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Securities

  • July 11, 2018

    House Passes Bill To Allow Venture Exchanges

    The U.S. House of Representatives on Tuesday passed two bills aimed at improving capital formation for smaller companies, one of which would allow for the creation of venture exchanges and another that aims to improve research coverage for lesser-known companies.

  • July 11, 2018

    VIX MDL Lead Should Have Young, Diverse Attys, Judge Says

    The Illinois federal judge overseeing multidistrict litigation over alleged manipulation of the Chicago Board Options Exchange's volatility index told investors' attorneys he'll be looking for details on team diversity and the potential for "substantive work for junior attorneys" in any lead counsel applications they submit.

  • July 11, 2018

    Kennedy's Legacy Remains Alive In Kavanaugh’s Nomination

    Over his four decades on the federal bench, there was one clerk U.S. Supreme Court Justice Anthony Kennedy always praised effusively. Now, that clerk could be replacing the retiring justice on the high court.

  • July 11, 2018

    Senate Panel Gearing Up For Kavanaugh Vetting Fight

    The Senate Judiciary Committee has already begun what will be a lot of heavy lifting to get ready for a confirmation hearing on U.S. Supreme Court nominee Brett Kavanaugh, which could come before September, by staffing up and preparing to review hundreds of thousands of documents.

  • July 11, 2018

    What Civil Rights Rulings Could Look Like Under Kavanaugh

    U.S. Supreme Court nominee Brett Kavanaugh's record on immigration, employee rights and health care suggests he could side more closely with high court conservatives than civil rights advocates would like, paving the way for closely watched rulings on some of the nation's most controversial issues.

  • July 11, 2018

    Lilis Wants Damages, Stock Awards Back From Axed VP

    Lilis Energy Inc. on Tuesday slapped a former company vice president with a lawsuit seeking to claw back stock options given to him before his cause-based termination, saying the executive lied to secure cash incentive bonuses and concealed major defects in a land acquisition.

  • July 11, 2018

    Rite Aid Booted, Walgreens Stuck In Suit Over Failed Merger

    Rite Aid Corp. can duck a proposed class action alleging it misled investors while trying to clear antitrust hurdles that ultimately dampened a $17.2 billion takeover bid by Walgreens, a Pennsylvania federal judge said on Wednesday, but Walgreens may still be liable.

  • July 11, 2018

    Morgan Lewis Snags Former US Atty For Louisiana

    Morgan Lewis & Bockius LLP announced on Wednesday that the firm has shored up its global disputes and investigations team by adding a former New Orleans U.S. attorney who more recently served as vice president and chief compliance officer at Entergy.

  • July 11, 2018

    Deutsche Opts To Settle ERISA Suit Amid Looming Trial

    Deutsche Bank has agreed on the cusp of trial to settle an Employee Retirement Income Security Act class action alleging it shortchanged workers by funneling their retirement savings into funds that paid the bank exorbitant fees, documents filed in New York federal court show.

  • July 11, 2018

    Investor, Ex-NFL Player Owe $8M In SEC's Ponzi Suit

    A Virginia federal judge ordered Cavalier Union Investments LLC co-owner Sherman C. Vaughn Jr. on Tuesday to forfeit the $8 million allegedly generated by him and former Philadelphia Eagles linebacker Merrill Robertson Jr. from a Ponzi scheme, an amount for which they are both jointly liable.

  • July 11, 2018

    EB-5 Investors Fight Fund Transfer To Risky NYC Project

    A group of Chinese investors has urged a New York state court to halt the transfer of its capital into an allegedly risky real estate development project, accusing an investment fund targeting EB-5 visa hopefuls of coercing the investors into approving the transaction by threatening to have their green card eligibility revoked.

  • July 11, 2018

    Securities Fraudster Properly Denied Firearms, DOJ Says

    A former Brocade CEO should not be allowed to own guns because his securities fraud conviction falls outside the list of specific nonviolent felonies that Congress said do not void an individual’s gun ownership rights, a U.S. Department of Justice attorney told a D.C. federal judge in oral arguments Wednesday.

  • July 11, 2018

    SEC Accuses 2nd Man In Fitbit Stock Manipulation Scam

    The U.S. Securities and Exchange Commission accused another person of profiting off a $100 million market manipulation scheme involving Fitbit Inc., telling a New York federal judge on Wednesday he and a co-conspirator issued a fake tender offer to drive up the company's stock before dumping their shares.

  • July 11, 2018

    Senate Confirms Kirkland Atty As DOJ Criminal Division Head

    The U.S. Senate voted on Wednesday 51-48 to confirm Brian Benczkowski's nomination as head of the Department of Justice's criminal division, despite Democratic senators' concerns about his work at Kirkland & Ellis LLP for a Russian bank and lack of experience in public criminal cases.

  • July 11, 2018

    Former Deutsche Bank Exec Heads To White & Case

    Deutsche Bank AG's former U.S. head of global transaction banking and the former Clearing House Association president has joined White & Case LLP as a partner.

  • July 10, 2018

    'Not A Complicated Case': Kavanaugh's Straightforward Style

    There's no argle-bargle in Judge Brett Kavanaugh's opinions. Instead, he's made a name for himself on the D.C. Circuit with clear, concise writing.

  • July 10, 2018

    Puerto Rico Fights Special Revenue Bond Insurer Appeal

    Puerto Rico and its federally appointed financial restructuring advisers urged the First Circuit on Monday to affirm a decision that has freed the commonwealth from an obligation to pay special revenue bondholders while it winds its way through bankruptcy-like proceedings, saying a reversal would “undermine critical infrastructure.”

