Securities

  • February 6, 2018

    Cooley Fintech Leader Leaves To Join Bitcoin Wallet Startup

    Digital currency lawyer Marco Santori is leaving Cooley LLP, where he is a partner and leads the firm's fintech practice, to help lead bitcoin wallet startup Blockchain as its president and chief legal officer, the company announced Monday.

  • February 6, 2018

    Colo. Atty Cops To Role In Alleged Pump-And-Dump Scheme

    A Colorado attorney pled guilty on Tuesday in Connecticut federal court to a conspiracy charge stemming from her alleged role in a pump-and-dump scheme involving stock in several public companies that she did securities work for, federal prosecutors said.

  • February 6, 2018

    Investors Want Closing Of Millennium Labs Ch. 11 Blocked

    Major investors in bankrupt lab testing company Millennium Lab Holdings II called on a Delaware judge Tuesday to keep open the company's already-confirmed Chapter 11, citing an ongoing appeal challenging third-party nondebtor releases in its more than $1.2 billion restructuring.

  • February 6, 2018

    Trial Change Leads Del. High Court To Hear Discovery Appeal

    The Delaware Supreme Court decided to take up an interlocutory appeal Tuesday in a merger fraud case between two demolition and environmental remediation firms, saying issues over the use of discovery in a Chancery Court case were ripe for decision.

  • February 6, 2018

    Panel Grills Zohar Funds On Jury Waiver In Fraud Case

    An appeals panel of New York’s First Judicial Department on Tuesday put tough questions to two investment funds that seek to try their fraud case against failed Chinese firm Xinhua Sports & Entertainment Ltd. before a jury, even though they signed multiple agreements that waived that right.

  • February 6, 2018

    Regulating Cryptocurrencies Proving Tough, Watchdogs Say

    U.S. financial markets watchdogs are struggling and may seek Congress’ help to bridge the regulatory gaps currently keeping them from protecting investors amid the growing frenzy around cryptocurrencies, the nation’s two top securities regulators said Tuesday.

  • February 6, 2018

    Valeant Seeks To Move NY Investor Fraud Suit To NJ

    Valeant Pharmaceuticals International Inc. and others who were sued in Manhattan federal court by three investment funds over alleged fraud and price-gouging have asked the court to send the case to New Jersey, where it would be bundled with dozens of other similar suits.

  • February 6, 2018

    Bon-Ton Gets Interim $725M DIP OK, Beats Liquidation Push

    Bankrupt department store chain Bon-Ton Stores Inc. secured interim approvals Tuesday for a $725 million debtor-in-possession loan and a 42-store closing plan after overcoming arguments that its more than $1 billion restructuring effort should be dropped in favor of liquidation.

  • February 6, 2018

    SEC Chief 'Not Anxious' To Deter Post-IPO Class Actions

    U.S. Securities and Exchange Commission Chairman Jay Clayton told a Senate panel Tuesday that he is “not anxious” to see a change in policy that would let companies bar investors from filing class claims of fraud after an initial public offering.

  • February 6, 2018

    Furniture Co. Faces Shareholder Suit Over Asset Sale

    Stanley Furniture Co. Inc. was hit with a proposed class action in North Carolina federal court on Monday accusing the company and its directors of issuing a proxy statement that doesn’t include enough information for shareholders to properly assess the fairness of a proposed asset sale.

  • February 6, 2018

    Securities Group Of The Year: Skadden

    Skadden Arps Slate Meagher & Flom LLP employed novel arguments over the last year to secure victories in an array of diverse cases, ranging from dismissal of class certification for a group of investors suing Brazilian oil company Petrobras to a decisive win for Putnam Investments in an Employee Retirement Investment Security Act class action, landing the firm among Law360's 2017 Securities Groups of the Year.

  • February 5, 2018

    Puerto Rico Oversight Board Defends $1.3B PREPA Loan Bid

    Puerto Rico’s government and the federally appointed board overseeing its historic debt restructuring are fighting hard to get a $1.3 billion emergency loan approved for the island’s beleaguered electric utility, blasting creditor objections to the plan as petty and legally unsound.

  • February 5, 2018

    Walter Investment To See Lower Cash Projections, CEO's Exit

    Walter Investment Management Corp. CEO Anthony Renzi is stepping away from the bankrupt mortgage lender and servicer at some point this year, the company announced Friday, the same day it said it will likely end 2018 with $50 million less than predicted in its confirmed Chapter 11 plan.

  • February 5, 2018

    Investors Seek Asset Freeze For BitConnect In Fraud Suit

    A proposed class of investors accusing cryptocurrency marketplace BitConnect of being both a pyramid and Ponzi scheme asked a Florida federal court on Monday for an emergency order freezing assets of the now-shuttered trading and lending platform, saying that such a move is necessary to stop their money from being spent or shunted into another scam.

  • February 5, 2018

    FINRA Hits Wedbush With $1.5M Consumer Protection Fine

    The Financial Industry Regulatory Authority on Monday fined Wedbush Securities Inc. $1.5 million for violating the Securities and Exchange Commission's customer protection and net capital rules, finding that the firm exposed customers to risk and failed to detect deficiencies for nearly seven years.

