens & Lee PC involved in the Chapter 11 case for Synergy Pharmaceuticals Inc., saying the group has jeopardized the case by appealing matters it already agreed to support.

  • March 18, 2019

    Bracewell Adds Ex-Andrews Kurth White Collar Atty In Dallas

    Bracewell LLP has added a former Andrews Kurth Kenyon LLP white collar regulatory and enforcement practice chair with more than 17 years of experience handling white collar litigation as a partner in its Dallas office, the firm said on Monday.

  • March 18, 2019

    Jailed Ex-Isles Exec Takes Stand To Fight 20-Year Sentence

    Former New York Islanders executive and money manager Stephen Walsh told Manhattan U.S. District Judge Loretta A. Preska Monday that he was shocked when the judge's former colleague hit him with a 20-year prison sentence for fraud in 2014.

  • March 18, 2019

    Rate-Swap Antitrust MDL Claims Can't Pre-Date Dodd-Frank

    Full implementation of Dodd-Frank financial reforms remains the dividing line between permitted and barred claims in sprawling multidistrict litigation against 11 megabanks that allegedly colluded to control the interest rate swaps market, after a New York federal judge again refused last week to allow pre-2013 claims.

  • March 18, 2019

    As Judicial Ranks Stagnate, 'Desperation' Hits The Bench

    Litigation’s languishing, judges are burned out and attorneys are avoiding federal courts. While filings have increased 38 percent since 1990, the bench has grown by only 4 percent, thanks to congressional gridlock. How is the legal system coping? (This article is part of a series on the lack of new judgeships in the federal judiciary).

  • March 18, 2019

    These Are The Nation's 27 Most Overworked District Courts

    The Judicial Conference of the United States has recommended Congress add 73 permanent federal district judgeships to 27 districts in 18 states. They include courts with high caseloads, stopgap judgeship positions and yearslong vacancies. (This article is part of a series on the lack of new judgeships in the federal judiciary).

  • March 18, 2019

    Investor Being Greedy After Chancery Forum Ruling, Cos. Say

    Three Delaware-chartered companies have blasted a bid for attorneys’ fees by a stockholder who got the Chancery Court to strike down provisions in their bylaws mandating that federal district courts handle Securities Act complaints, saying the $3 million requested is far too much for the work put in by the investor.

  • March 18, 2019

    Del. Suit Over Musk's Tesla Tweets Paused For SEC Action

    A request from Tesla Inc. shareholders to accelerate their suit over Twitter posts from CEO Elon Musk failed Monday when a Delaware Chancery judge instead paused the suit in favor of a U.S. Securities and Exchange Commission enforcement action.

  • March 18, 2019

    2nd Circ. Affirms Toss Of JP Morgan Investor Fund Fees Suit

    The Second Circuit on Monday affirmed the dismissal of a proposed shareholder action against J.P. Morgan alleging excessive mutual fund fees, finding shareholders failed to show the fees were disproportionately high in relation to the services rendered.

Expert Analysis

  • The Post-Cyan­ Spike In State Securities Act Filings

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    One year ago, the U.S. Supreme Court, in Cyan Inc. v. Beaver County Employees Retirement Fund, upheld concurrent state and federal jurisdiction over Securities Act class actions. Predictions that plaintiffs would inundate state courts with such claims now appear to be coming true, say James Goldfarb and Gaurav Talwar of Murphy & McGonigle PC.

  • Series

    Judging A Book: Bashant Reviews 'Doing Justice'

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    My initial reaction to "Doing Justice" was that author Preet Bharara may have bitten off more than he could chew — an accusation leveled against him when he served as U.S. attorney for the Southern District of New York — but I found the book full of helpful gems, says U.S. District Judge Cynthia Bashant of the Southern District of California.

  • 4-Person SEC May Shift Away From Corporate Penalties

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    A Democratic member's recent departure from the U.S. Securities and Exchange Commission likely means that for the foreseeable future corporate penalties will not be imposed in cases where a company did not obtain any benefit from its misconduct, say attorneys at Debevoise & Plimpton LLP.

  • Firms Can Leverage Communications When Economy Is Slow

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    Though most experts believe that an imminent recession is unlikely, slowdown fears are increasing. Now is the time for firms to consider how to best leverage their communications and marketing teams to lessen impacts from a potential economic slowdown, says Tom Orewyler of Tom Orewyler Communications LLC.

  • The Challenge Of Suing A Defunct Virtual Currency Exchange

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    A Colorado federal court's recent decision in Shaw v. Vircurex underscores the risks in asserting personal jurisdiction over virtual currency exchanges — which are often decentralized, operate algorithmically, do not engage in marketing activities and have no traditional physical presence, says Scott Kimpel of Hunton Andrews Kurth LLP.

  • An Emerging Road Map For FCPA Compliance, Cooperation

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    Enforcement of the Foreign Corrupt Practices Act has firmly entered a new era of transparency under U.S. Department of Justice Assistant Attorney General Brian Benczkowski, says Kevin Feldis of Perkins Coie LLP.

  • A Deep Dive Into The CDS And Syndicated Financing Markets

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    The interrelationship between the credit default swap and syndicated term loan markets has become increasingly important and complex over the past five years. Four case studies help illustrate the interplay, say attorneys at Davis Polk & Wardwell LLP.

  • Ethical Social Media Marketing For Lawyers

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    Social media presents rich opportunities to reach prospective clients. Attorneys should not let those opportunities pass them by, but they should keep their ethical obligations in mind as they post, says Cort Sylvester of Nilan Johnson Lewis PA.

  • Q&A

    A Chat With Norton Rose Diversity Director Nina Godiwalla

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    In this monthly series, Amanda Brady of Major Lindsey & Africa interviews management from top law firms about the increasingly competitive business environment. Here we feature Nina Godiwalla, director of diversity and inclusion at Norton Rose Fulbright.

  • FINRA's Recent Enforcement Actions Pack A Hard Punch

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    A review of the disciplinary actions brought by the Financial Industry Regulatory Authority in 2018 shows fewer cases but higher total fines, signaling that when FINRA decides to bring a case, it will do so with full force, say attorneys at Eversheds Sutherland.