Securities

  • January 17, 2018

    Meaning Of Money Key In $13M High Court Stock Options Suit

    Statutory interpretation and congressional intent will play a pivotal role in a U.S. Supreme Court appeal over whether $13.3 million in stock options given to employees of a Canadian railroad company is taxable compensation, a case that will see the justices delve into what exactly constitutes “money remuneration.”

  • January 17, 2018

    Mass. Regulator Charges Man Over Cryptocurrency Scheme

    The Massachusetts securities regulator on Wednesday accused a Brookline-based man and his Cayman Islands company, Caviar, of running a cryptocurrency scheme.

  • January 17, 2018

    Ex-Aveo Exec Says SEC Exaggerated Role In Investor Fraud

    Aveo Pharmaceuticals Inc.’s former chief medical officer told a Massachusetts federal court Tuesday that he shouldn't have to pay a fine or be barred from leadership positions because the U.S. Securities & Exchange Commission exaggerated his alleged role in deceiving investors about Aveo's kidney cancer drug, Tivo.

  • January 17, 2018

    Barclays Forex Boss Charged With Defrauding HP

    The former head of foreign currency exchange trading for a Barclays PLC unit’s New York office has been charged with fraud and conspiracy for a purported scheme to defraud Hewlett-Packard Co. out of millions of dollars by manipulating the market for foreign exchange options, federal prosecutors said late Tuesday.

  • January 17, 2018

    A Chat With Davis Wright CSO Mark Usellis

    In this monthly series, legal recruiting experts Amanda Brady and Amy Mallow of Major Lindsey & Africa interview law firm management from Am Law 200 firms about how they are navigating an increasingly competitive business environment. The second conversation is with Mark Usellis, chief strategy officer for Davis Wright Tremaine LLP.

  • January 16, 2018

    Hausfeld, Others Seek $381M Atty Fees From $2.3B FX Deals

    Investors asked a New York federal court Friday to award their counsel $381 million and give final approval to $2.3 billion in settlements resolving putative class claims that Bank of America Corp., Barclays Bank PLC, Citigroup Inc. and others rigged foreign exchange rates.

  • January 16, 2018

    Nutmeg's Problems Were Extensive, SEC Accountant Testifies

    A U.S. Securities and Exchange Commission official who helped examine defunct investment adviser The Nutmeg Group LLC’s investment records said Tuesday he’d never seen as many systemic problems with a newly registered entity as he found in Nutmeg.

  • January 16, 2018

    2nd Circ. Clarifies Cert. Standard For Stock-Drop Actions

    A Second Circuit ruling that a judge applied the wrong standard of proof when certifying a class of shareholders accusing Goldman Sachs of fraud should help clarify the standard needed to rebut allegations that a company’s misstatements directly impacted its stock price, legal experts said Tuesday.

  • January 16, 2018

    Foreign Trader Fails To Boot SEC Attys Over Privileged Docs

    A New York federal judge Tuesday refused to disqualify the U.S. Securities and Exchange Commission’s trial team for looking at privileged documents from a foreign day-trading firm accused of manipulative trading, finding there was a danger the motion to boot the lawyers had been “tactically motivated.”

  • January 16, 2018

    Breitburn Shareholders Face Pushback Over Co.'s Valuation

    Looking to confirm a proposed Chapter 11 reorganization plan, attorneys for Breitburn Energy Partners LP fought Tuesday to demonstrate that a committee of shareholders are using flawed methods to calculate what the oil and gas company is worth and is overestimating by about $2 billion.

  • January 16, 2018

    Jay Peak Investor Suit Stayed Pending Related Settlements

    A Florida federal judge on Tuesday stayed an investor class suit against Jay Peak ski resort owner Ariel Quiros over his alleged role in a $350 million EB-5 visa fraud suit, as Quiros' attorneys indicated two pending related settlements could impact the suit.

  • January 16, 2018

    Mass. Fed. Judge Bemoans 'Megatrials' As Resource Drain

    A Massachusetts federal judge on Tuesday criticized the increasing phenomenon of monthslong “megatrials” that clog up courts and drain resources from taxpayers and defendants alike, and refused to reconsider time limits in an upcoming bribery trial of former employees of proxy solicitation firm Georgeson.

  • January 16, 2018

    Departure Of Defense Counsel Leaves 2nd KIT Trial In Limbo

    The abrupt departure of the lawyer for financier and accused fraudster Irfan Amanat throws a wrench into his case, a Manhattan federal judge said Tuesday, three weeks after the financier's brother, Omar Amanat, was convicted of fleecing KIT Digital Inc. and accused of faking trial evidence.

  • January 16, 2018

    Aetna Investors Sue Over $77B Merger With CVS

    Aetna Inc. was sued Tuesday by a shareholder who says holders of Aetna stock will be shortchanged in a $77 billion transaction with CVS Health Corp., thanks to a rosy key regulatory filing that allegedly obscures an array of critical information.

  • January 16, 2018

    Woodbridge Unsecured Creditors Oppose Noteholder Panel

    Unsecured creditors of bankrupt Woodbridge Group argued Monday that the real estate development and investment company’s noteholders are seeking an “extraordinary remedy” in their bid for a separate, debtor-funded creditor committee in the $1 billion, hotly disputed Delaware Chapter 11 reorganization effort.

