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