Securities

  • November 14, 2017

    Miramar Directors Ready To Put Sientra Deal Suit To Bed

    Eight insiders of Miramar Labs Inc. have agreed to pay $410,000 to settle class allegations that a $20 million merger with another medical products company, Sientra Inc., shortchanged shareholders, according to court papers filed Monday in Delaware Chancery Court, bringing a quick close to the suit.

  • November 14, 2017

    Tata, DoCoMo Sew Up Deal Over $1.2B Arbitration Award

    Indian conglomerate Tata Sons Ltd. and Japanese telecom NTT DoCoMo Inc. appear to have completed their settlement over a $1.2 billion arbitration award in a share purchase dispute, after the two sides agreed to drop DoCoMo’s New York federal suit to confirm the award.

  • November 13, 2017

    Ex-Katten Atty Trial Rocked By Claims Of Witness' Cybercrime

    The trial of former Katten Muchin Rosenman LLP attorney Evan Greebel on charges of aiding former Retrophin Inc. CEO Martin Shkreli in a securities fraud scheme went off the rails on Monday when the testimony of a former Retrophin executive came to an abrupt halt after the defense accused him of committing a host of cybercrimes.

  • November 13, 2017

    Puerto Rico Gov't Wins Autonomy Fight Over Electric Co.

    The judge presiding over Puerto Rico’s historic restructuring proceedings ruled Monday that the territory’s insolvent electric company will remain under local government control as it restructures $9 billion worth of debt and addresses operational weaknesses, blocking a federal panel from installing an emergency manager to run the utility.

  • November 13, 2017

    Investor Sues Booz Allen Over DOJ Billing Investigation

    A Booz Allen Hamilton investor on Monday sued the government contracting giant’s top brass in Delaware federal court after the company announced it was being investigated by the U.S. Department of Justice for its accounting and cost charging practices.

  • November 13, 2017

    Swaps Overhaul Should Boost Market Vibrancy: CFTC Chair

    An overhaul of the swaps market proposed in the 2010 Dodd-Frank Act should be reviewed to ensure that the policies enhance rather than restrict market “vibrancy,” U.S. Commodity Futures Trading Commission Chairman J. Christopher Giancarlo said Monday.

  • November 13, 2017

    House OKs Increased Market Data Security Requirements

    Citing an increased risk from data breaches, the U.S. House of Representatives approved a bill Monday that would increase security requirements for market data held by the Securities and Exchange Commission and the Financial Industry Regulatory Authority.

  • November 13, 2017

    NY Hits Credit Suisse With $135M Fine Over Forex Business

    New York’s state banking regulator said Monday that Credit Suisse AG has agreed to pay a $135 million fine to settle allegations of improper conduct in its foreign exchange trading business, including that some of its traders used chat rooms to swap confidential information with other banks’ traders in an effort to juice their own profits at customers’ expense.

  • November 13, 2017

    SEC Claims Philly Lender Raised $4.5M In Illegal Offering

    The U.S. Securities and Exchange Commission has filed a suit in Pennsylvania federal court accusing Philadelphia commercial real estate lender Singer Financial Corp. and its sole officer of raising roughly $4.5 million through an illegal unregistered offering of unsecured promissory notes.

  • November 13, 2017

    Fidelity Whistleblower Asks Jury For $4.9M For Retaliation

    A federal jury in Boston on Monday began deliberating a whistleblower’s claim that her colleagues at Fidelity Investments methodically bullied and pushed her toward the door after she voiced concerns that expense miscalculations appeared to bilk shareholders.

  • November 13, 2017

    Biotech Co. Wants Investors' Stock-Drop Suit Tossed

    ImmunoCellular Therapeutics Ltd. urged a California federal court on Friday to toss a proposed class action accusing the biotech company of an illegal stock promotion scheme around one of its brain cancer drug candidates, arguing that the alleged scheme’s disclosure came too late to have caused the losses claimed by the investors behind the suit.

  • November 13, 2017

    Forex Trader To Pay $2.3M To Settle CFTC’s Fraud Claims

    An Arizona foreign exchange trader and his company have agreed to pay $2.3 million to settle the U.S. Commodity Futures Trading Commission's claims that the trader misappropriated clients’ funds and resorted to a Ponzi-style scheme to cover trading losses, according to a consent order filed Monday in Arizona federal court.

  • November 13, 2017

    'Idol’ Lenders Take Asset-Stripping Suit From LA To NY

    Lenders to the failed production company behind “American Idol” who accuse 21st Century Fox and Apollo Global Management of siphoning off its assets and leaving creditors with scraps as part of a complex merger of production companies they controlled have filed a new suit in New York state court after similar litigation in Los Angeles was put on hold.

  • November 13, 2017

    Chancery Nixes Records Suit As Counsel-Driven Effort

    The Delaware Chancery Court threw out a books and records demand against specialty plastics maker A. Schulman Inc. on Monday, saying the shareholder who brought the suit merely served to rubber-stamp an action motivated by New York law firm Levi & Korsinsky LLP.

  • November 13, 2017

    10th Circ. Won't Revisit MusclePharm's SEC Probe Coverage

    The Tenth Circuit on Monday declined to rehear a case that found the formal announcement of a U.S. Securities and Exchange Commission investigation didn’t trigger coverage for MusclePharm Corp. under a Liberty Insurance Underwriters Inc. policy, an outcome the sports nutrition company says will widen a circuit split over the “exceptionally important” issue.

