JPMorgan Chase & Co. and Deutsche Bank AG have agreed to pay a combined $148 million to escape two investor suits alleging they rigged the Libor benchmark rate, according to a proposed deal Friday, asking for early approval despite both banks having technically been dismissed from one of the cases.
A former racetrack and casino shareholder has launched the opening salvo in a U.S. Supreme Court dispute over whether bankruptcy safe-harbor transfers to financial institutions include those where the institutions didn’t directly benefit, arguing that Congress intended to keep these transactions shielded from clawback.
The government's case against "pharma bro" Martin Shkreli inched toward conclusion on Friday, with both sides engaged in heated sparring over the final pieces of evidence and testimony in the closely watched securities fraud trial.
The U.S. Securities and Exchange Commission has slashed its rule-making priorities for the coming year, according to a regulatory agenda posted Thursday, joining other regulators in pushing off proposals on executive compensation and dropping a host of other Dodd-Frank mandated rules.
A Vermont federal judge on Friday certified a class of investors in a long-running suit against Green Mountain for allegedly misstating its revenue and lying about single-cup coffee maker sales, while also shutting down the company’s bid to partially dismiss the case.
A group of investors with billions at stake in Puerto Rico public pension bonds has sued the United States, saying a federally appointed oversight panel played an outsize role in the passage of recent legislation that unconstitutionally diverts their secured collateral in employer pension contributions.
The Commodity Futures Trading Commission has asked an Arizona federal court for a default judgment in its suit accusing an Arizona man of tricking his family, friends, fellow Mormon church members and others into investing $13 million in a trading scheme that funded his personal expenses and Ponzi scheme payments.
Federal prosecutors told a New York federal judge on Friday that they want to dismiss fraud and conspiracy charges against two European former derivatives traders at JPMorgan Chase & Co. involved in the $6 billion “London Whale” debacle, because they can’t extradite the defendants and can’t rely on their star witness.
The world’s largest bedding manufacturer, Tempur Sealy International Inc., was hit Friday in Kentucky federal court with another putative shareholder class action over its failed dealings with a large U.S. mattress retailer, alleging Tempur Sealy’s directors and officers mismanaged agreements with the retailer after it was acquired by another company.
A California federal judge on Friday approved $125 million in fees and costs for attorneys who represented owners of Volkswagen AG’s pricier 3.0-liter engine vehicles with emissions-cheating devices, according to an order that noted the fees wouldn’t pull from the class recovery funds.
A bond trader fired by Odeon Capital Group LLC who won $1.1 million from his former employer over unpaid wages had his win confirmed by the Second Circuit on Friday, with the court tacking on attorney’s fees and rejecting Odeon’s claims that the decision was tainted by perjury.
A Delaware Chancery judge on Friday appraised the per-share value of Clearwire Corp. at $2.13 in its $3.6 billion buyout by Sprint Nextel Corp., lower than half of the market price, dealing a major blow to Aurelius Capital Management LP, which pushed for an appraisal roughly eight times higher.
U.S. regulators said Friday they would not enforce parts of the Volcker Rule on foreign banks as part of a review of treatment of foreign funds that should be exempt from the Dodd-Frank Act regulation.
A Texas federal judge on Friday questioned whether he can decide if investors who bought shares in bankrupt biotech firm Palmaz Inc. should be considered “indirect customers” of investment firm Jefferies LLC before determining whether the matter should be arbitrated.
A New York federal judge on Friday again imposed a 20-year prison sentence on an investment adviser who pled guilty to masterminding a large investment fraud scheme, despite the Second Circuit ruling in April that the judge originally bungled the adviser's first sentencing.
Several financial and insurance industry groups, including the U.S. Chamber of Commerce, urged the Fifth Circuit on Thursday to rule against the U.S. Department of Labor’s fiduciary rule for retirement account advisers, saying the rule’s definition of a fiduciary “defies centuries of precedent.”
The U.S. Securities and Exchange Commission told a New Jersey federal judge on Friday that injunctive relief sought against a broker-dealer alleged to have taken part in a $17.2 million pump-and-dump scheme is not a time-barred punishment but a remedy designed to protect the public.
An investment adviser seeking to overturn a lifetime industry ban imposed by a U.S. Securities and Exchange Commission administrative law judge on Friday asked the U.S. Supreme Court to weigh in on whether the use of those judges violated the Constitution’s appointments clause.
Federal prosecutors on Thursday told an Illinois federal judge that a 26-year-old Chicago man who copped to conning investors out of more than $1.7 million by touting the success of his nonexistent trading algorithm “richly deserves a serious sentence of imprisonment.”
A Texas federal judge on Thursday refused to toss wire fraud allegations against the former chief executive of ArthroCare, the medical device company that purportedly deceived investors by artificially inflating sales.
Despite more focus and investment, the numbers continue to show little progress in advancing women to the top tiers of firm leadership. Considering the irreversible nature of the transformation of the market for top talent, it is time to start experimenting and innovating from the core, rather than from the periphery, say Anusia Gillespie and Scott Westfahl of Harvard Law School.
It can be challenging for midsize law firms to develop an enterprise cybersecurity program that mitigates the eminent threat of data breach and meets the regulatory and compliance requirements of the firm and its clients. This challenge becomes daunting when considering the steady rise in client audits, say K. Stefan Chin of Peckar & Abramson PC and John Sweeney of Logicforce.
The CoinDash initial coin offering was hacked within minutes of its launch, resulting in numerous potential purchasers sending their money to a fraudulent address. The hack has raised many questions about the security and legitimacy of ICOs and of the blockchain more generally, says Stuart Levi, co-head of the intellectual property and technology group at Skadden Arps Slate Meagher & Flom LLP.
In his first public speech as U.S. Securities and Exchange Commission chairman, Jay Clayton pretty explicitly told us where we’re going to see changes, say Thomas Zaccaro and Nicolas Morgan, former SEC trial counsel now with Paul Hastings LLP.
The Second Circuit's Allen decision Wednesday tilts the scales toward subjects and targets in multinational investigations. U.S. prosecutors could be forced to get involved in international investigations earlier than they might like, say Gregory O’Connell and Peter Sluka of De Feis O’Connell & Rose PC.
In the concluding part of this series, attorneys with Gibson Dunn & Crutcher LLP look at the key topics covered by shareholder proposals this year, the potential for reform of the shareholder proposal rule, and the top takeaways from the 2017 proxy season.
In the first installment of this two-part series covering proposals submitted to public companies for 2017 shareholder meetings, attorneys with Gibson Dunn & Crutcher LLP dive into some shareholder proposal statistics and voting results.
To effectively advise startups, and the investors that frequently finance them, it is imperative to understand startup equity and incentive compensation structures. Jotham Stein of the Law Offices of Jotham S. Stein PC discusses common compensation practices of investor-backed, Kickstarter-funded and bootstrapped startup enterprises.
In the penultimate installment of this series, Stephen Susman, Richard Lorren Jolly and Dr. Roy Futterman of the NYU School of Law Civil Jury Project answer a question on many legal analysts’ minds: What if both sides’ expert witnesses sat in a hot tub discussing the case while a jury watched?
Recently, a vibrant market has developed for secondary sales of tax equity partnerships that own wind farms in the U.S. However, sellers and purchasers of such membership interests should consider several important points in connection with any sale, say Jai Khanna and Maher Haddad of Baker McKenzie and Paul Vercruyssen, assistant deputy general counsel at Hannon Armstrong.