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Securities

  • January 17, 2019

    Shutdown's Delay On IPOs Will Ripple For Months

    The government’s record-breaking shutdown, having already derailed the January schedule for initial public offerings, will cause ripple effects that could slow capital markets deals for months and leave many companies stuck in limbo with unappealing options.

  • January 17, 2019

    2nd Circ. Won't Resurrect Union Suit Over Platinum Fraud

    The Second Circuit on Thursday refused to revive a derivative suit brought by New York correctional union members against the top brass of the Correction Officers' Benevolent Association over the alleged Platinum Partners bribery scheme, calling it inadequately pled.

  • January 17, 2019

    Appeal In $80M Brazil Oil Co. Suit Was Premature: 11th Circ.

    The Eleventh Circuit on Wednesday agreed to send an $80 million fraud and racketeering case against Banco Itaú International and EFG Capital International Corp. back to Florida federal court, finding the appeal in an oil investments dispute had been filed too soon.

  • January 17, 2019

    Qihoo's $9.3B Take-Private Play Conned Investors, Says Suit

    A former investor in Qihoo 360 Technology Co. told a New York federal judge on Thursday that the Chinese internet security company cheated shareholders who approved a $9.3 billion take-private deal in 2016, unaware that the company secretly planned to relist its shares in China the following year.

  • January 17, 2019

    Investor Says Info On InfraREIT-Oncor Merger Is Misleading

    A shareholder in real estate trust InfraREIT filed a proposed class action in Texas federal court Thursday challenging the financial basis for a recommended $1.3 billion acquisition of the company by Oncor Electric Delivery Co. LLC, saying he and fellow investors are being misled.

  • January 17, 2019

    Bank OZK Wants $46M Bad-Loan Suit Moved To Arkansas

    A proposed securities class action accusing Bank OZK and two of its executives of hiding $46 million lost in bad real estate loans should be moved to the bank’s home state of Arkansas where a similar case is already underway, the bank told a New York federal court Wednesday.

  • January 17, 2019

    Deals Rumor Mill: Campbell Soup, Nasdaq, Riyad Bank

    A group of companies has reportedly been asked to submit second-round bids for the international business of Campbell Soup, Nasdaq is in talks to buy Norwegian exchange Oslo Bors, and Saudi Arabia's National Commercial Bank and Riyad Bank have hired financial advisers to help as they look to merge.

  • January 17, 2019

    Securities Group Of The Year: Labaton Sucharow

    The multifaceted securities team at Labaton Sucharow LLP scored impressive wins for clients in the past year in class action litigation, opt-out cases and in representing whistleblowers in a landmark U.S. Securities and Exchange Commission enforcement action, among other achievements, landing it on the list of Law360's 2018 Securities Groups of the Year.

  • January 17, 2019

    Del. Justices Overturn Chancery-Ordered Oxbow Carbon Sale

    Delaware’s Supreme Court on Thursday vacated a Chancery Court order for a potential multibillion-dollar sale of William I. Koch’s Oxbow Carbon LLC, rejecting the lower court's finding that the forced sale was a justifiable fix for a gap in contract provisions for investors seeking to cash out.

  • January 17, 2019

    Trader Pushed Cash To 'Add Weight' To Euribor Fix, Jury Told

    A former trader working on the money markets desk at Barclays PLC, who is on trial for his alleged role in a conspiracy to game the financial system, manipulated the cash market to “add extra weight” to attempts to rig a key global interest rate benchmark, prosecutors told a jury in London on Thursday.

  • January 16, 2019

    Puerto Rico Creditors Press For Sales Tax Plan Approval

    Major stakeholders engulfed in Puerto Rico's bankruptcy-like proceedings urged a federal judge on Wednesday to approve a watershed settlement designed to restructure nearly $18 billion in debt carried by the Puerto Rico Sales Tax Corp., or COFINA, saying it is the best way to avert years of protracted litigation.

  • January 16, 2019

    SEC's Response To Breach Scare Clarifies Wider Approach

    The 43-page complaint the U.S. Securities and Exchange Commission filed Tuesday detailing an alleged scheme to illegally access its electronic filing system for profit underscores the agency's commitment to cybersecurity while lending some context to its relatively forgiving approach, attorneys say.

  • January 16, 2019

    Platinum Judge Sees No Misconduct, But Raps Gov't 'Candor'

    A Brooklyn federal judge on Wednesday rejected the latest request from several Platinum Partners LLP executives to dismiss a criminal fraud case against them, saying there wasn't enough proof to support the idea that prosecutors hid evidence or fabricated threats to witnesses.

  • January 16, 2019

    Maxar Faces Stock-Drop Suit Over Inflated Assets, Tech Lies

    Maxar Technologies Inc. has been slapped with a proposed shareholder class action accusing the Colorado space technology company of using its $2.4 billion acquisition of a space imaging business to inflate its assets and hiding problems with one of the vendor’s satellites, causing dramatic stock plunges when the truth came out.

  • January 16, 2019

    Salesforce Board's Salaries Too High, Chancery Suit Says

    An investor filed a derivative lawsuit against Salesforce.com Inc. in Delaware Chancery Court on Tuesday claiming the nonemployee directors for the cloud-based software company are paid excessive salaries that stockholders did not properly sign off on.

