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Securities

  • October 19, 2018

    Jury Hears Ex-Barclays Trader's Worries As Gov't Case Ends

    Jurors in the antitrust trial of three former foreign exchange traders for Citigroup, Barclays PLC and JPMorgan Chase & Co. units on Friday heard a recording of a former Barclays trader voice concern about his allegedly collusive trading behavior in the forex market as prosecutors wrapped up their witness testimony.

  • October 19, 2018

    SEC Opens Probe In Honeywell's Asbestos Accounting

    The U.S. Securities and Exchange Commission is investigating Honeywell International Inc.’s accounting of liability for asbestos claims after the company raised its estimate earlier this year by $1.1 billion, the company revealed in its securities filing Friday.

  • October 19, 2018

    Couple Sues Accounting Firm Over Woodbridge Ponzi Losses

    An Oklahoma couple claim they lost $335,000, which they invested in the alleged Ponzi scheme run by now-bankrupt Woodbridge Group LLC just before the company collapsed, on the word of an unlicensed investment adviser working for their accounting firm.

  • October 19, 2018

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

    The last week has seen Allianz sue Maersk, a Barclays request to transfer part of its banking business and another filing between two sides fighting over payouts from a £200 million RBS rights holders settlement. Here, Law360 looks at those and other new claims in the U.K.

  • October 19, 2018

    Foot Locker Board Accused Of Hiding Sales Struggles

    A Foot Locker Inc. stockholder has sued the company’s board of directors, saying the group hid knowledge that the retailer’s brick-and-mortar stores were suffering because of online competition, which led inflated stock prices to plummet when the truth came out.

  • October 19, 2018

    Pet Insurer Founders Ask Chancery To Veto Underwriter Deal

    The founders of pet insurance business Fetch Inc. filed suit in Delaware Chancery Court seeking to rescind an amended deal with an underwriter, claiming it is bad for the business and was made after investor groups led by prominent businessman Vernon W. Hill II and hedge fund billionaire Steven Cohen failed to secure required approval.

  • October 19, 2018

    Horsehead Execs Challenge Judge's Opinion On Investor Suit

    Former executives at zinc producer American Zinc Recycling LLC urged a Delaware federal court Thursday to reject a magistrate judge's recommendation to keep alive investors’ suit over alleged misrepresentations that inflated stock prices, saying the judge ignored the substance of their dismissal bid.

  • October 19, 2018

    Goodwin Scores 2 Gunderson Emerging Tech Co. Partners

    Goodwin Procter LLP has added two former Gunderson Dettmer Stough Villeneuve Franklin & Hachigian LLP attorneys as partners to its technology companies practice in San Francisco, the firm has announced.

  • October 19, 2018

    Fake Heir Cops To $13M Hedge Fund Scam, Faces 10 Years

    A con man who raised $13 million by claiming to be a hedge fund manager and heir to the Genovese Drug Stores family fortune pled guilty to securities fraud in Manhattan federal court on Friday as part of a deal that calls for federal guidelines of 10 years or more in prison.

  • October 19, 2018

    Singapore Banks Seek Redo On SIBOR Rigging Escape Bid

    A group of Singapore-based banks, along with one based in Hong Kong, urged a New York federal judge on Thursday to reconsider a ruling that kept them in a suit over an alleged conspiracy to manipulate the Singapore Interbank Offered Rate, arguing that they don’t trade in the instruments at issue.

  • October 19, 2018

    Ex-Fed. Prosecutor Joins Reed Smith's Compliance Practice

    Reed Smith LLP has added a former federal white collar crime prosecutor to its global regulatory enforcement practice in Chicago, the firm has announced.

  • October 19, 2018

    Chancery Closes Gender Gap, National Courts Moving Slowly

    Delaware lawmakers caused a small stir earlier this month when they confirmed two veteran female attorneys to the state’s Court of Chancery, expanding the nationally important court by two seats while roughly closing the gender gap among its now-seven members for the first time.

  • October 19, 2018

    Levi & Korsinsky Chosen To Lead Cryptocurrency Suit

    A man who invested nearly $140,000 worth of bitcoin into a Dublin-based cryptocurrency startup stepped forward to claim he had the largest financial interest in a proposed class action against the company, and a Pennsylvania federal court on Thursday certified him as the new lead plaintiff and Levi & Korsinsky LLP as lead counsel in the suit.

  • October 19, 2018

    Fuel Cell CEO Gets 3 Months For $8M Investment Scheme

    A Manhattan federal judge on Friday hit former fuel cell CEO Danny Pratte with a three-month prison sentence for misleading investors into thinking his Terminus Energy company was ready to start production, crediting Pratte's efforts to cooperate with law enforcement and handing down a short sentence for the $8 million fraud.

  • October 19, 2018

    SEC Seeks $24M From San Francisco Cos. For EB-5 Fraud

    The U.S. Securities and Exchange Commission on Thursday urged a California federal judge to seek more than $23.9 million from companies owned by a businessman who had been accused of misappropriating funds through an EB-5 scheme, telling the judge that the alleged fraud was “not in dispute.”

