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Securities

  • January 7, 2019

    Fla. Court Approves Condo Deal In EB-5 Fraud Suit

    A Florida federal court on Monday approved a settlement involving an office condominium owned by former ski resort owner and Miami businessman Ariel Quiros, almost a year after he settled claims lodged by the U.S. Securities and Exchange Commission that he misappropriated millions of dollars from immigrant investors.  

  • January 7, 2019

    Class Fights Early Review Of Fitbit Insider Trading Suit

    Attorneys for Fitbit Inc. stockholders on Monday opposed a company bid for an early Delaware Supreme Court challenge to a Chancery Court decision nixing the dismissal of a $386 million derivative insider trading and fiduciary breach suit against key company figures in December.

  • January 7, 2019

    Notes Trustees Seek Indemnity In IHeartMedia Ch. 11 Plan

    The indenture trustees for priority guarantee notes issued by iHeartMedia Inc. told a Texas bankruptcy court that the distressed broadcast giant should amend its pending financial restructuring plan, contending that prebankruptcy indemnity protections must be preserved.

  • January 7, 2019

    Convicted Wilmington Trust Execs Seek Bail During Appeal

    Four Wilmington Trust Corp. executives sentenced to three- to six-year prison terms in December for false reporting practices that crippled their bank sought bail pending appeal late Friday, with all raising multiple challenges to government claims they falsified past-due commercial loan status disclosures.

  • January 7, 2019

    SEC, Lender Reach Settlement On Eve Of Fraud Trial

    The U.S. Securities and Exchange Commission reached a settlement Friday with a Wall Street lending company in a suit over supposedly fraudulent securities offering documents, just one business day before a trial was set to begin, according to a New York federal judge.

  • January 7, 2019

    Chancery Issues Arrest Warrants For Chinese Tech Execs

    A Delaware Chancery judge issued arrest warrants Monday for two Chinese nationals serving as executives for ZST Digital Networks Inc. who were found to be in contempt for not complying with a series of court judgments arising from a books and records suit filed by a shareholder.

  • January 7, 2019

    Tesaro Hit With Investor Suit Over $5B Merger Deal With GSK

    A stockholder’s proposed class action against cancer drug manufacturer Tesaro Inc. and its executives has alleged in Delaware federal court that a proposed $5.1 billion merger with British pharmaceutical company GlaxoSmithKline is based on misleading financial analyses filed with the U.S. Securities and Exchange Commission.

  • January 7, 2019

    SunEdison Shareholders Win Cert. In Stock-Drop Suit

    Two pension funds suing SunEdison for failing to disclose financial problems that later led the renewable energy giant’s stock price to collapse secured class certification on Monday, after a New York federal court split the single proposed class into two separate subclasses.

  • January 7, 2019

    Ex-Georgeson Adviser Begins Retrial Amid Appeal For Others

    As three former Georgeson LLC advisers wait to see if federal prosecutors win an appeal to put them on trial a second time, one of their ex-coworkers was back in a Boston courthouse Monday as her second trial kicked off charging her with trading entertainment tickets for an early look at shareholder voting data.

  • January 7, 2019

    Attys Get $2.3M Fee For $6.9M Citigroup ERISA Class Deal

    A New York federal judge has awarded $2.3 million to the attorneys for a class of over 300,000 Citigroup Inc. 401(k) plan participants who negotiated a $6.9 million settlement in a long-running Employee Retirement Income Security Act suit in August.

  • January 7, 2019

    11th Circ. Backs $4.7M SEC Win Against Ex-Racetrack Exec

    The Eleventh Circuit on Friday backed a Florida federal judge’s decision to award the U.S. Securities and Exchange Commission a $4.7 million judgment against a former Texas racetrack executive over millions in fraudulently obtained loans, ruling the judgment was not an abuse of discretion.

  • January 7, 2019

    Madoff Aide's Initial Bid To Finish Sentence At Home Denied

    A New York federal judge on Monday denied a request from former Bernie Madoff aide Annette Bongiorno to conclude her six-year sentence for involvement in Madoff’s Ponzi scheme at home, saying she needs to ask the Bureau of Prisons first.

  • January 7, 2019

    2nd Circ. Won't Rethink Patriarch's SEC Probe Coverage Loss

    A Second Circuit panel has declined to revisit its recent decision that Axis Insurance Co. doesn't owe Lynn Tilton's Patriarch Partners LLC $5 million to cover the costs of a U.S. Securities and Exchange Commission investigation and enforcement action, according to an order filed Monday.

  • January 7, 2019

    9 Financial Firms Plan To Start New Exchange To Rival Giants

    Nine Wall Street firms on Monday said they are teaming up to launch a stock exchange billed as a low-cost alternative to dominant players such as the New York Stock Exchange and Nasdaq.

  • January 7, 2019

    Investors Slam Sidley Austin’s 'Strategic' Ponzi Case Claims

    Investors in a defunct management firm accused of operating in a Ponzi-like fashion told an Oregon federal judge Friday that third-party contribution claims filed by Sidley Austin LLP are calculated and could snarl their proposed class action alleging the law firm and others aided the scheme.

