Securities

  • September 14, 2017

    FINRA Fines JPMorgan Over Trade Volume Advertising

    The Financial Industry Regulatory Authority filed a settlement Wednesday that requires J.P. Morgan Securities LLC to pay $1.1 million for overadvertising its trade volume by billions of shares and failing to ensure its advertised volume was correct.

  • September 14, 2017

    SEC Won't Hear 6D Global's Appeal Of Nasdaq Delisting

    The U.S. Securities and Exchange Commission on Wednesday dismissed 6D Global Technologies Inc.’s bid to appeal its delisting from the Nasdaq stock exchange, finding that the digital services firm missed its deadline to seek SEC review and then failed to show “extraordinary circumstances” that would justify an extension.

  • September 14, 2017

    Libor Reversal Shows Need For Int'l Cooperation: DOJ's Finch

    The acting head of the U.S. Department of Justice's Antitrust Division said Thursday that the reversed convictions of two former Rabobank employees earlier this year in a Libor-rigging case show the need for more international cooperation between antitrust enforcers.

  • September 14, 2017

    SEC Adds Alleged Tipper To Mobileye Insider Trading Suit

    The U.S. Securities and Exchange Commission on Wednesday expanded its case against a Virginia landscaper and his friend who allegedly made close to $1 million in illicit profits through insider trading in Mobileye NV securities, accusing the landscaper’s brother of providing information that led to the trades.

  • September 14, 2017

    Puma Investor Seeks Fees For $20M In Director-Pay Savings

    A shareholder of Puma Biotechnology Inc. filed suit Wednesday in Delaware seeking the payment of attorneys’ fees and expenses for his efforts in pursuing changes to the compensation packages of non-employee directors, which he says ultimately saved the company more than $20 million.

  • September 14, 2017

    Optima Steel Seeks Ch. 11 Redo After Missed $200M Influx

    Optima Specialty Steel Inc. reported a scramble Thursday to reorganize its already confirmed Chapter 11 plan, telling a Delaware bankruptcy judge the effort follows a sponsor’s missed $200 million cash delivery deadline and resulting plan support agreement termination.

  • September 14, 2017

    'Hedge Fund' Founder's Sentencing Nixed On Victim Question

    A New York federal judge on Thursday adjourned the sentencing of a would-be hedge fund founder who pled guilty to conspiracy to commit securities and wire fraud after questions arose about whether the victim fund was actually a co-conspirator.

  • September 14, 2017

    Fund Takes Nix Of $230M Madoff Claim To High Court

    A hedge fund is asking the U.S. Supreme Court to review a Second Circuit decision that let a U.S. bankruptcy court void the sale of a $230 million claim despite the earlier approval of a foreign bankruptcy court, saying the precedent could have “destructive consequences” for multinational bankruptcy proceedings if it’s allowed to stand.

  • September 14, 2017

    Puerto Rico Utility Creditors Lose Bid To Appoint Receiver

    The oversight powers of the federally appointed board guiding Puerto Rico's historic restructuring were reaffirmed in a court ruling Thursday, finding that a group of bondholders could not move to appoint a receiver for the island's insolvent electric company without the panel's consent.

  • September 14, 2017

    Feds Win Pause In 1MDB Forfeiture Cases, Halting Discovery

    A California federal judge paused several cases seeking to seize assets stolen from the sovereign investment fund 1Malaysia Development Bhd. on Wednesday, saying the U.S. government's argument that discovery posed a risk to its criminal investigation was compelling.

  • September 14, 2017

    Duane Morris Adds Ex-Sidley Austin Merger Pro In LA

    Duane Morris LLP has hired a former Sidley Austin LLP mergers and acquisitions partner in Los Angeles who led the team that advised IPC Healthcare Inc. on its $1.6 billion cash sale to a physician staffing supplier.

  • September 14, 2017

    7th Circ. Judge Doubts CEO's Claim He Missed Fuel Scam

    At least one Seventh Circuit judge hearing arguments Thursday in a former petroleum company CEO’s appeal was skeptical of his claim he knew nothing about his company’s plot to collect illegal biofuel tax credits, saying there is a “rather large” amount of evidence to the contrary.

  • September 14, 2017

    E-Trade Asks 2nd Circ. Not To Revive Best-Execution Suit

    Online stockbroker E-Trade urged a federal appeals court on Thursday to preserve its early win over a potential class action that accuses it of violating its duty to ensure customer trade orders are executed on the best possible terms, saying seven similar suits were also dismissed.

  • September 14, 2017

    White & Case Picks Up Corporate Advisory Specialist In NY

    A former Simpson Thacher & Bartlett LLP attorney who focuses on advising companies in regulatory compliance and corporate governance matters has joined White & Case LLP as a partner in its New York office.

  • September 14, 2017

    SunTrust Pays SEC Over High-Fee Fund Recommendations

    The U.S. Securities and Exchange Commission announced Thursday that a SunTrust Banks subsidiary agreed to pay a fine to settle allegations it improperly recommended more expensive share classes of certain mutual funds to customers, resulting in more than $1.1 million in avoidable fees.

  • September 14, 2017

    House Vote Puts CFPB, SEC's Reach In Danger

    A financial services spending bill passed by the House of Representatives on Thursday would curtail the Consumer Financial Protection Bureau and cut back the Securities and Exchange Commission’s reach under the Dodd-Frank Act.

  • September 14, 2017

    One Of Dewey 'Secret Seven' Cooperators Sentenced

    A Manhattan judge sentenced one of seven former Dewey & LeBoeuf LLP employees who pled guilty and cooperated in the prosecution of three of the firm's executives, giving former director of revenue support Dianne Cascino an agreed-upon sentence of community service on Thursday.

  • September 13, 2017

    Barclays Dodges Investor Suit Over $2.5B Offering

    Barclays PLC defeated a long-running securities class action alleging it misled investors before a $2.5 billion notes offering in April 2008 when a New York federal judge ruled Wednesday that the company statements cited by the investors weren’t lies, or were taken out of context.

  • 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.

Expert Analysis

  • Lehman Ruling Sets Stage For Future Subordination Contests

    John Stigi

    The Second Circuit's determination that former Lehman Brothers employees' restricted stock units are securities is important to creditors seeking to safeguard their priority position among bankruptcy claimants, say John Stigi and Christopher Bosch of Sheppard Mullin Richter & Hampton LLP.

  • How CalPERS V. ANZ Securities Marks Gorsuch's Arrival

    Robert Long

    The 5-4 U.S. Supreme Court decision in California Public Employees’ Retirement System v. ANZ Securities was the first in which we saw Justice Neil Gorsuch’s view of securities liability — he represented the crucial fifth justice joining the majority opinion, say Robert Long of Alston & Bird LLP and Edgar Neely.

  • Why D&O Policies Should Cover Del. Appraisal Proceedings

    Peter Gillon

    Appraisal proceedings, unique to Delaware law, require acquiring corporations to pay shareholders if the price of a merger or acquisition deal is below fair market value. Fortunately directors and officers insurance might be able to cover affected companies' defense and other costs, say Peter Gillon and Benjamin Tievsky of Pillsbury Winthrop Shaw Pittman LLP.

  • 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.