Securities

  • September 13, 2017

    Ex-Chuhak Atty Gets 18 Months For Defrauding NFL Players

    A former Chuhak & Tecson PC partner who admitted to selling several professional athletes and other investors millions in alternative energy tax credits he knew were illegal was sentenced to 18 months in prison Wednesday.

  • September 13, 2017

    Lender Asks 2nd Circ. To Nix Loan Program Investor Row

    Subprime lender Regional Management and others urged the Second Circuit on Tuesday to reject a bid to revive an investor lawsuit over alleged disclosure issues with a loan program ahead of offerings of stock owned by several private equity funds, saying there is no evidence the company made misleading statements.

  • September 13, 2017

    Dynavax Escapes Shareholder Suit Over Hepatitis Vaccine

    A California federal court on Tuesday tossed a proposed class action alleging biopharmaceutical company Dynavax Technologies Corp. misrepresented the safety of its Heplisav vaccine for hepatitis B, eventually causing share prices to plunge.

  • September 13, 2017

    Small Cos. Need Relief From Audit Rules, SEC Panel Told

    A biotechnology executive on Wednesday told a U.S. Securities and Exchange Commission committee that smaller companies need additional relief from external audit requirements mandated by the Sarbanes-Oxley Act, arguing that compliance costs are too burdensome for pre-revenue startups.

  • September 13, 2017

    UBS Says Gold Sellers' Evidence Weak In Price-Fixing Suit

    Swiss banking giant UBS AG has asked a New York federal judge to dismiss the latest iteration of a proposed class action by gold sellers who accuse banks of coordinating for years to reduce gold prices and benefit their trading positions, saying the key evidence against it is full of holes.

  • September 13, 2017

    Morgan Lewis Adds Ex-Winston Int'l Arbitration Pro In HK

    Morgan Lewis & Bockius LLP said recently that it has further bolstered its new Hong Kong office with a partner from Winston & Strawn LLP who comes with a range of finance-focused expertise in corporate investigations and compliance, dispute resolution, and international arbitration.

  • September 13, 2017

    EU's Juncker Makes A Grab For London's Euro-Clearing

    The president of the European Commission on Wednesday called for the bloc to immediately grant the European Central Bank greater control of derivative clearing in a post-Brexit, dealing a blow to London’s standing as a global financial center.

  • September 12, 2017

    Ex-Hunton Atty Won't Get Do-Over Of Insider Trading Trial

    A New York federal judge on Tuesday denied bids for acquittal and a new trial from a former Hunton & Williams LLP patent lawyer who was convicted of insider trading for tipping off his friend and investment adviser about Pfizer Inc.’s plans to acquire a client.

  • September 12, 2017

    China's ICO Crackdown Clouds Efforts At Global Consistency

    Going against the more measured approaches taken by several other countries, China’s ban on initial coin offerings is a stance that complicates the global regulatory landscape for these digital “token” sales, experts say.

  • September 12, 2017

    Chancery Urged To Throw Out $800M Morgans Hotel Deal Suit

    Former directors of Morgans Hotel Group Co. urged the Delaware Chancery Court on Monday to toss a shareholder suit challenging the company's now-completed $800 million merger with SBEEG Holdings LLC, slamming arguments that former director Ron Burkle and his Yucaipa Cos. controlled the company and had fiduciary duties to stockholders.

  • September 12, 2017

    Dechert Nabs Ex-White & Case PE, M&A Partner

    A former White & Case LLP partner working in acquisitions with companies such as the Carlyle Group has joined Dechert LLP’s New York-based corporate practice group.

  • September 12, 2017

    Ex-Duane Reade CEO Asks 2nd Circ. To Trim $6.2M Award

    Duane Reade Inc.’s former CEO on Tuesday asked the Second Circuit to again pare down the $6.2 million he was ordered to pay in legal fees to the company after his 2010 fraud conviction, calling bills from Paul Weiss and Cooley a “hopelessly vague” jumble of both valid and invalid fees.

  • September 12, 2017

    Insurer Can't Ditch $5M Chuck E. Cheese Coverage Dispute

    A Texas federal judge on Tuesday denied Travelers’ bid to bring a quick end to a coverage dispute with Chuck E. Cheese owner CEC Entertainment Inc. over $4.9 million in defense costs for shareholder litigation stemming from the chain’s merger price.

  • September 12, 2017

    Rajaratnam Asks 2nd Circ. For Leave To Appeal, Again

    Hedge fund billionaire Raj Rajaratnam asked the Second Circuit on Tuesday to let him proceed with a second appeal of his record-breaking, 11-year sentence on insider trading charges, saying the court’s landmark Newman ruling clearly invalidates the basis for much of the jury’s finding in his 2011 trial.

  • September 12, 2017

    SEC Fines Adviser Over Allegedly Improper Fund Charges

    The U.S. Securities and Exchange Commission on Monday said that a Maryland investment adviser and its principal will jointly and severally pay a $300,000 civil monetary penalty to settle the agency’s allegations that they improperly charged two private equity fund clients for certain fees and overhead expenses.

