Securities

  • May 19, 2017

    Ex-NY Town Supervisor Found Guilty Of Muni Bond Fraud

    A New York jury found a former Ramapo Town supervisor guilty of fraud and conspiracy on Friday in what a Manhattan federal prosecutor has dubbed the first municipal bond fraud case.

  • May 19, 2017

    Fla. Financier Will Pay SEC $4.1M To Settle Fraud Claims

    A Florida investment adviser has agreed to fork over more than $4.1 million in disgorgement, interest and civil penalties to the U.S. Securities and Exchange Commission to settle accusations that he had fleeced his hedge fund’s investors out of millions of dollars by charging them hidden fees, according to documents filed in Florida federal court on Thursday.

  • May 19, 2017

    Va. Man Charged With $100M Fitbit Stock Manipulation Fraud

    Manhattan federal prosecutors on Friday charged a Virginia man with orchestrating a $100 million stock manipulation scheme using shares of Fitbit, in which he posed as an officer of a Chinese company and tendered a sham offer for all of the wearable technology company’s outstanding stock.

  • May 19, 2017

    Del. Plaintiffs Attys Fear Exodus Of Chancery Deal Suits

    Two of the most talked-about recent major Delaware corporate law rulings have already chased a number of shareholder merger claims out of the First State’s courts, and some on the plaintiffs bar worry that the legal landscape is leading to a place where such litigation is snuffed out altogether.

  • May 19, 2017

    Ex-Barclays Forex Trader Gets $1.2M Fine, Industry Ban

    Barclays PLC's former global head of foreign exchange spot-trading was slapped with a $1.2 million fine and industry ban Friday by the Federal Reserve, ending enforcement proceedings over his involvement in a currency rigging scheme.

  • May 19, 2017

    Fiduciary Rule Foe Points To High Court Arbitration Stance

    A financial planning group challenging portions of the U.S. Department of Labor’s so-called fiduciary rule has urged a Minnesota federal judge to take notice of a recent U.S. Supreme Court decision involving the Federal Arbitration Act, saying it strengthens the group’s challenge.

  • May 19, 2017

    Investors Drop Suit Over $204M Derma Sciences Merger

    Derma Sciences Inc. shareholders on Friday agreed to drop a putative class action seeking to block Integra LifeSciences Holdings Corp.’s $204 million proposal to buy the tissue regeneration company, telling a New Jersey federal judge that supplemental regulatory disclosures have rendered the claims moot.

  • May 19, 2017

    Split On SEC In-House Judges To Be Key In DC Circ. Case

    A December decision by the Tenth Circuit that the use of administrative law judges is unconstitutional will hang over oral arguments next week as a broker challenges his industry ban by the SEC before the D.C. Circuit, which has previously upheld the use of in-house courts, experts say.

  • May 19, 2017

    Intel Investors Seek $2M Attys' Fees In Anti-Poach Suit

    Attorneys for Intel Corp. shareholders urged a California judge Friday to award $2 million in attorneys’ fees for their recently tossed derivative suit, alleging Intel executives made illegal deals with other tech companies not to hire away workers, arguing Intel instituted more stringent hiring guidelines as a result of their litigation.

  • May 19, 2017

    Atty Calls Out SEC Over Lack Of Specifics In EB-5 Fraud Suit

    Newport Beach, California, lawyer Emilio Francisco continued to fight off allegations from the U.S. Securities and Exchange Commission that he defrauded at least 135 EB-5 immigrant investors out of $9.5 million, telling a California federal court on Thursday the agency fails to spell out details of purported misrepresentations.

  • May 19, 2017

    SEC Still Weighing Plans For 1st New Trading Pit In Decades

    The U.S. Securities and Exchange Commission on Thursday decided to take more time in determining whether BOX Options Exchange LLC can open what would be the first new options trading floor in decades.

  • May 19, 2017

    PNC Sues To Overturn Ex-Worker's $1.8M FINRA Award

    A broker-dealer unit of the PNC Financial Services Group Inc. asked a Missouri federal court Thursday to toss a $1.8 million arbitral award the bank was ordered to pay a sacked employee who alleged she was wrongfully fired, arguing the arbitrators went beyond their remit.

  • May 19, 2017

    8th Circ. Refuses To Clarify 401(k) Retiree Loss Ruling

    The Eighth Circuit issued a terse order Thursday refusing a rehearing bid by ABB Inc. on a March opinion that remanded for a second time a suit accusing the technology conglomerate of changing retirement plans for its own benefit.

  • May 19, 2017

    Texas Justices Nix Part Of $23M Shareholder Dilution Row

    The Texas Supreme Court on Friday reversed a court of appeals judgment in a suit brought by two IDev Technologies minority shareholders alleging various venture-capital shareholders in IDev diluted their shares that should have been worth $23 million, holding the investors were correct that a forum selection clause mandates the claims be brought in Delaware.

  • May 19, 2017

    Fla. Precious Metals Dealer Pays $1M To Settle CFTC Claims

    A Florida telemarketing firm and its owner consented in Florida federal court on Thursday to pay more than $1 million to settle a suit brought by the U.S. Commodity Futures Trading Commission over claims the company recruited customers to purchase platinum, gold and other precious metals in violation of federal regulations.

