Securities

  • May 18, 2017

    Russia Meddling Claims Block 'Donorgate' From UN Bribe Trial

    A New York federal judge on Thursday blocked a swath of evidence concerning Chinese billionaire Ng Lap Seng’s purported funding of U.S. politics, saying the risk of prejudice by bringing up foreign political meddling in the bribery trial is too great in light of the current accusations of undue overseas influence in last year’s elections.

  • May 18, 2017

    SunEdison Says It's Poised To Solicit Votes On Ch. 11 Plan

    SunEdison Inc. told a New York bankruptcy court on Wednesday that after resolving several objections to its Chapter 11 plan disclosures and reaching a critical accord with its key creditors, it is in position to move forward with soliciting votes for its exit from bankruptcy.

  • May 18, 2017

    Turkey-Owned Bank Foots Legal Bill For Zarrab Co-Defendant

    A Turkish bank executive charged in a politically sensitive Iran sanctions case is having his legal bills paid by his state-controlled employer, his lawyer told a New York federal judge on Thursday.

  • May 18, 2017

    $395,000 Atty Fee Upheld In Paylocity Fee-Shift Battle

    A dispute over attorneys' fees took a testy turn Thursday in payroll software company Paylocity Holding Corp.’s continued defense of an overturned corporate bylaw that would shift legal expenses to stockholders if they lodge a corporate claim in a court outside Delaware.

  • May 18, 2017

    Cooperman, Omega Pen $4.9M Insider Trading Deal With SEC

    Omega Advisors Inc. and its billionaire founder Leon Cooperman reached a $4.9 million deal in the U.S. Securities and Exchange Commission’s insider trading case that the hedge fund investor had called “untested,” according to a consent order that lets Cooperman continue working in the securities industry.

  • May 18, 2017

    Consultant, Buyer Accused Of Cutting Crucial Info From Proxy

    An engineering and environmental consulting firm and the private equity fund that intends to take it private were hit with a putative class action in Connecticut federal court on Thursday for allegedly failing to disclose facts that shareholders need to weigh to determine whether the $555 million acquisition is a good deal.

  • May 18, 2017

    Defunct Escrow Co. Inks Settlement In Japanese Ponzi Suit

    A shuttered escrow agent has tentatively reached an $800,000 settlement with a class of Japanese investors who have accused the firm of participating in an elaborate Ponzi scheme involving phony medical debt investments, according to documents filed in Nevada federal court on Wednesday.

  • May 18, 2017

    Trump Rolls Back DOL Rule For State Retirement Plans

    President Donald Trump on Wednesday signed a resolution to repeal an Obama-era U.S. Department of Labor regulation that helped states establish government-run retirement accounts for private sector employees who don’t have access to employer-sponsored retirement plans.

  • May 18, 2017

    JCI Investors Fight To Protect Tax Suit Over $16.6B Inversion

    A putative class of Johnson Controls Inc. shareholders told a Wisconsin federal court Thursday that there is undeniable proof that they weren’t warned of being shortchanged by more than $5 billion when the company attempted to dodge tax liabilities related to its merger with Tyco International PLC.

  • May 18, 2017

    Bermuda Insurer Fights MF Global's $1.8M Attys' Fee Bid

    Former MF Global excess insurer Allied World Assurance Co. Ltd. said in New York bankruptcy court Wednesday that it never violated court rules, despite the defunct company’s bid for $1.8 million in attorneys' fees over insurers' alleged failure to obtain court permission before filing an action to arbitrate a contract dispute in Bermuda.

  • May 18, 2017

    CFTC Swaps Capital Proposal Needs Work, Groups Say

    Several groups representing swap dealers and other financial firms have told the U.S. Commodity Futures Trading Commission to rethink parts of its proposal to establish minimum capital requirements for swap dealers, saying as written the proposal could push dealers out of the market.

  • May 18, 2017

    SEC OKs New Continuing Ed. Rules For Muni Advisers

    The U.S. Securities and Exchange Commission has signed off on rules changes that will establish continuing education requirements for municipal advisers starting next year, the Municipal Securities Rulemaking Board said on Wednesday.

  • May 18, 2017

    Wendy's Shareholders Aim To Consolidate Data Breach Suits

    A Wendy’s Co. shareholder who filed a data breach suit on behalf of the company asked an Ohio federal court Wednesday to consolidate his suit with another one alleging Wendy’s top executives and its board of directors made poor security decisions that led to the 2016 breach.

  • May 18, 2017

    Buddha-Bar Investor Says It Was Harassed Over Franchise

    A Cyprus company demanded the return of its $1 million investment in a yet-developed Manhattan franchise of Buddha-Bar — an international restaurant and hotel chain — telling a New York federal court Thursday that the other owners attempted to “oppress and harass” it out of its ownership rights.

  • May 18, 2017

    'Big Short' Adviser Case Paused While DC Circ. Weighs ALJs

    The D.C. Circuit on Wednesday stayed the Securities and Exchange Commission’s sanctions against investment adviser Wing Chau of "The Big Short" fame and paused his appeal of the SEC's administrative law judge system, whose fate it will consider in another case later this month.

