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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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 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.
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.
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.
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.