Securities

  • November 20, 2017

    Shawe Forges Deal To Buy TransPerfect After Bitter Fight

    TransPerfect co-founder Philip Shawe is slated to buy out the shares of his rival Elizabeth Elting, according to letter Monday from the court-appointed custodian overseeing the sale process, potentially resolving what has been a maelstrom of bitter disputes in Delaware Chancery Court over control of the legal translation firm.

  • November 20, 2017

    21st Century Fox Pens $90M Investor Deal Over Scandals

    Twenty-First Century Fox Inc. has reached a $90 million deal to settle derivative claims stemming from a series of workplace harassment incidents at Fox News, according to an agreement filed Monday in Delaware state court that also requires the media outlet to create a new advisory council on improving workplace culture.

  • November 20, 2017

    Court Skeptical Of All In Koch, Oxbow Post-Trial Argument

    A Delaware vice chancellor cautioned Monday that he remained “skeptical of both sides” after post-trial arguments over a private equity investor’s bid to cash out or force a sale of billionaire William I. Koch’s Oxbow Carbon LLC.

  • November 20, 2017

    NY Justices Won't Hold NY Derivative Claims To Cayman Rule

    New York’s highest court said Monday that a minority investor in Scottish Re Group Ltd. did not have to get permission from a Cayman Islands court to pursue derivative claims on behalf of the Cayman-incorporated reinsurer, reversing a state appeals court ruling that stood to limit New York courts’ ability to hear derivative suits involving Cayman companies.

  • November 20, 2017

    Ex-Galleon Trader Details Shkreli Vendetta At Katten Atty Trial

    A Deutsche Bank project manager and former Galleon Group trader on Monday told the jury weighing the fate of Martin Shkreli’s former Katten Muchin attorney of how the now-incarcerated former pharmaceutical executive harassed his family over a stock ownership dispute, but came under fire on cross-examination over a trade he made on inside information while at Galleon.

  • November 20, 2017

    DigitalGlobe Investors Seek Share Appraisal In $2.4B Deal

    Shareholders of satellite imaging company DigitalGlobe Inc. filed a petition in Delaware state court late Friday seeking appraisal of their shares in the firm following a $2.4 billion cash-and-stock merger with MacDonald Dettwiler and Associates Ltd. that closed last month.

  • November 20, 2017

    RMBS Trustees Open Court Fight For $11.4B Lehman Claim

    Bankruptcy court scrutiny of Lehman Brothers’ sale of residential mortgage-backed securities in the years preceding the 2008 financial crisis got underway Monday as counsel for several RMBS trusts argued that the shuttered investment bank is responsible for $11.4 billion in damages for securitizing misrepresented loans.

  • November 20, 2017

    Snap Investor Class Action Could Bounce Back To State Court

    A California federal judge on Monday said she’s inclined to send back to state court a putative class action from Snap Inc. investors accusing the company of understating the stock-based compensation incurred as part of its initial public offering by $300 million, while the tech giant urged her to retain jurisdiction for the purpose of sending a certified question to the Delaware Supreme Court.

  • November 20, 2017

    Ex-Fund Manager Must Pay SEC Disgorgement: Judge

    A Texas federal judge on Monday said the criminal restitution ordered for a former hedge fund manager who copped to ripping off investors in his Lobo Volatility Fund LLC doesn't preclude him from having to pay the disgorgement he previously agreed to in settling the U.S. Securities and Exchange Commission's related civil case.

  • November 20, 2017

    Barclays Seeks 2nd Circ. Review Of Dark Pool Class Cert.

    Barclays PLC asked a Second Circuit panel on Monday to partially rehear a decision granting class certification to investors suing the bank over losses tied to the bank’s alleged misrepresentations about oversight of its dark pool market, saying the ruling is inconsistent with U.S. Supreme Court precedent.

  • November 20, 2017

    Accused Ponzi Conspirator Can't Trim Charges, Judge Rules

    A Pennsylvania judge on Friday ruled that a man accused of helping run a $54 million Ponzi scheme must face charges of wire fraud and conspiracy to commit wire fraud, finding that a longer statute of limitations applies to the charges because the government sufficiently alleged his conduct affected a financial institution.

  • November 20, 2017

    3 UK Forex Traders Seek Dismissal Of Rate-Rigging Charges

    Three London-based foreign exchange traders whom New York federal prosecutors accused of violating antitrust laws by teaming up to influence two key foreign exchange benchmarks asked a judge to dismiss the case against them on Friday, saying they did nothing wrong and shouldn’t have been charged.

  • November 20, 2017

    Treasury Looks To Ease Firms' Escape From Tougher Scrutiny

    A Friday report from the U.S. Department of the Treasury outlined potential changes to the way financial regulators evaluate whether insurers and other nonbank financial firms should be subjected to increased capital and other requirements, and may give those companies ammunition to challenge such a designation.

  • November 20, 2017

    Kirkland Snags Vinson & Elkins Capital Markets Partner

    Kirkland & Ellis LLP has bolstered its capital markets practice and hired away a former partner at Vinson & Elkins LLP to join its Houston office, the firm announced Monday.

  • November 20, 2017

    SEC Judge Refuses To Bar Shkreli Without Tie To Adviser

    A U.S. Securities and Exchange Commission administrative law judge on Friday denied the agency's request to bar Martin Shkreli from the securities industry, saying the agency needs to show whether the so-called pharma bro was associated with an investment adviser at the time he allegedly committed fraud.

