An Illinois federal judge on Thursday appointed Kimberly A. Justice of Kessler Topaz Meltzer & Check LLP and Jonathan C. Bunge of Quinn Emanuel Urquhart & Sullivan LLP as lead co-counsel in multidistrict litigation over alleged Chicago Board Options Exchange’s volatility index manipulation.
Double jeopardy prevents the federal government from retrying a trio of former Georgeson LLC advisers after a mistrial was declared when prosecutors refused to proceed with the fraud case after a juror exited on its penultimate day, a Massachusetts judge ruled Thursday.
No one is tracking law students with disabilities to see where the education system may be failing them, but some advocates are working to change this dynamic and build a better pipeline.
Ambac asked a New York federal court Thursday to release it from an obligation to insure some of the $900 million in losses suffered by a residential mortgage-backed securities trust managed by Deutsche Bank National Trust Co., saying the banking giant did not hold the underlying loan issuer accountable.
Attorneys for a proposed class of investors in U.S. Geothermal Inc. asked Delaware Chancery Court to keep alive their challenge to the company's recent $110 million merger with Ormat Technologies Inc., alleging that self-interested moves by a large shareholder and director made for an unfair process.
U.S. District Judge Jed Rakoff has ruled that the Center for Class Action Fairness can have just a small fraction of the nearly $200,000 in attorneys' fees requested for it by its client, an objector to the $3 billion class action settlement resolving securities fraud claims against Brazilian oil giant Petrobras.
A partner at Sidley Austin LLP will be nominated as U.S. attorney in San Francisco, the White House announced Thursday, as it also revealed nominees for spots in Florida, Illinois and North Dakota.
A New York federal judge trimmed the majority of claims against RV services company Airxcel Inc. brought by the founder of a RV roller shade maker the company purchased who claims he was defrauded out of a potential $5.6 million, finding the contract between the parties precluded the bulk of his claims.
Investors in Keryx Biopharmaceuticals Inc. shot back Thursday at the company’s attempt to reargue its motion to dismiss a proposed class action alleging the company misled investors to believe it had mitigated supply chain risks before its stock tumbled due to a production delay.
The U.S. Securities and Exchange Commission has set aside a disciplinary action brought by Chicago Board Options Exchange Inc. against member clearing firm ABN AMRO Clearing Chicago LLC, sending the matter back to CBOE’s board of directors for review under a different standard.
Dean Foods Co. has asked a Texas state court to compel former chairman Thomas Davis and prominent gambler Walter “Billy” Walters to cough up over $9.7 million in costs it incurred from the pair’s insider trading scheme.
Roughly a week after U.S. Rep. Christopher Collins, son Cameron Collins and the father of Cameron’s fiancee were charged with insider trading by federal prosecutors and the U.S. Securities and Exchange Commission, Cameron’s fiancee and her mother entered into final judgments with the SEC on Thursday.
A former BP America Inc. economist who pled guilty to attempting to extort the company out of more than $300,000 by demanding bitcoin payment in exchange for not releasing classified documents was sentenced on Thursday by a federal judge in Houston to 27 months in prison.
A New York federal judge on Thursday said a former government engineer can be deposed by investors in a securities class action claiming Fiat Chrysler lied over its alleged use of emissions-cheating devices in its vehicles, disagreeing with the U.S. Department of Transportation that its regulations could prevent an ex-government employee's testimony.
The Second Circuit didn’t look keen Thursday to revive claims that La Quinta Holdings Inc. and a private equity backer duped investors by failing to adequately disclose the risk of oil and gas prices crashing, with Judge Gerard E. Lynch saying “any idiot” knows a hotel chain with a heavy presence in Texas is impacted by an energy-sector slump.
A man accused of conspiring with an unnamed Russian to use hacked brokerage accounts in a pump-and-dump scheme said Thursday he was "duped" into participation because of his autism spectrum disorder, but a Brooklyn federal judge spiked his bid for evidence that others had been similarly victimized.
