Securities

  • September 12, 2017

    Seward & Kissel Must Face Lighting Co. Ex-Owner’s Suit

    A New York federal judge on Tuesday denied Seward & Kissel LLP’s bid to toss a malpractice suit, finding the suit plausibly alleged the firm failed to conduct due diligence over the sale of a lighting efficiency company to another company later implicated in a Ponzi scheme.

  • September 12, 2017

    EisnerAmper Wants To Keep $100M Fraud Claims Nixed

    Accounting firm EisnerAmper LLP urged the Fifth Circuit on Monday not to revive a lawsuit from Louisiana pension funds accusing it of complicity in a fraud perpetrated by Fletcher Asset Management that cost the funds $100 million, arguing the funds missed their only window to establish a viable claim.

  • September 12, 2017

    JPML Won't Rush On Requests To Send Equifax Suits To Ga.

    The U.S. Judicial Panel on Multidistrict Litigation declined Tuesday to expedite its consideration of efforts to consolidate in Georgia federal court the over 30 proposed class actions that have been filed against Equifax in the days since it disclosed a cyberattack that potentially impacted 143 million consumers’ personal information.

  • September 12, 2017

    2nd Circ. Denies Billy Walters' Bid For Bail Pending Appeal

    The Second Circuit on Tuesday denied prominent gambler Billy Walters' bid to stay out of prison as he appeals his conviction in April for trading on inside information gleaned from the chairman of Dean Foods.

  • September 12, 2017

    Michelle Obama’s Chief Of Staff Joins Buckley Sandler

    Former first lady Michelle Obama’s chief of staff has joined Buckley Sandler LLP as a partner to run the firm’s Chicago office, according to an announcement Tuesday welcoming the former Skadden Arps Slate Meagher & Flom LLP partner.

  • September 12, 2017

    Pa. High Court Reviews $1.5M Barrack Rodos Fee-Sharing Suit

    Members of Pennsylvania’s highest court questioned Tuesday whether Barrack Rodos & Bacine should be able to rely on state legal ethics rules to avoid claims from a non-attorney consultant who says the firm owes him $1.5 million in fees after reneging on a profit-sharing agreement.

  • September 12, 2017

    FINRA Fines C.L. King $750K For Part In Death Put Scheme

    The Financial Industry Regulatory Authority Tuesday fined broker-dealer C.L. King & Associate $750,000 for “negligent misrepresentations and omissions” in connection with a hedge fund customer’s scheme that profited from terminally ill patients’ death, weeks after a U.S. Securities and Exchange Commission judge dropped related claims against the fund manager.

  • September 12, 2017

    2nd Circ. Revives Fund Exec’s Bloomberg Defamation Case

    The Second Circuit on Tuesday partly revived a defamation case brought by a former executive of a Dutch hedge fund over Bloomberg News coverage of his allegations that the fund was engaged in a massive bribery scheme, although the appellate court affirmed that the executive can’t sue the fund itself.

  • September 12, 2017

    Top NY Court Won't Take Up Exxon Climate Subpoena Appeal

    New York's highest court on Tuesday rejected ExxonMobil's appeal of rulings ordering its outside auditor PricewaterhouseCoopers LLP to comply with state Attorney General Eric Schneiderman's subpoena for documents as part of his climate change probe of Exxon, documents that Exxon asserted were subject to accountant-client privilege under Texas law.

  • September 12, 2017

    Equifax Faces Bipartisan Wrath Over Data Breach

    Lawmakers of both parties on Tuesday continued to hammer away at Equifax Inc. over the security breach that exposed the personal information of as many as 143 million consumers, blasting the company for putting consumers at risk and for its response to the hack.

  • September 12, 2017

    Political Volatility Fueling Financial Risk, ESMA Warns

    Europe’s securities regulator said Tuesday that Brexit-related instability is the biggest danger to modern financial markets.

  • September 12, 2017

    Global Forex Rules May Need Tweaking, BOE Official Says

    The new global code designed to prevent misconduct in foreign currency markets may already need amending to address the way traders get a last-minute chance to reject a deal, a top Bank of England official said on Tuesday.

  • September 11, 2017

    The 6 Firms GCs Want To Hire For Securities Suits

    Six law firms’ ability to integrate legal insights with a sophisticated understanding of business risks make them the top choice for general counsels looking to navigate the tricky waters surrounding securities and finance litigation, according to a recent survey.

  • September 11, 2017

    SEC Says 1 Trial For 2 Plenty In KPMG Partner Tipping Row

    The U.S. Securities and Exchange Commission urged a Georgia federal judge on Friday to rebuff a request for separate trials made by a former KPMG LLP partner and the stockbroker he is alleged to have tipped off about the upcoming acquisitions of three publicly traded companies.

  • September 11, 2017

    Manhattan DA Wants Up To 4 Years For Ex-Dewey CFO

    Dewey & LeBoeuf LLP’s ex-chief financial officer should get up to four years in prison after his conviction for fraud and conspiracy, Manhattan prosecutors said, emphasizing that Joel Sanders has refused to fess up to his role in the firm’s financial collapse.

  • September 11, 2017

    Investors OK’d To Switch Class Rep In Libor-Rigging MDL

    Over-the-counter investors in multidistrict litigation against big banks accused of rigging the London Interbank Offered Rate have received a New York federal judge’s approval for a new class representative after their previous representative withdrew earlier this summer.

