Securities

  • July 27, 2017

    IBM Cleared Of Foreign Bribery After Multi-Country Probe

    U.S. authorities have decided to take no action against IBM after a four-year probe into Foreign Corrupt Practices Act compliance on three continents, according to a recent regulatory filing.

  • July 27, 2017

    E-Currency Exchange Fined $110M, Charged With Laundering

    The federal government slapped digital currency exchange BTC-e with a $110 million fine and charged both the exchange and one of its operators with handling payments related to criminal activity like the hack against bitcoin exchange Mt. Gox, a move the U.S. Treasury Department on Thursday called its first action against a foreign money-services business.

  • July 27, 2017

    GoPro Can't Escape Investors’ Drone Recall Suit

    A California federal judge refused Wednesday to toss claims that GoPro Inc. misled its shareholders into thinking “amazingly smooth” aerial footage could be captured from a now-recalled line of drones that fell out of the sky midflight.

  • July 27, 2017

    Gambler Billy Walters Gets 5 Years For Insider Trading

    Prominent gambler Billy Walters on Thursday was dealt a five-year prison term and a $10 million fine for his insider trading convictions as a New York federal judge termed him a cheat and a criminal — and "not a clever one."

  • July 27, 2017

    Prosecutors, NJ Hedge Fund Owner Clash Over Dismissal Bid

    Prosecutors and defense counsel clashed Wednesday over whether FBI agents' failure to preserve evidence should sink criminal charges in New Jersey federal court against a purported hedge fund owner accused of stealing $4 million from investors, with the government rejecting the assertion that it acted in bad faith.

  • July 27, 2017

    Pair Slapped With Sanctions In Golfer Endorsement Dispute

    An Illinois federal judge on Wednesday ordered a management consulting company and its sole member to pay $5,000 per day as a sanction until they follow orders to turn over documents and sit for depositions related to their default in a suit over a breached endorsement agreement for pro golfer Luke Donald.

  • July 27, 2017

    SEC Sues Vegas Men Over Fake Bank Instrument Scheme

    The U.S. Securities and Exchange Commission has sued two Las Vegas residents who allegedly promised investors “sky-high returns” on fictitious prime bank instruments despite using the money to fund Ponzi-like payments and personal expenses.

  • July 27, 2017

    Biz Groups Say Piwowar's Letter Backs Nixing Fiduciary Rule

    Business groups and insurance companies that have asked the Fifth Circuit to strike down the Department of Labor’s fiduciary rule touted on Wednesday the support of U.S. Securities and Exchange Commission member Michael Piwowar, saying his recent criticism of the rule should weigh on the appeals court’s decision.

  • July 27, 2017

    Gaps In Client Asset Protection Still Exist, IOSCO Finds

    Europe and North America have made the most progress implementing global principles for safeguarding client assets, particularly for regulatory oversight, but a number of countries need to do more to protect clients’ rights, according to a report published Thursday by an international group of securities authorities.

  • July 27, 2017

    Ex-Class Attys Must Produce Docs In $333M BofA Settlement

    A Missouri federal judge Wednesday ordered ex-Green Jacobson PC attorneys to turn over case files to the new attorneys representing investors in their $333.2 million settlement over NationsBank Corp.’s merger with BankAmerica Corp., now known as Bank of America, saying the lawyers have a duty to hand over the information even if their law firm is dissolved.

  • July 27, 2017

    Halliburton To Pay $29.2M Over Angolan FCPA Violations

    The U.S. Securities and Exchange Commission announced Thursday that Halliburton Co. will pay $29.2 million in fines and penalties to settle allegations it violated the Foreign Corrupt Practices Act when contracting with an Angolan firm as part of efforts to win contracts in the country.

  • July 26, 2017

    Record Number Of Securities Class Actions Filed In 2017

    The number of class action securities fraud suits filed in federal court surged to a record high in the first half of 2017, according to a report released Tuesday, hitting the highest level in two decades as both traditional filings and merger and acquisition litigation continued to increase.

  • July 26, 2017

    FINRA Promotes Acting Enforcement Chief In Reorganization

    The Financial Industry Regulatory Authority said Wednesday that it had promoted its acting head of enforcement to take the reins of her department on a permanent basis ahead of a planned restructuring.

  • July 26, 2017

    Ticket Co. 'Insider' Ripped For Payout Bid Amid Ponzi Claims

    The U.S. trustee and several unsecured creditors of defunct ticket reseller and suspected Ponzi scheme vehicle National Events Holdings LLC objected to a bid by the company’s minority owner to pocket proceeds from the sale of NEH’s remaining ticket inventory, saying it's unclear if the “insider” was complicit in the alleged scheme.

  • July 26, 2017

    SEC Settles Claims Of Compliance Fails At Adviser's 2 Firms

    A Connecticut financial adviser has been suspended from serving as a chief compliance officer for at least three years as part of a deal settling the U.S. Securities and Exchange Commission's claims that he and his two investment advisory firms failed to comply with agency rules for advisers of private funds.

  • July 26, 2017

    Fed Rules Chief Nominee Says Dodd-Frank Tweaks Needed

    President Donald Trump’s nominee to be the Federal Reserve’s first official vice chairman for supervision on Wednesday said that while reforms put in place in the wake of the 2008 financial crisis have stabilized the banking system some changes were still needed.

