A Delaware Chancery judge on Friday sided with directors of furniture company Design Within Reach Inc. and its hedge fund backers at Glenhill Capital Management LP, and rejected investor claims that a roughly $170 million merger with Herman Miller Inc. should be voided because of a quickly fixed mistake.
Cooley LLP said Thursday that it has hired a former Boies Schiller Flexner LLP trial partner with experience representing financial institutions and sports and entertainment clients in securities and antitrust litigation, as well as in international and domestic arbitrations, bolstering its offerings in New York.
The U.S. is appealing the denial of extradition of a former HSBC foreign exchange trader to the U.K.'s highest court, prosecutors said Thursday, to face charges in New York alleging he and a colleague defrauded bank client Cairn Energy PLC by trading ahead of a $3.5 billion forex deal for the Scottish oil and gas developer.
President Donald Trump on Friday called on the U.S. Securities and Exchange Commission to study ending quarterly reporting requirements for public companies and switch to a six-month system in order to cut costs and spur growth, a major policy shift that experts say would likely be embraced by many businesses but resisted by investors.
A group of Texas investors who allege they were duped into sinking $3.25 million into a now defunct company that offered an eco-friendly alternative to cremation and burial were ordered by a federal judge on Friday to arbitrate their dispute with the company's Irish CEO.
A New York federal judge awarded nearly $22.5 million to an investor class' counsel for litigation expenses incurred in a $2.3 billion settlement resolving claims that 15 banks colluded to rig benchmark exchange rates in the foreign exchange markets.
An Illinois federal judge on Thursday sentenced a Dutch national to 17 years in prison in an international criminal fraud case that saw the man cop to procuring more than $2.5 million through fake investment schemes between 1998 and 2010.
A shareholder of Lannett Co. Inc. has slapped several former executives at the generic-drug maker with a derivative lawsuit in Pennsylvania federal court, accusing them of orchestrating a damaging price-fixing scheme to artificially inflate the firm’s stock price.
The ex-CEO of bankrupt Constellation Healthcare Technologies Inc. Thursday asked a New Jersey federal court to dismiss claims he engaged in securities fraud, alleging he is the victim of an investor’s takeover scheme.
As wildfires again ravage swaths of California forests in what has become a deadly summer ritual, the threat of a Pacific Gas and Electric Co. bankruptcy looms over state lawmakers who are hastily debating how to apportion liability for billions of dollars' worth of damage stemming from last year's infernos.
An Indiana federal court on Friday temporarily paused discovery for emails sent by the ex-wife of an incarcerated hedge fund manager in his suit claiming that his attorney had an affair with his wife while representing him in his criminal case, but refused to halt discovery all together.
Crystallex International Corp. pressed a Delaware judge to immediately issue an order allowing it to seize shares in Citgo Petroleum Corp. to enforce its $1.2 billion award against Venezuela, while the country's state-owned oil company angled for a pause during its pending appeal.
Former Katten Muchin Rosenman LLP attorney Evan Greebel on Friday was sentenced to 18 months in prison over allegations that he aided now-imprisoned former pharmaceutical executive Martin Shkreli in defrauding Retrophin Inc.
A Massachusetts federal judge said Thursday that the state securities division’s administrative complaint alleging Scottrade Inc. flouted its own internal impartial standard conduct should not have been removed to federal court, remanding the action to a state administrative court.
A three-judge panel of the Second Circuit rejected an effort by investors in two so-called feeder funds that were linked to Bernie Madoff’s fraudulent investment scheme to revive their class action against the funds’ managers, auditors, consultant and administrator, ruling Friday that a lower judge was right to dismiss the case.
An investment firm and proposed class of investors accusing it of transferring their money into a mutual fund while concealing conflicts of interest are duking it out over whether a federal securities law precludes the investors' claims, with the firm hoping to dismiss the suit and the investors moving for remand to state court.