  • May 18, 2017

    SEC Denies FINRA Order Freeze For Appealing Brokerage

    The U.S. Securities and Exchange Commission has denied a bid by a broker-dealer to freeze a Financial Industry Regulatory Authority order requiring it to get annual financial statements reviewed by certain firms, saying it hadn’t shown how an appeal of the order would succeed.

  • May 18, 2017

    Ohio Chem Co. Sued By SEC Over $12M In Bogus Debt

    A bankrupt chemical company and its former president were accused by the U.S. Securities and Exchange Commission on Tuesday of defrauding dozens of investors with at least $12 million in phony promissory notes, according to a suit filed in Ohio federal court.

  • May 17, 2017

    Sessions Memo Could Create Friction In Plea Negotiations

    Most criminal cases end in plea deals, many after long and intense negotiations — a process that sometimes hits road bumps and may see more after U.S. Attorney General Jeff Sessions told federal prosecutors last week to pursue the "most serious, readily provable offense."

  • May 17, 2017

    SEC Chair Faces Uphill Climb In Reviving IPO Market

    Newly confirmed U.S. Securities and Exchange Commission Chairman Jay Clayton's efforts to make public markets more attractive are a welcome sign for capital markets attorneys, who nonetheless caution that the SEC's ability to reverse the long-term decline in initial public offerings is limited.

  • May 17, 2017

    Trustee Can't Get Funds From IRS, Gov't Tells 9th Circ.

    The bankruptcy trustee for a collapsed real estate firm should be trying to recover investors’ lost funds from the firm’s fraudster president and not the IRS, according to arguments the U.S. government made on Wednesday before the Ninth Circuit.

Expert Analysis

  • FINRA’s Foray Into Insider Trading

    Benjamin Kozinn

    Based on a recent multiyear case against a distressed debt trader, the Financial Industry Regulatory Authority seems ready, willing and able to take a more prominent role in insider trading, say attorneys with Lowenstein Sandler LLP.

  • The Challenges For CEA Price Manipulation Plaintiffs

    Mark Young

    The recent contrasting outcomes of the regulatory and private actions against Total Gas illustrate at least one significant difference between public and private price manipulation enforcement under the Commodity Exchange Act — private plaintiffs have a difficult, and sometimes insurmountable, hurdle to overcome, say attorneys with Skadden Arps Slate Meagher & Flom LLP.

  • Thinking Fast And Slow About Class Action Reform

    Michael Donovan

    Corporate interests lobbying for H.R. 985, the anti-class action bill recently passed by the U.S. House of Representatives, are the same ones that pushed the Class Action Fairness Act in 2005. That law caused most significant class actions to migrate to federal courts. Ironically, the new bill could return many class actions to state courts, says Michael Donovan of Donovan Litigation Group LLC.

  • The 9-Year Winning Streak Of Virginia ‘Rocket Docket’

    Bob Tata

    Out of 94 district courts, the Eastern District of Virginia has been the fastest civil trial docket in the country for nine straight years. Without micromanaging the process, the EDVA's judges, magistrate judges, and clerks and staff continue to perform at a stunningly efficient level, says Bob Tata of Hunton & Williams LLP.

  • What Act 170 Means For Shareholder Litigation In Pa.

    Michael Kichline

    Pennsylvania corporations should not overlook Act 170’s provisions concerning shareholder litigation, which differ from Delaware’s standards and procedures in several important respects. The newly effective law is more demanding of shareholders and deferential to the properly considered determinations of a corporation, say Michael Kichline and Stuart Steinberg of Dechert LLP.

  • Examining FINRA Plan To Liberalize Advertising Rules

    Matthew R. Silver

    A recent proposal by the Financial Industry Regulatory Authority to liberalize restrictions on certain types of performance projection materials may alleviate some of the conflict that has existed in performance advertising rules under the Investment Advisors Act and FINRA rules, says Matthew Silver of Drinker Biddle & Reath LLP.

  • Opinion

    Let's Talk About Half-Hearted Innovation

    Michael Moradzadeh

    Allowing attorneys to telecommute may seem like a great fix for law firms. But without significant changes to the firm's culture, telecommuting is just a patch applied to the problem of attrition, says Michael Moradzadeh, founding partner of Rimon PC.

  • A Closer Look At Financial CHOICE Act 2.0

    Rodgin Cohen

    The recently released amended version of the Financial CHOICE Act builds on and retains key features of the original act adopted in the House Financial Services Committee last year, including its targeted approach of amending, repealing or replacing individual provisions of the Dodd-Frank Act. There are, however, several key modifications in the revised legislation, say attorneys with Sullivan & Cromwell LLP.

  • Will Corporate Monitor Reports Become Public?

    John Wood

    If independent compliance monitorships are to remain an important part of how the U.S. government resolves corporate investigations, it is imperative that courts eliminate recent uncertainty and protect monitor reports from public disclosure, says John Wood, a partner at Hughes Hubbard & Reed LLP and former U.S. attorney for the Western District of Missouri.

  • 10 Tips For Creating Winning Trial Visuals

    Kerri Ruttenberg

    Effective visuals require effective design. In her new book, "Images with Impact: Design and Use of Winning Trial Visuals," published by the American Bar Association, trial lawyer and Jones Day partner Kerri Ruttenberg discusses how to design and use visuals to help viewers understand, believe and remember the messages being conveyed.