Securities

  • March 30, 2020

    Fintech Exec Wants SEC's Discovery 'Haystack' Organized

    A man accused by the U.S. Securities and Exchange Commission of playing a role in an $18 million securities scam has asked a Minnesota federal judge to order the SEC to turn over its evidence in a reasonably organized system.

  • March 30, 2020

    No Release For 'Real Housewife' Despite COVID-19 Risk

    Disbarred Maryland attorney and former “Real Housewives” cast member Brynee Baylor must remain in prison despite concerns that underlying health problems put her at a higher risk of contracting COVID-19, a D.C. federal judge ruled, finding she has not yet exhausted all administrative remedies.

  • March 27, 2020

    The Attys And Legal Logic Behind Stay-At-Home Orders

    The attorneys helping draft cities’ and states’ stay-at-home orders during the coronavirus pandemic have been tiptoeing through a legal minefield, working long hours to carve out the kind of work that should be considered “essential” and to ensure local governments aren’t overstepping their authority.

  • March 27, 2020

    Bank Regulators Unveil 2-Year Delay For CECL Adopters

    Federal regulators said Friday that big banks can wait longer before phasing in the regulatory capital effects of a new loan loss accounting standard and can choose to switch over early to an updated methodology for calculating certain capital requirements, moves intended to buoy bank lending during the COVID-19 pandemic.

  • March 27, 2020

    User Says Robinhood Is Trying To 'Wipe Out' Class Claims

    A Robinhood customer moved for a temporary restraining order in one of several class actions filed against the online trading app after users experienced significant issues with account access across two trading days, saying the company has sought to “wipe out” the class’ claims with a $75 credit contingent on signing a release.

  • March 27, 2020

    Murex Co-Founder, Ex-Wife See Most Record Demands Denied

    A co-founder of oil and gas venture Murex Petroleum and his ex-wife lost most of their bid for company records on Friday, after a Delaware vice chancellor found many of their separate demands ineligible, improper or sufficiently answered.

  • March 27, 2020

    Ex-BigLaw Atty Can't Use Pandemic To Skirt Jail, Feds Say

    Federal prosecutors said Friday that a former Locke Lord LLP attorney convicted of assisting a $400 million cryptocurrency scam can't use the COVID-19 crisis or any other excuse to be let out of jail before his sentencing.

  • March 27, 2020

    YRC Slips Investor Suit Alleging It Overcharged DOD

    YRC Worldwide escaped a proposed securities class action Friday after a New York federal judge found that the freight shipping company had no duty to disclose the government investigation that culminated in a civil suit over its allegedly fraudulent overbilling.

  • March 27, 2020

    SEC Wins $417K In Fraud Suit Over Fracking Investments

    The U.S. Securities and Exchange Commission won final judgment and more than $417,000 in disgorgement and fines in Georgia federal court Friday in its suit alleging a Kentucky roofer bilked fracking investors out of $15 million in a securities fraud scheme.

  • March 27, 2020

    NY Justices Take Up JP Morgan's $140M Coverage Battle

    New York's highest court on Thursday agreed to review a lower court's ruling that J.P. Morgan Securities Inc. is not entitled to insurance coverage for a $140 million chunk of a settlement that Bear Stearns paid to the U.S. Securities and Exchange Commission because that sum is an uninsurable penalty.

  • March 27, 2020

    Brookfield Seeks Chancery Stay Or Toss Of Terraform Claims

    Brookfield Asset Management asked Delaware's Chancery Court Thursday to stay a derivative suit and dismiss accompanying direct claims challenging a $650 million private placement that boosted Brookfield’s control of Terraform Power in 2018, saying a pending buy-up of remaining Terraform shares should soon end the class' derivative standing.

  • March 27, 2020

    Window Co. Investors' Suit Dismissed For Lacking Clarity

    Glass and window manufacturer Apogee Enterprises Inc. has escaped a proposed securities class action after a Minnesota federal court judge found that the facts pled in the suit show that Apogee and its executives shared adverse information as they discovered them, rather than hiding them, and that the suit lacked specifics.

  • March 27, 2020

    Citing COVID-19, SEC Eases More Filing Requirements

    The U.S. Securities and Exchange Commission has further extended its guidance and relief to companies grappling with the fallout from the spread of the novel coronavirus, temporarily easing certain compliance requirements for corporations, municipal advisers and crowdfunded groups.

