Attorneys for the directors of drugmaker InSys Therapeutics Inc. told a Delaware state court judge Tuesday that a shareholder derivative suit should be tossed because the board took steps to bolster its compliance programs when issues with the marketing of its powerful narcotic painkiller came to light.
Investors suing the company behind online foreign exchange broker FXCM for securities fraud have shot back at the company’s bid to dismiss their consolidated class action complaint, telling a New York federal court on Monday that they have “more than satisfied” their pleading burden at this stage of the case.
A proposed class of investors accusing Snapchat maker Snap Inc. of misleading them about the app's user growth will be led by Kessler Topaz Meltzer & Check LLP in a securities fraud suit that was consolidated by a California federal judge on Monday.
A New York federal judge on Tuesday ruled that European telecommunications company Veon Ltd., which admitted to paying bribes in Uzbekistan, can’t escape a proposed class action for failing to disclose its crimes to investors, finding that the suit was “in large part” strong enough to survive dismissal.
Prosecutors in the felony securities fraud case against Texas Attorney General Ken Paxton on Tuesday asked the state’s highest criminal court to enforce a trial judge’s order they should be paid $300 an hour for their work, saying a lower appellate ruling threatens the fair administration of justice.
AOL Inc. attorneys argued Tuesday for a 10.3 percent lower payment to stockholders who challenged the $50 per share terms of AOL’s sale to Verizon Communications Inc. in 2015, during a final round of arguments in a Delaware Chancery Court stock appraisal case.
Federal prosecutors are calling a former Hunton & Williams LLP patent partner’s hints about an upcoming Pfizer deal an “inexcusable breach of trust” by someone professionally tasked with protecting corporate secrets, and asked for a sentence of at least 51 months following the lawyer’s March conviction in New York federal court.
Arent Fox LLP has urged a New York federal court to snub a magistrate judge’s recommendation to deny it access to communications between a former client suing for malpractice and the client’s other attorneys, saying the messages can’t be used “as both a sword and a shield.”
Lloyd's of London Friday asked the Ninth Circuit not to revive a suit seeking to force it to pay $5 million on an excess policy into a shareholder settlement with a bankrupt subprime lender, saying the actual amount paid in the settlement does not exceed the policy limits.
A panel of former top financial regulators, policymakers and academics warned the Trump administration on Tuesday that some of the recommendations it's made for rolling back bank rules under Dodd-Frank and other laws could make it harder to prevent the collapse of global financial firms and mitigate the damage.
The National Venture Capital Association filed a lawsuit Tuesday alleging the U.S. Department of Homeland Security and U.S. Citizenship and Immigration Services failed to follow proper procedures when they delayed a rule that would have allowed foreign entrepreneurs to live in the U.S. just a week before it was set to take hold.
A New York federal judge Tuesday pushed back the looming fraud trial of now-defunct video technology firm KIT Digital Inc.'s ex-CEO, blaming both sides for the confusion over documents stored on a laptop that was glancingly disclosed to the defense, which in turn never responded to an offer to examine it.
King & Spalding LLP has hired the former Deutsche Bank general counsel who oversaw the bank's legal affairs during an array of scandals in the financial crisis era, who is also a former U.S. Securities and Exchange Commission enforcement czar and former SEC general counsel, it said on Tuesday.
U.S. Bank NA has asked a New York federal court to stay or dismiss a lawsuit by insurer Ambac Assurance Corp. that claims U.S. Bank failed to prevent losses on billions of dollars’ worth of residential mortgage-backed securities, saying there’s no reason for the court to weigh in on a dispute that has been working its way through state courts for several years.
Although Massachusetts may not have the securities law pedigree of states with Wall Street firms or Silicon Valley startups, a bevy of biopharmaceutical companies and some interesting state court decisions have securities practitioners keenly watching a number of cases. Here, Law360 looks at some of the hottest securities cases to follow in Massachusetts.
