A New York appellate court said Tuesday that a lower court was right to toss Royal Park Investments SA/NV's $3.7 billion suit accusing four major banks of committing fraud in connection with the sale of residential mortgage-backed securities, finding the Belgian bank did not have standing to bring negligence and fraud claims.
A trial over the purported termination of a $275 million merger between medical device companies Boston Scientific Corp. and Channel Medsystems Inc. was expedited Tuesday when a Delaware Chancery judge said the proceedings would be scheduled for April.
Snap Inc. on Friday accused Kessler Topaz Meltzer & Check LLP of putting forward inadequate replacements for an investor who bowed out of a proposed class action claiming the company misrepresented user growth around the time of its initial public offering.
A Zoe's Kitchen stockholder is seeking to put off a vote on a plan to sell the Plano, Texas-based restaurant chain to a competitor, saying in a proposed class action filed in Texas federal court that the proposed $300 million deal undervalues the company.
HSBC Holdings PLC finalized a $765 million settlement Tuesday, resolving the U.S. Department of Justice's allegations that it hid risks associated with residential mortgage-backed securities sold in the years preceding the 2008 financial crisis.
The U.S. Supreme Court on Tuesday declined to review a putative class action suing Milberg LLP over an allegedly botched securities suit, upholding a Ninth Circuit ruling that a failed class action voluntarily dismissed by the suit’s named plaintiff couldn’t be revived by a potential class member.
A 6D Global Technologies Inc. shareholder on Friday swatted back at a trio of dismissal bids in New York federal court, deriding “feeble attempts” by the company, its former directors and a private equity firm’s CEO to escape claims that they allowed the digital marketing company’s share price to be manipulated.
Allstate Corp. has asked an Illinois federal judge to deny class certification to investors accusing the insurer of concealing loose underwriting in a bid to boost business, arguing that any subsequent dips in Allstate's stock were due to company performance, not fraud.
The U.S. Securities and Exchange Commission has asked a California federal court to enforce its June subpoenas for documents related to an alleged pump-and-dump scheme involving shares of a real estate and construction company that supposedly financed an initial coin offering.
Taxes imposed on foreign investment funds receiving Dutch dividends comply with European Union law, an adviser to the Netherlands’ Supreme Court said Monday, urging judges to drop a €1.3 million ($1.5 million) tax referral to EU judges.
Paint maker PPG Industries has asked a California federal judge to toss a proposed class action alleging it deceived investors by overstating certain financial results, arguing it was simply an accounting mistake that resulted in a relatively minor correction.
A shareholder in Chinese hotel group Huazhu Group Ltd. on Monday hit the company with a proposed class action in California federal court, claiming the hotel operator failed to adequately protect customer data from a breach in August that led to a drop in the group's stock price.
The ex-husband of an Ariad executive was found guilty of criminal insider trading Tuesday in Massachusetts federal court, marking a victory for prosecutors who said he saved more than $100,000 in trades based on meetings his wife had with the U.S. Food and Drug Administration about an Ariad cancer drug.
Facebook asked a Delaware Chancery Court judge Friday to end a stockholder derivative suit over the social media giant’s alleged breach of fiduciary duty in covering up the Cambridge Analytica scandal, saying it was up to the company’s board, not its investors, to decide whether such litigation was necessary.
The criminal trial of a Massachusetts doctor accused of insider trading headed into jury deliberations Friday, after prosecutors sought to drive home in closing arguments that he had used nonpublic information from his wife to make trades in stock of the cancer drugmaker Ariad.
The ex-president of a company owned by billionaire jeweler Nirav Modi on Thursday asked a New York bankruptcy court for an order allowing one of his company’s directors and officers insurance to pay for his legal defense, saying the policy proceeds are not estate property. Correction: A previous version of this story incorrectly identified the individual filing the motion. The error has been corrected.
