Securities

  • January 15, 2020

    Securities Group Of The Year: Latham & Watkins

    Latham & Watkins LLP defended a biotech startup in a rare securities litigation jury trial, which ended with a jury verdict largely in favor of the firm’s client. This accomplishment by Latham’s securities practice group has earned the team a spot among Law360’s 2019 Securities Groups of the Year.

  • January 15, 2020

    AK Steel Investor Sues To Block $1.1B Cleveland-Cliffs Deal

    An AK Steel investor sued to stop the manufacturer’s pending $1.1 billion acquisition by Cleveland-Cliffs Inc., telling a Delaware federal court that the companies and their boards omitted key information from regulatory disclosures.

  • January 15, 2020

    Son Of Ex-Ariad Pharma Director Guilty Of Insider Trading

    A Manhattan jury found entrepreneur Telemaque Lavidas guilty Wednesday of passing secret tips about his father's company Ariad Pharmaceuticals to his best friend, delivering a third conviction in the Manhattan U.S. attorney's effort to crack down on international insider trading.

  • January 14, 2020

    Netherlands, Australia Lead As Securities Deal Hotspots

    Australia continues to be a hotbed for securities class action litigation outside of North America, but the Netherlands is where investors have secured some of the biggest settlements of all time in an overseas market, according to a new report from Institutional Shareholder Services Inc.'s Securities Class Action Services.

  • January 14, 2020

    Biotech Firm NantHealth's CEO Can't Escape Stockholder Suit

    The billionaire founder and CEO of biotech startup NantHealth Inc. was left as the lone defendant in a shareholder derivative suit over a research deal in Delaware Chancery Court on Tuesday after the chancellor dismissed the six other directors and former officers due to lack of evidence.

  • January 14, 2020

    Ex-Raydon Worker Pushes For Sanctions In ERISA Suit

    A former Raydon employee urged a Florida federal judge Tuesday to throw out testimony from two accountants in a proposed class action over a $60.5 million employee stock ownership plan transaction, saying the company failed to disclose the witnesses before using them to bolster its opposition to class certification.

  • January 14, 2020

    Feds Say UK-Based Market Spoofer Shouldn't Go To Prison

    Federal prosecutors told an Illinois federal judge Tuesday that a U.K.-based trader who admitted to spoofing the precious metals market shouldn’t go to prison, partly because of the “extraordinary help” he provided the U.S. government after pleading guilty.

  • January 14, 2020

    Bitcoin Founder Reveals Holdings After Sanctions Threat

    Self-proclaimed Bitcoin inventor Craig Wright told a Florida federal court on Tuesday that he had handed over a list of his bitcoin holdings, after the court had threatened him with sanctions over his failure to comply with discovery orders in a bitter dispute with his former partner's estate.

  • January 14, 2020

    Feds Say 'Concise' Charges Against Ex-Theranos Exec Suffice

    Federal prosecutors in Northern California told a court their "concise" indictment against former Theranos CEO Elizabeth Holmes is enough to make the charges clear, especially since the fallen wunderkind's defense team has enjoyed full access to the government's evidence.

  • January 14, 2020

    NY Court Flips Ex-Touradji Portfolio Managers' $91M Verdict

    A New York appellate panel upended a $91 million trial verdict on Tuesday won by former portfolio managers for Touradji Capital Management LP in a compensation dispute with the commodities hedge fund.

  • January 14, 2020

    SEC Warns Investors Of IEO Dangers And Limited Remedies

    Investors should be cautious about investing in initial exchange offerings, particularly when an exchange avoids discussion of how federal securities laws apply to its activities, the U.S. Securities and Exchange Commission said in an investor alert Tuesday.

  • January 14, 2020

    Investor Blasts Crypto Co.'s Listicle-Like Dismissal Bid

    A Bay Area man who claims $260,000 worth of his cryptocurrency disappeared from a faulty exchange told a California federal judge that the list of defenses from the company that owns the exchange should not end his suit.

  • January 14, 2020

    Reliance Trust Inks Deal To End $85M Stock-Buy ERISA Row

    Reliance Trust Co. has reached a settlement with a proposed class of RVNB Holdings Inc. workers who had accused the company of allowing them to grossly overpay for their employer’s stock, the parties told a federal judge in Texas on Monday.

