Securities

  • June 29, 2020

    Volkswagen Says DOJ Deal Bars SEC Emissions Fraud Claims

    Volkswagen told a California federal judge Friday that its upfront disclosures and an earlier settlement with the U.S. government bar the U.S. Securities and Exchange Commission's claims that the automaker knowingly misled bond investors by not revealing its "clean diesel" emissions cheating scheme.

  • June 29, 2020

    Mylan Hit With Stock-Drop Suit Over Test Manipulation

    A public employee pension fund launched a class action in Pennsylvania federal court on Friday accusing Mylan NV of artificially pumping up its stock price by manipulating quality control tests at a West Virginia plant before eventually being exposed by a pair of whistleblowers and subsequent federal investigations.

  • June 29, 2020

    WWE Looks To Drop 'Fraud By Hindsight' Stock-Drop Suit

    World Wrestling Entertainment Inc. asked a New York federal judge on Friday to toss a proposed stockholder class action that claims the WWE inflated its stock price by hiding that a deal with Saudi Arabia was falling apart, calling the suit an "impermissible fraud-by-hindsight case."

  • June 29, 2020

    DOL Floats Fiduciary Rule To Replace One Scalia Helped Kill

    The U.S. Department of Labor proposed a new fiduciary rule Monday to replace regulations shot down by the Fifth Circuit two years ago after current Labor Secretary and then-Gibson Dunn partner Eugene Scalia successfully challenged the policy on behalf of the U.S. Chamber of Commerce.

  • June 29, 2020

    High Court Won't Hear Monex Challenge To $290M CFTC Suit

    The U.S. Commodity Futures Trading Commission's $290 million fraud case against metals brokerage Monex Deposit Co. will go forward after the U.S. Supreme Court declined on Monday to review a Ninth Circuit finding that the company's trading platform is subject to the Commodity Exchange Act.

  • June 29, 2020

    Justices Won't Hear Ex-Greenberg Atty's Fight With OCC

    The U.S. Supreme Court declined Monday to review a D.C. Circuit decision that dismissed an ex-Greenberg Traurig LLP partner's First Amendment claims over allegations that the Office of the Comptroller of the Currency brought an unconstitutional enforcement action against him.

  • June 26, 2020

    CBD Seller Says Ex-Manager Can't Bring Securities Suit

    A health and beauty goods supplier asked a Miami federal judge Friday to toss its former manager's suit accusing the company of tricking him into investing $450,000 into the company with the promise of a CBD venture.

  • June 26, 2020

    Investors Can Grill HSBC On 2018 Forex Deal, Judge Says

    A New York federal judge will allow a proposed class of investors accusing several big banks of rigging benchmark foreign exchange rates to question HSBC about its 2018 deal with the U.S. Department of Justice that resolved similar claims of forex market manipulation.

  • June 26, 2020

    Nasdaq To Delist Luckin Coffee As Executive Shake-Up Brews

    Chinese coffee retailer Luckin Coffee said Friday that it will be delisted from Nasdaq after it withdrew a request to challenge the stock market's delisting notice, the same day the company's board released a proposal to remove its chair amid an internal fraud investigation.

  • June 26, 2020

    Qualcomm Wants Investor Suit Over Broadcom Deal Nixed

    Qualcomm Inc. asked a California federal judge Thursday to dismiss a proposed class action that claims the company misled investors about a possible takeover, calling shareholders' arguments a "distraction" that doesn't make the case that the company lied to or misled them.

  • June 26, 2020

    Murdochs Beat Investor Suit Over $82M Disney Sale Windfall

    The Delaware Chancellor on Friday tossed a suit by a former Twenty-First Century Fox Inc. investor fund, which asserted that controlling investor Rupert Murdoch and his sons unfairly received $82 million in stock awards to boost the spoils related to Fox's $71 billion merger with The Walt Disney Co., saying it lacked standing.

  • June 26, 2020

    11th Circ. Wants Errors In $28.7M Wine Investor Award Fixed 

    The Eleventh Circuit has told a Florida federal court to clear up unresolved errors it made in enforcing a $28.7 million arbitral award issued to a Chilean wine company investor in a dispute arising out of a shareholders' agreement.

  • June 26, 2020

    Celgene Fights Investors' Class Cert. Bid In Stock-Drop Suit

    Celgene Corp. Inc. is urging a New Jersey federal court to reject a Swedish investor's bid to certify a proposed class action claiming the biopharmaceutical company artificially inflated its share price by concealing timeline and growth problems with two of its drugs, arguing that certain alleged misstatements were made after the stock was purchased.

