Securities

  • November 16, 2017

    Prosecutors, SEC Say Investor Conned $1.4M From Retiree

    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.

  • November 16, 2017

    Ex-Squire Patton Boggs Atty, Prosecutor Joins Nelson Mullins

    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.

  • November 16, 2017

    Senate Confirms Otting As Comptroller Of The Currency

    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.

  • November 16, 2017

    Mistrial For Labor Boss, Hedge Funder In Union Graft Case

    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.

  • November 16, 2017

    Walmart Puts Aside $283M For Potential FCPA Settlement

    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.

  • November 15, 2017

    SEC’s Clayton Tightens Leash On Further Audit Trail Delays

    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.

  • November 15, 2017

    Chicago Adviser Bilked Clients, In-Laws Out Of $5M, DOJ Says

    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. 

  • November 15, 2017

    Puerto Rico Creditors Denied Bid For Separate Debt Probe

    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.

  • November 15, 2017

    Obsidian Energy Reaches $8.5M Deal To Settle SEC Suit

    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.

  • November 15, 2017

    Zohar Funds Lose Bid To Block Patriarch Co. Disbursement

    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.

  • November 15, 2017

    McAfee, Intel Must Face Investor Suit Over $7.7B Merger

    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. 

  • November 15, 2017

    Del. State Lawmaker Wants To Intervene In TransPerfect Sale

    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.

  • November 15, 2017

    HSBC Notches Quick Wins On Ponzi Scheme Victims' Claims

    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.

  • November 15, 2017

    Ex-WL Ross Execs Want Answers On $48M Fund-Related Fees

    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.

  • November 15, 2017

    Aveo Investors Get Certification In Cancer Drug Suit

    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.

  • November 15, 2017

    BioScrip Investors Ask Del. Justices For 3rd Try At Suit

    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.

  • November 15, 2017

    Endo Concealed Unit's Alleged Price-Fixing, Investors Say

    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.

  • November 15, 2017

    Associate Settles For $2.7M In SEC Oil And Gas Fraud Suit

    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.

  • November 15, 2017

    Wi-Fi Exec Must Pay $5.7M Over Breached Equipment Pact

    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.

  • November 15, 2017

    Ex-Katten Atty Wanted Shkreli Loan Disclosed, Jury Hears

    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.

Expert Analysis

  • Proportionality, Not Perfection, Is What Matters

    John Rosenthal

    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.

  • 2nd Circ. Significantly Weakens Cramdown Threat

    Michael Rosenthal

    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.

  • Make Way For The 'Unicorns'

    Lucy Endel Bassli

    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.

  • Series

    Judging A Book: McConnell Reviews 'Unequal'

    Judge John McConnell

    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.

  • When D&O Insurers Withhold Settlement Consent

    Kevin LaCroix

    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.

  • The Non-Arbitration Alternative To New York ADR

    Edmund O'Toole

    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

    A Crisis Caused By Housing Policies, Not Lack Of Regulation

    Wallison_Peter.jpg

    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.

  • Roundup

    Making Pro Bono Work

    Pro Bono Thumbnail

    In this series, attorneys explore the challenges and rewards of pro bono volunteering in the legal profession.

  • Being There: Preparing Witnesses For Depositions

    Alan Hoffman

    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.

  • Series

    Making Pro Bono Work: The Sidley-Exelon Partnership

    Kelly Huggins

    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.