A proposed shareholder class action filed in Massachusetts federal court Monday asserts that a $5.7 billion plan for Veritas Capital and Elliot Management affiliate Evergreen Coast Capital to take Athenahealth private is based on misleading and inadequate financial analyses and overlooks potential conflicts of interest.
Curtis Mallet-Prevost Colt & Mosle LLP won't be disqualified — at least not yet — from defending a former Platinum Partners founder against a suit brought by the hedge fund's liquidators over an alleged $1 billion fraud, despite having represented the fund in the past, U.S. District Judge Jed S. Rakoff said Monday.
A bitcoin entrepreneur and convicted felon must face fraud claims brought by Cameron and Tyler Winklevoss that he swindled the twin brothers out of millions of dollars worth of cryptocurrency, a New York federal judge ruled.
Venezuela has taken the rare step of challenging a slew of U.S. sanctions moves at the World Trade Organization, asserting that the White House’s blockage of its goods, services, debt and government-backed cryptocurrency are in violation of global trade rules, according to a WTO document published Tuesday.
A group of Illinois investors who say carmaker Fisker Automotive’s top shareholders duped them into buying its stock just before going bankrupt brought their claims six months too late to proceed under the state’s securities laws, the Seventh Circuit held Monday.
A Florida federal court on Monday approved a settlement involving an office condominium owned by former ski resort owner and Miami businessman Ariel Quiros, almost a year after he settled claims lodged by the U.S. Securities and Exchange Commission that he misappropriated millions of dollars from immigrant investors.
Attorneys for Fitbit Inc. stockholders on Monday opposed a company bid for an early Delaware Supreme Court challenge to a Chancery Court decision nixing the dismissal of a $386 million derivative insider trading and fiduciary breach suit against key company figures in December.
The indenture trustees for priority guarantee notes issued by iHeartMedia Inc. told a Texas bankruptcy court that the distressed broadcast giant should amend its pending financial restructuring plan, contending that prebankruptcy indemnity protections must be preserved.
Four Wilmington Trust Corp. executives sentenced to three- to six-year prison terms in December for false reporting practices that crippled their bank sought bail pending appeal late Friday, with all raising multiple challenges to government claims they falsified past-due commercial loan status disclosures.
The U.S. Securities and Exchange Commission reached a settlement Friday with a Wall Street lending company in a suit over supposedly fraudulent securities offering documents, just one business day before a trial was set to begin, according to a New York federal judge.
A Delaware Chancery judge issued arrest warrants Monday for two Chinese nationals serving as executives for ZST Digital Networks Inc. who were found to be in contempt for not complying with a series of court judgments arising from a books and records suit filed by a shareholder.
A stockholder’s proposed class action against cancer drug manufacturer Tesaro Inc. and its executives has alleged in Delaware federal court that a proposed $5.1 billion merger with British pharmaceutical company GlaxoSmithKline is based on misleading financial analyses filed with the U.S. Securities and Exchange Commission.
Two pension funds suing SunEdison for failing to disclose financial problems that later led the renewable energy giant’s stock price to collapse secured class certification on Monday, after a New York federal court split the single proposed class into two separate subclasses.
As three former Georgeson LLC advisers wait to see if federal prosecutors win an appeal to put them on trial a second time, one of their ex-coworkers was back in a Boston courthouse Monday as her second trial kicked off charging her with trading entertainment tickets for an early look at shareholder voting data.
A New York federal judge has awarded $2.3 million to the attorneys for a class of over 300,000 Citigroup Inc. 401(k) plan participants who negotiated a $6.9 million settlement in a long-running Employee Retirement Income Security Act suit in August.
The Eleventh Circuit on Friday backed a Florida federal judge’s decision to award the U.S. Securities and Exchange Commission a $4.7 million judgment against a former Texas racetrack executive over millions in fraudulently obtained loans, ruling the judgment was not an abuse of discretion.
A New York federal judge on Monday denied a request from former Bernie Madoff aide Annette Bongiorno to conclude her six-year sentence for involvement in Madoff’s Ponzi scheme at home, saying she needs to ask the Bureau of Prisons first.
A Second Circuit panel has declined to revisit its recent decision that Axis Insurance Co. doesn't owe Lynn Tilton's Patriarch Partners LLC $5 million to cover the costs of a U.S. Securities and Exchange Commission investigation and enforcement action, according to an order filed Monday.
Nine Wall Street firms on Monday said they are teaming up to launch a stock exchange billed as a low-cost alternative to dominant players such as the New York Stock Exchange and Nasdaq.
Investors in a defunct management firm accused of operating in a Ponzi-like fashion told an Oregon federal judge Friday that third-party contribution claims filed by Sidley Austin LLP are calculated and could snarl their proposed class action alleging the law firm and others aided the scheme.
Opening comments by parties in mediation that are made with the proper content and tone can diffuse pent-up emotion and pave the way for a successful resolution. But an opening presentation can do more harm than good if delivered the wrong way, say Jann Johnson and William Haddad of ADR Systems LLC.
As the year comes to a close, attorneys at King & Spalding LLP look back at a few of the most notable developments at the U.S. Department of Justice, including corporate monitor guidance, a False Claims Act policy shift, foreign exchange prosecutions, cryptocurrency fraud and international cooperation developments.
In U.S. v. Walters, a Second Circuit panel determined last week that professional gambler William Walters was not prejudiced by repeated FBI leaks of confidential grand jury information. There is a risk that the government may draw the wrong conclusion from this decision, say Harry Sandick and Danielle Quinn of Patterson Belknap Webb & Tyler LLP.
This year saw significant changes in the landscape of whistleblower and retaliation law, including a game-changing decision from the U.S. Supreme Court and the three largest bounty awards issued in the history of the U.S. Securities and Exchange Commission, say Steven Pearlman and Meika Freeman of Proskauer Rose LLP.
Oral argument in Lorenzo v. U.S. Securities and Exchange Commission revealed clear divisions within the U.S. Supreme Court on the type of conduct that forms the basis of liability under Rule 10b-5, say attorneys with Alston & Bird LLP.
Digital token issuers caught up in the onslaught of U.S. Securities and Exchange Commission investigations finally received some good news last month regarding token sales’ exposure to federal securities laws. The decision in SEC v. Blockvest is encouraging for a few reasons, say Michael Dicke and Eric Young of Fenwick & West LLP.
The recent Mossack Fonseca indictments and Deutsche Bank raid would not have been possible without the whistleblower behind the Panama Papers leak. But there is no incentive for rooting out the type of criminal money laundering revealed here, creating a large enforcement gap, say Eric Havian and Michael Ronickher of Constantine Cannon LLP.
The U.S. Securities and Exchange Commission last month announced a series of examination initiatives focused on practices and risks relevant to mutual funds and exchange-traded funds. Attorneys with K&L Gates LLP offer takeaways for fund complexes conducting annual compliance reviews.
In-house attorneys owe a duty of confidentiality to their corporate clients and are obligated to preserve attorney-client privilege. But they are also likely to be exposed to sensitive internal issues, thereby increasing the potential for circumstances where it might be appropriate to "blow the whistle," says Devika Kewalramani of Moses & Singer LLP.
The Airfox and Paragon settlements last month represent the U.S. Securities and Exchange Commission's acceptance of a new road map for initial coin offering issuers eager to remove the taint from past illegal offers. The approach is not perfect but signals a lighter regulatory construct, say attorneys with Paul Hastings LLP.