Global financial services giant HSBC Holdings PLC on Thursday agreed to pay $101.5 million as part of a deferred prosecution agreement filed in New York federal court to settle claims it defrauded two clients in a multimillion-dollar scheme to manipulate currency exchanges.
Attorneys for shareholders who sued Citigroup Inc. directors over alleged years of mismanagement and fraud at the company told the Delaware Chancery Court late Wednesday that new evidence warrants reopening the recently dismissed case, while they separately fired up an appeal.
The Woodbridge Group of Cos. LLC told a Delaware judge Thursday that it had made changes to its corporate governance structure to address concerns raised by the officials committee of unsecured creditors in its Chapter 11 case.
A New York bankruptcy judge refused on Thursday to enforce a deal worth perhaps $1 billion between a General Motors Corp. bankruptcy trust and hundreds of people hurt because of defective ignition switches in millions of its vehicles, but not without harsh words for the trust.
The trustee for four pools of toxic residential mortgage-backed securities that allegedly caused $1.2 billion in losses at the hands of Credit Suisse asked a New York state judge on Thursday to streamline two cases against two units of the bank for trial, saying key terms from the underlying contracts should be defined in advance of trial.
Nine New York-based partners at Quinn Emanuel Urquhart & Sullivan LLP, including three practice group heads, are leaving the firm to start their own practice, Law360 confirmed on Thursday.
A Manhattan judge expressed unease Thursday over the failure of Berkshire Bank to disclose that the son of its CEO Moses Krausz is a lawyer with a direct stake in the lender's effort to lead a class targeting four megabanks for allegedly rigging the global London Interbank Offered Rate.
The U.S. Commodity Futures Trading Commission on Thursday sued a U.K.-incorporated commodity pool operator and its founder, alleging they duped investors into giving them more than $1 million in bitcoin for options trading and then concocted a fake hacking and other lies to cover up what they had done with the funds.
An attorney who specializes in representing lenders and borrowers on risky leveraged loans at Ashurst LLP’s New York office has moved to Jones Day, her new firm said Monday.
The U.S. Securities and Exchange Commission on Wednesday approved a Cboe Global Markets Inc. proposal to match brokers' trades based on the closing price established by a stock’s primary listing venue, potentially cutting into turf dominated by the New York Stock Exchange and Nasdaq.
The U.S. Federal Reserve Board on Wednesday said that Taiwan-based bank Mega International Commercial Bank Co. Ltd. has been assessed a $29 million penalty for anti-money laundering violations and ordered to make improvements to its anti-money laundering oversight and controls.
A group representing the world’s securities regulators on Thursday issued a warning on initial coin offerings, saying the relatively new fundraising method for startups is exposing retail investors to risks and possible fraudsters.
The European Securities and Markets Authority floated plans on Thursday to restrict or ban the sale of risky “contract-for-difference" products and binary options to retail customers, asking the industry to respond by next month.
The fighting over control of legal translation firm TransPerfect erupted again Wednesday as co-founder Elizabeth Elting pushed the Delaware Chancery Court to reject a purchase bid from rival Philip Shawe, valued at nearly $800 million, which the court-appointed custodian running the sale process said was the top offer.
Attorneys for Diamond Resorts International directors fielded pointed questions from Delaware Supreme Court justices Wednesday on a key director’s undisclosed opposition to a $2.2 billion sale to private equity firm Apollo Global Management LLC.
Commodity Futures Trading Commission chairman J. Christopher Giancarlo said Wednesday that Maggie E. Sklar, a high-ranking CFTC attorney who previously worked at three prominent law firms, would serve as his senior counsel.
A company that won just $50,000 from California’s Victims of Corporate Fraud Compensation Fund had its case completely thrown out on Tuesday by a state appeals court that found it lacked standing to sue because it had assigned its claim to another business.
Global Brokerage Inc., the effective owner of online foreign exchange broker FXCM, relented Wednesday to a New York bankruptcy judge's refusal to bless litigation releases for directors of Global Brokerage in its prepackaged restructuring plan, agreeing to remove those provisions to confirm the plan.
Scarinci Hollenbeck LLC added a former Eaton & Van Winkle LLP partner on Wednesday who brings years of experience working across a variety of practice areas, including cybersecurity and privacy, employment and securities.
A Florida man who copped to his role in an insider trading scheme stemming from Gilead Sciences Inc.’s $11 billion acquisition of New Jersey-based Pharmasset Inc., which made the latter company’s stock value jump nearly 90 percent, was sentenced Wednesday to a year and a day in prison, federal prosecutors announced.
A construction lien is a security interest in real property on which construction work has been performed, which stays with the property regardless of who subsequently owns it. These liens can be powerful tools, though they can also be subject to prior liens such as acquisition financing and prior judgments, say Charles Kenny and Scott Kearns of Peckar & Abramson PC.
Erich Potter, discovery counsel with Oles Morrison Rinker & Baker LLP, discusses six ways e-discovery will continue to excite and confound in 2018.
The Delaware judicial framework for reviewing boards' M&A decisions has transformed in the past few years with cases such as Corwin, MFW and Trulia. This transformation has had dramatic effects, as reflected in and amplified by decisions issued in 2017, say attorneys with Fried Frank Harris Shriver & Jacobson LLP.
In the second article of this three-part series, attorneys with Skadden Arps Slate Meagher & Flom LLP discuss trends in shareholder proposals and virtual shareholder meetings, efforts to increase board diversity, and recent changes to auditor reports and proxy statements.
As initial coin offerings are a means to effectuate crowdfunded capital formation, issuers will likely try to meet one of the three securities registration exemptions in the Jobs Act. Aaron Kaplan of Gusrae Kaplan Nusbaum PLLC explains why the exemption under Regulation A-Plus is the most suitable.
Each company faces important decisions in preparing for its 2018 annual meeting and reporting season. In the first installment of this three-part series, attorneys with Skadden Arps Slate Meagher & Flom LLP discuss executive compensation, guidance from Institutional Shareholder Services and Glass Lewis, and recent developments and trends in proxy access.
Smart law firms are increasingly positioning professionals to proactively guide them as the legal landscape reshapes itself, harnessing six emerging roles within their organizational charts to embrace new approaches, tools and systems, says Rob MacAdam of HighQ.
The U.S. Securities and Exchange Commission’s settlement with TPG Capital Advisors extends a line of SEC actions against private equity managers alleging undisclosed fee and expense allocation practices and other undisclosed conflicts of interest. Private equity managers should take note of the SEC’s positions in this recent order, say attorneys with K&L Gates LLP.
Highly profitable companies have comprehensive corporate wellness programs that realize plateauing health care costs, greater employee engagement, and a demonstrable competitive advantage. The legal field needs a similar awakening, says Rudhir Krishtel, a former partner of Fish & Richardson and senior patent counsel at Apple.
While each new year is expected to bring fresh challenges to the legal industry, 2018 will be particularly disruptive to the status quo. Both law firms and organizations that cater to the legal community should prepare for developments like increasing pressure from international clients and data security risks caused by multigenerational gaps, says Jeff Ton of Bluelock LLC.