Fowler White Burnett PA urged a Florida bankruptcy judge Wednesday not to hold it or convicted billionaire sex offender Jeffrey Epstein in contempt for allegedly retaining copies of confidential documents, saying the cited court order did not say what to do with a disc that is at issue.
Bankrupt radio giant Cumulus Media Inc. began a trial Thursday to confirm a Chapter 11 restructuring plan that would reduce its bloated debt by just over $1 billion, squaring off against junior creditors who complain they are being shortchanged by a deal that undervalues the company's total worth.
The Commodity Futures Trading Commission accused a Virginia man Wednesday of ripping off dozens of family members, friends and other investors to the tune of $1.2 million by touting the supposed profitability of his investment company, hiding its futures trading losses and using their money to cover his bills and make Ponzi-style payments.
Former shareholders in Avee Laboratories Inc. objected late Wednesday to Abbott Laboratories’ bid to shut down a fiduciary breach claim in a Delaware Chancery Court suit over a $36 million merger escrow allegedly tapped for disputed company settlements of fraudulent drug-testing claims against Avee.
Two attorney groups argued Thursday for the lead counsel role in a Delaware Chancery Court class action challenging a natural gas well investment partnership’s plan to convert into a corporation, saying the deal could cost preferred unitholders more than $237 million.
FisherBroyles LLP has hired a former Sheppard Mullin Richter & Hampton LLP attorney in Los Angeles and Silicon Valley with experience handling bitcoin technology development agreements, venture capital financing and other cutting-edge technology as a partner and co-chair of its financial technology and blockchain practice group.
A Manhattan federal judge dismissed the latest version of a suit against dozens of banks over an alleged conspiracy to manipulate the Singapore Interbank Offered Rate on Thursday, telling the plaintiffs to try again but to include specific details and clearly explain why they can sue.
A California federal judge said Thursday he’s inclined to toss with leave to amend a putative securities class action claiming SunPower Corp. fraudulently overstated its financial projections, causing its stock to drop 30 percent, saying the fraud allegations are insufficient and “there’s nothing hidden from the public here.”
A California federal judge on Wednesday sent to arbitration a suit brought by a former employee of Snapchat maker Snap Inc. who alleged he was fired for raising concerns about the social media company's user metrics, finding their contract was neither unconscionable nor ambiguous.
A pipeline operator and its board of directors have violated the Exchange Act by omitting certain financial information from documents filed with the U.S. Securities and Exchange Commission relating to a merger agreement, says a proposed class action filed Thursday in Delaware federal court.
A top Sompo International executive has accused his former employer Chubb of illegally withholding $600,000 in deferred stock compensation while the parties are embroiled in litigation over whether he stole Chubb's trade secrets and helped poach key employees.
The U.S. Commodity Futures Trading Commission slapped two traders and their investment firm with a suit Wednesday in New York federal court claiming they took in $300,000 in pooled futures trading investments and pulled the bulk of it out for personal and business expenses.
A federal grand jury accused two New Yorkers in an indictment unsealed Thursday of conning investors out of hundreds of thousands of dollars in foreign exchange trading schemes that drew the U.S. Commodity Futures Trading Commission’s ire in 2015, federal prosecutors said.
A putative class of investors in hardware retailer True Value Co. told a Delaware state court judge Thursday that a vote on a proposed sale of 70 percent of the company should be halted until the company makes additional disclosures about the process that led to the proposal.
Former Visium Asset Management trader Christopher Plaford took health spending policy tips from expert consultant David Blaszczak with “a grain of salt,” getting information from others alongside the man charged with feeding secret Medicare and Medicaid information to Wall Street, a Manhattan jury heard Thursday.
A New York federal judge on Thursday granted the motions of three banks to compel arbitration in three proposed class actions challenging the banks’ purported “last look” practices in the foreign exchange market.
Level Solar Inc. narrowly fended off a bid by its former CEO to liquidate the case, after a New York bankruptcy judge admonished both parties for “mudslinging nonsense” at a contentious hearing Thursday while saying she would give the debtor a few more weeks to get its act together.
A Ninth Circuit judge appeared skeptical Thursday of reviving a certified securities class action alleging Las Vegas Sands Corp. and two executives misled investors about its development pipeline, saying during a hearing he doesn't think the investors can separate the company's stock drop from the 2008 global market crash.
Former HSBC foreign currency exchange executive Mark Johnson on Wednesday asked a New York federal judge to sentence him to no prison time over his conviction for defrauding Cairn Energy PLC by front-running a $3.5 billion currency swap, calling the matter "one black mark" on an otherwise law-abiding life.
A dispute between Statoil Gulf Services LLC and an accountant who alleged she was fired in retaliation after telling superiors she believed some in the company were committing shareholder and securities fraud in violation of federal law, has been settled, the parties told a federal judge in Texas on Wednesday.
Regulators have recently increased their efforts in cracking down on spoofing, yielding an increasing number of criminal indictments and civil settlements. However, an important challenge in identifying spoofing is separating legitimate calculations from those that were intended to manipulate the market, say Ilan Guedj and An Wang of Bates White LLC.
Although much attention has been paid to the U.S. Securities and Exchange Commission’s actions in the initial coin offering space, little thought has been given to the applicability of New York’s own securities fraud statute. That could be a serious oversight, says Daniel Alter of Murphy & McGonigle PC.
The insurance coverage litigation arising from the settlement of the shareholder claims filed in connection with Dole Food’s 2013 going-private transaction continues to grind on, and the latest ruling could be helpful for companies seeking to argue that Delaware law should govern the interpretation of their insurance policies, says Kevin LaCroix of RT ProExec.
The Federal Reserve’s new leadership has made clear that while it supports certain changes to Dodd-Frank and the related regulations, it broadly supports the post-crisis regulatory framework. With that background, we focus on the Fed’s anticipated views of five areas where reform is possible, say attorneys with Sidley Austin LLP.
There's no reason for limiting unbundled legal services to family law or even pro se litigants. Wider adoption, especially by litigators, presents an opportunity to correct law's distribution and pricing problem, to make justice practically available to all, and to dethrone litigation as the "sport of kings," says New York-based trial lawyer David Wallace.
Coordinated federal initiatives scrutinizing cryptocurrency exchanges may be viewed as alarming by entrepreneurs and their advisers. But we believe such concerns are largely misguided, say John Reed Stark, president of John Reed Stark Consulting LLC, and David Fontaine, CEO of Kroll Inc.
Like medical professionals, lawyers often resist policies to reduce errors due to the culture of perfectionism that permeates the industry. Autonomy is key to the legal professional's prestige and the outward demonstration of competence is key to maintaining autonomy, says Peter Norman of Winnieware LLC.
After a number of prominent cyberattacks on publicly traded companies, the last year saw a corresponding flurry of substantial securities fraud class action filings. Cara Peterman of Alston & Bird LLP has several suggestions for companies to reduce the risk of securities fraud litigation in the wake of a breach.
Cryptocurrency exchanges must be prepared for a relentless U.S. regulatory onslaught. That seems to be the clear warning embodied in the confluence of three events last week involving three agencies that are no longer content with generating regulatory headwinds, say John Reed Stark, president of John Reed Stark Consulting LLC, and David Fontaine, CEO of Kroll Inc.
It is undisputed that in his first year in office President Trump was able to confirm a significant number of judges to the federal bench. How it happened — and whether it's a good thing — are debated here by Sen. Chuck Grassley, R-Iowa, and Sen. Dianne Feinstein, D-Calif.