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Securities

  • 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.

  • January 16, 2019

    Insys Shareholders Want Stay Lifted In Fentanyl Chancery Suit

    A class of shareholders suing pharmaceutical maker Insys Therapeutics Inc. and its directors over an alleged scheme to market a powerful opioid for off-label uses asked the Delaware Chancery Court to lift the stay in the proceedings to allow a motion to dismiss to move forward.

  • January 16, 2019

    Ariad Exec’s Ex Gets 18 Months For Trading On Drug Info

    The ex-husband of a former Ariad Pharmaceuticals executive was sentenced to 18 months in prison Wednesday for insider trades he made based on meetings his then-wife had with the U.S. Food and Drug Administration about the company's cancer drug.

  • January 16, 2019

    MoFo Snags 2 Ex-Davis Polk Executive Compensation Pros

    Morrison & Foerster LLP has hired two former Davis Polk & Wardwell LLP attorneys in New York to bolster its executive compensation team — one with experience in federal tax and securities law and the other in transactional work.

  • January 16, 2019

    Ex-Latham Hong Kong Head Launches Arbitration Practice

    A former Latham & Watkins LLP managing partner has left the firm’s Hong Kong office to launch his own independent practice where he will focus on overseeing disputes as an arbitrator and advising clients as counsel.  

  • January 16, 2019

    Securities Group Of The Year: Gibson Dunn

    Securing a landmark U.S. Supreme Court decision that opened up potential appointments clause challenges to administrative law judges who decide enforcement cases for the U.S. Securities and Exchange Commission is one of the victories that earned Gibson Dunn & Crutcher LLP a spot among Law360's Securities Practice Groups of the Year.

  • January 16, 2019

    BNY, Investors Reach $72.5M Deal In ADR Overcharge Suit

    The Bank of New York Mellon has agreed to pay $72.5 million to resolve claims that it overcharged American depositary receipt holders for the conversion of foreign currency dividends to U.S. dollars, according to investors who asked a New York federal judge on Tuesday for preliminary approval of the settlement.

  • January 16, 2019

    PE Firm Says Bond Losses Clearly Due To Odebrecht’s Bribes

    An investment firm and two of its funds asked a New York federal judge Tuesday to block Brazilian engineering conglomerate Odebrecht SA’s bid to escape the firm’s lawsuit related to an alleged wide-ranging bribery scheme, saying its complaint clearly demonstrates how the company’s false and misleading statements exposed investors to risk.

  • January 16, 2019

    Ex-Barclays Traders 'Tainted' Euribor Rates, Court Told

    Three former Barclays PLC traders were part of a conspiracy to cheat the financial system that “tainted” the integrity of a key interest rate benchmark used to price trillions of dollars of financial products, prosecutors told a London jury on Wednesday.

  • January 16, 2019

    Markets Expect Brexit Will Be Delayed, BoE's Carney Says

    The governor of the Bank of England told a panel of lawmakers on Wednesday that sterling has risen following the landslide defeat for the government’s draft withdrawal agreement because financial markets believe the prospect of a no-deal Brexit “may have been diminished.”

  • January 15, 2019

    Weston Capital Founder Dodges Prison Over Investor Fraud

    A Manhattan federal judge on Tuesday spared the founder of hedge fund manager Weston Capital Asset Management from prison over his role in a multimillion-dollar investment fraud scheme after the government cited his crucial cooperation in prosecutions that brought down film producer David Bergstein and serial fraudster Jason Galanis.

  • January 15, 2019

    Oxbow Carbon Must Pay Up In Chancery Records Dispute

    A Delaware vice chancellor ordered Oxbow Carbon LLC to pay $60,000 in fees to minority investors who won an order compelling the sale of William Koch’s multibillion-dollar energy company and then sued for records on its payments to the founder's personal attorney at Mintz Levin Cohn Ferris Glovsky and Popeo PC.

  • January 15, 2019

    Chancery Trims Fee Award In Miramar Class Merger Challenge

    A Delaware Chancery Court judge reduced an award of attorneys' fees requested by plaintiffs' counsel Tuesday in a shareholder merger suit alleging conflict of interest against the directors of medical technology company Miramar Labs Inc. before approving a $410,000 cash settlement.

  • January 15, 2019

    Puerto Rico Fed Board Looks To Invalidate $6B In Bond Debt

    A federally-appointed board tasked with overseeing Puerto Rico’s monumental debt restructuring joined with the island’s unsecured creditors Monday to demand that $6 billion in general obligation bond debt be wiped out, arguing the bonds violated provisions in the Puerto Rican Constitution when they were issued a few years ago.