A New York federal judge signaled Friday that the Libor-rigging trial against former Deutsche Bank traders Matthew Connolly and Gavin Black may be in trouble, in light of "highly persuasive" evidence concerning the government's role in an internal investigation of the bank by Paul Weiss Rifkind Wharton & Garrison LLP.
A former Texas racetrack executive asked the Eleventh Circuit on Friday to reverse a $4.7 million disgorgement order against him, arguing the demand was too punitive considering he had provided far more in collateral than he received in fraudulently obtained loans.
Illumina Inc. overestimated its profit projections by at least $18 million in 2016 even as its product sales were declining, according to a securities class action filed in California federal court Friday accusing the genetic analysis company of costing investors $6.6 billion overnight once its lackluster sales were revealed.
A group of bondholders on Thursday renewed their call to put a receiver in charge of Puerto Rico’s electric utility, while the island’s federally appointed fiscal oversight board sought information from the governor’s office about an announced electric rate cut.
In this time of partisan conflict over judicial selection, a new book by Canadian jurist Robert J. Sharpe — "Good Judgment" — represents a refreshing, deeply thoughtful departure from binary arguments about how and why judges make decisions, says U.S. District Judge Jeremy Fogel, director of the Federal Judicial Center.
In recent years, there has been an increased interest from the U.S. Securities and Exchange Commission in enforcing Section 15(a)(1) against unregistered finders and other solicitors in private placement offerings. These violations are easy to prove, especially since no culpable state of mind is required, says Joe Edmondson of Foley & Lardner LLP.
E-discovery is not easy, but employing these 10 strategies may help minimize future headaches, say Debbie Reynolds and Daryl Gardner of EimerStahl Discovery Solutions LLC.
Many eyes are on the Delaware Chancery Court to see whether it will compel Fresenius to close on a $4.5 billion acquisition of Akorn. The case, which completed post-trial briefing last week, presents an interesting question about the meaning of stock price as evidence in litigation, say Alexander Berger, an investment consultant, and J.B. Heaton, a lecturer at the University of Chicago Law School.
The Second Circuit’s opinion last week in U.S. v. Hoskins limits the U.S. Department of Justice’s ability to prosecute foreign individuals or companies for Foreign Corrupt Practices Act violations. The opinion also flatly contradicts the U.S. Securities and Exchange Commission’s 2012 FCPA resource guide, say attorneys with Paul Weiss Rifkind Wharton & Garrison LLP.
Many limited liability companies are formed in Delaware because of the state’s well-developed and business-friendly law in this area. But a recent decision in Wenske v. Blue Bell Creameries highlights the level of care with which an LLC's governing agreement must be drafted in order to maximize these ostensible advantages, says Adrienne B. Koch of Katsky Korins LLP.
A well-drafted partnership agreement protects a law firm's founders, establishes a process for new and outgoing partners, and sets forth guidelines for navigating conflict along the way. Startup firms can begin with something less complex, but there are important elements that every agreement should include, says Russell Shinsky of Anchin Block & Anchin LLP.
The recent decline in U.S. Securities and Exchange Commission enforcement activities suggests that Wall Street’s top cop is less focused on rooting out corporate fraud and more focused on regulatory matters seen as favorable to corporate America. This is unlikely to change with the upcoming commissioner transitions, says Carol Gilden of Cohen Milstein Sellers & Toll PLLC.
The Delaware Chancery Court's ruling last month in Olenik v. Lodzinski is notable for providing a substantial discussion of the difference between “negotiations” and “preliminary discussions” for determining whether a merger meets MFW's “ab initio requirement” and qualifies for review under the deferential business judgment rule standard, say attorneys with Fried Frank Harris Shriver & Jacobson LLP.
Forget about cameras, reporters in the Manafort trial were not even permitted in the courtroom with their phones, tablets or computers. That meant no live reporting on Twitter and no emails to the newsrooms with updates. In a world focused on information and news as it happens, this is unacceptable, says trial attorney David Oscar Markus.