A former investment fund manager who admitted to fraud after he was charged with operating a $96 million Ponzi scheme with his brother-in-law was sentenced to 12 years in prison on Friday and ordered to repay nearly $68 million, federal prosecutors in Brooklyn, New York, said in a statement.
An attorney representing CBS Inc. and its board of directors told a Delaware Chancery Court judge Friday that the compensation awarded to an ailing Sumner Redstone in 2015 and 2016 was a measured action of the board’s compensation committee and is protected by the business judgment rule.
The Internal Revenue Service on Friday proposed new rules amending the definition of obligations requiring registration and attempting to clarify the types of arrangements that qualify as pass-through certificates.
A California federal judge has slapped an offshore investor with a nearly $58 million judgment over his role in a pump-and-dump scheme involving a Bob Marley-branded coffee company, ruling Thursday that the sanctions sought by the U.S. Securities and Exchange Commission didn’t run afoul of a recent U.S. Supreme Court decision or the U.S. Constitution.
Two U.S. senators introduced a new bill Friday that would give consumers more control over their own credit data in light of Equifax’s massive data breach, the same day a bipartisan group of 33 attorneys general sent a letter demanding that the credit reporting agency stop charging consumers attempting to freeze their credit.
The U.S. Securities and Exchange Commission has reached a settlement with the owner of a day-trading website who pled guilty to a role in a $1.4 million customer theft scheme, the agency told a New Jersey federal judge on Friday, asking for approval of the deal.
A New York federal judge on Thursday preliminarily approved settlements of $14.7 million and $2.1 million in separate shareholder class actions alleging the former directors of bankrupt renewable energy giant SunEdison Inc. maintained faulty internal controls and provided inaccurate financial statements that misled investors.
Delaware’s Chief Justice Leo E. Strine Jr., with his biting wit and forceful personality on the bench, is facing fire from some for the First State’s tarnished reputation among many business leaders, with attorney Alan Dershowitz calling him “an unfortunate face” for the state.
After four years of litigation, former AIG chief Maurice “Hank” Greenberg’s defamation lawsuit against former New York governor Eliot Spitzer has been partly cleared to move forward by a New York State appeals court.
A Texas federal judge on Thursday denied a motion to dismiss an indictment against Texas state Sen. Carlos Uresti, D-San Antonio, related to alleged kickbacks for a medical services contract at a county jail, rejecting the argument that the government had only alleged Uresti was paid “gratuities,” and not bribes.
Google's parent company may invest about $1 billion in Lyft, a subsidiary of Chinese internet commerce company JD.com is in talks to buy a roughly $1.5 billion stake in Chinese brokerage First Capital Securities, and CK Infrastructure is mulling a bid for U.K. energy firm Cory Riverside.
A Florida federal judge refused Friday to kick back to state court a dispute between the shareholder of a United Arab Emirates-based company that trades in Angolan diamonds and his family, who are also shareholders in the company, saying the suit had been properly removed under an arbitration clause in their contract.
A Texas federal judge shut down a post-verdict attempt to revive an $88 million clawback suit linked to the $7 billion Stanford Ponzi scheme on Thursday, saying there's no justification for questioning the jury's finding that no payback was required.
A former New York federal prosecutor, a U.S. Securities and Exchange Commission senior counsel and an Olshan Frome Wolosky LLP securities and bankruptcy partner have joined Cadwalader Wickersham & Taft LLP in New York and Washington, D.C.
Credit Suisse AG on Thursday said it has set aside $79.5 million to settle long-running litigation with insurer Massachusetts Mutual Life Insurance Co. over the bank’s pre-financial crisis mortgage-backed securities offerings.
The emergence of initial coin offerings, which promise investors huge returns through digital currency instead of stock, may be the unlikely answer to jump-starting Europe’s sluggish capital markets, giving regulators the first test of their pledge to take a hands-off approach to fintech.
