We use cookies on this site to enable your digital experience. By continuing to use this site, you are agreeing to our cookie policy. close

Securities

  • June 14, 2018

    DOJ Wins 3-Month Deposition Stay In Forex Investor Suit

    A New York federal judge has ruled that several banking executives accused of rigging benchmark foreign exchange rates can't be deposed for investors' proposed class action for at least another three months, giving the U.S. Department of Justice more time to proceed with a criminal probe into the scheme before the bankers sit for interviews in the civil case. 

  • June 14, 2018

    Winston & Strawn Adds Norton Rose White Collar Partner

    Winston & Strawn LLP has hired a Norton Rose Fulbright partner who specializes in white collar criminal defense and who has represented high-profile clients, including New Jersey Senator Bob Menendez and presidential senior adviser Jared Kushner and his wife, Ivanka Trump, the firm said Wednesday.

  • June 14, 2018

    SunEdison Investors Seek Class Cert. In Stock-Drop Suit

    Pension funds alleging bankrupt renewable energy developer SunEdison’s former executives and directors concealed liquidity and financing problems that ultimately caused share prices to drop asked a New York federal court Wednesday for class certification.

  • June 13, 2018

    JPMorgan, ADR Holders Strike $9.5M Deal In Fee Suit

    JPMorgan Chase & Co.’s banking unit agreed to shell out $9.5 million to end a proposed class action by a group of American depositary receipt holders who’d alleged the bank improperly charged extra foreign exchange transaction fees, according to a deal pitched in New York federal court Tuesday.

  • June 13, 2018

    Ex-CEO Gets 2 Years For Insider Trading Led By 'Pure Greed'

    U.S. District Judge Lucy Koh sentenced the ex-CEO of a Silicon Valley-based fiber optics company to two years behind bars on Wednesday for making insider trades using secret brokerage accounts held in family members’ names, saying the wealthy man's crime was motivated by “pure greed.”

  • June 13, 2018

    Ex-Dewey CFO Gets Discovery Stay For Criminal Appeal

    Dewey & LeBoeuf LLP's former chief financial officer, who was convicted of fraud, won a bid Tuesday to pause discovery in the U.S. Securities and Exchange Commission’s New York federal suit against him while his criminal case is still on appeal.

  • June 13, 2018

    DOJ Must Give Journos Docs On Siemens FCPA Compliance

    A federal judge in Washington, D.C., ordered the U.S. Department of Justice on Wednesday to turn over certain documents pertaining to Siemens AG's Foreign Corrupt Practices Act compliance that an investigative news outlet requested, finding government officials weren’t entitled to some of the exemptions they’d claimed under the Freedom of Information Act.

  • June 13, 2018

    Ex-Morgan Stanley VP Made Hack-Based Trades, Plotter Says

    A onetime Georgia stock trader told a Brooklyn federal jury Wednesday that former Morgan Stanley Vice President Vitaly Korchevsky and ex-broker Vladislav Khalupsky traded on nonpublic information gleaned from hacked press releases as part of what prosecutors say was a $30 million fraud.

  • June 13, 2018

    9th Circ. Upholds First Solar Win In Derivative Suit

    In a published opinion Wednesday, a Ninth Circuit panel affirmed the dismissal of a derivative shareholder suit against First Solar Inc. over allegations that some of its corporate officers approved documents concealing the existence of defects in company-made solar panels, finding the investors did not show demand futility.

  • June 13, 2018

    Yahoo Investor Tells 9th Circ. SEC Doesn't Answer Mail

    Yahoo investors urged the Ninth Circuit on Wednesday to revive their derivative shareholder suit alleging Yahoo Inc. violated a deal with the U.S. Securities and Exchange Commission by purchasing Alibaba stock, saying merely complaining to the SEC instead of suing wouldn't work because "writing letters" doesn't get a response.

  • June 13, 2018

    Lehman Settles $1.2B Credit Suisse Trade Closeout Fight

    Lehman Brothers Holdings Inc. said Tuesday it had reached a settlement with Credit Suisse AG to end a long-running bankruptcy court scuffle over closeout calculations for derivatives trades following the firm’s 2008 collapse, freeing Lehman from a $1.2 billion claim and its last big bank action of that kind.

  • June 13, 2018

    Higher One Shareholders Seek Final OK On $7.5M Settlement

    A class of Higher One Holdings Inc. investors on Tuesday asked a Connecticut federal judge to approve a $7.5 million deal with the company and its former board members, settling allegations the higher education financial services provider misled the investors following a run-in with federal regulators.

