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.
Houston-based engineering and construction company McDermott International Inc. has been hit with a proposed shareholder class action in Texas federal court alleging its failure to disclose the true cost of acquiring Chicago Bridge and Iron NV resulted in the company's stock price plummeting more than 60 percent.
Cleary Gottlieb Steen & Hamilton LLP earned victories in some of 2018's most high-profile cases, settling landmark securities litigation over the Petrobras scandal and defeating an attempt to strip voting control from CBS Corp.'s parent company, earning it a spot among Law360's Securities Practice Groups of the Year for the second year in a row.
Three people and two companies owe the U.S. Securities and Exchange Commission more than $6.6 million after a Florida federal judge on Monday entered judgment against them for allegedly selling unregistered securities of Woodbridge Group of Companies LLC, which collapsed last year after the SEC charged it with running a $1.2 billion Ponzi scheme.
A Massachusetts federal jury convicted a former Georgeson LLC adviser on fraud and conspiracy charges Tuesday afternoon, delivering a win for prosecutors who claimed the adviser participated in a scheme to swap sports tickets for confidential shareholder voting data after their first bid to convict her ended in a mistrial.
Prosecutors opened their second trial in London on Tuesday of three former Barclays PLC employees accused of participating in a conspiracy to rig global interest rates to rip off counterparties that did business with them.
A former Bankrate Inc. executive’s five-year sentence for his role in a $25 million fraudulent accounting scheme was cut in half by a Florida federal judge on Monday after prosecutors pushed for a sentence reduction based on his extensive cooperation with the U.S. Department of Justice.
A Florida-based securities attorney was a central figure in a plot to defraud investors who bought penny stock in a company involved in hydroponic marijuana growing equipment, prosecutors told a Colorado federal jury Monday at the start of his trial.
Three former traders who cooperated against a former ConvergEx Group LLC executive were largely sentenced to probation Monday after prosecutors and a judge said it would be unfair to hand them longer sentences than the person they cooperated against.
A New York federal judge on Monday granted a joint request from Royal Park Investments SA/NV and Wells Fargo Bank NA to dismiss with prejudice the remaining claims in the former’s litigation surrounding alleged failures by the latter as the trustee for two residential mortgage-backed securities trusts.
Wedbush Securities Inc. and co-founder Edward Wedbush will pay a combined $1 million to the regulatory arm of the New York Stock Exchange to end claims the company’s leader of 64 years worked the trading desk without oversight.
The top secured lender to bankrupt life settlements venture White Eagle Asset Portfolio LP accused it of seeking to improperly pay the expenses of a non-debtor parent and urged a Delaware bankruptcy judge to reject a proposed cash management order for the case.
UBS AG told a New York federal judge on Friday that the U.S. Department of Justice's lawsuit accusing it of defrauding investors through the sale of residential mortgage-backed securities leading up to the financial crisis should be dismissed, saying the case is based on an overly broad and legally unsupported interpretation of a financial institutions reform act.
A Rhode Island federal judge has put a suit filed by the U.S. Securities and Exchange Commission against Wells Fargo Co. over a $75 million bond offering involving a Major League Baseball pitcher’s video game company on hold during the federal government shutdown to give the agency time to look at a proposed settlement.
With the government shutdown now the longest on record at 24 days, even the attorneys who defend clients against inquiries by the U.S. Securities and Exchange Commission are anxious for the agency to get back to work.
Teva Pharmaceutical Industries Ltd. and its executives doubled down on their efforts to toss securities claims from investors, who say the drugmaker engaged in a price-hike scheme and misled them about its resulting profit growth, arguing in Connecticut federal court Friday they presented no evidence.
Chicago Board Options Exchange investors will have to weather Cboe Global Markets Inc.'s dismissal bid before trying to get the names of traders who allegedly manipulated the exchange's volatility index, or VIX, after an Illinois federal judge on Friday refused to grant an early discovery peek in the multidistrict litigation.
King & Spalding LLP has bolstered its special matters and government investigations team in Atlanta with the hiring of a 14-year veteran attorney from the U.S. Securities and Exchange Commission.
A Delaware vice chancellor on Monday rejected a Fitbit Inc. bid for state Supreme Court review of a decision that kept alive a $386 million stockholder insider trading and fiduciary breach lawsuit, saying there were reasons to go forward but none to justify early appeal.
The fate of a former Georgeson LLC adviser accused of being part of a plot to swap sports and concert tickets for confidential shareholder voting data was placed in a Massachusetts federal jury's hands Monday after a different panel was denied a chance to decide her guilt or innocence last year.
In this monthly series, Amanda Brady of Major Lindsey & Africa interviews management from top law firms about the increasingly competitive business environment. Here we feature Sadie Baron, chief marketing officer at Reed Smith LLP.
A civil defendant implicated in a criminal investigation faces a difficult choice: Defend the civil case and waive the Fifth Amendment right against self-incrimination, or invoke the privilege, but risk hobbling the defense of the civil case, say Paul Chan and Fanxi Wang of Bird Marella Boxer Wolpert Nessim Drooks Lincenberg & Rhow PC.
Several recent developments — including a petition for certiorari filed with the U.S. Supreme Court in Toshiba v. Automotive Industries Pension Trust Fund — highlight why foreign securities litigation is an ever-changing scenario where nothing is definite, say Joel Rothman and Peter Saparoff of Mintz Levin Cohn Ferris Glovsky and Popeo PC.
The rise of remote work capabilities and advances in technology are making flexible, freelance legal work a more accessible career option for corporate attorneys, say Elizabeth Black and Sara Eng of InCloudCounsel.
While several proposed changes to multidistrict litigation procedures may be warranted and appropriate, consideration should be given to a modest modification of the judicial selection process, says Doug Smith of Kirkland & Ellis LLP.
Judge Jack Weinstein has served in the Eastern District of New York for over half a century. White and Williams LLP attorney Randy Maniloff visited his Brooklyn office to find out what makes the 97-year-old jurist tick.
The U.S. Commodity Futures Trading Commission has taken a highly questionable view of its authority to pursue price manipulation charges against traders whose bona fide open market trading recklessly distorts market prices, say attorneys at Clifford Chance US LLP.
2018 will be remembered as a transition year for technology-assisted review, and 2019 will likely see a continued focus on how we use TAR, with refinement and expansion across the board, says Thomas Gricks of Catalyst Repository Systems LLC.
If you're looking for new guidance from the U.S. Securities and Exchange Commission on crypto-financing and initial coin offerings, look no further than the recently settled DJ Khaled and Floyd Mayweather administrative enforcement actions. But you may need to read between the lines, says John Reed Stark of John Reed Stark Consulting LLC.
Last year saw another round of year-over-year growth in litigation finance, as debates shifted from whether it should be permitted to how it can best be managed. The exciting news, says Alan Guy of Vannin Capital PCC, is that 2019 seems likely to bring more of the same.