Securities

  • July 12, 2017

    Sidley Austin Adds M&A Pro In Silicon Valley

    Sidley Austin LLP has bolstered its Palo Alto, California, office with a former Paul Hastings LLP partner who works with clients on M&A transactions and advises corporations on public and private securities offerings, joint ventures and governance matters.

  • July 12, 2017

    Investors Bancorp Slams Director Pay Row At Del. High Court

    Investors Bancorp Inc. on Tuesday asked the Delaware Supreme Court to reject a shareholder suit alleging an excessive directors’ compensation plan was rammed through without full disclosure, saying the shareholders are asking the high court to judge the plan on a purely subjective standard.

  • July 12, 2017

    $51M Deal Ends Long-Running Oppenheimer Junk Bond MDL

    OppenheimerFunds Inc. has agreed to pay almost $51 million to settle allegations that it invested in junk bonds and risky derivatives despite claiming to focus on investment-grade municipal bonds, ending long-running multidistrict litigation after a separate $90 million settlement and a trip to the Tenth Circuit.

  • July 12, 2017

    RBS Agrees To Pay $5.5B To Settle US Loan Misselling Probe

    Royal Bank of Scotland is to pay $5.5 billion to U.S. regulators to settle the second of three major investigations into claims it missold $32 billion of toxic mortgage-backed securities in the run-up to the financial crisis.

  • July 11, 2017

    Valeant, Pershing, Investors Battle For Quick Wins In Suit

    Valeant Pharmaceuticals and hedge fund Pershing Square Capital Management LP sought quick wins Monday in an investor suit accusing the firms of insider trading, telling a California federal court that the firms’ collaboration on Valeant’s attempted $55 billion takeover of Allergan was “legitimate group activity.”

  • July 11, 2017

    Justice Breyer On The Limits Of Presidential Power

    Justice Stephen Breyer discusses the Supreme Court’s role as a check on executive authority and the global influence on U.S. courts, in the first of two articles based on an exclusive interview with the justice. This is part of a series of exclusive Law360 interviews with current and former Supreme Court justices.

  • July 11, 2017

    Petrobras Ruling A Mixed Bag For Investors

    The Second Circuit set a particularly high bar for investors bringing securities class actions against foreign companies, decertifying two classes claiming Brazilian oil giant Petrobras concealed a massive bribery scheme, but experts said the news isn’t all bad for plaintiff shareholders as the court also rejected two strict legal standards.

  • July 11, 2017

    Bankrupt Co. Tied To Alleged Ponzi Asks To Sell Event Tickets

    Defunct ticket reseller and alleged Ponzi scheme vehicle National Events Holdings LLC asked a New York bankruptcy court on Monday for permission to sell its remaining stock of 11,000 tickets, saying that if they aren't sold soon, they could become worthless.

  • July 11, 2017

    Defense Targets Key Cooperator's Crimes At UN Bribery Trial

    A defense attorney for a Chinese businessman accused of bribing United Nations officials laced into a government cooperator during cross-examination on Tuesday, interrogating ex-Ambassador Francis Lorenzo about using his sister and a longtime girlfriend to dodge taxes.

  • July 11, 2017

    FTC Seeks Quick Wins In Alleged Mortgage Relief Scam Row

    The Federal Trade Commission and the co-founder of a mortgage assistance relief law firm each asked a California federal court Monday for quick wins in the agency’s suit alleging that the firm was part of a common enterprise that stole $18 million from distressed homeowners by persuading them to participate in allegedly bogus “mass joinder” lawsuits.

  • July 11, 2017

    Commodities Suit Oral Settlement Not Enforceable: NJ Court

    The New Jersey Appellate Division on Tuesday reversed a lower court’s order enforcing an oral settlement in a dispute over the purchase of interest in a commodities trading firm, citing indicators that the purchaser hadn’t agreed the matter was resolved.

  • July 11, 2017

    UBS, HSBC Pen $28M Settlement In Swaps-Rate Class Action

    Banking giants UBS AG and HSBC Bank USA NA have each agreed to pay $14 million to settle class action claims that they participated in a conspiracy with other banks to manipulate a benchmark interest rate used to set terms for swaps transactions.

  • July 11, 2017

    Texas Judge Blocks Transfers Of Penny Stock Shares

    A Texas state court judge on Monday blocked the transfer of stock in Bitcoin Services Inc. and blocked an attempt to remove restrictions on 15 million shares of the company, hours after the company claimed the shares were fraudulently obtained.

  • July 11, 2017

    Judge Says Futures Fraudster Must Disclose Dodgy Past

    A man who has been convicted twice for investment scams has been ordered by a Florida federal judge to disclose his long history of legal trouble whenever he writes or speaks about commodity trading, the U.S. Commodity Futures Trading Commission announced Tuesday.

  • July 11, 2017

    Shkreli Fund In The Red, Jury Told, As He Boasted Of Millions

    Jurors in the Martin Shkreli securities fraud trial Tuesday heard of how one of his hedge funds had negative 33 cents to its name in summer 2011, around the same time Shkreli was claiming the fund had tens of millions of dollars in assets under management.

  • July 11, 2017

    Contract Dispute, Personal Feuds Roil In Oxbow Sale Trial

    Reports of personal feuds, claims of testimony conflicts, and disputes over company sale control kept a Delaware Chancery Court trial simmering Tuesday in a battle between billionaire William I. Koch and private equity investors over a sale of Oxbow Carbon LLC.

