A former investment adviser defrauded a retiree out of about $1.4 million and used the money to pay off clients and family and buy a Bentley, federal prosecutors and the U.S. Securities and Exchange Commission have each alleged.
A former federal prosecutor and Squire Patton Boggs LLP attorney, who represents a client in the FIFA corruption scandal and has prosecuted New Jersey officials for public corruption, has joined Nelson Mullins Riley & Scarborough LLP.
The Senate approved Joseph Otting to lead the Office of the Comptroller of the Currency on Thursday, filling a key financial industry regulatory office in President Donald Trump’s administration.
A New York federal judge on Thursday declared a mistrial in the corruption case against New York City labor leader Norman Seabrook and Platinum Partners LP founder Murray Huberfeld, after the jury, having deliberated about 36 hours over six days, announced itself for a second time to be deadlocked.
Wal-Mart Stores Inc. said Thursday it expects to pay $283 million to resolve long-running U.S. Department of Justice and U.S. Securities and Exchange Commission investigations into the retail giant’s possible violations of the Foreign Corrupt Practices Act.
The chairman of the U.S. Securities and Exchange Commission this week showed he’s not afraid of crossing powerful interests on Wall Street when he denied a last-minute plea by the nation’s stock exchange operators to yet again delay the launch of the consolidated audit trail.
A Chicago investment adviser was charged Wednesday with stealing more than $5 million from clients, including his elderly in-laws, purchasing a luxury car and paying his mortgage while disguising his work in a Ponzi-style scheme, according to the U.S. Department of Justice.
There will be only one investigation into the origins of Puerto Rico's crippling debt crisis, a federal judge ruled Wednesday, shutting down a creditor committee's effort to conduct its own probe into some of the island's biggest banks but saying their input should be part of a federal board's ongoing inquiry.
Obsidian Energy Ltd., the oil and gas producer formerly known as Penn West Petroleum Ltd., has agreed to pay an $8.5 million civil penalty as part of a deal to resolve the U.S. Securities and Exchange Commission’s allegations of accounting fraud, the agency told a New York federal court Wednesday.
A New York federal judge has declined to block a Patriarch Partners administrative agent from potentially paying out $45 million that several investment funds created by Patriarch’s CEO Lynn Tilton have claimed is theirs, ruling that they failed to show money damages couldn't fix any injury they might otherwise allegedly suffer if the disbursement is made.
A California appeals court on Wednesday revived a class of investors’ claims against Intel Corp., McAfee Inc. and its former CEO David DeWalt over the companies’ $7.7 billion merger, finding a trial court should determine whether DeWalt withheld information in a way that harmed shareholders.
Prominent Delaware Republican state Sen. Colin Bonini asked the Delaware Chancery Court late Tuesday to “help oversee” the court-ordered sale of legal translation firm TransPerfect, which is strongly opposed by one of its co-founders, saying he was concerned about the appearance conflicts surrounding the auction process.
HSBC Bank USA NA on Wednesday scored quick wins in California federal court on all claims in a proposed class action accusing the bank of aiding and abetting a Ponzi scheme by serving as an intermediary bank for wire transfers from the scheme’s victims to bank accounts in Hong Kong.
Three former WL Ross & Co. Inc. investment managers launched a lawsuit in New York court Wednesday alleging that the company hid the presence of more than $48 million in management fees charged to a trio of general partner companies established to oversee certain WL Ross private equity funds.
A Massachusetts federal judge on Tuesday granted class certification to a group of investors claiming Aveo Pharmaceuticals Inc. misled them about concerns the U.S. Food and Drug Administration had about the company’s kidney cancer drug.
Delaware’s Supreme Court justices pressed an investor-attorney Wednesday to explain why they should resurrect twice-tossed litigation seeking damages on a health care company’s behalf, citing arguments that shareholders failed to make a viable initial demand for action by directors.
