Securities

  • November 13, 2017

    Puerto Rico Gov't Wins Autonomy Fight Over Electric Co.

    The judge presiding over Puerto Rico’s historic restructuring proceedings ruled Monday that the territory’s insolvent electric company will remain under local government control as it restructures $9 billion worth of debt and addresses operational weaknesses, blocking a federal panel from installing an emergency manager to run the utility.

  • November 13, 2017

    Investor Sues Booz Allen Over DOJ Billing Investigation

    A Booz Allen Hamilton investor on Monday sued the government contracting giant’s top brass in Delaware federal court after the company announced it was being investigated by the U.S. Department of Justice for its accounting and cost charging practices.

  • November 13, 2017

    Swaps Overhaul Should Boost Market Vibrancy: CFTC Chair

    An overhaul of the swaps market proposed in the 2010 Dodd-Frank Act should be reviewed to ensure that the policies enhance rather than restrict market “vibrancy,” U.S. Commodity Futures Trading Commission Chairman J. Christopher Giancarlo said Monday.

  • November 13, 2017

    House OKs Increased Market Data Security Requirements

    Citing an increased risk from data breaches, the U.S. House of Representatives approved a bill Monday that would increase security requirements for market data held by the Securities and Exchange Commission and the Financial Industry Regulatory Authority.

  • November 13, 2017

    NY Hits Credit Suisse With $135M Fine Over Forex Business

    New York’s state banking regulator said Monday that Credit Suisse AG has agreed to pay a $135 million fine to settle allegations of improper conduct in its foreign exchange trading business, including that some of its traders used chat rooms to swap confidential information with other banks’ traders in an effort to juice their own profits at customers’ expense.

  • November 13, 2017

    SEC Claims Philly Lender Raised $4.5M In Illegal Offering

    The U.S. Securities and Exchange Commission has filed a suit in Pennsylvania federal court accusing Philadelphia commercial real estate lender Singer Financial Corp. and its sole officer of raising roughly $4.5 million through an illegal unregistered offering of unsecured promissory notes.

  • November 13, 2017

    Fidelity Whistleblower Asks Jury For $4.9M For Retaliation

    A federal jury in Boston on Monday began deliberating a whistleblower’s claim that her colleagues at Fidelity Investments methodically bullied and pushed her toward the door after she voiced concerns that expense miscalculations appeared to bilk shareholders.

  • November 13, 2017

    Biotech Co. Wants Investors' Stock-Drop Suit Tossed

    ImmunoCellular Therapeutics Ltd. urged a California federal court on Friday to toss a proposed class action accusing the biotech company of an illegal stock promotion scheme around one of its brain cancer drug candidates, arguing that the alleged scheme’s disclosure came too late to have caused the losses claimed by the investors behind the suit.

  • November 13, 2017

    Forex Trader To Pay $2.3M To Settle CFTC’s Fraud Claims

    An Arizona foreign exchange trader and his company have agreed to pay $2.3 million to settle the U.S. Commodity Futures Trading Commission's claims that the trader misappropriated clients’ funds and resorted to a Ponzi-style scheme to cover trading losses, according to a consent order filed Monday in Arizona federal court.

  • November 13, 2017

    'Idol’ Lenders Take Asset-Stripping Suit From LA To NY

    Lenders to the failed production company behind “American Idol” who accuse 21st Century Fox and Apollo Global Management of siphoning off its assets and leaving creditors with scraps as part of a complex merger of production companies they controlled have filed a new suit in New York state court after similar litigation in Los Angeles was put on hold.

  • November 13, 2017

    Chancery Nixes Records Suit As Counsel-Driven Effort

    The Delaware Chancery Court threw out a books and records demand against specialty plastics maker A. Schulman Inc. on Monday, saying the shareholder who brought the suit merely served to rubber-stamp an action motivated by New York law firm Levi & Korsinsky LLP.

  • November 13, 2017

    10th Circ. Won't Revisit MusclePharm's SEC Probe Coverage

    The Tenth Circuit on Monday declined to rehear a case that found the formal announcement of a U.S. Securities and Exchange Commission investigation didn’t trigger coverage for MusclePharm Corp. under a Liberty Insurance Underwriters Inc. policy, an outcome the sports nutrition company says will widen a circuit split over the “exceptionally important” issue.

  • November 13, 2017

    Insurers Owe F-Squared $7.7M In Defense Fees, Trustee Says

    The Chapter 11 trustee of F-Squared Investments Inc. on Friday said a pair of excess insurers owe it $7.7 million for the costs the firm ran up defending against the U.S. Securities and Exchange Commission action that bankrupted it, arguing the insurers are wrongly claiming the SEC probe started the day before the policies went into effect.

  • November 13, 2017

    Sunrun Seeks End To Investors' Claims Of Rigged Statistics

    Residential solar energy firm Sunrun Inc. and two executives have asked a California federal judge to dismiss a proposed investor class action that accuses them of inflating the company's booking statistics in order to juice its stock price, saying they never made false statements, never admitted to doing so and had no incentive to do so.

  • November 13, 2017

    Former NJ Federal Prosecutor Joins Ballard Spahr

    Ballard Spahr LLP has added a former New Jersey federal prosecutor, who is also the former attorney-in-charge of the U.S. attorney's office's outpost in Camden, as a partner to the firm’s white collar and internal investigations practice group, the firm announced Monday.

