• March 15, 2018

    Weil's Breitburn Lienholder Work A 'Fee Issue,' Judge Says

    A New York bankruptcy judge on Thursday said the failure of Weil Gotshal & Manges LLP to disclose it had represented a Breitburn Energy Partners LP lienholder before taking on the company's bankruptcy case was a “fee issue” that could come into play when the firm tries to collect its pay.

  • March 15, 2018

    House Votes To Create Independent Review Board For Banks

    The House of Representatives passed a pair of measures altering financial institution rules Thursday, creating an independent board to review agency actions and altering Regulation A+ securities offerings.

  • March 15, 2018

    Dismissal Of Aerospace Firm Sale Challenge Upheld In Del.

    A shareholder suit challenging the $34 million sale of a New Jersey airplane parts manufacturer will not be revived after the Delaware Supreme Court upheld a dismissal of the action Thursday, agreeing with the lower court’s ruling that the complaint did not show the company directors breached their fiduciary duties.

  • March 15, 2018

    White & Case Adds Ex-Paul Hastings Latin America IPO Pro

    White & Case LLP has picked up a former Paul Hastings partner who represents financial institutions and securities issuers in cross-border offerings, including advising Morgan Stanley and JPMorgan in Jose Cuervo’s initial public offering in Mexico.

  • March 15, 2018

    Equifax Insider Trading Charges Show Need For Action Plan

    Insider trading charges for a former Equifax executive involved in responding to a data breach affecting some 148 million customers illustrates the need for companies to have solid plans for dealing with cyberattacks that include adequate bulwarks against illegal trading, experts say.

  • March 15, 2018

    Zohar Manager Tries To Unpause Ownership Rights Appeal

    The collateral manager of the Zohar Funds, the bankrupt distressed-company investment vehicle, asked a Delaware judge to lift the automatic stay of litigation late Wednesday so that an appeal over the ownership rights of their assets could move forward to the state’s high court.

  • March 15, 2018

    Investors Can’t Peg ProNAi For Failed Cancer Drug

    Pharmaceutical maker ProNAi Therapeutics Inc. and two of its executives shed a proposed securities class action on Tuesday when a New York federal judge found most of the company’s statements about the success of a cancer treatment that investors claimed to be misleading could be chalked up to puffery.

  • March 15, 2018

    Ex-Deutsche Bank Trader Pleads Guilty To Rigging Euribor

    Ex-Deutsche Bank AG trader Christian Bittar has pled guilty to rigging a key European interest rate benchmark ahead of a trial scheduled for April, Britain’s Serious Fraud Office said Thursday.

  • March 14, 2018

    SEC Urged To Amend Rules Governing ICO Market

    A cryptocurrency lawyer told a House of Representatives committee on Wednesday that Congress should urge the Securities and Exchange Commission to amend its rules to improve clarity in the market for initial coin offerings, a nascent but booming field of capital raising.

  • March 14, 2018

    Bankruptcy Court's Block Of $1B Lehman Clawback Upheld

    A New York federal judge on Wednesday affirmed a bankruptcy court’s dismissal of a Lehman Brothers unit's bid to claw back $1 billion in swaps transactions, saying it correctly determined the safe harbor provision for swap agreements protects the distributions of the collateral.

  • March 14, 2018

    Altaba Says Asset Value Doesn't Support Noteholder Claims

    Yahoo Inc. successor company Altaba Inc. said in a filing with the Delaware Chancery Court late Tuesday that claims from noteholders that they are owed additional shares following a $4.5 billion sale of assets to Verizon Inc. aren’t supported by the terms of the note indenture, which requires a transfer of substantially all of Altaba’s assets for the bonus to be triggered.

  • March 14, 2018

    Pilgrim's Pride Ducks Investors' Chicken Price-Fixing Suit

    A Colorado federal judge on Wednesday tossed a proposed securities class action against Pilgrim's Pride Corp. alleging the poultry giant concealed a price-fixing scheme with other broiler chicken companies that resulted in a stock price plunge when revealed, saying the suit pled "fraud by innuendo."

  • March 14, 2018

    Value Of Securities Class Action Settlements Plunged In '17

    The total value of settlements in securities class actions was 74 percent less last year than it was in 2016, according to a new report by Cornerstone Research, reflecting both a surge of small-dollar cases coming to a close and a drought of blockbuster settlements.

  • March 14, 2018

    Senate Bill Takes Scalpel, Not Ax, To Dodd-Frank, Attys Say

    The bipartisan banking bill that cleared the U.S. Senate on Wednesday may be the banking industry's best hope yet for rolling back some of the Dodd-Frank Act's rules, but some attorneys say the legislation that's emerged doesn't exactly dismantle the landmark 2010 financial reform law.

  • March 14, 2018

    Fed Orders ICBC To Tighten Anti-Money Laundering Checks

    The Federal Reserve has ordered the Industrial and Commercial Bank of China Ltd. to reform its anti-money laundering protections after finding “significant deficiencies” during its most recent examination of the bank’s New York branch, the regulator announced Tuesday.

  • March 14, 2018

    Jay Peak Receiver Seeks OK On $1.5M Deal With Contractor

    The court-appointed receiver for the failed Jay Peak EB-5 project asked a Florida federal judge Tuesday to approve a $1.5 million settlement agreement with contractor PeakCM LLC, which represents a discount from the company's initial $2.75 million in claims.

