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Securities

  • April 19, 2019

    FinCEN Flexes Muscle With 1st P2P Crypto Exchanger Case

    A California man accused of buying and selling bitcoin for shady clients he met online is the target of the Financial Crimes Enforcement Network's first-ever enforcement action against a peer-to-peer cryptocurrency exchanger, a case that some attorneys say could show the agency is stepping up its profile as a regulator of virtual currencies.

  • April 19, 2019

    CFTC Now Allows Exceptions To Privacy Notice Requirement

    The Commodity Futures Trading Commission approved a final rule on Friday that allows exceptions to its requirement that certain dealers and merchants must provide customers with annual privacy notices.

  • April 19, 2019

    Zillow Can't Shake Amended Investor Suit Over CFPB Probe

    A Washington federal judge won’t let Zillow Group Inc. shake the latest version of a proposed securities class action alleging it extended to agents and lenders an illegal co-marketing deal that was later investigated by the Consumer Financial Protection Bureau.

  • April 19, 2019

    Big Investor Wants Out Of 'Unfair' $30M Calamos Deal

    One of Calamos Asset Management’s larger stockholders told the Delaware Chancery Court it wants out of a proposed $30 million settlement to a 2017 stockholder challenge of Calamos' merger, accusing class counsel of trying to “drag” it into an unfair deal while they seek to grab $6.6 million in fees.

  • April 19, 2019

    Forex Dealer Can’t Dodge Document Request In Rigging Suit

    A New York federal court on Thursday denied a retail foreign exchange dealer’s attempt to skirt a subpoena in a case that accuses foreign banks of manipulating the foreign exchange market, siding with a class of investors that transactional data is needed to determine class members and damages.

  • April 19, 2019

    Argentina Seeks To End Hedge Fund’s $84M Bond Suit

    The Argentine government urged a New York federal judge Thursday to toss a suit brought by distressed debt titan Aurelius Capital seeking $84 million over unsettled securities payouts due six years ago, arguing that the hedge fund’s calculations are “erroneous” and the payment “unwarranted.”

  • April 19, 2019

    Madoff Trustee Fights Bid To Pause Foreign Clawback Ruling

    The trustee for Bernie Madoff's fraudulent investment firm has asked the Second Circuit not to stay its decision that he can claw back billions in Ponzi scheme proceeds transferred between foreign parties, saying defendants’ planned U.S. Supreme Court appeal is unlikely to succeed.

  • April 19, 2019

    Brazilian Sugar, Ethanol Giant Seeks Ch. 15 With $1.1B In Debt

    One of Brazil’s largest sugar and ethanol producers has asked a New York bankruptcy court to extend protection for its U.S. bank accounts while it undergoes restructuring to deal with $1.1 billion in debt.

  • April 19, 2019

    Online Lender Pays $3M To End SEC’s Overstatement Claims

    The U.S. Securities and Exchange Commission fined online lender Prosper Funding LLC $3 million Friday for allegedly overstating annualized net returns for more than 30,000 investors.

  • April 19, 2019

    BNY Mellon Pans Royal Park’s Bid For Sampling In RMBS Suit

    BNY Mellon slammed an investment company’s push to use loan sampling to support its claims that the bank bundled thousands of toxic loans into residential mortgage-backed securities, claiming in New York federal court Thursday that the method contradicts legal precedent.

  • April 19, 2019

    5 Times Lawyers Settled During The Big Show

    Apple and Qualcomm grabbed headlines when they decided to settle their differences before a San Diego federal jury could decide their multibillion-dollar antitrust dispute. But they aren't the first high-profile litigants to think twice about having a jury decide their fate once they got to court.

  • April 19, 2019

    Revised Digital Tokens Bill Still 'Needs A Lot Of Work'

    A revived congressional proposal to exempt certain digital tokens from federal securities laws could improve legal clarity for fledgling blockchain-based startups, but still contains several sticking points that lawyers say need to be resolved if the bill is going to pass muster.

  • April 18, 2019

    Elon Musk, SEC Given More Time To Hammer Out Twitter Deal

    A New York federal judge has given Tesla Inc. CEO Elon Musk and the U.S. Securities and Exchange Commission until April 25 to work out an agreement on Musk's Twitter use, which has recently landed the billionaire entrepreneur in hot water with the Wall Street regulator.

  • April 18, 2019

    Polsinelli Adds 2 New Partners To LA Practices

    Polsinelli announced Thursday it has expanded its West Coast footprint with the addition of two new shareholders to its Los Angeles offices, one to the firm’s real estate team and the other to its securities and corporate finance group.

  • April 18, 2019

    Camping World CEO Lemonis Hit With Shareholder Suit

    A Camping World Holdings Inc. shareholder has filed a derivative suit in Delaware Chancery Court accusing CEO and CNBC star Marcus A. Lemonis and other brass of unjustly enriching themselves to the tune of $530 million by illegally selling their stock at inflated prices.

