Securities

  • January 07, 2020

    Robbins Geller Asks To Lead Under Armour Investor Suits

    A Scottish pension fund and premier securities class action firm Robbins Geller Rudman & Dowd LLP want another shot at Under Armour, claiming recent revelations of a federal probe into the athletic apparel company should revive previously dismissed claims that it misled investors.

  • January 07, 2020

    Investor Wants Judge Off Suit Over 'Shark Tank' Soap-Maker

    An investor claiming a Canadian cannabis company conspired to bankrupt a soap-maker made famous on ABC's "Shark Tank" is asking for the removal of the Florida federal judge trying the case, saying the cannabis company's counsel had clerked for the judge.

  • January 07, 2020

    FXCM Investors Seek Class Cert. In Suit Over Secret Partner

    Investors in FXCM have asked a New York federal judge for class certification in their stock-drop suit accusing the online foreign exchange broker of hiding a profit-sharing agreement with a market maker it secretly controlled.

  • January 07, 2020

    Burford Capital Shakes Up Top Brass After Metrics-Juking Suit

    With the dismissal of litigation over accusations it manipulated its financial metrics, litigation funder Burford Capital announced Tuesday it has promoted two former BigLaw attorneys to become co-chief operating officers, among other leadership changes as it seeks to list on a U.S. stock exchange.

  • January 07, 2020

    Hospital Chain Reaches $53M Deal To End Stock Drop Suit

    Community Health Systems Inc. has inked a $53 million deal to settle a class action brought by pension funds and other shareholders who claimed they lost $891 million when the company's share price plummeted after allegations of Medicare fraud came to light.

  • January 07, 2020

    Lionbridge Says Insurer Won't Pay Kirkland Tab In $300M Suit

    Lionbridge Technologies Inc. hit Valley Forge Insurance Co. with a suit claiming the CNA Insurance Group member is wrongly refusing to cover legal expenses for Kirkland & Ellis LLP and Akerman LLP, which are defending Lionbridge in a $300 million trade secrets suit.

  • January 07, 2020

    Ex-Goldman Sachs Banker Cops To Insider Trading

    Former Goldman Sachs banker Bryan Cohen copped to insider trading at an unannounced hearing in Manhattan federal court Tuesday, giving New York prosecutors a second conviction in an international stock fraud bust.

  • January 07, 2020

    Investors Sue Daimler For $1B Over 'Dieselgate' Claims

    A German law firm representing more than 200 institutional investors in Mercedes Benz-maker Daimler AG said its clients are suing the company for €896 million ($1 billion) for allegedly misleading the market about excessive carbon emissions from its diesel cars.

  • January 06, 2020

    Investors Lost $1.6B In Liberty Property Trust Sale, Suit Says

    Top brass at Liberty Property Trust shorted investors by some $1.6 billion in accepting a $12.6 billion deal to sell the company to Prologis Inc., a shareholder alleged in a suit that was removed to Pennsylvania federal court Monday. 

  • January 06, 2020

    SEC Denied Immediate Access To Telegram's Bank Records

    The U.S. Securities and Exchange Commission cannot gain immediate access to Telegram's bank records after a New York federal judge on Monday denied the agency's emergency motion to obtain the documents in a case alleging the company engaged in an unregistered securities offering.

  • January 06, 2020

    Blank Rome Nabs Former Federal Prosecutor In Chicago

    A former prosecutor with Chicago’s U.S. attorney's office is switching sides, putting his years of prosecutorial experience to work at Blank Rome LLP as the newest partner in its white collar defense group, further bolstering the firm's nascent Windy City office.

  • January 06, 2020

    2 Firms Ask To Co-Lead $1.4T Bitcoin Manipulation Case

    Roche Freedman LLP and Schneider Wallace Cottrell Konecky Wotkyns LLP told a New York federal court they should be appointed interim co-lead counsel for a blockbuster proposed class action against Bitfinex and Tether seeking more than $1.4 trillion in damages for bitcoin market manipulation claims.

  • January 06, 2020

    Feds Have 'Wrong Man,' Ariad Insider-Trading Jury Hears

    Counsel for an entrepreneur accused of passing secret tips about his father's pharmaceutical company to a trader told a Manhattan jury Monday that the feds have accused the wrong person, as the first trial in the Manhattan U.S. Attorney's international insider-trading bust got underway.

  • January 06, 2020

    Labaton Sucharow Takes Driver's Seat In Uber IPO Suit

    Labaton Sucharow LLP will act as lead counsel for Uber shareholders who allege the ride-hailing giant misled them in the run-up to its initial public offering, according to documents filed in California federal court.

