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

  • January 15, 2019

    Puerto Rico Fed Board Looks To Invalidate $6B In Bond Debt

    A federally-appointed board tasked with overseeing Puerto Rico’s monumental debt restructuring joined with the island’s unsecured creditors Monday to demand that $6 billion in general obligation bond debt be wiped out, arguing the bonds violated provisions in the Puerto Rican Constitution when they were issued a few years ago.

  • January 15, 2019

    Construction Co., Family Want Out Of Wis. Shareholder Fight

    Shareholders and constituent companies of a road construction company on Monday looked to escape allegations that they are offering an unfair price to family members looking to sell their own shares, telling a Wisconsin federal judge that the lawsuit challenges the decisive findings of a state court action and long-settled company bylaws.

  • January 15, 2019

    Ukrainians Charged With 2016 Hack Of SEC Filings

    A Ukrainian hacker was charged Tuesday with infiltrating the U.S. Securities and Exchange Commissions’s Edgar electronic filing system during 2016 as part of a scheme to access material, nonpublic documents that he then shared with traders for profit, U.S. authorities said.

  • January 15, 2019

    Akorn Wants Derivative Suit Related To Failed Merger Axed

    Akorn Inc. told an Illinois federal judge on Monday that a shareholder’s consolidated derivative suit claiming the pharmaceutical company’s falsified regulatory submissions sunk a multibillion-dollar merger and tanked Akorn’s share price doesn’t offer allegations to support a securities claim and must be tossed.

  • January 15, 2019

    Chimera Pump-And-Dump Conspirator Takes $3M Plea Deal

    One of the seven individuals charged in what prosecutors say is a $48 million stock manipulation scheme involving Chimera Energy Corp. and other companies has entered a plea agreement with the government that requires him to forfeit up to $3 million he earned from the alleged scam.

  • January 15, 2019

    McDermott Int'l Sued After Stock Drops 60% Post-Merger

    Houston-based engineering and construction company McDermott International Inc. has been hit with a proposed shareholder class action in Texas federal court alleging its failure to disclose the true cost of acquiring Chicago Bridge and Iron NV resulted in the company's stock price plummeting more than 60 percent.

  • January 15, 2019

    Securities Group Of The Year: Cleary

    Cleary Gottlieb Steen & Hamilton LLP earned victories in some of 2018's most high-profile cases, settling landmark securities litigation over the Petrobras scandal and defeating an attempt to strip voting control from CBS Corp.'s parent company, earning it a spot among Law360's Securities Practice Groups of the Year for the second year in a row.

  • January 15, 2019

    Group Owes SEC $6.6M In Woodbridge Securities Probe

    Three people and two companies owe the U.S. Securities and Exchange Commission more than $6.6 million after a Florida federal judge on Monday entered judgment against them for allegedly selling unregistered securities of Woodbridge Group of Companies LLC, which collapsed last year after the SEC charged it with running a $1.2 billion Ponzi scheme.

  • January 15, 2019

    BREAKING: Ex-Georgeson Adviser Guilty In Tix-For-Votes Scheme

    A Massachusetts federal jury convicted a former Georgeson LLC adviser on fraud and conspiracy charges Tuesday afternoon, delivering a win for prosecutors who claimed the adviser participated in a scheme to swap sports tickets for confidential shareholder voting data after their first bid to convict her ended in a mistrial.

  • January 15, 2019

    Ex-Barclays Bankers On Trial Again In Euribor Rigging Plot

    Prosecutors opened their second trial in London on Tuesday of three former Barclays PLC employees accused of participating in a conspiracy to rig global interest rates to rip off counterparties that did business with them, after the jury in the original trial was unable to deliver a verdict.

  • January 15, 2019

    Ex-Bankrate Exec’s 5-Year Sentence For $25M Fraud Halved

    A former Bankrate Inc. executive’s five-year sentence for his role in a $25 million fraudulent accounting scheme was cut in half by a Florida federal judge on Monday after prosecutors pushed for a sentence reduction based on his extensive cooperation with the U.S. Department of Justice.

  • January 14, 2019

    Atty Central To Marijuana Penny Stock Fraud Plot, Gov't Says

    A Florida-based securities attorney was a central figure in a plot to defraud investors who bought penny stock in a company involved in hydroponic marijuana growing equipment, prosecutors told a Colorado federal jury Monday at the start of his trial.

  • January 14, 2019

    Ex-ConvergEx Exec's Deal Aids 3 Cooperators At Sentencing

    Three former traders who cooperated against a former ConvergEx Group LLC executive were largely sentenced to probation Monday after prosecutors and a judge said it would be unfair to hand them longer sentences than the person they cooperated against.

  • January 14, 2019

    Royal Park, Wells Fargo End RMBS Trustee Suit

    A New York federal judge on Monday granted a joint request from Royal Park Investments SA/NV and Wells Fargo Bank NA to dismiss with prejudice the remaining claims in the former’s litigation surrounding alleged failures by the latter as the trustee for two residential mortgage-backed securities trusts.

  • January 14, 2019

    NYSE Fines Wedbush, Founder $1M For Unsupervised Trades

    Wedbush Securities Inc. and co-founder Edward Wedbush will pay a combined $1 million to the regulatory arm of the New York Stock Exchange to end claims the company’s leader of 64 years worked the trading desk without oversight.

