Securities

  • April 11, 2018

    Regulators Consider Relaxing Capital Rule For Big Banks

    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.

  • April 11, 2018

    Energy Entrepreneur Gets 4 Years For $1.2M Pipeline Scheme

    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.

  • April 11, 2018

    Aviva Ends $35M Note Fraud Claims Against Dewey Execs

    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.

  • April 11, 2018

    Feds Seek Leniency For BigLaw Atty's Insider Trading Partner

    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.

  • April 11, 2018

    Iranian Banker's Bail Bid Iffy In $115M Sanctions-Dodging Row

    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.

  • April 11, 2018

    SEC Looks To Spur Trading Of Smaller Companies

    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.

  • April 11, 2018

    Government Rests Case In Wilmington Trust Loan Fraud Trial

    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.

  • April 11, 2018

    Greenberg Traurig Snags Atty From Leading Japanese Firm

    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.

  • April 11, 2018

    Immigration Atty Appeals EB-5 Fraud Suit Loss At 9th Circ.

    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.

  • April 11, 2018

    $6M Investment Fraud Trial Set To Begin After Health Delays

    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.

  • April 11, 2018

    Ex-Nortel Execs Beat Long-Simmering Securities Fraud Suit

    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.

  • April 11, 2018

    Credit Suisse Has Edge On Cert. In Forex Case, Judge Says

    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.

  • April 11, 2018

    Ballard Spahr Grows White Collar Group With Ex-Prosecutor

    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.

  • April 11, 2018

    5 Tips For Plan Administrators Navigating A Chaotic Market

    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.

  • April 11, 2018

    True Value Stockholders Hammer Plans For PE Firm Buy-In

    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.

  • April 11, 2018

    Teva Investor Suit Over $40.5B Merger Sent To Conn.

    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.

  • April 11, 2018

    Prosecutors Say Ex-Traders Gamed System With Euribor Rig

    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.

  • April 10, 2018

    Bondholders Ratchet Up Puerto Rico Sales Tax Revenues Spat

    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.

  • April 10, 2018

    NY Judge Iffy On Credit Suisse’s Bid To Kill $1B RMBS Suit

    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.

  • April 10, 2018

    Potomac Manager Testifies About PLX's Underperformance

    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.

Expert Analysis

  • How The Federal Reserve Might Approach Regulatory Reform

    George Madison

    The Federal Reserve’s new leadership has made clear that while it supports certain changes to Dodd-Frank and the related regulations, it broadly supports the post-crisis regulatory framework. With that background, we focus on the Fed’s anticipated views of five areas where reform is possible, say attorneys with Sidley Austin LLP.

  • Lawyering A La Carte: Unbundled Dispute Resolution Services

    David Wallace

    There's no reason for limiting unbundled legal services to family law or even pro se litigants. Wider adoption, especially by litigators, presents an opportunity to correct law's distribution and pricing problem, to make justice practically available to all, and to dethrone litigation as the "sport of kings," says New York-based trial lawyer David Wallace.

  • 3 Critical Events For Cryptocurrency Exchanges: Part 2

    John Reed Stark

    Coordinated federal initiatives scrutinizing cryptocurrency exchanges may be viewed as alarming by entrepreneurs and their advisers. But we believe such concerns are largely misguided, say John Reed Stark, president of John Reed Stark Consulting LLC, and David Fontaine, CEO of Kroll Inc.

  • You’re Perfect, Now Change: Perfectionism Hurts Lawyers

    Peter Norman

    Like medical professionals, lawyers often resist policies to reduce errors due to the culture of perfectionism that permeates the industry. Autonomy is key to the legal professional's prestige and the outward demonstration of competence is key to maintaining autonomy, says Peter Norman of Winnieware LLC.

  • The Rise Of Cyber-Related Securities Fraud Class Actions

    Cara Peterman

    After a number of prominent cyberattacks on publicly traded companies, the last year saw a corresponding flurry of substantial securities fraud class action filings. Cara Peterman of Alston & Bird LLP has several suggestions for companies to reduce the risk of securities fraud litigation in the wake of a breach.

  • 3 Critical Events For Cryptocurrency Exchanges: Part 1

    John Reed Stark

    Cryptocurrency exchanges must be prepared for a relentless U.S. regulatory onslaught. That seems to be the clear warning embodied in the confluence of three events last week involving three agencies that are no longer content with generating regulatory headwinds, say John Reed Stark, president of John Reed Stark Consulting LLC, and David Fontaine, CEO of Kroll Inc.

  • Opinion

    Grassley, Feinstein Debate Judicial Vetting, Obstruction

    Sen. Chuck Grassley

    It is undisputed that in his first year in office President Trump was able to confirm a significant number of judges to the federal bench. How it happened — and whether it's a good thing — are debated here by Sen. Chuck Grassley, R-Iowa, and Sen. Dianne Feinstein, D-Calif.

  • Delaware Court Weighs In On Board Deliberation Disclosures

    Brad Davey

    The Delaware Supreme Court's decision in Appel v. Berkman represents the first time the court has reversed the Court of Chancery's dismissal based on stockholder approval of a transaction pursuant to Corwin v. KKR. This decision raises important questions regarding the required disclosure of board deliberations, say Brad Davey and Matthew Belger of Potter Anderson Corroon LLP.

  • Tax Reform Complicates Middle-Market CLOs

    Jason Schwartz

    The Tax Cuts and Jobs Act is causing concerns for advisers of middle-market collateralized loan obligation issuers as it potentially imposes new requirements. Advisers to MM CLOs must be creative and thoughtful in mitigating the potential adverse effects of Section 1446(f), say attorneys with Cadwalader Wickersham & Taft LLP.

  • How Settling With The Gov't Is Costlier Under New Tax Law

    Marvin Kirsner

    A provision in the Tax Cuts and Jobs Act greatly expands the scope of the disallowance of deductions for fines and penalties paid to government agencies. This will make it costlier for a company to settle claims of violation of laws and regulations brought by federal, state or local agencies, or even foreign governments, says Marvin Kirsner of Greenberg Traurig LLP.