  • May 19, 2017

    Former Law Firm Securities Chief Faces Fraud Indictment

    The former head of New Jersey law firm Szaferman Lakind Blumstein & Blader PC’s securities practice was indicted on Thursday for his role in what prosecutors say was a fraudulent scheme to sell sham companies with phony CEOs, according to California federal court records.

  • May 18, 2017

    Black Elk Trustee Gets $29M In Platinum Partners Claims

    The litigation trustee for the defunct Black Elk drilling operation is set to recover up to $29.6 million from Platinum Partners as part of its Texas bankruptcy court adversary proceeding for claims stemming from the hedge fund’s allegedly long-ranging securities fraud scheme, according to a settlement announced Thursday.

  • May 18, 2017

    Atty Who Skirted Scam Injunction 'Disingenuous,' Judge Says

    A California federal judge on Thursday blasted an attorney accused of duping home mortgage borrowers with false promises of debt relief for violating an asset freeze and other court requirements, calling his contention he didn't know what the injunction entailed "disingenuous."

  • May 18, 2017

    Russia Meddling Claims Block 'Donorgate' From UN Bribe Trial

    A New York federal judge on Thursday blocked a swath of evidence concerning Chinese billionaire Ng Lap Seng’s purported funding of U.S. politics, saying the risk of prejudice by bringing up foreign political meddling in the bribery trial is too great in light of the current accusations of undue overseas influence in last year’s elections.

  • May 18, 2017

    SunEdison Says It's Poised To Solicit Votes On Ch. 11 Plan

    SunEdison Inc. told a New York bankruptcy court on Wednesday that after resolving several objections to its Chapter 11 plan disclosures and reaching a critical accord with its key creditors, it is in position to move forward with soliciting votes for its exit from bankruptcy.

Expert Analysis

  • How Recent Executive Orders May Affect SEC And CFTC

    Tittsworth_David (2).jpg

    The first 100 days of the Trump administration have brought numerous directives designed to reshape the regulatory landscape for financial institutions that ultimately may result in dramatic changes to government departments and agencies, says David Tittsworth of Ropes & Gray LLP.

  • Web Servers: An Overlooked Cybersecurity Risk At Law Firms

    Jeff Schilling

    Many law firms use public-facing websites for business development and to streamline operational processes. While these sites are great for maximizing information-sharing, they could unknowingly be an unlocked gateway into a firm’s most confidential data, says Jeff Schilling of Armor Defense Inc.

  • In Congress: Stopgap Funding, Jay Clayton, North Korea

    Richard Hertling

    Lawmakers were able to avert a shutdown on Friday by passing a one-week stopgap funding bill to keep the government operational. This week, they are looking to finalize a broader spending package, as well as tackle other long-term legislative business, say Richard Hertling and Kaitlyn McClure of Covington & Burling LLP.

  • 2nd Circ. May Clarify 5th Amendment Issue In Libor Case

    Mark Racanelli

    A pending Second Circuit case raises an interesting constitutional question for practitioners whose clients are subject to parallel, cross-border white collar investigations: When someone gives compelled testimony to foreign law enforcement officials, does the Fifth Amendment bar U.S. prosecutors from using her statements, directly or indirectly, to criminally prosecute her? say Mark Racanelli and Michael Simeone of O’Melveny & Myers LLP .

  • The Mediator’s Proposal As A Tool For Litigants

    Dennis Klein

    Mediators’ proposals, which call for an unconditional and confidential acceptance or rejection, are resolving high-value disputes on a regular basis. Dennis Klein of Critical Matter Mediation examines why this is happening and the tactical implications for litigants in anticipating that a mediator’s proposal could resolve litigation.

  • Unocal Uncertainty, Other Takeaways From Paramount Gold

    Warren S. de Wied

    The Delaware Chancery Court's recent decision in Paramount Gold and Silver Stockholders Litigation highlights the open issue as to whether a post-closing challenge to deal protection devices under Unocal would survive if Corwin were applicable, say attorneys with Fried Frank Harris Shriver & Jacobson LLP.

  • 100 Days Of FCPA Under Trump: 10 Takeaways

    Meghan Hansen

    Since the presidential election, there has been uncertainty about the future of Foreign Corrupt Practices Act enforcement. The Trump administration's first 100 days have given some clues, say Meghan Hansen and Carolyn Wald of Latham & Watkins LLP.

  • Expectations After The Trump Administration's First 100 Days

    Jim Flood

    In its first 100 days, the Trump administration has had mixed results and may be behind where it wants to be. The biggest threat to President Donald Trump’s domestic policy agenda beyond the first 100 days is the difficulty of reconciling the Freedom Caucus Republicans, moderate Republicans and Democrats, say Jim Flood and Cari Stinebower of Crowell & Moring LLP.

  • FINRA’s Foray Into Insider Trading

    Benjamin Kozinn

    Based on a recent multiyear case against a distressed debt trader, the Financial Industry Regulatory Authority seems ready, willing and able to take a more prominent role in insider trading, say attorneys with Lowenstein Sandler LLP.

  • The Challenges For CEA Price Manipulation Plaintiffs

    Mark Young

    The recent contrasting outcomes of the regulatory and private actions against Total Gas illustrate at least one significant difference between public and private price manipulation enforcement under the Commodity Exchange Act — private plaintiffs have a difficult, and sometimes insurmountable, hurdle to overcome, say attorneys with Skadden Arps Slate Meagher & Flom LLP.