The U.S. Supreme Court on Tuesday accepted network support products provider Cyan Inc.’s petition to review whether state courts have jurisdiction to hear investor suits over securities offerings, agreeing to resolve an issue that has divided lower courts.
The former chief financial officer of American Realty Capital Properties told jurors in his New York federal fraud trial Monday that he "absolutely" did not intend to defraud investors when he made a last-minute adjustment regarding a key earnings metric in a filing to the U.S. Securities and Exchange Commission.
Barry Diller’s InterActiveCorp has dropped a plan to create a new class of nonvoting stock, immediately negating a consolidated class action that followed the company’s announcement last fall, according to filings submitted Friday to Delaware Chancery Court.
A “newly appointed” vice chancellor in Delaware’s Chancery Court erred by tossing claims against the former executive of a Chinese livestock company on summary judgment, the company’s court-appointed receiver told the state’s Supreme Court in an appeal filed Friday, arguing the decision contradicted an earlier ruling by a chancellor who recently retired.
A Tennessee federal judge signed off on Monday on a bid by shareholders in BancorpSouth Inc. to unite as a class in their suit against the company for allegedly lying about its compliance with anti-money laundering laws, saying they met established legal standards.
The government of Puerto Rico and its federally appointed oversight board is defending a proposal to appoint independent agents to resolve competing claims over the territory’s sales tax revenues, saying in a Saturday court filing that objecting groups of creditors overlook the board’s neutrality and legal authority.
The U.S. Supreme Court's Monday ruling that suits over securities offerings are subject to time limits that can't be extended by class action filings will give public companies a measure of certainty against unexpected claims, experts said, but will require more legwork from institutional investors to preserve their claims and could gum up courts with premature opt-out litigation.
A putative class of shareholders in FelCor Lodging Trust Inc. hit the company and RLJ Lodging Trust with a suit in Maryland federal court Monday, alleging that material information about the two real estate investment trusts’ plans to create the third-largest U.S. lodging REIT wasn’t adequately disclosed to shareholders.
Jury selection began on Monday in the securities fraud trial of former Retrophin Inc. and Turing Pharmaceuticals boss Martin Shkreli, with roughly 20 potential jurors being excused for cause due to their opinions of the controversial pharma executive, who one juror called, “the most hated man in America.”
The Delaware Chancery Court is set to consider in September an $86.5 million deal settling the challenge to Leonard Green & Partners $2.2 billion purchase of ExamWorks Group Inc., with Paul Hastings LLP, accused of aiding and abetting alleged fiduciary duty breaches, responsible for $46.5 million of that amount.
The trustee overseeing the unwinding of Bernard Madoff’s investment firm struck a $23 million deal with the estates of Madoff’s two sons, according to court papers filed Monday in New York showing the estates of each brother will be left with $3.75 million combined.
A New Jersey federal judge signed off Monday on a $4.1 million settlement ending a securities fraud class action brought against a Chinese online travel agency and its auditors, finding the investors behind the suit had secured a fair and reasonable deal that would avoid depleting the few assets they could realistically hope to recover.
Attorneys for The Bancorp Inc. argued Monday in Delaware Chancery Court that a books and records demand from a shareholder should not be granted because it is being made for the purpose of pursuing a derivative lawsuit barred by the settlement of another class action.
Despite a contentious confirmation hearing for Justice Neil Gorsuch, the U.S. Supreme Court term itself was mellow this year, with more unanimous cases and fewer controversial decisions. Still, there were a handful of business rulings that packed a punch.
One firm went undefeated at the U.S. Supreme Court this term. Another built on last year’s winning streak. And some high court powerhouses took their lumps. Here, Law360 breaks down how the firms most frequently seen at oral arguments performed this term.
Intellectual property cases took four of the top 10 spots on Law360's ranking of the U.S. Supreme Court cases that attracted the most amicus briefs this term, as disputes involving issues like patent exhaustion and offensive trademarks each generated dozens of amicus filings.
Jury selection began Monday in the trial of a Chinese businessman accused of bribing United Nations officials after prosecutors told a Manhattan federal judge they had rejected his attorneys' proposed plea deal the week before.
The company that distributes products from the chef that inspired the Soup Nazi character on “Seinfeld” asked the Delaware bankruptcy court on Monday to stop what it claimed was a malicious attempt by a penny stock investment firm to derail its bankruptcy.
Bankrupt information technology servicer Code Rebel Corp. has agreed to pay $1.3 million to end a proposed investor class action alleging its executives approved inaccurate financial statements, according to a settlement filed in New York federal court Monday.
The U.S. Supreme Court on Monday declined to hear Santander Holdings USA Inc.’s bid to win back a $234 million foreign tax credit refund, leaving in place a First Circuit decision that found a complex financial transaction performed by the bank did not qualify for the tax benefits because it lacked economic substance.
One way to resolve the debate around the U.S. Securities and Exchange Commission’s administrative law judges would be to ask the subjects of investigations to submit voluntarily to hearings before ALJs. In this transitional period, it is an option that warrants consideration by the SEC, says Kurt Wolfe of Allen & Overy LLP.
With the U.S. Department of Justice and the U.S. Securities and Exchange Commission reportedly investigating bond valuation procedures and policies, fair-valuing illiquid assets should be a key concern for fund managers. Valuation can be more art than science, but there are heightened regulatory risks in certain areas, say attorneys with Proskauer Rose LLP.
While most of the world is talking about the IT problem that grounded British Airways planes, pension lawyers have been discussing British Airways v. Airway Pension Scheme Trustees, and the danger of leaving the power to direct scheme benefits in the hands of someone who does not have to pay for it, says Rosalind Connor of ARC Pensions Law.
One of the easiest ways to improve civil jury trials is to give juries substantive instructions on the law at the beginning of the trial rather than at its conclusion. It is also one of the most popular proposals we are recommending, say Stephen Susman, Richard Lorren Jolly and Dr. Roy Futterman of the NYU School of Law Civil Jury Project.
Lateral candidates looking to make the last — or perhaps only — move of their career cannot afford to just stand by and let a law firm’s vetting process unfold on its own, says Howard Flack, a partner at Volta Talent Strategies who previously led lateral partner recruiting and integration at Hogan Lovells.
The recent settlement of an SEC enforcement action against fund adviser and distributor William Blair & Co. LLC ups the ante for company boards and advisers in two significant respects, say attorneys with K&L Gates LLP.
The U.S. Securities and Exchange Commission’s action against MDC Partners and former CEO Miles S. Nadal for failure to properly disclose executive compensation may not be MDC’s or Nadal’s only legal problem. They may also face scrutiny of the tax authorities, say attorneys with King & Spalding LLP.
Currently pending before the Senate Judiciary Committee, the Fairness in Class Action Litigation Act proposes a new Rule 23 which renders class actions often impractical. If signed into law, only the most obvious of cases would be taken where liability is nearly certain and damages large, says Fred Isquith of Wolf Haldenstein Adler Freeman & Herz LLP.
One frequently hears from leading malpractice insurers that one of the highest risk categories for law firms is that of lateral partners not sufficiently vetted during the recruitment process, says Howard Flack, a partner at Volta Talent Strategies Inc. who previously led lateral partner recruiting and integration at Hogan Lovells.
In the matter of Appraisal of PetSmart Inc., which related to the acquisition of PetSmart by funds managed by private equity firm BC Partners Inc., the Delaware Court of Chancery determined “fair value” for appraisal purposes to be equal to the merger price. Attorneys with Fried Frank Harris Shriver & Jacobson LLP discuss the key takeaways.