  • July 10, 2018

    Ex-Deutsche Traders Get '11th Hour' OK For UK Testimony

    A New York federal judge on Tuesday granted a bid by two former Deutsche Bank traders accused of rigging the London Interbank Offered Rate who sought to depose a former British Bankers’ Association official, calling it an “11th hour and 59th minute” request and warning she wouldn’t budge on their September trial date.

  • July 10, 2018

    Feds Defend Spoofing Indictment Of Software Developer

    Federal prosecutors are pushing back on a software company executive’s bid to dismiss an indictment accusing him of participating in a spoofing scheme, telling an Illinois federal court on Monday that the anti-spoofing statute isn't unconstitutionally vague and the indictment wasn’t arbitrary.

  • July 10, 2018

    IHeartMedia Creditors Seek To Bring Claims Against Lenders

    The unsecured creditors of iHeartMedia Inc. asked a Texas bankruptcy judge on Monday to let them take control of and prosecute claims against the radio giant's more senior creditors, questioning the validity of certain liens that could affect overall Chapter 11 recoveries and billions of dollars' worth of claims.

Expert Analysis

  • Breaking Down The 2nd Criminal Spoofing Trial: Part 2

    Clifford Histed

    The criminal prosecution of Andre Flotron was ill-fated and suffered from a series of missteps and miscalculations by the government. However, it is now beyond any legitimate dispute that spoofing occurs, that it is illegal, that prosecutors are willing and able to charge spoofing as a criminal violation, and that it is possible to prove those charges in court, say attorneys with K&L Gates LLP.

  • Breaking Down The 2nd Criminal Spoofing Trial: Part 1

    Clifford Histed

    The recent acquittal of former UBS trader Andre Flotron in the second spoofing case to go to trial has resulted in comparisons to the spoofing-related conviction of Michael Coscia in 2015. But there are significant differences between the two cases that make such comparisons difficult, say attorneys with K&L Gates LLP.

  • Ripple Labs Case Will Address Key Cryptocurrency Question

    Christian Everdell

    Do cryptocurrencies that function primarily as a medium of exchange qualify as securities? An answer may be coming sooner than expected — not from the U.S. Securities and Exchange Commission but from a California federal court in Coffey v. Ripple Labs, says Christian Everdell, counsel at Cohen & Gresser LLP and a former assistant U.S. attorney.

  • Impediments To Legal Industry's 'Inevitable' Future: Part 2

    Craig Levinson

    I agree with the legal pundits speculating that NewLaw’s present and future disruptors will radically change the legal services industry, but that change may not come quite as rapidly as predicted. Regardless, now is the time for both the incumbents and the challengers to best position themselves for the eventual shakeup, says Craig Levinson, founder of Levity Partners.

  • Dr Pepper Shines Spotlight On Delaware Appraisal Rights

    Gail Weinstein

    The Delaware Chancery Court recently held that appraisal rights are not available to the stockholders of Dr Pepper in connection with the company's proposed merger with Keurig Green Mountain, raising the question of whether the reverse triangular merger structure in this case will be utilized in other transactions to eliminate appraisal rights, say attorneys with Fried Frank Harris Shriver & Jacobson LLP.

  • Defining A Shareholder's Bankruptcy Veto Power

    Sarah Borders

    The Fifth Circuit's recent decision in Franchise Services of North America should give comfort to investors that seek to negotiate consent rights with respect to a bankruptcy filing. The fact that an investor also holds a claim against the company will not, in and of itself, invalidate a bankruptcy consent provision, say attorneys with King & Spalding LLP.

  • Impediments To Legal Industry's 'Inevitable' Future: Part 1

    Craig Levinson

    Legal pundits continue to make predictions that newer entrants into the industry — NewLaw firms, the Big Four and alternative legal service providers — will progressively seize greater amounts of market share from traditional law firms. But the BigLaw response has been underwhelming at best, and a glimpse at the market forces puts its lack of urgency into perspective, says Craig Levinson, founder of Levity Partners.

  • Credit Default Swaps And The Hovnanian Exchange Offer

    Anthony Nolan

    The recently completed exchange offer for K. Hovnanian Enterprises’ senior notes has roiled the world of credit default swaps — at least one lawsuit has been filed and regulators have expressed concerns about market manipulation. Anthony Nolan and Hilda Li of K&L Gates LLP explain why the Hovnanian debt restructuring has stoked concern about the integrity of the CDS market.

  • FCPA Enforcement Activity In Early 2018: Part 2

    Collmann Griffin

    The first quarter of 2018 was above average in terms of Foreign Corrupt Practices Act investigations closed by U.S. regulators without enforcement. But the government may return to more assertive enforcement in the future — and companies and individuals may still face liability long after the "completion" of any misconduct, says Collmann Griffin of Miller & Chevalier Chtd.

  • How Immigration Issues Can Sour M&A Deals

    Christine Fuqua Gay

    Because the U.S. Department of Homeland Security's E-Verify program is frequently overlooked and misunderstood, immigration compliance issues have become more common in mergers and acquisitions and a basis of post-closing claims, such as those alleged in Post Holdings v. NPE Seller Rep, currently pending in the Delaware Chancery Court, say Christine Fuqua Gay and Ashley Hamilton of Holland & Knight LLP.