Securities

  • February 12, 2018

    Deutsche Bank To Repay Overcharged MBS Customers $3.7M

    Deutsche Bank has agreed to pay back $3.7 million to customers allegedly misled by the firm’s traders and salespeople while negotiating sales of commercial mortgage-backed securities, the U.S. Securities and Exchange Commission said Monday.

  • February 12, 2018

    Acacia Communications Says Stock Drop Was A Surprise

    Acacia Communications Inc. on Friday asked a Massachusetts federal judge to toss a proposed shareholder class action over poor second-quarter results in 2017, arguing its optimistic outlook was soured by an unexpected drop in market demand and that a contractor’s manufacture of defective products had nothing to do with the company’s stock tumble.

  • February 12, 2018

    Securities Group Of The Year: Quinn Emanuel

    Quinn Emanuel Urquhart & Sullivan LLP has recovered more than $25 billion for the Federal Housing Finance Agency from shoddy residential mortgage-backed securities and bagged a $1.74 billion settlement from Citibank for Lehman Brothers’ creditors, earning it a spot as one of Law360’s 2017 Securities Practice Groups of the Year.

  • February 12, 2018

    Gibraltar Aims To Become First To Legislate On ICOs

    Gibraltar's financial services watchdog said Monday it was drafting legislation to regulate initial coin offerings, which would make the British overseas territory the first jurisdiction to create dedicated rules for digital tokens.

  • February 12, 2018

    Trump Taps 9 In Latest Round Of Judicial Nominations

    President Donald Trump nominated several attorneys to appellate judgeships in the Ninth, Seventh and Fifth circuits on Monday, the latest picks to fill out some of the highest-profile vacancies in the country.

  • February 9, 2018

    2 Mitsubishi Banks To Settle Libor Rigging Suit For $30M

    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.

  • February 9, 2018

    NY Judge Rejects 'Utterly Useless' Deal In Merger Lawsuit

    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.

  • February 9, 2018

    AbbVie Investor Demands AndroGel Records In Chancery

    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.

  • February 9, 2018

    Immunomedics, VenBio Settle Del. Proxy Fight Claims

    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.

  • February 9, 2018

    Too Soon For Korean Financial Authority Ruling, Judge Says

    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.

  • February 9, 2018

    Ex-McDonald's Manager In SEC Impersonation Trial Gets Bail

    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.

  • February 9, 2018

    Hedge Fund Investors Sue After Losing 80% In Volatile Week

    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.

  • February 9, 2018

    Plaintiffs Want To Rework $1B Deal With GM Ch. 11 Trust

    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.

  • February 9, 2018

    MBS Trustees Under Scrutiny At Close Of Lehman Ch. 11 Trial

    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.

  • February 9, 2018

    Hong Kong Takes Regulatory Action On Cryptocurrencies

    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.

  • February 9, 2018

    Cryptocurrency Outlet Hit With Another Investor Fraud Suit

    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.

  • February 9, 2018

    Insulet Agrees To Pay $19.5M To End Investor Suit

    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.

  • February 9, 2018

    Broker-Dealer Seeks 'Layering' Docs From FINRA For SEC Suit

    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.

  • February 9, 2018

    Brazilian Gets 3 Years For TelexFree Money Laundering Role

    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.

  • February 9, 2018

    Fox's 'Unusual' $90M Scandal Deal Gets Chancery's OK

    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.

Expert Analysis

  • The Challenges Of Bitcoin Financing

    Matthew Frankle

    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.

  • Key SEC Disclosure Topics For Oil And Gas Companies

    Bill Nelson

    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.

  • How Delaware Courts Approach Effort Commitments

    Henry Alderfer

    Recent cases from Delaware have provided insight into how courts analyze and interpret contractual commitments to use various levels of effort under Delaware law, says Henry Alderfer of Taft Stettinius & Hollister LLP.

  • New Delaware Case Sounds Alarm On Federal-Forum Bylaws

    Kevin LaCroix

    A recently filed Delaware shareholder suit against three companies that have adopted bylaws designating federal courts as the exclusive forum for resolving securities claims makes clear that we are in for another round of controversy surrounding litigation management bylaws, says Kevin LaCroix of RT ProExec.

  • Considerations For The 2018 Proxy Season: Part 3

    Brian Breheny

    In the concluding part of this series, attorneys with Skadden Arps Slate Meagher & Flom LLP focus on financial disclosures and related U.S. Securities and Exchange Commission enforcement trends, SEC guidance and trends in cybersecurity matters, and recent developments in insider trading laws and policies.

  • A Guide To Construction Liens In New Jersey

    Excerpt from Lexis Practice Advisor
    Charles Kenny

    A construction lien is a security interest in real property on which construction work has been performed, which stays with the property regardless of who subsequently owns it. These liens can be powerful tools, though they can also be subject to prior liens such as acquisition financing and prior judgments, say Charles Kenny and Scott Kearns of Peckar & Abramson PC.

  • 6 E-Discovery Predictions For 2018

    Erich Potter

    Erich Potter, discovery counsel with Oles Morrison Rinker & Baker LLP, discusses six ways e-discovery will continue to excite and confound in 2018.

  • 2017 Del. Cases That Reflected Transformation In M&A Law

    Gail Weinstein

    The Delaware judicial framework for reviewing boards' M&A decisions has transformed in the past few years with cases such as Corwin, MFW and Trulia. This transformation has had dramatic effects, as reflected in and amplified by decisions issued in 2017, say attorneys with Fried Frank Harris Shriver & Jacobson LLP.

  • Considerations For The 2018 Proxy Season: Part 2

    Brian Breheny

    In the second article of this three-part series, attorneys with Skadden Arps Slate Meagher & Flom LLP discuss trends in shareholder proposals and virtual shareholder meetings, efforts to increase board diversity, and recent changes to auditor reports and proxy statements.

  • Reg A-Plus Is Perfect For Initial Coin Offerings

    Aaron Kaplan

    As initial coin offerings are a means to effectuate crowdfunded capital formation, issuers will likely try to meet one of the three securities registration exemptions in the Jobs Act. Aaron Kaplan of Gusrae Kaplan Nusbaum PLLC explains why the exemption under Regulation A-Plus is the most suitable.