A Lebanese salesman told a New York federal judge that the U.S. government has yet to show how it is related with $2 billion in allegedly fraudulent loans backed by the government of Mozambique.
A Pennsylvania federal judge Monday appointed Berman Tabacco as the lead counsel out of a handful of contenders seeking to represent investors in a proposed class action accusing a housekeeping company of lying about its quarterly earnings.
Securities regulators around the world are on the right path in terms of applying three internationally recognized standards to mitigate ever-looming cybersecurity risks, according to a report published Tuesday by the Board of the International Organization of Securities Commission.
Bernstein Litowitz asked an Illinois federal court Monday to approve $11 million in fees for its work as lead counsel in negotiating a $45 million settlement over stockholders' claims that a solid waste hauler overstated projected earnings by ripping off customers with illegal fees.
A Manhattan federal judge was unimpressed with one prosecutor's word that he did not use the U.S. Securities and Exchange Commission to gather criminal evidence against hedge fund co-founder Jason Rhodes, saying Tuesday he wants a full account of coordination between the civil agency and the criminal trial team.
Schlichter Bogard & Denton LLP attorneys have asked a Missouri federal judge to award them $20.8 million in fees and expenses stemming from a $55 million settlement resolving a long-running class action against ABB Inc., which accused the technology company of allowing Fidelity to charge its workers excessive 401(k) plan fees.
Centra Tech urged a Florida federal judge to set aside a clerk’s default in its investors’ case accusing the cryptocurrency company of fraudulently raising $32 million in an initial coin offering, arguing that restrictions in a parallel criminal case prevented the company from securing legal representation earlier.
MFS Investment Management and a proposed class of workers who say the company profited at their expense by investing their retirement savings in expensive, proprietary funds are looking to wrap up the dispute with a nearly $6.9 million settlement.
Investors in Eventbrite Inc. asked a California federal judge to name as lead counsel the Rosen Law Firm and as co-lead counsel Glancy Prongay & Murray in their case accusing the events management and ticketing website of failing to reveal the bumpy integration of newly acquired Ticketfly.
A U.K.-based company that claimed to provide customers with guaranteed profits through cryptocurrency trading stole over 22,858 bitcoins in a Ponzi scheme-like fraud worth more than $147 million, the Commodities Futures Trading Commission alleged in a complaint filed Monday.
A Georgia real estate developer on Monday avoided prison for his involvement in a $30 million scheme to trade stocks based on information stolen from press release distribution companies, with a New York federal judge citing the defendant's extensive cooperation with prosecutors.
Managers of crop protection venture Verdesian Life Sciences told the Delaware Chancery Court Monday that an investor suit challenging a $313 million company acquisition and other allegedly "unfavorable" acts is doomed by some "fatal flaws," including missed claim deadlines and a failure to verify the complaint.
Blockchain-based payments company Ripple and MoneyGram announced a partnership Monday, including an equity investment from Ripple worth up to $50 million, through which the publicly-traded money transfer company will use Ripple's cryptocurrency to bolster its cross-border payments services.
Former Israeli binary options promoter Lee Elbaz accused prosecutors of violating her Fifth Amendment rights by tipping off her would-be defense witnesses that they had been indicted — a mess she says a Maryland federal judge can fix by making prosecutors give the witnesses immunity.
A New York state judge on Monday decried how a fraud lawsuit between onetime infrastructure investment partners and law school friends devolved into a “food fight,” directing them to a referee for their discovery disputes.
The Rosen Law Firm PA, Wolf Haldenstein Adler Freeman & Herz LLP and Bragar Eagel & Squire PC each asked a Florida federal court to be appointed lead counsel in a proposed class action accusing a clean energy company of artificially inflating its stock by misleading investors about securing a lucrative contract.
The Fifth Circuit on Monday vacated a $65 million deal ending claims that Lloyd's of London and other underwriters should cover losses from R. Allen Stanford's $7 billion Ponzi scheme, taking issue with a provision that barred future claims against the underwriters.
A New York state court judge on Monday cast aside a bid by venture capital fund Oak Investment Partners to escape a bankrupt e-commerce company's fraud lawsuit blaming it for the actions of a former Oak partner-turned-fugitive, ruling that issues of fact remained.
A federal judge in Securities Act multidistrict litigation surrounding energy giant SunEdison has threatened to report Shearman & Sterling LLP attorneys to ethics authorities after the lawyers asked the court to pull a related case from bankruptcy court, but failed to alert the district judge about a ruling in the bankruptcy case.
In a blow to the government's case, the judge overseeing the Platinum Partners trial has banned prosecutors from arguing that three accused executives fraudulently overvalued the funds' illiquid assets, citing a lack of evidence.
As the U.S. Securities and Exchange Commission dedicates increasing resources to understanding and policing digital assets, attorneys have seen trends emerge in the agency’s examinations of investment advisers that recommend cryptocurrencies and tokens.
