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Securities

  • June 14, 2018

    Chinese Tech Execs Face Arrest For Ignoring Chancery Suit

    A Delaware Chancery judge teed up arrest warrants for two executives of a Chinese technology firm Thursday after the officers dodged a shareholder suit for years and were found in contempt of prior orders in the case, giving the pair one last chance to cooperate before the warrants take effect.

  • June 14, 2018

    CFTC Calls Virtual Currencies ‘Goods’ At Boston Hearing

    The U.S. Commodity Futures Trading Commission told a federal judge in Boston on Thursday that virtual currencies fall within the definition of “goods and articles” it can regulate, arguing for jurisdiction over the expanding industry where the agency says scams are flourishing.

  • June 14, 2018

    Norton Rose Picks Up New M&A, PE Partners In NY, Calif.

    Norton Rose Fulbright has strengthened its mergers and acquisitions and private equity offerings with the addition of partners to its offices in major cities on the East and West Coasts.

  • June 14, 2018

    SEC Wants Atty-Turned-Fraudster Banned From Penny Stocks

    The U.S. Securities and Exchange Commission on Thursday asked a federal judge in Massachusetts to ban a California attorney from dabbling in penny stocks or leading a public company after a jury convicted him of securities fraud in 2016 and he lost the parallel civil case last month.

  • June 14, 2018

    Koch Attorney Warns Chancery On Oxbow Sale Receiver Risk

    An attorney for William I. Koch's multibillion-dollar Oxbow Carbon LLC commodity business told a Delaware vice chancellor Thursday that appointment of a receiver for a court-ordered sale "is neither necessary nor appropriate nor permissible," and could jeopardize the business.

  • June 14, 2018

    SEC Official Says Bitcoin And Ether Are Not Securities

    A key Securities and Exchange Commission official said Thursday that the agency does not consider cryptocurrencies bitcoin and ether to be securities, while affirming that many digital tokens sold in fundraising schemes known as initial coin offerings are indeed securities.

  • June 14, 2018

    Ex-NFLers' Tax Credit Scheme Suit Against Chuhak Trimmed

    Scandal-plagued Chuhak & Tecson PC may be off the hook in one proposed class action by a group of former NFL players and others over a tax credit scheme that sent a partner to prison, after a Florida federal court tossed some claims because they conflicted with a federal statute and said it may dismiss the rest as unripe.

  • June 14, 2018

    Lebanese Bank Exits Shareholder Suit Over Terror Financing

    A Jordanian businessman who invested in the now-defunct Lebanese Canadian Bank can’t hold its former top brass accountable for human rights abuses under the Alien Tort Statute, a New York federal judge said Thursday, dismissing the derivative suit he brought on behalf of the bank for an alleged money laundering scheme orchestrated by its leaders.

  • June 14, 2018

    Vanguard Class Barred By Litigation Reform, 3rd Circ. Told

    The Vanguard Group Inc. urged the Third Circuit on Thursday to toss a putative class action alleging investors were overcharged commission fees, arguing the claim is barred under federal litigation reforms that limit the types of securities class actions consumers can lodge against companies.

  • June 14, 2018

    Swaps Exchange Accuses BofA, Goldman Of Illegal Boycott

    An electronic exchange for trading interest rate swaps filed suit on Thursday in New York federal court against an array of large financial institutions, including Bank of America, Goldman Sachs, Citigroup and Morgan Stanley, accusing them of illegally boycotting the exchange to eliminate competition in the interest rate swaps market and boost their own profits.

  • June 14, 2018

    Shareholder Suit Against Rayon Co. Moved From Tenn. To Fla.

    A Tennessee federal judge on Thursday agreed to transfer a shareholder suit against rayon producer Rayonier Advanced Materials Inc. to the Middle District of Florida, ruling that the shareholder dispute over the Jacksonville, Florida-based company’s alleged failure to respond to market changes in pricing belongs in the Sunshine State.

  • June 14, 2018

    MSD Capital Analyst's Conviction Is Fodder For Win, SEC Says

    The U.S. Securities and Exchange Commission is asking for a win in New York federal court against a former MSD Capital LP analyst convicted of insider trading in a parallel criminal proceeding, saying the guilty verdict has left him without a leg to stand on in the SEC's case.

  • June 14, 2018

    DOJ Wins 3-Month Deposition Stay In Forex Investor Suit

    A New York federal judge has ruled that several banking executives accused of rigging benchmark foreign exchange rates can't be deposed for investors' proposed class action for at least another three months, giving the U.S. Department of Justice more time to proceed with a criminal probe into the scheme before the bankers sit for interviews in the civil case. 

  • June 14, 2018

    Winston & Strawn Adds Norton Rose White Collar Partner

    Winston & Strawn LLP has hired a Norton Rose Fulbright partner who specializes in white collar criminal defense and who has represented high-profile clients, including New Jersey Senator Bob Menendez and presidential senior adviser Jared Kushner and his wife, Ivanka Trump, the firm said Wednesday.

  • June 14, 2018

    SunEdison Investors Seek Class Cert. In Stock-Drop Suit

    Pension funds alleging bankrupt renewable energy developer SunEdison’s former executives and directors concealed liquidity and financing problems that ultimately caused share prices to drop asked a New York federal court Wednesday for class certification.

  • June 13, 2018

    JPMorgan, ADR Holders Strike $9.5M Deal In Fee Suit

    JPMorgan Chase & Co.’s banking unit agreed to shell out $9.5 million to end a proposed class action by a group of American depositary receipt holders who’d alleged the bank improperly charged extra foreign exchange transaction fees, according to a deal pitched in New York federal court Tuesday.