The owner of a Kansas-based aromatherapy fashion business has filed a proposed class action suit in California federal court against Facebook alleging the social media giant grossly inflates so-called potential-reach demographic figures that dictate advertising rates and guide clients in choosing what markets in which to place their ads.
The U.S. Securities and Exchange Commission filed a complaint against real estate investment firm Equitybuild Inc. and its father-son owners on Wednesday, accusing them of running a $135 million Ponzi scheme that ensnared about 900 investors with promises of double-digit returns.
The U.S. Securities and Exchange Commission filed two orders on Thursday saying Citigroup Inc. had agreed to pay $10.5 million to settle a pair of enforcement actions over substantial losses incurred by misconduct involving three of the bank’s traders and loans fraudulently procured by a Mexican marine services provider.
A New Jersey federal judge on Thursday refused to toss a putative class action accusing Novo Nordisk of misleading shareholders about its financial sustainability in the U.S. market, ruling that the investors had sufficiently alleged that the Danish insulin maker made materially misleading statements about its rebate program and the pricing pressures facing its drug Tresiba.
For some plan sponsors, the prospect of engaging in a pension risk transfer may seem cost-prohibitive. However, the cost of transferring risk is lower than what many sponsors perceive, says Elliott Dinkin of Cowden Associates Inc.
In his new book, "The Last Great Colonial Lawyer: The Life and Legacy of Jeremiah Gridley," Charles McKirdy argues that Gridley — someone I had never heard of — was the last great colonial lawyer, and that his cases illuminate his times. The author largely substantiates both claims, says First Circuit Judge Kermit Lipez.
Coffey v. Ripple Labs is a much-anticipated cryptocurrency case that squarely presents the question of whether Ripple is a “security” within the meaning of the securities laws. A recent decision in the case, however, addressed an important removal question of more general applicability, says Douglas Pepe of Joseph Hage Aaronson LLC.
Full and accurate disclosure of information by a corporation to its stockholders is a basic component of obtaining consent to mergers and other fundamental transactions. But the Delaware Supreme Court's decision in Morrison v. Berry is a stark reminder that implementing adequate disclosures is easier said than done, say Marc Casarino and Lori Smith of White and Williams LLP.
The Ninth Circuit's opinion this week in Khoja v. Orexigen Therapeutics makes clear that the court is concerned about the doctrines of judicial notice and incorporation by reference being applied loosely in securities cases. This could result in fewer dismissals, or at least fewer dismissals with prejudice, at the motion to dismiss stage, says Kevin LaCroix of RT ProExec.
The U.S. Securities and Exchange Commission last month approved rule changes that would impose extensive new transparency requirements on alternative trading systems that effect transactions in National Market System stocks. Julian Rainero and William Barbera of Schulte Roth & Zabel LLP break down the new disclosure requirements and highlight areas that may prove particularly burdensome.
A recent Law360 guest op-ed criticized the judge in the Chicago Board Options Exchange antitrust litigation for requesting more diversity in plaintiffs’ lead counsel applications. The author’s argument misinterprets the Federal Rules of Civil Procedure and reinforces archaic misconceptions about women and minorities in the courtroom, say Kellie Lerner and Chelsea Walcker of Robins Kaplan LLP.
All companies operating abroad should be aware of potential liability under the Foreign Corrupt Practices Act and other anti-corruption laws, but health care and life sciences companies are at greater risk due to the nature of their products and their reliance on third-party distributors in international markets, say attorneys at Ropes & Gray LLP.
Across the country this fall, recent law school graduates, law firm associates and experienced professionals will interview for positions in private practice and government service. Sharing tips on how to stand out in this high-pressure, hypercompetitive process are Eileen Decker, former U.S. attorney for the Central District of California, and Keith Jacoby, co-chairman of Littler Mendelson PC’s class action practice group.
Companies should expect that the New York City Comptroller's Office, State Street Global Advisors and others will continue to seek dialogue, engagement and disclosure on diversity and other important social issues. Based on 2018 proxy season results, investors' votes may increasingly become a referendum on social concerns, say attorneys with Cleary Gottlieb Steen & Hamilton LLP.