Securities

  • January 11, 2018

    Drake's Virginia Black Whiskey To Uncork $30M 'Mini-IPO'

    Virginia Black, a whiskey brand founded by Canadian rapper Drake and spirits entrepreneur Brent Hocking, said Thursday it plans to raise up to $30 million through a so-called Reg A+ offering, a sort of “mini-IPO” that lets companies tap public markets under relaxed rules.

  • January 11, 2018

    Teva Investors Fight Bid To Nix Price-Fixing Suit

    Two pension plans on Wednesday hit back against a request by Teva Pharmaceutical Industries Ltd. and several of its former officers to throw out their proposed investor class action over Teva’s alleged price-fixing in the generic-drug market, defending the quality of their pleadings to a Connecticut federal court.

  • January 11, 2018

    Gilbride Tusa Gets Quick Win Axed In $85M Malpractice Suit

    A New York state appellate panel on Thursday reversed a quick win given to two Genesis Merchant Partners investment funds against Gilbride Tusa Last & Spellane LLC on the question of the firm's liability for legal malpractice in an $85 million suit alleging it mishandled security interests in life insurance policies backing three loans made by the funds.

  • January 11, 2018

    SEC Chair Urges More Bond Market Liquidity For Main Street

    U.S. Securities and Exchange Commission Chairman Jay Clayton on Thursday urged members of a newly formed agency committee charged with making recommendations on structural reforms to U.S. bond markets to focus their energies on improvements that will benefit retail investors.

  • January 11, 2018

    Wary Firms Won't Rush To Test FCPA Corruption Guidelines

    U.S. Department of Justice guidelines advising leniency in exchange for cooperation in Foreign Corrupt Practices Act cases promise more certainty for companies and might over time embolden firms to try foreign ventures that once seemed too risky. But white collar attorneys don’t expect companies to take new chances until they see how prosecutors use the guidance in practice.

  • January 11, 2018

    SEC Settles With Reinsurance Exec Accused Of $2.5M Fraud

    The U.S. Securities and Exchange Commission told a Connecticut federal court Thursday that it has reached a deal to settle claims that a veteran of the reinsurance industry spent much of the $2.5 million he raised from investors on personal expenses, Ponzi-like payments and pooches.

  • January 11, 2018

    SEC Picks Salt Lake City Head To Lead Atlanta Office

    The U.S. Securities and Exchange Commission on Wednesday named the director of its Salt Lake City, Utah, office as the new regional director of its Atlanta office, leading a staff responsible for investigations, enforcement actions and compliance inspections in five southeastern states.

  • January 11, 2018

    Bankrupt Soupman's Ex-CEO Sued Over Stock Loss

    An investor in The Original Soupman Inc. sued the bankrupt soup seller's ex-CEO in Connecticut federal court Wednesday for allegedly seeking a buyer for the company at an artificially high price after making false and misleading statements that caused the investor to lose about $35,000.

  • January 11, 2018

    Atty Can't Duck SEC Suit Over Pump-And-Dump Scheme

    A New York federal judge on Wednesday refused to toss the SEC’s claims against a Texas attorney linked to another's scheme to take control of two companies and "pump and dump" the stock, ruling the agency had shown enough evidence he was negligent or complicit in conveying the false information.

  • January 11, 2018

    Property Co. Asks For Libor Trader Interviews In RBS Appeal

    A property company trying to revive its landmark Libor-linked swaps misselling claim against Royal Bank of Scotland PLC urged a U.K. appeals court Thursday to force the bank to turn over trader interview transcripts because the material was already disclosed in a separate case lodged by the U.S. Federal Deposit Insurance Corporation.

  • January 10, 2018

    Ex-SGs Square Off Over Puerto Rico Board Constitutionality

    Two former solicitors general on Wednesday argued opposing sides in a high-stakes court fight over whether the federally appointed board members overseeing Puerto Rico's financial restructuring and bankruptcylike cases were unconstitutionally appointed, dredging up centuries-old federal case law touching on territorial governance.

  • January 10, 2018

    Barracuda Shareholders Sue Over $1.6B Thoma Bravo Deal

    Shareholders of tech company Barracuda Networks on Tuesday asked a California federal judge to stop its $1.6 billion sale to private equity firm Thoma Bravo, arguing that the company has failed to release key financial information ahead of the deal.

  • January 10, 2018

    SEC, Creditors Say Woodbridge Deals Favor Ch. 11 Trustee

    Attorneys for the U.S. Securities and Exchange Commission and Woodbridge Group’s unsecured creditors pressed the company’s Chapter 11 restructuring officer Wednesday on deals and dealings with its accused fraudster owner, during arguments in Delaware over calls for a trustee takeover of the $1 billion case.

  • January 10, 2018

    Virtual Coin Owners Sue Exchange For Freezing Their Funds

    The virtual currency exchange Vircurex has breached contracts with thousands of investors by freezing their accounts for nearly four years, while scaring off potential lawsuits with misleading terms of service, a proposed class action filed Wednesday in Colorado federal court claims.

  • January 10, 2018

    Deutsche Notice Claim Revived In $306M Mortgage Trust Row

    A New York federal judge on Wednesday revived Deutsche Bank’s claim that Morgan Stanley breached a contract by failing to notify it about problems in the residential mortgage trust at issue in a $306 million suit, saying the law had changed since the claim was dismissed.