  • June 26, 2020

    Taxation With Representation: Simpson, Cadwalader, Latham

    In this week's Taxation With Representation, private investors take a $20 billion stake in the state-owned Abu Dhabi National Oil Co., a blank-check company breaks records going public, and Gilead takes a stake in a cancer treatment company.

  • June 26, 2020

    Ex-Crypto COO Agrees To Digital Offerings Ban, SEC Says

    The U.S. Securities and Exchange Commission on Thursday asked a federal judge in California to approve a settlement for a one-time principal of a cryptocurrency company accused of playing a role in a fraudulent sales pitch for the company's digital assets.

  • June 26, 2020

    Ex-BigLaw Atty, Others Want Out Of $4B OneCoin Fraud Suit

    A convicted former BigLaw attorney, his former counsel and his former business partner urged a New York federal judge to toss claims that they assisted the $4 billion OneCoin Ltd. cryptocurrency scam, arguing that the court lacks jurisdiction because they have no connection to the Empire State.

  • June 26, 2020

    UK Litigation Roundup: Here's What You Missed In London

    The past week in London has seen drugmaker Novartis sue rival generics manufacturer Mylan, pharmaceutical wholesalers apply to revive claims against PwC over tax treatment of employees, and Bank of America sue an Italian region beset by securities claims. Here, Law360 looks at those and other new claims in the U.K.

  • June 25, 2020

    Robbins Geller Will Lead Investor Suit Against Mallinckrodt

    Robbins Geller Rudman & Dowd LLP will represent a proposed class of shareholders in a suit in New York federal court accusing pharmaceutical maker Mallinckrodt PLC of misrepresenting prospects for a drug it developed, a judge said Thursday.

  • June 25, 2020

    AbbVie, FTC Tussle Over High Court's View On Disgorgement

    AbbVie and the Federal Trade Commission are both pointing to a U.S. Supreme Court decision this week on securities fraud to boost their arguments in the Third Circuit over a $448 million disgorgement order against the drugmaker.

  • June 25, 2020

    Zohar Funds OK'd To Examine Tilton Books In Ch. 11 Tax Tiff

    A Delaware bankruptcy judge authorized funds formerly controlled by distressed debt mogul Lynn Tilton to conduct a Chapter 11 examination of financial records held by Tilton, Patriarch Partners LLC and its affiliates on Thursday, over Tilton's objections.

  • June 25, 2020

    CFTC Expands Anonymity Protections On Swaps Trades

    The Commodity Futures Trading Commission on Thursday approved a rule that would expand anonymity protections for counterparties who trade on swap execution facilities, saying it will increase competition, part of a busy agenda that also included a proposal requiring exchanges to rein in automated trading glitches.

  • June 25, 2020

    FBI Probe Can't Freeze SEC's $35M Fraud Suit, Judge Says

    A Colorado federal judge on Thursday said investment adviser Mediatrix Capital Inc. must continue to face U.S. Securities and Exchange Commission claims that it defrauded investors out of $35 million, saying it didn't matter that the FBI was allegedly conducting a separate investigation.

  • June 25, 2020

    Volcker Rule Rollback Opens Up Private Funds To Banks

    Federal banking regulators said Thursday that banks will be allowed to invest in certain private equity and hedge funds beginning Oct. 1, issuing a final rule that will loosen the restrictions that the Volcker Rule instituted as part of the 2010 Dodd-Frank Act.

  • June 25, 2020

    UK Charity Faces £13M VAT Bill After ECJ Preliminary Ruling

    A U.K. charitable trust faces a £13 million ($16.1 million) value-added tax bill after an adviser to the European Union's highest court said Thursday that fees charities pay for investment management services outside the EU are subject to tax.

  • June 25, 2020

    Investors Fight CBD Co.'s Bid To Ax Suit Over Clinical Trial

    Investors accusing CBD drugmaker Zynerba Pharmaceuticals of withholding worrisome clinical trial results from the public have told a Pennsylvania federal court that the company can't beat their proposed class action by relying on its own self-serving interpretations of the data. 

Expert Analysis

  • Series

    Judging A Book: Elrod Reviews 'Shortlisted'

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    Renee Knake Jefferson and Hannah Brenner Johnson's new book, "Shortlisted: Women in the Shadows of the Supreme Court," is a service to an overlooked group of nine women who were considered for the U.S. Supreme Court before Justice Sandra Day O'Connor was confirmed, and offers constructive tips for women looking to break through the glass ceiling, says Fifth Circuit Judge Jennifer Elrod.