  • March 27, 2020

    Coronavirus Litigation: The Week In Review

    Multiple public officials have been hit with lawsuits over their actions surrounding the COVID-19 pandemic, vendors are facing allegations of price-gouging, and a proposed class has accused China of hiding the dangers of the coronavirus outbreak and costing U.S. small businesses billions of dollars.

  • March 27, 2020

    Sterling Bank Hid Risk, Tanking Stock, Investors Say

    A group of peeved investors hit Sterling Bancorp Inc. with a proposed class action in Michigan federal court Friday, claiming its Michigan-based subsidiary Sterling Bank and Trust FSB misled investors and ignited a stock drop that resulted in massive damages to their holdings.

  • March 27, 2020

    SEC Fines Texas Man $10K For Talking Up Penniless Funds

    The U.S. Securities and Exchange Commission filed and settled a civil complaint Thursday against a Texas man for allegedly lying to potential investors about two investment funds that never actually raised or invested any money.

  • March 27, 2020

    Intercept Beats Investor Suit Over Liver Disease Drug Deaths

    Intercept Pharmaceuticals Inc. on Thursday exited a proposed securities class action accusing it of covering up reports of fatalities and injuries caused by a liver disease drug, after a New York federal judge found the shareholders failed to prove the existence of those reports was "material."

  • March 27, 2020

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

    The past week in London has seen Clydesdale Bank sue Barclays and HSBC for fraud, Russia's sovereign wealth fund launch claims against one of the U.K.'s largest newspapers, and HSBC team up with a wind producer to sue energy companies in Germany. Here, Law360 looks at those and other new claims in the U.K.

  • March 26, 2020

    Judge Axes Investors' Libor Rigging Suit As 'Wishful Thinking'

    A New York federal judge on Thursday tossed a sprawling proposed class action accusing Bank of America, Deutsche Bank and a slew of other major banks of engaging in a sequel Libor-rigging conspiracy, saying the allegations amount to speculation and "wishful thinking" about what the banks might have done.

  • March 26, 2020

    Motley Rice Defeats Rajaratnam's RICO Suit For Good

    A New York federal judge on Thursday tossed out fraudster Raj Rajaratnam's Racketeer Influenced and Corrupt Organizations Act suit accusing law firm Motley Rice LLC of paying former federal agents for dirt on him, holding that he ultimately failed to allege the firm engaged in a pattern of racketeering activity.

  • March 26, 2020

    Ex-Merrill Lynch Trader Wants Spoofing Scheme Charge Axed

    A former Merrill Lynch trader argued Wednesday that he shouldn't have to face federal prosecutors' charge that he participated in a years-long scheme to spoof the precious metals market, saying the charge is unconstitutionally vague and unauthorized by law.

  • March 26, 2020

    Investors Allege Ripple CEO Dumped XRP While Touting It

    A proposed class of investors in the cryptocurrency XRP has unveiled new allegations against Ripple CEO Bradley Garlinghouse, saying at the same time he was touting the product, he was unloading millions of dollars of the cryptocurrency.

  • March 26, 2020

    COVID-19 Relief Could Be Catalyst For A Digital Dollar

    With the U.S. House of Representatives set to approve a $2 trillion COVID-19 relief bill that includes direct payments to most Americans, the benefits of using fintech tools to deliver the funds touted on Capitol Hill could serve as a catalyst for digitizing the dollar.

  • March 26, 2020

    Jailed Ex-BigLaw Atty Wants Bail Restored Before Sentencing

    Lawyers for a former Locke Lord LLP attorney convicted of assisting the head of a $400 million cryptocurrency scam have urged a New York federal judge to reverse the recent revocation of his bail, saying he is not a flight risk and hasn't improperly meddled with frozen assets.

  • March 26, 2020

    SEC Staff Offers Road Map For COVID-19 Risk Disclosures

    The staff of the U.S. Securities and Exchange Commission has urged public companies to make thorough disclosures about business risks posed by the coronavirus pandemic, offering a sketch of the manifold ways the intensifying crisis could impact firms and shareholders.

Expert Analysis

  • Adapting Executive Pay Decisions To COVID-19 Impact

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    As the coronavirus pandemic perpetuates market uncertainty, compensation committees must address key questions, such as whether to delay approvals, adjust performance targets for bonus and equity awards, or reprice underwater stock options, say attorneys at Skadden.

