Securities

  • July 19, 2017

    2nd Circ. Nixes Libor Convictions Over Forced Testimony

    The Second Circuit on Wednesday overturned the convictions of two former Rabobank employees charged with manipulating the London Interbank Offered Rate, saying the case relied on compelled testimony, which cannot be used in U.S. criminal cases even when legally compelled by foreign authorities.

  • July 18, 2017

    SEC Seeks To Lift Stay On Suit Against Ex-Dewey CFO

    The U.S. Securities and Exchange Commission told a New York federal judge Tuesday it wants to forge ahead with its civil fraud case against ex-Dewey & LeBoeuf LLP chief financial officer Joel Sanders after a jury convicted him of criminal charges earlier this year.

  • July 18, 2017

    Ticket Reseller In Ponzi Case Can Sell Remaining Inventory

    A New York bankruptcy court gave defunct ticket reseller and suspected Ponzi scheme vehicle National Events Holdings LLC the green light on Tuesday to sell off roughly $5.2 million in sports and concert tickets, bringing the tangled case one step closer to completion.

  • July 18, 2017

    Shkreli Vowed To Make Trader's Kids Homeless, Jury Hears

    A former portfolio manager for one of Martin Shkreli's MSMB hedge funds on Tuesday told a Brooklyn federal jury of how the onetime pharmaceutical executive turned nasty when a dispute arose over the ownership of some Retrophin stock, with Shkreli telling the man's wife he wanted to make her and her children homeless.

  • July 18, 2017

    OptimisCorp Appeals Chancery's $2M Fee Award To Ex-CFO

    Physical therapy firm OptimisCorp told the Delaware Supreme Court late Monday that the Chancery Court wrongly awarded its former chief financial officer nearly $2 million in legal fees connected to a vicious fight over control of the company, arguing that the lower court incorrectly read the underlying trial opinion.

  • July 18, 2017

    Viacom Says Redstone's Pay Was Appropriate Despite Illness

    Viacom Inc. and its board members told a Delaware state court judge Tuesday that salary and bonus payments made to an ailing Sumner Redstone in 2014 were not the actions of a disloyal board because the executive had provided valuable benefits to the company and that a stockholder derivative suit over the outlays should be dismissed.

  • July 18, 2017

    Dole Shareholders Garner $18.5M In Fees In Securities Case

    Attorneys for a Dole Food Co. stockholder class secured an $18.5 million fee award Tuesday as part of a $74 million settlement in a Delaware federal securities suit targeting insider efforts that artificially depressed Dole’s stock price in 2013.

  • July 18, 2017

    Advisers Hope Rigorous SEC Exam Program Will Relax Soon

    Investment advisers and other U.S. Securities and Exchange Commission-registered entities have been grappling with what experts say is an increasingly demanding examination program, but funds and firms are hopeful for a reprieve going forward as SEC Chairman Jay Clayton looks to reduce what he sees as the growing costs of regulatory compliance.

  • July 18, 2017

    Ex-BP Exec Seeks Redo On Investor Claims In Oil Spill MDL

    A former BP executive on Monday asked a Texas federal judge presiding over multidistrict litigation related to the Deepwater Horizon oil spill to rethink his decision allowing investors to proceed with claims based on a 2007 statement the executive made about the status of a fiber-optic network project in the Gulf of Mexico.

  • July 18, 2017

    Bondholders Seek Receiver For Puerto Rico Electric Co.

    A group of Puerto Rico Electric Power Authority bondholders Tuesday told a bankruptcy court that the utility's financial troubles make the bondholders legally entitled to see a receiver appointed to protect their interests.

  • July 18, 2017

    Investor Rips Atty Fee Requests In $100M Halliburton Deal

    An investor representing Halliburton Co. shareholders in a $100 million settlement with the company over its asbestos liability disclosures has slammed attorneys’ fees requests from two law firms previously involved in the case, telling a Texas federal court Monday that their work provided no meaningful benefit.

  • July 18, 2017

    Third Man Cops To $6.4M Diamond Investment Fraud

    A Texas man involved in a $6.4 million diamond investment fraud scheme confessed to his role Tuesday, joining his two co-defendants in entering guilty pleas.

  • July 18, 2017

    Teva Employees Say Co. Hid DOJ Antitrust, Bribery Probe

    A Teva Pharmaceutical employee holding American depositary shares through a company program launched a proposed class action against the generic-drug maker in Ohio federal court Monday, saying his employer had concealed probes into price fixing and the payment of bribes to foreign government officials.

  • July 18, 2017

    CFTC Claims $16M 'Binary Options' Trading Scam In Suit

    The Commodity Futures Trading Commission has accused a California businessman with a global network of companies and a Florida marketer and his company of violating trading regulations and defrauding at least 8,000 customers of more than $16 million, the agency announced Tuesday.

  • July 18, 2017

    Goldman Sachs Pays FINRA $2.5M Over Options Reporting

    Goldman Sachs & Co. LLC has agreed to pay $2.5 million to end the Financial Industry Regulatory Authority's allegations that it failed to report options positions in millions of instances and made options trades that exceeded position limits, according to a settlement filed Monday.