  • Mandatory State Bars Likely To Remain Intact, For Now

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    A Texas federal judge’s recent holding in McDonald v. Sorrels that mandatory bar memberships do not violate members' constitutional rights indicates that such requirements survive the U.S. Supreme Court's 2018 decision in Janus, but it may mean that the Supreme Court will address the issue in the not-too-distant future, say Majed Nachawati and Misty Farris at Fears Nachawati.

  • Libra, Fedcoin Could Competitively Threaten Payment System

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    Libra's apparent decision to move forward with its launch, along with the Federal Reserve's potential development of Fedcoin, might result in a reshaping of the global payments system that could raise possible anti-competitive concerns, says Marc Martos-Vila at Econ One.

  • The Law Behind The Strange Departure Of US Atty Berman

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    In the wake of this weekend's confusing, contradicting statements regarding the removal of Geoffrey Berman as U.S. attorney for the Southern District of New York, it is useful to ask what law governs here, why the standoff with Attorney General William Barr ended the way it did, and what history teaches us about these circumstances, says Daniel Levy at McKool Smith.

  • Opinion

    Hertz's Aborted Ch. 11 Stock Sale Smacks Of Securities Fraud

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    Hertz Global Holdings' abandoned post-Chapter 11 stock offering was an irresponsible, and likely illegal, attempt to market worthless securities to a sucker's market for bankrupt shares, says attorney consultant J.B. Heaton.

  • M&A Ruling Shows Importance Of Informing Target Boards

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    In Morrison v. Berry, the Delaware Chancery Court's recent dismissal of stockholder claims that advisers aided and abetted a merger target board’s fiduciary breach is a reminder that financial advisers, law firms and M&A buyers should ensure a target board is fully informed, say attorneys at Cleary.

  • 11 Keys To Success At Remote Mediation

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    Attorneys should accept that remote mediation may be their only current option for resolving a dispute and take steps to obtain a fantastic outcome for their clients, including making sure the right people attend the remote mediation and beginning the session with an apology, says Eric Meyer at FisherBroyles.

  • Opinion

    Fed. Courts Are Best Regulator Of Securities Class Actions

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    A recent working paper's position that the U.S. Securities and Exchange Commission is better suited than the federal judiciary to evaluate the statistical threshold on securities class actions contesting market efficiency, price impact and loss causation, would severely inhibit the delivery of justice, says Nessim Mezrahi at SAR.

  • Pandemic Could Bring Student Exodus From Legal Profession

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    A recent survey shows that law and prelaw students have serious concerns about the quality and value of remotely provided legal education, and rapid action from the legal community is necessary to prevent promising young people from leaving in favor of other professions, says Mehran Ebadolahi at TestMax.

  • The Challenges Of Prosecuting Congressional Insider Trading

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    Recent allegations that several U.S. senators traded on confidential COVID-19 briefings resemble traditional insider trading claims, but prosecuting violations under the Stop Trading on Congressional Knowledge Act presents at least two existential challenges due to the nature of legislative work, say attorneys at Covington.

  • NY Ruling Highlights Elasticity Of Good Faith And Fair Dealing

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    The recent New York state appeals court decision in Shatz v. Chertok illustrates that the good faith and fair dealing doctrine — despite its seeming role as a last resort in commercial claims — can survive a motion to dismiss due to its flexibility, says Edmund O'Toole at Venable.

  • The Privilege Implications Of Using Online Collaboration Tools

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    While few courts have addressed the attorney-client privilege or work-product doctrine in the context of online collaboration tools, existing case law supports five best practices as organizations increasingly use these tools in the COVID-19 era, say Christopher Campbell and Marcus Sandifer at DLA Piper.

  • Auditor Takeaways From Financial Regulators' Virus Guidance

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    Given their role as gatekeepers, auditors have as much to gain as issuers do from bearing in mind recent guidance from the U.S. Securities and Exchange Commission and Public Company Accounting Oversight Board on the COVID-19 downturn's potential to expose financial misconduct and increase enforcement referrals, say attorneys at Foley & Lardner.

  • The Compliance Risks Facing Companies That Use Chat Apps

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    With expanded remote work practices, it is now more important than ever for companies to implement data retention policies that address ephemeral messaging platforms such as Snapchat and WhatsApp, as this technology may be used to facilitate unlawful conduct and spoliation of evidence, say attorneys at K&L Gates.

  • Emerging Markets Companies Face Increased US Scrutiny

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    Restrictions that Congress and Nasdaq proposed last month are perhaps the most significant steps taken so far to prevent companies seeking to benefit from U.S. capital markets, particularly companies in China, from evading key elements of U.S. market oversight, say attorneys at DLA Piper.

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