Securities

  • September 14, 2017

    Thoratec Hid Heart Device Risks, Investor Tells 9th Circ.

    A Thoratec Corp. investor urged a Ninth Circuit panel on Thursday to revive his putative shareholder class action alleging the medical device company hid the risks linked to its heart devices, arguing that he sufficiently pled Thoratec knew it would lose its market share if it disclosed the devices’ blood-clotting rates.

  • September 14, 2017

    FINRA Fines JPMorgan Over Trade Volume Advertising

    The Financial Industry Regulatory Authority filed a settlement Wednesday that requires J.P. Morgan Securities LLC to pay $1.1 million for overadvertising its trade volume by billions of shares and failing to ensure its advertised volume was correct.

  • September 14, 2017

    SEC Won't Hear 6D Global's Appeal Of Nasdaq Delisting

    The U.S. Securities and Exchange Commission on Wednesday dismissed 6D Global Technologies Inc.’s bid to appeal its delisting from the Nasdaq stock exchange, finding that the digital services firm missed its deadline to seek SEC review and then failed to show “extraordinary circumstances” that would justify an extension.

  • September 14, 2017

    Libor Reversal Shows Need For Int'l Cooperation: DOJ's Finch

    The acting head of the U.S. Department of Justice's Antitrust Division said Thursday that the reversed convictions of two former Rabobank employees earlier this year in a Libor-rigging case show the need for more international cooperation between antitrust enforcers.

  • September 14, 2017

    SEC Adds Alleged Tipper To Mobileye Insider Trading Suit

    The U.S. Securities and Exchange Commission on Wednesday expanded its case against a Virginia landscaper and his friend who allegedly made close to $1 million in illicit profits through insider trading in Mobileye NV securities, accusing the landscaper’s brother of providing information that led to the trades.

  • September 14, 2017

    Puma Investor Seeks Fees For $20M In Director-Pay Savings

    A shareholder of Puma Biotechnology Inc. filed suit Wednesday in Delaware seeking the payment of attorneys’ fees and expenses for his efforts in pursuing changes to the compensation packages of non-employee directors, which he says ultimately saved the company more than $20 million.

  • September 14, 2017

    Optima Steel Seeks Ch. 11 Redo After Missed $200M Influx

    Optima Specialty Steel Inc. reported a scramble Thursday to reorganize its already confirmed Chapter 11 plan, telling a Delaware bankruptcy judge the effort follows a sponsor’s missed $200 million cash delivery deadline and resulting plan support agreement termination.

  • September 14, 2017

    'Hedge Fund' Founder's Sentencing Nixed On Victim Question

    A New York federal judge on Thursday adjourned the sentencing of a would-be hedge fund founder who pled guilty to conspiracy to commit securities and wire fraud after questions arose about whether the victim fund was actually a co-conspirator.

  • September 14, 2017

    Fund Takes Nix Of $230M Madoff Claim To High Court

    A hedge fund is asking the U.S. Supreme Court to review a Second Circuit decision that let a U.S. bankruptcy court void the sale of a $230 million claim despite the earlier approval of a foreign bankruptcy court, saying the precedent could have “destructive consequences” for multinational bankruptcy proceedings if it’s allowed to stand.

  • September 14, 2017

    Puerto Rico Utility Creditors Lose Bid To Appoint Receiver

    The oversight powers of the federally appointed board guiding Puerto Rico's historic restructuring were reaffirmed in a court ruling Thursday, finding that a group of bondholders could not move to appoint a receiver for the island's insolvent electric company without the panel's consent.

  • September 14, 2017

    Feds Win Pause In 1MDB Forfeiture Cases, Halting Discovery

    A California federal judge paused several cases seeking to seize assets stolen from the sovereign investment fund 1Malaysia Development Bhd. on Wednesday, saying the U.S. government's argument that discovery posed a risk to its criminal investigation was compelling.

  • September 14, 2017

    Duane Morris Adds Ex-Sidley Austin Merger Pro In LA

    Duane Morris LLP has hired a former Sidley Austin LLP mergers and acquisitions partner in Los Angeles who led the team that advised IPC Healthcare Inc. on its $1.6 billion cash sale to a physician staffing supplier.

  • September 14, 2017

    7th Circ. Judge Doubts CEO's Claim He Missed Fuel Scam

    At least one Seventh Circuit judge hearing arguments Thursday in a former petroleum company CEO’s appeal was skeptical of his claim he knew nothing about his company’s plot to collect illegal biofuel tax credits, saying there is a “rather large” amount of evidence to the contrary.

  • September 14, 2017

    E-Trade Asks 2nd Circ. Not To Revive Best-Execution Suit

    Online stockbroker E-Trade urged a federal appeals court on Thursday to preserve its early win over a potential class action that accuses it of violating its duty to ensure customer trade orders are executed on the best possible terms, saying seven similar suits were also dismissed.

  • September 14, 2017

    White & Case Picks Up Corporate Advisory Specialist In NY

    A former Simpson Thacher & Bartlett LLP attorney who focuses on advising companies in regulatory compliance and corporate governance matters has joined White & Case LLP as a partner in its New York office.

  • September 14, 2017

    SunTrust Pays SEC Over High-Fee Fund Recommendations

    The U.S. Securities and Exchange Commission announced Thursday that a SunTrust Banks subsidiary agreed to pay a fine to settle allegations it improperly recommended more expensive share classes of certain mutual funds to customers, resulting in more than $1.1 million in avoidable fees.

  • September 14, 2017

    House Vote Puts CFPB, SEC's Reach In Danger

    A financial services spending bill passed by the House of Representatives on Thursday would curtail the Consumer Financial Protection Bureau and cut back the Securities and Exchange Commission’s reach under the Dodd-Frank Act.

  • September 14, 2017

    One Of Dewey 'Secret Seven' Cooperators Sentenced

    A Manhattan judge sentenced one of seven former Dewey & LeBoeuf LLP employees who pled guilty and cooperated in the prosecution of three of the firm's executives, giving former director of revenue support Dianne Cascino an agreed-upon sentence of community service on Thursday.

  • September 13, 2017

    Barclays Dodges Investor Suit Over $2.5B Offering

    Barclays PLC defeated a long-running securities class action alleging it misled investors before a $2.5 billion notes offering in April 2008 when a New York federal judge ruled Wednesday that the company statements cited by the investors weren’t lies, or were taken out of context.

  • September 13, 2017

    Feds Say Ex-UBS Precious Metals Trader Manipulated Market

    Federal prosecutors have accused a former UBS trader of engaging in a scheme to manipulate the precious metals futures market through the use of a trading tactic known as “spoofing,” according to a complaint dated Tuesday in Connecticut federal court.

Expert Analysis

  • 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.

  • How CalPERS V. ANZ Securities Marks Gorsuch's Arrival

    Robert Long

    The 5-4 U.S. Supreme Court decision in California Public Employees’ Retirement System v. ANZ Securities was the first in which we saw Justice Neil Gorsuch’s view of securities liability — he represented the crucial fifth justice joining the majority opinion, say Robert Long of Alston & Bird LLP and Edgar Neely.

  • Why D&O Policies Should Cover Del. Appraisal Proceedings

    Peter Gillon

    Appraisal proceedings, unique to Delaware law, require acquiring corporations to pay shareholders if the price of a merger or acquisition deal is below fair market value. Fortunately directors and officers insurance might be able to cover affected companies' defense and other costs, say Peter Gillon and Benjamin Tievsky of Pillsbury Winthrop Shaw Pittman LLP.