A government watchdog that last year sued the U.S. Department of Labor seeking records related to its overtime and fiduciary rules told a Washington, D.C., federal judge Monday that it’s “concerned” the agency hasn’t been as forthcoming about its record searches as it should be.
A former official at Luca International Group LLC accused of helping perpetrate a $68 million Ponzi-esque scheme involving the EB-5 immigrant investor program told a California federal judge on Monday that she doesn’t owe authorities disgorgement and civil penalties, saying she was clueless as to the alleged securities violations.
An Illinois man accused of pocketing about $2 million from investors in his Wisconsin pharmaceutical company by lying about his work surrounding an experimental drug pled guilty to a single count of wire fraud Tuesday.
The Commodity Futures Trading Commission filed a civil enforcement action in Florida federal court on Tuesday alleging that the sole officer of a Boca Raton-based company defrauded three customers out of $870,000 in illegal, off-exchange retail commodity transactions for precious metals that they never received.
The U.S. Securities and Exchange Commission has obtained a temporary restraining order and emergency asset freeze to stop an allegedly ongoing investment fraud scheme purportedly carried out by a South Florida couple who claimed to be developing an internet shopping application, the agency announced Monday.
Locke Lord LLP has added a former Greenberg Traurig LLP shareholder and Financial Industry Regulatory Authority arbitrator and mediator with nearly 30 years of securities industry experience as a partner in its West Palm Beach, Florida, office.
A private equity firm on Tuesday urged the Third Circuit to revive its $5 million case against a New Jersey hospital over the firm's would-be acquisition of a medical plaza under foreclosure, arguing that an ownership transfer that sank the sale ran afoul of the purchase deal.
A veterinary pharmaceutical company likely didn't mislead investors about the timeline for bringing an appetite stimulant for dogs to market, a New York federal judge said in dismissing a proposed securities class action alleging that a delay in the drug's availability caused the company's stock to nosedive.
The U.S. Securities and Exchange Commission on Tuesday said brokerage firm Merrill Lynch Pierce Fenner & Smith Inc. will pay nearly $16 million to settle allegations its employees knowingly overcharged customers who purchased residential mortgage-backed securities.
A California federal judge appointed The Rosen Law Firm PA as lead counsel for investors who sued Advanced Micro Devices Inc. when the company’s share price dropped following a revelation that its chips were more vulnerable to a security flaw than had been previously disclosed.
Wilson Sonsini Goodrich & Rosati PC has scored a corporate attorney in Los Angeles from Squire Patton Boggs LLP with significant experience representing technology, life sciences and other growth companies in the United States and internationally, the firm announced Monday.
In opposition to a class certification bid, CPI Card Group Inc. told a New York federal court on Monday that a man seeking to represent a class of investors accusing the chip-enabled card maker of misleading them in a $172.5 million initial public stock offering has a lack of familiarity with the case that makes him unfit for the task.
A group of Chinese investors have asked a Virginia federal judge to let them move forward with their claims that they were swindled out of more than $500,000 each in an alleged visa scheme run by former Gov. Terry McAuliffe and Anthony Rodham, the brother of Hillary Clinton.
The U.S. Securities and Exchange Commission launched a lawsuit in New Jersey federal court Tuesday against a onetime personal assistant to an InterOil Corp. board member for allegedly engaging in insider trading based on confidential information about Oil Search Ltd.'s proposed acquisition of the energy company.
New York's highest court ruled Tuesday that the state attorney general could only sue under the Martin Act, a powerful tool for financial crimes enforcement, for three years after alleged violations, rejecting prosecutors' argument for a six-year limit and handing a victory to Credit Suisse.
Financier Lynn Tilton and her investment firm Patriarch Partners LLC objected Monday to the appointment of White & Case LLP under a $500,000 retainer as counsel to an independent director assigned to the Delaware Chapter 11 cases of her Zohar funds.