  • November 13, 2017

    Insurers Owe F-Squared $7.7M In Defense Fees, Trustee Says

    The Chapter 11 trustee of F-Squared Investments Inc. on Friday said a pair of excess insurers owe it $7.7 million for the costs the firm ran up defending against the U.S. Securities and Exchange Commission action that bankrupted it, arguing the insurers are wrongly claiming the SEC probe started the day before the policies went into effect.

  • November 13, 2017

    Sunrun Seeks End To Investors' Claims Of Rigged Statistics

    Residential solar energy firm Sunrun Inc. and two executives have asked a California federal judge to dismiss a proposed investor class action that accuses them of inflating the company's booking statistics in order to juice its stock price, saying they never made false statements, never admitted to doing so and had no incentive to do so.

  • November 13, 2017

    Former NJ Federal Prosecutor Joins Ballard Spahr

    Ballard Spahr LLP has added a former New Jersey federal prosecutor, who is also the former attorney-in-charge of the U.S. attorney's office's outpost in Camden, as a partner to the firm’s white collar and internal investigations practice group, the firm announced Monday.

  • November 13, 2017

    Green Tech Exec Must Face SEC Suit, Judge Says

    A former technology company executive will have to answer to claims he defrauded investors after a Texas federal court on Thursday let stand a trimmed-down U.S. Securities and Exchange Commission suit accusing him of orchestrating a scheme to misrepresent the capabilities of a new server.

  • November 13, 2017

    Sens. Strike Deal To Raise Threshold For Tougher Bank Rules

    A bipartisan group of senators on Monday unveiled a narrow deal to ease bank rules, including raising the asset level at which banks are subjected to enhanced supervision and other measures aimed at easing compliance for community banks.

Expert Analysis

  • Series

    Judging A Book: Pryor Reviews 'Scalia Speaks'

    Judge William Pryor

    Christopher Scalia and Edward Whelan have published an indispensable collection of the late Justice Antonin Scalia's best speeches. "Scalia Speaks: Reflections on Law, Faith, and Life Well Lived" puts on full display Justice Scalia’s skilled writing, quick wit and uncommon wisdom on a wide range of topics — from law to turkey hunting, says Judge William Pryor of the Eleventh Circuit.

  • Financial Crisis Anniversary

    The Inside Counsel Revolution

    Ben Heineman

    The role of the general counsel has significantly grown in importance, with the GC now often replacing the senior partner in the outside law firm as the primary counselor for the CEO and the board. This inside counsel revolution was given great impetus by the financial crisis that started 10 years ago, says Ben Heineman Jr., former general counsel of General Electric Co.

  • SEC Goes Global, Again

    Brian Neil Hoffman

    The U.S. Securities and Exchange Commission has not been shy about enforcing the Foreign Corrupt Practices Act globally. But a recent case against Mexican homebuilding company Desarrolladora Homex and its executives makes clear that the SEC will not hesitate to enforce against foreign companies other provisions of the federal securities laws as well, says Brian Neil Hoffman of Holland & Hart LLP.

  • NY Commercial Division Rule Changes Promote ADR Use

    Christopher Palermo

    Recent rule changes in the Commercial Division of the Supreme Court of New York are the latest of several efforts made to foster greater use of mediation and to institutionalize alternative dispute resolution, says Christopher Palermo, a litigation partner at Bleakley Platt & Schmidt LLP who serves on the Commercial Division Advisory Council.

  • Bylaw Response To ‘Placeholder Slate’ Tactic Is Unproven

    Richard Grossman

    In the past year, more than 50 publicly traded companies have amended their bylaws to address the potential for a so-called “placeholder slate” of directors nominated by activist shareholders. However, neither the bylaw amendments nor the placeholder-slate tactic has been tested in court, leaving their ultimate fate undetermined, say attorneys with Skadden Arps Slate Meagher & Flom LLP.

  • How Arbitrators Maintain Proportionality In Discovery

    Richard Seymour

    There has been much discussion of discovery proportionality in federal litigation since the December 2015 changes to Civil Rule 26. But arbitrators have long used procedures to simplify the discovery process that courts have only recently begun to adopt, says attorney and arbitrator Richard Seymour.

  • The Law Firm CFO’s Role In The Strategic Planning Process

    Tyler Quinn

    Today's law firm chief financial officer should be involved in many areas beyond traditional financial management, including operations, risk management and information technology. He or she can support strategic planning throughout the process, from development of the plan to its implementation, measurement and eventual evolution, say Tyler Quinn and Marc Feigelson of Kaufman Rossin PA.

  • SEC's Disclosure Proposal Is A Step In The Right Direction

    Nicolas Grabar

    Recently proposed changes to the U.S. Securities and Exchange Commission’s disclosure requirements could signal a trend to emphasize quality over quantity and principles-based rather than prescriptive rules, which would benefit U.S. public companies and investors alike, say attorneys with Cleary Gottlieb Steen & Hamilton LLP.

  • Law Firms Must Transition To An Industry Sector Approach

    Heidi Gardner

    Clients are beginning to expect and demand that their external lawyers provide advice tailored to the client's industry. Aside from this, law firms should want to move toward a sector approach because industry-focused groups are a natural place for cross-practice collaboration to flourish, say Heidi Gardner and Anusia Gillespie of Harvard Law School.

  • AML For Broker-Dealers: Takeaways From SEC Enforcement

    Jesse Morton

    The U.S. Securities and Exchange Commission recently started regularly using Rule 17a-8 under the Securities and Exchange Act as a tool to enforce anti-money laundering deficiencies with broker-dealers. These enforcement actions offer a number of key takeaways that may help broker-dealers enhance their AML compliance program, says Jesse Morton of Stout Risius Ross LLC.