Two major federal banking regulatory agencies Wednesday proposed relaxing capital requirements placed on large U.S. banks, a move they say could free up $400 million worth of capital for the banks’ holding companies.
The owner of an energy company must serve more than four years in prison after a jury convicted him of securities fraud and other crimes related to a scheme that defrauded nearly $1.2 million from 11 investors, a Kentucky federal judge ruled Wednesday.
Former Dewey & LeBoeuf chief operating officer Dennis D’Alessandro on Wednesday entered into an agreed judgement to end claims that he helped mislead Aviva Life and Annuity Co.about the firm’s finances when Aviva bought $35 million in secured notes in 2010.
Prosecutors told a New York federal court Wednesday that they plan to ask the court to go easy on a futures trader who pled guilty to conspiring with a BigLaw attorney in an insider trading scheme, saying that the co-conspirator cooperated fully with the investigation and provided key evidence against former Foley & Lardner LLP partner Walter “Chet” Little.
A New York federal judge on Wednesday seemed skeptical of a bid for bail by the Iranian chairman of a Maltese bank charged with evading sanctions by funneling $115 million in Venezuelan construction funds through American banks, voicing concern that his family’s vast wealth might make him a flight risk.
The U.S. Securities and Exchange Commission will consider whether market structure changes are needed to stimulate interest in thinly traded securities of small companies at a coming roundtable, Chairman Jay Clayton said Tuesday, reiterating his concern that “Main Street” investors are losing out from a decline in publicly traded companies.
Federal prosecutors rested their case Wednesday in the criminal trial of Wilmington Trust executives accused of hiding bad loans from investors and regulators, with the defense ready to commence their case beginning next week.
Global law firm Greenberg Traurig LLP said Tuesday it has added to its Tokyo office's real estate practice a senior associate from leading Japanese law firm Nishimura & Asahi who brings significant experience in the structured financing of real estate deals.
An immigration attorney has asked the Ninth Circuit to unwind a California federal court’s decision that EB-5 investments are securities subject to broker-dealer rules, arguing that the investments aren’t securities because the investors’ primary concern is getting a visa, not making a profit.
After several delays due to the ailing defendant's health, the trial of a former Massachusetts resident charged in a $6 million investment fraud scheme is on track to begin April 23 after attorneys gathered Wednesday in federal court for the fifth "final" pretrial conference in the now-4-year-old case.
A nine-year-old investor lawsuit against two former top executives at defunct telecommunications firm Nortel Networks Corp. was dismissed by a New York federal judge on Wednesday, with the court ruling that there was no suggestion of misdirection or knowledge of wrongdoing by company officials.
Manhattan U.S. District Judge Lorna G. Schofield on Wednesday said that Credit Suisse AG, the lone holdout in an action brought by currency exchange customers who say big banks rigged foreign exchange rates, has a good chance to beat a planned class certification motion.
A former federal prosecutor in Arizona who chalked up a long prison term and $1.7 million in restitution against a fraudster and notched a Ninth Circuit victory in a precedent-setting decision over federal versus tribal jurisdiction has joined Ballard Spahr LLP’s white collar and investigations practice, the firm announced Monday.
With financial markets gyrating over worries about trade wars, inflation and the end of easy money from central banks, retirement plan administrators might be more anxious than usual about meeting their obligations under the Employee Retirement Income Security Act. Law360 spoke to several employee benefits attorneys who offered these simple tips for plan administrators worried about volatility on Wall Street.
True Value Co. stockholders have challenged plans to sell a 70 percent stake in the $2 billion hardware business to private equity firm Acon Investments LLC, arguing in a newly unsealed Delaware Chancery Court complaint that current investors are losing control for an unfair price.
A Pennsylvania federal judge on Tuesday transferred to Connecticut two proposed investor class actions against Teva Pharmaceutical Industries Ltd. claiming the company hid the negative fallout from its $40.5 billion acquisition of Actavis Generics, ruling that the cases were substantially similar to other class actions already consolidated there.
