Wall Street regulators levied more than $7 million in civil penalties and fines on Wednesday against two brokerage firms and a compliance officer accused of facilitating the sale of billions of suspicious penny stock trades without flagging authorities in violation of anti-money laundering reporting requirements.
Comerica Bank and several of its executives were hit Monday with a $4.4 billion racketeering suit in Florida federal court alleging they helped a Florida billionaire put a Canadian yacht construction company out of business.
A Manhattan federal judge said Tuesday that she may push the trial of two former Deutsche Bank traders accused of rigging the Libor to September, saying she felt “sandbagged” by U.S. Department of Justice prosecutors’ new theories a month before trial.
Enforcement activity by the U.S. Securities and Exchange Commission against public companies continued to fall during the first half of the current fiscal year, according to a study released Tuesday, a further sign the regulator is backing away from the frequent and large sanctions it imposed against such issuers under the Obama administration.
An $8 million bankruptcy sale of a jewelry business dragged into the wide-scale bank fraud alleged against Indian billionaire Nirav Modi was put on temporary hold Tuesday by a New York bankruptcy judge who said he needed more information about the company’s value and connection to Modi, now a fugitive.
Arnold & Porter has boosted its white collar defense team with the former counsel to the U.S. attorney in New Jersey who oversaw the trial team in the George Washington Bridge lane closure prosecution and spearheaded the office's revamped trial program, the firm announced Monday.
Two men who are charged with defrauding Valeant Pharmaceuticals International Inc. out of $9.7 million when it bought an option to acquire Philidor Rx Services LLC were dealt a bad hand by a Manhattan federal judge on Tuesday, with the court rejecting their efforts to have one of Valeant’s lawyers testify and to prevent an FBI agent from undercutting their arguments.
The U.S. Securities and Exchange Commission on Tuesday accused four individuals in New York federal court of perpetrating a $34 million penny stock scheme by making illegal trades on artificially inflated stock belonging to the microcap company Biozoom Inc., then allegedly covering it up with offshore bank accounts and sham legal documents.
A New York federal judge on Monday partially granted a bid from Fiat Chrysler investors to depose more witnesses and add interrogatories in their suit alleging the automaker hid the existence of emissions control instruments dubbed defeat devices in vehicles in an effort to inflate share prices.
New York federal prosecutors and attorneys for former Katten Muchin Rosenman LLP attorney Evan Greebel have argued starkly different takes on losses suffered by Martin Shkreli-founded Retrophin Inc., with Greebel deeming the government’s $14.4 million figure vastly overinflated.
A putative class of Analogic Corp. shareholders sued the company Monday in Massachusetts federal court in an attempt to block its planned $1.1 billion merger with Altaris Capital Partners LLC, saying they hadn't received enough information about the deal.
Mutual Benefits Corp.’s former outside counsel asked the Eleventh Circuit on Tuesday to overturn his 10-year prison sentence for his role in a massive insurance scam, arguing that the prosecution’s framing of the business as a Ponzi scheme was completely wrong.
A Delaware vice chancellor approved a $3.25 million settlement fee Tuesday for class attorneys who sued biopharma Sorrento Therapeutics Inc. in 2016 over insider stock and option awards and conflicted asset transfers, producing a reported $100 million benefit for investors and the company.
The U.S. Commodity Futures Trading Commission has accused a California-based foreign currency trader of ripping off investors by acting as an unregistered commodities adviser and running a currency contracts scam, according to a complaint filed in California federal court Monday.
An Alaskan pension fund on Monday told a New York federal judge that not a single class member has opposed giving lead counsel $140.5 million in attorneys' fees and expenses for reaching 10 settlements with major banks over the alleged manipulation of a benchmark interest rate used to set terms for swaps transactions.
Sheppard Mullin Richter & Hampton LLP on Monday announced two lateral hires in California for its corporate practice, partners from Hogan Lovells and Manatt Phelps & Phillips LLP with significant experience representing clients in technology and health care, among other industries.
The state securities watchdog in Massachusetts has charged Spartan Capital Securities LLC and its co-founder with recklessly trading a Bay Stater's retirement funds then subpoenaing him, in violation of an administrative officer's wishes, counsel to the regulator said during a hearing on Tuesday in support of sanctions.
Deutsche Bank National Trust Co. on Monday urged a New York federal court to refuse new evidence submitted by a group of bondholders seeking class certification to challenge the bank’s handling of $85.8 billion in residential mortgage-backed securities trusts, arguing the investors lack standing for their claims because they suffered no out-of-pocket losses.
Rent-A-Center Inc. on Monday asked a Texas federal judge not to certify a group of investors alleging the furniture and electronics rent-to-own giant's stock tumbled when problems with the rollout of a new sales transaction system surfaced, saying the suit lacks a common thread of reliance and is plagued by competing damages calculations.
The federal government has told a D.C. district court that public interest groups have again failed to show that they properly brought suit against President Donald Trump's executive order that said for every new regulation, two have to be repealed, arguing that the groups can't demonstrate the order caused specific harm.
Among the proposed amendments to Rule 23 of the Federal Rules of Civil Procedure, which are scheduled to take effect Dec. 1, are specific requirements related to “front-loading.” They outline the process for seeking preliminary court approval of class action settlements and related notice plans, say Shandarese Garr and Niki Mendoza of Garden City Group LLC.
While many analysts expected that federal tax reform would dampen enthusiasm around real estate investment trusts, those concerns have proven to be unfounded. In fact, REITs and their investors should see a net gain overall from the recently adopted tax changes, say attorneys with Kramer Levin Naftalis & Frankel LLP.
Despite the powerful incentives to engage in external whistleblowing after Digital Realty, companies should know that their compliance programs can contribute in meaningful ways to whether employees decide to report possible misconduct internally or to the U.S. Securities and Exchange Commission, say attorneys with Paul Hastings LLP.
How can we improve meetings in the legal industry, which tends to evolve with the speed of a tranquilized water buffalo mired in quicksand? Breaking it down to three phases can yield significant benefits, says Nicholas Cheolas of Zelle LLP.
It is important for auditors and their counsel to understand the Public Company Accounting Oversight Board's investigatory and decision-making process. In addition, recent developments like the D.C. Circuit's ruling in Laccetti may impact how an attorney defends an investigation, says Robert Cox of Briglia Hundley PC.
One way law firms differentiate themselves from the competition to attract and retain top talent is through their real estate and workplace strategies. Taking a lead from the hospitality industry can help create a more inviting, welcoming and collaborative workspace environment, says Bella Schiro of Jones Lang LaSalle Inc.
The Southern District of New York's recent dismissal of a securities class action against Embraer provides hope that not every Foreign Corrupt Practices Act settlement will give rise to expensive private litigation, say attorneys with Dechert LLP.
In his first year on the U.S. Supreme Court, Justice Neil Gorsuch has proven to be a narrow-minded elitist who consistently votes in favor of corporations and the powerful, acting to roll back protections for workers, consumers, LGBTQ individuals and other marginalized communities, says Elliot Mincberg of People for the American Way.
Not all cryptocurrencies are created equal from an economic standpoint, and understanding their differences has crucial implications on their valuation, say economists Simona Mola and An Wang of Bates White LLC.
Real estate practitioners should not underestimate the complexity and time involved in clearing a Perishable Agricultural Commodities Act or Packers and Stockyards Act exception from a loan policy, say Spencer Compton of First American Title Insurance Company and Diane Schottenstein.