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Securities

  • December 12, 2018

    Nixon Peabody Snags Corporate Pro For San Francisco Office

    Nixon Peabody LLP has announced that it boosted its corporate practice in Northern California with a former Perkins Coie LLP attorney with experience in emerging growth companies, venture capital and mergers and acquisitions in the technology industry.

  • December 12, 2018

    FCA Vows To Retry UBS Insider Dealing Case After Hung Jury

    A London jury failed to reach a verdict Wednesday in the trial of a former UBS AG compliance officer and her day-trader friend accused of making £1.4 million ($1.76 million) by trading on inside information on potential takeover deals, in a case the British financial watchdog quickly said it planned to retry.

  • December 12, 2018

    DOJ Urges Prison For Convicted Wilmington Trust Execs

    Federal prosecutors in Delaware recommended prison terms between five and eight years for four convicted Wilmington Trust Corp. executives at the center of a more than $200 million years-long cover-up of bad commercial loans, saying the deception led to huge investor losses and tarnishing of trust in financial industry safeguards.

  • December 12, 2018

    Ex-Biotech Exec Avoids Prison For Lying To SEC

    A California biotech entrepreneur avoided jail time Wednesday for lying to the U.S. Securities and Exchange Commission, receiving five months' home confinement and up to five years' probation from a Massachusetts federal judge on a conviction stemming from a pump-and-dump scheme.

  • December 12, 2018

    Trump Taps Treasury Official To Lead CFTC In 2019

    President Donald Trump on Tuesday nominated Heath Tarbert as commissioner and chairman of the Commodity Futures Trading Commission, tapping him for a five-year term set to begin in April.

  • December 11, 2018

    SEC Enforcement Actions Rebound After Slow Year

    The U.S. Securities and Exchange Commission cranked out dozens of enforcement actions in the last few weeks of the 2018 fiscal year, returning to baseline levels following a year of steep decline, according to a study published Tuesday.

  • December 11, 2018

    Barclays Prevails In Hedge Fund's Breach-Of-Contract Suit

    More than a year after taking the matter up in a bench trial, a Manhattan judge has found in favor of Barclays PLC in a decade-old suit brought by a unit of hedge fund Black Diamond Capital Management LLC over whether the bank defaulted on a derivatives contract in the height of the 2008 financial crisis.

  • December 11, 2018

    Xura Breach Claims Advance In $643M Chancery Merger Suit

    An aggrieved investor of telecommunications technology company Xura Inc. cleared some early hurdles Tuesday in a Chancery Court suit challenging the company’s $643 million go-private sale to Siris Capital Group LLC, beating motions to dismiss claims that Xura’s former CEO had regular undisclosed contacts with the buyer.

  • December 11, 2018

    2nd Circ. Gives Goldman 2nd Shot At Class Cert. Appeal

    The Second Circuit on Tuesday granted Goldman Sachs' petition — for a second time — to appeal a New York federal judge's decision to grant class certification to investors claiming the Wall Street giant lied about its ethical compliance efforts just before losing $1 billion in securities known as collateralized debt obligations.

  • December 11, 2018

    Minn. Biz Co-Founder Gets 12 Years For $30M Stock Fraud

    A Minnesota federal judge sentenced a company co-founder to 12 years in prison Tuesday for his role in a $30 million stock manipulation scheme involving everything from a defunct tanning salon and his personal polo coach to his and his business partner's fathers posing as the company's board.

  • December 11, 2018

    Final Parties In Aussie Benchmark Suit Want Dismissals Redo

    An investor, Morgan Stanley and RBC Capital Markets LLC, the only remaining parties in a lawsuit accusing 15 major banks and two brokers of conspiring to manipulate the price of derivatives based on an Australian benchmark interest rate, each separately asked a New York federal judge Monday to reconsider his recent decision to dismiss most of the claims.

  • December 11, 2018

    Ex-OptimisCorp Figures Fight Axing From Chancery Suit

    An attorney for three former directors of health care software firm OptimisCorp argued Tuesday that the company shot down part of its own argument that competitive conflicts disqualify them from serving as stockholder plaintiffs in a suit against the company.

  • December 11, 2018

    VW Slams Bondholder's Bid To Redo Emissions Fraud Suit

    Volkswagen has told a California federal judge that a bondholder cannot tack on insider trading claims to a proposed class action alleging it was duped into buying overpriced bonds based on misleading offering documents concealing the German automaker’s 2015 diesel emissions scandal.

  • December 11, 2018

    Venezuela Breached Deal Over $1.2B Award, Crystallex Says

    Venezuela has breached its settlement with Crystallex International Corp. relating to a $1.2 billion arbitral award issued after Venezuela expropriated its investments, the Canadian miner alleged Tuesday, signaling its intent to forge ahead with efforts to seize and sell shares in Citgo Petroleum Corp.'s parent company.

  • December 11, 2018

    Ex-Deutsche Traders Fight Convictions, Cite Gov't Misconduct

    Two former traders at Deutsche Bank on Monday urged Manhattan's chief federal judge to reverse their convictions for rigging the London Interbank Offered Rate and dismiss the charges against them, arguing that prosecutors lied and hid evidence throughout the case.

