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Securities

  • June 12, 2018

    Watchdog Says DOL Is Stalling On OT, Fiduciary Rule Info

    A government watchdog that last year sued the U.S. Department of Labor seeking records related to its overtime and fiduciary rules told a Washington, D.C., federal judge Monday that it’s “concerned” the agency hasn’t been as forthcoming about its record searches as it should be.

  • June 12, 2018

    Ex-Oil Co. VP Fights SEC Disgorgement Bid Over EB-5 Scam

    A former official at Luca International Group LLC accused of helping perpetrate a $68 million Ponzi-esque scheme involving the EB-5 immigrant investor program told a California federal judge on Monday that she doesn’t owe authorities disgorgement and civil penalties, saying she was clueless as to the alleged securities violations.

  • June 12, 2018

    Pharma CEO Cops To $2M Drug Investment Fraud

    An Illinois man accused of pocketing about $2 million from investors in his Wisconsin pharmaceutical company by lying about his work surrounding an experimental drug pled guilty to a single count of wire fraud Tuesday.

  • June 12, 2018

    CFTC Says Fla. Woman Stole $870K In Precious Metals Fraud

    The Commodity Futures Trading Commission filed a civil enforcement action in Florida federal court on Tuesday alleging that the sole officer of a Boca Raton-based company defrauded three customers out of $870,000 in illegal, off-exchange retail commodity transactions for precious metals that they never received.

  • June 12, 2018

    SEC Claims Fla. Couple Defrauded Investors In Shopping App

    The U.S. Securities and Exchange Commission has obtained a temporary restraining order and emergency asset freeze to stop an allegedly ongoing investment fraud scheme purportedly carried out by a South Florida couple who claimed to be developing an internet shopping application, the agency announced Monday.

  • June 12, 2018

    Locke Lord Adds FINRA Arbitrator, Greenberg Traurig Alum

    Locke Lord LLP has added a former Greenberg Traurig LLP shareholder and Financial Industry Regulatory Authority arbitrator and mediator with nearly 30 years of securities industry experience as a partner in its West Palm Beach, Florida, office.

  • June 12, 2018

    Hospital Plaza Transfer Sank PE Firm's Deal, 3rd Circ. Told

    A private equity firm on Tuesday urged the Third Circuit to revive its $5 million case against a New Jersey hospital over the firm's would-be acquisition of a medical plaza under foreclosure, arguing that an ownership transfer that sank the sale ran afoul of the purchase deal.

  • June 12, 2018

    Pet Pharma Co. Sidesteps Investor Suit Over Dog Drug Delays

    A veterinary pharmaceutical company likely didn't mislead investors about the timeline for bringing an appetite stimulant for dogs to market, a New York federal judge said in dismissing a proposed securities class action alleging that a delay in the drug's availability caused the company's stock to nosedive.

  • June 12, 2018

    Merrill Lynch To Pay $16M To Settle RMBS Scam Claims

    The U.S. Securities and Exchange Commission on Tuesday said brokerage firm Merrill Lynch Pierce Fenner & Smith Inc. will pay nearly $16 million to settle allegations its employees knowingly overcharged customers who purchased residential mortgage-backed securities.

  • June 12, 2018

    Rosen Law To Lead AMD Investor Suit Over Chip Flaw

    A California federal judge appointed The Rosen Law Firm PA as lead counsel for investors who sued Advanced Micro Devices Inc. when the company’s share price dropped following a revelation that its chips were more vulnerable to a security flaw than had been previously disclosed.

  • June 12, 2018

    Wilson Sonsini Nabs Squire Patton Tech, Life Sci Pro In LA

    Wilson Sonsini Goodrich & Rosati PC has scored a corporate attorney in Los Angeles from Squire Patton Boggs LLP with significant experience representing technology, life sciences and other growth companies in the United States and internationally, the firm announced Monday.

  • June 12, 2018

    CPI Says Investor Is Unfit To Lead $173M IPO Suit

    In opposition to a class certification bid, CPI Card Group Inc. told a New York federal court on Monday that a man seeking to represent a class of investors accusing the chip-enabled card maker of misleading them in a $172.5 million initial public stock offering has a lack of familiarity with the case that makes him unfit for the task.

  • June 12, 2018

    Investors Fight Former DNC Chair’s Bid To Nix Visa Scam Suit

    A group of Chinese investors have asked a Virginia federal judge to let them move forward with their claims that they were swindled out of more than $500,000 each in an alleged visa scheme run by former Gov. Terry McAuliffe and Anthony Rodham, the brother of Hillary Clinton.

  • June 12, 2018

    InterOil Insider Traded On Merger Info, SEC Says In Suit

    The U.S. Securities and Exchange Commission launched a lawsuit in New Jersey federal court Tuesday against a onetime personal assistant to an InterOil Corp. board member for allegedly engaging in insider trading based on confidential information about Oil Search Ltd.'s proposed acquisition of the energy company.

  • June 12, 2018

    Credit Suisse Wins 3-Year Limit On Martin Act Suits

    New York's highest court ruled Tuesday that the state attorney general could only sue under the Martin Act, a powerful tool for financial crimes enforcement, for three years after alleged violations, rejecting prosecutors' argument for a six-year limit and handing a victory to Credit Suisse.

  • June 12, 2018

    Tilton Balks At $500K White & Case Role In Zohar Ch. 11

    Financier Lynn Tilton and her investment firm Patriarch Partners LLC objected Monday to the appointment of White & Case LLP under a $500,000 retainer as counsel to an independent director assigned to the Delaware Chapter 11 cases of her Zohar funds.

