Securities

  • January 16, 2020

    Reps. Seek To Exempt Crypto Transaction Gains Under $200

    Lawmakers in the U.S. House of Representatives introduced bipartisan legislation on Thursday that would provide a tax exemption for everyday virtual currency transactions with gains worth $200 or less in value.

  • January 16, 2020

    Cassin & Cassin Grows NY Real Estate Presence With 4 Attys

    Cassin & Cassin LLP has hired four real estate associates in two separate offices in New York State, expanding its commercial mortgage-backed securities practice in the process, the firm announced on Thursday.

  • January 16, 2020

    Ex-REIT Exec Tells Wary 2nd Circ. Witness Hid Payment Offer

    The Second Circuit looked tempted Thursday to erase the conviction of ex-real estate investment trust chief financial officer Brian Block, after his lawyer accused a key trial witness of hiding an offer of financial support that came from a friend who filed a whistleblower complaint against Block's former company.

  • January 16, 2020

    Outspoken SEC Commissioner Jackson To Leave Agency

    U.S. Securities and Exchange Commissioner Robert Jackson, who has vigorously opposed many of the agency's deregulatory moves that he considered a threat to investor protection, said Thursday he will leave office on Feb. 14 to teach at New York University School of Law.

  • January 16, 2020

    Ex-Federal Prosecutor Joins Steptoe’s LA White Collar Team

    Steptoe & Johnson LLP snapped up yet another former federal prosecutor whose expertise in health care, securities fraud, honest services fraud and bribery will bolster the firm's white collar criminal defense practice in Los Angeles.

  • January 16, 2020

    SEC Urges Justices Not To Cuff Its Disgorgement Power

    The U.S. Securities and Exchange Commission told the U.S. Supreme Court that closing off the agency's ability to obtain disgorgement in federal court cases would throw a wrench into enforcing securities law, pushing back against challengers that argue such relief strays beyond the bounds of the agency's statutory authority.

  • January 16, 2020

    Wright Medical Hit With Suit To Halt $4B Sale To Stryker

    Medical device company Wright Medical Group was hit with a proposed class action in Delaware federal court Wednesday seeking to halt its proposed $4 billion acquisition by Stryker Corp. because key information about the deal has allegedly been omitted from public disclosures.

  • January 16, 2020

    Securities Group of the Year: Robbins Geller

    A banner year for Robbins Geller Rudman & Dowd LLP saw the firm score multiple billion-dollar settlements on behalf of investors and lead a pension fund to victory in a rare securities trial, earning the firm a place among Law360’s 2020 Securities Practice Groups of the Year.

  • January 16, 2020

    Moonves Must Face Trimmed Investor Suit Over Harassment

    Former CBS CEO Les Moonves couldn’t fully shake securities fraud claims Wednesday in a shareholder suit over the sexual harassment allegations against him, even as a New York federal judge trimmed claims against more than a dozen other executives and directors from the suit.

  • January 16, 2020

    Investors Say PNC Was 'Intimately Involved' In EB-5 Fraud

    A group of Chinese investors asked a Florida federal judge on Wednesday not to let PNC Bank walk away from a lawsuit accusing it of being "intimately involved" in a fraud scheme that misappropriated the investors' funds by hijacking the EB-5 visa program.

  • January 16, 2020

    Qualcomm Seeks To Kill Investor Action Over FTC Case

    Qualcomm Inc. is once again gunning to shut down a stock-drop suit lodged in the wake of a U.S. antitrust enforcement action over its licensing strategy, arguing that newly assembled public documents prove the chipmaker disclosed its practices and their potential to expose the company to legal trouble.

  • January 15, 2020

    Paper Manufacturer Cautions Chancery Of Doc Bid ‘Floodgate’

    Paper producer Verso Corp. cautioned a Delaware vice chancellor Wednesday the Chancery Court could open a “floodgate” of similar records requests if it grants an investor’s bid for documents detailing a proposed $400 million deal to sell two paper mills as a board proxy fight rages on.

  • January 15, 2020

    Tenn. Businessman Exits Pension Theft Suit In Pa.

    A Pennsylvania federal judge on Wednesday allowed a Tennessee businessman to exit a lawsuit claiming one of his business partners illegally drained millions of dollars from a central Pennsylvania fire brick manufacturer’s pension plan.

