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

  • November 16, 2018

    FDIC Fights To Keep Libor Manipulation Claim Against UBS

    A group of failed banks suing UBS could not have reasonably known that the lender’s Libor submissions were lower than they should have been in the lead-up to the financial crisis until regulatory findings emerged in 2012, lawyers for the U.S. Federal Deposit Insurance Corp. said at a London court on Friday.

  • November 15, 2018

    Citibank, JPMorgan Chase Ink $21M SIBOR Rigging Suit Deal

    CitiGroup Inc. and JPMorgan Chase & Co. have agreed to pay nearly $21 million to escape a putative class action over an alleged conspiracy to manipulate the Singapore Interbank Offered Rate, the plaintiffs said in a motion to preliminarily approve the deal in New York federal court Thursday.

  • November 15, 2018

    Dewey Drama Takes Unexpected Twist With Ex-CFO's Jailing

    The long saga of failed BigLaw firm Dewey & LeBoeuf LLP took another dramatic twist Thursday when a New York judge threw the firm's former chief financial officer in jail briefly for not paying his $1 million criminal fine, leaving some lawyers shocked.

  • November 15, 2018

    Fed Vice Chair Takes Heat Over Leveraged Lending

    The Federal Reserve’s vice chairman for supervision defended his agency’s monitoring of leveraged lending risks amid questioning from senators on Thursday, the same day the Senate voted to confirm a former community banker to the Federal Reserve’s Board of Governors.

  • November 15, 2018

    Biblical University Leaders Indicted In Newsweek Fraud Case

    Two leaders at a biblical university were charged alongside two media owners Thursday in Manhattan trial court with fraudulently obtaining $35 million in loans intended for computer upgrades and instead using the money to keep afloat their organizations, including Newsweek.

  • November 15, 2018

    PE Firm's Head Gets New Trial In $60M Tribal Bond Scam Case

    A former private equity firm director convicted of conspiring to defraud pensioners and a Native American tribe of more than $60 million through the issuance of tribal bonds was granted a new trial Thursday after a New York federal judge expressed doubts about his awareness of the fraud scheme.

  • November 15, 2018

    Conflicts Of Interest Don’t Taint Advice, Proxy Firms Say

    The heads of two major proxy advisers shot back at allegations that conflicts of interest undermine their firms’ advice to investors, saying at a U.S. Securities and Exchange Commission roundtable discussion Thursday that they have robust policies to mitigate conflicts, one day after senators proposed directly regulating such firms.

  • November 15, 2018

    NY Appeals Court Revives HSBC Suit Over $1.9B Fine

    A New York appeals court on Wednesday revived a shareholder derivative action against HSBC filed after the bank paid a $1.9 billion fine over money laundering, finding a recently decided case overturned a lower court's requirement that the plaintiff first obtain permission from England’s High Court to file suit.

  • November 15, 2018

    Life Settlements Firms Open Del. Ch. 11 As Debt Limit Nears

    Irish and Bermuda affiliates of specialty finance company Emergent Capital Inc. opened a Delaware Chapter 11 late Wednesday as their $2.8 billion life settlements investment subsidiary neared a collision with its $370 million borrowing limit.

  • November 15, 2018

    Ex-Deutsche Bank Traders Say Spoofing Isn’t Wire Fraud

    Two former traders at Deutsche Bank urged an Illinois federal court Wednesday to dismiss the government's allegations that a spoofing scheme constituted wire fraud, saying they didn't make any false statements or material misrepresentations.

  • November 15, 2018

    Pilgrim's Pride Controllers Say Del. Jurisdiction Doesn't Apply

    The controlling shareholders of chicken producer Pilgrim’s Pride Corp. and their affiliated board members told a Delaware Chancery Court judge Thursday that breach of fiduciary duty claims lodged by minority shareholders should be tossed because the Delaware courts don’t have jurisdiction over the defendants.

  • November 15, 2018

    Investors Challenge $4.7B REIT Merger, Citing Filing Flaws

    Shareholders in a real estate investment trust want to put the brakes on a proposed $4.7 billion merger with another REIT, filing suit in Boston federal court Thursday saying the companies left out key information in a filing with the U.S. Securities and Exchange Commission ahead of an upcoming board vote.

  • November 15, 2018

    Chuhak Must Face Ex-NFL Players' Tax Scheme Claims

    A group of retired NFL players who claim they were burned by a fraudulent tax scheme cooked up by lawyers at Chuhak & Tecson PC can proceed with professional negligence and civil conspiracy claims against the attorneys and the firm, a Florida federal judge ruled Wednesday.

  • November 15, 2018

    Inside Trader Avoids Prison Time After Aiding Feds

    A Florida trader dodged prison time for his admitted role in an illicit stock trading operation Thursday when a New Jersey federal judge sentenced him to three years of probation instead, citing his cooperation as a government witness who helped prosecutors net a co-conspirator in the case.

