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Securities

  • October 15, 2018

    NYSE Again Seeks To Ease Rules On Blank Check Cos.

    The Securities and Exchange Commission said Friday it will invite public comment on a modified proposal by the New York Stock Exchange to ease certain listing standards for special purpose acquisition companies, which represent a fast-rising segment of capital markets.

  • October 15, 2018

    Financial Investigator Seeks To Undo $40M Defamation Award

    A financial investigation company on Monday urged a New Jersey state appeals court to vacate a $40 million jury verdict in favor of an investment management firm claiming its reputation was damaged by the company's allegedly defamatory reports, arguing that the accusation is based on “nothing but presumptions.”

  • October 15, 2018

    Investors Can't Undo $480K Costs In Archstone Buyout Row

    A Colorado federal judge declined Monday to reconsider almost $480,000 in costs awarded to defendants involved in a $22 billion leveraged buyout of the Archstone-Smith real estate investment trust, saying the investors who challenged the buyout should have raised certain arguments against the costs earlier.

  • October 15, 2018

    Swiss Elevator Co. Seeks Arbitration Against S. Korea

    Swiss elevator company Schindler Holding AG has initiated arbitration against South Korea, potentially seeking more than $300 million, saying the country's regulatory agencies failed to prevent the dilution of its investment in Korea's top-ranked elevator producer and violated a treaty with several European nations.

  • October 15, 2018

    Gigamon Seeks Toss Of Suit Over $1.6B Sale To Elliott

    Gigamon Inc. has asked a California federal court to toss a shareholder suit accusing directors of using an inaccurate financial forecast in its proxy statement for a $1.6 billion acquisition offer from hedge fund management firm Elliott Management Corp., with Gigamon saying the forecast it used reflected declines in 2017 revenue growth.

  • October 15, 2018

    Macquarie Executives Hit With Stock-Drop Suit

    Macquarie Infrastructure Corp. executives misled investors by failing to disclose that the company relied heavily on the demand for an oil product put at risk by industrywide changes, according to a derivative suit filed in New York federal court on Friday.

  • October 12, 2018

    Supreme Court Women: A Vet & 1st-Timer Talk Gender Disparity

    In exclusive on-camera interviews with Law360, the most prolific female U.S. Supreme Court advocate of the past decade and a first-timer reflect on the status of women in a field still dominated by men.

  • October 12, 2018

    Will The Future Of The Supreme Court Bar Be Female?

    While women have made significant inroads into the elite world of U.S. Supreme Court advocacy, last term the number of women arguing at the court hit a decade low. Was it an off year? Or a sign of progress stalled?

  • October 12, 2018

    DOJ Criminal Head Inks Monitor Memo, Axes Compliance Role

    The head of the U.S. Department of Justice's Criminal Division on Friday announced a new policy on what prosecutors must consider before imposing a monitorship and said the DOJ would look to hire prosecutors with compliance experience instead of finding a new corporate ethics counsel.

  • October 12, 2018

    UK Litigation Roundup: Here's What You Missed In London

    The last week has seen Deutsche Bank sue an Italian wealth management bank, several hotels lodge competition claims against Visa and MasterCard and the 200-year-old company behind British bank notes bring a pensions action against HSF. Here, Law360 looks at those and other new claims in the U.K.

  • October 12, 2018

    Cobalt Investors Seek $147M Deal In Angolan Oil Bribe Row

    A class of Cobalt International Energy investors urged a Texas federal judge Friday to approve a $146.9 million settlement in a securities suit claiming the now-bankrupt company bribed Angolan officials and made misrepresentations that cost the investors billions.

  • October 12, 2018

    SEC Suspends Three Ex-BDO Auditors Over Backdated Docs

    The U.S. Securities and Exchange Commission said Friday that it barred three former accountants at BDO USA LLP from auditing publicly traded companies for releasing an audit report for insurer AmTrust Financial Services Inc. before the underlying auditing work was done.

  • October 12, 2018

    Ex-UBS Forex Trader Says 'Cartel' Used Chats To Collude

    A former foreign currency exchange trader for Barclays PLC and UBS Group AG on Friday told a Manhattan federal jury that he and three other forex traders at rival banks used a chatroom dubbed “the cartel” to coordinate their euro-U.S. dollar deals, including those tied to benchmark fix rates.

  • October 12, 2018

    Fertilizer Co. Officers Diluted Ownership Shares, Suit Says

    A corporation and individual with ownership stakes in fertilizer manufacturer Verdesian Life Sciences LLC filed suit in Delaware Chancery Court claiming company officers entered into a series of self-interested transactions that diluted the value of their membership units.

  • October 12, 2018

    Former SEC Senior Counsel Joins Cahill Gordon In DC

    A senior counsel to a former U.S. Securities and Exchange Commission member has joined Cahill Gordon & Reindel LLP’s securities and regulatory enforcement practice in Washington, D.C., the firm announced Thursday.

  • October 12, 2018

    Synovus, Fla. Bank Owe Info On $2.9B Deal, Investor Says

    A shareholder for Florida Community Bank launched a proposed class action in Delaware federal court Thursday to try to put a pending $2.9 billion acquisition of the bank by financial services firm Synovus on hold, saying more information is needed before the deal can go through.

