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Securities

  • August 13, 2018

    $7B USG-Knauf Merger Hit With Del. Chancery Class Suits

    Two investors in drywall maker USG Corp. filed proposed class action complaints Monday in Delaware Chancery Court alleging the company’s board breached its fiduciary duties in approving a $7 billion combination with Gebr. Knauf KG.

  • August 13, 2018

    Hear It In England, UBS Says Of Bloomberg's Data Suit

    UBS AG asked a New York federal judge on Monday to dismiss Bloomberg's suit alleging that it unlawfully redistributed proprietary data through its portfolio analysis and risk management software, saying that England — the place where the disputed actions of UBS Delta took place in their entirety — is a more appropriate venue.

  • August 13, 2018

    Microcap Co. Exec Settles SEC's Claims Of $11M Fraud

    The chief executive of microcap company eCareer Holdings Inc. has agreed to pay more than $700,000 to settle the U.S. Securities and Exchange Commission's claims that his business defrauded more than 400 investors out of $11 million by selling unregistered shares and misrepresenting the company, according to a judgment entered Monday in Florida federal court.

  • August 13, 2018

    Insider Trading Tied To BofA Staffer Yields Another Guilty Plea

    A man accused of trading at least six stocks based on insider tips about corporate transactions relayed to him from a Bank of America Corp. staffer pled guilty to a conspiracy charge in Manhattan federal court on Monday and faces a guidelines sentence of 18 to 24 months behind bars.

  • August 13, 2018

    Ex-Union Boss Like 'Con Man' Cooperator, Bribery Jury Hears

    Counsel for Norman Seabrook, the former labor boss accused of steering $20 million of union capital to a now-bankrupt hedge fund for a $60,000 bribe, told a Manhattan jury Monday that a key government witness is a “con man” who can't be trusted, but a prosecutor said both men are “cut from the same cloth.”

  • August 13, 2018

    Deutsche Bank Gets Stay Of RMBS Indemnification Suit

    A New York federal judge has paused a proposed class action that accuses a Deutsche Bank unit of improperly funding its defense in a residential mortgage-backed securities trustee suit using money from the same trusts it is alleged to have mismanaged, finding that it would be more efficient to resolve the trustee suit first.

  • August 13, 2018

    SEC Gets Judgment Against Convicted Fitbit Stock Fraudster

    A New York federal judge on Friday signed off on the U.S. Securities and Exchange Commission’s consent judgment with Robert W. Murray, a Virginia man serving a two-year sentence for orchestrating a $100 million market manipulation scheme that quickly drove up the price of Fitbit Inc. stock, enjoining him from future securities violations.

  • August 13, 2018

    Tenn. Businessman Seeks To Exit Pension Theft Suit In Pa.

    A Tennessee businessman argued Monday that a Pennsylvania federal court has no jurisdiction over him and should dismiss him from a case that alleges one of his business partners illegally drained millions from a central Pennsylvania company's pension plan.

  • August 13, 2018

    Fisker Ch. 11 Trustee, Karma In Talks On Stock Sale Reset

    A liquidating trustee for bankrupt electric car maker Fisker Automotive and its Chapter 11 buyer reported plans Monday for a third round of talks on a "reset" of a capital raise by the company’s new owners that diluted the trustee's original 20 percent share and led to a Delaware lawsuit.

  • August 13, 2018

    Facebook Wants Calif. Cambridge Analytica Suit Tossed

    Facebook Inc. on Friday urged a California federal court to dismiss five derivative suits filed by shareholders against the social network's board of directors after the Cambridge Analytica data privacy scandal, saying the investors have not shown that company brass were aware of the research firm's data siphoning.

  • August 13, 2018

    9th Circ. Rips Judicial Notice Trend In Securities Suits

    A Ninth Circuit panel on Monday took issue with a "concerning pattern" in securities fraud cases, saying corporate defendants are exploiting judicial notice procedures by submitting dozens of documents to improperly defeat viable complaints early in litigation.

  • August 13, 2018

    Man Gets 8 Years In Prison For Oil And Gas Scheme

    A federal judge on Friday sentenced a man to more than eight years in prison for wire fraud and money laundering in connection with allegations that he falsely told investors he owned oil and gas leases in Montana, Texas and Oklahoma, including on the Blackfeet Indian Reservation.

  • August 13, 2018

    Lehman Judge Keeps Mortgage Suits In NY Bankruptcy Court

    Lehman Brothers’ quest to hold a group of mortgage originators accountable for the $1.2 billion it paid to settle claims after their loans went belly up will stay in New York bankruptcy court, the judge overseeing the defunct investment bank’s Chapter 11 case said Monday.

  • August 13, 2018

    Davis Polk Guides Sands China In $5.5B Note Offering

    Davis Polk & Wardwell LLP has advised the joint underwriters of a $5.5 billion note offering for Sands China Ltd. as the Las Vegas Sands Corp. subsidiary looks to repay its existing debt and invest in capital expenditures, the law firm said.

  • August 13, 2018

    Ex-State Street Exec's Post-Verdict Acquittal Bid Denied

    A post-verdict bid for acquittal by a former State Street Corp. vice president convicted of conspiracy and fraud for overbilling clients by millions was denied Monday by the Massachusetts federal judge who oversaw the case, saying he had heard the executive’s arguments before.