  • June 13, 2018

    Time Limit Under NY Securities Law May Frustrate Big Cases

    A ruling Tuesday by New York’s highest court limiting to three years the time in which the state attorney general’s office can bring securities fraud claims under the Martin Act could hamper complicated cases involving large financial services firms, especially if prosecutors are seeking to charge individuals, legal experts said Wednesday.

  • June 13, 2018

    Muscular Dystrophy Drug Co. Seeks To Stall Derivative Suit

    Solid Biosciences Inc. told a Massachusetts judge on Wednesday that a shareholder derivative lawsuit should be put on hold because it too closely resembles a securities class action proceeding in federal court, both of which contend the company lied about its leading drug candidate before an initial public offering.

  • June 13, 2018

    Sens. Question If SEC Official Abused Role In Remarks To Citi

    Six Democratic senators have asked the U.S. Securities and Exchange Commission’s inspector general to look into reports that outgoing Commissioner Michael Piwowar lit into Citigroup Inc. executives during a private meeting at the agency after the bank rolled out firearm sales restrictions for retail clients in the wake of the Parkland, Florida, school shooting.

  • June 13, 2018

    Facebook Rips $129M Class Fee Bid In Zuckerberg Stock Suit

    Attorneys for Facebook rejected claims late Wednesday that class attorneys deserve a $129 million fee for a Delaware Chancery Court suit challenging a stock reclassification seen as assuring founder Mark Zuckerberg’s continued control, suggesting instead an up to $19.9 million fee.

  • June 13, 2018

    Madoff Trustee Recovers $280M In Ezra Merkin Settlement

    The trustee for Bernie Madoff's defunct investment firm Wednesday asked a New York bankruptcy court to approve a $280 million settlement of his claims that disgraced financier J. Ezra Merkin received fraudulent transfers from Madoff’s fund.

  • June 13, 2018

    Hidden-Fee Scheme Cost UK Pension Plan $3M, Jury Hears

    A hidden-fee scheme federal prosecutors say was orchestrated by a former State Street Corp. executive cost the United Kingdom’s Royal Mail Pension plan 10 times more than it had expected to pay for a massive transaction, a Massachusetts jury heard Wednesday morning.

  • June 13, 2018

    Biotech Co. Pens $18.5M Deal In Investor Fraud Class Action

    Investors in Osiris Therapeutics Inc. told a Maryland federal judge on Tuesday that they had reached an $18.5 million settlement with the biotech research company over allegations it artificially inflated reported revenues and misled shareholders about its revenue growth.

  • June 13, 2018

    Immigration Atty Urges Court To Rethink DQ In EB-5 Suit

    A Chicago-based immigration attorney accused by the U.S. Securities and Exchange Commission of pocketing money from foreign investors seeking EB-5 visas urged an Illinois federal court Tuesday to rethink a decision barring him from representing several supplemental defendants in the case, rebutting contentions that there is a conflict of interest.

Expert Analysis

  • 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.

  • 8 Reasons To Take A Fresh Look At Your Law Office Lease

    Tiffany Winne

    After moving into a new law office, tenants often file their signed leases away, figuring that the terms are set for a few years at least. However, leases can be very flexible instruments, and should be reviewed annually even if nothing seems amiss, says Tiffany Winne of Savills Studley Inc.

  • Recent Case Clarifies Personal Jurisdiction Law In Delaware

    Francis Pileggi

    The Delaware Chancery Court recently ruled in Baier v. Upper New York Investment that the simple act of forming a Delaware entity is not sufficient to impose personal jurisdiction over a nonresident involved in that formation. However, there are circumstances in which the formation of such an entity could form the basis for imposing personal jurisdiction, says Francis Pileggi of Eckert Seamans Cherin & Mellott LLC.

  • A General Counsel's Tips For Succeeding As A New Associate

    Jason Idilbi

    Based on his experience as a BigLaw associate for six years and now as general counsel for a tech startup, Jason Idilbi of Passport Labs offers some best practices for newer associates — whether they are serving external clients or senior attorneys within their firms.

  • A New Regulatory Avenue For NY Cryptocurrency Exchanges

    Jonathan Sorkowitz

    Virtual currency businesses in New York should understand that they are under scrutiny even if they receive New York BitLicenses. The Virtual Markets Integrity Initiative will most likely survive the resignation and departure of former Attorney General Eric Schneiderman, so businesses should proceed cautiously, says Jonathan Sorkowitz of Skarzynski Black LLC.