Five former Barclays PLC and Deutsche Bank AG traders gamed the financial system to rip off counterparties that did business with them in a conspiracy to rig an interest rate benchmark used to price trillions of dollars of securities, prosecutors for Britain’s Serious Fraud Office told a London court on Wednesday.
Holders of Puerto Rico’s general obligation bond debt waged a court fight Tuesday over the territory’s sales tax revenues, telling a New York federal judge that the island’s constitution overrides competing bondholder claims to more than $17 billion in pledged sales tax collections.
A Credit Suisse unit and U.S. Bank NA squared off in a New York state courtroom on Friday to argue on the Swiss investment bank’s motion to defeat claims related to $1 billion in residential mortgage-backed securities without a trial, with neither side seeming to win the judge over.
A manager of the largest investor in semiconductor company PLX Technology Inc. testified on Tuesday in a suit brought by shareholders over a sale that allegedly undervalued the company that he thought PLX was in poor shape and in danger of failing at the time of his investment.
The Tax Cuts and Jobs Act has codified a previous revenue ruling in a fairly controversial area of partnership tax law, in a potential disappointment to non-U.S. investors in domestic partnerships and practitioners who questioned the authority for issuing the ruling in the first place, say Michele Alexander and Ryan Davis of Bracewell LLP.
Since passage of the Trump tax plan last year, companies have been touting bonuses they’ve handed down to rank-and-file employees. This highlights the trend of employers favoring bonuses over pay raises in the belief that variable, short-term rewards are less risky to the business than permanent increases in labor costs. But law firms have used this strategy for years — and there are dangers, says Michael Moradzadeh of Rimon PC.
It remains uncertain whether the Delaware Chancery Court — when relying on the deal price to determine fair value, as prescribed in Dell — will now make a downward adjustment to exclude value arising from the merger itself, say attorneys with Fried Frank Harris Shriver & Jacobson LLP.
Despite the Delaware Supreme Court’s opinion in Dell that the deal price is generally the best “proxy” for appraised fair value, the Delaware courts have issued three appraisal decisions in 2018 that determined fair value to be below the deal price. This risk is likely to continue absent further clarification from the Supreme Court or legislative change, say attorneys with Fried Frank Harris Shriver & Jacobson LLP.
Over the past few years, forward-thinking law firms have expanded their talent pools to include a chief innovation officer, whose responsibilities include spearheading the implementation of technology. It is a smart move, says Mark Williamson, co-founder and chief technology officer at Hanzo Archives Ltd.
The U.S. Securities and Exchange Commission’s recent action against Credit Karma — the first enforcement action to result from a sweeping investigation that began in 2016 — reinforces comments from various SEC leaders that the agency is concerned about option-granting practices of late-stage private companies. It also demonstrates the SEC’s continued interest in Silicon Valley companies' governance procedures, say Michael Dicke and... (continued)
Just last month, a number of legal groups asked the Northern District of California to strike its rule requiring that, before seeking federal court admission, attorneys first be licensed by the state of California. It is irrational to exclude seasoned federal practitioners from general admission due to state bar approval while allowing raw state lawyers who have never been inside a federal courtroom, says attorney EJ Hurst.
In a recent Senate committee hearing on virtual currencies, both Jay Clayton and Christopher Giancarlo confirmed that the U.S. Securities and Exchange Commission and the U.S. Commodity Futures Trading Commission are working together to ensure effective oversight. However, regulation and oversight need to be fashioned in a way that properly addresses the new technology, says Laura Anthony of Legal & Compliance LLC.
This week, the Tenth Circuit will hear a case with far-reaching consequences, literally, for the U.S. Securities and Exchange Commission's enforcement activity. If the commission has its way in its case against Traffic Monsoon, more aggressive overseas enforcement activity could be in store, say attorneys with Murphy & McGonigle PC.
Proposed amendments to the Federal Rules of Civil Procedure Rule 23, which governs class actions, are set to take effect on Dec. 1, 2018, pending approval. The amendments would significantly alter class action litigation procedure from notice to settlement, says Niki Mendoza of Garden City Group LLC.