Goldman Sachs no longer has to let Charles Schwab and TD Ameritrade market its initial public offerings to their customers for free, a Manhattan judge ruled Monday, dismissing the brokerages' bid to enforce a favorable share distribution deal.
Investors in cloud-based subscription management platform Zuora Inc. have filed a proposed class action in California federal court claiming the company rushed an accounting product to new clients before it was ready and the fleeting demand for it lowered 2020 revenue projections by about $20 million.
The U.S. Supreme Court on Monday declined to review a suit by a group of former Delta pilots who claimed the Pension Benefit Guaranty Corp. shortchanged their pension payments by hundreds of millions of dollars after the airline's 2005 bankruptcy.
Chicago-based Allston Trading LLC urged an Illinois federal judge on Friday to toss a former competitor's suit accusing it of spoofing U.S. Treasury markets by placing orders for Treasury instruments it never intended to fill, arguing now-defunct Chopper Trading LLC waited too long to bring the claims.
A New York federal court's recent decision in U.S. v. Connolly is a warning to prosecutors against outsourcing their investigations to companies and outside counsel, but it should also be used by companies to determine the framework for internal investigations, says Rachel Maimin of Lowenstein Sandler.
While major enforcement actions against foreign banks for U.S. sanctions violations have slowed down in the past few years, recent settlements against three foreign banks show that federal and state authorities are still enforcing sanctions laws — and the pace of enforcement will likely increase, say Andrew Zimmitti and Richard Hartunian of Manatt.
If a client does not demand the application of project management techniques at the start of a matter, or a law firm does not routinely apply them, it is highly likely that additional, avoidable work — legal project management debt — will materialize throughout the matter, says Anthony Widdop of Shearman & Sterling.
There are various steps in-house and outside counsel should take when representing a company in a government investigation of a senior executive. Attorneys with Pierce Bainbridge and Sahn Ward share practical guidance for each part of the process.
In U.S. v. Vorley, the U.S. Department of Justice has charged two commodities traders with wire fraud, based on an alleged spoofing scheme. The DOJ's approach could greatly expand potential criminal liability for spoofing activity, say attorneys at Mayer Brown.
The Federal Reserve's proposal to revise its board of governors' historically ad hoc approach to determining when a company has a controlling influence over a bank will likely bring increased transparency, predictability and simplicity to the process, say attorneys at Troutman Sanders.
Science suggests that at least some jurors pay attention to less than 65% of the evidence during a trial due to "task-unrelated thoughts," but there are steps attorneys can take to present information in a more engaging, cognition-friendly fashion, say Dennis Stolle and Dennis Devine of Barnes & Thornburg.
Litigating federal Securities Act class actions in Texas state courts is still a new frontier in the wake of the U.S. Supreme Court's 2018 Cyan decision. In the final part of this series, attorneys at Haynes and Boone discuss class certification defenses and obtaining early summary judgments.
Although 2019 is shaping up to be a banner year for mergers and acquisitions in the cannabis industry, parties must be mindful of the particular challenges of these deals, such as often contradictory regulatory regimes, significant stock price volatility and inflated valuation metrics, says John Bessonette of Kramer Levin.
Having worked at a boutique law firm, a crisis communications agency and in BigLaw, I have identified a number of common misconceptions across these disparate business models when it comes to crisis and litigation communications, says Robert Gemmill of Hogan Lovells.
After last year's U.S. Supreme Court ruling in Cyan, defendants are more likely to face federal Securities Act class actions in Texas state courts. Knowledge of Texas procedures can help defendants challenge a state court's jurisdiction and understand how best to handle parallel proceedings, say attorneys at Haynes and Boone.
Although there is still no bright-line test, last month's Delaware Supreme Court decision in Olenik v. Lodzinski clarified the difference between “preliminary discussions” and “negotiations” for purposes of the requirement set forth in the 2014 case Kahn v. M&F Worldwide, say attorneys at Fried Frank.
The U.S. Supreme Court's ruling in Cyan last year allowed plaintiffs to pursue class actions under the federal Securities Act in state courts. Texas has notoriously unusual procedures for obtaining early pretrial wins in securities litigation, but there are opportunities for knowledgeable practitioners, say attorneys at Haynes and Boone.
In light of a New York federal court's recent decision in Benitez v. Lopez, which joins a growing body of case law denying forced disclosure of commercial litigation finance, Stephanie Spangler of Norris McLaughlin and Dai Wai Chin Feman of Parabellum Capital break down the arguments commonly raised for and against disclosure.
In the final installment of this two-part series about tax issues in rollover equity transactions, Scott Dolson of Frost Brown Todd tackles tax and net income allocation provisions in LLC operating agreements, when equity rollovers are technically compensation, and the potential tax consequences of rolling over equity-like bonus rights.