A New York federal judge granted class certification Thursday to holders of just three of the 35 American depository receipts originally named in a putative class action accusing Citigroup Inc. and its affiliates of manipulating the exchange rate when providing dividends from foreign companies to ADR holders.
The U.S. Supreme Court on Monday is slated to consider whether its own doctrine should allow plaintiffs in certain instances to file new class actions after the deadline to do so has passed, an idea that some lawyers say may face a chilly reception from the bench.
Fiduciaries of a Deutsche Bank employee benefits plan accused of steering investments into underperforming proprietary funds that paid the bank high fees pressed their case for a partial quick win in New York federal court on Friday.
AmerisourceBergen Corp. investors opened a books and records demand lawsuit Friday in Delaware Chancery Court, saying the company failed to provide requested information about unlicensed operations and regulatory violations that drew $885 million in fines last year.
Breitburn Energy Partners LP on Friday overcame a final hurdle in its lengthy quest to reorganize in bankruptcy, receiving court approval of a modified Chapter 11 plan after bumping up the levels of recovery for retail bondholders and other unsecured creditors.
A group of investors in the children’s sugar-free drink maker Drink Blocks LLC launched a derivative action in Chicago federal court Friday over claims that the company’s old owners mishandled investor money and then sold its assets to a previously undisclosed lender who is still selling the company’s products.
The U.S. Supreme Court will cover a wide variety of subjects when it returns to the bench this week to close out the penultimate oral argument session of the term, revisiting its American Pipe decision on class action deadlines and debating how lower courts should read its fractured rulings.
The Alabama Supreme Court revived a suit Friday brought by onetime employees and shareholders of the former HealthSouth Corp. who accused the health care giant of misrepresenting its financial health amid a multibillion-dollar accounting fraud scandal, reversing a decision that their claims should have been brought derivatively and were time-barred.
The former chief accounting officer of American Realty Capital Properties Inc. on Friday was spared from serving any prison time for her role in inflating the publicly traded real estate investment trust’s numbers in regulatory filings, with the judge crediting her cooperation in a case against the REIT’s former chief financial officer.
A New York federal grand jury has returned a superseding indictment slapping four banking executives at Beaufort and Loyal Bank with more charges related to allegations they engaged in a $50 million securities fraud and money laundering scheme, saying their actions constitute conspiracy to defraud the United States.
Talks on a reported $1.125 billion sale agreement for bankrupt M&G USA Corp.’s huge plastic resin-making complex in Texas bogged down in the home stretch Friday, with company representatives resetting a sale hearing for Monday and warning of a cash crunch.
A shareholder of Brazilian steakhouse chain Fogo de Chao Inc. filed a putative class action suit Thursday in Delaware state court seeking to halt a $560 million acquisition of the company by affiliates of Rhone Partners, saying the restaurant’s directors withheld information about its potential conflicts of interest in the deal.
A D.C. Circuit panel on Friday overturned penalties against a former Ernst & Young LLP partner imposed by the SEC’s Public Company Accounting Oversight Board, saying the board violated the accountant’s rights by refusing his request to have an expert witness present during an interview.
A Massachusetts Institute of Technology quantum computing whiz who traded on information he gleaned from his wife, a former Linklaters LLP associate, deserves prison for brazen insider trading, prosecutors told a Manhattan federal judge Friday.
A record $83 million SEC whistleblower award has heightened concerns raised by a recent Supreme Court ruling that workers will increasingly forgo internal complaints and go directly to the SEC, a potentially harmful dynamic for U.S. companies and their shareholders, legal experts say.
The Oregon Supreme Court has suspended a former U.S. attorney for the state from practicing law for 90 days, following an investigation by the U.S. Department of Justice that found she improperly had a relationship with a subordinate while in office and lied to her supervisors about it.
Bank of America Merrill Lynch will pay a $42 million penalty after admitting to having misled institutional clients about how their stock orders were being handled, New York Attorney General Eric Schneiderman said on Friday.