  • January 15, 2020

    Kik Says SEC's Request For More Discovery 'Unnecessary'

    Kik Interactive Inc. and the U.S. Securities and Exchange Commission have once more asked for a decision in a discovery dispute over whether the agency can ask more questions of Kik in a case alleging the messaging company engaged in an unregistered securities offering of digital tokens.

  • January 15, 2020

    SEC Gets $50M In Default Judgments For Oil Ponzi Fraudsters

    The U.S. Securities and Exchange Commission picked up four default judgments on Wednesday that order a combined $50 million in disgorgement against three convicted fraudsters and a company they used in an oil investment Ponzi scheme.

  • January 15, 2020

    Allegiant $4M Deal In Safety Lapse Stock-Drop Suit Gets OK

    A Nevada federal judge on Tuesday tentatively signed off on a $4 million settlement in a securities class action alleging low-cost airline Allegiant hid its poor safety record and lied to investors about maintenance lapses and dangerous flight incidents, saying it's a fair deal.

  • January 15, 2020

    Ex-Attys Can't DQ New Counsel In $350M Shire Deal

    The attorneys who used to represent a whistleblower failed Tuesday to get a Florida federal judge to disqualify the whistleblower’s new attorneys in their fight over a cut of the attorney fee award in a $350 million deal with biotech company Shire Pharmaceuticals PLC.

  • January 15, 2020

    Walmart Beats Whistleblower's Skewed-Sales Claims In Calif.

    A California federal judge tossed a former Walmart executive's whistleblower suit claiming the retail giant wrongfully fired him after he raised issues about its business practices, ruling that Walmart had "a mountain of evidence" the man was a poor-performing employee whose termination wasn't connected to whistleblowing.

  • January 15, 2020

    FTC Settles With Sales Worker In Belize Scam For $86M

    A Maryland federal judge has approved an $86 million judgment against a sales and marketing employee in a Federal Trade Commission case alleging a massive real estate investment scam in a Manhattan-sized development in the country of Belize.

  • January 15, 2020

    3rd Circ. Slams 'Ridiculous' SEC Delay In Ex-Informant Probe

    The Third Circuit blasted the U.S. Securities and Exchange Commission's “ridiculous” delay in wrapping up its investigation into a broker-dealer and onetime government informant who beat criminal claims over a $17 million pump-and-dump scheme, as it considered Wednesday whether to revive a suit alleging the agency's probe is retaliatory.

  • January 15, 2020

    Juror Podcast, Queries Can’t Upend Trader’s Guilty Verdict

    One juror discussed his time in the box on his podcast and another juror's colleagues and family reportedly researched the case during trial, but those actions weren't enough for a New York federal judge to vacate a verdict finding onetime JPMorgan forex trader Akshay Aiyer guilty of fixing currency prices.

  • January 15, 2020

    As Harman Asks For Dismissal, Investors Seek Class Cert.

    One day after Harman International Industries Inc. submitted a motion for judgment, company investors on Tuesday asked for certification of their proposed class in a federal suit in Connecticut alleging they were duped by Harman's proxy statement as it sought approval of its $8 billion acquisition by Samsung Electronics Co. Ltd. 

  • January 15, 2020

    Robbins Approved To Lead Vape Co. Stock-Drop Suit

    A Florida federal judge approved the selection of Robbins LLP as lead counsel for a proposed investor class action accusing e-cigarette distributor Greenlane Holdings Inc. of keeping quiet about regulatory issues ahead of its initial public offering.

  • January 15, 2020

    UK-Based Market Spoofer Asks For No Prison Time

    A United Kingdom-based trader with autism who admitted to spoofing the stock market told an Illinois federal court Tuesday that his condition caused him to obsess over beating other traders at their own game, and asked for a sentence of time served.

  • January 15, 2020

    SocGen Reaches Settlement In Libor-Rigging Suit

    Societe Generale SA has cut a deal to settle part of the massive Libor-rigging litigation investors have leveled against more than a dozen big banks, although no specifics on the agreement were provided.

Expert Analysis

  • 7 Insider Tips For Working With In-House Counsel

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    For outside firms wondering how to best support busy in-house lawyers, several practices can help navigate critical legal issues and novel business challenges while strengthening the working relationship, says Virginia Hudson, associate general counsel at Capital One.