  • October 19, 2018

    SEC Launches 'FinHub' Office To Guide Startups On Fintech

    The U.S. Securities and Exchange Commission said Thursday it launched a new office intended to improve communication with entrepreneurs and their advisers about regulations relating to the booming field of financial technology, including blockchain and initial coin offerings.

  • October 19, 2018

    Ex-Lobbyist Accused Of Hindering Investment Fraud Probe

    A former lobbyist from South Carolina has been arrested on charges he tried to impede an investigation into a multimillion-dollar investment fraud scheme that has already led to 10 others facing criminal charges, federal authorities announced Friday.

  • October 19, 2018

    Jay Peak Receiver, Ex-Owner Ink Deal In $350M EB-5 Suit

    The receiver for the failed Jay Peak EB-5 project asked a Florida federal judge Friday to approve a settlement ending the suit against a former ski resort owner over a $350 million investment fraud scheme, calling the deal an "important step" in allowing the receiver to sell the property and compensate investors.

  • October 19, 2018

    Ocwen, Others Want Fund's ERISA Suit Over RMBS Nixed

    Ocwen Financial Corp., Wells Fargo and others urged a New York federal judge to toss a proposed Employee Retirement Income Security Act class action alleging that Ocwen profited by pushing homeowners into foreclosure during the financial crisis, arguing that a pension fund couldn’t bring claims on behalf of other plans.

  • October 19, 2018

    Labaton Says 1/3 Of Its Open Cases Include Referral Fees

    Nearly one-third of Labaton Sucharow LLP’s open cases came to the firm through referral arrangements, according to a filing Thursday in Massachusetts federal court, offering a peek behind the curtain as the firm faces scrutiny for a payment to a Texas attorney uncovered in the ongoing State Street settlement fee fight.

Expert Analysis

  • Need Litigation Finance? Don't Skip These 5 Steps

    Molly Pease

    The process of applying for litigation financing isn’t difficult, but few do it right the first time. Following five steps in your application process will help make sure litigation funders are convinced of the value of your company's legal claims, says Molly Pease of Curiam Capital LLC.

  • Pros And Cons Of California’s New Corporate Blockchain Law

    Sara O’Connell

    A new California law will allow privately held companies to use blockchain technology for stock issuance and other corporate records. However, corporations should be cautious about moving into this relatively uncharted territory, say Sara O’Connell and Riaz Karamali of Pillsbury Winthrop Shaw Pittman LLP.

  • A State Of Flux For Derivative Actions In Florida

    Andrew Polenberg

    While the Florida Revised Limited Liability Company Act allows LLC members to bring a derivative action without first making a demand, the same cannot be said of the Florida Business Corporation Act. And a recent proposal to amend the FBCA doesn't do enough to create a uniform demand futility rule, says Andrew Polenberg of Becker & Poliakoff PA.

  • Crypto As Commodity, And The Bankruptcy Implications

    Joanne Lee Molinaro

    With the recent ruling in My Big Coin Pay that bitcoin and other cryptocurrencies are “commodities,” bankruptcy courts will likely have greater discretion regarding how to treat the valuation of cryptocurrencies in a variety of contexts, say Joanne Lee Molinaro and Susan Poll Klaessy of Foley & Lardner LLP.

  • A Holistic Approach To Client Retention

    Dan Tacone

    In an era when law firms are fighting for business and clients can dictate the terms of the relationship, "value" has become a moving target. Firms that take a proactive approach by using strategies designed to articulate value over time will gain the competitive advantage, says Dan Tacone at Intapp Inc.

  • Q&A

    A Chat With Allens Pricing Chief Pier D'Angelo

    Pier D'Angelo

    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 Pier D'Angelo, chief pricing and practice officer at Allens.

  • Studying The Reactions To SEC's Whistleblower Proposals

    Kathleen Massey

    Earlier this year, the U.S. Securities and Exchange Commission proposed amendments to the rules governing its whistleblower incentive and protection program. Kathleen Massey of Dechert LLP examines the key issues raised by the public comments filed in response, and what to expect from the final rules.

  • Fortress Ruling Helps Temper Overzealous SEC Enforcement

    Perrie Weiner

    The insider trading action against certain Fortress securities traders is one more example of the U.S. Securities and Exchange Commission relying upon analytical data to pursue what may be suspicious activity. But a New Jersey federal court's recent decision in the case reinforces that suspicious trades are not enough, say attorneys with DLA Piper.

  • Opinion

    Blockchain Cos. Should Welcome Regulation — Here's Why

    Anna Fridman

    A clearly delineated regulatory framework would go a long way in providing the certainty necessary for the digital asset economy to thrive, analogous to the stabilizing effect the formation of the U.S. Securities and Exchange Commission had on the stock market after the 1929 crash, says Anna Fridman of Spring Labs.

  • Opinion

    The ABA Was Dead Wrong About Model Rule 8.4(g)

    Bradley Abramson

    In the two years since the American Bar Association's controversial anti-discrimination and harassment rule, only one state has adopted it, while numerous state supreme courts, state attorneys general and legal groups have correctly rejected Model Rule 8.4(g) as a threat to lawyers' First Amendment rights, says Bradley Abramson, an attorney with Alliance Defending Freedom.