  • January 16, 2018

    ComScore Investors Ink $110M Deal Over Inflated Stocks

    Investors in media analytics company ComScore Inc. asked a New York federal judge on Friday to approve a $110 million settlement over alleged intentional miscalculations the company’s accounting department made that caused artificial stock value inflation and led to heavy losses.

  • January 16, 2018

    Nasdaq Dodges $3.9M Antitrust Fine In Swedish Court

    A Swedish court on Monday rejected an attempt by the country's competition watchdog to fine several Nasdaq OMX Group Inc. units about $3.9 million for abusing their dominance.

  • January 16, 2018

    Justices Deny Cert In Korean Co.'s $73M Suit Against Citi

    A South Korean circuit board producer that had challenged a Second Circuit decision backing the dismissal of the company’s $73 million currency exchange fraud suit against Citibank NA had its appeal rejected by the U.S. Supreme Court on Tuesday.

  • January 16, 2018

    MF Global Argues For Coverage Of $141M Rogue Trader Loss

    A unit of defunct brokerage MF Global on Tuesday asked a New York state court to find that insurers including an American International Group Inc. subsidiary must cover a $141 million trading loss that landed a futures trader in prison, saying the loss at issue is clearly covered.

  • January 16, 2018

    HSBC, BofA, Others Hit With Suit Over Canadian Rate-Rigging

    Nine major banks, including Bank of America, HSBC and the Royal Bank of Canada, have been accused in a new lawsuit of conspiring to rig a benchmark interest rate linked to the cost of borrowing Canadian dollars so that they could boost their profits from certain related financial instruments.

Expert Analysis

  • Considerations For The 2018 Proxy Season: Part 2

    Brian Breheny

    In the second article of this three-part series, attorneys with Skadden Arps Slate Meagher & Flom LLP discuss trends in shareholder proposals and virtual shareholder meetings, efforts to increase board diversity, and recent changes to auditor reports and proxy statements.

  • Reg A-Plus Is Perfect For Cryptocurrency Offerings

    Aaron Kaplan

    As initial coin offerings are a means to effectuate crowdfunded capital formation, issuers will likely try to meet one of the three securities registration exemptions in the Jobs Act. Aaron Kaplan of Gusrae Kaplan Nusbaum PLLC explains why the exemption under Regulation A-Plus is the most suitable.

  • Considerations For The 2018 Proxy Season: Part 1

    Brian Breheny

    Each company faces important decisions in preparing for its 2018 annual meeting and reporting season. In the first installment of this three-part series, attorneys with Skadden Arps Slate Meagher & Flom LLP discuss executive compensation, guidance from Institutional Shareholder Services and Glass Lewis, and recent developments and trends in proxy access.

  • 6 Roles To Embrace In An Evolving Legal Industry

    Rob MacAdam

    Smart law firms are increasingly positioning professionals to proactively guide them as the legal landscape reshapes itself, harnessing six emerging roles within their organizational charts to embrace new approaches, tools and systems, says Rob MacAdam of HighQ.

  • The Latest In Private Equity Fee-Related Enforcement

    Michael Caccese

    The U.S. Securities and Exchange Commission’s settlement with TPG Capital Advisors extends a line of SEC actions against private equity managers alleging undisclosed fee and expense allocation practices and other undisclosed conflicts of interest. Private equity managers should take note of the SEC’s positions in this recent order, say attorneys with K&L Gates LLP.

  • Opinion

    This Year, Let’s Invest In Lawyer Resiliency

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    Highly profitable companies have comprehensive corporate wellness programs that realize plateauing health care costs, greater employee engagement, and a demonstrable competitive advantage. The legal field needs a similar awakening, says Rudhir Krishtel, a former partner of Fish & Richardson and senior patent counsel at Apple.

  • 5 Legal Technology Predictions For 2018

    Jeff Ton

    While each new year is expected to bring fresh challenges to the legal industry, 2018 will be particularly disruptive to the status quo. Both law firms and organizations that cater to the legal community should prepare for developments like increasing pressure from international clients and data security risks caused by multigenerational gaps, says Jeff Ton of Bluelock LLC.

  • Apple’s Unsuccessful Test Of SEC Proxy Guidance

    Arthur Kohn

    Many commentators assumed that new guidance released in November for excluding shareholder proposals from proxy materials signaled a new willingness by the U.S. Securities and Exchange Commission to defer to companies. However, Apple’s recent unsuccessful request indicates that a citation of board process will not give companies an automatic pass, say attorneys with Cleary Gottlieb Steen & Hamilton LLP.

  • Indirect Purchaser Cases In 2017: Key Appeals Court Rulings

    Chris Micheletti

    As with 2016, there were no major U.S. Supreme Court decisions impacting indirect purchaser claims in 2017. Unlike 2016, however, several circuit court decisions addressed important issues such as ascertainability, 23(b)(3) predominance, and indirect versus direct purchaser status, say Chris Micheletti and Christina Tabacco of Zelle LLP.

  • Considerations For Financial Disclosures After Tax Reform

    Laura Richman

    Based on guidance recently issued by the U.S. Securities and Exchange Commission, companies should consider their approach for disclosing the accounting impacts of the Tax Cuts and Jobs Act before filing their financial statements, say attorneys with Mayer Brown LLP.