An Illinois federal judge on Thursday appointed Kimberly A. Justice of Kessler Topaz Meltzer & Check LLP and Jonathan C. Bunge of Quinn Emanuel Urquhart & Sullivan LLP as lead co-counsel in multidistrict litigation over alleged Chicago Board Options Exchange’s volatility index manipulation.
Double jeopardy prevents the federal government from retrying a trio of former Georgeson LLC advisers after a mistrial was declared when prosecutors refused to proceed with the fraud case after a juror exited on its penultimate day, a Massachusetts judge ruled Thursday.
No one is tracking law students with disabilities to see where the education system may be failing them, but some advocates are working to change this dynamic and build a better pipeline.
Ambac asked a New York federal court Thursday to release it from an obligation to insure some of the $900 million in losses suffered by a residential mortgage-backed securities trust managed by Deutsche Bank National Trust Co., saying the banking giant did not hold the underlying loan issuer accountable.
For some plan sponsors, the prospect of engaging in a pension risk transfer may seem cost-prohibitive. However, the cost of transferring risk is lower than what many sponsors perceive, says Elliott Dinkin of Cowden Associates Inc.
In his new book, "The Last Great Colonial Lawyer: The Life and Legacy of Jeremiah Gridley," Charles McKirdy argues that Gridley — someone I had never heard of — was the last great colonial lawyer, and that his cases illuminate his times. The author largely substantiates both claims, says First Circuit Judge Kermit Lipez.
Coffey v. Ripple Labs is a much-anticipated cryptocurrency case that squarely presents the question of whether Ripple is a “security” within the meaning of the securities laws. A recent decision in the case, however, addressed an important removal question of more general applicability, says Douglas Pepe of Joseph Hage Aaronson LLC.
Full and accurate disclosure of information by a corporation to its stockholders is a basic component of obtaining consent to mergers and other fundamental transactions. But the Delaware Supreme Court's decision in Morrison v. Berry is a stark reminder that implementing adequate disclosures is easier said than done, say Marc Casarino and Lori Smith of White and Williams LLP.
The Ninth Circuit's opinion this week in Khoja v. Orexigen Therapeutics makes clear that the court is concerned about the doctrines of judicial notice and incorporation by reference being applied loosely in securities cases. This could result in fewer dismissals, or at least fewer dismissals with prejudice, at the motion to dismiss stage, says Kevin LaCroix of RT ProExec.
The U.S. Securities and Exchange Commission last month approved rule changes that would impose extensive new transparency requirements on alternative trading systems that effect transactions in National Market System stocks. Julian Rainero and William Barbera of Schulte Roth & Zabel LLP break down the new disclosure requirements and highlight areas that may prove particularly burdensome.
A recent Law360 guest op-ed criticized the judge in the Chicago Board Options Exchange antitrust litigation for requesting more diversity in plaintiffs’ lead counsel applications. The author’s argument misinterprets the Federal Rules of Civil Procedure and reinforces archaic misconceptions about women and minorities in the courtroom, say Kellie Lerner and Chelsea Walcker of Robins Kaplan LLP.
All companies operating abroad should be aware of potential liability under the Foreign Corrupt Practices Act and other anti-corruption laws, but health care and life sciences companies are at greater risk due to the nature of their products and their reliance on third-party distributors in international markets, say attorneys at Ropes & Gray LLP.
Across the country this fall, recent law school graduates, law firm associates and experienced professionals will interview for positions in private practice and government service. Sharing tips on how to stand out in this high-pressure, hypercompetitive process are Eileen Decker, former U.S. attorney for the Central District of California, and Keith Jacoby, co-chairman of Littler Mendelson PC’s class action practice group.
Companies should expect that the New York City Comptroller's Office, State Street Global Advisors and others will continue to seek dialogue, engagement and disclosure on diversity and other important social issues. Based on 2018 proxy season results, investors' votes may increasingly become a referendum on social concerns, say attorneys with Cleary Gottlieb Steen & Hamilton LLP.