  • November 13, 2017

    Green Tech Exec Must Face SEC Suit, Judge Says

    A former technology company executive will have to answer to claims he defrauded investors after a Texas federal court on Thursday let stand a trimmed-down U.S. Securities and Exchange Commission suit accusing him of orchestrating a scheme to misrepresent the capabilities of a new server.

  • November 13, 2017

    Sens. Strike Deal To Raise Threshold For Tougher Bank Rules

    A bipartisan group of senators on Monday unveiled a narrow deal to ease bank rules, including raising the asset level at which banks are subjected to enhanced supervision and other measures aimed at easing compliance for community banks.

  • November 13, 2017

    Magellan Health Fights Investor Bid To Halt Unit Merger

    Magellan Health Inc. has urged a Brooklyn federal judge to reject a request by investors in a senior care company it controls to halt plans to merge the company with another Magellan subsidiary, saying the investors’ demands could result in “mass confusion” for thousands of elderly patients.

  • November 13, 2017

    OvaScience Can’t Duck IVF Treatment Suit, Shareholders Say

    Shareholders suing OvaScience Inc. for allegedly misrepresenting the success of its fertility treatment have urged a Massachusetts federal court to keep their proposed class action alive, saying they have sufficiently detailed their claims.

  • November 13, 2017

    Barclays Faces Landmark Interest Swaps Misselling Claim

    Barclays Bank PLC is set to face an unprecedented legal claim in the High Court on Tuesday when a British couple become the first private individuals to sue a high street bank for allegedly misselling them complex interest rate hedging products.

Expert Analysis

  • Arcapita Bank Closes Escape Valve For Foreign Defendants

    Mark Salzberg

    A New York bankruptcy judge’s recent opinion in the Arcapita Bank Chapter 11 case is certain to have a dramatic impact in adversary proceedings involving foreign defendants. Unfortunately for those foreign defendants, it may now be much more difficult to escape from those proceedings, says Mark Salzberg of Squire Patton Boggs LLP.

  • Opinion

    Representing Women At The Intersection Of Law And Finance

    Andrea Mitchell

    To the extent that companies have tolerated predominantly male leadership in the past because it was deemed necessary for growth and prosperity, or viewed diversity and the underrepresentation of women strictly as human resources issues, a growing body of research suggests otherwise, say Andrea Mitchell and Valerie Hletko of Buckley Sandler LLP.

  • Series

    Making Pro Bono Work: Building Sponsorship Relationships

    Michael Scudder

    Within their first year, associates should make it a priority to take on a pro bono matter and approach a partner about supervising the project. By collaborating with a partner on a pro bono case, young associates can cultivate sponsorship relationships while simultaneously contributing to the public good, say Michael Scudder and Jay Mitchell of Skadden Arps Slate Meagher & Flom LLP.

  • How Choice Act Would Change Agency Rule-Making Authority

    Gregory Hesse

    The Financial Choice Act proposes changes to the Congressional Review Act’s process for disapproving regulations issued by certain financial agencies. By replacing a passive disapproval process with an active approval process, a significant amount of power to impose regulations will be retained by Congress, say Gregory Hesse and Abigail Storm of Hunton & Williams LLP.

  • Series

    What I Learned In My 1st Year: Be A Sponge

    Patrick Mendes

    As a new attorney, it was astonishing to realize how little I knew. I soon began to appreciate that everyone I met had a unique take or way of doing something. Many things I learned during that first year from my colleagues are still incorporated into my practice today, says Patrick Mendes of Tyson & Mendes LLP.

  • Series

    Making Pro Bono Work: Beyond The Hurdles

    Ann Warren

    There are various barriers to corporate pro bono work, including lack of malpractice insurance coverage, limited resources, and the transactional nature of the majority of in-house legal work. But at the end of the day, we’ve overcome many of these barriers, says Ann Warren, associate general counsel of Duke Energy Corp.

  • New Fannie Mae Shareholder Case Against FHFA Has Merit

    Saikrishna Prakash

    The U.S. district court in Minnesota is considering the government’s recent motion to dismiss a case brought by Fannie Mae and Freddie Mac shareholders alleging that the structure and actions of the Federal Housing Finance Agency violate the Constitution. The case, Bhatti v. FHFA, raises interesting questions that are worth exploring, says Saikrishna Prakash of the University of Virginia School of Law.

  • Series

    Judging A Book: Pryor Reviews 'Scalia Speaks'

    Judge William Pryor

    Christopher Scalia and Edward Whelan have published an indispensable collection of the late Justice Antonin Scalia's best speeches. "Scalia Speaks: Reflections on Law, Faith, and Life Well Lived" puts on full display Justice Scalia’s skilled writing, quick wit and uncommon wisdom on a wide range of topics — from law to turkey hunting, says Judge William Pryor of the Eleventh Circuit.

  • Financial Crisis Anniversary

    The Inside Counsel Revolution

    Ben Heineman

    The role of the general counsel has significantly grown in importance, with the GC now often replacing the senior partner in the outside law firm as the primary counselor for the CEO and the board. This inside counsel revolution was given great impetus by the financial crisis that started 10 years ago, says Ben Heineman Jr., former general counsel of General Electric Co.

  • SEC Goes Global, Again

    Brian Neil Hoffman

    The U.S. Securities and Exchange Commission has not been shy about enforcing the Foreign Corrupt Practices Act globally. But a recent case against Mexican homebuilding company Desarrolladora Homex and its executives makes clear that the SEC will not hesitate to enforce against foreign companies other provisions of the federal securities laws as well, says Brian Neil Hoffman of Holland & Hart LLP.