  • January 14, 2020

    Ex-1 Global Capital CFO Gets 5 Years In $287M Scheme

    A former executive of cash advance business 1 Global Capital was sentenced Tuesday in Florida federal court to five years in prison for his role in a $287 million securities fraud scheme involving “payday” loans.

  • January 14, 2020

    Greenberg Traurig Nabs Mueller Alum For Investigations Team

    A prosecutor from the Mueller investigation's team is headed to Greenberg Traurig LLP in Washington, D.C., where she will be a shareholder in the firm's expanding white collar defense and special investigations practice, the firm announced Monday.

  • January 14, 2020

    Kirby McInerney, Radice Law Vie For Co-Lead In Bitfinex Case

    Two firms threw their hats in the ring Monday for co-lead counsel in a suit against cryptocurrency exchange Bitfinex and its affiliated token-issuer Tether over alleged bitcoin market manipulation, as a New York federal court considers combining it with a similar proposed class action.

  • January 14, 2020

    Hong Kong Ends UBS' IPO Suspension Ahead Of Time

    The Hong Kong Securities and Futures Commission on Tuesday ended its suspension of UBS' initial public offering sponsorship license two months ahead of time after concluding the investment bank's governance practices are up to speed.

  • January 14, 2020

    Securities Group of the Year: Cahill Gordon

    Cahill Gordon & Reindel LLP was a staunch defender of its client Credit Suisse in 2019, helping it beat a spate of bond- and rate-rigging class actions and leading it as the only bank out of 16 to fight a sprawling foreign exchange market manipulation lawsuit rather than settle, making the firm one of Law360's Securities Practice Groups of the Year.

  • January 14, 2020

    Attys Avoid Sanctions For 'Overzealous' Brief In Platinum Suit

    Despite their “blatant disregard of the Federal Rules of Civil Procedure,” a New York federal judge decided to go easy on attorneys for the liquidators of hedge fund Platinum Partners on Monday, chalking up their alleged misconduct in litigation over the fund’s collapse to “overzealousness.”

  • January 14, 2020

    Banks, Ex-Merrill Traders Seek Exit From Spoofing Case

    Bank of America, Morgan Stanley and two former Merrill Lynch traders said Monday that a consolidated shareholder lawsuit over alleged spoofing in the precious metals futures market was filed well after its claims became time-barred.

  • January 14, 2020

    High Court Kicks IBM Stock-Drop Case Back To 2nd Circ.

    The U.S. Supreme Court has punted on the question of whether companies with their own stock in employee retirement plans have an ERISA-imposed obligation to act on insider information that could lower the stock’s price, but Tuesday’s ruling in a case involving IBM offers insight into how the court might answer in the future.

  • January 13, 2020

    Wells Fargo Dodges Most Of Auto Insurance Stock-Drop Suit

    A California federal judge said Friday that Wells Fargo and its former CEO Timothy Sloan will have to face at least some of a proposed securities fraud class action that alleges misconduct in the bank's auto loan insurance practices was concealed from investors.

  • January 13, 2020

    Rosen, Glancy Prongay Lead Strip Club Investor Suit

    A Texas federal judge consolidated three investor class actions accusing strip club operator RCI Hospitality Holdings Inc. of misleading investors about the company lending its CEO money and appointed The Rosen Law Firm and Glancy Prongay & Murray as co-lead counsel.

  • January 13, 2020

    Del. Justices Say Chancery Was Right To Toss Uber-Otto Suit

    Delaware's highest court on Monday upheld a vice chancellor's dismissal with prejudice of a stockholder derivative action against the board of ride-hailing giant Uber over an acquisition, finding that the investor who filed the suit should have first brought his concerns to the board.

  • January 13, 2020

    Judge Orders Telegram To Produce Redacted Bank Docs

    On Monday, a New York federal judge ordered Telegram Group Inc. to produce a trove of bank records by Feb. 26 despite foreign data privacy concerns and questions over the relevance of the documents sought, while allowing for appropriate redactions to comply with foreign privacy laws.

Expert Analysis

  • Lessons For MLP Conflict Transactions From 2 Del. Cases

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    Two recent decisions by the Delaware Court of Chancery highlight the potential risks and uncertainties in master limited partnership conflict litigation, say Christopher Kelly and Jaclyn Levy of Potter Anderson.  