  • June 12, 2018

    Ex-Barclays Trader Key Player In Euribor Fix, Jury Told

    It is “blindingly obvious” that two former senior traders at Barclays PLC and Deutsche Bank AG were the main players in a "conspiracy" to game the financial system by rigging Euribor to benefit their trading positions, a prosecutor for the Serious Fraud Office told a London jury Tuesday.

  • June 11, 2018

    Insurer Says US Bank Struck Lowball Settlement As CYA Move

    RMBS trust insurer Ambac sued trustee US Bank in New York federal court on Friday, saying US Bank wrongly settled $374 million worth of claims over bad Countrywide loans for just $94 million, partly to head off a finding that US Bank was a fiduciary, which could "ripple" through to other RMBS litigation against the bank.

  • June 11, 2018

    Ex-KPMG Partner Says Feds Sitting On Evidence

    A former audit partner at KPMG LLP has asked a Brooklyn federal judge to make prosecutors look for exculpatory evidence in files belonging to the U.S. Securities and Exchange Commission and an accounting oversight group, saying both were essentially part of the prosecution team.

  • June 11, 2018

    Ex-Wilmington Bank Execs Slam Convictions, Seek Acquittal

    Four ex-Wilmington Trust executives attacked their May convictions on federal securities fraud and conspiracy charges late Friday, demanding acquittal or new trials and accusing the government of missteps ranging from changing theories mid-trial to lacking evidence of criminal intent to conceal past due commercial loans.

Expert Analysis

  • Opinion

    Why Won't Judicial Nominees Affirm Brown V. Board Of Ed?

    Franita Tolson

    On May 17, 1954, the U.S. Supreme Court decided Brown v. Board of Education, recognizing a moral and legal truth that should be beyond question in American society. The refusal by some of President Donald Trump's judicial nominees to say whether they believe the case was decided correctly is indicative of the narrow-minded elitism they would bring to the bench, says professor Franita Tolson of the University of Southern California's Gould School of Law.

  • Going Public Without An IPO

    Laura Anthony

    Spotify made a big splash last month by debuting on the New York Stock Exchange without an initial public offering — an often-used going-public method on the OTC Markets that may now gain popularity on national exchanges as well. However, there are some fundamental differences between the direct listing processes for OTC Markets and for an exchange, says Laura Anthony of Legal & Compliance LLC.

  • The Lawyers' Guide To Cloud Computing

    Daniel Garrie

    In deciding whether cloud computing is right for the organization or firm, an attorney must consider cloud computing’s significant impact on the electronic discovery process, say Daniel Garrie, managing partner at Law & Forensics LLC, and David Cass, chief information security officer at IBM Cloud.

  • How 1 Court Is Shaping The Future Of Crypto Regulation

    Deborah Meshulam

    The McDonnell and Zaslavskiy actions in the Eastern District of New York are initial cryptocurrency cases where government regulators are testing their jurisdictional theories. Both cases will help chart the course for future enforcement in an industry where the law has struggled to keep pace with technology, say Deborah Meshulam and Benjamin Klein of DLA Piper.

  • Think Before You Discard Your Bank Holding Company

    Craig Landrum

    There has been much discussion on the continued viability of the bank holding company model, but elimination of the holding company will deny the organization needed flexibility in matters of corporate governance and cash and capital management, says Craig Landrum of Jones Walker LLP.

  • Opinion

    Recovering Lawyers' Lost Position Of Independence

    Samuel Samaro

    In these politically divisive times, many ask whether our institutions and traditions can help us return to a greater consensus. In days long past, the legal profession could have been counted on to serve just such a function. But lawyers are now just as polarized as everyone else, says Samuel Samaro of Pashman Stein Walder Hayden PC.

  • Financial Institutions Seem Unprepared For Libor Demise

    Kevin Trabaris

    We recently polled some of our financial clients to determine the state of their preparations for the end of Libor, and the results indicate that there is widespread awareness of the rate's phaseout by 2021. However, the survey results do not indicate anything is actually being done, says Kevin Trabaris, chairman of the financial services group at Culhane Meadows PLLC.

  • Inside The New DOJ Policy On Coordinated Enforcement

    Suzanne Jaffe Bloom

    A recent policy announcement by Deputy Attorney General Rod Rosenstein appears to be an express acknowledgement by the U.S. Department of Justice of the need to mitigate the disproportionate and harmful consequences that can result when multiple enforcement authorities seek to investigate and punish the same conduct, say attorneys with Winston & Strawn LLP.

  • Cryptocurrency Brings Rising International Risks

    Ryan Rohlfsen

    As digital currencies continue to evolve on the international platform, the anonymous and decentralized nature of cryptocurrency transactions could present a number of potential violations of U.S. anti-corruption, sanctions and anti-money laundering laws, including the Foreign Corrupt Practices Act, say attorneys with Ropes & Gray LLP.

  • 5th Pillar Of AML Compliance Is Here, But Questions Remain

    Dustin Palmer

    The Financial Crimes Enforcement Network’s long-awaited customer due diligence rule — the so-called “fifth pillar” of anti-money laundering programs — is now effective, but the broad reach of the rule and some lingering interpretive issues have made it difficult for firms to operationalize the rule’s requirements, say members of Promontory Financial Group LLC.