A former Gannett Co. Inc. employee has urged a Virginia federal judge to certify a class of more than 12,000 individuals in his suit accusing the company of causing its 401(k) plan to lose roughly $135 million by keeping investments in its former parent company's stock.
Bank of America and JPMorgan Chase asked a New York federal court on Friday to dismiss claims against the subsidiaries and affiliates of banks that allegedly conspired to manipulate the London Interbank Offered Rate, saying those affiliates could not have plausibly contributed to the scheme.
PayPal Holdings Inc. and its top brass dug into a putative shareholder class action on Friday blaming them for a data breach at a newly acquired subsidiary, telling a California federal judge that investors couldn’t show they’d been intentionally misled given the company's transparency about network vulnerabilities.
Foreign banks including Deutsche Bank AG, HSBC Bank PLC and the Royal Bank of Canada urged a New York federal court on Friday to dismiss a proposed class action accusing them and their affiliates of conspiring to rig a benchmark interest rate linked to the cost of borrowing Canadian dollars, saying the U.S. lacks jurisdiction.
An examiner investigating Indian billionaire Nirav Modi’s ties to bankrupt U.S. jewelry businesses asked a New York bankruptcy judge Thursday to pare down the scope of his investigation, a day before one of the jewelry businesses filed a sale motion following an auction that yielded winning bids totaling $1.3 million.
Zeneca Inc. on Friday lost two of 10 affirmative defenses claimed in a Chancery Court battle over $275 million in cancer drug trial "milestone" payments sought by a merger partner, with a Delaware vice chancellor saying the case nevertheless still appears headed to trial.
Croatian food and beverage giant Agrokor asked a New York bankruptcy court on Thursday to recognize its financial restructuring proceedings taking place in Croatia, where the mass enterprise is handing over much of the business to lenders, including two large Russian banks.
The controlling shareholder of CBS Corp. will not get access to the privileged communications between company counsel and counsel for the special committee of directors formed in 2016 to consider a merger between CBS and Viacom, after Delaware’s chancellor said Friday that the stakeholder’s interests were not aligned with those of CBS.
Insulet Corp. shareholders have agreed to take an undisclosed settlement that includes $425,000 for attorneys in exchange for dropping allegations that executives at the insulin pump manufacturer manipulated sales numbers, the investors told a Massachusetts federal judge on Friday.
A Florida man who copped to helping orchestrate a pump-and-dump scheme that caused $19 million in investor losses was sentenced Friday in Connecticut federal court to seven years in prison and ordered to pay $5.3 million in restitution, according to the U.S. Department of Justice.
The federal judge presiding over Puerto Rico's bankruptcy-like cases ruled Friday that the panel of federal advisers charged with rehabilitating the island's financial health are territorial officers who were lawfully appointed without U.S. Senate confirmation, rejecting a hedge fund's constitutional challenge.
The last week has seen dozens of pension funds and other major institutional investors sue HSBC, the leadership of prestigious U.K. schools take on Scottish Widows and a dispute between two foreign exchange firms. Here, Law360 looks at those and other new claims in the U.K.
The Eleventh Circuit issued a revised opinion Thursday in a U.S. Commodity Futures Trading Commission fraud suit against two Florida-based metals trading companies and their CEO, making a terminology fix recommended by the defendants but leaving its $1.5 million damages award intact.
Mayer Brown LLP's Chicago office has added a former Jones Day banking and finance partner with an expertise in private credit, part of a wave of hirings the firm said are meant to flesh out its global finance practice.
Mortgage lender and servicer Walter Investment Management Corp. and three executives agreed to pay $2.95 million Friday to end a proposed class action alleging they concealed liquidity problems that ultimately caused share prices to plunge, according to a filing in Pennsylvania federal court.
A marketing company and its founder on Thursday asked a Florida federal judge for summary judgment on the U.S. Commodity Futures Trading Commission's claims that it was involved in a $16 million scheme to defraud at least 8,000 customers through unregistered "binary options" trades, saying the agency still hasn't evidenced its allegations.
