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Securities

  • November 12, 2018

    FX Firm Can't Use HSBC's UK Docs For US Manipulation Suit

    A judge in London has rejected an attempt by a debt management company to use documents that HSBC PLC disclosed in U.K. proceedings as it considers whether to sue two of the bank’s units in the U.S. over allegations of "serious wrongdoing" in the foreign exchange markets.

  • November 9, 2018

    Wells Fargo To Pay $43M To Settle RMBS Trustee Litigation

    Wells Fargo Bank NA announced Friday it will pay $43 million to end allegations it failed to protect investors from billions of dollars in losses as the trustee for hundreds of residential mortgage-backed securities, a deal reached with certain institutional buyers, including funds affiliated with BlackRock Inc. and PIMCO.

  • November 9, 2018

    Who Has Standing To Challenge Whitaker DOJ Appointment?

    Democratic senators have questioned the legality of President Donald Trump's appointment of a Mueller critic to replace Attorney General Jeff Sessions, but it may take someone directly affected by what new acting Attorney General Matthew Whitaker does on immigration or other policy issues to challenge his appointment.

  • November 9, 2018

    $630M CDO Entity Gets Involuntary Ch. 11 Case Dismissed

    Three secured creditors of $630 million collateralized debt obligation vehicle Taberna Preferred Funding IV Ltd. can't force the entity into involuntary bankruptcy, a New York bankruptcy court has ruled, because their notes are nonrecourse and therefore only give their holders claims against Taberna's collateral, not the entity itself.

  • November 9, 2018

    UK Litigation Roundup: Here's What You Missed In London

    The last week has seen a pair of disputes involving asset manager CGrowth, another suit from private equity-linked firms taking on parties linked to Thailand's KPN Group and Kodak bring a competition case against Goldman, Glencore and others the film giant has accused of manipulating aluminum prices in the U.S. Here, Law360 looks at those and other new claims in the U.K.

  • November 9, 2018

    Ex-Platinum Insider Dodges Upcoming $1B Fraud Trial

    A former Platinum Partners marketing and investor relations staffer charged over an alleged $1 billion securities fraud scheme has secured a deferred prosecution deal with the government and had his case severed on Thursday from four executives accused of deceiving the hedge fund’s investors.

  • November 9, 2018

    Attys Get $33M In Fees From Investors' $100M CBRE Deal

    A Florida federal judge signed off Friday on a class of real estate investors' bid for $33.3 million in attorneys' fees and $1.7 million in costs in a $100 million settlement with CBRE over a multimillion-dollar embezzlement case, finding the case took a lot of time and included difficult questions.

  • November 9, 2018

    Tesla's $55B Musk Pay Deal Unfair, Investor Tells Chancery

    A 10-year Tesla compensation plan offering founder and CEO Elon Musk as much as $55.8 billion cannot avoid Delaware Chancery Court’s tough entire fairness review standards, despite director claims that more-permissive standards apply, an investor who challenged the deal argued Friday.

  • November 9, 2018

    Third Point Scales Back Campbell Board Takeover Bid

    Hedge fund Third Point LLC on Friday scaled back its bid to control Campbell Soup Co.’s board following what it called “decades of underperformance,” announcing its intent to nominate five independent director nominees instead of the originally planned 12.

  • November 9, 2018

    Options Broker Must Stay In TIAA-Led Class In Valeant Suit

    An options brokerage can’t break away from a consolidated securities class action against Valeant Pharmaceuticals, a New Jersey federal judge ruled after finding that it was too early to tell whether the firm’s interests would diverge from the larger pool of equity investors led by TIAA.

  • November 9, 2018

    $5M Frozen For Chancery Battles Over $52M Good Tech Deal

    Good Technology Corp. stockholder beneficiaries of a $52 million pair of Delaware Chancery Court settlements over the company’s disputed sale to BlackBerry Ltd. have agreed to hold back $5.1 million from distributions pending resolutions with large investors excluded from the deal.

  • November 9, 2018

    Aegean Marine Gets Interim Access To $532M DIP Package

    After two days of a contentious battle over bankruptcy financing provisions, Greek marine refueling company Aegean Marine Petroleum Network Inc. was given the go-ahead Friday to begin withdrawing from a $532 million debtor-in-possession loan package provided by its potential buyer.

  • November 9, 2018

    Murex Shareholders Want Records To Determine Stock Value

    Two of Murex Petroleum Corp.'s shareholders are asking the Delaware Chancery Court to order the company to turn over records they claim they need to determine the current value of their stock.

  • November 9, 2018

    ‘Hamilton’ Ponzi Schemer’s Wife Must Pay $4M In SEC Suit

    A New York federal judge has ordered a woman to pay about $4 million in disgorgement and interest for her husband’s multimillion-dollar Ponzi scheme involving the hit “Hamilton” musical, though all but roughly $840,000 of the penalty has been satisfied by payments in a related criminal case.

  • November 9, 2018

    Puerto Rico Lawmakers Help Debt Restructuring Go Forward

    Puerto Rico’s Senate and House of Representatives have passed legislation to support a plan to restructure nearly $18 billion in debt issued by the Puerto Rico Sales Tax Financing Corp., or COFINA, by amending the corporation’s charter.

