Securities

  • January 9, 2018

    8th Circ. Says SLUSA Sinks Customer Suit Against Scottrade

    An Eighth Circuit panel on Tuesday affirmed the dismissal of a proposed class action alleging that Scottrade Inc. violated its duty to seek the best execution for its customers by steering their limit orders to venues that pay it rebates, agreeing with a Missouri federal court that the Securities Litigation Uniform Standards Act precludes the suit.

  • January 9, 2018

    Digital Coin Offerer Says SEC Can't Sue In US Over $15M ICO

    An attorney for a Quebecois man accused by the U.S. Securities and Exchange Commission of ripping off investors in a fraudulent initial coin offering that purportedly raised $15 million said Tuesday that U.S. courts lack jurisdiction to hear the case.

  • January 9, 2018

    MoFo Will Face Macquarie Again Over IPO Malpractice Claims

    A New York appeals court on Tuesday restarted a malpractice suit brought by investment bank Macquarie Capital USA Inc. against Morrison & Foerster LLP over an alleged failure to raise a red flag about misrepresentations made in Puda Coal’s initial public offering.

  • January 9, 2018

    CEO In Texas State Senator's Securities Case Pleads Guilty

    A former CEO of a fracking-sand company pled guilty to fraud charges related to a Ponzi scheme Monday in Texas federal court, where a state senator and a consultant remain set to face trial next week in the case.

  • January 9, 2018

    Dimond Kaplan Lands Fla. Bar President-Elect

    Dimond Kaplan & Rothstein PA has added Michelle Rosenkranz Suskauer, president-elect of the Florida Bar, bringing extensive criminal justice experience and adding depth to its Palm Beach County office, the Florida-based boutique announced.

  • January 9, 2018

    Hershey's Target Sued In Bid To Block $1.6B Acquisition

    A shareholder of Amplify Snack Brands Inc., whose products include SkinnyPop Popcorn, has filed suit in Texas federal court seeking to block a $1.6 billion deal for The Hershey Co. to acquire Amplify, accusing the company and its board of misrepresenting financial valuations.

  • January 9, 2018

    SEC Bars Restaurant Treasurer For $3.9M Embezzlement

    A former assistant treasurer for the Frisch’s Big Boy restaurant chain convicted of embezzling $3.9 million from the company has been barred by an Ohio federal judge from serving as an officer or director of any company required to file with the U.S. Securities and Exchange Commission following an SEC probe that found he diverted payroll funds and falsified accounting records.

  • January 9, 2018

    Exxon Seeks To Depose Calif. Officials Over Climate Suits

    Exxon Mobil Corp. on Monday told a Texas state judge that attorneys and California public officials who allege the oil giant is liable for effects that climate change is having on their cities and counties have downplayed those same effects to bondholders.

  • January 9, 2018

    ESMA Delays Dark Pool Data Publication Amid Filing Troubles

    Less than a week after the European Union's new securities rulebook took effect, the bloc's watchdog decided Tuesday to delay publishing double volume cap data on dark pools until March after the trading venues continued to struggle with the technical requirements of the new regime.

  • January 9, 2018

    Hedge Fund Manager Cops To Stealing Canadian Investments

    A former Cambridge hedge fund manager admitted in Massachusetts federal court on Tuesday to running a Ponzi-style scheme that defrauded an unnamed wealthy family by stealing their Canadian investments.

  • January 9, 2018

    UnitedHealth Says Books Demand Can't Rest On $1B DOJ Suit

    UnitedHealth Group Inc. warned Tuesday that Delaware's Chancery Court will overreach if it relies solely on contested U.S. Department of Justice False Claims Act suits to justify books and records demands by stockholders considering a derivative damage action over the same issues.

  • January 9, 2018

    FINRA To Eye ICOs, Cryptocurrencies In 2018

    The Financial Industry Regulatory Authority plans to increase its focus on how broker-dealers handle initial coin offerings and cryptocurrency transactions, a booming niche that is attracting more regulatory attention, according to the organization’s annual examination letter Monday.

  • January 9, 2018

    Bazaarvoice Investor Challenges $521M Marlin Equity Merger

    A shareholder of product ratings platform provider Bazaarvoice Inc. filed suit in Delaware federal court Monday challenging board disclosures related to the company’s $521 million take-private merger deal with Marlin Equity Partners.

  • January 9, 2018

    Ex-Deutsche Traders Say Case Hinges On UK Libor Overseers

    Two former derivatives traders at Deutsche Bank argued in a brief filed on Tuesday that prosecutors must call in someone from the U.K. industry association that set the London Interbank Offered Rate in order to prove the traders conspired with others to manipulate the lending benchmark.

  • January 9, 2018

    Allen & Overy Regains Appeals Whiz From NY AG

    A former Allen & Overy LLP litigation partner has returned to the fold after two years as assistant solicitor general for the Office of the New York Attorney General, working largely on appeals matters, the firm announced.

  • January 9, 2018

    Fitbit, Investors Reach $33M Deal In Stock-Drop Suit

    Fitbit shareholders on Monday urged a California federal judge to approve a $33 million deal that would wrap up nearly two years of litigation over allegations the company hid problems with its fitness tracking technology and artificially inflated its stock price.

