Acting U.S. Commodity Futures Trading Commission Chairman J. Christopher Giancarlo, currently awaiting confirmation as the agency’s permanent chair, announced Wednesday a new initiative to help the agency catch up and respond to rapidly transforming digital markets.
Former hedge fund boss Chetan Kapur is out of a New York City jail for contempt of two fraud judgments valued at about $10 million, and his Indian passport was released Wednesday, but a court filing also showed the recalcitrant judgment debtor was being held on an immigration detainer.
Democratic U.S. Sen. Elizabeth Warren and Republican U.S. Sen. James Lankford on Tuesday reintroduced legislation requiring greater transparency of settlements companies and individuals enter into with federal agencies, including a disclosure of tax deductible amounts or other credits that affect the actual dollar figure.
German prosecutors said on Wednesday that they were investigating the current chief executive of Volkswagen, Matthias Müller, as well as his predecessor and the automaker’s chairman on suspicions of market manipulation related to the emissions-cheating scandal that burst in the fall of 2015.
A fund that lent money to oil and gas driller Camber Energy Inc. only to be sued for converting its debt into Camber stock asked a Texas federal judge on Tuesday to give the fund a way to sell the shares before Camber’s “death spiral” whittles the stock price even further.
A bipartisan Senate bill introduced Wednesday would eliminate stress testing requirements on smaller banks by lifting the threshold for mandating those tests of banks' ability to survive a crisis to $50 billion.
A proposed class of Jive Software Inc. shareholders filed suit in California federal court Tuesday to challenge the business communications company’s $462 million sale to ESW Capital LLC affiliate Wave Systems, claiming investors are being shortchanged by the deal.
An investor in Snap Inc. hit the social media company and its senior officers with a proposed class action in California federal court on Tuesday, claiming that the registration statement for the company’s $3 billion initial public offering contained misleading information about Snap’s user growth.
An asset management company heading a proposed securities class action alleging that Wells Fargo misrepresented its cross-selling activities has asked a California federal judge for permission to replace Motley Rice LLC with Bernstein Litowitz Berger & Grossmann LLP as lead counsel.
The U.S. Securities and Exchange Commission’s civil case against two former traders alleging they lied to customers about prices for mortgage-backed securities is the second such case the agency has brought in two weeks, a sign it is forging ahead on bond cases while federal prosecutors hesitate in the wake of a significant criminal trial loss.
A Texas federal judge approved amid objections on Tuesday a $65 million deal resolving allegations Lloyd’s of London and other underwriters should cover losses from R. Allen Stanford’s $7 billion Ponzi scheme, and awarded $14 million in attorneys’ fees to counsel representing the receiver in the insurance dispute.
Groups of SunEdison Inc. creditors said Tuesday they have overcome an impasse on issues that threatened to derail the bankrupt green energy giant’s path out of Chapter 11, telling a New York bankruptcy judge that mediation talks have successfully led to settlement terms.
A Texas state senator was indicted by a federal grand jury Tuesday in connection with two alleged fraud schemes, one selling investments in an alleged Ponzi scheme that marketed sand used for fracking, and another involving alleged kickbacks for a medical services contract at a county jail.
A Texas appellate panel on Tuesday granted a request from Texas Attorney General Ken Paxton to stay felony securities fraud proceedings against him as he seeks to challenge orders surrounding a change of venue from Collin County to Harris County and prohibit the judge who ordered the venue change from presiding.
A New York federal judge on Tuesday extended a freeze on the assets of a Virginia-based landscaper accused of insider trading related to Intel Corp.'s $15.3 billion acquisition of Israeli tech company Mobileye NV and ordered his counsel to investigate his client's cash business transactions.
A family that the U.S. government says benefited from money stolen from a Malaysian sovereign investment fund asked a Los Angeles federal judge on Monday to dismiss the government’s efforts to seize New York real estate, a jet and music publishing rights, saying there’s no link to California in those cases.
The Third Circuit on Tuesday rebuffed another attempt by the former CEO of now-defunct Le-Nature's Inc. to be released from a 2011 plea deal he struck with the government that resulted in a 20-year prison sentence for his role in a $668 million accounting fraud.
A California federal magistrate judge on Monday permanently barred a former InterMune Inc. director from serving as an officer or director in a publicly traded company and refused to toss a jury verdict convicting him and a friend of insider trading.
A New York appeals court ruled Tuesday that bond insurer Ambac Assurance Corp. cannot use state insurance law to get out of proving loss causation in its suit alleging Countrywide Financial Corp. fraudulently induced it into issuing unconditional and irrevocable insurance policies on mortgage-backed securities.
Snap Inc. was slapped with a whistleblower suit in California federal court on Tuesday by a former employee who has accused the social media company and its executives of using faulty growth metrics ahead of its initial public offering and pressuring him to spill secrets from a past job.
Over the course of the Foreign Corrupt Practices Act pilot program so far, the U.S. Department of Justice has further defined what full cooperation and remediation looks like, refusing to provide full credit in instances in which companies failed to live up to its standards, say attorneys with WilmerHale.
Hedge fund mortality is commonplace, yet it is an infrequently examined subject. As the U.S. Securities and Exchange Commission considers issuing guidance that could require mandatory transition planning for all registered investment advisers, understanding the various elements of a fund wind-down has become important, says Finbarr O’Connor of Berkeley Research Group LLC.
If Time Magazine is correct in that being a lawyer is one of the five worst high-paying jobs, it may be time for the legal profession to pull one from the playbook of musicians and professional athletes and seek to enter a state of “flow,” says Jennifer Gibbs of Zelle LLP.
The Dodd-Frank Act amended the securities laws to give federal courts “jurisdiction” over securities claims alleging significant U.S.-based conduct or effects, regardless of the location of the actual transactions. A Utah federal court's recent decision in Traffic Monsoon appears to be the first to squarely resolve the alleged drafting problem in Dodd-Frank, says Jonathan Richman of Proskauer Rose LLP.
The U.S. Department of Justice's application of the Foreign Corrupt Practices Act pilot program over the last year has yielded some degree of consistency. Cooperation, monitorships and self-disclosure have emerged as key considerations for companies investigating potential misconduct, say attorneys with Ropes & Gray LLP.
It is likely that municipal issuers will not want to judge the materiality of each event or circumstance under the U.S. Securities and Exchange Commission’s recently proposed material-event notice requirements. In most instances, issuers will likely post the full text of each applicable agreement on the Electronic Municipal Market Access system, which could defeat the purpose of disclosure, say attorneys with Holland & Knight LLP.
The U.S. Securities and Exchange Commission played a prominent role in the first year of the U.S. Department of Justice’s Foreign Corrupt Practices Act pilot program. Indeed, in those cases under the program in which the DOJ publicly declined to take action and the SEC could take action, the SEC did take action, say Luke Cadigan and Michael McMahon of Cooley LLP.
Suffering from law firm ranking fatigue? Bewildered by the methodologies? If so, you're in good company. Alan Morrison, associate dean for public interest and public service law at George Washington University Law School, wonders just how far law firm ranking efforts may go.
For a company considering whether to take the affirmative step of voluntary self-disclosure under the Foreign Corrupt Practices Act pilot program, it is difficult to ascertain precisely what could account for the difference between obtaining a declination, a 50 percent reduction in potential penalties or a 30 percent reduction in potential penalties, says Mona Patel of Covington & Burling LLP.
Those hoping for updated U.S. Securities and Exchange Commission guidance that would relieve or reduce companies’ conflict minerals diligence and disclosure obligations got only a fraction of what they wanted from last week’s SEC statements, says Dynda Thomas of Squire Patton Boggs LLP.