  • July 26, 2017

    SEC Program Raises Ethics Issues For Atty Whistleblowers

    As the U.S. Securities and Exchange Commission’s whistleblower program continues to hand out multimillion-dollar awards, some companies and even state ethics boards are concerned that in-house attorneys could use their inside perspective to nab a bounty — while lawyers themselves face uncertainty about whether they’ll be punished for reporting wrongdoing.

  • July 26, 2017

    Hedge Fund Sues In Del. For ComScore Inc. Annual Meeting

    A fund of activist investor Starboard Value LP sued media and audience measurement company comScore, Inc. in Delaware’s Chancery Court on Tuesday, urging the court to order an annual meeting and an election for two-thirds of its director seats.

  • July 26, 2017

    Investors Rip Judge's Lead Plaintiff Pick In Ocwen Suit

    A group of two investors in Ocwen Financial Corp. urged a Florida federal court on Tuesday to throw out a magistrate judge’s order selecting the University of Puerto Rico Retirement System to lead a proposed class of investors in a suit accusing the mortgage servicer of issuing misleading statements about its regulatory compliance.

  • July 26, 2017

    Analyst Gets 45 Months For Insider Trading On ADT Buy

    A bail-jumping former MSD Capital LP analyst was sentenced Wednesday to 45 months in prison for what a New York federal judge called a “classically reckless” and “stupid offense” — trading on inside information about Apollo Global Management LLC’s planned $15 billion acquisition of ADT Corp.

Expert Analysis

  • For Law Firm Offices, Business Savvy Is The New Cool

    Craig Braham

    Having embraced the notion that the right space can reinforce the right firm culture, law firm leaders have been evaluating real estate primarily for its physical properties. However, it's hard to be collegial, even in the coolest of in-house coffee bars, if your cost structure is untenable, says Craig Braham of Advocate Commercial Real Estate Advisors LLC.

  • New IPO Policy Signals Pragmatic Regulatory Approach

    Alexander Cohen

    A new U.S. Securities and Exchange Commission policy that allows all issuers to have their registration statements reviewed on a nonpublic basis for initial public offerings — put in place quickly without rule writing or statutory mandate — demonstrates the SEC’s willingness to make significant changes in long-standing policy to spur capital formation, say attorneys with Latham & Watkins LLP.

  • How To Avoid Portfolio Co. Valuation Risks

    Joshua Newville

    For private fund advisers that are registered with the U.S. Securities and Exchange Commission, valuation will always be a key component of any exam. Over the past year, the SEC has requested information from mutual fund companies about how they value private technology companies, looking for discrepancies, say attorneys with Proskauer Rose LLP.

  • The Best Documents In Your Case May Be From 3rd Parties

    Wyatt Dowling

    Cases are built on evidence and evidence comes from discovery. But discovery is largely a voluntary process. Serving a document subpoena on a third party can be an efficient and creative way to fill in the gaps that may exist in the productions of opposing parties, says Wyatt Dowling of Yetter Coleman LLP.

  • Planning A Legal Career With A Future Relocation In Mind

    Jacqueline Bokser LeFebvre

    Lawyers move to New York City to work on some of the most sophisticated work the legal market has to offer. This exposure and experience is an amazing asset and many of the skills developed will make associates very marketable in the event they consider relocating to another market. However, this isn’t always the case, says Jacqueline Bokser LeFebvre of Major Lindsey & Africa.

  • 4 Female Perspectives On BigLaw Leadership

    Regina Pisa

    Only a handful of the largest U.S. law firms are led by women. Here, in their own words, are perspectives from Shook Hardy & Bacon Chair Madeleine McDonough, Crowell & Moring Chair Angela Styles, Morgan Lewis & Bockius Chair Jami Wintz McKeon and Goodwin Procter Chair Emeritus Regina Pisa.

  • The Elephant In The Room: Advancing Women To Partnership

    Anusia Gillespie

    Despite more focus and investment, the numbers continue to show little progress in advancing women to the top tiers of firm leadership. Considering the irreversible nature of the transformation of the market for top talent, it is time to start experimenting and innovating from the core, rather than from the periphery, say Anusia Gillespie and Scott Westfahl of Harvard Law School.

  • How Midsize Law Firms Can Minimize Cybersecurity Threats

    K. Stefan Chin

    It can be challenging for midsize law firms to develop an enterprise cybersecurity program that mitigates the eminent threat of data breach and meets the regulatory and compliance requirements of the firm and its clients. This challenge becomes daunting when considering the steady rise in client audits, say K. Stefan Chin of Peckar & Abramson PC and John Sweeney of Logicforce.

  • Lessons From The CoinDash Hack

    Stuart Levi

    The CoinDash initial coin offering was hacked within minutes of its launch, resulting in numerous potential purchasers sending their money to a fraudulent address. The hack has raised many questions about the security and legitimacy of ICOs and of the blockchain more generally, says Stuart Levi of Skadden Arps Slate Meagher & Flom.

  • Clayton Speech Signals New Tone At The Top

    Nicolas Morgan

    In his first public speech as U.S. Securities and Exchange Commission chairman, Jay Clayton pretty explicitly told us where we’re going to see changes, say Thomas Zaccaro and Nicolas Morgan, former SEC trial counsel now with Paul Hastings LLP.