Securities

  • April 18, 2018

    Mediation Progress Pushes Zohar Dismissal Trial One Week

    Attorneys for bankrupt investment vehicles the Zohar Funds told a Delaware judge Wednesday afternoon that their efforts to mediate issues in the cases had progressed far enough that the parties were comfortable adjourning a motion to dismiss the Chapter 11 filings until next week to allow for further talks.

  • April 18, 2018

    CEO Leveraging Under Armour For Personal Gain, Suit Says

    Under Armour Inc.’s CEO Kevin Plank and two of its directors were hit with a shareholder derivative suit in Maryland federal court claiming Plank stands to make a big payday using the sports apparel company as the anchor for a multibillion-dollar Baltimore development project his real estate firm is spearheading.

  • April 18, 2018

    SEC Unveils Plans For 'Best Interest' Standard For Brokers

    A divided U.S. Securities and Exchange Commission on Wednesday proposed holding brokers to a higher standard of care if they are giving advice to retail investors, kicking off a likely contentious fight to finalize the long-awaited new rules that have already met with skepticism at the agency.

  • April 18, 2018

    HD Sale Never Triggered Stock Awards, Del. Justices Told

    One of the country’s largest industrial suppliers told three Delaware Supreme Court justices Wednesday that contract terms leave no room for former employees of a sold business unit to claim unvested equity awards, despite the appearance of an allegedly triggering event.

  • April 18, 2018

    Investment Fund Looks To Get $27M Golf Club Co. Award OK'd

    A Korean investment fund asked a California federal court on Wednesday to confirm a nearly $27 million award that arose from its investment in a golf club shaft manufacturer that later admitted it was facing tax evasion issues, saying a challenge to the award has come up short.

  • April 18, 2018

    Judge Rips Ex-Autonomy CFO’s Defense In HP Fraud Trial

    A California federal judge criticized a defense offered by Autonomy's ex-financial chief as the government’s months-long fraud trial neared its conclusion Wednesday, saying his attorneys can’t tell a jury that Hewlett-Packard Co.’s own internal turmoil caused it to overvalue the British software company, because “even somebody dysfunctional can’t be lied to.”

  • April 18, 2018

    IPOs Reach Market More Quickly As SEC Comments Dwindle

    Companies saw their initial public offerings move through the Securities and Exchange Commission review process more quickly in 2017, data show, facing fewer comments from regulators as the SEC shifts toward a more capital-formation friendly stance under Chairman Jay Clayton.

  • April 18, 2018

    NuStar GP Investor Seeks To Halt $7.9B Restructuring Deal

    Two months after reaching a merger agreement to restructure Texas-based NuStar Energy LP, an investor in NuStar’s holding company asked a Delaware federal judge on Tuesday halt the deal, claiming a proposed class of investors are still in the dark about how the $7.9 billion partnership was reached.

  • April 18, 2018

    Jurisdiction Gives NY Judge Pause In Trust Atty Fee Suit

    A New York state judge expressed concern at a hearing Wednesday about whether she has jurisdiction to hear a suit from law firm Chaitman LLP and a slew of securitized student loan trusts faulting their trustee Wilmington Trust Co. and administrator GSS Data Services Inc. for the trusts’ unpaid legal bills.

  • April 18, 2018

    Trustee Slams Patriot National Ch. 11 Plan On Ghost Releases

    The U.S. Trustee’s Office objected Wednesday to the latest version of insurance company servicer Patriot National Inc.’s Chapter 11 plan, saying it contains unjustified legal releases and goes too far in blocking late claims.

  • April 18, 2018

    Dickinson Wright Wins Hearing On Malpractice Suit Evidence

    A Florida appeals court ruled Wednesday that a trial court should have held an evidentiary hearing on Michigan-headquartered law firm Dickinson Wright PLLC’s motion to dismiss a suit accusing it of participating in a conspiracy involving a fraudulent recapitalization.

  • April 18, 2018

    No Quick End To Relativity Co-Founder Fraud Claims: Judge

    A New York bankruptcy judge is refusing for now to shut down fraud claims against Relativity Media LLC co-founder Ryan Kavanaugh, demanding briefing Wednesday on whether a litigation release that applies to board members also applies to the plaintiff — who was indeed a board member — when he's wearing another hat.

  • April 18, 2018

    Golf-Course Stock Tipper Gets Supervised Release Slashed

    A former stone salesman who spent about a year in prison for passing around nonpublic stock tips during rounds of golf can get out of a second year of supervised release to pursue a new career in Florida real estate, a federal judge in Massachusetts ruled Wednesday.

  • April 18, 2018

    Texas Sets Pace In State Cryptocurrency Crackdowns

    Texas is at the forefront of using its state securities laws to go after allegedly fraudulent cryptocurrency investment schemes, and as digital currency offerings grow more popular, more states are expected to follow suit, experts say.

  • April 18, 2018

    Exxon Climate Probes Greenlighted By Courts: What's Next

    Now that state and federal courts have slammed the door on efforts by Exxon Mobil to block climate change probes launched by attorneys general from New York and Massachusetts, experts say the battleground for prosecutors and the oil giant will shift to exactly what information Exxon has to turn over and whether that information is enough to justify formal litigation. Here's an overview of where the investigations stand and where they could go from here.