  • December 11, 2018

    Fraudster's Ex-Wife Must Share Emails In Atty Tryst Case

    An Indiana court has ruled that the ex-wife of a convicted hedge fund manager, who claims that she and his defense attorney were having an affair while the attorney was representing him, must turn over all communications she had with the attorney from the time he began representing her ex-husband until the time the two got married.

  • December 11, 2018

    Accountant Seeks No Prison Time For $18M Tax Return Fraud

    An accountant found guilty of helping a venture capitalist siphon $18 million from a fund through false tax returns has told a California federal court he should serve no time behind bars despite prosecutors' request for a "significant" prison sentence.

  • December 11, 2018

    ImmunoCellular Investors Seek OK Of $1.1M Stock Hype Deal

    Investors suing ImmunoCellular Therapeutics Ltd. over an alleged illegal stock promotion scheme asked a California federal judge Monday to preliminarily approve a $1.1 million settlement nearly equal to the company's entire market capitalization.

  • December 11, 2018

    Food Co. Self-Reports Oversight Pitfall, Escapes SEC Fine

    A global cultivator of organic food has avoided penalties for failing to document substantial sales incentives for at least two years, largely because the company self-reported to the U.S. Securities and Exchange Commission, the agency said Tuesday.

  • December 11, 2018

    Pa. Judge Won't Stay Derivative UHS Overbilling Claims

    A Pennsylvania federal judge has shot down a bid to pause a cluster of shareholder lawsuits over alleged overbilling by United Health Services Inc. while both a related securities class action and an investigation into potential False Claims Act violations draw to a conclusion.

Expert Analysis

  • In-House Counsel’s Role As Whistleblower

    Excerpt from Lexis Practice Advisor
    Devika Kewalramani

    In-house attorneys owe a duty of confidentiality to their corporate clients and are obligated to preserve attorney-client privilege. But they are also likely to be exposed to sensitive internal issues, thereby increasing the potential for circumstances where it might be appropriate to "blow the whistle," says Devika Kewalramani of Moses & Singer LLP.

  • Assessing A New Path To Compliance For ICO Issuers

    Meagan Olsen

    The Airfox and Paragon settlements last month represent the U.S. Securities and Exchange Commission's acceptance of a new road map for initial coin offering issuers eager to remove the taint from past illegal offers. The approach is not perfect but signals a lighter regulatory construct, say attorneys with Paul Hastings LLP.

  • A Closer Look At New Calif. Pension Fund Climate Law

    Kristie Blase

    Landmark California legislation going into effect in January requires the two largest pension funds in the U.S. to publicly report on their climate-related financial risks, which should result in more widespread adoption of financial disclosure recommendations from the Financial Stability Board, say attorneys with CKR Law LLP.

  • Crypto Addresses As OFAC Identifiers

    Maxwell T.S. Thompson

    Last week, the Office of Foreign Assets Control took the significant step of adding two digital currency addresses to its list of identifiers for certain individuals related to an Iranian hacking enterprise. This should immediately alert entities that transact in digital assets, says Maxwell T.S. Thompson of Murphy & McGonigle PC.

  • A Welcome DOJ Shift On Cooperation Credit

    John Nowak

    Changes announced last week by Deputy Attorney General Rod Rosenstein will likely make it easier for a company to obtain cooperation credit in criminal and civil cases, while also potentially reducing some of the costs and burdens associated with complying with the prior U.S. Department of Justice policy, says John Nowak of Paul Hastings LLP.

  • Series

    Judging A Book: Ginsburg Reviews 'The Curse Of Bigness'

    Judge Douglas Ginsburg

    When reading Tim Wu’s new book, "The Curse of Bigness: Antitrust in the New Gilded Age," lawyers, economists and historians will find its broad brush maddening, and the generalist reader will simply be misled, says D.C. Circuit Judge Douglas Ginsburg.

  • 5 Things You Should Know About New Rule 23 Amendments

    John Lavelle

    For the first time in 15 years, Federal Rule of Civil Procedure 23, governing class actions, has been amended. There are five key changes that will likely impact future federal class action litigation and settlements, say John Lavelle and Terese Schireson of Morgan Lewis & Bockius LLP.

  • Société Générale: Sanctions Enforcement Is Alive And Well

    Ama Adams

    The recent settlement between Société Générale and U.S. regulators illustrates that U.S. sanctions enforcement authorities may be shifting their attention back to large financial institutions after several years of relatively quiet enforcement across the financial services industry, say attorneys with Ropes & Gray LLP.

  • Opinion

    High Court Should Hold Securities Fraudsters Accountable

    Stephen Hall

    On Monday, the U.S. Supreme Court will hear oral argument in Lorenzo v. U.S. Securities and Exchange Commission. If the court rules that scheme liability doesn’t apply to cases involving false statements, the result will be more victims and more fraud that goes unpunished, says Stephen Hall of Better Markets.

  • Taberna Bankruptcy Ruling Brings Relief For CDO Investors

    James Bentley

    A New York bankruptcy court's recent dismissal of Taberna Preferred Funding's involuntary Chapter 11 case reinforces the accepted principle that contractual terms are the best means for liquidating a nonrecourse securitization vehicle — good news for those interested in the stability of the collateralized debt obligation model, says James Bentley of Schulte Roth & Zabel LLP.