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Securities

  • January 7, 2019

    9 Financial Firms Plan To Start New Exchange To Rival Giants

    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.

  • January 7, 2019

    Investors Slam Sidley Austin’s 'Strategic' Ponzi Case Claims

    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.

  • January 7, 2019

    L3 Investors Sue To Block Harris Merger Over Lack Of Info

    Defense contractor L3 Technologies Inc. and its board of directors omitted crucial information from a financial statement as they prepared for an upcoming merger with rival Harris Corp., according to a shareholder class action filed in Delaware federal court.

  • January 7, 2019

    IEX Group Stock Exchange Can't Dodge Nasdaq's Patent Suit

    The stock exchange IEX Group Inc. must face all but one of Nasdaq Inc.'s claims accusing IEX of violating seven of its patents dealing with electronic trading platform technologies, a New Jersey federal judge ruled Friday.

  • January 7, 2019

    English Translation Key In 1st Circ. Puerto Rico Bond Dispute

    The fate of billions of dollars in collateral from employer contributions to Puerto Rico's largest public pension fund could hinge on the fact that an official Spanish-to-English translation altered the English name of the fund, an action whose impact on bondholders staking a claim to the collateral was debated Monday before a First Circuit panel.

  • January 7, 2019

    2nd Circ. Upholds Gupta Insider Trading Conviction

    The Second Circuit upheld former Goldman Sachs director Rajat Gupta's insider trading conviction on Monday, rejecting Gupta's claim that the jury instructions at his 2012 trial were invalidated by the appellate court's landmark Newman ruling.

  • January 4, 2019

    Synergy Pharma Negotiates, Locks In Ch. 11 Sale Procedures

    Synergy Pharmaceuticals Inc. received bankruptcy court approval Friday to move forward with an auction of its business in Chapter 11 after resolving objections raised by creditors and shareholders over its proposal to set a $200 million offer from Bausch Health Cos. Inc. as the stalking horse bid.

  • January 4, 2019

    UK Litigation Roundup: Here's What You Missed In London

    The last week has seen Natixis sue a Nigerian oil refinery, a Qatar Insurance unit lodge a commercial fraud claim, and Allianz Global Investors take on some of the same major banks the institutional investor has already sued for foreign exchange manipulation in the U.S. Here, Law360 looks at those and other new claims in the U.K.

  • January 4, 2019

    Starz Investor Seeks $92.5M Merger Settlement Reargument

    A Starz Inc. stockholder urged a Delaware vice chancellor late Thursday to amend or hear reargument on a recent $92.5 million class settlement in a merger price challenge, saying its terms could deny equal treatment for those who acquired or sold Starz stock through short sales.

  • January 4, 2019

    Feds Urge Court To Trim Ex-Bankrate Exec's 5-Year Sentence

    Prosecutors urged a Florida federal judge Thursday to shave over a year off an ex-Bankrate Inc. executive’s five-year sentence for his role in a $25 million fraudulent accounting scheme, praising his “vital” assistance to the government in nabbing his boss, Edward DiMaria, in a rare conviction of a chief financial officer.

  • January 4, 2019

    7th Circ. Affirms Airplane Wiring Co. CEO's Fraud Conviction

    The Seventh Circuit has upheld an Illinois federal judge's finding that the CEO of an airplane wiring company stole investor money purportedly intended to cover health care costs, saying the evidence presented at a bench trial "amply" supports the lower court's decision.

  • January 4, 2019

    Lone Ex-Georgeson Adviser Faces Fraud Retrial In Boston

    A single ex-Georgeson LLC adviser will be tried Monday for allegedly providing sports and concert tickets in exchange for an early peek at votes on shareholder proposals at huge public companies as three of her former colleagues wait to see whether the government will get a second chance to prosecute them.

  • January 4, 2019

    Cryptocurrency Nano Hit With 2nd Suit Over $170M Loss

    The people behind the cryptocurrency Nano and the trading website BitGrail were hit with a second proposed class action in California federal court on Thursday claiming they tricked investors into using a vulnerable trading platform that purportedly resulted in the loss of some $170 million in digital assets.

  • January 4, 2019

    Deloitte Says Judge Erred In Denying Access To Investor Docs

    Deloitte objected Thursday to an Oregon federal judge's decision to deny it access to information about the finances of investors suing it and other law and financial firms for allegedly aiding a Ponzi scheme, saying the judge committed more than one "legal error" in his order.

  • January 4, 2019

    WildHorse Investor Sues Over Proposed $4B Merger

    An investor in WildHorse Resource Development Corp. has filed a New York federal court suit accusing the oil and gas company of failing to disclose enough information to allow shareholders to make an informed vote on a proposed $3.98 billion merger with Chesapeake Energy Corp.

  • January 4, 2019

    Drugmaker Perrigo Hit With Investor Suit Over Tax Audit

    Irish drug company Perrigo defrauded investors by concealing a tax liability so large that its stock fell almost 30 percent the day it was revealed, a Maryland shareholder claimed in a proposed class action filed Thursday in New York federal court.

