Securities

  • December 01, 2020

    Forex Rigger OK'd To Use Docs In Investor Damages Suit

    A convicted trader has been granted access to chatroom transcripts before he gives testimony on behalf of institutional investors suing some of the world's largest banks for allegedly conspiring to manipulate the foreign exchange market.

  • November 30, 2020

    Chancery Finds Chinese Co. Defaulted In $5.8B 15-Hotel Sale

    A China-based holding company made COVID-19-related changes to its hotel business and was not transparent about its struggles with a deed fraudster, relieving a Korean investment company of its obligation to buy 15 hotels for $5.8 billion, a Delaware vice chancellor ruled Monday.

  • November 30, 2020

    Trial For Ex-Giuliani Associates Delayed Again

    A New York federal judge on Monday signaled he would again delay the trial of former associates of Rudy Giuliani accused of campaign finance charges and bilking investors, in light of the COVID-19 pandemic and ensuing trial backlog.

  • November 30, 2020

    Chancery Keeps Probe Of $99M Anthem Escrow Hold Moving

    Saying she's "troubled" by an Anthem affiliate's conduct in allegedly unjustifiably holding back $99 million in escrowed funds from its acquisition of three companies, a Delaware Chancery judge allowed discovery on the matter to advance Monday as she weighs the sellers' bid to recover attorney fees.

  • November 30, 2020

    FanDuel, PE Firms Want Merger Suit To Follow Scottish Law

    A New York federal judge questioned Monday whether FanDuel Inc. and private equity firms Shamrock Capital Advisors LLC and KKR & Co. were asking FanDuel's founders and several former shareholders to meet too high a standard in a bid to toss claims they conspired with conflicted directors to cut the founders and common shareholders out of the fantasy sports company's 2018 merger with Paddy Power Betfair PLC.

  • November 30, 2020

    Wall Street Group Backs SEC's Audit Trail Security Proposal

    Wall Street's top trade group said Monday that it stands by the U.S. Securities and Exchange Commission's proposed data security enhancements for a long-awaited market surveillance tool, though it encouraged the regulator to go a bit further.

  • November 30, 2020

    Cboe Investor 'Reluctance' Questioned In 7th Circ. VIX Fight

    A Seventh Circuit panel Monday pressed a group of investors trying to revive claims against the Chicago Board Options Exchange to show how they were injured by alleged manipulation of Cboe's volatility index if the tampering harmed some traders but benefited others.

  • November 30, 2020

    Judge Trims Contract Suit Against Facility Management Co.

    A New York federal judge on Monday trimmed claims in a $2.1 million breach of contract dispute over six janitorial and cleaning companies, letting a French company out of the litigation but keeping American companies in the suit.

  • November 30, 2020

    Mayer Brown Boosts Capital Markets Team With Ex-SEC Atty

    Chicago-based Mayer Brown LLP continued to add to its ranks this November, recruiting a former senior adviser at the U.S. Securities and Exchange Commission for its capital markets and corporate and securities practices.

  • November 30, 2020

    First American Hit With Derivative Suit Over Data Breach

    A shareholder of title insurance company First American Financial Corp. has filed a derivative complaint in Delaware federal court alleging the company's officers and directors allowed a security breach to expose more than 885 million sensitive records, making customers vulnerable to fraud and identity theft.

  • November 30, 2020

    Fed Extends Several COVID-19 Emergency Lending Facilities

    The Federal Reserve said Monday four of its coronavirus emergency lending facilities aimed at supporting short-term funding markets will be kept open past the end of the year, an extension that comes as the Trump administration has moved to let the central bank's other related programs expire.

  • November 30, 2020

    Securities Group Of The Year: Bernstein Litowitz

    Bernstein Litowitz Berger & Grossmann LLP didn't let the nationwide shift to teleworking in 2020 hinder its ability to secure nine-figure investor recoveries, including landmark securities settlements that addressed Equifax's 2017 data breach and allegations of sexual harassment at Signet Jewelers, landing it a spot among Law360's Securities Practice Groups of the Year.

  • November 30, 2020

    UK Trading Firm Says COVID-19 To Blame For Oil Price Crash

    A London-based firm that made more than $500 million in trading profits when U.S. oil prices went negative in April told an Illinois federal court it's not to blame for the historic demand slump, which it characterized as a byproduct of the coronavirus pandemic.

  • November 30, 2020

    Benchmark Body Pushes Ahead With Dollar Libor Phaseout

    A British benchmark administrator laid out its timetable on Monday for winding down all financial contracts in U.S. dollars that are tied to the London Interbank Offered Rate, which has been tarnished by scandal.

  • November 25, 2020

    Law360 Names Practice Groups Of The Year

    Law360 congratulates the winners of its 2020 Practice Groups of the Year awards, which honor the law firms behind the litigation wins and major deals that resonated throughout the legal industry in the past year.

  • November 25, 2020

    The Firms That Dominated In 2020

    The eight law firms topping Law360's Firms of the Year managed to win 54 Practice Group of the Year awards among them, for guiding landmark deals, scoring victories in high-profile disputes and helping companies navigate uncharted legal seas made rough by the coronavirus pandemic.

  • November 25, 2020

    2nd Circ. Revives Chinese Education Co. Investor Suit

    The Second Circuit revived a securities suit against China-based TAL Education Group on Wednesday after finding investors had sufficiently supported their claims that TAL secretly controlled two companies in which it had invested.

  • November 25, 2020

    Norwegian Cruise Rips Investors' Virus Sales Fraud Claims

    Norwegian Cruise Line slammed investors' claims that it ran a "top-down" deceptive sales campaign downplaying the COVID-19 pandemic to prospective customers in order to stave off revenue losses, maintaining that it doesn't have to disclose allegedly aggressive sales practices.

