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Securities

  • June 15, 2018

    3 High Court Justices Dump Some, But Not All, Of Their Stock

    The amount of individual stock held in public companies by U.S. Supreme Court justices declined once again in 2017, but three members of the high court’s bench still combine to hold shares in more than 40 entities, according to an analysis of financial disclosures released Thursday by watchdog group Fix the Court.

  • June 15, 2018

    Theranos Founder, Ex-COO Indicted For Fraud

    Theranos Inc. ousted founder Elizabeth Holmes as CEO as she and the company’s former chief operating officer were indicted Friday on charges they defrauded investors and doctors with blood testing technology the pair knew didn’t work.

  • June 15, 2018

    Shareholders Allege PG&E Fraud In Suit Over Calif. Wildfires

    Shareholders hit PG&E Corp. with a proposed class action Thursday accusing the utility of defrauding investors by claiming to comply with California safety regulations despite a state investigation blaming PG&E for a dozen of the wildfires that ravaged the state in 2017.

  • June 15, 2018

    Atty's Brother Gets 2½ Years For Aiding $1.5M Stock Scheme

    The brother of a California attorney was sentenced to 30 months behind bars Friday in Massachusetts federal court for helping two of his siblings and several others with a 2012 pump-and-dump scheme that netted at least $1.5 million.

  • June 15, 2018

    Law Firms Want Mass. Judge Recused In $75M Fee Fight

    Three law firms accused of misconduct in a $75 million fee fight have asked a Massachusetts federal judge to recuse himself over a potential conflict and “inflammatory” statements he allegedly made during a recent hearing in the ongoing battle following a class action settlement involving State Street Corp. and a pension fund, according to a motion unsealed Friday.

  • June 15, 2018

    Broker Slams SEC's 3rd Circ. Appeal In Penny Stock Case

    A broker-dealer has slammed the U.S. Securities and Exchange Commission's bid at the Third Circuit to overturn the dismissal of its civil case over an alleged $17.2 million pump-and-dump penny stock scheme, arguing that the agency pushed for punitive damages too late.

  • June 15, 2018

    Greenberg Traurig Nabs Ex-Weil Cybersecurity Pro In NY

    Greenberg Traurig LLP has hired a former Weil Gotshal & Manges LLP attorney who specializes in cybersecurity issues and complex securities litigation to its cybersecurity, privacy and crisis management practice, the firm recently announced.

  • June 15, 2018

    Citi To Pay States $100M For Libor Rigging

    A Citigroup Inc. unit has agreed to pay $100 million to 41 U.S. states and the District of Columbia for manipulating its U.S. Dollar London Interbank Offered Rate submissions in order to dodge bad publicity, prosecutors said Friday.

  • June 14, 2018

    Hacker-Trader Gang Insider Implicates Ex-Fund Manager, Self

    Prosecutors building a case against two men who allegedly traded stocks after hackers passed them draft versions of corporate financial reports told a Brooklyn federal jury on Thursday that documents don’t lie, while the defense did its best to suggest that the witness who read them had.

  • June 14, 2018

    Chinese Tech Execs Face Arrest For Ignoring Chancery Suit

    A Delaware Chancery judge teed up arrest warrants for two executives of a Chinese technology firm Thursday after the officers dodged a shareholder suit for years and were found in contempt of prior orders in the case, giving the pair one last chance to cooperate before the warrants take effect.

  • June 14, 2018

    CFTC Calls Virtual Currencies ‘Goods’ At Boston Hearing

    The U.S. Commodity Futures Trading Commission told a federal judge in Boston on Thursday that virtual currencies fall within the definition of “goods and articles” it can regulate, arguing for jurisdiction over the expanding industry where the agency says scams are flourishing.

  • June 14, 2018

    Norton Rose Picks Up New M&A, PE Partners In NY, Calif.

    Norton Rose Fulbright has strengthened its mergers and acquisitions and private equity offerings with the addition of partners to its offices in major cities on the East and West Coasts.

  • June 14, 2018

    SEC Wants Atty-Turned-Fraudster Banned From Penny Stocks

    The U.S. Securities and Exchange Commission on Thursday asked a federal judge in Massachusetts to ban a California attorney from dabbling in penny stocks or leading a public company after a jury convicted him of securities fraud in 2016 and he lost the parallel civil case last month.

  • June 14, 2018

    Koch Attorney Warns Chancery On Oxbow Sale Receiver Risk

    An attorney for William I. Koch's multibillion-dollar Oxbow Carbon LLC commodity business told a Delaware vice chancellor Thursday that appointment of a receiver for a court-ordered sale "is neither necessary nor appropriate nor permissible," and could jeopardize the business.

  • June 14, 2018

    SEC Official Says Bitcoin And Ether Are Not Securities

    A key Securities and Exchange Commission official said Thursday that the agency does not consider cryptocurrencies bitcoin and ether to be securities, while affirming that many digital tokens sold in fundraising schemes known as initial coin offerings are indeed securities.