  • April 18, 2018

    Del. Justices Asked To Nix 57% Clearwire Appraisal Plunge

    Clearwire Corp investor Aurelius Capital Management LP on Wednesday told Delaware's Supreme Court that "compounding" legal errors last year led Chancery Court to set Clearwire's stock price 57 percent below the amount Sprint Nextel Corp. paid in a $3.6 billion buyout in 2013.

  • April 18, 2018

    Murphy & McGonigle Nabs CFTC Atty For Securities Team

    A chief trial attorney at the Commodity Futures Trading Commission who helped litigate market manipulation claims against Arcadia Petroleum and nabbed nearly $4 million in disgorgement from a Ponzi schemer in Hawaii has left to join the securities team at Murphy & McGonigle PC, the firm announced this week.

  • April 18, 2018

    PHH Shareholder Sues Over Proposed $360M Sale To Ocwen

    A shareholder in PHH Corp. hit the company and its board of directors with a proposed class action Tuesday in New Jersey federal court alleging the board was misleading investors about a $360 million plan to sell the company to rival mortgage provider Ocwen Financial Corp. and had bungled the sale process.

  • April 18, 2018

    SEC Commish Warns Of Overreliance On New Market Rules

    U.S. Securities and Exchange Commissioner Hester M. Peirce on Wednesday urged a more careful review of market structure reforms proposed by the agency, saying new rules drafted by financial industry regulators often seem designed to "mitigate" problems created by earlier rules. 

  • April 18, 2018

    Indicted Binary Options Co. Founder Faces CFTC Fraud Suit

    A New Yorker under criminal indictment was hit with a court-ordered asset freeze after the Commodity Futures Trading Commission filed a related suit in Brooklyn federal court against him, his co-conspirator and his binary options company claiming they conned investors out of more than $600,000 with illegal off-exchange options.

Expert Analysis

  • Best Practices For Building A Better Meeting

    Nicholas Cheolas

    How can we improve meetings in the legal industry, which tends to evolve with the speed of a tranquilized water buffalo mired in quicksand? Breaking it down to three phases can yield significant benefits, says Nicholas Cheolas of Zelle LLP.

  • Tips For Defending PCAOB Investigations

    Robert Cox

    It is important for auditors and their counsel to understand the Public Company Accounting Oversight Board's investigatory and decision-making process. In addition, recent developments like the D.C. Circuit's ruling in Laccetti may impact how an attorney defends an investigation, says Robert Cox of Briglia Hundley PC.

  • 5 Ways Law Firms Are Becoming More Like Hotels

    Bella Schiro

    One way law firms differentiate themselves from the competition to attract and retain top talent is through their real estate and workplace strategies. Taking a lead from the hospitality industry can help create a more inviting, welcoming and collaborative workspace environment, says Bella Schiro of Jones Lang LaSalle Inc.

  • A Setback For FCPA-Based Securities Class Actions

    Mauricio España

    The Southern District of New York's recent dismissal of a securities class action against Embraer provides hope that not every Foreign Corrupt Practices Act settlement will give rise to expensive private litigation, say attorneys with Dechert LLP.

  • Opinion

    Gorsuch's 1st Year Shows He Is A Conservative Activist

    Elliot Mincberg

    In his first year on the U.S. Supreme Court, Justice Neil Gorsuch has proven to be a narrow-minded elitist who consistently votes in favor of corporations and the powerful, acting to roll back protections for workers, consumers, LGBTQ individuals and other marginalized communities, says Elliot Mincberg of People for the American Way.

  • A Primer On Valuing Cryptocurrencies

    Simona Mola

    Not all cryptocurrencies are created equal from an economic standpoint, and understanding their differences has crucial implications on their valuation, say economists Simona Mola and An Wang of Bates White LLC.

  • How PACA And PSA Super Liens Impact Real Estate Sales

    Excerpt from Lexis Practice Advisor
    Spencer Compton

    Real estate practitioners should not underestimate the complexity and time involved in clearing a Perishable Agricultural Commodities Act or Packers and Stockyards Act exception from a loan policy, say Spencer Compton of First American Title Insurance Company and Diane Schottenstein.

  • The Right To Experts In PCAOB Hearings

    Andrew Morris

    The D.C. Circuit’s recent opinion in Laccetti establishes an important procedural right in investigations brought by the Public Company Accounting Oversight Board. The decision is also a rebuke to the PCAOB and casts uncertainty over many of the board’s ongoing matters, say attorneys with Orrick Herrington & Sutcliffe LLP.

  • Trump Tariffs May Violate Investment Treaty Protections

    Javier Rubinstein

    Foreign companies affected by the America First tariffs should consider the extent to which such tariffs may violate their rights under applicable investment treaties or free trade agreements, and thus may provide them with recourse in international arbitration for the harm they have suffered, say Javier Rubinstein and Lauren Friedman of Kirkland & Ellis LLP.

  • Regulators' Jurisdictional Overreach In Crypto Enforcement

    Jason Gottlieb

    The U.S. Securities and Exchange Commission and the U.S. Commodity Futures Trading Commission both claim jurisdictional authority over cryptocurrency, yet no new legislation has been passed and very few court decisions have addressed the issue of who, if anyone, has regulatory authority, say attorneys with Morrison Cohen LLP.