Bank of America and JPMorgan Chase Co. told a New York federal judge that the National Credit Union Administration can’t escape an investor class bringing antitrust actions over alleged rigging of a key lending benchmark, saying the deadline to opt out passed months ago.
A putative class action accusing biotech company-turned-cryptocurrency investor Riot Blockchain Inc. of misleading shareholders about its bitcoin trading practices should be dumped for failure to state a claim, the company told a New Jersey federal court Monday.
A North Carolina federal jury has found that Puma Biotechnology Inc. defamed Pharmaceutical Product Development LLC’s former CEO during a proxy fight by telling the public he had been “involved in clinical trial fraud,” awarding the former PPD head $22.35 million.
Tesla CEO Elon Musk can’t unilaterally decide his February tweet about production estimates wasn’t material to investors, the U.S. Securities and Exchange Commission said late Monday. The agency also claimed Musk sent a number of other tweets that violated a prior deal.
A debt-laden unit of Indonesian coal transporter Arpeni Pratama Ocean Line received New York bankruptcy court approval Tuesday for a prepackaged Chapter 11 plan that swaps $143 million in senior secured debt for equity and supports a $437 million restructuring of the parent company.
The U.S. Securities and Exchange Commission on Tuesday told a New York bankruptcy court that the litigation releases in Greek refueling company Aegean Marine Petroleum Network Inc.’s revised Chapter 11 disclosures are still unacceptable.
The U.K.'s financial services watchdog slapped UBS with a £27.6 million ($36.61 million) fine Tuesday for failing to adequately report more than 100 million trades over the course of a decade, saying the lender lacked internal controls to ensure its reports were accurate.
The U.S. Securities and Exchange Commission's suit against mining giant Rio Tinto over its public forecasts for the success of an ultimately decimated Mozambique mining project can go forward, a federal judge in Manhattan ruled Monday, though multiple claims were dismissed.
Fitness and wellness program provider Tivity Health lost a bid to kill a stock-drop suit on Monday when a Tennessee federal judge said allegations of "suspicious stock sales" by executives, including Tivity's chief legal officer, bolstered the case against the company.
Qualcomm Inc. lost its bid Monday to shut down investors’ claims that the chipmaker and its top officials lied about the company’s anti-competitive licensing practices that ultimately sparked an enforcement action, tanked the company’s stock price and cost shareholders billions.
A Colorado federal judge has declined to approve a settlement of claims brought by a class of Level 3 Communications Inc. shareholders who sued to block the company's sale to CenturyLink for $34 billion, saying the suit is likely moot because the shareholders have approved the deal.
A New York bankruptcy judge was asked on Friday to sanction a committee of equity holders and attorneys from Stevens & Lee PC involved in the Chapter 11 case for Synergy Pharmaceuticals Inc., saying the group has jeopardized the case by appealing matters it already agreed to support.
Bracewell LLP has added a former Andrews Kurth Kenyon LLP white collar regulatory and enforcement practice chair with more than 17 years of experience handling white collar litigation as a partner in its Dallas office, the firm said on Monday.
Former New York Islanders executive and money manager Stephen Walsh told Manhattan U.S. District Judge Loretta A. Preska Monday that he was shocked when the judge's former colleague hit him with a 20-year prison sentence for fraud in 2014.
Full implementation of Dodd-Frank financial reforms remains the dividing line between permitted and barred claims in sprawling multidistrict litigation against 11 megabanks that allegedly colluded to control the interest rate swaps market, after a New York federal judge again refused last week to allow pre-2013 claims.
Litigation’s languishing, judges are burned out and attorneys are avoiding federal courts. While filings have increased 38 percent since 1990, the bench has grown by only 4 percent, thanks to congressional gridlock. How is the legal system coping? (This article is part of a series on the lack of new judgeships in the federal judiciary).
The Judicial Conference of the United States has recommended Congress add 73 permanent federal district judgeships to 27 districts in 18 states. They include courts with high caseloads, stopgap judgeship positions and yearslong vacancies. (This article is part of a series on the lack of new judgeships in the federal judiciary).
Three Delaware-chartered companies have blasted a bid for attorneys’ fees by a stockholder who got the Chancery Court to strike down provisions in their bylaws mandating that federal district courts handle Securities Act complaints, saying the $3 million requested is far too much for the work put in by the investor.
A request from Tesla Inc. shareholders to accelerate their suit over Twitter posts from CEO Elon Musk failed Monday when a Delaware Chancery judge instead paused the suit in favor of a U.S. Securities and Exchange Commission enforcement action.
The Second Circuit on Monday affirmed the dismissal of a proposed shareholder action against J.P. Morgan alleging excessive mutual fund fees, finding shareholders failed to show the fees were disproportionately high in relation to the services rendered.
One year ago, the U.S. Supreme Court, in Cyan Inc. v. Beaver County Employees Retirement Fund, upheld concurrent state and federal jurisdiction over Securities Act class actions. Predictions that plaintiffs would inundate state courts with such claims now appear to be coming true, say James Goldfarb and Gaurav Talwar of Murphy & McGonigle PC.
My initial reaction to "Doing Justice" was that author Preet Bharara may have bitten off more than he could chew — an accusation leveled against him when he served as U.S. attorney for the Southern District of New York — but I found the book full of helpful gems, says U.S. District Judge Cynthia Bashant of the Southern District of California.
A Democratic member's recent departure from the U.S. Securities and Exchange Commission likely means that for the foreseeable future corporate penalties will not be imposed in cases where a company did not obtain any benefit from its misconduct, say attorneys at Debevoise & Plimpton LLP.
Though most experts believe that an imminent recession is unlikely, slowdown fears are increasing. Now is the time for firms to consider how to best leverage their communications and marketing teams to lessen impacts from a potential economic slowdown, says Tom Orewyler of Tom Orewyler Communications LLC.
A Colorado federal court's recent decision in Shaw v. Vircurex underscores the risks in asserting personal jurisdiction over virtual currency exchanges — which are often decentralized, operate algorithmically, do not engage in marketing activities and have no traditional physical presence, says Scott Kimpel of Hunton Andrews Kurth LLP.
Enforcement of the Foreign Corrupt Practices Act has firmly entered a new era of transparency under U.S. Department of Justice Assistant Attorney General Brian Benczkowski, says Kevin Feldis of Perkins Coie LLP.
The interrelationship between the credit default swap and syndicated term loan markets has become increasingly important and complex over the past five years. Four case studies help illustrate the interplay, say attorneys at Davis Polk & Wardwell LLP.
Social media presents rich opportunities to reach prospective clients. Attorneys should not let those opportunities pass them by, but they should keep their ethical obligations in mind as they post, says Cort Sylvester of Nilan Johnson Lewis PA.
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 Nina Godiwalla, director of diversity and inclusion at Norton Rose Fulbright.
A review of the disciplinary actions brought by the Financial Industry Regulatory Authority in 2018 shows fewer cases but higher total fines, signaling that when FINRA decides to bring a case, it will do so with full force, say attorneys at Eversheds Sutherland.