  • June 14, 2018

    Ex-NFLers' Tax Credit Scheme Suit Against Chuhak Trimmed

    Scandal-plagued Chuhak & Tecson PC may be off the hook in one proposed class action by a group of former NFL players and others over a tax credit scheme that sent a partner to prison, after a Florida federal court tossed some claims because they conflicted with a federal statute and said it may dismiss the rest as unripe.

  • June 14, 2018

    Lebanese Bank Exits Shareholder Suit Over Terror Financing

    A Jordanian businessman who invested in the now-defunct Lebanese Canadian Bank can’t hold its former top brass accountable for human rights abuses under the Alien Tort Statute, a New York federal judge said Thursday, dismissing the derivative suit he brought on behalf of the bank for an alleged money laundering scheme orchestrated by its leaders.

  • June 14, 2018

    Vanguard Class Barred By Litigation Reform, 3rd Circ. Told

    The Vanguard Group Inc. urged the Third Circuit on Thursday to toss a putative class action alleging investors were overcharged commission fees, arguing the claim is barred under federal litigation reforms that limit the types of securities class actions consumers can lodge against companies.

  • June 14, 2018

    Swaps Exchange Accuses BofA, Goldman Of Illegal Boycott

    An electronic exchange for trading interest rate swaps filed suit on Thursday in New York federal court against an array of large financial institutions, including Bank of America, Goldman Sachs, Citigroup and Morgan Stanley, accusing them of illegally boycotting the exchange to eliminate competition in the interest rate swaps market and boost their own profits.

  • June 14, 2018

    Shareholder Suit Against Rayon Co. Moved From Tenn. To Fla.

    A Tennessee federal judge on Thursday agreed to transfer a shareholder suit against rayon producer Rayonier Advanced Materials Inc. to the Middle District of Florida, ruling that the shareholder dispute over the Jacksonville, Florida-based company’s alleged failure to respond to market changes in pricing belongs in the Sunshine State.

Expert Analysis

  • 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.

  • FCPA Enforcement Activity In Early 2018: Part 1

    Collmann Griffin

    Enforcement of the Foreign Corrupt Practices Act was relatively slow during the first quarter of 2018, with only three fairly low-value corporate enforcement actions announced between January and March of the year. But the announced second quarter settlements and likely future dispositions suggest that 2018 still may be an active year overall for FCPA enforcement, says Collmann Griffin of Miller & Chevalier Chtd.

  • Opinion

    SEC Should Expand Opportunities For Mr. And Mrs. 401(k)

    Dina Ellis Rochkind

    As the U.S. Securities and Exchange Commission considers raising the standard of conduct applicable to investment advisers with respect to their retail clients, it should also consider loosening the restrictions that inhibit retail investors from gaining access to privately placed securities and other alternative investments, say Dina Ellis Rochkind and Joshua Downer of Paul Hastings LLP.

  • Kokesh And Its Impact On SEC Enforcement, A Year Later

    Matthew Solomon

    One year ago, the U.S. Supreme Court ruled in Kokesh that the U.S. Securities and Exchange Commission’s disgorgement remedy is subject to a five-year statute of limitations. This has had a quantifiable effect on the agency’s enforcement program, say attorneys with Cleary Gottlieb Steen & Hamilton LLP.

  • Opinion

    Why Widespread Use Of Live Video Testimony Is Not Justified

    Geoffrey Wyatt

    Despite the partiality some courts have shown to live video testimony, it provides no advantages — and several disadvantages — over the tried-and-true method of videotaped depositions, say attorneys with Skadden Arps Slate Meagher & Flom LLP.

  • Series

    Judging A Book: Wallach Reviews 'Uncivil Warriors'

    Judge Evan Wallach

    "Uncivil Warriors: The Lawyers' Civil War," by Peter Hoffer, is a new book about the involvement of lawyers on both sides in the American Civil War. The discussion is enlightening and often fascinating, but falls short in several key areas, says Federal Circuit Judge Evan Wallach.

  • Structured Finance Is Safe Despite Merit Ruling

    J.R. Smith

    While the U.S. Supreme Court’s decision in Merit Management v. FTI Consulting seemingly narrowed the reach of the Section 546(e) safe harbor, it did little to change the landscape for the multibillion-dollar U.S. structured finance industry, including warehouse lending structures, say J.R. Smith and Shannon Daily of Hunton Andrews Kurth LLP.

  • States' Crypto Enforcement Onslaught Has Only Just Begun

    John Reed Stark

    It should come as no surprise that state securities administrators have boosted their cryptocurrency enforcement efforts. Because while cryptocurrency promoters can find easy prey in today’s excitable retail investor marketplace, initial coin offerings and digital trading platforms are also easy to surveil and easy to charge, says John Reed Stark of John Reed Stark Consulting LLC.

  • BigLaw Blogs In A Post-GDPR Marketing Universe

    Stephan Roussan

    Connecting with potential prospects is now more challenging due to the EU General Data Protection Regulation, meaning that law firm microsites, blogs and social media will become more valuable than ever. The firms that deploy them strategically will increase their relative visibility and accelerate the rebuilding of their opt-in distribution lists, says Stephan Roussan of ICVM Group.