A New York federal judge on Friday signed off on $44.6 million in fees for attorneys who secured a $210 million settlement to end a proposed class action by Salix Pharmaceuticals Ltd. shareholders claiming the company misrepresented inventory levels to falsely inflate its stock price.
An attorney convicted of fraudulently inflating a medical device company’s stock has petitioned the U.S. Supreme Court to take up his case, saying the Eleventh Circuit was wrong to sign off on prosecutors’ decision to knowingly use false testimony in his trial by reasoning that the government didn’t suppress evidence that the witnesses lied.
Activist investor and CVR Energy chair Carl Icahn resigned Friday as President Donald Trump’s special regulatory adviser in the wake of conflict of interest questions related to his renewable-fuel market activities and ownership in insurance giant American International Group.
A New York federal judge on Friday partially dismissed a suit alleging more than 20 major worldwide banking institutions rigged Singapore’s benchmark interest rates, saying the investors who brought the case didn’t specifically link all defendants to the alleged conspiracy while giving them time to file a new complaint.
While President Donald Trump's protectionism have led to speculation that the U.S. will use Foreign Corrupt Practices Act enforcement to explicitly target foreign companies, experts say there are some barriers to enforcing the FCPA against companies in China, a focus of the administration's trade policy.
A Texas federal jury Friday found the former CEO of ArthroCare Corp. guilty of wire fraud and securities fraud for his role in a scheme to inflate the medical device company’s sales and revenue numbers, which cost investors $750 million, after his first conviction was vacated and gave way to a retrial.
A former Level Global manager on Wednesday pressed a Georgia federal judge to vacate his conviction for trading on inside information from an executive of children’s clothing firm Carter’s Inc., saying the U.S. Supreme Court’s Salman ruling reinforces his position.
A Ninth Circuit panel on Friday revived some of the claims in a securities fraud class action against Atossa Genetics Inc. after finding that the investors behind the suit had properly alleged some public statements by the breast health device maker and its CEO were materially false or misleading.
Domestic diva Martha Stewart followed “with precision” measures to protect minority stockholders during the $353 million sale of her company to Sequential Brands Group, Inc. in late 2015, a Delaware vice chancellor said Friday in a ruling that dismissed shareholder challenges to the deal.
An investment guru who copped to fleecing investors out of more than $3.6 million in a nine-year Ponzi scheme was sentenced in Washington federal court on Thursday to serve nine years in prison and pay his victims more than $3.6 million in restitution.
An Indiana federal judge on Friday partly granted the U.S. Securities and Exchange Commission’s motion for judgment on claims the jailed former CEO of National Lampoon Inc. ran a Ponzi scheme, ordering him to pay a $1.3 million penalty, but denied the agency’s bid for $230 million in disgorgement.
The U.S. trustee’s office told a New York bankruptcy court Thursday that counsel for Ybrant Digital, which filed for Chapter 11 after getting hit with a $37 million arbitration award in a dispute with a South Korean technology company, should return fees that were purportedly received from unauthorized Ybrant subsidiaries.
A pair of LendingClub Corp. shareholders filed a derivative suit Friday in Delaware Chancery Court, alleging the company’s board breached its fiduciary duties by not ensuring LendingClub had sufficient internal financial controls and lied about them in regulatory filings.
Three Florida men and their three former companies have agreed to pay nearly $5.5 million to settle a U.S. Commodity Futures Trading Commission suit alleging that they tricked people into investing in precious metals and then pressured them to exchange those investments for fraudulently appraised colored diamonds, the agency said Thursday.
The New York federal judge overseeing the criminal case against former Platinum Partners executives threatened to throw the book at one of the defendants' Quinn Emanuel Urquhart & Sullivan LLP attorneys on Friday if she hears more of what she deemed “reprehensible” and potentially intimidating contact with could-be witnesses.