  • January 14, 2019

    Lender Says Life Settlement Co. Is Using Ch. 11 To Pay Parent

    The top secured lender to bankrupt life settlements venture White Eagle Asset Portfolio LP accused it of seeking to improperly pay the expenses of a non-debtor parent and urged a Delaware bankruptcy judge to reject a proposed cash management order for the case.

  • January 14, 2019

    UBS Takes Aim At Feds' Fraud Suit Over Crisis-Era RMBS

    UBS AG told a New York federal judge on Friday that the U.S. Department of Justice's lawsuit accusing it of defrauding investors through the sale of residential mortgage-backed securities leading up to the financial crisis should be dismissed, saying the case is based on an overly broad and legally unsupported interpretation of a financial institutions reform act.

  • January 14, 2019

    Shutdown Prompts Pause To Wells Fargo's $75M Bond Case

    A Rhode Island federal judge has put a suit filed by the U.S. Securities and Exchange Commission against Wells Fargo Co. over a $75 million bond offering involving a Major League Baseball pitcher’s video game company on hold during the federal government shutdown to give the agency time to look at a proposed settlement.

  • January 14, 2019

    Even Defense Attys Miss SEC During Record Gov't Shutdown

    With the government shutdown now the longest on record at 24 days, even the attorneys who defend clients against inquiries by the U.S. Securities and Exchange Commission are anxious for the agency to get back to work.

  • January 14, 2019

    Teva Tries To Nix Investors' 'Defective' Price-Hike Suit

    Teva Pharmaceutical Industries Ltd. and its executives doubled down on their efforts to toss securities claims from investors, who say the drugmaker engaged in a price-hike scheme and misled them about its resulting profit growth, arguing in Connecticut federal court Friday they presented no evidence.

Expert Analysis

  • 2019 Annual Meeting And Reporting Considerations: Part 2

    Brian Breheny

    In this installment of their four-part series, attorneys at Skadden Arps Slate Meagher & Flom LLP offer insights to companies on executive compensation matters for 2019 — including pay ratio and hedging disclosures, say-on-pay votes and changes in pay practices due to the Tax Cuts and Jobs Act.

  • FINRA's Suitability Rule Vs. SEC's 'Best Interest' Reg

    Brian Rubin

    A key 2019 priority for the U.S. Securities and Exchange Commission will be adopting the proposed Regulation Best Interest. Attorneys with Eversheds Sutherland explore the questionable foundation of the Financial Industry Regulatory Authority's claim that it is unnecessary.

  • 2019 Annual Meeting And Reporting Considerations: Part 1

    Brian Breheny

    Each company faces important decisions in preparing for its 2019 annual meeting and reporting season. This four-part series by attorneys at Skadden Arps Slate Meagher & Flom LLP covers essential items on which companies should focus, including corporate governance, executive compensation and disclosure matters.

  • Series

    Judging A Book: Barron Reviews 'The Clamor Of Lawyers'

    Judge David Barron

    Can lawyers lead a revolution? According to "The Clamor of Lawyers: The American Revolution and Crisis in the Legal Profession" — a slim but elegant volume by Peter Charles Hoffer and Williamjames Hull Hoffer — they can and they did, says First Circuit Judge David Barron.

  • Common Stockholders Can Wa[i]ve Appraisal Rights Goodbye

    Morgan Mordecai

    The Delaware Court of Chancery recently held that language in an agreement requiring minority stockholders to waive appraisal rights was enforceable. Though the case is already on appeal, practitioners should make sure agreements with drag-along rights include unambiguous waiver provisions whenever possible, say attorneys at Goodwin Procter LLP.

  • Discovery Confidentiality At Risk After Columbia Pipeline

    Arthur Bookout

    The Delaware Court of Chancery's recent Columbia Pipeline ruling highlights the risk that litigants may find their confidential materials, produced in discovery, attached to their opponents' filings for the purpose of unsealing the documents, say Arthur Bookout and Lilianna Townsend of Skadden Arps Slate Meagher & Flom LLP.

  • Opinion

    The Case For Lawyer-Directed Litigation Funding In NY: Part 2

    Peter Jarvis

    Lawyer-directed nonrecourse litigation funding is more likely to protect a lawyer's exercise of independent professional judgment than traditional means of litigation finance, and furthermore enables worthwhile cases that otherwise could not be funded, say Peter Jarvis and Trisha Thompson of Holland & Knight LLP.

  • 4 Tips For Protecting Privilege When Working With Auditors

    John Carney

    A recent U.S. Securities and Exchange Commission action against Crowe LLP illustrates the pressure on independent auditors to gather enough evidence to defend their audits. However, there is tension between an auditor’s need for information and a company’s need to protect its privileged material, say attorneys with BakerHostetler.

  • Shutdown's Messy Impact On Consumer Protection Activities

    Alan Wingfield

    As it appears the federal government shutdown could continue for some time, attorneys with Troutman Sanders LLP discuss its effect on the regulatory and litigation docket for consumer-facing companies.

  • Opinion

    The Case For Lawyer-Directed Litigation Funding In NY: Part 1

    Peter Jarvis

    Contrary to what the New York City Bar Association concluded in an ethics opinion last year, lawyer-directed nonrecourse commercial litigation funding does not violate New York rules on sharing fees with nonlawyers, say Peter Jarvis and Trisha Thompson of Holland & Knight LLP.