Securities

  • February 9, 2018

    2 Mitsubishi Banks To Settle Libor Rigging Suit For $30M

    The Bank of Tokyo-Mitsubishi UFJ Ltd. and Mitsubishi UFJ Trust and Banking Corp. have struck a $30 million deal to escape two investor suits alleging they rigged Libor, according to a memo filed Friday in New York federal court.

  • February 9, 2018

    NY Judge Rejects 'Utterly Useless' Deal In Merger Lawsuit

    A New York judge on Thursday again rejected a settlement in a class action suit that claimed Martin Marietta Materials Inc.'s $2.7 billion purchase of cement producer Texas Industries Inc. failed to make proper disclosures, blasting the deal’s proposed remedies as “utterly worthless” to shareholders.

  • February 9, 2018

    AbbVie Investor Demands AndroGel Records In Chancery

    An AbbVie Inc. investor launched a lawsuit in the Delaware Chancery Court on Friday demanding to see the company’s books and records connected to allegations of safety issues with its testosterone treatment AndroGel that led to a $140 million jury verdict with potentially more lawsuits on the way.

  • February 9, 2018

    Immunomedics, VenBio Settle Del. Proxy Fight Claims

    A far-ranging battle over the leadership of biotechnology firm Immunomedics Inc. largely ended Friday with a Delaware state court judge's approval of a deal to settle most claims lodged by investor venBio Select Advisor LLC.

  • February 9, 2018

    Too Soon For Korean Financial Authority Ruling, Judge Says

    A financial professional in Texas was premature in seeking a judgment declaring that a South Korean financial regulator must comply with a request she plans to make for evidence in support of her breach of contract case against a Seoul-headquartered tire company, a New York federal judge ruled Thursday.

  • February 9, 2018

    Ex-McDonald's Manager In SEC Impersonation Trial Gets Bail

    A former McDonald’s manager charged with posing online as a U.S. Securities and Exchange Commission official can return to his ill father and current job as a waste collector in central Pennsylvania while the case proceeds in Boston, a federal magistrate judge decided Friday.

  • February 9, 2018

    Hedge Fund Investors Sue After Losing 80% In Volatile Week

    A hedge fund that lost 80 percent of its value betting the wrong way on market turmoil in the first week of February is now facing a proposed securities class action alleging the company and its executives lied to investors about its strategy, according to an Illinois federal suit filed Friday.

  • February 9, 2018

    Plaintiffs Want To Rework $1B Deal With GM Ch. 11 Trust

    A group alleging damages from defects in old General Motors' cars Thursday asked a New York bankruptcy court for a few more weeks to rework a $1 billion settlement a GM bankruptcy trust backed out of last month, saying the trust has new management and counsel and a deal may still be possible.

  • February 9, 2018

    MBS Trustees Under Scrutiny At Close Of Lehman Ch. 11 Trial

    Counsel for a group of residential mortgage-backed securities trusts faced skepticism from the bench Friday while delivering closing arguments in a bid to augment the trusts’ allowed Chapter 11 claim against Lehman Bros. Holdings Inc. for selling them misrepresented loans, saying their $11.4 billion damage calculations have been substantially supported.

  • February 9, 2018

    Hong Kong Takes Regulatory Action On Cryptocurrencies

    Hong Kong securities regulators said Friday they had issued formal warnings to seven cryptocurrency exchanges and seven issuers of initial coin offerings, beginning to put teeth into a cryptocurrency crackdown announced in September.

  • February 9, 2018

    Cryptocurrency Outlet Hit With Another Investor Fraud Suit

    The legal woes of cryptocurrency marketplace BitConnect mounted Thursday as the U.K.-registered lending and exchange platform was hit with another class complaint in Florida for allegedly operating as a Ponzi scheme that cheated thousands of investors out of millions of dollars.

  • February 9, 2018

    Insulet Agrees To Pay $19.5M To End Investor Suit

    Insulet Corp. has agreed to a $19.5 million settlement of a proposed class action alleging the medical device maker misled investors about the success of a new insulin infusion pump system it launched in 2013 and manipulated a critical performance metric to mask declining new patient growth, according to filings made Friday in Massachusetts federal court.

  • February 9, 2018

    Broker-Dealer Seeks 'Layering' Docs From FINRA For SEC Suit

    A broker-dealer accused by the U.S. Securities and Exchange Commission of aiding and abetting foreign traders’ manipulative trading tactics like “layering” told a New York federal judge on Thursday that it ought to be able to get hold of documents showing what exactly its regulators at the Financial Industry Regulatory Authority thought layering was.

  • February 9, 2018

    Brazilian Gets 3 Years For TelexFree Money Laundering Role

    A Brazilian national who led federal agents to $17 million linked to TelexFree Inc.'s massive Ponzi scheme was sentenced to nearly three years by a Massachusetts federal judge for his role.

  • February 9, 2018

    Fox's 'Unusual' $90M Scandal Deal Gets Chancery's OK

    Terming the deal “unusual” but sensible, Delaware’s Chancery Court approved a $90 million settlement Friday between Twenty-First Century Fox Inc. and investors seeking a company recovery of huge payouts in sexual harassment scandals involving Fox News management and talent.