  • January 10, 2018

    Spring Trial Date Set In $300M Stock Fraud Case

    A New York federal judge on Wednesday set an April trial date for two brokers, an attorney and the head of a financial services company accused of various stock manipulation schemes collectively worth $300 million, including an $86 million pump-and-dump scheme involving the stock of medical billing firm CodeSmart Holdings Inc.

  • January 10, 2018

    Intel Investors Say Stock Fell After Security Flaw Reveal

    Investors hit Intel Corp. with a stock-drop putative class action in California federal court on Wednesday, alleging that news of two previously unreported security flaws, dubbed Spectre and Meltdown, prompted share prices to tumble more than 5 percent over two days.

  • January 10, 2018

    New Info Won't Cause 3rd Circ. To Rethink Nixing $30M Award

    A Third Circuit panel declined Wednesday to reconsider its decision that a New Jersey bankruptcy court was right to throw out a $30 million judgment against a Wall Street stockbroker accused of fraud for an attorney's failure to disclose a settlement with other executives at the brokerage.

  • January 10, 2018

    Investors Push Back On Objection To $130M Citi LIBOR Deal

    A group of investors on Tuesday pressed for final approval of their $130 million deal settling class action claims against Citigroup stemming from allegations that the London Interbank Offered Rate was manipulated, telling a New York federal court that the only objector to the settlement doesn’t actually have standing to object.

  • January 10, 2018

    SEC To Deliberate On Nasdaq's Bid To Ease SPAC Rules

    The U.S. Securities and Exchange Commission said Tuesday it will launch proceedings on a Nasdaq proposal to ease listing rules for special purpose acquisition companies, which are increasingly popular vehicles for taking businesses public, possibly delaying a decision for months.

Expert Analysis

  • Opinion

    Jurors Should Have An Active Role In Trials

    Judge Amos Mazzant III

    We tell jurors how important they are to the successful implementation of our judicial system, but oftentimes we don’t treat them with the reverence they deserve. U.S. District Judge Amos Mazzant III of the Eastern District of Texas, Lisa Blue of Baron and Blue, and Robert Hirschhorn of Cathy E. Bennett & Associates advocate three improvements to give jurors an active role in our civil and criminal jury trials.

  • SEC's Reversal On ALJs Could Affect Its Forum Choices

    Coates Lear

    In a sudden about-face, the U.S. Securities and Exchange Commission has ratified its administrative law judge appointments, seemingly resolving the constitutional issues surrounding its ALJs. This could mean that the SEC will resume filing litigated actions as administrative proceedings again, say attorneys with Squire Patton Boggs LLP.

  • The Landscape Of Financial Exploitation Rules: Part 1

    Clifford Kirsch

    As the baby-boomer generation exits the workforce and transitions into retirement, senior investors will begin accessing their retirement savings. To prevent abuse, financial institutions should carefully review the emerging federal and state framework regulating the financial exploitation of senior investors and adjust accordingly, say attorneys with Eversheds Sutherland.

  • DOL Fiduciary Rule — Still Very Much Alive

    Robert Gower

    While certain requirements of the U.S. Department of Labor's Fiduciary Rule were recently delayed, the rule's expanded definition of a fiduciary and the standards to which such fiduciaries are to be held are currently in effect, says Robert Gower of Trucker Huss APC.

  • Series

    40 Years Of FCPA: An Update From The DOJ

    Daniel Kahn

    U.S. Department of Justice prosecutors and law enforcement partners have secured more foreign bribery-related trial convictions and guilty pleas this year than in any other year in the history of the Foreign Corrupt Practices Act, in fact by almost twice as much. These are all significant cases with significant impacts, says Daniel Kahn, chief of the DOJ's FCPA Unit.

  • Why Information Governance Is More Important Than Ever

    Linda Sharp

    It used to be that hiring a good law firm was the single most important thing a company could do when facing litigation. You could now make the case that an organization’s most powerful asset in prosecuting or defending a claim is its information, says Linda Sharp, associate general counsel of ZL Technologies and chair of the ACC Information Governance Committee.

  • Diversity Poised To Take Center Stage In 2018 Proxy Season

    David Oelman

    Diversity on corporate boards has been a matter of interest among U.S. investors for years, but 2017 marked a turning point. We expect gender diversity in particular to take center stage in the 2018 annual meeting season, say attorneys with Vinson & Elkins LLP.

  • Opinion

    BigLaw Is Behind The Automation Curve

    Michael Moradzadeh

    In its new report on the effects of automation in the workplace, McKinsey Global Institute identifies lawyers as less susceptible to the sort of automation that could put one-third of American workers out of a career by 2030. This may seem reassuring, but it doesn't mean automation won't disrupt our bottom line, says Michael Moradzadeh of Rimon PC.

  • The Future Of Bitcoin Futures

    Colin Lloyd

    Trading in bitcoin futures opened this week on the CBOE Futures Exchange, with offerings from the Chicago Mercantile Exchange and the Cantor Exchange to soon follow. In designing their contracts, the exchanges had to make decisions about contract size, tenor, and trading and settlement conventions, with some notable consequences, say Colin Lloyd and James Michael Blakemore of Cleary Gottlieb Steen & Hamilton LLP.

  • Series

    40 Years Of FCPA: Compliance, Past And Future

    Hui Chen

    More than any other statute, the Foreign Corrupt Practices Act has fueled the growth of the compliance industry. While the expansion of corporate compliance is a positive development, the fear-driven and FCPA-centric approach has also produced unfortunate consequences, says ethics consultant Hui Chen, who served as the U.S. Department of Justice's first-ever compliance counsel.