A New York federal judge has upheld a bankruptcy court’s $500,000 sanction against a former top Wall Street trader, saying the court correctly found he had concealed more than $3 million in assets during his Chapter 7 proceedings.
The former CEO of Atlanta, Georgia-based Summit Wealth Management on Friday was sentenced to eight years in prison after previously pleading guilty to charges of conspiring to defraud investors of more than $24 million dollars.
A Third Circuit panel on Friday largely affirmed a U.S. Tax Court decision that the primary shareholder in a company that owned most of Russia’s Pizza Huts and KFCs could be taxed on stock he bought from a minority shareholder, saying the primary shareholder must accept the "consequences of his business decisions."
A Massachusetts federal judge signed off on a $5,600 settlement between the U.S. Securities and Exchange Commission and a woman accused of tipping off her parents about regulatory concerns involving a cancer drug after questioning both sides about the no-fault pact.
The U.S. government was asked Thursday if it would like to respond to a Wall Street investor’s court effort to unravel Puerto Rico’s historic insolvency proceedings, in which the creditor hedge fund argues that the members of the federal board representing the commonwealth were unconstitutionally appointed.
Recent actions by the S&P Dow Jones and FTSE Russell highlight growing concerns within the investment community regarding multiclass voting structures. However, it is unlikely these actions will have a uniform impact on every multiclass company, say attorneys with King & Spalding LLP.
Despite the fact-dependent nature of privilege, complicated by the diversity of approaches across jurisdictions, corporations can take effective measures to best protect confidential attorney-client communications and attorney work product relating to internal investigations, say attorneys with Pepper Hamilton LLP.
David Coale, leader of the appellate practice at Lynn Pinker Cox & Hurst LLP, shares his insights into what works — and what does not — when setting up and maintaining a legal blog.
The Office of the Comptroller of the Currency recently issued an advance notice of proposed rulemaking that represents the first concrete step toward reforming the regulations that implement the Volcker Rule. The OCC’s willingness to issue the ANPR reflects a forward-thinking approach that will have a significant long-term impact on financial market participants, say attorneys with Arnold & Porter Kaye Scholer LLP.
As a new associate faced with vexing facts and unfavorable case law, I confidently told a senior partner that there was no way to win. The partner's response taught me something vital about the legal profession, and reflected the wisdom of Willy Wonka's "105 percent" formula, says Thomas Ciarlone Jr. of Kane Russell Coleman Logan PC.
There is a wonderful sketch of Seventh Circuit Judge Richard Posner dressed in a black robe with arms outstretched as if they were the billowing wings of a lean vulture. He is kicking a human brain down a hallway and wearing a half-smile that looks for all the world like a sneer. That sketch is the perfect metaphor for both Judge Posner and his new book, "The Federal Judiciary: Strengths and Weaknesses," says U.S. District Judge Ri... (continued)
The Second Circuit's determination that former Lehman Brothers employees' restricted stock units are securities is important to creditors seeking to safeguard their priority position among bankruptcy claimants, say John Stigi and Christopher Bosch of Sheppard Mullin Richter & Hampton LLP.
The 5-4 U.S. Supreme Court decision in California Public Employees’ Retirement System v. ANZ Securities was the first in which we saw Justice Neil Gorsuch’s view of securities liability — he represented the crucial fifth justice joining the majority opinion, say Robert Long of Alston & Bird LLP and Edgar Neely.
Appraisal proceedings, unique to Delaware law, require acquiring corporations to pay shareholders if the price of a merger or acquisition deal is below fair market value. Fortunately directors and officers insurance might be able to cover affected companies' defense and other costs, say Peter Gillon and Benjamin Tievsky of Pillsbury Winthrop Shaw Pittman LLP.
Given the overwhelming complexity of today’s data environments, investigators must take advantage of a variety of technology tools to apply both tried-and-true and new analytical techniques to internal investigations. Investigators must also develop the mindset of a relentless and detailed forensic detective, says Caroline Sweeney of Dorsey & Whitney LLP.