  • April 18, 2019

    Tesla Investors Win Class Cert. In SolarCity Chancery Suit

    Tesla stockholders challenging Elon Musk's allegedly conflicted $2.6 billion bailout of SolarCity Corp. secured class certification in the Delaware Chancery Court on Thursday, moving the case toward a summary judgment argument in September and a possible 10-day trial in March 2020.

  • April 18, 2019

    Sears Sues Ex-CEO For Siphoning Billions As It Struggled

    Sears Holding Corp. has filed suit in a New York bankruptcy court against ex-CEO Edward Lampert, his hedge fund and other investors, saying they made more than $1.8 billion spinning off the retail chain's assets while it spiraled into Chapter 11.

  • April 18, 2019

    Japanese Execs Extradited To US Over $1.5B Ponzi Scheme

    Two former executives of Las Vegas investment company MRI International Inc. were extradited from Japan to the United States over their alleged roles in a $1.5 billion Ponzi scheme involving thousands of Japanese investors, the U.S. Department of Justice announced Thursday.

  • April 18, 2019

    AmerisourceBergen Investors Demand Opioid Crisis Records

    An AmerisourceBergen Corp. investor sued the drug distribution giant Thursday in Delaware's Chancery Court for access to company records, saying its role in the opioid crisis warrants an investigation into the fitness of its directors to serve, among other concerns.

  • April 18, 2019

    Physical Evidence Doesn't Back Witness, Insider Jury Told

    A hairdresser who says he got secret stock tips from former debt analyst Sebastian Pinto-Thomaz spent a trying day on the stand Thursday as defense lawyers went over his story with a fine-toothed comb, asking why little physical evidence corroborates it.

Expert Analysis

  • New Chancery Guidance On Books And Records Law

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    The Delaware Court of Chancery’s recent decisions in Schnatter, Tempur-Sealy and CHC Investments further delineate the metes and bounds of a stockholder's right to obtain a company's books and records, say attorneys with Winston & Strawn.

  • Justices Could Trigger Sea Change For Tender Offer Suits

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    U.S. Supreme Court oral arguments Monday in Emulex v. Varjabedian — a case that could alter the landscape of tender offer litigation under Section 14(e) of the Securities Exchange Act — confirmed the potentially significant nature of the forthcoming decision, as well as the justices’ sharp divide on the issues, say attorneys with Ropes & Gray.

  • Opinion

    Jury Trials Are In Decline For Good Reason

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    A recent Law360 article reported on federal judges bemoaning jury trials' nationwide decline, but these laments are unfounded as jury trials have been replaced by better alternatives, says J.B. Heaton of J.B. Heaton Research.

  • Chancery Decision Continues Trend Of Lower Appraisal Prices

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    Silver Spur v. Trussway is the latest appraisal case in which the Delaware Chancery Court relied on the discounted cash flow methodology and reached a similar result to the market-based valuation. There is now a greater risk of appraisal results being close to or below the merger price, say attorneys at Fried Frank.

  • New SEC Staff Guidance Could Leave Mutual Funds In A Bind

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    Recent U.S. Securities and Exchange Commission staff guidance asked mutual funds to postpone the effective date of their registration statements if they are unable to respond to staff comments in a timely fashion. But complying with such a request could leave a fund without an effective registration statement, say Gretchen Passe Roin and Seth Davis of WilmerHale.

  • Few Avenues To Protection For Foreign FCPA Whistleblowers

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    The Ninth Circuit's recent decision in Wadler v. Bio-Rad falls within a larger pattern of federal courts interpreting whistleblower protection statutes narrowly — especially when employees raise allegations about international business and potential Foreign Corrupt Practices Act violations abroad, say Daniel Wendt and Amelia Hairston-Porter of Miller & Chevalier.

  • Series

    Why I Became A Lawyer: A Circuitous Path To The Law

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    Instead of going to college after high school, I followed in my father’s footsteps and became an electrician. Later I became an electrical engineer, and then an IP attorney. Every twist and turn along the way has made me a better lawyer, says Joseph Maraia of Burns & Levinson.

  • Getting Compliance Right When There Are No Regulations

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    Recent enforcement actions and agency guidance illustrate how the federal government sets expectations for corporate compliance internal controls, even when no formal regulations have been issued. But companies must know where to find the relevant information, says Jo Ritcey-Donohue of JRD Law.

  • Despite TurnKey, SEC Will Try To Regulate Most Digital Assets

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    A careful reading of the U.S. Securities and Exchange Commission's new digital assets framework suggests that the TurnKey no-action letter — issued on the same day — is a rare exception to the SEC's general approach, say Deborah Meshulam and Benjamin Klein of DLA Piper.

  • Series

    Judging A Book: Conrad Reviews 'The Jury Crisis'

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    In "The Jury Crisis," jury consultant and social psychologist Drury Sherrod spotlights the vanishing jury trial, providing a fascinating canary-in-the-coal-mine warning for lawyers, litigants and society at large, says U.S. District Judge Robert Conrad of the Western District of North Carolina.