  • February 5, 2018

    Chancellor Orders Stockholder Meet For Firm Facing IP Row

    Delaware’s chancellor on Monday ordered deadlocked California medical claims company Avande Inc. to hold a stockholder meeting on Feb. 15, amid allegations of intellectual property breaches, board dysfunction and claims that a holdout director was blocking an election.

  • February 5, 2018

    MetLife Hit With Stock-Drop Suit Over Pension Reserves

    An investor sued MetLife in New York federal court Monday, alleging that two stock drops followed reports that the insurer didn't set aside enough money in its reserves for annuity and pension payments.

  • February 5, 2018

    Canadian Investor Says SEC's $17M Pump-Dump Case Fails

    A Canadian businessman urged a New York federal court to toss a U.S. Securities and Exchange Commission suit over an alleged $17 million pump-and-dump scheme tied to a silver exploration shell company, saying Friday the agency didn’t show how he intended to harm his clients.

  • February 5, 2018

    Stone Energy Hit With Suit Over $2.5B Talos Merger

    A Stone Energy Corp. shareholder hit the oil and gas company with a suit in Delaware federal court Friday, claiming the shareholders were lied to and shortchanged in the company’s $2.5 billion merger with Talos Energy LLC.

  • February 5, 2018

    Breitburn Shareholders To Reopen Ch. 11 Row After $1.8B Bid

    Shareholders of Breitburn Energy Partners LP will get the opportunity next week to potentially reopen the court record and further challenge the company’s pending Chapter 11 plan after arguing a recent unsolicited $1.8 billion bid for the oil and gas enterprise should alter asset valuations, a judge decided Monday.

Expert Analysis

  • The Enneagram And The Practice Of Law

    Jennifer Gibbs

    Study of the Enneagram personality typing system can provide attorneys with better insights into themselves, and into those they interact with professionally, including clients, opposing counsel and judges, says Jennifer Gibbs of Zelle LLP.

  • Director Compensation Lessons From Investor Bancorp

    Gail Weinstein

    The Delaware Supreme Court's decision last month in Investor Bancorp may result in challenges to director compensation awarded pursuant to existing discretionary equity plans and is likely to affect the structure of future equity plans, say attorneys with Fried Frank Harris Shriver & Jacobson LLP.

  • Munchee Case Clarifies SEC's Stance On Digital Tokens

    Joel Telpner

    The U.S. Securities and Exchange Commission's recent order against Munchee provides us with some guidance that goes beyond the SEC's July report that addressed initial coin offerings. Specifically, issuers must be extremely attentive to how their tokens are being marketed, says Joel Telpner of Sullivan & Worcester LLP.

  • Series

    Judging A Book: Tymkovich Reviews 'Gorsuch'

    Timothy Tymkovich

    John Greenya’s new book, “Gorsuch: The Judge Who Speaks for Himself,” offers readers something the confirmation hearings did not — the backstory of Neil Gorsuch and a glimpse of who Justice Gorsuch is, says Chief Judge Timothy Tymkovich of the Tenth Circuit.

  • NJ Case Bolsters The Limitations Defense Against SEC

    jdever.jpg

    A New Jersey federal court's recent decision in U.S. Securities and Exchange Commission v. Gentile has opened the door to the possibility that Section 2462's five-year statute of limitations serves as a complete defense to an SEC enforcement action, say Joseph Dever and Matthew Elkin of Cozen O’Connor.

  • What Asset Managers Can Expect From The SEC In 2018

    David Tittsworth

    For the first time since 2015, the SEC will be operating with a full slate of five commissioners, which will bring a wider variety of views and perspectives to the agency. Chairman Jay Clayton has also moved with deliberate speed to appoint a cast of competent and talented senior staff, says David Tittsworth of Ropes & Gray LLP.

  • 5 Things To Watch For In FCPA Enforcement This Year

    David Simon

    After much hand-wringing in 2017 about whether Foreign Corrupt Practices Act enforcement would diminish radically under President Donald Trump, it’s now safe to say that all signs point toward continued and vigorous enforcement, say attorneys with Foley & Lardner LLP.

  • Roundup

    5 Most-Read Legal Industry Articles Of 2017

    2017 Trends

    What business of law topics piqued reader interest in 2017? Take a look back at the year's five most-read legal industry articles from Law360 guest authors.

  • Loose Lips Still Sink Ships: Inadvertent Tipping In 2017

    Dixie Johnson

    Inadvertent-tipping cases from the past 12 months demonstrate how carelessness can turn into career-threatening encounters with the U.S. Securities and Exchange Commission or the U.S. Department of Justice. It’s time for renewed resolve to talk about something other than work secrets over the holidays, say attorneys with King & Spalding LLP.

  • Spoliation Scrutiny: Disparate Standards For Distinct Mediums

    Robin Shah

    Two years ago, Federal Rule of Civil Procedure 37(e) was amended to provide a clearer road map for courts analyzing whether to permit sanctions for the spoliation of evidence. Yet there is still no specific guidance for when a sanctions request relates to electronically stored and nonelectronically stored information, says Skadden associate Robin Shah.