• April 28, 2017

    Banking Giants Hit With Indirect Investors' Forex Rig Suit

    JPMorgan Chase & Co., Bank of America Corp. and several other major banks are facing yet another proposed class action for allegedly manipulating the foreign exchange market, after investors who indirectly bought the firms' products sued Friday.

  • April 28, 2017

    Paragon Offshore Pitches Fourth Ch. 11 Disclosure In Del.

    Paragon Offshore PLC positioned itself for a third Chapter 11 plan confirmation effort Friday, securing a Delaware bankruptcy judge’s approval for a revised disclosure and reorganization plan proposal that will give creditors control of the company and the oil-driller's right to sue its corporate parent.

  • April 28, 2017

    Idaho Man To Pay Feds $8M For EB-5 Investment Fraud

    The U.S. Securities and Exchange Commission announced on Friday that an Idaho man has agreed to pay the federal government nearly $8 million for allegedly misappropriating money from Chinese investors for personal use instead of investing it in the EB-5 immigrant investor program.

  • April 28, 2017

    Some Expert Testimony Allowed In SEC Funds Transfers Suit

    An Illinois federal judge on Friday told the expert witnesses in the U.S. Securities and Exchange Commission’s funds tranfers suit against defunct investment advisory outfit The Nutmeg Group LLC that they can stay on the case if they keep their testimony in the lines.

  • April 28, 2017

    Delivery Agent Unsecured Creditors Seek To Probe Top Execs

    The unsecured creditors committee in the Delivery Agent Inc. Chapter 11 asked the Delaware bankruptcy court Friday for clearance to launch an investigation into the company’s top brass connected to securities fraud accusations the body claims could also imply alleged breaches of fiduciary duty.

  • April 28, 2017

    SEC Says Jail Could Still Prompt Kapur To Cough Up $2.2M

    EDITING - The U.S. Securities and Exchange Commission asked a Manhattan federal judge Thursday to keep hedge fund founder Chetan Kapur jailed for contempt of $10 million in civil judgments, asserting that incarceration could still coerce the recalcitrant defendant to lead authorities to $2.2 million stashed in Switzerland.

  • April 28, 2017

    Friedman Kaplan Adds Ex-Prosecutor To White Collar Group

    Friedman Kaplan Seiler & Adelman LLP has reclaimed its former partner Mala Ahuja Harker, a one-time federal prosecutor who will join the firm's white collar and litigation practice groups as a partner in its Newark, New Jersey, and New York City outposts. 

  • April 28, 2017

    Ex-CFO 'Has No Remorse' For $300M Ponzi Scheme, Feds Say

    Federal prosecutors in Florida slammed a convicted real estate executive's bid for leniency Wednesday, saying that the onetime chief financial officer behind a $300 million Ponzi scheme "has no remorse" for his crimes, and reiterated their sentence recommendation for 93 years' imprisonment and hundreds of millions of dollars in restitution and fines.

  • April 28, 2017

    Dewey Execs' Fraud Prompted By 7-Figure Pay, State Says

    Two former executives at Dewey & LeBoeuf LLP were motivated by their multimillion-dollar paychecks to deceive the firm's financial backers, a prosecutor said during New York state's closing arguments Friday.

  • April 28, 2017

    SAC Trader Says 1st Circ. Upheld Newman After Salman

    Ex-SAC Capital Advisors manager Mathew Martoma encouraged the Second Circuit Thursday to follow its sister circuit’s lead in holding the U.S. Supreme Court’s Salman opinion didn’t flip the New York appellate court’s earlier finding that close relationships are necessary to sustain insider trading convictions.

  • April 28, 2017

    SEC Charges Army Contractor Execs Over Accounting Failures

    The U.S. Securities and Exchange Commission on Friday charged two former executives of aerospace contractor L3 Technologies Inc. over their involvement in improperly recognizing revenue for a U.S. Army contract, just months after L3 paid a $1.6 million penalty over the same failings.

  • April 28, 2017

    Arconic Denies Manipulating Election, Stands By Disclosure

    Metals manufacturer Arconic Inc. pushed a New York federal court on Friday to reject an investor’s requested preliminary injunction that would impact its upcoming board of directors election, fighting allegations that it issued “fake news” about a $500 million payment obligation to prevent investors from infusing the board with new blood.

  • April 28, 2017

    Galena Biopharma Investor Claims Stock Votes Miscounted

    An investor in Galena Biopharma Inc. launched a putative class action in the Delaware Chancery court late Thursday, claiming that at two shareholder meetings, the company improperly counted stockholder votes and then went ahead as if its proposals had passed when they actually didn’t.

  • April 28, 2017

    Tech Co. Dodges Stock Drop Case, But Investors Get 2nd Try

    A California federal judge dismissed a proposed securities fraud class action Thursday against Extreme Networks Inc. but gave the suing investors a chance to strengthen their case, saying all the suspect statements the shareholders raised were either too vague or not actually false.

  • April 28, 2017

    Dems Blast House GOP Dodd-Frank Rollback Efforts

    House Democrats spent their Friday taking shots at a Republican bill that would functionally replace the Dodd-Frank Act, going so far as to call the legislation “immoral” and saying that their Republican colleagues had forgotten the lessons of the 2008 financial crisis.

