Securities

  • December 15, 2017

    Tilton Says Zohar Funds Tried To Preempt Her Claims

    Private equity magnate Lynn Tilton asked a Delaware federal court Thursday to take over a state-court suit filed by three investment funds that are wrestling with her for control of several businesses, saying the funds are trying to undermine her action against them in New York federal court.

  • December 15, 2017

    Trustees Seek Help In Splitting $4.5B JPMorgan RMBS Deal

    Units of Wells Fargo and other banks went back to New York state court Friday to ask for guidance on how they, as trustees for a slew of residential mortgage-backed securities trusts, should distribute the $4.5 billion they expect to receive soon from a settlement between JPMorgan and a group of investors in the trusts.

  • December 15, 2017

    Broker With Criminal Past Fights Detention On Ponzi Charges

    A Boston magistrate judge hesitated Friday to release a Cape Cod resident charged with spending the last five years defrauding investors, apprehensive of the man’s criminal history.

  • December 15, 2017

    $75M Alliance HealthCare Merger Elicits Appraisal Suit

    An investor in radiology and oncology services firm Alliance HealthCare Services Inc. filed an appraisal petition Friday in Delaware Chancery Court, seeking a court valuation of the investor's shares in the company following its $75 million acquisition by investment holding funds.

  • December 15, 2017

    EU Mulling Crackdown On Retail Sales Of Risky Investments

    The European Union’s financial regulator on Friday said it is considering prohibiting the sale to retail investors of risky financial products known as binary options and placing restrictions on sales of another product called rolling spot forex contracts.

  • December 15, 2017

    Fed Vice Chair Recuses Himself From Wells Fargo Matters

    The Federal Reserve said Friday that recently appointed vice chair for supervision Randal Quarles would recuse himself from matters involving Wells Fargo & Co., citing relationships between the bank and his extended family and the desire to avoid the appearance of a conflict.

  • December 15, 2017

    Global Watchdogs To Test Incentives For OTC Central Clearing

    Global financial regulators said Friday they will review the effects of incentives for financial institutions to centrally clear over-the-counter derivatives trades following the implementation of capital rules for the sector.

  • December 15, 2017

    Del. High Court Affirms $2M Legal Fees To Ex-Optimis CFO

    A three-justice panel of the Delaware Supreme Court on Friday affirmed a lower court ruling granting a $2 million judgment for attorneys’ fees in favor of the former chief financial officer of physical therapy firm OptimisCorp after a fight over control of the company.

  • December 15, 2017

    Pa. Man Cops To Celator Insider Trading Scheme

    A Pennsylvania man on Friday copped to his role in an insider trading conspiracy that profited from nonpublic tips about Celator Pharmaceuticals Inc.’s cancer drug and the company’s impending $1.5 billion sale, prosecutors said.

  • December 15, 2017

    Calif. Investment Adviser Gets 3½ Years For Bilking Clients

    A Beverly Hills, California, investment adviser on Friday was sentenced to 3½ years in prison for using his business, Broidy Wealth Advisors LLC, to withdraw excess management fees and misappropriate stock held in trusts, costing his clients more than $1.5 million.

  • December 15, 2017

    Houston Software Co. CEO Pleads Not Guilty In $32M Fraud

    The founder and chief executive officer of a Houston software development company pled not guilty Thursday in Texas federal court of charges of playing a role in a $32 million securities and wire fraud scheme by lying to investors.

  • December 15, 2017

    Dell Ruling Bridges Philosophical Gap In Del. Appraisal Law

    With its reversal of the Chancery Court's appraisal of Dell's $25 billion take-private deal, the Delaware Supreme Court on Thursday closed a rare gulf in philosophies between the two courts and set a cardinal benchmark for appraisal litigation, experts say.

  • December 15, 2017

    SEC Settles With 2 Over $370K Insider Trading Scheme

    A former Arizona employee of a semiconductor company and his friend who both copped to securities fraud for what federal prosecutors alleged was an insider trading scheme that netted almost $370,000 have agreed to fork over some of that money to settle related civil claims brought by the U.S. Securities and Exchange Commission.

  • December 15, 2017

    Toss Of Duke Energy Investor Suit Upheld By Del. Justices

    The Delaware Supreme Court affirmed the dismissal of an investor breach of duty suit against the directors of Duke Energy on Friday, saying in a 4-1 split opinion that the Court of Chancery was correct in tossing the suit because the plaintiffs hadn't shown that a litigation demand on the board was futile.

  • December 15, 2017

    Funds’ Swaps Suit Against Vereit, Schorsch Largely Survives

    Investment funds that sued Vereit Inc., its former CEO Nicholas Schorsch and others over tens of millions of dollars in losses allegedly caused by the defendants’ fraud fended off dismissal for most of their suit Thursday, with a Manhattan federal judge finding the case had legs.

  • December 15, 2017

    Final GOP Tax Bill Settles On 21% Corporate Rate

    Republicans unveiled the final version of their tax cut bill on Friday that would impose a 21 percent flat rate on corporations, set the maximum individual tax rate at 37 percent and largely adopt the Senate’s proposal for pass-through businesses.