  • January 06, 2020

    Ex-PE Boss Asks 2nd Circ. To Nix Insider Trading Rap

    An attorney for the co-founder and partner of China-backed private equity firm Canyon Bridge Capital Partners on Monday urged the Second Circuit to vacate his insider trading conviction, accusing the government of conjuring up a fiduciary-like relationship where there was none.

  • January 06, 2020

    DOJ Ends Uber Foreign Bribery Probe With No Charges

    The U.S. Department of Justice has closed its investigation into whether Uber's Asian operations ran afoul of anti-bribery laws without lodging criminal charges, the company said in a filing with the U.S. Securities and Exchange Commission on Monday.

  • January 06, 2020

    Ex-Private Equity Exec Will Cop To Raiding Insurers

    The former chief financial officer at private equity firm Southport Lane will admit to a scheme to swap insurers' assets for inflated securities, according to a plea agreement filed in Texas federal court on Monday.

  • January 06, 2020

    3 Firms Seek $8M Fees For $42.5M Pilgrim's Pride Settlement

    Heyman Enerio Gattuso & Hirzel, Block & Leviton and Bernstein Litowitz Berger & Grossmann are seeking $7.95 million as part of a proposed $42.5 million settlement that would end a Delaware Chancery Court suit over chicken producer Pilgrim’s Pride Corp.’s $1.3 billion acquisition of an affiliated company.

  • January 06, 2020

    $350M Deal Staves Off Trial In Solar Co. Stock-Drop Suit

    Solar panel manufacturer First Solar Inc. said Monday it will pay $350 million to settle claims from a class of investors that it fraudulently inflated stock prices, a deal announced on the eve of a jury trial in the case.

  • January 06, 2020

    Longfin Investors Seek Class Cert. To Get Default Judgment

    Investors in shuttered cryptocurrency company Longfin Corp. on Friday asked a New York federal judge to certify their class so they can seek default judgment in their private securities action accusing the company of inflating its investor numbers on the heels of a 2017 offering.

  • January 06, 2020

    Pierce Bainbridge Wants To DQ Ex-Partner's Atty

    Pierce Bainbridge has asked a New York state court to disqualify an opposing firm in a bitter lawsuit over alleged fraud at an infrastructure investment fund, saying that practice also represents a disgruntled former partner who claims Pierce Bainbridge inflates the value of its contingency cases to secure loans.

  • January 03, 2020

    Attys Must Show Work For $23M Fees In American Realty Deal

    A New York federal judge pointed to a lack of billing records on Friday as he held off approving nearly $23 million in attorney fees requested by derivative plaintiffs in a case revolving around allegedly shady accounting practices at the real estate business formerly known as American Realty Capital Properties.

  • January 03, 2020

    Tiffany Investor Says Co. Hid Key Details On $16B LVMH Buy

    A putative class of Tiffany & Co. investors on Friday sued the American jeweler in Delaware federal court, accusing the company of withholding important information regarding its pending $16.2 billion acquisition by French luxury goods conglomerate LVMH.

  • January 03, 2020

    Kraft Investors Get Class Cert. In Wheat Market Rigging Suit

    An Illinois federal judge on Friday certified a class of investors accusing Kraft Foods Group Inc. of manipulating the wheat commodities market, rejecting the snack food giant's arguments that the investors' claims and damages are too individualized to be resolved on a class-wide basis.

  • January 03, 2020

    New Del. Justice Makes History In Move To Supreme Court

    Newly seated Delaware Supreme Court Justice Tamika Montgomery-Reeves acknowledged standing "on the shoulders of giants" Friday after becoming the state's first African American, and only the third woman, chosen for a seat on the nationally important appellate bench.

Expert Analysis

  • Texas Could Take Page From Mass.'s Judicial Selection Book

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    As Texas and other states review their judicial election processes, they would be well served by taking guidance from Massachusetts' Governor’s Council system, which protects the judiciary from the hazards of campaigning, says Richard Baker of New England Intellectual Property.

  • Opinion

    What Headlines Missed About ‘Cartel’ Traders’ Trial 1 Year Ago

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    In U.S. v. Usher, a Manhattan federal jury acquitted three British forex traders known as "the cartel" of antitrust allegations one year ago, but some common myths about the case, perpetuated by flashy headlines, still need to be debunked, say White & Case's Samuel Feldman and Mark Gidley, who represented one of the defendants.

