Securities

  • January 18, 2018

    HSBC To Pay $101.5M In Currency Exchange Fraud Settlement

    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.

  • January 18, 2018

    Citi Investors Say New Info Supports Fraud Case's Revival

    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.

  • January 18, 2018

    Woodbridge Expands Board To Ease Creditor Concerns

    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.

  • January 18, 2018

    Judge Rips Old GM, But Won’t Enforce $1B Ignition Settlement

    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.

  • January 18, 2018

    RMBS Trusts Seek To Hone $1.2B Credit Suisse Trial

    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.

  • January 18, 2018

    9 Partners Leave Quinn Emanuel To Form New Firm

    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.

  • January 18, 2018

    Atty Fees For Berkshire Bank CEO's Son Concern Libor Judge

    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.

  • January 18, 2018

    CFTC Says Bitcoin-Funded Commodity Pool Was $1.1M Fraud

    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.

  • January 18, 2018

    Jones Day Nabs Finance Partner From Ashurst's NY Office

    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.

  • January 18, 2018

    Cboe Moves In On Nasdaq, NYSE Closing-Auction Turf

    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.

  • January 18, 2018

    Mega Bank Fined $29M For Anti-Money Laundering Violations

    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.

  • January 18, 2018

    Global Securities Watchdog Warns ICOs Put Investors At Risk

    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.

  • January 18, 2018

    ESMA Floats Restrictions On Sale Of Risky Investments

    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.

  • January 17, 2018

    TransPerfect Dispute Flares Up Over Shawe's Purchase Bid

    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.

  • January 17, 2018

    Del. Justices Probe Disclosures In Diamond-Apollo Merger

    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.

  • January 17, 2018

    CFTC Chair Picks Ex-BigLaw Atty For Senior Counsel

    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.

  • January 17, 2018

    Calif. Appeals Court Nixes Fraud Victim's Bid For State Comp.

    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.

  • January 17, 2018

    Global Brokerage Gets Ch. 11 Plan OK After Axing Releases

    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.

  • January 17, 2018

    Scarinci Hollenbeck Nabs Cybersecurity, Employment Vet

    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.

  • January 17, 2018

    Investor Gets 1 Year For Insider Trading On Gilead Buy

    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.

Expert Analysis

  • A Guide To Construction Liens In New Jersey

    Excerpt from Lexis Practice Advisor
    Charles Kenny

    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.

  • 6 E-Discovery Predictions For 2018

    Erich Potter

    Erich Potter, discovery counsel with Oles Morrison Rinker & Baker LLP, discusses six ways e-discovery will continue to excite and confound in 2018.

  • 2017 Del. Cases That Reflected Transformation In M&A Law

    Gail Weinstein

    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.

  • Considerations For The 2018 Proxy Season: Part 2

    Brian Breheny

    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.

  • Reg A-Plus Is Perfect For Cryptocurrency Offerings

    Aaron Kaplan

    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.

  • Considerations For The 2018 Proxy Season: Part 1

    Brian Breheny

    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.

  • 6 Roles To Embrace In An Evolving Legal Industry

    Rob MacAdam

    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 Latest In Private Equity Fee-Related Enforcement

    Michael Caccese

    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.

  • Opinion

    This Year, Let’s Invest In Lawyer Resiliency

    krishtel.photo.jpg

    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.

  • 5 Legal Technology Predictions For 2018

    Jeff Ton

    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.