  • September 12, 2017

    Seward & Kissel Must Face Lighting Co. Ex-Owner’s Suit

    A New York federal judge on Tuesday denied Seward & Kissel LLP’s bid to toss a malpractice suit, finding the suit plausibly alleged the firm failed to conduct due diligence over the sale of a lighting efficiency company to another company later implicated in a Ponzi scheme.

  • September 12, 2017

    EisnerAmper Wants To Keep $100M Fraud Claims Nixed

    Accounting firm EisnerAmper LLP urged the Fifth Circuit on Monday not to revive a lawsuit from Louisiana pension funds accusing it of complicity in a fraud perpetrated by Fletcher Asset Management that cost the funds $100 million, arguing the funds missed their only window to establish a viable claim.

  • September 12, 2017

    JPML Won't Rush On Requests To Send Equifax Suits To Ga.

    The U.S. Judicial Panel on Multidistrict Litigation declined Tuesday to expedite its consideration of efforts to consolidate in Georgia federal court the over 30 proposed class actions that have been filed against Equifax in the days since it disclosed a cyberattack that potentially impacted 143 million consumers’ personal information.

  • September 12, 2017

    2nd Circ. Denies Billy Walters' Bid For Bail Pending Appeal

    The Second Circuit on Tuesday denied prominent gambler Billy Walters' bid to stay out of prison as he appeals his conviction in April for trading on inside information gleaned from the chairman of Dean Foods.

  • September 12, 2017

    Michelle Obama’s Chief Of Staff Joins Buckley Sandler

    Former first lady Michelle Obama’s chief of staff has joined Buckley Sandler LLP as a partner to run the firm’s Chicago office, according to an announcement Tuesday welcoming the former Skadden Arps Slate Meagher & Flom LLP partner.

Expert Analysis

  • Opinion

    New Salary History Laws Crimp Attorney Hiring Process

    Fredric Newman

    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.

  • Legal Considerations After SEC's Warning Shot At ICOs

    Robert Crea

    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.

  • Best Practices For Whistleblower Internal Investigations

    Excerpt from Lexis Practice Advisor
    Jenny Cooper

    There are several issues to consider when assisting employers with investigating whistleblower complaints. Jenny Cooper of Ropes & Gray LLP addresses special issues that often crop up when an organization responds to — or internally investigates — a whistleblower’s complaint of wrongdoing.

  • What S&P, FTSE Actions Mean For Multiclass Share Structures

    Keith Townsend

    Recent actions by the S&P Dow Jones and FTSE Russell highlight growing concerns within the investment community regarding multiclass voting structures. However, it is unlikely these actions will have a uniform impact on every multiclass company, say attorneys with King & Spalding LLP.

  • Protecting The Privacy Of Privileged Internal Investigations

    Donna Fisher

    Despite the fact-dependent nature of privilege, complicated by the diversity of approaches across jurisdictions, corporations can take effective measures to best protect confidential attorney-client communications and attorney work product relating to internal investigations, say attorneys with Pepper Hamilton LLP.

  • 5 Tips For A Successful Legal Blog

    David Coale

    David Coale, leader of the appellate practice at Lynn Pinker Cox & Hurst LLP, shares his insights into what works — and what does not — when setting up and maintaining a legal blog.

  • OCC Opens The Debate On Volcker Rule Reform

    Andrew Shipe

    The Office of the Comptroller of the Currency recently issued an advance notice of proposed rulemaking that represents the first concrete step toward reforming the regulations that implement the Volcker Rule. The OCC’s willingness to issue the ANPR reflects a forward-thinking approach that will have a significant long-term impact on financial market participants, say attorneys with Arnold & Porter Kaye Scholer LLP.

  • Series

    What I Learned In My 1st Year: Lessons From Willy Wonka

    Thomas Ciarlone Jr.

    As a new associate faced with vexing facts and unfavorable case law, I confidently told a senior partner that there was no way to win. The partner's response taught me something vital about the legal profession, and reflected the wisdom of Willy Wonka's "105 percent" formula, says Thomas Ciarlone Jr. of Kane Russell Coleman Logan PC.

  • Series

    Judging A Book: Kopf Reviews Posner's 'Federal Judiciary'

    Judge Richard Kopf

    There is a wonderful sketch of Seventh Circuit Judge Richard Posner dressed in a black robe with arms outstretched as if they were the billowing wings of a lean vulture. He is kicking a human brain down a hallway and wearing a half-smile that looks for all the world like a sneer. That sketch is the perfect metaphor for both Judge Posner and his new book, "The Federal Judiciary: Strengths and Weaknesses," says U.S. District Judge Ri... (continued)

  • Lehman Ruling Sets Stage For Future Subordination Contests

    John Stigi

    The Second Circuit's determination that former Lehman Brothers employees' restricted stock units are securities is important to creditors seeking to safeguard their priority position among bankruptcy claimants, say John Stigi and Christopher Bosch of Sheppard Mullin Richter & Hampton LLP.