  • Client Advocacy Tips For Remote Hearings During COVID-19

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    As the judiciary implements telephone and video hearings in response to the coronavirus pandemic, attorneys can deliver effective advocacy by following certain best practices, such as using backup materials and specially preparing witnesses and exhibits, say attorneys at Fish & Richardson.

  • How To Conduct Depositions Remotely

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    Remote depositions are a useful tool for meeting discovery deadlines while allowing all parties to stay at home amid the COVID-19 outbreak. But they come with a unique set of challenges, say Eliot Williams and Daniel Rabinowitz at Baker Botts. 

  • COVID-19 Crisis Exposes Libor Replacement's Weaknesses

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    Fundamental differences in the way Libor and its pending replacement, the Secured Overnight Financing Rate, have tracked financial risk amid the COVID-19 crisis suggest the transition between the two benchmarks will be challenging, says Jeffrey Armstrong at the Berkeley Research Group.

  • Delaware Dole Ruling Will Guide Allocation In D&O Policies

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    In a dispute between Dole Food and certain excess insurers of a directors and officers insurance policy, the Delaware Supreme Court recently interpreted an explicit allocation provision and articulated a rule that will instruct both insurers and insureds, say Brian Scarbrough and Huiyi Chen at Jenner & Block.

  • A Guide To Zealously Representing Clients During COVID-19

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    The American Bar Association's Model Rules of Professional Conduct require lawyers to be zealous advocates for clients' interests, but how do these rules apply in this unprecedented time of COVID-19? Anne Lockner at Robins Kaplan offers some pointers.

  • Pandemic Poses Distressed Debt Opportunities, CFIUS Risks

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    Although a coronavirus-prompted uptick in U.S. debt restructurings may lead to distressed asset investment opportunities, non-U.S. investors and lenders should be wary of transactions that could trigger the Committee on Foreign Investment in the United States' jurisdiction, say attorneys at Ropes & Gray.

  • 7 Ways Attys Can Create The Right Home Office Environment

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    In the midst of this health crisis when lawyers are working from home with their loved ones around all day, practitioners need to ensure their “home” and “office” settings coexist without one trumping the needs of the other, says Luciana Fragali at Design Solutions.

  • 8 Possible Paths To Insurance Coverage For COVID-19 Losses

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    At least some insurance policies are almost certain to apply to coronavirus-related losses, and a few hypothetical situations explain how, say attorneys at Covington.

  • And Now A Word From The Panel: Spotlight On MDL Venue

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    With travel plans on hold in this country and around the world, and changing venues being the norm of the day, it's a good time to consider the topic of venue for multidistrict litigation proceedings, says Alan Rothman at Sidley.

  • 10 E-Discovery Challenges Caused By COVID-19

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    The COVID-19 crisis will continue to affect e-discovery long after we overcome this pandemic. When litigation and investigations reengage and courts start moving their schedules forward, these concerns will need to be addressed, say David Kessler and Andrea D'Ambra at Norton Rose.

  • Cash Management For REITs And Funds In Uncertain Times

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    Now is a good time for real estate investment trusts and regulated investment companies to consider ways to preserve liquidity, because current equity market volatility is highlighting drawbacks to the requirement that they distribute at least 90% of ordinary income and short-term capital gains each year, say attorneys at Skadden.

  • COVID-19 As A Material Adverse Change In M&A Agreements

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    Whether the COVID-19 pandemic may constitute a material adverse change under existing M&A agreements, such that any party has a right to terminate the contract or not perform certain obligations, will depend on the specific wording of the provision at issue and the effects on the particular company, say attorneys at Fried Frank.

  • Credit Facility Accessibility During The COVID-19 Pandemic

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    As companies and funds grapple with what the COVID-19 outbreak means for their businesses and ongoing liquidity needs, they need to consider the availability of revolving credit facilities and continued compliance with their credit agreements, say attorneys at Cleary.

  • SEC Guidance Shines Light On International IP, Tech Risks

    Excerpt from Lexis Practice Advisor
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    Recent guidance from the U.S. Securities and Exchange Commission emphasizes intellectual property and technology exposure associated with international business operations, including when companies' reporting obligations go beyond the need for hypothetical disclosures, say Laura Richman and Ryan Castillo at Mayer Brown.

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