We use cookies on this site to enable your digital experience. By continuing to use this site, you are agreeing to our cookie policy. close

Securities

  • May 24, 2019

    5th Circ. Won't Revive UBS Win In 17-Year-Old Enron Info Suit

    The Fifth Circuit declined Friday to revive a proposed class action alleging UBS AG units could have done more to warn of Enron's infamous fraud scheme, finding that the investors failed to allege the entities had material, nonpublic knowledge to disclose and a duty to do so.

  • May 24, 2019

    2020 Could See Regulated Digital Securities Platform

    The nascent Singapore-based capital markets platform iStox announced Friday that it has been admitted to the Singaporean government’s regulatory sandbox, allowing it to operate under relaxed regulations and putting it closer to its goal of becoming the world’s “first fully regulated capital markets platform to offer issuance and trading of digitized securities.”

  • May 24, 2019

    Sears Holdings Ordered Into $194M Canadian Court Fight

    A New York bankruptcy judge has allowed a trustee and creditors of bankrupt Sears Canada to bring Sears Holding Corp. into their Canadian suit seeking to claw back $194 million in dividends the U.S. retail chain received from its subsidiary.

  • May 24, 2019

    Schwab, Investors Ask 2nd Circ. To Revive Libor Claims

    Charles Schwab Corp. and investors in financial instruments tied to the London Interbank Offered Rate on Friday urged the Second Circuit to reinstate claims against a slew of banks over their alleged manipulation of the benchmark, arguing they have proper antitrust standing and that the litigation belongs in U.S. federal courts.

  • May 24, 2019

    Bank Of Internet Execs Beat Suit Over Whistleblower Probe

    A California federal judge tossed a shareholder's derivative suit accusing Bank of Internet executives of misconduct that led to a costly internal investigation into a whistleblower's allegations of shady business dealings, ruling Thursday that the investor failed to show that the directors were culpable.

  • May 24, 2019

    Puerto Rico Summons Detroit Tactic With $6B Debt Challenge

    Officials leading Puerto Rico’s historic restructuring have moved to wipe out nearly half of the commonwealth’s general obligation bond debt, mirroring tactics used by the city of Detroit to drive bondholders to the negotiating table and settle for less.

  • May 24, 2019

    Chancery Saves Ligand From $3.75B Loss On Bond Bungle

    The Delaware Chancery Court dismissed an investor suit Friday seeking to enforce a botched formula in a bond indenture from Ligand Pharmaceuticals Inc. that would have given bond traders a $4 billion conversion right for $250 million in notes.

  • May 24, 2019

    $4.5M SEC Whistleblower Award 1st To Stem From Internal Tip

    The U.S. Securities and Exchange Commission said Friday that it has handed out a first-of-its-kind $4.5 million award to a whistleblower who raised concerns internally with a company and also alerted regulators, ultimately leading to two enforcement actions after the company looked into the allegations and self-reported.

  • May 24, 2019

    Elk Petroleum Says Ch. 11 Case Poised For Creditor Fight

    Bankrupt oil and gas driller Elk Petroleum Inc. told a Delaware judge Friday that it anticipates a heated battle among creditors as it progresses through the Chapter 11 process after allowing certain preferred equity holders to convert their holdings to unsecured debt prior to filing its bankruptcy petition.

  • May 24, 2019

    Renewable Energy Co. Execs Settle Investor Suit For $2M

    The top executives of the since-liquidated renewable energy company Rentech Inc. have agreed to settle investors’ claims that they made the highly leveraged company appear stable when it was actually facing default.

  • May 24, 2019

    Lone Star Laterals: Crowe & Dunlevy, Husch Blackwell

    In our latest roundup of Texas partners on the move, Crowe & Dunlevy PC added a trio of partners in Dallas, Husch Blackwell LLP picked up an appellate partner in Houston and Barnes & Thornburg LLP added a former in-house counsel for an asset management firm to its corporate group. 

  • May 24, 2019

    Chancery Won't Kill $120M Radixx Deal, But Suit Kept Alive

    Delaware’s Chancery Court partially dismissed without prejudice late Wednesday a lawsuit counterclaim seeking to undo the $120 million sale of airline reservation tech firm Radixx Solutions International Inc. in 2016, while allowing an unjust enrichment claim to go forward against the sellers.

  • May 24, 2019

    AMD Gets Investor Suit Over Chip Flaw Axed

    A California federal judge has tossed a stock-drop suit filed against Advanced Micro Devices Inc. after a revelation that its chips were more vulnerable to a security flaw, finding the investors hadn't shown that risk disclosures were false or misleading.