  • June 13, 2018

    Ex-CEO Gets 2 Years For Insider Trading Led By 'Pure Greed'

    U.S. District Judge Lucy Koh sentenced the ex-CEO of a Silicon Valley-based fiber optics company to two years behind bars on Wednesday for making insider trades using secret brokerage accounts held in family members’ names, saying the wealthy man's crime was motivated by “pure greed.”

  • June 13, 2018

    Ex-Dewey CFO Gets Discovery Stay For Criminal Appeal

    Dewey & LeBoeuf LLP's former chief financial officer, who was convicted of fraud, won a bid Tuesday to pause discovery in the U.S. Securities and Exchange Commission’s New York federal suit against him while his criminal case is still on appeal.

  • June 13, 2018

    DOJ Must Give Journos Docs On Siemens FCPA Compliance

    A federal judge in Washington, D.C., ordered the U.S. Department of Justice on Wednesday to turn over certain documents pertaining to Siemens AG's Foreign Corrupt Practices Act compliance that an investigative news outlet requested, finding government officials weren’t entitled to some of the exemptions they’d claimed under the Freedom of Information Act.

  • June 13, 2018

    Ex-Morgan Stanley VP Made Hack-Based Trades, Plotter Says

    A onetime Georgia stock trader told a Brooklyn federal jury Wednesday that former Morgan Stanley Vice President Vitaly Korchevsky and ex-broker Vladislav Khalupsky traded on nonpublic information gleaned from hacked press releases as part of what prosecutors say was a $30 million fraud.

Expert Analysis

  • Analyzing The Economics Of Litigation Funding

    J.B. Heaton

    The growth of litigation funding has only increased the controversy surrounding it. Looking to move beyond the rhetoric for and against the practice, attorney and investment analytics expert J.B. Heaton, of J.B. Heaton PC and Conjecture LLC, attempts an objective analysis of the underlying economics of the litigation funding arrangement.

  • Arbitrating Cryptocurrency Disputes

    Theodore Snyder

    Arbitration in the cryptocurrency world promises to be very different from traditional securities arbitrations against broker-dealers. The specific language of a digital currency exchange's arbitration provision will determine if a particular dispute is arbitrable, as demonstrated by a recent Eleventh Circuit ruling, says Theodore Snyder of Murphy & McGonigle PC.

  • Rule 23 Changes: How Electronic Notice Can Save Money

    Brandon Schwartz

    Courts are acknowledging a shifting consumer preference toward electronic mediums. Proposed changes to Rule 23, scheduled to take effect at the end of this year, will officially provide for the use of electronic notice in class actions — a change that could save parties a significant amount of money, say Brandon Schwartz and Maggie Ivey of Garden City Group LLC.

  • How We Got Here: A Look Back At Trailblazing Women In Law

    Jill Norgren

    Today's female lawyers stand on the shoulders of several generations of pioneers. Here, historian Jill Norgren explains how the status of women in the legal profession has changed since the 1870s.

  • How Dodd-Frank Rollback Changes The Volcker Rule

    Jerry Comizio

    The recently signed Economic Growth, Regulatory Relief and Consumer Protection Act represents the first significant deregulatory piece of legislation amending the Dodd-Frank Act. The new law makes several changes to the Volcker Rule, but its impact is likely to be modest, say attorneys with Fried Frank Harris Shriver & Jacobson LLP.

  • Officials Must Note Financial Conflict Of Interest Law

    Adam Raviv

    The director of the U.S. Centers for Disease Control was forced to resign earlier this year after her investment manager purchased stock in tobacco and pharmaceutical companies on her behalf, creating a conflict of interest with her official role. The incident highlights how important it is for public officials to understand the conflict of interest statute and structure their investment arrangements accordingly, say attorneys with WilmerHale.

  • Crypto Market Surveillance Has Arrived

    Sharon Brown-Hruska

    The recent wave of spoofing and manipulation enforcement actions washing over cryptocurrency markets, aided by increasing market surveillance, may cause concern in some quarters. However, precedents in established futures and spot markets suggest that, in the long run, the market will likely see benefits from increased surveillance, say members of NERA Economic Consulting.

  • Opinion

    OFAC Digital Currency Plan Will Hurt Business, Not Terrorists

    Clif Burns

    The U.S. Department of the Treasury's Office of Foreign Assets Control's plan to add digital currency addresses to the specially designated nationals list will do little to advance OFAC's goals. However, it will impose additional and pointless screening duties on digital currency transactions for both U.S. and non-U.S. companies and financial institutions, says Clif Burns of Bryan Cave Leighton Paisner LLP.

  • With States' Crypto Regulation, Problems Multiply

    Jason Gottlieb

    State securities agencies are increasingly regulating the cryptocurrency space through administrative proceedings and summary cease-and-desist orders. But the uncertainties and ambiguities in current cryptocurrency regulation mean that multistate action — even if coordinated — will create a real risk of splintered authority, says Jason Gottlieb of Morrison Cohen LLP.

  • Trade Rep Hints At More CFIUS Scrutiny Of Biotech Deals

    Stephen Mahinka

    The Section 301 report issued in March by the United States Trade Representative highlighted foreign acquisitions and investments in the U.S. biotechnology industry. Counsel on both sides of a transaction in this sector should consider carefully whether involvement by foreign entities, especially from China, should be filed for review by CFIUS before closing, say Stephen Mahinka and Carl Valenstein of Morgan Lewis & Bockius LLP.