  • January 15, 2019

    Construction Co., Family Want Out Of Wis. Shareholder Fight

    Shareholders and constituent companies of a road construction company on Monday looked to escape allegations that they are offering an unfair price to family members looking to sell their own shares, telling a Wisconsin federal judge that the lawsuit challenges the decisive findings of a state court action and long-settled company bylaws.

  • January 15, 2019

    Ukrainians Charged With 2016 Hack Of SEC Filings

    A Ukrainian hacker was charged Tuesday with infiltrating the U.S. Securities and Exchange Commission’s Edgar electronic filing system during 2016 as part of a scheme to access material, nonpublic documents that he then shared with traders for profit, U.S. authorities said.

  • January 15, 2019

    Akorn Wants Derivative Suit Related To Failed Merger Axed

    Akorn Inc. told an Illinois federal judge on Monday that a shareholder’s consolidated derivative suit claiming the pharmaceutical company’s falsified regulatory submissions sunk a multibillion-dollar merger and tanked Akorn’s share price doesn’t offer allegations to support a securities claim and must be tossed.

  • January 15, 2019

    Chimera Pump-And-Dump Conspirator Takes $3M Plea Deal

    One of the seven individuals charged in what prosecutors say is a $48 million stock manipulation scheme involving Chimera Energy Corp. and other companies has entered a plea agreement with the government that requires him to forfeit up to $3 million he earned from the alleged scam.

Expert Analysis

  • Shutdown's Messy Impact On Consumer Protection Activities

    Alan Wingfield

    As it appears the federal government shutdown could continue for some time, attorneys with Troutman Sanders LLP discuss its effect on the regulatory and litigation docket for consumer-facing companies.

  • Opinion

    The Case For Lawyer-Directed Litigation Funding In NY: Part 1

    Peter Jarvis

    Contrary to what the New York City Bar Association concluded in an ethics opinion last year, lawyer-directed nonrecourse commercial litigation funding does not violate New York rules on sharing fees with nonlawyers, say Peter Jarvis and Trisha Thompson of Holland & Knight LLP.

  • How Congress Could Change The Game For Digital Tokens

    Stephen Crimmins

    The crypto industry and regulators have struggled to fit cutting-edge blockchain technology into a securities regulatory framework with roots in the 1930s. But a December bill set to be reintroduced in the new Congress would exempt certain blockchain networks from securities laws, say Stephen Crimmins and Matthew Comstock of Murphy & McGonigle PC.

  • 4 AML Insights Broker-Dealers Should Carry Into 2019

    Mirella deRose

    While many of us were winding down 2018 focused on the holidays, the U.S. Department of Justice and other financial industry regulators were busy delivering a flurry of messages about anti-money laundering compliance, say attorneys with King & Spalding LLP.

  • Correcting CFTC Course On Manipulative Intent

    Chad Silverman

    In U.S. Commodity Futures Trading Commission v. Wilson, a New York federal court properly relied on 30 years of precedent to overturn the CFTC's broad new theory of manipulative intent, says Chad Silverman of Skadden Arps Slate Meagher & Flom LLP.

  • Accounting Treatment Pitfalls To Avoid In Life Sciences M&A

    John Sullivan

    When conducting M&A transactions in the life sciences industry, buyers should be prepared to respond accordingly if an acquisition is treated as a business combination under generally accepted accounting principles but as an asset acquisition by the U.S. Securities and Exchange Commission, says John Sullivan of FTI Consulting Inc.

  • Retail Investment Advisers Beware – The SEC Is Watching

    Margaret Nelson

    In 2018, the U.S. Securities and Exchange Commission's stand-alone enforcement actions against retail investment advisers increased by 32 percent. Recent cases offer useful guidance for retail investment advisers as they prepare for their annual compliance reviews, say Margaret Nelson and Kathryn Throo Williams of Foley & Lardner LLP.

  • 7 Questions To Add To Your Lateral Partner Questionnaire

    Howard Rosenberg

    Law firms should redesign the vetting process for lateral candidates so it directly addresses sexual harassment and assault issues, says Howard Rosenberg of Decipher.

  • Impressive Results From DOJ Fraud Section In 2018

    Kevin Muhlendorf

    The U.S. Department of Justice Criminal Division's 22-page report on the Fraud Section's accomplishments in 2018 provides important hints at what the future holds for individuals and entities whose activities come within the section’s broad reach, say Kevin Muhlendorf and Madeline Cohen of Wiley Rein LLP.

  • NY’s High Court Further Clarifies RMBS Legal Landscape

    Christopher Malloy

    In the past year, the New York Court of Appeals heard four significant cases addressing contractual remedies and timeliness of lawsuits concerning residential mortgage-backed securities — and has agreed to hear at least two more. The court's decisions in these cases will serve as useful guideposts, say attorneys with Skadden Arps Slate Meagher & Flom LLP.