Securities

  • September 13, 2017

    Feds Say Ex-UBS Precious Metals Trader Manipulated Market

    Federal prosecutors have accused a former UBS trader of engaging in a scheme to manipulate the precious metals futures market through the use of a trading tactic known as “spoofing,” according to a complaint dated Tuesday in Connecticut federal court.

  • September 13, 2017

    CFTC Gets Quick Win In Suit Against Trading Software Vendor

    A California man and his software company must pay up after a Nevada federal judge on Tuesday granted a quick win to the U.S. Commodity Futures Trading Commission in its suit alleging they lied to customers about the moneymaking power of the company’s automated trading software.

  • September 13, 2017

    Puerto Rico Fuel Line Lenders Prep For Utility Revenue Fight

    Units of Scotiabank and hedge fund Solus Alternative Asset Management have asked the court overseeing Puerto Rico’s restructuring to let them intervene in a suit between the island’s government-owned power company and its bondholders, saying they’re owed $696 million by the power company that must be paid back ahead of all other claims.

  • September 13, 2017

    PharMerica Investor Sues Over $1.4B KKR, Walgreens Buyout

    An investor in pharmacy manager PharMerica filed a shareholder suit in a Delaware federal court Wednesday over the company’s planned $1.4 billion buyout by private equity giant KKR & Co. LP and Walgreens Boots Alliance Inc., saying its pitch for shareholder approval was misleading.

  • September 13, 2017

    Ripple Wants $1B Del. R3 Suit Sidelined For Calif. Case

    Cryptocurrency venture Ripple Labs Inc. said Wednesday it would seek Delaware's Chancery Court dismissal or stay of a $1 billion contract claim filed by distributed ledger developer R3 while its own opposing California state contract case goes forward.

  • September 13, 2017

    Investors Ask Del. Justices To Toss Bulgarian Venue Order

    Delaware’s chief justice pressed a global investment fund attorney Wednesday to explain how the state’s top court can enforce a Bulgarian tender offer mandate amid uncertainty over its authority or that of Bulgaria’s own courts on the issue.

  • September 13, 2017

    Insurer Hit In Stock-Drop Suit Over Execs' Hidden Legal Woes

    A Health Insurance Innovations Inc. stockholder filed a putative class action Wednesday accusing the medical insurance sales company of failing to disclose information about a rejected application for a Florida insurance license due to undisclosed legal actions against the company's executives.

  • September 13, 2017

    JPMorgan’s Alleged Defaming Of Worker Privileged: 9th Circ.

    The Ninth Circuit declined to revive a defamation and wrongful termination suit filed by a former employee of JPMorgan Chase Bank NA on Wednesday, ruling that Tony Adjian could legally be fired for any reason and the bank’s explanation to regulators was privileged under California law.

  • September 13, 2017

    SEC Scores Insider Trading Settlement With Ex-PwC Auditor

    A former PricewaterhouseCoopers auditor has settled the U.S. Securities and Exchange Commission’s claims that he gave his relative inside information about a technology company client on the verge of a merger, the SEC announced Wednesday.

  • September 13, 2017

    11th Circ. Says No New Trial For Ponzi Schemer

    The Eleventh Circuit ruled Wednesday that a convicted Ponzi schemer was rightly denied a new trial after he was sentenced to five years in prison, with the panel agreeing he neither identified new evidence nor showed that the government had withheld it.

  • September 13, 2017

    Ex-SEC Atty Gets 9 Months For Stealing From Web Sales Co.

    A former lawyer for the U.S. Securities and Exchange Commission and real estate investor was sentenced Tuesday to nine months in jail after he was convicted in California federal court for fraud and tax charges for skimming $300,000 from an internet sales company.

  • September 13, 2017

    Martin Shkreli In Custody After Clinton Comments

    A Brooklyn federal judge revoked Martin Shkreli’s bail on Wednesday, saying the convicted securities fraudster’s social media post offering $5,000 for samples of Hillary Clinton’s hair and profane comments he directed at a journalist could be interpreted as threats.

  • September 13, 2017

    SEC Nabs $11.5M Win Over Alleged Tech Investment Scam

    An alleged co-runner of a $10 million scam that falsely offered access to nonpublic shares in hot technology firms and other investment opportunities was put on the hook Tuesday for a roughly $11.5 million default judgment in a U.S. Securities and Exchange Commission case.

  • September 13, 2017

    SEC Uses Data Analysis To Catch Cherry-Picking Advisers

    The U.S. Securities and Exchange Commission announced settled charges Tuesday against two investment advisers, ending allegations that they engaged in separate cherry-picking schemes to increase their personal profits that were discovered by the agency’s data analysis.

  • September 13, 2017

    SEC Can't Sue Over Int'l Transactions, Ad Co. Tells 10th Circ.

    An internet advertising business told the Tenth Circuit on Tuesday that a Utah federal judge who enjoined the company was wrong to find a provision in the Dodd-Frank Act allows the U.S. Securities and Exchange Commission to sue businesses even if they are located overseas.

  • September 13, 2017

    Eaton Denies Intent To Spin Off Unit In $3B Investor Suit

    Eaton Corp. PLC asked a New York federal judge Wednesday to throw out a proposed class action alleging the company cost shareholders $3 billion when it couldn’t spin off its automotive division tax-free, saying the conglomerate had repeatedly and emphatically asserted it had no intention of doing so.