  • May 24, 2019

    Feds Seek To Recover $9M Bond From Fugitive Ex-PE Exec

    The U.S. attorney for Massachusetts on Friday asked a federal court to greenlight the forfeiture of a $9 million appearance bond for a former Oak Investment Partners executive who fled the United States after being criminally charged with insider trading.

  • May 24, 2019

    New HKEX Trading Suspension Rules To Take Effect Sept. 1

    The Hong Kong Stock Exchange on Friday said a revised rule that would suspend issuers on the exchange following adverse opinions or disclaimers on their financial statements will take effect Sept. 1 following more than five dozen public comments on the new rule.

  • May 24, 2019

    Porsche Wants Out Of VW Emissions RICO Suit

    Porsche AG said it's being unfairly lumped in with other manufacturers in the Volkswagen family that were sued by car dealers over the diesel emissions scandal, insisting it's just a victim of “guilt by association,” the company argued in a motion to dismiss the suit.

  • May 24, 2019

    McKesson Enjoyed 'Massive Insider Trading Binge,' Suit Says

    A McKesson Corp. shareholder claims the drug distributor's directors benefited from a "massive insider trading binge" while participating in an industrywide conspiracy to drive up the prices of generic drugs, in a suit removed to California federal court Thursday.

  • May 24, 2019

    Ex-ConvergEx Bigwig Settles SEC's Hidden Fee Suit

    A former ConvergEx executive has agreed to pay more than $550,000 to settle U.S. Securities and Exchange Commission allegations that he took part in a scheme to charge hidden fees to brokerage customers, months after being sentenced to a day in prison on a related charge, the agency said Friday.

  • May 24, 2019

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

    The past week has seen a wealthy British shipping magnate face commercial fraud claims, a Russian businessman sue a former peer embroiled in a mall fraud dispute, and a Barclays Bank PLC unit face contract claims from a host of consumers. Here, Law360 looks at those and other new claims in the U.K.

  • May 24, 2019

    Brokers Are Putting Investors' Info At Risk, SEC Says

    Investment advisers and brokers are putting their customers’ information in danger of a breach, staff at the U.S. Securities and Exchange Commission warned in a risk alert issued Thursday.

  • May 24, 2019

    New Zealand Crypto Exchange Wants US Bankruptcy Cover

    A New Zealand-based online asset exchange undergoing liquidation in its home country is asking a New York bankruptcy court to protect as much as $130 million in client assets that it says are being held by an Arizona-based server company, according to a Friday memorandum.

  • May 24, 2019

    3 Less Common PE Compliance Issues The SEC Is Watching

    The U.S. Securities and Exchange Commission is focused on compliance for private equity firms and their portfolio companies, and while attorneys know the usual red flags, they must also be prepared to handle less common problems such as money laundering, fraud and sexual misconduct. Here, Law360 explores three compliance issues that could trip up a private equity client.

  • May 23, 2019

    Japanese Exec Gets 50 Years For $1.5B Ponzi Scheme

    The former president and CEO of a Japanese investment company was slapped Thursday with a 50-year sentence in federal prison for his role in a Las Vegas Ponzi scheme that swindled $1.5 billion from 10,000 Japanese victims, the U.S. Department of Justice announced.

  • May 23, 2019

    Levi & Korsinsky Snags Lead In Investor's Trade Secrets Suit

    New York City-based law firm Levi & Korsinsky LLP has been named lead counsel in a stock-drop suit against Taiwanese semiconductor manufacturer United Microelectronics Corp., according to an order issued Thursday by the New York federal court overseeing the case.

  • May 23, 2019

    Investors Bancorp Says New Equity Awards Dilute Settlement

    Investors Bancorp argued Thursday that new equity awards it recently approved for two top officers negate most of the benefit that suing shareholders said they brought to the company with an earlier lawsuit and rollback settlement, derailing what was expected to be a standard fee hearing in Delaware’s Chancery Court.

Expert Analysis

  • Real-Life Lessons For Lawyers From 'Game Of Thrones'

    Author Photo

    What lessons can the various hands, maesters, council members and other advisers in "Game of Thrones" impart to real-life lawyers? Quite a few, if we assume that the Model Rules of Professional Conduct were adopted by the Seven Kingdoms, says Edward Reich of Dentons.

  • The True Definition Of A Whistleblower Claim

    Author Photo

    Whistleblower is often misused as a generic term, but it actually has a specific meaning with specific implications that companies must understand when crafting programs to handle both actual and purported whistleblower complaints, says Neil Rosolinsky, deputy general counsel at Citizens Financial Group.