  • July 18, 2017

    SEC Blasts Trader's Challenge To Its Cooperation Program

    The U.S. Securities and Exchange Commission told the Second Circuit on Monday that it didn't violate the constitutional rights of a former Barclays Capital Inc. bond trader when it signed a cooperation agreement with his alleged co-conspirator from a stock-parking scheme.

  • July 18, 2017

    Senate Agriculture Lawyer Picked For Dems' Spot On CFTC

    A top lawyer with the U.S. Senate Agriculture Committee who previously worked in the New Jersey Attorney General's Office was nominated by the White House on Monday for a Democratic seat on the U.S. Commodity Futures Trading Commission.

  • July 18, 2017

    Investors Blast Polaris' Bid To Nix Suit Over Recalls

    Off-road vehicle manufacturer Polaris can’t pass off alleged misrepresentations about potential risks to the company’s business as simple mismanagement while its vehicles burst into flame and injured customers, a proposed class of investors told a Minnesota federal court Monday.

  • July 18, 2017

    ESMA Chides UK Watchdog Over Financial Data Scrutiny

    Britain’s financial reporting watchdog was criticized Tuesday by the European Securities and Markets Authority for failing to enforce European Union rules governing the supervision of financial information used in equity and bond issuances.

  • July 18, 2017

    Capital Bank Investor Sues Over $2.2B First Horizon Deal

    Capital Bank Financial Corp. brass secured special deals for themselves while the bank withheld or misrepresented information about its proposed $2.2 billion sale to First Horizon National Corp., an investor alleged Monday in North Carolina federal court.

Expert Analysis

  • Morrison's Impact On Commodity Exchange Act Claims

    Karen Hoffman Lent

    The Southern District of New York's recent decision in North Sea Brent Crude Oil Futures Litigation, together with the Second Circuit's decision in Loginovskaya, makes clear that Morrison presents a daunting obstacle to private Commodity Exchange Act claims that involve some element of foreign conduct, say attorneys with Skadden Arps Slate Meagher & Flom LLP.

  • 5 Questions To Ask Firm Before Accepting A Litigation AFA

    Gregory Lantier

    Outside counsel experienced with alternative fee arrangements will have many war stories regarding successful — and less successful — fee arrangements. Asking outside counsel to share these experiences can provide useful insight into the strength of a proposed AFA, say attorneys with WilmerHale.

  • Takeaways From 2nd Circ.'s Petrobras Ruling

    Brad Karp

    The Second Circuit’s decision last week in Petrobras has significant implications for litigation concerning securities that are traded in the over-the-counter market. Litigation involving debt securities is particularly likely to be affected, say attorneys with Paul Weiss Rifkind Wharton & Garrison LLP.

  • Opinion

    Why You Should Argue Your Appeal

    Stewart Milch

    Conventional wisdom says that oral argument is a mere formality; that in courts where judges read briefs in advance, their minds are made up and will rarely — if ever — change. But conventional wisdom notwithstanding, oral argument can be critical, says Stewart Milch of Goldberg Segalla LLP.

  • 6 Ways Teaching A Law School Class Can Benefit Lawyers

    Steven Allison

    Though teaching a law school class may be one of the last things on a busy practitioner's to-do list, it's a misconception that teaching will benefit only those who are looking to leave the practice of law and enter academia. It also offers several practical benefits, especially for more junior lawyers looking for stand-up experience, say Steven Allison and Samrah Mahmoud of Crowell & Moring LLP.

  • Preparing For The New Revenue Recognition Standard

    Robert Hayward

    The new revenue recognition standard from the Financial Accounting Standards Board goes into effect for fiscal years starting after Dec. 15, 2017. Here, attorneys with Kirkland & Ellis LLP look at a few issues companies can consider now in order to stay ahead of the curve.

  • Assessing The EU's Revised Shareholder Rights Directive

    Bram Hendriks

    The European Union's revised Shareholder Rights Directive incorporates a set of corporate governance and stewardship best practices that have developed since the initial version's publication in 2007. From a shareholder perspective, the directive seems to provide an adequate balance between additional rights and responsibilities, says Bram Hendriks of Kessler Topaz Meltzer Check LLP.

  • Spiral Dynamics And The Vanishing Jury Trial

    Jennifer Gibbs

    Over the past 20 years, the number of jury trials has been on a dramatic decline. What if the vanishing jury trial is evidence of an expected development of human consciousness — explained by a theory known as spiral dynamics? asks Jennifer Gibbs, a partner with Zelle LLP.

  • Inside PCAOB's New Standard For Audit Reports

    Kelly Babson

    The Public Company Accounting Oversight Board recently adopted a new auditor reporting standard that represents a fairly dramatic expansion of the information that may be communicated to investors and other financial statement users by a company’s auditors, says Kelly Babson of Nixon Peabody LLP.

  • High Court Takes Up Forum Shopping In Securities Cases

    Jordan Eth

    Recent years have seen significant growth in the number of securities class actions filed in California state courts based on conflicting readings of the Securities Litigation Uniform Standards Act. The U.S. Supreme Court's decision in Cyan v. Beaver County Employees may put an end to this duplicative litigation, say attorneys with Morrison & Foerster LLP.