Mintz Levin Cohn Ferris Glovsky and Popeo PC announced two new additions to the Boston office from Greenberg Traurig LLP aimed at strengthening and expanding the firm’s financial services practice.
Bloomberg Finance LP hit UBS AG with a suit in New York federal court Thursday accusing the bank of violating an agreement that bars it from redistributing proprietary data through its portfolio analysis and risk management software.
Merck & Co. Inc. defeated a shareholder derivative action in New Jersey over the company’s failure to disclose its deferred tax liability on certain overseas earnings after a state appeals court on Friday upheld a trial court ruling dismissing the suit for not stating a viable claim.
Employee Retirement Income Security Act counsel who worked on a $300 million settlement with State Street Corp. that has spawned a fight over $75 million in attorneys' fees told a Massachusetts federal judge that they should get a $3.4 million disgorgement recommended by a special master investigating the fee flub.
The U.S. Supreme Court’s decisions in ANZ Securities and China Agritech have significantly diminished American Pipe’s utility to absent class members. It is now necessary for investors to file opt-out cases early in order to adequately protect their interests, says Meghan Summers of Kirby McInerney LLP.
Since the U.S. Securities and Exchange Commission shortened the standard settlement cycle for most broker-dealer transactions to two business days, or T+2, many have wondered if the settlement cycle should be shortened even further, perhaps to T+0. But a nearly instantaneous settlement of nonroutine securities transactions would present new challenges, says Nicolas H.R. Dumont of Gibson Dunn & Crutcher LLP.
Predicting the impact of the U.S. Supreme Court's decision in Lucia is far from simple. Litigants cannot be sure how the U.S. Securities and Exchange Commission will handle pending matters, and the SEC cannot be sure how administrative law judges should be appointed in the future to avoid additional judicial scrutiny, say attorneys with Morrison & Foerster LLP.
New sanctions issued by President Donald Trump last month prohibit transactions involving the purchase of any debt owed to the Venezuela government. The challenge for firms that buy and sell securities is that the interest of a sanctioned party in any given security or transaction may not be readily apparent, say attorneys with Schulte Roth & Zabel LLP.
I found that senior members of Congress didn’t have time to mentor younger members. Lawyers — though just as busy as members of Congress — cannot afford to follow this model, says former Rep. Charles Gonzalez, D-Texas, of Ogletree Deakins Nash Smoak & Stewart PC.
While Delaware law relating to corporate fiduciary duties and exculpation for personal liability has been transformed over the past several years, resulting in less potential for director liability, the limited liability company format offers even more flexibility for directors when the governing agreement is properly drafted and followed, say attorneys with Fried Frank Harris Shriver & Jacobson LLP.
In this guide to arbitrating employment disputes before the Financial Industry Regulatory Authority, Steven Hurd and Andrew Sherwood of Proskauer Rose LLP review the FINRA arbitration process from start to finish, describing the procedures and offering strategies for each phase.
Recent cases suggest that Delaware courts extend a high degree of deference to limited liability company and partnership agreement provisions. But importantly, the facts and circumstances can also very much affect a court’s decision, say attorneys with Fried Frank Harris Shriver & Jacobson LLP.
Since a 2014 tax ruling that permits holding digital currency in tax-deferred retirement accounts, investment companies have sprung up encouraging people to roll their traditional retirement investments into cryptocurrencies. But investment vehicles of dubious legality may lead to loss of tax deferral and penalties for early withdrawal, says Seth Pierce at Mitchell Silberberg & Knupp LLC.
No superlative could aptly describe the magnitude of U.S. sanctions developments through the first six months of 2018. The pace of change has been so intense and complex that, understandably, even the most sophisticated international companies and investors have been challenged to respond to policy and regulatory developments, say attorneys with Ropes & Gray LLP.