Securities

  • 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.

  • January 16, 2018

    EU Raids Euromoney Unit Amid Industrial Paper Probe

    Financial publisher Euromoney Institutional Investor PLC confirmed Tuesday that its paper and packaging price reporting unit had been raided by the European Commission amid its antitrust probe of the industrial paper market.

  • January 16, 2018

    Avid's $1.3M Deal With Investors Over Stock Drop Gets OK

    A Massachusetts federal judge on Friday preliminarily approved Avid Technology Inc.’s $1.3 million settlement resolving a securities fraud class action over the rollout of one of its products after both sides in the suit agreed to tweak the deal in response to concerns from the judge.

  • January 16, 2018

    AMD Hit With Investor Suit Over Chips' Vulnerability

    Chipmaker Advanced Micro Devices Inc. downplayed its vulnerability to a recently revealed security flaw dubbed Spectre, causing shares to drop when the company disclosed the true extent of its chips' susceptibility, says a proposed class action filed in California federal court Tuesday.

  • January 16, 2018

    Exxon Insists Climate Change Speech Claims Are Valid

    ExxonMobil told a judge Friday it has made its case that climate change probes launched by the attorneys general of New York and Massachusetts violate its free speech rights, documenting meetings between New York Attorney General Eric Schneiderman and climate activists to bolster its argument.

  • January 13, 2018

    New Securities Cases Soared To Post-Crisis High In 2017

    Federal courts saw more securities cases filed in 2017 than at any time since the financial crisis ended in 2009, with the number of new suits spiking more than 50 percent above the volume of 2016, according to a report from Lex Machina.

  • January 12, 2018

    Law360 Names Practice Groups Of The Year

    Law360 congratulates the winners of its 2017 Practice Group of the Year awards, which honor the law firms behind the litigation wins and major deals that resonated throughout the legal industry in the past year.

  • January 12, 2018

    The Firms That Dominated In 2017

    Law360’s Firms of the Year rose above the competition with a combined 24 Practice Group of the Year awards after helping their clients win game-changing judgments and close record-breaking deals in 2017. Here’s a closer look at how they landed at the top.

  • January 12, 2018

    Banks Told RMBS Subpoena Order Is 'Cost Of Doing Business'

    A New York federal judge on Friday refused pleas from banks and mortgage companies to scale back his order allowing costly subpoenas for loan documents to go forward in a U.S. Department of Justice civil action against Barclays PLC over $31 billion worth of toxic residential mortgage-backed securities, saying it’s the cost of doing business.

  • January 12, 2018

    CFTC Accuses Commodity Pool Operator Of Fraud

    The Commodity Futures Trading Commission filed suit and obtained an immediate restraining order Friday against Blue Guru Trading LLC and two of its principals for alleged fraud and misappropriation in obtaining some $750,000 in investments for a supposed futures pool.

  • January 12, 2018

    Woodbridge Resets Biz Model During Ch. 11 Control Battle

    Facing a federal securities and Ponzi scheme lawsuit in Florida and demands for a trustee takeover in Delaware bankruptcy court, the Woodbridge Group said Friday that it would shift from reliance on individual investors to institutional financing for its real estate development business.

  • January 12, 2018

    Ex-Bankrate VP Gets 5 Years Despite Cooperating With Gov't

    A Miami federal judge Friday handed a five-year prison sentence to a former Bankrate Inc. vice president of finance who admitted he schemed to lie about the rate-shopping company’s finances after he asked for leniency, citing his plan to testify against his former boss at an upcoming trial.

  • January 12, 2018

    Valeant Says Insurers Must Defend Allergan, Stock-Drop Suits

    Valeant Pharmaceuticals has sued an AIG unit and other insurers, seeking coverage of its costs to defend lawsuits accusing it of orchestrating an insider trading scheme in connection with its attempted $55 billion takeover of Allergan and of fraudulently inflating its stock price, court documents filed Friday in New Jersey federal court show.