  • January 7, 2019

    L3 Investors Sue To Block Harris Merger Over Lack Of Info

    Defense contractor L3 Technologies Inc. and its board of directors omitted crucial information from a financial statement as they prepared for an upcoming merger with rival Harris Corp., according to a shareholder class action filed in Delaware federal court.

  • January 7, 2019

    IEX Group Stock Exchange Can't Dodge Nasdaq's Patent Suit

    The stock exchange IEX Group Inc. must face all but one of Nasdaq Inc.'s claims accusing IEX of violating seven of its patents dealing with electronic trading platform technologies, a New Jersey federal judge ruled Friday.

  • January 7, 2019

    English Translation Key In 1st Circ. Puerto Rico Bond Dispute

    The fate of billions of dollars in collateral from employer contributions to Puerto Rico's largest public pension fund could hinge on the fact that an official Spanish-to-English translation altered the English name of the fund, an action whose impact on bondholders staking a claim to the collateral was debated Monday before a First Circuit panel.

  • January 7, 2019

    2nd Circ. Upholds Gupta Insider Trading Conviction

    The Second Circuit upheld former Goldman Sachs director Rajat Gupta's insider trading conviction on Monday, rejecting Gupta's claim that the jury instructions at his 2012 trial were invalidated by the appellate court's landmark Newman ruling.

  • January 4, 2019

    Synergy Pharma Negotiates, Locks In Ch. 11 Sale Procedures

    Synergy Pharmaceuticals Inc. received bankruptcy court approval Friday to move forward with an auction of its business in Chapter 11 after resolving objections raised by creditors and shareholders over its proposal to set a $200 million offer from Bausch Health Cos. Inc. as the stalking horse bid.

Expert Analysis

  • How Life Sciences Cos. Can Prepare For Legal And PR Crises

    Mark Goodman

    Life sciences companies are susceptible to a wide range of crises that could expose them to legal liability and destroy their reputations. Sometimes, however, the greatest risks will come not from the facts that led to a crisis, but from the company's response, say attorneys at Debevoise & Plimpton LLP.

  • Opinion

    Ohio's Risky Foray Into Bitcoin: Part 2

    John Reed Stark

    By interacting with a cryptocurrency institution for tax payments, Ohio is exposing its operations to a potential cyberattack. In addition, the noxious mix of federal and state regulatory requirements creates a foggy compliance labyrinth, even for a U.S. state, says John Reed Stark of John Reed Stark Consulting LLC.

  • A Look At New IRS Guidance For Discounting Unpaid Losses

    Kristan Rizzolo

    The IRS recently proposed regulations for discounting unpaid losses under Internal Revenue Code Section 846. This necessary guidance, affecting both long- and short-tail insurers, removes obsolete regulations following the Tax Cuts and Jobs Act, say Kristan Rizzolo and Graham Greene of Eversheds Sutherland LLP.

  • 10 Tips For Law Firms To Drive Revenue Via Sports Tickets

    Matthew Prinn

    Many law firms have tickets or luxury suites at sporting events to host clients and prospects. Matthew Prinn of RFP Advisory Group and Matt Ansis of TicketManager discuss some of the ways that firms can use those tickets effectively.

  • Opinion

    Ohio's Risky Foray Into Bitcoin: Part 1

    John Reed Stark

    Last month, cryptocurrency hit yet another milestone when Ohio began accepting bitcoin payments for taxes. However, Ohio’s treasury, or any other state or federal government entity, should be the very last institutions to even consider accepting this dubious form of payment, says John Reed Stark of John Reed Stark Consulting LLC.

  • Inside Key ABA Guidance On Attorneys' Cybersecurity Duties

    Joshua Bevitz

    A recent opinion from the American Bar Association provides useful guidance on attorneys’ obligations to guard against cyberattacks, protect electronic client information and respond if an attack occurs, says Joshua Bevitz of Newmeyer & Dillion LLP.

  • Modernizing The Variable Contract Disclosure Regime

    Steve.Roth_print (1).jpg

    A new proposal by the U.S. Securities and Exchange Commission represents a major step forward in updating the disclosure and delivery requirements imposed on the variable insurance products industry. Embracing the new regime, however, will take some work and is not without certain challenges, say attorneys with Eversheds Sutherland.

  • A New, Focused Regulatory Agenda For The SEC

    Richard Marshall

    The U.S. Securities and Exchange Commission's regulatory agenda for the coming year — announced last week — is not excessively long, which means Chairman Jay Clayton takes it seriously and intends to act on it, says Richard Marshall of Katten Muchin Rosenman LLP.

  • Opening Comments: A Key Strategic Decision In Mediation

    Jann Johnson

    Opening comments by parties in mediation that are made with the proper content and tone can diffuse pent-up emotion and pave the way for a successful resolution. But an opening presentation can do more harm than good if delivered the wrong way, say Jann Johnson and William Haddad of ADR Systems LLC.

  • 2018 In Review: Significant White Collar Developments At DOJ

    Jason Jones

    As the year comes to a close, attorneys at King & Spalding LLP look back at a few of the most notable developments at the U.S. Department of Justice, including corporate monitor guidance, a False Claims Act policy shift, foreign exchange prosecutions, cryptocurrency fraud and international cooperation developments.