  • Series

    Judging A Book: McKeown Reviews 'Conversations With RBG'

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    Reading Jeffrey Rosen’s "Conversations With RBG: Ruth Bader Ginsburg on Life, Love, Liberty, and Law" is like eavesdropping on the author and his subject while they discuss how the restrained judicial minimalist became the fiery leader of the opposition, says Ninth Circuit Judge M. Margaret McKeown.

  • SEC Marketing Rule Changes Increase Flexibility For Advisers

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    The U.S. Securities and Exchange Commission's recently proposed amendments to modernize its advertising and cash solicitation rules are significant for registered investment advisers because they show the SEC’s efforts to adapt to evolving technology, expectations and industry practices in regulating marketing activities, say attorneys at Davis Polk.

  • SEC Rule Would Improve Exemptive Applications — For Some

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    The U.S. Securities and Exchange Commission's recently proposed amendments to the Investment Company Act could substantially improve the exemptive application process, but the strict eligibility criteria for expedited review could limit its availability, say attorneys at Sullivan & Cromwell.

  • Digitalizing The Mining And Metals Global Supply Chain

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    More businesses in the mining and metals sector are considering blockchain to address challenges associated with mineral provenance and supply chain transparency, but it remains to be seen whether the technology can be harnessed to track performance standards related to human rights, labor practices and other factors, say attorneys at White & Case.

  • Teaching Witnesses To Avoid Cross-Examination Traps

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    It’s common for inexperienced witnesses to become ensnared in their own responses during cross-examination, so they should be coached in advance on how to break down each question-and-answer scenario into three distinct phases, says Jeff Dougherty of Litigation IQ.

  • 2 Post-Kisor Rulings Show Auer Deference Isn’t Extinct

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    Following the U.S. Supreme Court’s Kisor v. Wilkie opinion, which narrowed Auer deference, recent decisions in Pennsylvania and New York federal courts demonstrate that Auer remains intact, even though courts are more closely scrutinizing agencies’ interpretations of their own regulations, says Brent Owen at Squire Patton.

  • FINRA Exams Show Greater Cybersecurity, Comms Focus

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    The U.S. Financial Industry Regulatory Authority's recent report on its 2019 examination findings and observations is notable for its increased granularity in observations related to cybersecurity risk management and digital communication tools, signaling heightened compliance expectations for those areas, say Tim Foley and Kate Hanniford at Alston & Bird.

  • What US Cos. Should Know About EU Whistleblower Reform

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    U.S. businesses with European Union operations should begin to consider policy and procedural enhancements for compliance with the EU’s new directive expanding whistleblower protections, even though it won't go into effect in each member country until implementing laws are adopted, say Arian June and Ryan Kusmin at Debevoise.

  • Where A Litigator's Advice Can Improve Agreement Drafting

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    Transactional attorneys should consider consulting with litigation counsel when drafting certain contractual provisions — choice of law, choice of forum, attorney fees and others — that could come into play in a broad range of substantive disputes, says Adrienne Koch at Katsky Korins.

  • NY Tax Minutes: Trump Tax Updates, End To SALT Cap Suit

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    This month's New York tax news features President Donald Trump — who seeks to change his tax domicile to Florida and continues lawsuits to prevent disclosure of his state tax returns — and a dismissal of the state's lawsuit challenging the federal cap on state and local tax deductions, say Timothy Noonan and Craig Reilly of Hodgson Russ.

  • High Court's Disgorgement Ruling Could Curb SEC Authority

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    The U.S. Supreme Court recently agreed to review Liu v. U.S. Securities and Exchange Commission, which challenges the SEC's ability to obtain disgorgement from federal courts, and has the potential to significantly restrict the regulator's enforcement power, say attorneys at Cleary.

  • M&A 'Pure Omission' Claims Test Limits Of Securities Laws

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    The plaintiffs in two recent federal appellate M&A cases did not successfully import so-called pure omission claims from Delaware fiduciary duty law into Section 14 of the Securities Exchange Act, but plaintiffs will likely keep trying to expand federal securities law on this premise, say Matthew Kilby and Rory Collins at FaegreBD.

  • Opinion

    The SEC Should Do More To Fix Proxy Voting Process

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    At its Nov. 5 meeting on proxy process, the U.S. Securities and Exchange Commission should clearly allow investors to vote with management when prudent to do so; hold those actively voting their shares to a stricter standard; and require greater transparency of proxy advisers, says law professor J.W. Verret of George Mason University Law School.

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