A Kentucky federal court granted preliminary approval on Thursday to a settlement in which Omnicare Inc. agreed to pay $20 million to resolve a 13-year-old securities suit that at one point made its way to the U.S. Supreme Court.
A California federal judge on Wednesday told investors he needed more information to evaluate their proposed $240 million settlement with Wells Fargo & Co. executives over how the bank's fabricated accounts scandal affected its reputation, finances and stock prices.
A New Jersey federal judge told a pension fund on Wednesday that it only has standing to pursue securities claims against Dr. Reddy's for five alleged misstatements it made immediately prior to the fund's purchase of the pharmaceutical company's stock.
A pension fund that invested in Civitas Solutions filed a complaint in Delaware Chancery Court on Thursday seeking access to records related to the health company’s $1.4 billion sale, saying the deal was seemingly inadequate and served as a needed quick cash-out for the company’s controlling private equity fund.
More companies are going public with admitted flaws in their internal controls — essentially yellow flags that could require potentially embarrassing corrections to financial statements — but such warnings don’t appear to be scaring off investors.
A former hedge fund manager turned Slavic Baptist pastor on Thursday was sentenced to five years in prison, following his conviction at trial for a purported $30 million scheme to trade on nonpublic information gleaned from hacked, unpublished press releases.
Two Massachusetts investment advisers and their firm "gambled away" more than $11 million of their clients' money on high-risk oil and gas investments, according to state regulatory authorities who launched an enforcement action against the men and their company Wednesday.
This week’s record £27.6 million ($34.8 million) fine against UBS for misreporting 136 million transactions has underlined the need for banking compliance teams to focus on their trading desks if they hope to avoid falling foul of Europe’s formidable securities rules.
A Boston-based fund manager who pled guilty to a scheme the government says cost investors $38 million was sentenced to about 14 years in prison Thursday as his victims wept and vented their anger during an emotional hearing in federal court.
In a rare move, the Internal Revenue Service on Thursday suspended two 1957 revenue rulings that restricted businesses’ ability to undertake tax-free distributions of stock or securities in light of a recently launched study focused on research and development projects.
A New York federal judge dumped the Federal Deposit Insurance Corp.'s $695 million residential mortgage-backed securities suit against three banks Wednesday, finding for the second time that the agency lacked standing to bring claims of improper conduct against trustees of the bundled mortgages.
A Medley Capital Corp. investor filed a proposed class action Wednesday seeking to have the Delaware Chancery Court bar further delay of a stockholder vote on a proposed merger with Sierra Income Corp., even though the court ruled last week a vote can't be held until more information is disclosed.
Citing alleged misstatements made by an investor represented by rival attorneys, Block & Leviton LLP and Kaufman Coren & Ress LLP have urged a Pennsylvania federal judge to name them class counsel in litigation accusing Trevena Inc. of artificially inflating its share value.
Kraft Heinz Food Co. executives knew the company’s stock was overvalued before revelations of a $15.4 billion writedown and a U.S. Securities and Exchange Commission probe caused the stock to plummet, retirement plan participants have claimed in an Employee Retirement Income Securities Act suit.
Federal prosecutors have agreed to seek a five-year prison sentence for the CEO of now-shuttered AriseBank in exchange for his guilty plea in Texas federal court Wednesday to fraudulently raising $4.25 million through an unregistered initial coin offering for the bank’s proprietary digital currency, AriseCoin.
A New York federal judge has shot down another attempt by Bernie Madoff’s former investors to go after his associate Jeffry Picower, ruling that new testimony in their latest complaint is not enough to get around a 2011 injunction against duplicating claims related to the Ponzi scheme.
The U.S. Securities and Exchange Commission on Wednesday voted to pare and streamline certain disclosure requirements of public companies, marking the agency's latest effort to prune its regulatory tree after decades of adding branches.
An investor filed a complaint Wednesday in Delaware Chancery Court seeking access to records detailing Tesla Inc.’s handling of CEO Elon Musk's "false and misleading statements" including his Twitter posts.
The U.S. Securities and Exchange Commission and California federal prosecutors say a former certified public accountant has admitted to orchestrating a $29.3 million Ponzi scheme over the past decade while operating as an unregistered investment adviser for her clients.
Figuring out what constitutes a manageable workload for the nation’s district judges is no simple task. Getting the judiciary the resources it needs is even harder.
The U.S. Supreme Court's unanimous ruling on Wednesday in Obduskey v. McCarthy & Holthus LLP removes nearly all activities taken by creditors seeking nonjudicial foreclosure of liens and mortgages from the ambit of the Fair Debt Collection Practices Act, says John Baxter of Nelson Mullins Riley & Scarborough LLP.
Last month, U.S. Securities and Exchange Commission staff issued a no-action letter permitting fund and company boards of directors to meet and take certain actions by telephone or video conference when directors cannot meet in person. But the validity of contracts entered into in such circumstances is unclear, say attorneys with Proskauer Rose LLP.
These days, a popular theme in media is that lawyers' jobs will be taken by robots. However, based on the tech issues discussed at the South by Southwest technology conference in Austin, Texas, last month, robots may in fact need lawyers, says Nick Abrahams of Norton Rose Fulbright.
The Nevada Gaming Commission's recent $20 million fine against Wynn Resorts for failing to act after reports of its former CEO's alleged sexual misconduct demonstrates how #MeToo has altered the classic economic assessment for harassment claims, says Dove Burns of Obermayer Rebmann Maxwell & Hippel LLP.
You passed the bar exam and are ready for the character and fitness committee interview. Time to think about how to discuss that minor incident in college, that misdemeanor in high school or that mental health issue that you have totally under control, says Richard Maltz of Frankfurt Kurnit Klein & Selz PC.
A consent order entered by Texas securities regulators last month illustrates how Texas’ willingness to police crypto offerings — even when few state residents may have participated — will continue to complicate the regulatory environment, say Philip Bezanson and David Springer at Bracewell LLP.
One year ago, the U.S. Supreme Court, in Cyan Inc. v. Beaver County Employees Retirement Fund, upheld concurrent state and federal jurisdiction over Securities Act class actions. Predictions that plaintiffs would inundate state courts with such claims now appear to be coming true, say James Goldfarb and Gaurav Talwar of Murphy & McGonigle PC.
My initial reaction to "Doing Justice" was that author Preet Bharara may have bitten off more than he could chew — an accusation leveled against him when he served as U.S. attorney for the Southern District of New York — but I found the book full of helpful gems, says U.S. District Judge Cynthia Bashant of the Southern District of California.
A Democratic member's recent departure from the U.S. Securities and Exchange Commission likely means that for the foreseeable future corporate penalties will not be imposed in cases where a company did not obtain any benefit from its misconduct, say attorneys at Debevoise & Plimpton LLP.
Though most experts believe that an imminent recession is unlikely, slowdown fears are increasing. Now is the time for firms to consider how to best leverage their communications and marketing teams to lessen impacts from a potential economic slowdown, says Tom Orewyler of Tom Orewyler Communications LLC.