Securities

  • June 22, 2017

    NJ Man Gets Nearly 4 Years For $1.5M Ponzi Scheme

    A New Jersey man has been sentenced to 46 months in prison and ordered to pay $1.5 million in restitution to victims of his alleged investment Ponzi scheme, the New Jersey U.S. Attorney’s Office announced Thursday.

  • June 22, 2017

    Tidewater Balks At Shareholder Bid To Delay Ch. 11 Consent

    Offshore marine services company Tidewater Inc. on Wednesday asked the Delaware bankruptcy court to deny a newly formed official equity holders committee’s request to adjourn a June 28 plan confirmation hearing, saying it's an unnecessary delay that could spook its foreign creditors.

  • June 22, 2017

    Big Banks Can Survive Major Recession, Fed Says

    The 34 biggest banks in the United States would face up to $493 billion in losses under the most severe scenario described in stress tests required by the Dodd-Frank Act, but they would retain enough capital to keep lending and survive such a significant shock, the Federal Reserve said Thursday.

  • June 22, 2017

    Finance Giants Tell Regulators To Back Off Blockchain

    Europe's most influential financial firms and trade groups have said there is no need for bloc regulators to create new laws to deal with innovations such as blockchain and artificial intelligence, as more responses to a major consultation into the future of financial technology were published Thursday.

  • June 22, 2017

    Giancarlo Says Easing CFTC Rules Won't Harm Dodd-Frank

    U.S. Commodity Futures Trading Commission chairman nominee Christopher Giancarlo told a Senate committee on Thursday that his efforts to ease the burdens of agency rules won’t water down the reforms of the Dodd-Frank Act, the landmark law on post-crisis financial regulations for which he reiterated support.

  • June 22, 2017

    Ex-Fugitive In Haiti Teleco FCPA Case To Plead Guilty

    A former director at Miami-based Cinergy Telecommunications Inc. accused of bribing Haitian telecom officials in violation of the Foreign Corrupt Practices Act over 10 years ago will plead guilty next month, according to a Wednesday court filing.

  • June 22, 2017

    Puerto Rico Court Shouldn't Hear Tax Row, Stakeholders Say

    The board overseeing Puerto Rico’s financial restructuring Wednesday united with bondholders and retirees to oppose moving a key dispute over sales tax revenue from federal court to the territory’s Supreme Court.

  • June 22, 2017

    Acting Comptroller Blasts CFPB At Senate Hearing

    The acting head of the Office of the Comptroller of the Currency said on Thursday that the Consumer Financial Protection Bureau was not providing sufficient oversight of the smaller banks that it regulates.

  • June 22, 2017

    Wells Fargo Makes $3.25M Settlement Over Options Reporting

    Wells Fargo Securities LLC agreed to pay $3.25 million to end the Financial Industry Regulatory Authority’s allegations that it failed to report options positions in millions of instances after erroneously believing that the positions weren’t reportable, according to a settlement filed on Wednesday.

  • June 21, 2017

    Bard Investors Sue To Stop $24B Becton Dickinson Merger

    A C.R. Bard Inc. investor filed a proposed class action in New Jersey federal court Wednesday aiming to block the medical supply company’s sale to Becton Dickinson and Co., claiming the $24 billion price tag is too low and that investors haven’t been given enough information to evaluate the deal.

  • June 21, 2017

    Regulators Outline Ways To Ease Back Bank Rules

    Federal banking regulators say that nearly 10 years after the financial crisis and seven years since the Dodd-Frank Act’s passage, the time has come for easing up on the Volcker Rule, making changes to the bank living will process, and rolling back other key regulations.

  • June 21, 2017

    Judge OKs Ponzi Scheme Receiver's $4M Deal With Bank

    A Florida federal judge signed off Wednesday on a settlement of more than $4.2 million between the receiver in hedge fund manager Arthur Nadel's $168 million Ponzi scheme and Wells Fargo Bank NA to resolve the bank's claims on three properties in the Sunshine State and North Carolina.

  • June 21, 2017

    Blogger Cops To Role Conning Culprits In RE Bribe Scheme

    A blogger and “art world aficionado” pled guilty Wednesday in New York to charges tied to his role in tricking relatives of former United Nations head Ban Ki-moon into paying him $500,000 for a supposed real estate bribe he later pocketed, prosecutors said.

  • June 21, 2017

    Justice Sotomayor On The Power Of Dissent

    Justice Sonia Sotomayor discusses her views on writing dissents and the change she hopes they inspire in the law, in the second of two articles based on an exclusive interview with the 111th justice.

  • June 21, 2017

    Azeri Bank's Restructuring Under Fire In Ch. 15 Hearing

    Azerbaijan’s largest commercial bank was left in a holding pattern Wednesday after a New York bankruptcy judge said he needs more time to mull a noteholder group’s complaint against granting the lender U.S. legal protections under Chapter 15 while it restructures $3.3 billion worth of debt in its home country.

  • June 21, 2017

    Whistleblowers, MDL Plaintiffs Object To $32M SunEd Deal

    Two former SunEdison Inc. officers with pending whistleblower suits against the bankrupt solar energy giant and the lead plaintiffs in a Securities Act multidistrict litigation have asked the New York bankruptcy court overseeing the case for assurances that their suits won’t be affected by a recent $32 million settlement with unsecured creditors.

