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Securities

  • June 21, 2018

    Supreme Court Says SEC In-House Judges Must Be Appointed

    The U.S. Supreme Court on Thursday held that U.S. Securities and Exchange Commission administrative law judges are “inferior officers” subject to the appointments clause of the Constitution, a decision that could have broad ramifications for an array of federal agencies that employ in-house judges.

  • June 20, 2018

    Ex-Dewey CFO Disbarred By Fraud Scheme Felony Conviction

    Former Dewey & LeBoeuf LLP chief financial officer Joel Sanders, convicted in New York state court last year on fraud and conspiracy charges, was disbarred Wednesday.

  • June 20, 2018

    Zohar Ch. 11 Director Deal Approved With Indemnity Change

    An agreement between the Zohar Funds and an independent director appointed to oversee monetization of the debtors' assets in their Ch. 11 cases received approval Wednesday when a Delaware judge said changes to the deal’s indemnity provisions were acceptable.

  • June 20, 2018

    Irish Cloud Coin Co. Breached US Securities Law, Suit Says

    An Irish cryptocurrency startup that sold digital tokens to fund a decentralized cloud computing platform was hit with a proposed class action in Pennsylvania federal court claiming it breached U.S. securities laws by not registering its business with American regulators.

  • June 20, 2018

    Tops Markets’ Creditors Push For Probe Of Pre-Ch. 11 Moves

    The unsecured creditors of Tops Markets LLC are set to appear in New York bankruptcy court Thursday after calling for an investigation into the bankrupt grocery chain and payments made by its previous ownership group that saddled the company with unsustainable liabilities, arguing discovery provided by the debtors is inadequate.

  • June 20, 2018

    High Court Could Give SEC Tougher Road In Fraud Actions

    By agreeing to hear an appeal of an investment banker found liable for fraud for copying and pasting his boss's fraudulent emails into a message to clients, the U.S. Supreme Court is expected to clarify the important distinction between primary and secondary liability in securities fraud cases, legal experts say.

  • June 20, 2018

    Windstream Investors’ $10.5M Deal OK’d In REIT Dust-Up

    Windstream Holdings Inc. stockholders secured Delaware Chancery Court approval Wednesday for a $10.5 million settlement of a class suit alleging inadequate company disclosures before a 2015 investor vote on a real estate investment trust spinoff that cut dividends by 42 percent.

  • June 20, 2018

    Judge OKs $13.5M BNY, JPM Settlement In $15M Debt Suit

    A federal judge in Philadelphia tentatively approved a $13.5 million settlement on Wednesday between Bank of New York Mellon Corp., JP Morgan Chase & Co. and investors who accused the banks of failing to go to bat for them when the hospital whose debt they had purchased went bankrupt.

  • June 20, 2018

    CBS Investor Suit To Continue Alongside Directors' Claims

    A minority investor in CBS Corp. will be allowed to pursue its suit against controlling shareholder National Amusements Inc. after a Delaware Chancery Court judge declined to stay the proceeding Wednesday and said the case could progress in coordination with an earlier-filed suit from the directors of CBS over their efforts to issue a stock dividend.

  • June 20, 2018

    Chinese Blank Check Co. New Frontier Upsizes IPO To $230M

    China-focused blank check company New Frontier Corp. on Wednesday said it is boosting the funding goal for its initial public offering to $230 million as it looks to target investment opportunities in the Chinese health care, technology and education sectors.

  • June 20, 2018

    Oak Exec's Family Rebukes SEC's Attempt At $89M Clawback

    The wife and children of a former Oak Investment Partners executive are fighting the U.S. Securities and Exchange Commission’s demand for $89.4 million in assets over the family patriarch’s $67 million fraud, telling a Connecticut federal judge Tuesday that the agency’s motion "overreaches."

  • June 20, 2018

    Ex-Biopharma Exec Gets 2 Years For Admitting Insider Trades

    A Massachusetts federal judge on Wednesday sentenced a former executive at a California biopharmaceutical company to a below-guideline term of two years and three months in prison for admitting he traded in 2013 and 2014 on nonpublic information that trials of the company’s prospective breast cancer treatment were showing positive results.

  • June 20, 2018

    Bondholders Defend Amended VW Emissions Fraud Suit

    Bondholders told a California federal judge Tuesday that they’ve sufficiently alleged in their proposed class action that they were defrauded by Volkswagen AG, its U.S. unit and top executives who issued misleading bond offering documents that concealed the German automaker’s 2015 diesel emissions scandal.

  • June 20, 2018

    Feds Fight Convicted Ex-Valeant Exec's Claims Of Juror Bias

    Prosecutors told a New York federal court Tuesday that a former Valeant Pharmaceuticals International Inc. manager’s conviction over a $9.7 million kickback plot can’t be scrapped just because one of the jurors in the case didn’t disclose that she was involved in a civil lawsuit, saying the exec’s motion for a new trial should be denied.

  • June 20, 2018

    BakerHostetler Nabs Brown Rudnick Corporate Partner In OC

    BakerHostetler has hired a veteran corporate attorney in Orange County, California, from Brown Rudnick LLP with significant experience handling complex transactions with a focus on emerging companies in the life sciences, software and semiconductor sectors, the firm announced.

  • June 20, 2018

    Ocwen Wants Out Of Investment Funds' Compliance Fight

    Ocwen Financial Corp. and its executives on Tuesday said a group of Owl Creek investment funds have based their claims over a decline in stock value amid the mortgage servicer's alleged compliance failures on inactionable statements and asked a Florida federal judge to toss the suit.

