Two of Xerox Corp.’s largest shareholders, Carl Icahn and Darwin Deason, have released a joint statement calling for the company’s CEO to be replaced amid speculation Xerox was working on a deal with Fujifilm Holdings Corp. over control of the company.
A Texas federal judge declined on Friday to reconsider his decision to allow some investors in a suit against BP PLC over the Deepwater Horizon oil spill to proceed with claims based on the then-company president’s statements in a company magazine.
The founder of now-defunct investment adviser The Nutmeg Group LLC accused of keeping bad investment records and inflating fund values testified Monday that although he hired his family to help run the company and acted as the principal decision-maker on most matters, he didn’t think he was violating any duties or securities rules in his operation.
Federal prosecutors in New York on Monday charged three former members of the Public Company Accounting Oversight Board and three former top executives at accounting giant KPMG in an alleged scheme to use stolen confidential information to help KPMG obtain better results on audits conducted by the regulatory board.
Ace American Insurance Co. does not have to pay into a $26.5 million settlement reached between its insured Nasdaq and scores of retail investors who sued the exchange over Facebook’s bungled initial public offering, the Second Circuit said Monday, ruling an exclusion applies because the investors are “customers."
ExxonMobil has provided no plausible evidence that climate change probes launched by the attorneys general of New York and Massachusetts amount to a politically motivated conspiracy to deprive the oil giant of its free speech rights on climate issues, the prosecutors told a New York federal judge Friday.
A proposed class of Chinese nationals on Friday accused a number of Idaho real estate companies of fraudulently obtaining over $60 million from investors by assuring them their funds would be used for “zero risk” investments in order to secure permanent green cards under the EB-5 visa program.
The Senate failed to reach a funding deal Sunday night, extending the government shutdown as both parties continued to clash over longstanding spending and immigration issues.
Fund investors of defunct investment adviser The Nutmeg Group LLC who paid more than $1 million in fees to the company did so based on the inflated value of company investment funds, an expert retained to review some of the company’s fund valuations testified Friday.
A federal appeals court on Friday rejected a challenge by the former CEO of Nebraska’s failed TierOne Bank of his conviction, 11-year prison sentence and $3.1 million fine, saying jurors and the judge who oversaw the case made the appropriate decisions.
U.S. Securities and Exchange Commission Chairman Jay Clayton said Friday the interests of Main Street investors must remain central to a growing debate over the pros and cons of shareholder activism.
Future financial regulators will have a more difficult time targeting nonbank financial firms for extra regulation after the Trump administration on Thursday agreed to include cost-benefit and other analyses in future designations of systemically important financial institutions, experts said.
A group of funds advised by Water Island Capital LLC launched a petition in Delaware Chancery Court late Thursday to appraise its stock in network technology company Gigamon Inc. now that its $1.6 billion acquisition by Elliott Management Corp. and the Qatari government's investment arm has closed.
The last week has seen a dispute between a Dubai commodities trading firm and a foreign exchange trader, a contract suit against the Bank of Georgia, and a Swiss asset manager sue retailer L.K. Bennett, its founder and its former private equity owners. Here, Law360 looks at those and other new claims in the U.K.
Officials of Puerto Rico on Friday unveiled a summary of account balances for the debt-ridden territory's various instrumentalities and touted a push for more transparency, amid heightened scrutiny over the recent discovery of nearly $7 billion in undisclosed funds stashed in government bank accounts.
A Brooklyn federal judge has declined to reconsider his disqualification of a Thompson Hine LLP attorney from representing a broker charged with aiding an $86 million pump-and-dump scheme, ruling in an order entered Thursday that there’s no alternative but for the broker to find new counsel.
Facing securities charges in Florida in an alleged $1.2 billion Ponzi scheme and under pressure to accept trustee oversight in Delaware, bankrupt Woodbridge Group of Companies reported the resignation of its original independent manager and planned departure of its chief restructuring officer on Friday.
A Manhattan federal judge on Friday declined to sentence a former senior U.S. Food and Drug Administration official to prison for his role in an insider trading scheme in which he funneled nonpublic drug approval information to a portfolio manager for hedge fund Visium Asset Management LP.
A California federal judge on Thursday granted PayPal's bid to dismiss a proposed shareholder class action stemming from a Federal Trade Commission investigation into the company’s Venmo app, saying the shareholders failed to show PayPal's board faced a substantial likelihood of liability on any claims.
The U.S. Commodity Futures Trading Commission sued a Staten Island man and his company CabbageTech Corp. in New York federal court Thursday, accusing them of making off with funds they scammed from customers in exchange for advice on trading in virtual currencies such as bitcoin and Litecoin.
While technology is making certain aspects of e-discovery faster and easier, it is also creating new challenges as quickly as we can provide solutions. The good news is that there are concrete steps businesses can take to address those challenges, says Peter Ostrega of Consilio LLC.
The Second Circuit's decision in Arkansas Teachers v. Goldman Sachs reminds district judges that the opportunity to introduce evidence in opposition to class certification and rebut the fraud-on-the-market presumption of reliance needs to be a meaningful one, say attorneys with Paul Weiss Rifkind Wharton & Garrison LLP.
In the second installment of this three-part series, attorneys with Arnold & Porter Kaye Scholer LLP discuss lessons on fiduciary duties and director removal bylaws from the Delaware Chancery Court last year.
In the first article of this three-part series, attorneys with Arnold & Porter Kaye Scholer LLP discuss two Delaware cases with lessons on drafting working capital adjustments and fraud carveouts.
Over the last year, the existential risk posed by cyberattacks and data security vulnerabilities has become one of the top concerns for boards of directors, management, government agencies and the public. 2017 was punctuated by a series of headline-grabbing breaches, fast-moving regulatory developments around the globe, and record-breaking settlements by companies, say attorneys with Cleary Gottlieb Steen & Hamilton LLP.
In the early days of the residential mortgage-backed securities and repurchase litigation that followed the 2008 crisis, plaintiffs’ strategy of proving their allegations through statistical sampling was highly successful. However, in recent years, a new trend has emerged, say attorneys with Buckley Sandler LLP.
Last month the Tax Cuts and Jobs Act introduced a new section of the Internal Revenue Code that provides for the deferral of taxation on certain qualified equity grants to employees of eligible corporations. Marc Fosse and Angel Garrett of Trucker Huss APC explain why qualified equity grants can be a helpful tax strategy for employees and an excellent recruiting, retention and incentive program for employers.
The U.S. Department of Justice’s "Fraud Section Year in Review" report provides a useful overview of what the Criminal Division’s largest litigating section accomplished in 2017, comparisons to years past, and important hints at what the future holds for individuals and entities whose activities come within the Fraud Section’s broad reach, say Kevin Muhlendorf and Madeline Cohen of Wiley Rein LLP.
As the price of bitcoin continues to rise, so does the demand for financing secured by bitcoin. Lenders need to ensure they are complying with existing law — law that did not develop with bitcoin in mind, including the Commodity Exchange Act, say Matthew Frankle and Nora Wong of Greenberg Traurig LLP.
Comment letters sent last year to oil and natural gas exploration and production companies by the U.S. Securities and Exchange Commission indicated several major areas of concern regarding such companies’ disclosures. Most of the SEC’s top concerns remain relevant this year, say attorneys with Haynes and Boone LLP.