  • August 13, 2018

    FXCM Nixes Investor Class Action Over Swiss Franc Losses

    A federal judge in New York has dismissed a class action alleging foreign exchange trading company FXCM Inc. defrauded investors, saying the court found no evidence that the company made any deliberate misrepresentations to stockholders in failing to foresee the euro’s value falling sharply against the Swiss franc.

  • August 13, 2018

    Crypto Investor's Suit Must Stay In Federal Court

    A California federal judge on Friday refused to remand a putative securities class action brought by an investor in the cryptocurrency Ripple to state court, finding that the investor’s request to remand the suit under the Securities Act of 1933 goes too far.

  • August 10, 2018

    How The Legal Industry Lets Down Lawyers With Disabilities

    The dissolution of a five-year-old bar group marks the latest setback for disabled attorneys, who often find little support while navigating an inhospitable industry.

  • August 10, 2018

    Gaining Access: Disabled Lawyers Share Their Stories

    In a series of interviews, lawyers tell Law360 how even well-intentioned professors can create barriers, how inclusivity can help a firm’s litigation prowess, and how “inspirational” can be a dirty word.

  • August 10, 2018

    Schwab Pushes Back On Banks' Latest Bid To Ax Libor Claims

    Charles Schwab Corp. on Thursday defended its revived and amended claims against a slew of the world’s largest banks over their alleged manipulation of the London Interbank Offered Rate, telling a New York federal judge that it’s tightened up its complaint enough for the case to proceed.

Expert Analysis

  • The SEC’s Evolving Asset Management Agenda

    David Tittsworth

    For anyone who expected the U.S. Securities and Exchange Commission to be essentially dormant in terms of asset management rulemaking since Chairman Jay Clayton’s term began, nothing could be further from the truth, says David Tittsworth of Ropes & Gray LLP.

  • The Future Of Authenticating Audio And Video Evidence

    Jonathan Mraunac

    The recent emergence of artificial intelligence-based technology has prompted serious concerns about the future integrity of recordings. Attorneys must think critically about standards for authenticating audio and video evidence as well as legislative and regulatory safeguards to discourage pervasive manipulation and forgery, says Jonathan Mraunac of Ogletree Deakins Nash Smoak & Stewart PC.

  • New SEC Rules Encourage Companies To Go Public

    David Wolpa

    The U.S. Securities and Exchange Commission last month voted to expand its definition of “smaller reporting company” to increase the number of public companies that qualify for less extensive reporting rules. Private companies with relatively high valuations are especially likely to take advantage of these amendments, say attorneys with McGuireWoods LLP.

  • FCPA Liability For Hiring Practices Gains New Credence

    Bruce Searby

    The U.S. Department of Justice and the U.S. Securities and Exchange Commission have stood by an expansive theory of anti-bribery liability under the Foreign Corrupt Practices Act for corrupt hiring schemes. After the recent Credit Suisse resolutions, the theory appears to be here to stay, says Bruce Searby, a partner at Searby LLP and a former federal prosecutor.

  • Are Blockchain Utility Tokens Securities?

    Douglas Pepe

    Many of the most important and promising blockchain projects involve crypto assets and tokens that are designed for — and have — a real use, separate and apart from their prospects as speculative investments. These cases do not fit neatly into a Howey analysis. They are the square pegs facing a regulatory round hole, says Douglas Pepe of Joseph Hage Aaronson LLC. 

  • Opinion

    Law360's Global 20 Doesn't Acknowledge Global Networks

    Glenn Cunningham

    While I read with interest Law360's report analyzing the top 20 global law firms of 2018, I also noticed it doesn't tell the whole story. Global networks of independent law firms compare favorably with multinational firms in terms of geographic coverage, legal expertise, and awareness of local cultures and customs, says Glenn Cunningham of Interlaw Ltd.

  • Dodd-Frank Reform Brings Flexibility For Stock Compensation

    Stuart Gelfond

    In addition to reforming certain aspects of the Dodd-Frank Act, the recently signed Economic Growth, Regulatory Relief, and Consumer Protection Act also provides relief for issuers of stock-based compensation from certain disclosure burdens of the federal securities laws. Attorneys with Fried Frank Harris Shriver & Jacobson LLP look at how this new flexibility can benefit private companies.

  • What Directors Need To Include In Appraisal Notices

    Christopher Chuff

    The Delaware Chancery Court's opinion in Cirillo Family Trust v. Moezinia is a stark reminder of both the required contents of an appraisal notice as well as the appropriate approach to take when communicating with stockholders, say attorneys with Pepper Hamilton LLP.

  • EB-5 Investor Withdrawal — Evaluating The Controversies

    Ronald Fieldstone

    As the EB-5 visa program becomes more cumbersome, many investors are requesting or demanding a return of their $500,000 capital contribution. There are several variations of such requests that will result in different consequences, says Ronald Fieldstone of Saul Ewing Arnstein & Lehr LLP.

  • Suddenly, ALJs Become Political Appointees

    Brian Casey

    Less than three weeks after the U.S. Supreme Court decided Lucia v. Securities and Exchange Commission, President Donald Trump signed an executive order applying the court’s rationale in Lucia to the hiring — and firing — of all administrative law judges in the federal government, making them entirely beholden to the heads of their agencies or the president for their jobs, says Brian Casey of Barnes & Thornburg LLP.