  • June 20, 2018

    'Let Canada Handle It,' ICO Promoter Says Of SEC Fraud Suit

    A Canadian man who organized an initial coin offering that the U.S. Securities and Exchange Commission claims was a $15 million fraud told a Brooklyn federal judge in court Wednesday that the regulator had gone too far and called for the suit to be dismissed, saying authorities in Canada are already “all over this.”

  • June 20, 2018

    Mintz Levin Adds Ex-MoFo Corporate Partner In San Diego

    Mintz Levin Cohn Ferris Glovsky and Popeo PC has hired a former Morrison & Foerster partner who advises insurers, software clients, and medical device and life sciences companies in billion-dollar mergers and acquisitions, securities offerings, and corporate governance, Mintz Levin announced recently.

  • June 20, 2018

    Bleichmar Fonti To Lead Endo Investors' Par Pharma Suit

    A Pennsylvania federal judge appointed Bleichmar Fonti & Auld LLP as lead counsel in Endo International PLC shareholders' suit claiming the company concealed knowledge of alleged price-fixing by Par Pharmaceutical Holdings Inc. before acquiring the business, finding Tuesday that the firm’s client was best suited to lead the proposed class action.

  • June 20, 2018

    Ex-State Street Exec Seeks Fraud Acquittal Midtrial

    A former State Street Corp. executive on trial for allegedly hiding millions of dollars in fees from some of the firm's biggest clients asked a federal judge in Boston on Tuesday for an acquittal before the case goes to the jury, arguing that the government has not been able to prove its case.

Expert Analysis

  • Knowledge Lawyers Can Help Firms Stay Ahead Of The Curve

    Vanessa Pinto Villa

    In a profession notoriously averse to change, it should come as no surprise that there is skepticism about the value of having attorneys perform nonbillable tasks. But U.S. law firms have slowly begun to incorporate knowledge lawyers into their operations — and the trend is likely to continue, says Vanessa Pinto Villa of Hogan Lovells.

  • Bristol-Myers Squibb: 1 Year Later

    Adam Pollet

    In the year since the U.S. Supreme Court decided Bristol-Myers Squibb Co. v. Superior Court of California — limiting where plaintiffs can bring claims and curbing forum-shopping in mass tort litigation — courts have grappled with questions that the ruling did not address, and defendants have pursued jurisdictional defenses in class actions and federal cases that were not previously available, say attorneys with Eversheds Sutherland LLP.

  • Managing Uncertainty In The SEC Fair Fund Process: Part 1

    Alan Friedman

    The U.S. Securities and Exchange Commission uses the fair fund process in a wide range of instances, with some cases involving the distribution of hundreds of millions of dollars to eligible investors. However, it is clear that completing the process can be arduous, as most of the fair funds created after 2009 are still open, says Alan Friedman of Charles River Associates.

  • High Court Answers Appeal Question For Consolidated Cases

    Desiree Moore

    The U.S. Supreme Court's decision in Hall v. Hall is significant because it clarifies that parties have an immediate right of appeal following a final decision in actions consolidated under Rule 42(a). Companies that routinely face consolidation will have to be diligent in taking timely appeals, say Desiree Moore and Daisy Sexton of K&L Gates LLP.

  • China Agritech May Have Limited Practical Effect

    Noelle Reed

    While the U.S. Supreme Court's decision in China Agritech v. Resh is clearly a win for class action defendants, one might fairly question how broad an application the decision itself may have. Its real significance likely lies in what it conveys when viewed together with the court’s other recent decisions restricting both equitable tolling and class actions, say Noelle Reed and Austin Winniford of Skadden Arps Slate Meagher & Flom LLP.

  • An Unprecedented Look Inside The FARA Unit

    Brian Fleming

    For close observers of the Foreign Agents Registration Act, the June 8 release by the U.S. Department of Justice of over 50 FARA advisory opinions was a watershed. These opinions offer an unprecedented glimpse into how the FARA Registration Unit interprets the law, say Brian Fleming and Andrew Herman of Miller & Chevalier Chtd.

  • Amended Fiduciary Rule: Done, Done, On To The Next One

    Andrew Oringer

    The deadline for appealing the Fifth Circuit's decision on the amended fiduciary rule to the U.S. Supreme Court expired on June 13, and — pending the Fifth Circuit's mandate ordering the U.S. Department of Labor to officially strike it down — the rule is no more. So, what now? Will the clock be turned back to an earlier time? Maybe not completely, say Andrew Oringer and Aryeh Zuber of Dechert LLP.

  • What To Expect From PCAOB's Ongoing Transition

    Robert Cox

    Since reaching full strength in April, the Public Company Accounting Oversight Board has wasted little time in charting a new course for the audit regulator, starting with a 360-degree review and the departure of several senior staff. Among other things, the board is contemplating drilling more deeply into firms’ quality control systems, says Robert Cox of Briglia Hundley PC.

  • Why Lawyers Shouldn't Accept Fees In Cryptocurrency: Part 2

    John Reed Stark

    The legal industry has already begun to feel the impact of anti-bribery and anti-money laundering requirements. When involved with cryptocurrency trading and remittance, law firms face more than the risk of being perceived as organizations that support money laundering practices, says John Reed Stark of John Reed Stark Consulting LLC.

  • Tips For Navigating The SEC Wells Process

    Samuel Waldon

    In a recent speech, U.S. Securities and Exchange Commission Enforcement Co-Director Steven Peikin imparted a few suggested “do’s and don’ts” for effective communication with the SEC during the Wells process. Despite the clear stance Peikin articulated for many of the issues, it pays to keep in mind that every situation is different, say attorneys with Proskauer Rose LLP.