  • January 12, 2018

    Valeant Sees Most Claims Against It Stick In Stock-Drop Suits

    A New Jersey federal judge on Friday refused to dismiss the bulk of claims lodged in two sets of securities suits against Valeant Pharmaceuticals International Inc., ruling, among other things, that investors’ allegations of fraud and other violations met specificity requirements of the relevant laws.

Expert Analysis

  • Series

    Judging A Book: Tymkovich Reviews 'Gorsuch'

    Timothy Tymkovich

    John Greenya’s new book, “Gorsuch: The Judge Who Speaks for Himself,” offers readers something the confirmation hearings did not — the backstory of Neil Gorsuch and a glimpse of who Justice Gorsuch is, says Chief Judge Timothy Tymkovich of the Tenth Circuit.

  • NJ Case Bolsters The Limitations Defense Against SEC

    jdever.jpg

    A New Jersey federal court's recent decision in U.S. Securities and Exchange Commission v. Gentile has opened the door to the possibility that Section 2462's five-year statute of limitations serves as a complete defense to an SEC enforcement action, say Joseph Dever and Matthew Elkin of Cozen O’Connor.

  • What Asset Managers Can Expect From The SEC In 2018

    David Tittsworth

    For the first time since 2015, the SEC will be operating with a full slate of five commissioners, which will bring a wider variety of views and perspectives to the agency. Chairman Jay Clayton has also moved with deliberate speed to appoint a cast of competent and talented senior staff, says David Tittsworth of Ropes & Gray LLP.

  • 5 Things To Watch For In FCPA Enforcement This Year

    David Simon

    After much hand-wringing in 2017 about whether Foreign Corrupt Practices Act enforcement would diminish radically under President Donald Trump, it’s now safe to say that all signs point toward continued and vigorous enforcement, say attorneys with Foley & Lardner LLP.

  • Roundup

    5 Most-Read Legal Industry Articles Of 2017

    2017 Trends

    What business of law topics piqued reader interest in 2017? Take a look back at the year's five most-read legal industry articles from Law360 guest authors.

  • Loose Lips Still Sink Ships: Inadvertent Tipping In 2017

    Dixie Johnson

    Inadvertent-tipping cases from the past 12 months demonstrate how carelessness can turn into career-threatening encounters with the U.S. Securities and Exchange Commission or the U.S. Department of Justice. It’s time for renewed resolve to talk about something other than work secrets over the holidays, say attorneys with King & Spalding LLP.

  • Spoliation Scrutiny: Disparate Standards For Distinct Mediums

    Robin Shah

    Two years ago, Federal Rule of Civil Procedure 37(e) was amended to provide a clearer road map for courts analyzing whether to permit sanctions for the spoliation of evidence. Yet there is still no specific guidance for when a sanctions request relates to electronically stored and nonelectronically stored information, says Skadden associate Robin Shah.

  • What To Expect From Blockchain In 2018

    Austin Mills

    Blockchain's growth next year is unlikely to match its 2017 growth, but 2018 may well be a much more impactful year in the blockchain and cryptocurrency space. Emerging themes and initiatives include smart contracts, state-backed cryptocurrencies and the maturation of the initial coin offering market, says Austin Mills, head of the blockchain and cryptocurrency group at Morris Manning & Martin LLP.

  • SEC's F-Squared Trial Win Offers A Cautionary Tale

    Ian Roffman

    After more than three years of litigation and a four-week trial, a federal court in Boston is expected to enter final judgment for the U.S. Securities and Exchange Commission in its high-profile case against F-Squared founder Howard Present. As the dust begins to settle, there are some lessons to be learned from the saga, says Ian Roffman of Nutter McClennen and Fish LLP.

  • Delaware Litigation 2017: Assessing Trends At Year-End

    Jeffrey Wolters

    Early indications that public company deal litigation would decrease in Delaware courts have proven to be accurate through 2017. Yet the Delaware Chancery Court has been busier than ever, say Jeffrey Wolters and Nathan Emeritz of Morris Nichols Arsht & Tunnell LLP.