The trustee for Bernie Madoff's defunct investment firm on Friday slammed efforts to prevent him from both seeking $280 million from disgraced financier J. Ezra Merkin and subordinating Merkin's claims against the estate at an upcoming trial over Ponzi scheme proceeds, saying this “double recovery” concern is off-base and premature.
Former Dewey & LeBoeuf LLP Chief Financial Officer Joel Sanders urged a New York judge on Monday to impose a no-jail sentence, arguing the prosecution's request for a four-year sentence is turning "a blind eye to reality" in comparing Sanders with major Ponzi schemers.
Wilmington Trust Corp. has told a Delaware federal court that the Federal Reserve is in possession of documents that could help the bank defend against charges it hid hundreds of millions of dollars’ worth of overdue loans from investors and regulators.
ChinaCast Education Corp. creditors asked a New York bankruptcy judge on Monday to find that their $66 million securities class action judgment against the company the day before its bankruptcy filing must be paid out by insurers despite a bankruptcy litigation stay.
A Peruvian national who pled guilty to fraud after prosecutors accused him of scamming $1.2 million out of investors he solicited with the help of an office in Wall Street’s Trump Building and a slick online video set to Frank Sinatra’s “New York, New York” was handed a 12-year prison sentence in New York federal court on Monday.
There is no consistency to the punitive damages process: One case might be halted by a judge who applies Daubert to preclude junk science, while another judge waves virtually the same case by and a jury socks the defendant with a $110 million verdict. Our system of civil litigation looks like jackpot justice, says Stephen McConnell of Reed Smith LLP.
States are continuing to assert claims against the federal government over unredeemed federal savings bonds under their respective unclaimed property statutes. Billions of dollars are at stake, and recent decisions from the U.S. Court of Federal Claims appear to have breathed new life into the claims, say attorneys with Eversheds Sutherland.
A Delaware court recently denied a motion to dismiss H&N Management Group v. Crouch, a shareholder derivative suit brought against an externally managed real estate investment trust alleging breach of fiduciary duties. The case is a reminder about managing conflicts of interest, among other things, say Steven Haas and David Wright of Hunton & Williams LLP.
With the change in administration, several recent regulatory initiatives appear to have been abandoned and the near-term applicability of others is uncertain. Beyond changes to the existing regulatory landscape, public companies will need to address several other developments as well to successfully complete the next proxy season, say attorneys with Stinson Leonard Street LLP.
Ben Brafman’s clients don’t need a lawyer — they need a magician. And for 40-plus years, the man has been pulling rabbits out of hats, most recently finding jurors able to sit fairly in judgment of Martin Shkreli, called “the most hated man in America.” Last month I visited Brafman to discuss his remarkable career, says Randy Maniloff of White and Williams.
Based on reports from the few days since the sanctions were issued, it appears likely the new sanctions will have their intended effect of restricting access to U.S. financial markets by the Venezuelan government and its state-owned enterprises, such as Petróleos de Venezuela SA, according to attorneys with Debevoise & Plimpton.
The range of possible and better fee agreements is wide. But such alternatives will become popular only if litigants confront the psychological tendencies shaping their existing fee arrangements, says J.B. Heaton, a partner at Bartlit Beck Herman Palenchar & Scott LLP.
Snap Inc. was hit with a securities suit two months after its initial public offering earlier this year. More recently, Blue Apron Holdings was hit with a securities suit just seven weeks after its IPO. These cases underscore the securities litigation vulnerability of newly public companies, says Kevin LaCroix of RT ProExec.
Despite the lack of appointed commissioners until recently and the turnover of leadership, the U.S. Commodity Futures Trading Commission has announced more than 20 enforcement actions, proposed four rules and launched two new initiatives this year. The agency has been particularly active in bringing enforcement actions against individuals for fraud, misappropriation and false statements, say attorneys with Covington & Burling LLP.
The U.S. Department of Justice's nonprosecution agreement with Swiss asset management firm Prime Partners is a signal to other foreign financial institutions that the voluntary disclosure “window” remains open, says Matthew Lee of Fox Rothschild LLP.