  • November 15, 2018

    SEC Cracks Down On Alleged $3.3M Boiler Room Scheme

    The U.S. Securities and Exchange Commission sued a stock research firm and five individuals in New York federal court on Thursday, accusing them of orchestrating a $3.3 million boiler room scheme in which they aggressively solicited investors to buy artificially inflated shares of a health care management company.

  • November 15, 2018

    Republican Groups Attack SEC Pay-For-Play Rule In DC Circ.

    The U.S. Securities and Exchange Commission overstepped its authority by trying to stop regulated agents who make political donations from later soliciting the recipient's agency for investment advisory business, two Republican state parties told the D.C. Circuit on Thursday.

  • November 15, 2018

    3rd Circ. Says Fannie, Freddie Investors Not Owed Relief

    Two Fannie Mae and Freddie Mac investors are not entitled to relief in a suit alleging the Federal Housing Finance Agency diverted the companies’ profits to the government’s pockets, the Third Circuit ruled in a precedential decision on Wednesday, finding that the agency had the statutory authority to do so.

  • November 15, 2018

    Electronics Co. Ducks Derivative Suit Over CEO's Stock Deals

    A Delaware chancellor dismissed a derivative suit on Wednesday that claimed members of Richardson Electronics Ltd.’s board breached their fiduciary duties by failing to properly disclose or take action for three substantial repurchases of stock controlled by the company's CEO, citing a lack of reasonable doubt about the board’s good faith or due care.

  • November 15, 2018

    Feds Doubt Ex-BigLaw Atty's Privilege Applies In Crypto Scam

    Manhattan federal prosecutors gave a preview of the evidence they'd gathered against former Locke Lord LLP lawyer Mark S. Scott on Thursday over his alleged role in laundering proceeds of a $400 million cryptocurrency scam, saying most of his work was financial, not legal, and the crime-fraud exception may apply to his privilege claims.

  • November 15, 2018

    Judge Wants More Info On Citi's $10M Deal In Forex Rig Suit

    A Manhattan federal judge on Thursday rejected a $9.95 million settlement between Citigroup and a proposed class of investors who say it was among a dozen big banks that allowed fraud to go undetected in wholesale foreign exchange markets, saying she needed to know more.

Expert Analysis

  • Why Midterms Will Have Little Effect On Audit Regulation

    Robert Cox

    The 2018 midterm elections will cause big shake-ups in the House Financial Services Committee and the Senate Banking, Housing and Urban Affairs Committee. However, new audit regulations will likely be driven by the Public Company Accounting Oversight Board and not by Congress, says Robert Cox of Briglia Hundley PC.

  • Q&A

    A Chat With Bryan Cave Innovation Chief Katie DeBord

    Katie DeBord

    In this monthly series, Amanda Brady of Major Lindsey & Africa interviews management from top law firms about the increasingly competitive business environment. Here we feature Katie DeBord, chief innovation officer at Bryan Cave Leighton Paisner LLP.

  • Simple Secrets For Improving Your CLE

    Daniel Karon

    With few cases going to trial, many attorneys keep their oral-presentation skills sharp by teaching continuing legal education programs. To avoid giving a CLE that falls flat and damages your reputation, you must fashion a thoughtful message, control its presentation, and nail the beginning and ending, says Daniel Karon of Karon LLC.

  • SEC Sheds Light On Compliance-Related Liability

    Glen Barrentine

    In its review of a disciplinary action against Southridge Investment's chief compliance officer, the U.S. Securities and Exchange Commission recently issued an opinion that could mean a higher oversight standard for CEOs of registered financial services companies, says Glen Barrentine of Winston & Strawn LLP.

  • It’s Time For Law Firms To Start Talking About Gen Z

    Eliza Stoker

    Since the oldest members of Generation Z aren’t even finished with law school yet, law firm management is in a unique position to prepare for their entrance into the legal workforce, says Eliza Stoker of Major Lindsey & Africa.

  • Clear, Concise Disclosures For Variable Contracts In Sight

    Ronald Holinsky

    The U.S. Securities and Exchange Commission's recent proposals to improve disclosures about variable annuities and variable life insurance contracts should go a long way in enhancing the investment experience for retail investors, say Ronald Holinsky of Lincoln Financial Group and Robert Robertson of Dechert LLP.

  • 5 Common Misconceptions About SEC Investigations

    Daniel Hawke

    Defense counsel often take approaches that reflect misperceptions of how the U.S. Securities and Exchange Commission enforcement game is really played. It is a complex process susceptible to mismanagement by even the most capable or well-intentioned attorney, says Daniel Hawke of Arnold & Porter.

  • 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.