  • September 13, 2017

    French Satellite Co. Wants Ex-CEO Suit In Del.

    French satellite operator and broadband service provider Eutelsat SA filed suit in Delaware Chancery Court late Tuesday against the former CEO of its Mexican subsidiaries, saying a dispute brought by him in Mexico over several employment agreements should be heard in Delaware.

  • September 13, 2017

    Ex-Chuhak Atty Gets 18 Months For Defrauding NFL Players

    A former Chuhak & Tecson PC partner who admitted to selling several professional athletes and other investors millions in alternative energy tax credits he knew were illegal was sentenced to 18 months in prison Wednesday.

  • September 13, 2017

    Lender Asks 2nd Circ. To Nix Loan Program Investor Row

    Subprime lender Regional Management and others urged the Second Circuit on Tuesday to reject a bid to revive an investor lawsuit over alleged disclosure issues with a loan program ahead of offerings of stock owned by several private equity funds, saying there is no evidence the company made misleading statements.

  • September 13, 2017

    Dynavax Escapes Shareholder Suit Over Hepatitis Vaccine

    A California federal court on Tuesday tossed a proposed class action alleging biopharmaceutical company Dynavax Technologies Corp. misrepresented the safety of its Heplisav vaccine for hepatitis B, eventually causing share prices to plunge.

Expert Analysis

  • Internal Investigations: 10 Ways To Be A Cyber Sleuth

    Caroline Sweeney

    Given the overwhelming complexity of today’s data environments, investigators must take advantage of a variety of technology tools to apply both tried-and-true and new analytical techniques to internal investigations. Investigators must also develop the mindset of a relentless and detailed forensic detective, says Caroline Sweeney of Dorsey & Whitney LLP.

  • A Summer Update On FCPA: Part 2

    Michael Skopets

    One factor that has likely affected the overall pace of Foreign Corrupt Practices Act enforcement under the new Trump administration — including the number and duration of open investigations — is the turnover of U.S. Securities and Exchange Commission and U.S. Department of Justice personnel, say Michael Skopets and Marc Bohn of Miller & Chevalier Chtd.

  • The Use Of Special Masters In Complex Cases

    Shira Scheindlin

    Special master appointments can be very beneficial in resolving disputes quickly, streamlining discovery, handling delicate settlement negotiations, and — somewhat surprisingly — reducing cost and delay, says retired U.S. District Judge Shira Scheindlin, now with JAMS.

  • A Plaintiff’s Guide To Discovery Proportionality: Part 2

    Max Kennerly

    Proportionality is often a question of whether discovery production has reached a point of diminishing returns, and about the marginal utility of additional discovery once the core discovery in the case has been completed. In other words, proportionality is a method to avoid going in circles or getting sidetracked, not an excuse for cutting corners, says Max Kennerly of Kennerly Loutey LLC.

  • Roundup

    Notes From A Law Firm Chief Privacy Officer

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    As more law firms become the targets of major cyberattacks, more firms may consider appointing a chief privacy officer. In this series, CPOs at four firms discuss various aspects of this new role.

  • A Plaintiff’s Guide To Discovery Proportionality: Part 1

    Max Kennerly

    In December 2015, the parts of the Federal Rules of Civil Procedure concerning proportionality in discovery were amended. The amendments changed the language defining the scope of relevance, but substantively, this remains the same as it has been for nearly 40 years, says Max Kennerly of Kennerly Loutey LLC.

  • A Summer Update On FCPA: Part 1

    Michael Skopets

    July produced a small uptick in Foreign Corrupt Practices Act enforcement resolutions, including a U.S. Securities and Exchange Commission settlement with Halliburton — the first corporate disposition entered into by the Trump administration — and three individual enforcement actions, say Michael Skopets and Marc Bohn of Miller & Chevalier Chtd.

  • Series

    Notes From A Law Firm Chief Privacy Officer: New Demands

    Phyllis Sumner

    For outside counsel, oftentimes efficiency and responsiveness collide with security measures as clients are increasingly requiring their law firms to comply with third-party risk management programs. To meet these challenges, law firms are focusing more on the roles of chief privacy officer and chief information security officer, says Phyllis Sumner, chief privacy officer for King & Spalding LLP.

  • The Great Class Action Ascertainability Debate

    Amanda Lawrence

    In recent years, courts have divided sharply over whether or not Rule 23 of the Federal Rules of Civil Procedure creates an implicit requirement that a class must be ascertainable in order to be certified. Amanda Lawrence and Michael Rome of Buckley Sandler LLP discuss the circuit split over whether and to what extent ascertainability is required, and implications of the circuit split for class action litigants.

  • 2nd Circ. Throws Wrench Into FCPA Enforcement

    Nicholas Berg

    The Second Circuit's far-reaching ruling in Allen will immediately impact the U.S. Department of Justice’s ability to prosecute individuals implicated in international investigations. The decision is likely to impact the Lava Jato Foreign Corrupt Practices Act investigation, as well as shape the DOJ’s future cooperation with governments in Latin America, say Nicholas Berg and Lindsey Sullivan of Ropes & Gray LLP.