Securities

  • October 16, 2017

    Gov't Hits Back At VC Group In Foreign Entrepreneur Row

    The federal government fired back in a D.C. federal court case over the delay of a rule for foreign entrepreneurs, claiming that a venture capital group and other plaintiffs don’t have standing to bring suit.

  • October 16, 2017

    SEC Asks Supreme Court To Weigh In On In-House Judges

    The U.S. Securities and Exchange Commission has joined those already urging the U.S. Supreme Court to resolve whether the agency's administrative law judges function as "inferior officers" who need to be appointed in accordance with the Constitution's appointments clause, rather than hired like other federal employees.

  • October 16, 2017

    Ex-Katten Atty Loses Bid To Nix Shkreli Conspiracy Charge

    Jury selection began Monday in the Brooklyn federal trial of former Katten Muchin Rosenman LLP attorney Ewan Greebel, accused of conspiring with "pharma-bro" Martin Shkreli to defraud the pharmaceutical company Retrophin Inc., three days after the judge shot down a defense motion to dismiss one of the conspiracy counts.

  • October 16, 2017

    Blue Apron Investor Wants Stock-Drop Suits Consolidated

    A shareholder leading a suit against Blue Apron told a New York federal court Monday that consolidating proposed class actions alleging the meal-kit delivery company and its directors and underwriters misled investors ahead of its initial public offering would be most efficient.

  • October 16, 2017

    Ex-HSBC Exec Denies Involvement In Forex Fraud Conspiracy

    Former HSBC foreign currency exchange executive Mark Johnson on Monday denied being part of a conspiracy to defraud HSBC client Cairn Energy PLC by ramping up the price for British pounds sterling ahead of a $3.5 billion forex deal.

  • October 16, 2017

    Performance Sports, Pension Fund Spar Over Class Claim

    Bankrupt athletic equipment maker Performance Sports Group argued Monday in Delaware to disallow a potential class claim from a pension fund that alleges company brass misled investors about the company’s financial performance and business plans before a restatement of its finances in 2016.

  • October 16, 2017

    Leidos Settles Fraud Suit Ahead Of High Court Arguments

    Government contractor Leidos Inc. and a proposed class of investors who accused it of fraud have settled their proposed class action just a month before they were set to argue before the U.S. Supreme Court about a Second Circuit decision that brought the plaintiffs' case back to life.

  • October 16, 2017

    Linklaters Nabs Mayer Brown Derivatives Pro For NY Office

    Linklaters LLP has recruited for its global capital markets practice a former Mayer Brown LLP structured finance and derivatives partner deeply versed in Dodd-Frank compliance, saying he began work in New York on Friday.

  • October 16, 2017

    Ex-REIT Execs Must Face Fraud Suit, Utah Judge Says

    A Utah federal judge refused Friday to dismiss a bankruptcy trustee's fraud lawsuit against four real estate executives accused of duping investors out of $74 million, saying the complaint makes a sound argument that the men acted as fiduciaries for their company.

  • October 16, 2017

    Court Warns Of 'Odor' To $1B Constant Contact Merger Suit

    A long-idled stockholder challenge to the $1 billion sale of online marketing firm Constant Contact Inc. accelerated straight into trouble on Monday, with Delaware’s chancellor citing an “odor” to class claims and giving attorneys 30 days to ponder the case’s future.

  • October 16, 2017

    Netflix Says Investor Suit Over Price Hike Came Too Late

    Netflix Inc. urged a California federal judge Friday to dismiss a proposed investor class action that alleges the streaming company tried to cover up the negative impact of a 2014 price hike on subscriber growth, arguing the suit was brought too late and is too full of holes to survive.

  • October 16, 2017

    Optima Steel's Revamped Ch. 11 Plan Confirmed In Delaware

    The newly revised Chapter 11 plan of metal maker Optima Specialty Steel Inc. received court approval Monday in Delaware with no creditors objecting to the distribution of the company’s equity to unsecured noteholders.

  • October 16, 2017

    Loan Servicing Co. Investors Seek Final OK For $6M Deal

    Investors in Home Loan Servicing Solutions Ltd. who accused the company and its bosses of fraud asked a Florida federal judge to grant final approval to a $6 million settlement, saying the payout is fair and recognizes the risks of moving forward with the long-running lawsuit.

  • October 16, 2017

    Investors Sue To Stop $650M Hawaiian Telecom Sale

    Hawaiian Telcom Holdco Inc. didn’t give investors enough information about its financial adviser’s analysis of its $650 million acquisition by Cincinnati Bell Inc., a proposed class of shareholders alleged Friday in a bid to stop the sale.

  • October 16, 2017

    Securities Litigation Spending To Increase In 2018

    Corporate spending on securities and finance litigation is set to grow faster in 2018 than the overall market for outside counsel services, despite an expected moderation in U.S. Securities and Exchange Commission enforcement actions, according to a recent survey.

  • October 16, 2017

    Convicted Mogul Wants Private Huddle With China Diplomats

    The Chinese real estate boss convicted by a jury of bribing two ex-U.N. diplomats asked a Manhattan federal court Monday for a private meeting with Chinese officials to discuss his “conditions and treatment” in the U.S., where he is on house arrest while awaiting sentencing.