  • January 9, 2018

    ESMA Issues 1st Data On Trading Venue Derivatives Controls

    The European Securities and Markets Authority published on Tuesday the first set of data it has received from trading venues on the controls they have in place to manage commodity derivatives positions, which they must reveal under the wide-ranging reformed Markets in Financial Instruments Directive.

  • January 8, 2018

    Milberg Joins Sanders Phillips Grossman To Form New Firm

    Leading class action law firm Milberg LLP said Monday it has entered a new partnership with Sanders Phillips Grossman LLC, a plaintiffs firm focusing on mass tort and personal injury cases, to form Milberg Tadler Phillips Grossman LLP.

  • January 8, 2018

    SEC Wants $1M Judgment For Chemical Co. Exec's Fraud

    The U.S. Securities and Exchange Commission urged an Ohio federal court on Monday to assess the most severe level of civil penalty against the former president of a now-bankrupt chemical company, accused of defrauding dozens of investors with at least $12 million in phony promissory notes.

  • January 8, 2018

    Defrauded Investors Must Arbitrate Under FINRA: 6th Circ.

    The Sixth Circuit on Monday affirmed a district court’s decision that a brokerage firm must engage in a Financial Industry Regulatory Authority arbitration with a couple that was persuaded to invest hundreds of thousands of dollars in low-quality investments, saying the investments in question happened in the context of the couple’s customer relationship with the firm.

Expert Analysis

  • Roundup

    40 Years Of FCPA

    FCPA

    ​Dec. 19 marked the 40th anniversary of the Foreign Corrupt Practices Act. Catch up on this series featuring reflections from attorneys who have played a role in the evolution of FCPA enforcement, defense and compliance.​

  • How 2 Devices And 1 Domain Changed My Practice In 2017

    Paul Kiesel

    The question I ask about new technology is how can it improve the quality of my practice — and my life? This year, the iPhone X, the Apple Watch Series 3 and a .LAW domain have proven to be great investments, for professional and personal reasons, says attorney Paul Kiesel of Kiesel Law LLP.

  • ERISA Litigation Trends In 2017

    Julie Goldsmith Reiser

    Developments this year in litigation under the Employee Retirement Income Security Act raise new issues for 2018 — such as whether state retirement plans will be hindered by ERISA preemption litigation and whether courts will develop a consistent approach to standing in defined benefit plan cases, say Julie Goldsmith Reiser and Jamie Bowers of Cohen Milstein Sellers & Toll PLLC.

  • Alternative Fees: My Experience At Bartlit Beck

    J.B. Heaton

    Bartlit Beck was a wonderful place to work for 18 years, and the lawyers there are not only excellent attorneys but also great people. That said, I can look analytically at the Bartlit Beck fee model and make some observations on its pros and cons, says J.B. Heaton, founder of investment analytics company Conjecture LLC.

  • Opinion

    Jurors Should Have An Active Role In Trials

    Judge Amos Mazzant III

    We tell jurors how important they are to the successful implementation of our judicial system, but oftentimes we don’t treat them with the reverence they deserve. U.S. District Judge Amos Mazzant III of the Eastern District of Texas, Lisa Blue of Baron and Blue, and Robert Hirschhorn of Cathy E. Bennett & Associates advocate three improvements to give jurors an active role in our civil and criminal jury trials.

  • SEC's Reversal On ALJs Could Affect Its Forum Choices

    Coates Lear

    In a sudden about-face, the U.S. Securities and Exchange Commission has ratified its administrative law judge appointments, seemingly resolving the constitutional issues surrounding its ALJs. This could mean that the SEC will resume filing litigated actions as administrative proceedings again, say attorneys with Squire Patton Boggs LLP.

  • The Landscape Of Financial Exploitation Rules: Part 1

    Clifford Kirsch

    As the baby-boomer generation exits the workforce and transitions into retirement, senior investors will begin accessing their retirement savings. To prevent abuse, financial institutions should carefully review the emerging federal and state framework regulating the financial exploitation of senior investors and adjust accordingly, say attorneys with Eversheds Sutherland.

  • DOL Fiduciary Rule — Still Very Much Alive

    Robert Gower

    While certain requirements of the U.S. Department of Labor's Fiduciary Rule were recently delayed, the rule's expanded definition of a fiduciary and the standards to which such fiduciaries are to be held are currently in effect, says Robert Gower of Trucker Huss APC.

  • Series

    40 Years Of FCPA: An Update From The DOJ

    Daniel Kahn

    U.S. Department of Justice prosecutors and law enforcement partners have secured more foreign bribery-related trial convictions and guilty pleas this year than in any other year in the history of the Foreign Corrupt Practices Act, in fact by almost twice as much. These are all significant cases with significant impacts, says Daniel Kahn, chief of the DOJ's FCPA Unit.

  • Why Information Governance Is More Important Than Ever

    Linda Sharp

    It used to be that hiring a good law firm was the single most important thing a company could do when facing litigation. You could now make the case that an organization’s most powerful asset in prosecuting or defending a claim is its information, says Linda Sharp, associate general counsel of ZL Technologies and chair of the ACC Information Governance Committee.