  • December 15, 2017

    MVP: Jenner & Block's Adam Unikowsky

    Jenner & Block LLP's Adam Unikowsky won three unanimous Supreme Court rulings in the past year, including one that could alter how the U.S. Securities and Exchange Commission and other government agencies seek disgorgement in enforcement actions, earning him a spot among Law360's Securities MVPs. 

  • December 15, 2017

    ESMA Greenlights Crude Oil, Other Derivatives Position Limits

    The European Securities and Markets Authority signed off on the U.K.’s proposed position limits for certain crude oil contracts on Friday, as it added extra detail to several reporting requirements for holdings in commodity derivatives.

  • December 14, 2017

    $6.5M Investor Deal Preceded Leidos High Court Cancellation

    Shareholders reached a $6.5 million proposed settlement sans attorneys’ fees in a fraud suit against Leidos Inc.’s predecessor SAIC Inc. in a case that was previously set to be heard by the U.S. Supreme Court, according to a proposal filed Wednesday in New York federal court.

  • December 14, 2017

    PayPal Investor Suit Linked To FTC Inquiry On Thin Ice

    A California federal judge said Thursday he’ll likely dismiss a proposed PayPal shareholder class action stemming from a Federal Trade Commission investigation into the company’s Venmo app, saying he didn’t see evidence the majority of the company’s board members had breached their fiduciary duty.

Expert Analysis

  • Alternative Fees: My Experience At Bartlit Beck

    J.B. Heaton

    Bartlit Beck was a wonderful place to work for 18 years, and the lawyers there are not only excellent attorneys but also great people. That said, and stating my biases upfront, it is possible for me to look analytically at the Bartlit Beck fee model and make some observations on the pros and cons of one version of alternative fees, says J.B. Heaton, founder of investment analytics company Conjecture LLC.

  • Opinion

    Jurors Should Have An Active Voice In Trials

    Judge Amos Mazzant III

    We tell jurors how important they are to the successful implementation of our judicial system, but oftentimes we don’t treat them with the reverence they deserve. U.S. District Judge Amos Mazzant III of the Eastern District of Texas, Lisa Blue of Baron and Blue, and Robert Hirschhorn of Cathy E. Bennett & Associates advocate three jury system improvements that will give jurors an active voice and role in our civil and criminal jury trials.

  • SEC's Reversal On ALJs Could Affect Its Forum Choices

    Coates Lear

    In a sudden about-face, the U.S. Securities and Exchange Commission has ratified its administrative law judge appointments, seemingly resolving the constitutional issues surrounding its ALJs. This could mean that the SEC will resume filing litigated actions as administrative proceedings again, say attorneys with Squire Patton Boggs LLP.

  • The Landscape Of Financial Exploitation Rules: Part 1

    Clifford Kirsch

    As the baby-boomer generation exits the workforce and transitions into retirement, senior investors will begin accessing their retirement savings. To prevent abuse, financial institutions should carefully review the emerging federal and state framework regulating the financial exploitation of senior investors and adjust accordingly, say attorneys with Eversheds Sutherland.

  • DOL Fiduciary Rule — Still Very Much Alive

    Robert Gower

    While certain requirements of the U.S. Department of Labor's Fiduciary Rule were recently delayed, the rule's expanded definition of a fiduciary and the standards to which such fiduciaries are to be held are currently in effect, says Robert Gower of Trucker Huss APC.

  • Series

    40 Years Of FCPA: An Update From The DOJ

    Daniel Kahn

    U.S. Department of Justice prosecutors and law enforcement partners have secured more foreign bribery-related trial convictions and guilty pleas this year than in any other year in the history of the Foreign Corrupt Practices Act, in fact by almost twice as much. These are all significant cases with significant impacts, says Daniel Kahn, chief of the DOJ's FCPA Unit.

  • Why Information Governance Is More Important Than Ever

    Linda Sharp

    It used to be that hiring a good law firm was the single most important thing a company could do when facing litigation. You could now make the case that an organization’s most powerful asset in prosecuting or defending a claim is its information, says Linda Sharp, associate general counsel of ZL Technologies and chair of the ACC Information Governance Committee.

  • Diversity Poised To Take Center Stage In 2018 Proxy Season

    David Oelman

    Diversity on corporate boards has been a matter of interest among U.S. investors for years, but 2017 marked a turning point. We expect gender diversity in particular to take center stage in the 2018 annual meeting season, say attorneys with Vinson & Elkins LLP.

  • Opinion

    BigLaw Is Behind The Automation Curve

    Michael Moradzadeh

    In its new report on the effects of automation in the workplace, McKinsey Global Institute identifies lawyers as less susceptible to the sort of automation that could put one-third of American workers out of a career by 2030. This may seem reassuring, but it doesn't mean automation won't disrupt our bottom line, says Michael Moradzadeh of Rimon PC.

  • The Future Of Bitcoin Futures

    Colin Lloyd

    Trading in bitcoin futures opened this week on the CBOE Futures Exchange, with offerings from the Chicago Mercantile Exchange and the Cantor Exchange to soon follow. In designing their contracts, the exchanges had to make decisions about contract size, tenor, and trading and settlement conventions, with some notable consequences, say Colin Lloyd and James Michael Blakemore of Cleary Gottlieb Steen & Hamilton LLP.