  • September 11, 2017

    Investors Tell Of Decades-Long Con By Posh NY Golf Club

    Shareholders of a holding company for New York’s famed Winged Foot Golf Club last week filed the most detailed allegations to date of a purported decades-long fraud scheme in which attorneys, Wall Street players and others have conned investors for the benefit of the private club.

  • September 11, 2017

    ‘Shady’ Yelp Moves Might Not Support Suit: 9th Circ. Judge

    A Ninth Circuit judge expressed doubts Monday that Yelp Inc. investors can pursue a stock-drop class action over claims the business review site hid a practice of boosting ratings for businesses that advertised on the site, saying that while Yelp may have engaged in “shady practices,” investors might not be able to establish loss causation.

  • September 11, 2017

    Delaware No Longer King Of The Hill For Biz Litigation

    Delaware fell precipitously in a U.S. Chamber of Commerce survey of which states corporate attorneys and executives feel have the friendliest climates for business litigation, dropping from first to 11th place and ceding the top spot for the first time in the report's 15-year history.

  • September 11, 2017

    Investors Could Find Litigation Success With Equifax Breach

    While investors have a pretty dismal track record at bringing shareholder class actions and derivative suits in the wake of data breaches, a confluence of factors at Equifax, including a sharp stock price drop and suspiciously timed trading, could make the credit monitoring company’s massive hack fodder for securities liability.

Expert Analysis

  • Opinion

    It's Time To Improve Voir Dire In Federal Court

    Lisa Blue

    During the jury selection process, many times parties submit proposed voir dire questions, but the court ultimately chooses the questions to be asked and does all of the questioning of the jury panel. While this approach is judicially efficient, rarely do we learn anything meaningful from the panel members, say Lisa Blue of Baron and Blue and Robert Hirschhorn of Cathy E. Bennett & Associates.

  • The Spoofing Statute Is Here To Stay

    Clifford Histed

    With the Seventh Circuit’s recent affirmation of spoofing and fraud convictions against Michael Coscia in the first criminal prosecution under the spoofing statute, traders should keep in mind the different pieces of evidence that the government used to assemble the puzzle for the jury, say Clifford Histed and Gilbert Perales of K&L Gates LLP.

  • Series

    Notes From A Law Firm Chief Privacy Officer: Insider Risks

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    As law firms hold sensitive information not only related to the firm but to the firm’s clients, an insider threat — whether it's a "bad actor employee" or inadvertent activity — poses a particular concern. There are steps that privacy officers can initiate to help minimize these threats, says Patricia Wagner, chief privacy officer for Epstein Becker Green.

  • Analysis Of The Fed’s Proposed Expectations For Boards

    David Freeman

    A proposed guidance addressing supervisory expectations for boards of directors at banks and holding companies, published by the Federal Reserve Board this week, suggests that expectations for boards and senior management have become increasingly difficult to distinguish, say attorneys with Arnold & Porter Kaye Scholer LLP.

  • Toward A Culture Of Continuous Cybersecurity

    Michael Bahar

    The U.S. Securities and Exchange Commission this week released a risk alert highlighting the results of its Cybersecurity 2 Initiative, which reveals a critical cybersecurity truth — that it is not enough just to set up a program and plug existing leaks, say Michael Bahar and Brian Rubin of Eversheds Sutherland.

  • Series

    Notes From A Law Firm Chief Privacy Officer: Balancing Act

    Kristin Jones

    As the role of law firm chief privacy officer becomes more prevalent and expansive, many CPOs are finding themselves in the midst of a delicate balancing act — weighing compliance with government regulations and client requirements on one side with the needs of firm business on the other, says Kristin Jones, chief privacy officer for Stradley Ronon Stevens & Young LLP.

  • The Problems With Mandatory Arbitration Of Securities Claims

    Samuel Ward

    A brief remark from Commissioner Michael Piwowar has caused great concern among investors that the U.S. Securities and Exchange Commission might soon allow companies to introduce mandatory arbitration clauses into their corporate charters. Forcing investors to pursue binding arbitration ignores Congress’ intent in enacting the Private Securities Litigation Reform Act, say Samuel Ward and Michael Toomey of Barrack Rodos & Bacine.

  • How The IPad Can Be A Litigator's Best Friend

    Paul Kiesel

    New mobile computing tools — both hardware and applications — are changing the technology paradigm for legal practitioners. In particular, the combination of the 12.9-inch iPad Pro, the Apple Pencil and the LiquidText annotation app can revolutionize both trial preparation and courtroom litigating, says attorney Paul Kiesel, in his latest review of tech trends.

  • Series

    Notes From A Law Firm Chief Privacy Officer: CPO Vs. CISO

    Mark McCreary

    To understand the role of the law firm chief privacy officer — and why that person ought to be a lawyer — it’s important to distinguish the role they fill from that of the chief information security officer, says Mark McCreary, chief privacy officer for Fox Rothschild LLP.

  • SEC's Blockchain Stance Will Likely Impact Exchanges

    Jorge Pesok

    The U.S. Securities and Exchange Commission’s recent report on blockchain tokens serves notice to initial coin offering platforms that if the tokens listed are deemed to be securities and the issuing company has not complied with the securities laws, then the exchange may have its own legal exposure, say Jorge Pesok of Morvillo LLP and Samuel Brylski of Brylski Law PLLC.