  • January 4, 2019

    Chancery OKs $50M Southern Copper Investor Settlement

    A $50 million settlement of class claims brought by minority shareholders of Southern Copper Corp. over the purchase of two of its power plants by a Mexican mining giant received the stamp of approval Friday by a Delaware Chancery judge despite objections from an investor about the deal amount and process.

  • January 4, 2019

    Platinum Liquidators Ask To DQ Curtis From Fraud Suit

    The liquidators for Platinum Partners’ flagship fund asked a Manhattan federal judge Friday to disqualify Curtis Mallet-Prevost Colt & Mosle LLP from representing a Platinum founder in a suit brought over the hedge fund’s alleged $1 billion fraud, citing the firm’s prior representation of the fund.

  • January 4, 2019

    Ex-Auburn Coach Loses Escape Bid In NCAA Bribery Case

    The former Auburn University coach accused in a college basketball corruption scheme can’t dodge the criminal charges against him just yet, a New York federal court said Thursday as it rejected his argument that the government’s case rests on tortured legal theories that would criminalize even minor violations of NCAA rules.

  • January 4, 2019

    Genomic Sequencing Cos. Face FTC Scrutiny On $1B Deal

    DNA-sequencing company Illumina Inc.'s $1.2 billion bid to purchase genetic sequencing systems firm Pacific Biosciences of California Inc. is drawing extra scrutiny from the Federal Trade Commission.

Expert Analysis

  • A Closer Look At New Calif. Pension Fund Climate Law

    Kristie Blase

    Landmark California legislation going into effect in January requires the two largest pension funds in the U.S. to publicly report on their climate-related financial risks, which should result in more widespread adoption of financial disclosure recommendations from the Financial Stability Board, say attorneys with CKR Law LLP.

  • Crypto Addresses As OFAC Identifiers

    Maxwell T.S. Thompson

    Last week, the Office of Foreign Assets Control took the significant step of adding two digital currency addresses to its list of identifiers for certain individuals related to an Iranian hacking enterprise. This should immediately alert entities that transact in digital assets, says Maxwell T.S. Thompson of Murphy & McGonigle PC.

  • A Welcome DOJ Shift On Cooperation Credit

    John Nowak

    Changes announced last week by Deputy Attorney General Rod Rosenstein will likely make it easier for a company to obtain cooperation credit in criminal and civil cases, while also potentially reducing some of the costs and burdens associated with complying with the prior U.S. Department of Justice policy, says John Nowak of Paul Hastings LLP.

  • Series

    Judging A Book: Ginsburg Reviews 'The Curse Of Bigness'

    Judge Douglas Ginsburg

    When reading Tim Wu’s new book, "The Curse of Bigness: Antitrust in the New Gilded Age," lawyers, economists and historians will find its broad brush maddening, and the generalist reader will simply be misled, says D.C. Circuit Judge Douglas Ginsburg.

  • 5 Things You Should Know About New Rule 23 Amendments

    John Lavelle

    For the first time in 15 years, Federal Rule of Civil Procedure 23, governing class actions, has been amended. There are five key changes that will likely impact future federal class action litigation and settlements, say John Lavelle and Terese Schireson of Morgan Lewis & Bockius LLP.

  • Société Générale: Sanctions Enforcement Is Alive And Well

    Ama Adams

    The recent settlement between Société Générale and U.S. regulators illustrates that U.S. sanctions enforcement authorities may be shifting their attention back to large financial institutions after several years of relatively quiet enforcement across the financial services industry, say attorneys with Ropes & Gray LLP.

  • Opinion

    High Court Should Hold Securities Fraudsters Accountable

    Stephen Hall

    On Monday, the U.S. Supreme Court will hear oral argument in Lorenzo v. U.S. Securities and Exchange Commission. If the court rules that scheme liability doesn’t apply to cases involving false statements, the result will be more victims and more fraud that goes unpunished, says Stephen Hall of Better Markets.

  • Taberna Bankruptcy Ruling Brings Relief For CDO Investors

    James Bentley

    A New York bankruptcy court's recent dismissal of Taberna Preferred Funding's involuntary Chapter 11 case reinforces the accepted principle that contractual terms are the best means for liquidating a nonrecourse securitization vehicle — good news for those interested in the stability of the collateralized debt obligation model, says James Bentley of Schulte Roth & Zabel LLP.

  • Winklevoss Ruling Highlights Subjective Aspects Of SEC Mission

    Buddy Donohue

    A lot has been written about the U.S. Securities and Exchange Commission's decision this summer to deny Bats BZX Exchange's application to list and trade shares of the Winklevoss Bitcoin Trust. The debate that has ensued is really about the role of the SEC, says Buddy Donohue of Shearman & Sterling LLP.

  • Opinion

    Spearfishing Can Be Stopped Once You Remove The Bait

    Daniel Garrie

    A recent report from the U.S. Securities and Exchange Commission demonstrates that spearfishing email scams are rampant today, and that the current defenses are falling short. We have found one solution to be effective — remove the reply feature on employee email, say Daniel Garrie and Yoav Griver of Zeichner Ellman & Krause LLP.