  • October 12, 2018

    3 Commodity Traders Charged In $60M Spoofing Scheme

    The U.S. Department of Justice said Friday that it has hit three commodity futures traders with fraud and conspiracy charges related to a spoofing scheme that distorted the commodities markets and caused other traders to lose more than $60 million.

  • October 12, 2018

    ADT Hit With Stock-Drop Suit Over SEC Disclosures

    Electronic home security business ADT Inc., its directors and controlling shareholders failed to disclose competition in the market and ongoing litigation in filings with the U.S. Securities and Exchange Commission, ultimately causing the company's stock price to drop, according to a complaint filed in Florida federal court Thursday.

  • October 12, 2018

    Woodbridge Property Investors Take Issue With Ch. 11 Plan

    A group of real estate investors objected Thursday to The Woodbridge Group of Companies’ Ch.11 liquidation plan in Delaware, claiming creditors are not treated equally and that the plan improperly seeks to eliminate certain secured creditors' claims.

  • October 12, 2018

    Pa. Jury Convicts 'Deal-Closer' In $54M Ponzi Scheme

    A Pennsylvania federal jury on Friday convicted a former insurance salesman for his role as the deal-closer in a $54 million Ponzi scheme that had naive investors pouring cash into bogus land and green energy investments.

Expert Analysis

  • Leveraging Today's Lateral Associate Market

    Darin Morgan

    With the Milbank/Cravath pay scale once again equalizing compensation at many Am Law 100 firms, there is even more pressure for firms to differentiate themselves to top lateral associate candidates. This presents strategic considerations for both law firms and lateral candidates throughout the recruitment process, says Darin Morgan of Major Lindsey & Africa.

  • Opinion

    What I Learned As Lehman's Bankruptcy Lawyer

    Andrew Rossman

    I have spent nearly 10 years fighting in court for the rights of Lehman Brothers’ creditors. This arduous legal journey has yielded insights into weaknesses in our financial system and bankruptcy laws that could allow catastrophic losses to happen again, says Andrew Rossman of Quinn Emanuel Urquhart & Sullivan LLP.

  • Zaslavskiy Does Little To Encourage Clear Crypto Guidance

    Alexis Collins

    A New York federal judge's decision last week in Zaslavskiy relieves the government of a potentially significant pleading burden when bringing cryptocurrency actions, but does not encourage clarification of clear standards for application of the Howey test, say attorneys with Cleary Gottlieb Steen & Hamilton LLP.

  • Q&A

    Back To School: Stanford's Jeff Fisher Talks Supreme Court

    Jeffrey Fisher

    In this series featuring law school luminaries, Stanford Law School professor Jeffrey Fisher discusses his motivation for teaching, arguing before the U.S. Supreme Court and what the court might look like if Judge Brett Kavanaugh is confirmed.

  • The Diminishing Role Of Agency Guidance

    David Freeman

    An interagency statement issued by several banking agencies last week — that supervisory guidance does not have the force and effect of law — reflects the current administration’s deregulatory agenda. But ultimately, the agencies’ newly stated position may have little practical impact, say attorneys with Arnold & Porter.

  • Where Have The SEC Enforcement Actions Gone?

    Kurt Wolfe

    There has been a dip in the number of enforcement actions from the U.S. Securities and Exchange Commission during Chairman Jay Clayton’s tenure, but this decline does not tell the whole story. The commission is still bringing a historically high volume of actions — they just happen to be in slightly different areas, says Kurt Wolfe of Troutman Sanders LLP.

  • Preparing For New Life Settlement Transactions Reporting

    Kristan Rizzolo

    Last year’s Tax Cuts and Jobs Act imposed a host of new information reporting requirements on participants in life settlement transactions. Those affected should put systems in place now to ensure they have the information they need when the filing requirements go into effect, say attorneys at Eversheds Sutherland LLP.

  • Opinion

    Orexigen Decision At Odds With High Court Jurisprudence

    Douglas Greene

    The Ninth Circuit's decision last month in Khoja v. Orexigen Therapeutics — placing constraints on the record a court may consider in deciding falsity and scienter under the securities laws — countermands the U.S. Supreme Court’s direction to courts in Omnicare and Tellabs, say attorneys with BakerHostetler.

  • Calif.'s New Rules For Lawyers Move Closer To ABA Model

    Mark Loeterman

    The first comprehensive overhaul of California's Rules of Professional Conduct in nearly 30 years becomes operational on Nov. 1. Some of the new rules mirror the model language used by the American Bar Association, but many continue to reflect California’s unique approach to certain ethical questions, says Mark Loeterman of Signature Resolution LLC.

  • Analyzing Chancery Decisions On Long-Term Growth Rates

    Toby Reiff

    The selection of a long-term growth rate is one of the key assumptions made when performing a discounted cash flow analysis in business valuation cases. Decisions from recent years illustrate a consistent pattern in the Delaware Chancery Court's growth rate determinations, say Toby Reiff and Josh Reder of Stout Risius Ross LLC.