  • 50 Years Later, Interpretive Challenges Remain For RICO

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    In the 50 years since the Racketeer Influenced and Corrupt Organizations Act was passed, courts' attempts to clarify the statute have had some success, but many interpretive dilemmas remain unresolved, says Randy Gordon of Barnes & Thornburg.

  • Ransomware’s Year-End Thank You Note To Bitcoin

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    Last year's surge in ransomware attacks got a boost from Bitcoin, which helped cybercriminals carry out their extortion schemes with much greater ease, efficiency and speed, says cybersecurity consultant John Reed Stark.

  • 7 Ethics Tips For Lawyers' Pretrial Social Media Use

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    As ethical constraints on pretrial social media use evolve, the American Bar Association's Model Rules and several court opinions provide guidance on avoiding violations when collecting evidence, researching jurors and friending judges, say Hilary Gerzhoy and Mark Davis at Harris Wiltshire.

  • Opinion

    States Should Not Follow ABA On Attorney Conduct Rules

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    Because the American Bar Association's new rule on diversity continues to use the Model Rules of Professional Conduct as a cultural bludgeon, states should create independent codes limited to constitutionally valid purposes of attorney regulation, says Bradley Abramson of Alliance Defending Freedom.

  • The Making And Unmaking Of The Volcker Rule

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    As the late Paul Volcker's efforts to rein in banks after the financial crisis come under attack, now is a good time to revisit how his namesake rulemaking came to pass, and consider the risks of relaxing the limits on bank proprietary trading, say former Michigan Sen. Carl Levin and former Senate counsel Tyler Gellasch.

  • DOJ Corporate Plea Deals Face Increased Judicial Resistance

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    As demonstrated by a recent trend among federal courts, defense counsel must be prepared for the possibility that complex corporate settlements with the U.S. Department of Justice may be derailed by judges, say Joshua Levy and Elizabeth Douglas of Ropes & Gray.

  • How Courts And Litigants Can Benefit From Special Masters

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    As we approach the first anniversary of the American Bar Association's adoption of guidelines for the appointment and use of special masters in civil litigation, retired U.S. District Judge Shira Scheindlin, now at Stroock, explains how special masters can help parties and courts with faster decision-making and subject matter expertise.

  • Uber Policy Calls For Refresher On ABA Confidentiality Rules

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    Uber's recent policy update allowing drivers to audio-record passenger rides is a reminder for lawyers to observe the highest standard of care in protecting client information under the American Bar Association's confidentiality model rule, says Paul Boehm at Williams & Connolly.

  • Economic Headwinds Could Boost Distressed Asset Plays

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    Even if global economic threats don't impel a significant market downturn, intense competition for consumer dollars, global trade uncertainty and highly leveraged balance sheets are likely to foster distressed investment opportunities, says Michael Szlamkowicz of Hogan Lovells.

  • The Real Danger Of Outsourced Government Investigations

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    Following the New York federal court ruling last year in U.S. v. Connolly excoriating the government for effectively outsourcing an investigation, the concern over the rules of engagement with the government likely is misplaced. Instead, company counsel may want to focus on growing ethical pitfalls in internal investigations, say attorneys at Foley & Lardner.

  • FDIC Proposal Offers Welcome Clarity On Brokered Deposits

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    While the Federal Deposit Insurance Corp.'s proposed rule addressing whether deposits qualify as brokered deposits provides much-needed clarity on the status of certain funding arrangements and establishes new administrative processes, some changes raise more questions than they answer, say attorneys at Arnold & Porter.

  • 4 Simple Rules For Witness Note Taking

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    Witness notes that form the center of a plaintiff’s case have largely been replaced by digital systems, but they remain on defense counsel’s radar, and with proper safeguards can be a witness's best friend, says Matthew Keenan at Shook Hardy.

  • The Meaninglessness Of 'Disinterested' Revisited

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    A federal judge's ruling — expected to be appealed Tuesday — in the securities fraud trial of former executives of hedge fund Platinum Partners, together with the testimony of a former BakerHostetler attorney, leave no doubt that the law firm should not have been allowed to represent Black Elk Energy in bankruptcy, says attorney Richard Roth.

  • Opinion

    2 Overlooked Advantages Of Hourly Fees

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    Alternative-fee disputes like Bartlit Beck v. Okada in Illinois federal court may tell us something about the reasons for the continued vitality of the hourly fee, especially among clients who have the wherewithal to pay, says attorney J.B. Heaton.

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