A day trader admitted in New Jersey federal court on Monday to taking part in a more than $3.9 million insider trading scheme that involved violating confidentiality agreements with investment banks and short-selling securities before offerings were publicly disclosed, authorities said.
An investment banking and advisory firm and its two managing members are on the hook for more than $7.2 million in damages after a Massachusetts federal judge found Friday that they had duped a lender into believing they could guarantee its loan to finance a now-abandoned Janis Joplin biopic and then lied about having themselves been tricked.
The launch of bitcoin futures trading will likely pave the way for broader market acceptance of cryptocurrencies as investment products, experts said Monday, volatility risks notwithstanding.
A Connecticut investment advisory firm and its top executive generated roughly $780,000 in undisclosed “mark-ups” and fees by sticking clients with risky securities from the firm’s proprietary brokerage account and costlier share classes of mutual funds, the U.S. Securities and Exchange Commission said in a suit filed Monday.
A California appeals court ruled Monday that Apple Inc. investors who tried to update their suit against company board members over their role in a Silicon Valley recruiting scandal had to show that it would be futile to ask Apple's current board to take action, rather than the board in place when the suit was first filed.
The Federal Deposit Insurance Corp. on Friday urged a New York federal judge to let its cases against Citibank, U.S. Bank and Bank of New York Mellon on behalf of a failed Texas bank go ahead even though Citibank has refused to ratify the cases, saying it has fixed the legal issues that resulted in the suits’ dismissal without Citibank’s signature.
Ameriprise Financial Services Inc. and two other investment advisers have agreed to pay a combined $9.7 million to settle U.S. Securities and Exchange Commission claims stemming from the false advertisements that another company — the now-shuttered F-Squared Investments Inc. — had made to promote its top investment product.
The U.S. Securities and Exchange Commission on Monday said it had shut down a $15 million initial coin offering for a California-based online food review company because the digital tokens being sold to investors had not been registered with the commission.
A former Istanbul police investigator told a Manhattan jury Monday that Mehmet Hakan Atilla, a Turkish banker facing charges of helping Iran evade U.S. sanctions, was being monitored about five years ago, but Atilla’s lawyers called his testimony irrelevant and asked for a mistrial.
The U.S. Department of Justice on Friday urged a New York federal court to deny a bid by three London-based foreign exchange traders to escape charges that they conspired to rig foreign exchange benchmarks, arguing that the activity had a strong enough connection to the U.S. for the case to proceed.
Former Jefferies Group trader Jesse Litvak seemed to face an uphill battle against his lone securities fraud conviction in the Second Circuit on Monday, with two out of three judges suggesting Litvak's lie about the price of a mortgage-backed bond supported the charge.
Japanese bank Mizuho Bank Ltd. on Monday won dismissal of claims brought by one of the named plaintiffs in a proposed class action over the collapse of bitcoin exchange Mt. Gox, with an Illinois federal judge agreeing that a recent U.S. Supreme Court ruling bars him from joining the suit.
The U.S. Supreme Court said Monday it will not hear an appeal from an attorney convicted of fraudulently inflating a medical device company’s stock by drafting press releases about nonexistent purchase orders.
A New Jersey-based bitcoin investor on Friday launched a $9.1 million lawsuit in federal court over claims that a business in the United Kingdom ran a virtual-currency Ponzi scheme, alleging a U.K. law firm possibly aided and abetted the illicit plot.
A California federal judge on Friday granted class certification to Puma Biotechnologies Inc. investors in a stock drop suit accusing the company of misrepresenting the effectiveness of a breast cancer treatment called neratinib.
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The last week has seen a group of shipping companies sue Oman Insurance Co. PSC, RBC Trustees lodge a claim against UBS Employee Benefits Trust, and offshore law firm Appleby bring a confidential information suit against BBC and the Guardian. Here, Law360 looks at those and other new claims in the U.K.
The U.S. Securities and Exchange Commission on Friday slapped an immigration attorney and his law firm with a fraud lawsuit in California federal court, claiming that they didn’t disclose to clients that they were getting commissions related to their EB-5 visa program investments.
BNY Mellon Trust sued Yahoo Inc. successor Altaba Inc. for a 15 percent rise in shares due under a $1.4 billion notes-to-shares conversion agreement in Delaware’s Chancery Court on Friday, saying Yahoo’s sale to Verizon Inc. in June triggered the increase.
The New York high court’s recent holding in Davis v. Scottish Re Group removes a significant practical hurdle to bringing derivative claims involving Cayman Islands corporations. With the Cayman leave-of-court rule out of the picture, shareholders need not arrive at the courthouse door already equipped with evidence to support their claim, say Rob Quirk and Stephen Younger of Patterson Belknap Webb & Tyler LLP.
When Cumulus Media filed for Chapter 11 protection last week, its market capitalization fell to under $3 million, but $3 million is still greater than zero. Was Cumulus solvent when it filed bankruptcy? The answer is almost surely no, and it is important that lawyers have a good understanding of the reasons why, says attorney J.B. Heaton.
Both the Dodd-Frank Act in the U.S. and rules under the Financial Conduct Authority in the U.K. provide whistleblower protections for financial industry employees who report fraud and regulatory breaches. Whereas the specific protections in the U.S. and U.K. differ somewhat, many of the protection mechanisms are remarkably similar, say Lynne Bernabei and Kristen Sinisi of Bernabei & Kabat PLLC.
The past year saw an aggressive approach to whistleblowing and retaliation actions by the plaintiffs bar and the U.S. Securities and Exchange Commission alike. Steven Pearlman and Edward Young of Proskauer Rose LLP examine the most impactful developments of 2017.
The Foreign Corrupt Practices Act case of U.S. v. Harris Corp. was tried in March 1991 — so long ago that pretty much only the parties and counsel remember it. With a smile, I’ve just about given up correcting people who say their case is "the only FCPA case ever to be tried,” says Robert Feldman of Quinn Emanuel Urquhart & Sullivan LLP.
The Delaware Chancery Court's recent decision in Kandell v. Niv illustrates one of the many potential pitfalls of compliance failures. Directors serving companies in heavily regulated industries should be diligent in trying to understand the regulatory environment, even though they are not expected to be experts in the law, says Steven Haas of Hunton & Williams LLP.
In Dan Brown’s latest best-seller "Origin," he explores where we come from and how we will evolve. The U.S. Securities and Exchange Commission's fiscal 2017 enforcement report is no "Origin," "The Da Vinci Code" or even "Inferno," but the SEC has raised "Origin"-like questions, say Brian Rubin and Gregory Amoroso of Eversheds Sutherland.
At the U.S. Securities and Exchange Commission in April 1978, we filed a case against Page Airways and envisioned the trial of a precedent-setting enforcement action that would have defined Foreign Corrupt Practices Act standards at an early stage. Instead, the matter was settled under circumstances that I am sure are unique in SEC history, says Burton Wiand of Wiand Guerra King PA.
The recent derivative lawsuit against Twenty-First Century Fox and its $90 million settlement — likely among the 10 largest derivative settlements — show that the current, ongoing revelations of sexual misconduct represent more than just a risk for the bad actors, says Kevin LaCroix of RT ProExec.
The debate over who in the financial services industry should be required to act as a fiduciary has been getting more intense, but whether you are charged with managing someone else’s wealth as a trustee, an executor or a financial adviser, having the client’s needs come first is always paramount, says Stuart Riemer of Treasury Partners.