U.S. District Judge Valerie E. Caproni prodded the U.S. Securities and Exchange Commission on Friday to “swallow hard” and decide on whether to settle fraud claims against ex-Dewey & LeBoeuf LLP chief financial officer Joel Sanders and Stephen DiCarmine, the fallen firm's former executive director.
New York state's highest appellate court on Friday denied a Saudi contractor’s bid to revive a $10 billion fraud suit against Barclays PLC over a settlement between the British bank and the Saudi government.
Petrochemical firm Braskem SA reached a $10 million deal in New York federal court Thursday with investors who accused the company of hiding its role in bribery tied to dealings with Brazilian oil giant Petrobras, a role that sent shares tumbling when the scandal was revealed.
A creditor quarrel over proposed payouts in Avaya Inc.'s Chapter 11 restructuring plan is headed to mediation after a New York bankruptcy judge on Wednesday ordered the telecom giant and its creditor factions to make a good-faith attempt at resolving or narrowing lingering objections.
With more than a third of lawyers showing signs of problem drinking, and untold others abusing prescription drugs and other substances, it is time for law firms to be more proactive in addressing this issue, says Link Christin, executive director of the Legal Professionals Program at Caron Treatment Centers.
When motor vehicles are acquired and titled in the name of an equipment finance company, a subsequent syndication of lease financing including a transfer of legal title to a motor vehicle can involve significant burden and expense. A titling trust program to facilitate syndication of such leases can have many advantages, says Alan Mogol of Baker Donelson Bearman Caldwell & Berkowitz PC.
In its fifth trip to the Seventh Circuit, the Sentinel Management Group’s bankruptcy case recently explored complex issues bankruptcy practitioners often encounter in large Chapter 11 cases with financial services debtors, says Aaron Boschee of Squire Patton Boggs LLP.
Unlike victims of many crimes, human trafficking survivors often have complicated legal problems related to the experience of being trafficked — everything from criminal records to custody disputes to immigration obstacles. Many law firms already provide assistance in these areas and can easily transition resources and expertise, says Sarah Dohoney Byrne of Moore & Van Allen PLLC.
The Delaware Chancery Court’s decision last week in MeadWestvaco Stockholders Litigation indicates that the standards of “waste” and “bad faith” for pleading liability of disinterested target company directors are essentially equivalent — and virtually impossible to meet, say attorneys with Fried Frank Harris Shriver & Jacobson LLP.
A recent Law360 guest article offered a plaintiff’s guide to discovery proportionality, focusing on recent amendments to Rule 26 of the Federal Rules of Civil Procedure. But proportionality is achieved by collaboration, not by mechanistically applying rules. When lawyers work together to establish the nature and scope of discovery, disputes can be avoided, says Alan Hoffman of Husch Blackwell LLP.
The fact-specific nature of the analysis leads to great uncertainty as to whether a limited liability company interest is a security. Courts take into account multiple factors in making this determination, and no one factor alone is determinative, says Rikard Lundberg of Brownstein Hyatt Farber Schreck LLP.
At the Leadership Council on Legal Diversity, we want to see, as founding member and Microsoft chief legal officer Brad Smith once stated, “a legal profession as diverse as the nation we serve.” We are not there yet — far from it — but we are beginning to put some numbers on the board, says Robert Grey, president of the Leadership Council on Legal Diversity.
In prohibiting employers from asking potential hires about their previous salaries, lawmakers seek to "level the playing field." But there are real problems with the practicality, legality and enforceability of many of the salary history laws, says Fredric Newman, a founding partner of Hoguet Newman Regal & Kenney LLP.
In the midst of market excitement surrounding initial coin offerings, the U.S. Securities and Exchange Commission recently issued an investigative report warning that digital tokens may be securities. When a token is a security, a variety of legal considerations come into play, including the Investment Advisers Act, anti-money laundering and taxation, say attorneys with K&L Gates LLP.