The full Second Circuit said Thursday it will not reconsider a decision dismissing a Libor-rigging case tainted by compelled statements made in the U.K. — leaving the government to live with the limit on cross-border enforcement or appeal to the U.S. Supreme Court.
A manager at Turkey’s state-owned Halkbank got permission from a New York federal judge on Wednesday to depose four current and former bank employees less than three weeks before he goes on trial for allegedly participating in a scheme to evade U.S. sanctions on Iran, but the judge reiterated that the trial would not be delayed.
Two linked investors alleging SunEdison Inc. favored certain creditors when putting together a Chapter 11 exit financing agreement received a blunt rebuke Thursday when a New York bankruptcy judge said their complaints sounded like bitterness over their own offer's rejection, not like legal impropriety.
The former chief financial officer of American Realty Capital Properties Inc. was sentenced Wednesday in New York federal court to 18 months behind bars for inflating the publicly traded real estate investment trust’s numbers in filings with the U.S. Securities and Exchange Commission.
Federal prosecutors trying to nail former Katten Muchin Rosenman partner Evan Greebel over his supposed role in Martin Shkreli’s fraud scheme against life sciences company Retrophin Inc. did their best on Wednesday to convince a Brooklyn federal jury that accountant Corey Massella was trustworthy, despite the defense's repeated attacks.
Digital home phone service provider NetTalk.com Inc. has agreed to hand over more than $200,000 and the title to its Miami headquarters as part of a settlement ending a derivative suit brought by shareholder Telestrata LLC over allegations that NetTalk executives illegally seized control of the telecom, according to papers filed in Florida federal court on Tuesday.
A former New York retirement fund director pled guilty to securities fraud and wire fraud in federal court Wednesday, admitting he gave broker-dealers more than $3 billion in business from the New York State Common Retirement Fund in return for gifts that ranged from expensive meals to prostitutes.
U.S. Securities and Exchange Commission Chair Jay Clayton on Wednesday said a “guiding principle” of his tenure will be ensuring that long-term Main Street investors have more say in how the companies whose shares they own are run.
The U.S. Securities and Exchange Commission will have to go to trial on allegations that former Servergy Inc. CEO Bill Mapp misled investors after a Texas federal judge on Wednesday denied competing bids to end the fraud lawsuit.
New York federal prosecutors have subpoenaed Carl Icahn over his efforts to influence U.S. biofuel policy, potentially impacting a large refiner he owns, while serving as a regulatory adviser to President Donald Trump, an investment vehicle owned by the billionaire recently disclosed in a securities filing.
The acting assistant attorney general of the Criminal Division at the U.S. Department of Justice is headed to the U.S. Department of the Treasury, where he will be the director of the Financial Crimes Enforcement Network, the Treasury Department said Wednesday.
A Massachusetts federal judge on Tuesday allowed the U.S. Department of Justice to intervene in a Securities and Exchange Commission insider trading suit against a doctor who is married to an ARIAD Pharmaceuticals Inc. employee, pausing the suit until the DOJ concludes its own criminal case.
The Democratic effort to save tax benefits for a popular type of municipal bond saw a glimmer of hope Wednesday as some Republicans signaled a willingness to preserve the benefits during a markup hearing of the House GOP tax reform bill.
McDermott Will & Emery LLP is bolstering its financial services and technology offerings by bringing on board to its New York office the former head of Debevoise & Plimpton LLP’s fintech practice, a leading blockchain lawyer, and two colleagues, the firm recently announced.
Arena Pharmaceuticals Inc. has reached a $24 million cash-and-stock deal with a proposed class of investors to settle its seven-year battle in California federal court over allegations the company lied to shareholders that testing was going smoothly for its diet drug lorcaserin, which is sold under the trade name Belviq.
A former U.S. Secret Service special agent who is in the midst of serving a nearly six-year prison sentence for stealing bitcoin during an investigation of black market website Silk Road was ordered to serve another two years Tuesday after pleading guilty to a new money laundering charge over the summer.