  • November 9, 2018

    Nine West, Creditors Ordered To Mediate Ch. 11 Disputes

    A New York bankruptcy judge on Friday appointed a mediator to try to resolve disputes between Nine West Holdings, owner Sycamore Partners and a number of the company’s creditors over the fashion retailer’s Chapter 11 plan.

  • November 9, 2018

    Trader Who Stole $3M In Cryptocurrency Gets 15 Mos.

    A 24-year-old Chicago trader who admitted to stealing more than $3 million in bitcoin and litecoin from his firm and a group of investors was sentenced in Illinois federal court Friday to a little over a year in prison.

  • November 9, 2018

    Adviser Pleads Guilty To Lying About Lost Retirement Funds

    An investment adviser charged with lying to clients about his mishandling of their retirement savings changed his plea to guilty in Boston federal court Friday, four days before his trial was set to begin.

  • November 9, 2018

    SEC Fights Priest’s Bid To Skip $1.3M Short-Selling Suit

    The U.S. Securities and Exchange Commission has challenged a Greek Orthodox priest’s attempt to wriggle out of a short-selling suit in Massachusetts federal court accusing him of raking in $1.3 million by driving down and betting against a pharmaceutical company’s stock. 

  • November 9, 2018

    Sonus Fudged Revenue Forecasts, Investor Says In Suit

    Sonus Networks and its executives were hit with an investor suit in Massachusetts federal court Thursday for allegedly stretching financial statements to overstate revenue forecasts after the company and two of its officials were fined by the U.S. Securities and Exchange Commission.

Expert Analysis

  • Q&A

    Back To School: Yale's Linda Greenhouse Talks Journalism

    Linda Greenhouse

    In this series featuring law school luminaries, Yale Law School lecturer and Pulitzer Prize-winning reporter Linda Greenhouse discusses her coverage of the U.S. Supreme Court, the conservatives' long game and trends in journalism.

  • Opinion

    An Opportunity To Slow The Rise Of Securities Class Actions

    Joshua Briones

    A major securities fraud case now before the U.S. Supreme Court — Lorenzo v. U.S. Securities and Exchange Commission — marks the first of many opportunities the court will have to roll back expansive interpretations of securities law and deter plaintiffs from filing low-quality complaints, say attorneys with Mintz Levin Cohn Ferris Glovsky and Popeo PC.

  • Opinion

    Celebrate Veterans By Improving Their Access To Justice

    Linda Klein

    Attorneys should think beyond the Veterans Day parades and use their time and talents to help the many veterans facing urgent legal issues, says Linda Klein of Baker Donelson Bearman Caldwell & Berkowitz PC.

  • Rising ICOs Highlight Need For New Valuation Metrics

    Ryan Donahue

    Determining appropriate valuations for various types of assets has always been a part of litigation. Cryptocurrencies and initial coin offerings are challenging existing valuation models with a new set of issues, says Ryan Donahue of Digital Asset Strategies.

  • Beware FCPA Risks When Courting Foreign Investment

    Brandt Leibe

    As the growth of foreign direct investments in the U.S. continues, companies and their employees should focus on the risk that they are interacting with “foreign officials” — as defined by the Foreign Corrupt Practices Act and the courts — even if that interaction takes place entirely within the U.S., say attorneys with King & Spalding LLP.

  • Opinion

    Time To Reclaim Wellness For All Lawyers

    Leesa Klepper

    The decision last month by Baker McKenzie’s global chairman to step down due to exhaustion indicates that the legal profession needs to mount a broader wellness effort to address long hours, high stress, frequent travel and the daily demands of practice, says Leesa Klepper, director of Thrivewell Coaching.

  • A Strong Year For SEC Enforcement

    Mary Jo White

    The U.S. Securities and Exchange Commission's fiscal 2018 enforcement report, released last week, reveals an active Division of Enforcement focused on cases impacting retail investors as well as actions related to emerging technologies, say attorneys with Debevoise & Plimpton LLP.

  • Opinion

    AGs Are Now The 1st Round Draft Picks Of American Politics

    Joshua Spivak

    Given their recent track record and growing policy power, state attorneys general should be the group everyone is watching on Election Day. Chances are the winners of these races will move to higher offices soon enough, says Joshua Spivak, senior fellow at the Hugh L. Carey Institute for Government Reform at Wagner College.

  • Crypto Exchanges Need Cybersecurity Regulation

    Richard Malish

    With more and more retail consumers relying on cryptocurrency investments, legislators and regulators should be spending more time contemplating cybersecurity regulation for virtual asset exchanges, says Richard Malish of NICE Actimize.

  • Nasdaq's New 20% Rule Is Good For Listed Companies

    Jason Zachary

    Recently effective amendments to Nasdaq’s shareholder approval rule provide greater clarity and flexibility to companies issuing 20 percent or more of their outstanding common stock in private offerings, says Jason Zachary of Greenberg Traurig LLP.