  • January 16, 2019

    Panasonic Avionics Hires New GC Following Corruption Probe

    Panasonic Avionics Corp. has tapped Kimberly Chainey as general counsel after a turbulent, five-year-long government investigation and settlement over alleged corrupt practices relating to foreign government-owned airlines, the in-flight entertainment and communications company announced Tuesday.

  • January 16, 2019

    Match Accuses Tinder Co-Founder Of Swiping Trade Secrets

    Tinder co-founder Sean Rad violated trade secret protection agreements by making copies of his work emails and other documents, Tinder owner Match Group Inc. and its parent company said in a suit filed in New York state court.

  • January 16, 2019

    Morningstar, Prudential Beat RICO Suit Over Robo-Adviser

    Morningstar Investment Management LLC and two Prudential Financial Inc. retirement-focused subsidiaries won’t have to face allegations that they illegally colluded to profit from a robo-adviser program after an Illinois federal judge ruled Wednesday that the plan participant leading the suit failed to show they violated the Racketeer Influenced and Corrupt Organizations Act.

  • January 16, 2019

    Banks Accused Of Rigging Libor After Post-Scandal Overhaul

    A Connecticut bank on Tuesday accused the owner of the New York Stock Exchange of conspiring with some of the world's largest banks to artificially deflate a key financial benchmark after taking over responsibility for the rate setting following a previous price-fixing scandal.

  • January 16, 2019

    FHFA Won't Defend Leadership Structure Before Full 5th Circ.

    The Federal Housing Finance Agency has told the full Fifth Circuit that it won't defend the constitutionality of the for-cause removal protection enjoyed by directors of the agency, a move that comes about a week before the court will sit for en banc rehearing in the case.

Expert Analysis

  • Arbitrators And Mediators Should Reflect Society's Diversity

    James Jenkins

    Alternative dispute resolution providers have made great strides toward diversity, but recent statistics show there is still work to be done. There are certain steps ADR providers can take to actively recruit more women and minority candidates to serve as arbitrators and mediators, says James Jenkins of the American Arbitration Association.

  • Why AFAs Are Key To The Future Of Legal Practice

    Kelly Eisenlohr-Moul

    Alternative fee agreements can help align law firm and client interests, increase efficiency and eliminate corporate extortion, among other benefits. They are the best thing to happen to the practice of law in decades, says Kelly Eisenlohr-Moul at Dinsmore & Shohl LLP.

  • 2019 Annual Meeting And Reporting Considerations: Part 2

    Joseph Yaffe

    In this installment of their four-part series, attorneys at Skadden Arps Slate Meagher & Flom LLP offer insights to companies on executive compensation matters for 2019 — including pay ratio and hedging disclosures, say-on-pay votes and changes in pay practices due to the Tax Cuts and Jobs Act.

  • FINRA's Suitability Rule Vs. SEC's 'Best Interest' Reg

    Brian Rubin

    A key 2019 priority for the U.S. Securities and Exchange Commission will be adopting the proposed Regulation Best Interest. Attorneys with Eversheds Sutherland explore the questionable foundation of the Financial Industry Regulatory Authority's claim that it is unnecessary.

  • 2019 Annual Meeting And Reporting Considerations: Part 1

    Brian Breheny

    Each company faces important decisions in preparing for its 2019 annual meeting and reporting season. This four-part series by attorneys at Skadden Arps Slate Meagher & Flom LLP covers essential items on which companies should focus, including corporate governance, executive compensation and disclosure matters.

  • Series

    Judging A Book: Barron Reviews 'The Clamor Of Lawyers'

    Judge David Barron

    Can lawyers lead a revolution? According to "The Clamor of Lawyers: The American Revolution and Crisis in the Legal Profession" — a slim but elegant volume by Peter Charles Hoffer and Williamjames Hull Hoffer — they can and they did, says First Circuit Judge David Barron.

  • Common Stockholders Can Wa[i]ve Appraisal Rights Goodbye

    Morgan Mordecai

    The Delaware Court of Chancery recently held that language in an agreement requiring minority stockholders to waive appraisal rights was enforceable. Though the case is already on appeal, practitioners should make sure agreements with drag-along rights include unambiguous waiver provisions whenever possible, say attorneys at Goodwin Procter LLP.

  • Discovery Confidentiality At Risk After Columbia Pipeline

    Arthur Bookout

    The Delaware Court of Chancery's recent Columbia Pipeline ruling highlights the risk that litigants may find their confidential materials, produced in discovery, attached to their opponents' filings for the purpose of unsealing the documents, say Arthur Bookout and Lilianna Townsend of Skadden Arps Slate Meagher & Flom LLP.

  • Opinion

    The Case For Lawyer-Directed Litigation Funding In NY: Part 2

    Peter Jarvis

    Lawyer-directed nonrecourse litigation funding is more likely to protect a lawyer's exercise of independent professional judgment than traditional means of litigation finance, and furthermore enables worthwhile cases that otherwise could not be funded, say Peter Jarvis and Trisha Thompson of Holland & Knight LLP.

  • 4 Tips For Protecting Privilege When Working With Auditors

    John Carney

    A recent U.S. Securities and Exchange Commission action against Crowe LLP illustrates the pressure on independent auditors to gather enough evidence to defend their audits. However, there is tension between an auditor’s need for information and a company’s need to protect its privileged material, say attorneys with BakerHostetler.