  • Fiduciary Duty Considerations For Boards Of Cos. Using AI

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    Companies' increasing use of artificial intelligence presents new fiduciary duty implications for board oversight of corporate risks, especially in light of evolving data collection regulations, such as the recently effective California Consumer Privacy Act, say Lisa Fontenot and Cassandra Gaedt-Sheckter at Gibson Dunn.

  • A Lower Bar To Prove Market Efficiency In Securities Cases

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    Several federal courts' recent securities fraud decisions have reaffirmed that a 95% confidence level is not necessary in all instances of measuring stock price reactions, and is inconsistent with the preponderance of the evidence standard in civil actions, say John Esmay and Philip Leggio at Labaton Sucharow.

  • A Corporate Governance Guide To 2020 Proxy Season

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    In light of evolving industry trends and recent regulatory developments, companies should keep several considerations in mind when preparing annual reports and proxy statements ahead of their upcoming annual shareholder meetings, says Jurgita Ashley at Thompson Hine.

  • 5 Things To Watch In Litigation Finance This Year

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    As 2020 arrives, we may see new products and initiatives in litigation finance that we can’t imagine yet, but one thing is clear — this industry is well past its earliest stage and is entering a very active growth spurt, says Ralph Sutton of Validity Finance.

  • Hottest Legal Industry Guest Topics Of 2019

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    This year guest contributors discussed tips for lawyers combating burnout and dealing with narcissists, how millennials are changing law firm culture, BigLaw’s move toward plaintiff-side litigation and other legal industry trends.

  • 10 Most-Read Securities Law360 Guests Of 2019

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    A federal crackdown on insider trading by lawyers, the implications of U.S. v. Connolly for cooperation practice, and the U.S. Securities and Exchange Commission's growing focus on cyberattacks were some of the securities topics that Law360 readers found most compelling in 2019.

  • Top 10 Whistleblowing And Retaliation Events Of The Year

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    This year saw a substantial volume of whistleblower retaliation litigation under the Sarbanes-Oxley Act, the Dodd-Frank Act, the False Claims Act, and state statutes and common law in jurisdictions around the country, say Steven Pearlman and Meika Freeman at Proskauer.

  • Exxon's Victory In New York Climate Suit May Set A Precedent

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    The recent suit against Exxon Mobil in the Supreme Court of New York was the first centered on a U.S. fossil fuel company’s knowledge of climate change and its business impacts, but other courts will likely take notice as similar claims are asserted, say Nicholas Fox and John Parker of Goldberg Segalla.

  • The Role Of Litigation Finance In The Next Recession

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    If it is true that litigation did not increase during the Great Recession because corporations feared losing lawsuits and money, then litigation finance could provide the final puzzle piece necessary to spur litigation demand in the next recession, says Therium CEO Eric Blinderman.

  • New York Cryptocurrency Regs Will Boost Market Broadly

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    The New York Department of Financial Services' recent cryptocurrency proposals will help build broader market consensus nationally, marking a significant milestone in the wider proliferation of digital assets, says Daniel Alter at Murphy & McGonigle.

  • SEC Audit Enforcement Trends Hint At 2020 Priorities

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    Although the U.S. Securities and Exchange Commission's audit enforcement actions continued to dwindle slightly this year, the regulator's 2020 agenda will likely continue prioritizing remediation of violations stemming from systemic issues, say Charles Smith and Andrew Fuchs of Skadden.

  • Key Developments In 2019 Anti-Corruption Enforcement

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    As another year draws to a close, Aisling O'Shea and Nicholas Brechbill at Sullivan & Cromwell take a look at some of the most important U.S. anti-corruption enforcement trends.

  • Series

    Judging A Book: Hinojosa Reviews 'Crimes And Punishments'

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    In his new book "Crimes and Punishments: Entering the Mind of a Sentencing Judge," U.S. District Judge Frederic Block explains sentencing decisions in a way that is interesting for a general audience, and also allows other adjudicators to reflect on how their practices may differ, says U.S. District Judge Ricardo Hinojosa of the Southern District of Texas.

  • Main Street Gained Valuable Access To Private Markets In 2019

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    Regulatory and market forces this year have mitigated the stark distinction between regulated funds and private funds, which may help level the investment playing field for retail investors, say Rajib Chanda and Christopher Healey at Simpson Thacher.

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