  • February 9, 2018

    DC Circ. Exempts CLO Managers From Risk Retention Rules

    The D.C. Circuit on Friday exempted managers of collateralized loan obligations from so-called risk retention rules mandated under the Dodd-Frank Act, saying their duties fall outside the scope of the statute.

  • February 9, 2018

    SEC Wins $14.7M In Judgments Over FCC Licensing Scheme

    An Arizona man and several companies he controls will have to pay more than $14 million in disgorgements and civil penalties after a federal judge sided with the U.S. Securities and Exchange Commission on allegations that they participated in a fraud scheme involving applications to the Federal Communications Commission for cellular spectrum licenses.

  • February 9, 2018

    Cryptocurrency Biz Ordered To Stop Selling Securities In NJ

    A cryptocurrency-related investment organization that claims to have a street address authorities say does not exist was ordered Friday by New Jersey officials to stop selling unregistered securities in the Garden State.

  • February 9, 2018

    Haynes And Boone Hires 2 Andrews Kurth Attys In Houston

    Haynes and Boone LLP this week announced it had hired two former Andrews Kurth Kenyon LLP partners to join its office in Houston, bolstering its capital markets and securities practice as well as its energy litigation practice.

  • February 9, 2018

    SEC Seeks Contempt For Accused Woodbridge Ponzi Boss

    Securities and Exchange Commission attorneys sought a contempt of court finding against accused fraudster Robert H. Shapiro late Wednesday, saying in a federal district court motion that Shapiro failed to comply with an order to disclose family trust assets and accounts under his control.

Expert Analysis

  • How To Control Data As Technology Complicates E-Discovery

    Peter Ostrega

    While technology is making certain aspects of e-discovery faster and easier, it is also creating new challenges as quickly as we can provide solutions. The good news is that there are concrete steps businesses can take to address those challenges, says Peter Ostrega of Consilio LLC.

  • Rebutting Presumption Of Reliance: Lessons From 2nd Circ.

    Brad Karp

    The Second Circuit's decision in Arkansas Teachers v. Goldman Sachs reminds district judges that the opportunity to introduce evidence in opposition to class certification and rebut the fraud-on-the-market presumption of reliance needs to be a meaningful one, say attorneys with Paul Weiss Rifkind Wharton & Garrison LLP.

  • Significant 2017 Decisions Affecting Private M&A: Part 2

    Edward Deibert

    In the second installment of this three-part series, attorneys with Arnold & Porter Kaye Scholer LLP discuss lessons on fiduciary duties and director removal bylaws from the Delaware Chancery Court last year.

  • Significant 2017 Decisions Affecting Private M&A: Part 1

    Nicholas O’Keefe

    In the first article of this three-part series, attorneys with Arnold & Porter Kaye Scholer LLP discuss two Delaware cases with lessons on drafting working capital adjustments and fraud carveouts.

  • How The Cybersecurity Legal Landscape Changed In 2017

    Jonathan Kolodner

    Over the last year, the existential risk posed by cyberattacks and data security vulnerabilities has become one of the top concerns for boards of directors, management, government agencies and the public. 2017 was punctuated by a series of headline-grabbing breaches, fast-moving regulatory developments around the globe, and record-breaking settlements by companies, say attorneys with Cleary Gottlieb Steen & Hamilton LLP.

  • The Rise And Fall Of Statistical Sampling In RMBS Cases

    Amanda Lawrence

    In the early days of the residential mortgage-backed securities and repurchase litigation that followed the 2008 crisis, plaintiffs’ strategy of proving their allegations through statistical sampling was highly successful. However, in recent years, a new trend has emerged, say attorneys with Buckley Sandler LLP.

  • Using Section 83(i) To Take Advantage Of New Tax Code

    Marc Fosse

    Last month the Tax Cuts and Jobs Act introduced a new section of the Internal Revenue Code that provides for the deferral of taxation on certain qualified equity grants to employees of eligible corporations. Marc Fosse and Angel Garrett of Trucker Huss APC explain why qualified equity grants can be a helpful tax strategy for employees and an excellent recruiting, retention and incentive program for employers.

  • Fraud Section Under New Management: Takeaways From 2017

    Kevin Muhlendorf

    The U.S. Department of Justice’s "Fraud Section Year in Review" report provides a useful overview of what the Criminal Division’s largest litigating section accomplished in 2017, comparisons to years past, and important hints at what the future holds for individuals and entities whose activities come within the Fraud Section’s broad reach, say Kevin Muhlendorf and Madeline Cohen of Wiley Rein LLP.

  • The Challenges Of Bitcoin Financing

    Matthew Frankle

    As the price of bitcoin continues to rise, so does the demand for financing secured by bitcoin. Lenders need to ensure they are complying with existing law — law that did not develop with bitcoin in mind, including the Commodity Exchange Act, say Matthew Frankle and Nora Wong of Greenberg Traurig LLP.

  • Key SEC Disclosure Topics For Oil And Gas Companies

    Bill Nelson

    Comment letters sent last year to oil and natural gas exploration and production companies by the U.S. Securities and Exchange Commission indicated several major areas of concern regarding such companies’ disclosures. Most of the SEC’s top concerns remain relevant this year, say attorneys with Haynes and Boone LLP.