  • July 11, 2017

    Judge Says FTC Claims Already Settled In VW Emissions Suit

    A California federal judge on Tuesday denied the Federal Trade Commission’s pending motion seeking additional testimony into claims that Volkswagen AG’s U.S. unit intentionally destroyed documents after its diesel emissions cheating scandal made headlines, a procedural move in light of the FTC’s settlements with the German automaker. 

  • July 11, 2017

    National Lampoon Ex-CEO Can't Beat Suit Over $1M Atty Pay

    National Lampoon Inc., the comedy brand that sued its jailed former chief over $1 million of company money he sent to his criminal lawyer, prevailed Monday over Timothy Durham’s bid to see embezzlement and other federal claims against him tossed.

  • July 11, 2017

    Chancery Snubs Revoked Stock Argument In Records Dispute

    A Delaware Chancery judge Tuesday granted the request of a shareholder and former employee of thermometer company Phixios Holdings Inc. to access the firm’s books and records, rejecting arguments that he was no longer a valid stockholder because his shares had been revoked per a company stock transfer rule.

  • July 11, 2017

    BioScrip Investors Say Chancery Was Wrong To Toss Suit

    Investors in infusion home care firm BioScrip said in an opening brief Tuesday to the Delaware Supreme Court that a Chancery Court judge erred in dismissing their case in April because the company's board members were not able to properly consider a demand for litigation.

Expert Analysis

  • CLO Market Forges Path To Risk-Retention Compliance

    Deborah Festa

    When the U.S. risk-retention rules became effective for collateralized loan obligation transactions last December, market participants began a new period of adjustment. With the first few months of work behind us, approaches to compliance are becoming more standardized and best practices are beginning to emerge, says Deborah Festa of Milbank Tweed Hadley & McCloy LLP.

  • Tips For Complying With ABA’s New Encryption Guidance

    Nick Holda

    Last month, the American Bar Association published revised guidance regarding an attorney’s duty to protect sensitive client material in light of recent high-profile hacks. The first step in compliance is understanding how your data is being stored and accessed. There are three key questions you should ask your firm’s information technology staff and/or external solution vendors, says Nick Holda of PreVeil.

  • 1st Circ. Clarifies Scienter Requirements

    Taylor Washburn

    The First Circuit in Brennan v. Zafgen reaffirmed a vital point about scienter that is often misunderstood — that is, where a plaintiff alleges a defendant did not disclose a material fact, it is not enough for that plaintiff to establish that the defendant was aware of the fact, says Taylor Washburn of Lane Powell PC.

  • Series

    FERC At 40: Great Cases Make Bad Law

    Andrew Kleit

    Over the four decades of its existence, the Federal Energy Regulatory Commission has at times struggled to respond to new strategies by electric power market participants. Andrew Kleit, professor of energy and environmental economics at Pennsylvania State University, suggests that FERC's branding of certain practices as "manipulation" has been misguided, and may present further problems as markets continue to evolve.

  • Series

    My Strangest Day In Court: When I Did Nothing And Won

    Mark Morris

    After looking at all of the factual nuances associated with proving a constructive trust, I hit upon a strategy that I had never used before — namely, do nothing, say nothing and hope the IRS fails in its proof, recalls Mark Morris of Snell & Wilmer LLP.

  • The Case For Voluntary SEC Administrative Proceedings

    Kurt Wolfe

    One way to resolve the debate around the U.S. Securities and Exchange Commission’s administrative law judges would be to ask the subjects of investigations to submit voluntarily to hearings before ALJs. In this transitional period, it is an option that warrants consideration by the SEC, says Kurt Wolfe of Allen & Overy LLP.

  • Regulatory Focus On Bond Valuation Should Not Be Ignored

    Joshua Newville

    With the U.S. Department of Justice and the U.S. Securities and Exchange Commission reportedly investigating bond valuation procedures and policies, fair-valuing illiquid assets should be a key concern for fund managers. Valuation can be more art than science, but there are heightened regulatory risks in certain areas, say attorneys with Proskauer Rose LLP.

  • British Airways' Pensions Saga Is Flying Under The Radar

    Rosalind Connor

    While most of the world is talking about the IT problem that grounded British Airways planes, pension lawyers have been discussing British Airways v. Airway Pension Scheme Trustees, and the danger of leaving the power to direct scheme benefits in the hands of someone who does not have to pay for it, says Rosalind Connor of ARC Pensions Law.

  • Weekly Column

    Innovating For Wise Juries: Preliminary Instructions

    Richard Lorren Jolly

    One of the easiest ways to improve civil jury trials is to give juries substantive instructions on the law at the beginning of the trial rather than at its conclusion. It is also one of the most popular proposals we are recommending, say Stephen Susman, Richard Lorren Jolly and Dr. Roy Futterman of the NYU School of Law Civil Jury Project.

  • Due Diligence From The Lateral Partner’s Perspective

    Howard Flack

    Lateral candidates looking to make the last — or perhaps only — move of their career cannot afford to just stand by and let a law firm’s vetting process unfold on its own, says Howard Flack, a partner at Volta Talent Strategies who previously led lateral partner recruiting and integration at Hogan Lovells.