  • March 14, 2018

    Nestle Employees Can't Revive ERISA Suit Against Voya

    A proposed class of Nestle retirement plan participants who accused administrator Voya Financial Inc. of violating its duties under the Employee Retirement Income Security Act had its bid to revive its suit rejected by a Manhattan federal judge on Tuesday.

  • March 14, 2018

    Senate Passes Partial Dodd-Frank Rollbacks

    The Senate passed a rollback Wednesday of bank and other financial institution rules from the Dodd-Frank Act, with backers of the measure claiming it will remove the worst of the regulatory costs for smaller banks.

  • March 14, 2018

    House Advances Bill To Tailor Regulations To Banks

    The House of Representatives passed a measure Wednesday that would put new restrictions on banking regulators’ ability to impose new rules by requiring agencies to tailor any new regulations to the particular institution.

  • March 14, 2018

    M&G Creditors Stays Move To Subordinate DAK's $463M Claim

    The official committee of unsecured creditors of bankrupt plastics maker M&G USA Corp. told a Delaware judge Wednesday that it had reached an agreement with purportedly secured creditor DAK Americas to delay a trial on the committee’s move to subordinate that debt.

Expert Analysis

  • Key Aspects Of SEC Guidance On Cybersecurity Disclosures

    Mark Krotoski

    For now, the new U.S. Securities and Exchange Commission guidance on public company cybersecurity disclosures is controlling. But the commissioners' divergent views on whether more can and should be done suggest that the SEC will revisit the guidance, say Mark Krotoski and Kurt Oldenburg of Morgan Lewis & Bockius LLP.

  • Trend Against Disclosure-Only Settlements Continues

    Scott Barshay

    A New York state court’s recent decision in City Trading Fund v. Nye demonstrates that even under the state's less exacting Gordon standard, disclosure-only settlements will not be approved simply as a matter of course. The decision adds to a nationwide trend of courts acting to discourage frivolous claims in public company M&A situations, say attorneys with Paul Weiss Rifkind Wharton & Garrison LLP.

  • ALJs Check Their Own Work, With Unsurprising Results

    Marc Fagel

    It is fair to say that the U.S. Securities and Exchange Commission’s directive that its administrative law judges reconsider the record in pending proceedings has not resulted in a groundswell of revised rulings. The ALJs, whose previous appointments have now been “ratified,” are not suddenly seeing these cases through a brand new lens, says Marc Fagel of Gibson Dunn & Crutcher LLP.

  • FCPA Corporate Enforcement Policy: Pilot Program Redux

    Ryan Rohlfsen

    Criminal resolutions during the Foreign Corrupt Practices Act pilot program likely would not have come out differently under the new corporate enforcement policy, but the revised policy makes the impact of self-disclosing possible FCPA issues slightly more predictable, say attorneys with Ropes & Gray LLP.

  • Protecting Privilege In Litigation Financing Negotiations

    Eric Robinson

    Multiple courts have held that discoverable material from negotiations with a litigation funder, when executed properly, can be attorney work product and immune from disclosure in the later litigation. The recent Acceleration Bay decision is indicative of what happens when difficult facts conflict with best practices, says Eric Robinson of Stevens & Lee PC.

  • Commissioner Jackson's Take On Perpetual Dual-Class Stock

    Spencer Feldman

    Newly appointed member Robert Jackson of the U.S. Securities and Exchange Commission recently added an important voice to the continuing debate about perpetual dual-class stock. Using Jackson's patriotic and practical arguments, smart company founders will find the right balance in adopting dual-class stock structures with negotiated sunset provisions, says Spencer Feldman of Olshan Frome Wolosky LLP.

  • No Relief For Whistleblowers In 7th Circ.

    Steven Pearlman

    A trifecta of recent decisions illustrate a trend of the Seventh Circuit rejecting whistleblower retaliation claims. These cases raise the bar for plaintiffs trying to establish that they engaged in protected activity, a welcome change for employer-defendants, say Steven Pearlman and Edward Young of Proskauer Rose LLP.

  • The Securities Law Questions Raised By #MeToo

    Deborah Birnbach

    Although companies often do not disclose internal or government investigations generally, and there are no cases obligating disclosure of sexual harassment investigations specifically, companies are not impervious to litigation for failing to disclose such information, or for breach of fiduciary duty in connection with tolerating sexual harassment, say attorneys with Goodwin Procter LLP.

  • Settlement Payment Considerations After Tax Reform

    Diana Wollman

    Since 1969, U.S. tax law has denied a deduction for settlement payments to regulators, but this limitation was significantly changed by the Tax Cuts and Jobs Act. However, in U.S. Securities and Exchange Commission enforcement actions, it will likely be difficult for defendants to characterize monetary payments in a way that satisfies the new law, say attorneys with Cleary Gottlieb Steen & Hamilton LLP.

  • Why Machine Learning Should Matter To Lawyers

    Dan Puterbaugh

    Legal leaders who want to meet their clients' expanding expectations should start moving their documents to future-ready document management solutions now if they want to stay competitive in the next few years, says Dan Puterbaugh of Adobe Systems Inc.