  • 5 Tips To Help Your Summer Associates Succeed

    Author Photo

    There are a number of ways that attorneys can ensure their summer associates successfully manage critical writing assignments and new types of professional interactions, says Julie Schrager of Schiff Hardin.

  • Challenges To Trump's '2 For 1' Order Face Difficult Road

    Author Photo

    Shortly after President Donald Trump took office, he issued an executive order directing agencies to eliminate two existing regulations for every new regulation adopted. Multiple lawsuits challenging this order are ongoing, but federal courts are poorly equipped to adjudicate claims that involve an agency’s failure to regulate, says Steven Gordon of Holland & Knight.

  • Keys To Communicating A Law Firm's Mission

    Author Photo

    Today’s law firm leaders are pretty good at developing a strategic vision for the enterprise, but there is often a disconnect between that road map and the marketing department’s rank and file, leading to a deliverable that does little to differentiate the firm, says José Cunningham, a legal industry consultant.

  • New Views On Statistical Significance Affect Expert Testimony

    Author Photo

    In light of recent criticism concerning the use of statistical significance in scientific inquiry and expert witness practice, researchers and legal practitioners should recognize statistical significance as just one factor among many that guide the analysis of scientific data and confidence in tested hypotheses, say attorneys at Alston & Bird.

  • Tips For Using DOJ Guidance In A Compliance Program

    Author Photo

    The U.S. Department of Justice's new corporate compliance guidance includes useful questions but should not be used simply as a checklist in assessing a compliance program — the real key is understanding the purpose behind the questions, say Hui Chen, author of the DOJ's 2017 compliance guidance, and Pam Davis, a former DOJ corporate monitor.

  • Opinion

    How Lawyers Can Help Save The Planet

    Author Photo

    Over a dozen major law firms have joined our effort to overcome the legal obstacles that states, cities and businesses face in fighting climate change. But more lawyers are needed, say Michael Gerrard of Columbia Law School and John Dernbach of Widener University Commonwealth Law School.

  • Potential Effects Of SEC Financial Reporting Proposal

    Author Photo

    The U.S. Securities and Exchange Commission recently proposed eliminating the requirement for auditor attestation regarding internal control over financial reporting at certain companies. This would save eligible companies money on audit fees and other costs, but could result in less accurate financial reporting, say attorneys at Stinson.

  • 2 Key 10th Circ. Holdings In Western Union Derivative Suit

    Author Photo

    The Tenth Circuit’s recent opinion in City of Cambridge Retirement System v. Ersek — concerning shareholders’ allegations against officers and directors of Western Union — was a little-noticed decision, but it has broad implications for shareholder derivative actions, say Chris McCall and Luke Ritchie of Moye White.

  • Revisiting When — And When Not — To Seek Appraisal

    Author Photo

    After a string of recent Delaware Supreme Court decisions, it appears that seeking a court's independent appraisal of a deal price may be relevant only in the context of certain limited factual scenarios, say Michael Maimone and Joseph Schoell of Drinker Biddle.

  • Directors Must Heed SEC On Cybersecurity And Social Media

    Author Photo

    The U.S. Securities and Exchange Commission has made clear that it expects companies to take action to avoid and remediate cybersecurity breaches, and to carefully review information disclosed via social media. But many officers and directors remain underprepared for SEC enforcement in these areas, say attorneys at Vinson & Elkins.

  • Reducing The Regulatory Risk Of Merchant Cash Advances And Factoring

    Author Photo

    Courts and regulators have reached different conclusions on whether merchant cash advances and unpaid invoice purchases constitute loans subject to state lender licensing and usury regulations. Attorneys at Buckley discuss how to minimize the chances of these transactions being recharacterized as loans.

  • Q&A

    A Chat With Gilead Sciences Legal Ops Leader Gary Tully

    Author Photo

    In this monthly series, legal recruiting experts from Major Lindsey & Africa interview legal industry leaders about the increasingly competitive business environment. Here, Rod Osborne talks with Gary Tully, head of legal operations at Gilead Sciences.

  • DC Circ.'s Chance To Clarify 'Should Have Known' Liability

    Author Photo

    With its upcoming decision in Thaddeus North v. U.S. Securities and Exchange Commission, the D.C. Circuit should articulate a clear legal standard for when a compliance officer “should have known” about reportable events. Without such guidance, compliance officers cannot do their jobs without fearing unintended consequences, say Brian Rubin and Michelle McIntyre of Eversheds Sutherland.