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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.