  • November 20, 2017

    Iran Sanctions Trial Against Turkish Gold Trader Delayed

    Jury selection was adjourned for one week following a closed-door hearing on Monday in the Manhattan federal trial of Turkish-Iranian businessman and gold trader Reza Zarrab and Turkish Bank executive Mehmet Hakan Atilla on charges of scheming to dodge American sanctions against Iran.

  • November 20, 2017

    Eaton Says Investors' 2nd Complaint In Tax Info Suit Fails

    Eaton Corp. PLC asked a New York federal judge on Friday to dismiss a second amended complaint in a proposed shareholder class action alleging the company defrauded shareholders about its desire or ability to sell a major business unit in the wake of a controversial merger.

  • November 20, 2017

    Feds Get Court Costs In BB&T's Tax Fight Over $1.5B Loan

    The U.S. Court of Federal Claims on Friday allowed the U.S. government to recover most of the litigation costs related to BB&T Corp.’s unsuccessful bid for foreign tax credits tied to a $1.5 billion loan from Barclays Bank PLC, but the court also found certain expenses were unnecessary despite the complexity of the case.

  • November 20, 2017

    3 Banks Mount New Effort To Slip 15-Year-Old Enron Suit

    Deutsche Bank, Credit Suisse and Merrill Lynch have asked a New York federal judge to rule in their favor and reject what remains of a 2002 lawsuit by Enron Corp. bond buyers that accuse the banks of helping Enron cook its books, saying they could not be made to pay for the energy giant’s collapse.

  • November 20, 2017

    Porter Wright Snags Ex-Jones Day Atty For Pittsburgh Office

    Porter Wright Morris & Arthur LLP has landed a former Jones Day partner to serve as a litigation partner in its recently launched Pittsburgh office.

Expert Analysis

  • Roundup

    Judging A Book

    Alexander Hamilton

    Are the latest books on the judicial system worth reading? Federal judges share their views in this series of book reviews.

  • Don't Waste This Planning Cycle: Year-End Strategies

    Hugh A. Simons

    Law firms are businesses where partners operate with significant autonomy. To see their priorities translate into individual partner action, firm leaders should use a few collaborative strategies, suggests Hugh A. Simons, former senior partner of The Boston Consulting Group and former COO of Ropes & Gray LLP.

  • Opinion

    CRA Review Of Bank Regulatory Guidance Is A Bad Idea

    Michael Silva

    Following the recent determination that the Interagency Guidance on Leveraged Lending is subject to the Congressional Review Act, a congressman urged bank regulators to review all of their existing guidance and determine if any should be submitted to Congress. However, regulators should respectfully decline to do so, says Michael Silva, chairman of the financial services regulatory practice at DLA Piper.

  • Financial Crisis Anniversary

    10 Years After Crisis, What We Still Need To Do

    H. Rodgin Cohen

    We can all sleep easier at night because financial reforms have produced a considerably strengthened banking system. This desirable state, however, should not lead to somnambulism. We must still attend to at least four areas of concern, say Rodgin Cohen and Mitch Eitel of Sullivan & Cromwell LLP.

  • From Snaps To Tweets: The Craft Of Social Media Discovery

    Matthew Hamilton

    Courts have consistently held that social media accounts are subject to established discovery principles but are reluctant to allow parties to rummage through private social media accounts. Recent case law confirms that narrowly tailored information requests get the best results, say Matthew Hamilton, Donna Fisher and Jessica Bae of Pepper Hamilton LLP.

  • What A Solar Eclipse Has To Do With Market Efficiency

    Daniel Bettencourt

    A common criticism of the event study methodology for testing market efficiency is that the number of events is insufficient and that the results cannot be generalized for the entire class period. That's where Albert Einstein and the 1919 total solar eclipse come in, say Daniel Bettencourt and Steven Feinstein of Crowninshield Financial Research.

  • An Interview With Former DHS Secretary Jeh Johnson

    Randy Maniloff

    Jeh Johnson, the former secretary of homeland security, was kind enough to let me visit him to reflect on his diverse career. He told stories that left me speechless. And yes, the man who was responsible for the Transportation Security Administration removed his shoes when going through airport security. You bet I asked, says Randy Maniloff of White and Williams LLP.

  • MiFID II Research Unbundling — Crisis Averted?

    Rob Moulton

    Recent guidance from key securities regulators on both sides of the Atlantic reflects a coordinated effort to address the incompatibilities between the U.S. regulatory regime and the European Union's new MiFID II rules on research unbundling. However, that the problem arose at all points to a much larger issue, say attorneys with Latham & Watkins LLP.

  • Why Securities Lawyers Are The New Employment Lawyers

    Christopher Regan

    Whistleblower retaliation claims have a unique securities law slant and involve sensitive, unresolved areas that should cause all stakeholders to consider whether the typical employment lawyer is equipped to handle these cases, say attorneys with Buckley Sandler LLP.

  • Series

    Judging A Book: Gilstrap Reviews 'Alexander Hamilton'

    Judge Rodney Gilstrap

    While Alexander Hamilton is the subject of a hit Broadway musical and renewed biographical examinations, professor Kate Brown takes us down a road less traveled in her book "Alexander Hamilton and the Development of American Law" — showing Hamilton as first, last and foremost an American lawyer, says U.S. District Judge Rodney Gilstrap of the Eastern District of Texas.