A U.K. court has halted the Financial Conduct Authority's ban keeping former UBS trader Tom Hayes from working in the financial services industry while he seeks another appeal of his conviction for manipulating a key benchmark rate.
Deputy Attorney General Rod Rosenstein said Wednesday that the U.S. Department of Justice wants to improve coordination with foreign law enforcement agencies and domestic regulators to lessen the amount of “piling on” that can come in settlements, including with banks.
One of nine people indicted on charges involving a brazen insider trading scheme around the $2.8 billion private equity takeover of ultra-premium gym chain Life Time Fitness has agreed to cooperate in the investigation in exchange for a deferred-prosecution agreement, and another pled not guilty with the intent to sign his own DPA, attorneys announced Wednesday.
Cohen Milstein Sellers & Toll PLLC has snagged two attorneys from a prominent Pennsylvania class action law firm, adding two experts in representing institutional investors to its securities litigation practice, Cohen Milstein has announced.
Life sciences and health care companies nationwide are being sued by shareholders far more frequently this year, but the good news for such companies in Massachusetts is that after several years of issuing no significant decisions in securities class actions, the First Circuit has now issued several favorable dismissals, say Caroline Bullerjahn and Deborah Birnbach of Goodwin Procter LLP.
The recent case of California Public Employees' Retirement System v. IAC/InterActiveCorp illustrates how institutional investors can use litigation to successfully protect their voting rights. Combined with recent pushback from the S&P, this case should make founders considering nonvoting stock issuances think twice, say attorneys with Bernstein Litowitz Berger & Grossmann LLP.
Judge Shira Scheindlin recently published an op-ed in The New York Times discussing the statistical truth that law firms have poor representation of female attorneys as first-chair trial lawyers. Backed by data collected by the New York State Bar Association, Judge Scheindlin’s observation is not merely anecdotal. But it doesn’t have to be inevitable, says Sarah Rathke, a partner and trial lawyer at Squire Patton Boggs LLP.
I'm not saying the charges filed last month against 10 individuals in a college basketball corruption scheme are legally flawed — not all of them, anyway. But I do question whether bringing multiple felony charges on these facts is sound exercise of prosecutorial discretion, says Randall Eliason, a former federal prosecutor.
We regularly receive queries from clients regarding the legality of director interlocks under Section 8 of the Clayton Act. But another important question to consider is the potential risk created by interlocking directors under Section 1 of the Sherman Act or Section 5 of the Federal Trade Commission Act, say Pat Pascarella and Nate Newman of Tucker Ellis LLP.
Public companies can face significant securities litigation risk over defective algorithms, data errors and software glitches. Even companies that follow best practices in software development can face liability for unexpected problems if they do not also follow best practices from a disclosure standpoint, say Gerard Pecht and Peter Stokes of Norton Rose Fulbright.
It is unclear how successful the U.S. Commodity Futures Trading Commission's newly announced policy will be in motivating firms to self-report when they know they will face a costly, disruptive and potentially open-ended enforcement investigation before receiving the benefit of a penalty reduction, say attorneys with Latham & Watkins LLP.
Because capital acquisition brokers may act as placement agents in the sale of certain securities, the U.S. Securities and Exchange Commission is now proposing to expand its pay-to-play rules to include CABs. The rule may also encourage investment advisers to take certain steps, says Zachary Parks of Covington & Burling LLP.
If conducted properly, depositions can be a powerful tool. At times, though, opposing counsel employ tactics to impede the examiner’s ability to obtain unfiltered, proper testimony from the deponent. By knowing and effectively using applicable rules and case law, however, deposing attorneys can take specific steps to combat these tactics, say attorneys with Ogletree Deakins Nash Smoak & Stewart PC.
Delaware’s decisive entry into the blockchain ecosystem has prompted a burst of activity by corporate lawyers who are considering how blockchain technology can benefit their Delaware-based clients. Possibilities include automating the work of share issuances and transfers, corporate governance, and commercial transactions, say Caitlin Long, president of Symbiont, and Andrea Tinianow, director of the Delaware Blockchain Initiative.