  • April 28, 2017

    Hertz Beats Shareholder Class Action Again

    A New Jersey federal judge on Thursday tossed with prejudice a putative shareholder class action against Hertz Global Holdings Inc. that claimed the rental car giant and its executives misled investors and pressured employees to hide unsavory news, finding that the shareholders’ fifth round of pleadings fell short.

  • April 27, 2017

    Nomura Trader Seeks Split From Conspirators In RMBS Case

    One of three traders at Nomura Securities International Inc. accused of juicing profits by lying to customers about mortgage bond prices asked a Connecticut federal court on Thursday for his own separate trial, warning that if he were tried along with his colleagues he could be found guilty by association.

  • April 27, 2017

    Basho Suit Stays On Course Despite Defense Counsel Chaos

    Despite an abruptly splintered defense counsel lineup, a Delaware vice chancellor set tight new deadlines Thursday in a long-delayed suit involving claims Basho Technologies Inc. directors had a part in sabotaging the promising tech business to wrest control of it.

  • April 27, 2017

    Fannie Investors Can't Revive Suit Against Deloitte

    A Florida federal judge on Thursday rejected a request by Fannie Mae shareholders to reconsider his decision to kill their lawsuit against Deloitte & Touche LLP, saying they waited too long to raise a new argument and cited irrelevant case law.

  • April 27, 2017

    Feds Deny Responsibility For Platinum Partners Jury Leak

    Federal prosecutors told a New York federal judge on Wednesday that defendants accused of partaking in a $1 billion securities fraud scheme at Platinum Partners have no evidence that a government agent was behind purported grand jury leaks about the investigation into the hedge fund.

Expert Analysis

  • 2nd Circ. May Clarify 5th Amendment Issue In Libor Case

    Mark Racanelli

    A pending Second Circuit case raises an interesting constitutional question for practitioners whose clients are subject to parallel, cross-border white collar investigations: When someone gives compelled testimony to foreign law enforcement officials, does the Fifth Amendment bar U.S. prosecutors from using her statements, directly or indirectly, to criminally prosecute her? say Mark Racanelli and Michael Simeone of O’Melveny & Myers LLP .

  • The Mediator’s Proposal As A Tool For Litigants

    Dennis Klein

    Mediators’ proposals, which call for an unconditional and confidential acceptance or rejection, are resolving high-value disputes on a regular basis. Dennis Klein of Critical Matter Mediation examines why this is happening and the tactical implications for litigants in anticipating that a mediator’s proposal could resolve litigation.

  • Unocal Uncertainty, Other Takeaways From Paramount Gold

    Warren S. de Wied

    The Delaware Chancery Court's recent decision in Paramount Gold and Silver Stockholders Litigation highlights the open issue as to whether a post-closing challenge to deal protection devices under Unocal would survive if Corwin were applicable, say attorneys with Fried Frank Harris Shriver & Jacobson LLP.

  • 100 Days Of FCPA Under Trump: 10 Takeaways

    Meghan Hansen

    Since the presidential election, there has been uncertainty about the future of Foreign Corrupt Practices Act enforcement. The Trump administration's first 100 days have given some clues, say Meghan Hansen and Carolyn Wald of Latham & Watkins LLP.

  • Expectations After The Trump Administration's First 100 Days

    Jim Flood

    In its first 100 days, the Trump administration has had mixed results and may be behind where it wants to be. The biggest threat to President Donald Trump’s domestic policy agenda beyond the first 100 days is the difficulty of reconciling the Freedom Caucus Republicans, moderate Republicans and Democrats, say Jim Flood and Cari Stinebower of Crowell & Moring LLP.

  • FINRA’s Foray Into Insider Trading

    Benjamin Kozinn

    Based on a recent multiyear case against a distressed debt trader, the Financial Industry Regulatory Authority seems ready, willing and able to take a more prominent role in insider trading, say attorneys with Lowenstein Sandler LLP.

  • The Challenges For CEA Price Manipulation Plaintiffs

    Mark Young

    The recent contrasting outcomes of the regulatory and private actions against Total Gas illustrate at least one significant difference between public and private price manipulation enforcement under the Commodity Exchange Act — private plaintiffs have a difficult, and sometimes insurmountable, hurdle to overcome, say attorneys with Skadden Arps Slate Meagher & Flom LLP.

  • Thinking Fast And Slow About Class Action Reform

    Michael Donovan

    Corporate interests lobbying for H.R. 985, the anti-class action bill recently passed by the U.S. House of Representatives, are the same ones that pushed the Class Action Fairness Act in 2005. That law caused most significant class actions to migrate to federal courts. Ironically, the new bill could return many class actions to state courts, says Michael Donovan of Donovan Litigation Group LLC.

  • The 9-Year Winning Streak Of Virginia ‘Rocket Docket’

    Bob Tata

    Out of 94 district courts, the Eastern District of Virginia has been the fastest civil trial docket in the country for nine straight years. Without micromanaging the process, the EDVA's judges, magistrate judges, and clerks and staff continue to perform at a stunningly efficient level, says Bob Tata of Hunton & Williams LLP.

  • What Act 170 Means For Shareholder Litigation In Pa.

    Michael Kichline

    Pennsylvania corporations should not overlook Act 170’s provisions concerning shareholder litigation, which differ from Delaware’s standards and procedures in several important respects. The newly effective law is more demanding of shareholders and deferential to the properly considered determinations of a corporation, say Michael Kichline and Stuart Steinberg of Dechert LLP.