An English appeals court's recent decision dismissing a former Barclays trader’s bid to overturn a conviction for Libor-rigging bodes ill for similar appeals in connected cases that look to build arguments on a prosecution witness whose mistakes caused an “embarrassing debacle” for the Serious Fraud Office.
A New York federal judge on Thursday cleared HSBC Holdings PLC and The Royal Bank of Scotland Group PLC from a proposed class action accusing several big banks of a conspiracy to rig benchmark foreign exchange rates, finding that the court lacks personal jurisdiction over the two.
A Federal Reserve examiner testified Thursday in Delaware court in the criminal trial of four Wilmington Trust executives that he conducted examinations of the bank’s loan programs in 2009 and 2010 that included issues with its alleged waiver of past due loans.
With the ink on the U.S. Supreme Court's decision in Cyan v. Beaver County barely dry, the plaintiffs bar is comfortably in the Section 11 saddle. They won. But history suggests that this may be victory of a battle, not the war, say Boris Feldman and Ignacio Salceda of Wilson Sonsini Goodrich & Rosati PC.
For those structured as corporations, the decrease in the maximum corporate tax rate and the repeal of the corporate alternative minimum tax offer good news. But since many law firms are organized as pass-through entities, several limitations on deductions mean they won’t see as much benefit from the new tax law as some other industries, says Evan Morgan of CPA and advisory firm Kaufman Rossin PA.
Despite the current cryptocurrency fervor, it remains to be seen exactly how, and how quickly, blockchain technology will be adopted by the broader corporate community, and whether Delaware will continue to lead the charge, say attorneys with Jenner & Block LLP.
The Tax Cuts and Jobs Act has codified a previous revenue ruling in a fairly controversial area of partnership tax law, in a potential disappointment to non-U.S. investors in domestic partnerships and practitioners who questioned the authority for issuing the ruling in the first place, say Michele Alexander and Ryan Davis of Bracewell LLP.
Since passage of the Trump tax plan last year, companies have been touting bonuses they’ve handed down to rank-and-file employees. This highlights the trend of employers favoring bonuses over pay raises in the belief that variable, short-term rewards are less risky to the business than permanent increases in labor costs. But law firms have used this strategy for years — and there are dangers, says Michael Moradzadeh of Rimon PC.
It remains uncertain whether the Delaware Chancery Court — when relying on the deal price to determine fair value, as prescribed in Dell — will now make a downward adjustment to exclude value arising from the merger itself, say attorneys with Fried Frank Harris Shriver & Jacobson LLP.
Despite the Delaware Supreme Court’s opinion in Dell that the deal price is generally the best “proxy” for appraised fair value, the Delaware courts have issued three appraisal decisions in 2018 that determined fair value to be below the deal price. This risk is likely to continue absent further clarification from the Supreme Court or legislative change, say attorneys with Fried Frank Harris Shriver & Jacobson LLP.
Over the past few years, forward-thinking law firms have expanded their talent pools to include a chief innovation officer, whose responsibilities include spearheading the implementation of technology. It is a smart move, says Mark Williamson, co-founder and chief technology officer at Hanzo Archives Ltd.
The U.S. Securities and Exchange Commission’s recent action against Credit Karma — the first enforcement action to result from a sweeping investigation that began in 2016 — reinforces comments from various SEC leaders that the agency is concerned about option-granting practices of late-stage private companies. It also demonstrates the SEC’s continued interest in Silicon Valley companies' governance procedures, say Michael Dicke and... (continued)
Just last month, a number of legal groups asked the Northern District of California to strike its rule requiring that, before seeking federal court admission, attorneys first be licensed by the state of California. It is irrational to exclude seasoned federal practitioners from general admission due to state bar approval while allowing raw state lawyers who have never been inside a federal courtroom, says attorney EJ Hurst.