It is “blindingly obvious” that two former senior traders at Barclays PLC and Deutsche Bank AG were the main players in a "conspiracy" to game the financial system by rigging Euribor to benefit their trading positions, a prosecutor for the Serious Fraud Office told a London jury Tuesday.
RMBS trust insurer Ambac sued trustee US Bank in New York federal court on Friday, saying US Bank wrongly settled $374 million worth of claims over bad Countrywide loans for just $94 million, partly to head off a finding that US Bank was a fiduciary, which could "ripple" through to other RMBS litigation against the bank.
A former audit partner at KPMG LLP has asked a Brooklyn federal judge to make prosecutors look for exculpatory evidence in files belonging to the U.S. Securities and Exchange Commission and an accounting oversight group, saying both were essentially part of the prosecution team.
Four ex-Wilmington Trust executives attacked their May convictions on federal securities fraud and conspiracy charges late Friday, demanding acquittal or new trials and accusing the government of missteps ranging from changing theories mid-trial to lacking evidence of criminal intent to conceal past due commercial loans.
The U.S. Securities and Exchange Commission's proposed best-interest requirement for broker-dealers would likely discourage the offering of “full-service” brokerage and encourage alternatives, such as “discount” brokerage and fee-based advisory accounts, says Steven Lofchie of Cadwalader Wickersham & Taft LLP.
The $35 million fine levied against Altaba, formerly known as Yahoo, marks the first time that the U.S. Securities and Exchange Commission has alleged that a company’s failure to disclose a data breach violated the federal securities laws. This enforcement action may also give breach-related securities class actions new life, say Michael Dicke and Alexis Caloza of Fenwick & West LLP.
The Tax Cuts and Jobs Act made sweeping changes to the Internal Revenue Code. Its international tax provisions — including the transition tax, the foreign-source dividends received deduction, the tax on global intangible low-taxed income and others — have far-reaching implications for state tax systems that broadly conform to the IRC, and present significant compliance burdens for taxpayers, say attorneys with Eversheds Sutherland LLP.
For the first time in four years, the National Venture Capital Association recently updated its model legal documents. The latest drafts not only reflect the necessity for quick transactions and bespoke solutions to unique problems facing venture capital investors, but they anticipate needs that will arise in this ever-evolving industry, say attorneys with Paul Hastings LLP.
With the U.S. Supreme Court's decision in Cyan v. Beaver County opening up more forums to securities class action plaintiffs, newly public companies or other registered offerors will face possible duplicative actions in state and federal courts. However, companies are not left without any weapons in the arsenal, say Shayne Clinton and Britt Latham of Bass Berry & Sims PLC.
While subpoenas fly and much confusion surrounds unregistered initial coin offering sales, the U.S. Securities and Exchange Commission staff struggles to grasp the evolving businesses around blockchain. The staff is grinding out ill-fitted comments to issuers, relying on assumptions incompatible with this brand-new industry, says Harvey Kesner of Sichenzia Ross Ference Kesner LLP.
My advice to prospective clerks will now include the suggestion that they read Adam Winkler's new book, "We the Corporations: How American Businesses Won Their Civil Rights," for the same reason I recommend taking a corporations course — appreciating the critical role of business corporations in American life and law, says Ninth Circuit Judge Marsha Berzon.
In the #MeToo era, the American Bar Association’s recently passed Resolution 302 is a reminder of harassment policy best practices to all employers, and it should be of particular interest to employers in the legal industry, say attorneys with Hunton Andrews Kurth LLP.
One wonders if the Second Circuit’s reversal of Jesse Litvak’s securities fraud conviction in the District of Connecticut, together with prosecutors’ recent loss at trial in United States v. Demos, will impact the government’s decision to prosecute further the other bond traders who are currently facing charges in the same courthouse, say Harry Sandick and Michael Schwartz of Patterson Belknap Webb & Tyler LLP.
A risk alert recently issued by the U.S. Securities and Exchange Commission identifies the top fee and expense deficiencies from over 1,500 examinations over the last two years, providing valuable information for investment advisers. This guidance should serve as more than a warning, say attorneys with K&L Gates LLP.