  • June 21, 2017

    Feds Can Shield Classified Info In UN Bribery Case

    A New York federal judge on Wednesday held that prosecutors can shield certain classified information from a Chinese developer accused of bribing United Nations officials, ruling the information is relevant to national security and wouldn’t aid the developer in his trial, which is slated to start next week. 

  • June 21, 2017

    Genworth Agrees To $20M Settlement In Suit Over Unit's IPO

    Genworth Financial Inc. has agreed to pay $20 million to settle claims from a class of investors that it concealed poor market conditions prior to its Australian insurance unit’s initial public offering, according to documents filed in New York federal court on Wednesday.

  • June 21, 2017

    Ticket Execs Could Escape SEC’s $33M Athlete Fraud Suit

    A Texas federal judge on Wednesday said she’s leaning toward dismissal of the U.S. Securities and Exchange Commission’s allegations two top executives for a ticket reservation business are liable for a scheme that defrauded professional athletes of $33 million.

  • June 21, 2017

    Fresh Market Investors Get Class Cert. In Del. Suit

    A group of The Fresh Market Inc. shareholders received class certification Wednesday in a Delaware state court suit over the company's $1.4 billion acquisition by Apollo Global Management LLC after pushing for a prompt decision on class status.

Expert Analysis

  • Series

    The Return Of Attorney-Conducted Voir Dire

    Stephen Susman

    If we truly believe in providing litigants with a jury of one’s peers, we must adopt strategies to ensure that parties and their representatives have a say in selecting their jury. When only judges participate, the result is a less representative and less fair cross section of the community, say Stephen Susman, Richard Jolly and Roy Futterman of NYU School of Law's Civil Jury Project.

  • Monthly Column

    Gray Matters: Identities Are Us

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    Lawyers faced with clients who can’t or won’t listen to their advice must consider that the core of this risky decision may be a person's inability or refusal to relinquish a prime identity in times of uncertainty, say dispute resolution experts Robert Creo and Selina Shultz.

  • Assessing CHOICE Act's PE Fund Deregistration Provision

    Ellen Fleishhacker

    Even if the option of deregistration becomes available to private equity fund managers under Section 858 of the Financial CHOICE Act, the Dodd-Frank Act may have brought lasting changes to the industry that will outlive its particular operative provisions, say Ellen Fleishhacker and Robert Holton of Arnold & Porter Kaye Scholer LLP.

  • The Emerging Popularity Of Interval Funds

    Steven Boehm

    In the past few months, there has been a considerable upsurge in interest in interval funds by money managers in light of investor demand and appetite for them. Attorneys with Eversheds Sutherland explore why investors and money managers alike may continue to flock to them.

  • Glass-Steagall Revival Could Have Profound Impact

    V. Gerard Comizio

    The financial services industry faces the real possibility of a bipartisan effort to reinstate the portions of the Glass-Steagall Act that separated commercial and investment banking. Depending on the final form any new legislation takes, the changes could go further than merely reinstating the status quo as of 1999, say V. Gerard Comizio and Nathan Brownback of Fried Frank Harris Shriver & Jacobson LLP.

  • Keeping Up With The SEC's Enforcement Priorities

    Jack Yoskowitz

    Often, the U.S. Securities and Exchange Commission’s enforcement priorities only become apparent once the commission begins to crack down on a particular practice. A recent decision in the case of Revelation Capital highlights the need for firms, when faced with a new SEC priority, to be able to quickly pivot toward a defensive approach, say Jack Yoskowitz and Laura Miller of Seward & Kissel LLP.

  • Roundup

    Revisiting Affiliated Ute

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    Forty-five years after the U.S. Supreme Court's ruling in Affiliated Ute Citizens of Utah v. United States, defense and plaintiffs attorneys explore the decision's progeny in the Supreme Court and various circuits.

  • Series

    Revisiting Affiliated Ute: A Rare Presumption In 11th Circ.

    Brian Miller

    The Eleventh Circuit has made clear that it will strictly construe the U.S. Supreme Court's Affiliated Ute decision as well as the omission language of Rule 10b-5(b). This will continue to present challenges to the plaintiffs bar in this circuit, say Brian Miller and Samantha Kavanaugh of Akerman LLP.

  • My Milkshake Is Better Than Yours: Part 2

    Jill Dessalines

    In the second installment of this two-part series on disruptive innovation among mid-size law firms, Jill Dessalines, founder of Strategic Advice for Successful Lawyers and former senior vice president at McKesson Corp., explores a number of ideas for keeping clients and maintaining market position.

  • The IRS Brings Partial Clarity To North-South Scenarios

    Aaron Pinegar

    When a shareholder transfers property to a distributing corporation shortly before or after a spinoff, will the transfer to the distributing corporation be respected as a separate transaction from the distribution for tax purposes? The IRS' recent ruling on such "north-south" transactions provides helpful guidance for some situations, but leaves other questions unanswered, says Aaron Pinegar of Baker Botts LLP.