Endo International PLC shareholders hit the drugmaker with a proposed class action Tuesday in Pennsylvania federal court claiming it didn’t properly disclose that Par Pharmaceutical Holdings Inc., which the company acquired in 2015, has allegedly colluded to fix generic-drug prices.
A sales associate linked to a scheme that convinced investors to purchase interests in oil and gas limited partnerships has agreed to pay $2.7 million to settle pending securities-law violation claims against him, the Securities and Exchange Commission told a Texas federal court Wednesday.
NFS Leasing Inc. has won $5.7 million in damages from an executive whose Wi-Fi supply company defaulted on a lease agreement for supplying Wi-Fi to sports arenas, according to filings in Massachusetts federal court Wednesday that show the company owes nearly $8.1 million as well.
Former Katten Muchin Rosenman LLP attorney Evan Greebel warned a former Retrophin Inc. executive that a move to convert a $900,000 Martin Shkreli investment in the drug developer to a loan was a possible "showstopper" that outside investors had to hear about, a jury weighing conspiracy charges against Greebel heard Wednesday.
A few jurists and commentators have recently caused a stir in the e-discovery community by arguing that litigants should avoid using keyword searches to filter or cull a document population before using predictive coding. This “no-cull” rationale undermines the principle of proportionality at the heart of the recent changes to Federal Rule 26, say John Rosenthal and Jason Moore of Winston & Strawn LLP.
By increasing the likelihood that a Chapter 11 debtor will be required to pay a market interest rate to cram down a plan on secured lenders, the Second Circuit's opinion in MPM Silicones clearly reduces a debtor's leverage in negotiations with secured creditors, say attorneys with Gibson Dunn & Crutcher LLP.
By "unicorn" I don’t mean the next great tech startup with a valuation of $1 billion. I mean the new breed of lawyers realizing that there are better ways to get their day jobs done, says Lucy Endel Bassli, assistant general counsel leading the legal operations and contracting functions at Microsoft Corp.
As widespread claims of sexual misconduct continue to surface in the entertainment industry and beyond, a discussion of how judges treat workplace discrimination cases may be particularly timely. Here, U.S. District Judge John McConnell reviews the book "Unequal: How America’s Courts Undermine Discrimination Law," by professors Sandra Sperino and Suja Thomas.
An Arizona federal judge in Apollo Education Group v. National Union Fire Insurance validated the insurer’s decision to withhold consent to a securities class action settlement, but this outcome is unlikely to encourage insurers. Most directors and officers insurers understand that their decision to withhold consent will be viewed narrowly by courts, says Kevin LaCroix of RT ProExec.
Corporate transactional attorneys drafting dispute resolution provisions in New York commercial agreements should consider using a provision that would require any dispute arising under the agreement to be determined in accordance with the NY Supreme Court’s Commercial Division and its rules applicable to accelerated adjudication actions, says Ed O’Toole of Venable LLP.
Financial Crisis Anniversary
Supporters of the Dodd-Frank Act regularly claim that any change or reform of that law will open the U.S. economy to another financial crisis. This view is based on the fallacious idea that the crisis 10 years ago was the result of insufficient regulation of banks, says Peter Wallison, a senior fellow at the American Enterprise Institute and a dissenting member of the Financial Crisis Inquiry Commission.
In this series, attorneys explore the challenges and rewards of pro bono volunteering in the legal profession.
Preparing witnesses to be deposed is a critical element of discovery. It is important to remember that each witness is an individual with unique personal qualities, strengths and weaknesses. Getting to know the witness helps establish rapport and trust, says Alan Hoffman of Husch Blackwell LLP.
Exelon Corp. and Sidley Austin LLP have been working together on both short- and long-term pro bono matters for the past 10 years. We offer a glimpse of how we got started and what we have done in the hope that other corporate legal departments and law firms might find ways to work together to meet the legal needs of the poor, say Kelly Huggins, pro bono counsel at Sidley Austin, and Margaret Balsley-Cross, assistant general counsel at Exelon.