Gannett Co. Inc. on Monday urged a Virginia federal judge to toss a proposed Employee Retirement Income Security Act class action accusing it of causing about $135 million in losses for its 401(k) plan and the plan’s participants by concentrating investments in its ex-parent company’s common stock.
A newly unsealed brief on terms for a potential Delaware Chancery Court-ordered sale of William I. Koch’s Oxbow Carbon LLC, filed by Koch and his allies, called Monday for a new company valuation and no price guarantees for investors whose cash-out demands led to the exercise.
Twitter Inc. urged a California federal judge Monday to deny class certification for investors who are suing the company for allegedly inflating its stock price by lying about key user statistics, saying the investors have yet to show how they would calculate damages for the entire proposed class.
Andrew M. Berke, a wealthy former friend of ex-Foley & Lardner LLP partner Walter “Chet” Little who traded on Little's illicit stock tips, avoided prison Tuesday after a prosecutor cited Berke's work to recover damning text messages and help the government decipher them.
A California appeals court on Monday upheld a lower court’s decision to dismiss a shareholder derivative suit accusing Google Inc. executives of entering into illegal “gentleman’s agreements” pledging not to poach other Silicon Valley companies’ engineers, saying the statute of limitations had run out.
The Australian computer scientist who once claimed to be Satoshi Nakamoto, the pseudonymous inventor of bitcoin, urged a Florida federal court on Monday to throw out a $10.2 billion lawsuit accusing him of stealing hundreds of thousands of bitcoins and related intellectual property from his now-deceased business partner, calling the suit a "shakedown."
CSX’s board of directors duped shareholders into hiring former CEO E. Hunter Harrison to turn around the railroad with an “outrageous,” $300 million compensation package, a reckless move that backfired when Harrison died nine months after taking the helm, according to a suit made public Tuesday.
New York Attorney General Eric T. Schneiderman asked 13 virtual currency trading platforms on Tuesday to disclose information on their operations, policies and internal controls as part of a “fact-based inquiry” that he touted as an effort to increase transparency and accountability in the cryptocurrency industry.
A New York federal judge rejected Royal Park Investments' bid for class certification on Tuesday in its suit accusing Wells Fargo Bank of mismanaging two residential mortgage-backed securitization trusts, taking up a magistrate judge's recommendation that found there were too many differences in the proposed group of investors to warrant a class approach.
Wells Fargo urged a California judge to toss class allegations that its top brass traded on insider information about the bank's yearslong illegal creation of customer accounts, arguing Tuesday that the investors waited too long to sue and have not alleged the accounts scandal drove the trades.
A California irrigation district has settled its putative antitrust class action against Barclays Bank PLC over alleged manipulation of western U.S. electricity prices for $29 million and asked a New York federal court to approve the mediation-facilitated deal.
A Chicago investment adviser who pled guilty in January to stealing about $5.2 million of his clients’ and in-laws’ money while lying about their investments was sentenced Tuesday to 12.5 years in prison and ordered to pay the same amount in restitution for the crime.
This fall's fraud trial against seven former insiders and kin of the hedge fund Platinum Partners LP will now become two trials, after a Brooklyn federal judge ruled Monday that one defendant's planned defense would amount to an unfair “double prosecution” of the other six.
Goldman Sachs Group Inc. hasn’t shown that certain alleged misstatements over the company’s ethical compliance had no effect on its stock price, a group of investors has told a New York federal judge in a bid to reinstate class certification after the Second Circuit negated their class status in January.
AXA Equitable Life Insurance Co. stayed clear of a putative class action Tuesday when the New Jersey Appellate Division affirmed that a lawsuit alleging the company's volatility-management policy skirted regulatory approval is precluded by a federal securities law barring claims based on misrepresentations.
A computer and network security analyst from California told a New York federal judge Monday that he would be unfairly prejudiced if he was tried alongside three of his co-defendants in a $5 million insider trading case and asked that his case be severed to avoid the “extreme” risk of spillover.
Lawyers for former Barclays PLC bankers charged with rigging the Euro Interbank Offered Rate told jurors at a London court on Tuesday that their clients did not act dishonestly when they asked for rates that would benefit their trading positions.
BigLaw’s brass ring has grown more elusive in recent years, Law360 data shows, and experts say a number of potentially market-changing forces may be at work.
Andrews Kurth Kenyon saw a more than 12 percent drop in headcount in the year before its February merger with Hunton & Williams — a story experts expect to become familiar for regional firms in Texas.
Lathrop Gage lost more than 15 percent of its attorneys in 2017. Can a new managing partner help bolster its headcount?
The defense that an audit engagement partner cannot be liable for deficient work the partner did not personally perform is no longer viable after a recent decision by the Public Company Accounting Oversight Board in Koeppel. An engagement partner therefore can no longer insulate herself by delegating audit work to subordinates, says Robert Cox of Briglia Hundley PC.
The U.S. Senate last month passed the Economic Growth, Regulatory Relief, and Consumer Protection Act, which makes modest reforms to the Dodd-Frank Act. Here, attorneys with Arnold & Porter look at the bill's notable provisions for community and midsized banks and the prospects for enactment.
The U.S. Supreme Court’s ruling in Merit Management v. FTI Consulting has been characterized as a narrowing of the Section 546(e) safe harbor, given the court’s holding that a transfer is not protected from avoidance merely because the funds passed through a “financial institution.” However, a footnote in the decision could mean that the safe harbor remains applicable to additional participants in securities transactions, say Ellio... (continued)
The first six months of the U.S. Securities and Exchange Commission's cyber unit have been marked by actions both in long-standing areas of SEC enforcement and emerging technologies and activities. Looking ahead, there are signs that the SEC may also seek to bring enforcement actions in an area that has been less publicized, say attorneys with Cleary Gottlieb Steen & Hamilton LLP.
China Agritech v. Resh is an important U.S. Supreme Court case that will have significant repercussions for class actions of all kinds. During oral arguments, many of the justices' questions focused on the plaintiff diligence prerequisite for equitable tolling, say Steven Molo and Michelle Parthum of MoloLamken.
The U.S. Supreme Court's Bristol-Myers Squibb ruling, limiting state courts' personal jurisdiction over nonresident defendants, did not speak to whether the Fifth Amendment imposes similar limits on federal courts' personal jurisdiction. But the Fourteenth Amendment generally protects defendants from service of process by foreign jurisdictions, say William Delgado and Amelia Sargent of Willenken Wilson Loh & Delgado LLP.
The U.S. Supreme Court's rejection of the government’s broad interpretation of a criminal tax obstruction statute in Marinello may have implications for special counsel Robert Mueller’s indictments and the case involving alleged leaks from the Public Company Accounting Oversight Board, say attorneys with Brown Rudnick LLP.
Although the lack of racial and gender diversity among the ranks of the majority of both midsized and top law firms is a major issue, it’s past time to shed light on the real problem — inclusion, or lack thereof, says Marlen Whitley of Reed Smith LLP.
What does the U.S. Supreme Court's unanimous ruling in Cyan v. Beaver County mean for the future of securities litigation? Attorneys at the heart of the case share their views in this series.
A recent Law360 guest article series highlighting three regulatory developments cautions cryptocurrency exchanges to be “prepared for relentless U.S. regulatory oversight,” but the specter of financial regulation should not be as frightening as the articles suggest, say Sarah Auchterlonie and Emily Garnett of Brownstein Hyatt Farber Schreck LLP.