  • October 16, 2017

    Wells Fargo Ordered To Pay Clients $3.4M Over Faulty Advice

    Two Wells Fargo brokerage units were ordered to pay more than $3.4 million in restitution for recommending their customers buy complex, volatility-linked exchange-traded products that are not suitable for most investors, the Financial Industry Regulatory Authority said Monday.

  • October 16, 2017

    Calif. Extends Wells Fargo Sanctions Over Accounts Scandal

    California's treasurer announced Monday that the state will extend sanctions against Wells Fargo for a second year following last year's revelation that the banking giant opened millions of unauthorized customer accounts.

  • October 16, 2017

    Winston & Strawn Nabs Fish & Richardson Litigator In Dallas

    Winston & Strawn LLP has added to its Dallas office a trial lawyer specializing in commercial and securities litigation who successfully represented NBA team owner Mark Cuban against civil insider trading claims brought by the U.S. Securities and Exchange Commission.

  • October 16, 2017

    JPMorgan Hackers Should Face Prosecution First, Feds Say

    The U.S. Department of Justice has asked a New York federal judge to delay the U.S. Securities and Exchange Commission’s civil suit against three men accused of using hacked financial data from JPMorgan Chase & Co. and others in a securities fraud scheme, saying the criminal case against the men should take priority.

Expert Analysis

  • Financial Crisis Anniversary

    New Post-Recession Metrics For BigLaw Partner Success

    Peter Zeughauser

    After nearly a decade of recession-accelerated change in the legal industry, “merit-based” compensation has largely come to mean measuring attorney success using some combination of origination and working attorney hours metrics. However, there are signs that the real impact of the recession is still around the corner, and that building a book isn’t enough, says Peter Zeughauser of Zeughauser Group.

  • Acting As Fiduciary Is Always In An Atty's Best Interest

    Stuart Riemer

    Attorneys understand the importance of fiduciary duty when providing legal counsel to their clients. But the U.S. Department of Labor's new rule on conflicts of interest makes it important to act as a fiduciary in other situations as well, such as when serving as a trustee or as the executor of an estate, says Stuart Riemer of Treasury Partners.

  • Why The Supreme Court Could Rule ALJs Unconstitutional

    David Perlman

    Recent federal appeals court decisions have questioned the constitutionality of the use of administrative law judges by the Federal Energy Regulatory Commission and the U.S. Securities and Exchange Commission. The U.S. Supreme Court is likely to address the SEC's use of ALJs, but FERC-specific issues may not be resolved without further litigation, say David Perlman and Britt Steckman of Bracewell LLP.

  • Opinion

    Time To Lift Student Loan Counseling Restrictions

    Christopher Chapman

    While it lends more than $100 million each year to our nation’s college students — including law students — the U.S. Department of Education surprisingly limits loan counseling to one-time entrance counseling for first-time student borrowers. Is this rational? asks Christopher Chapman, president of AccessLex Institute, a nonprofit focused on access to legal education.

  • A Look At The New Qualified Financial Contracts Rule

    Rashmi Seth

    New regulations approved by the Federal Reserve and the Federal Deposit Insurance Corp. will fundamentally change the playing field for end users or buy-side counterparties that engage in certain types of financial agreements with the world’s largest financial institutions. Here, attorneys with Arnold & Porter Kaye Scholer LLP break down the issues that parties to qualified financial contracts should consider as the rules go into effect.

  • DOJ Previews Changes To Corporate Misconduct Policy

    Melissa Jampol

    Given the U.S. Department of Justice’s continued emphasis on prosecuting responsible executives and in light of the changes outlined in a recent speech by Deputy Attorney General Rod Rosenstein, it is likely that the difficulty in resolving representational and attorney-client privilege issues that have been spurred by the Yates memo will only accelerate, say attorneys with Epstein Becker & Green PC.

  • SEC Stakes Claim As Digital Currency Regulator

    Robert Khuzami

    The U.S. Securities and Exchange Commission's recent enforcement action against Maksim Zaslavskiy and his two companies firmly establishes the commission’s assertion of authority over digital currencies. But it is important to note that the SEC’s recent foray into digital currencies is not the first assertion of regulatory authority in this arena, say attorneys with Kirkland & Ellis LLP.

  • Lucia And The (Un)Constitutionality Of SEC Judges

    Thomas Potter III

    With a clear circuit split, unavoidable constitutional issues and both sides seeking review, it’s probable that the U.S. Supreme Court will take up the case of Raymond J. Lucia, which challenges the U.S. Securities and Exchange Commission's administrative proceedings. The court's decision, even if narrow, may resonate throughout the administrative state, says Thomas Potter III of Burr & Forman LLP.

  • Why You Should Consider Hyperlinking Your Next Brief

    Christine Falcicchio

    The shift to electronic filing has somewhat eased the task of reviewing briefs and their supporting files. An e-brief takes e-filing to the next level, says Christine Falcicchio, a principal at Strut Legal Inc.

  • Impact Of CalPERS V. ANZ Beyond The Securities Act

    Daniel Brockett

    The U.S. Supreme Court's pivotal Securities Act decision in California Public Employees’ Retirement System v. ANZ Securities left open many thorny issues about the application of the American Pipe doctrine that have received less attention. Further, lower courts are already applying perceived lessons about timeliness to questions beyond American Pipe, say attorneys with Quinn Emanuel Urquhart & Sullivan LLP.