  • November 25, 2020

    Coke Bottler Accused Of 'Glaring' ERISA Breach In 401(k) Suit

    Former employees of the country's largest Coca-Cola bottler have hit the company, its board and its benefits committee with a proposed class action in North Carolina federal court, alleging they mismanaged their retirement portfolio and participated in a "glaring breach" of their fiduciary duties under the Employee Retirement Income Security Act.

  • November 25, 2020

    Real Estate Rumors: LibreMax, Mattos Family, Morgan Stanley

    LibreMax Capital is reportedly hoping to sell a $78.6 million New York loan it made earlier this year, the Mattos family has reportedly paid $20.45 million for a Florida retail property and Morgan Stanley is said to have provided $180 million in CMBS financing for a New York office property.

  • November 25, 2020

    FINRA Fines Wells Fargo Over Time Stamp Issue

    The Financial Industry Regulatory Authority levied a "books and records" fine at a Wells Fargo unit for the second time this month on Wednesday, this time alleging that its representatives failed to enter accurate order receipt times in situations that required manual entry. 

  • November 25, 2020

    Judge Won't Order Ch. 11 Freeze On Crypto Firm's Assets

    Creditors of bankrupt cryptocurrency investment venture Cred Inc. lost a bid Wednesday to have the Delaware Bankruptcy Court order certain currency exchanges to freeze assets they say are linked to fraudulent diversions from the company.

  • November 25, 2020

    Judge Axes Fla. Fund Investor Suit Over Failed Service

    A Florida-based investment adviser accused of bilking investors out of almost $2 million escaped an investor suit on Wednesday after a judge ruled that the investor had failed to timely serve the lawsuit on the adviser.

  • November 25, 2020

    Cannabis Developer To Pay SEC $192K Penalty In Fraud Suit

    A California federal judge ordered a businessman to pay over $192,000 to settle U.S. Securities and Exchange Commission claims that he was involved in a scheme that bilked more than 400 investors out of $25.5 million to ostensibly finance two marijuana-related businesses.

  • November 25, 2020

    4 Key Insurance Appeals To Watch In December

    Appeals courts will take on several important insurance coverage issues in 2020's final month, with the Delaware Supreme Court set to weigh whether an excess insurer must contribute to Dole's $222 million settlements of stockholder suits and Indiana's high court primed to consider whether a ransomware attack is covered by crime insurance. Here, Law360 breaks down four insurance appeals attorneys will be watching in December.

Expert Analysis

  • Mindbody Deal Case Provides Conflict Takeaways For Boards

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    The Delaware Chancery Court's recent decision in Mindbody illustrates how courts assess alleged management conflicts in M&A litigation, but the case's core lesson is the need for boards of directors to uncover and manage actual and potential conflicts of interest in the sale process — in particular, those of the lead negotiators, say Tyler O'Connell and Albert Carroll at Morris James.

  • 7 Tips For Predeposition Meetings Under New Federal Rule

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    Attorneys can use a new predeposition meet-and-confer obligation for federal litigation — taking effect Tuesday — to better understand and narrow the topics of planned testimony, and more clearly outline the scope of any discovery disputes, says James Wagstaffe at Wagstaffe von Loewenfeldt Busch.

  • How To Prepare For Congressional Investigations In 2021

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    Congressional investigations in the health care, financial services, fossil fuel and technology sectors are likely to intensify next year amid a highly partisan environment, and companies that may be targets should get ready for testimony and document production well before an inquiry, say attorneys at Hogan Lovells.

  • What To Expect From Federal Agency Leadership Changes

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    Attorneys at Morgan Lewis discuss how quickly companies may see policy changes from new leadership at the U.S. Department of Treasury, U.S. Department of Justice, U.S. Department of Labor, U.S. Equal Employment Opportunity Commission and National Labor Relations Board after the Biden administration takes office.

  • Opinion

    The Ill-Fated Emergence Of The Bitcoin Balance Sheet

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    Other corporations may follow MicroStrategy's lead and invest in problematic Bitcoin, in what appears to be a new chapter of irresponsible corporate behavior, says cybersecurity consultant John Reed Stark.

  • Ethics Reminders As Employees Move To Or From Gov't

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    Many organizations are making plans for executives to go into government jobs, or for government officials to join a private sector team, but they must understand the many ethics rules that can put a damper on just how valuable the former employee or new hire can be, say Scott Thomas and Jennifer Carrier at Blank Rome.

  • Expect 2021 SEC To Turn Hawkish On Auditor Enforcement

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    President-elect Joe Biden's U.S. Securities and Exchange Commission will almost certainly usher in a reversal of recent years' slow pace of auditor enforcement — just 11 actions this year — back up toward the levels of the Obama administration's Operation Broken Gate, say Charles Smith and Andrew Fuchs at Skadden.

  • Del. Solera D&O Decision May Have Limited Impact

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    While the Delaware Supreme Court's recent decision in Solera is a blow for companies in the state seeking protection for certain key appraisal proceedings, the ruling hinges on the insurers' narrow definition of a violation that will trigger directors and officers coverage for securities-related claims, making it unlikely that other jurisdictions will follow suit, say attorneys at Hunton.

  • A Key To Helping Clients Make Better Decisions During Crisis

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    As the pandemic brings a variety of legal stresses for businesses, lawyers must understand the emotional dynamic of a crisis and the particular energy it produces to effectively fulfill their role as advisers, say Meredith Parfet and Aaron Solomon at Ravenyard Group.

  • What To Expect From DOJ Enforcement Under Biden

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    Companies shouldn't fear a rapid uptick in overall corporate enforcement actions by the U.S. Department of Justice under a new Democratic administration, but should anticipate a shift in focus away from immigration cases toward COVID-19-related fraud and civil rights reform, say Sandra Moser and Kenneth Polite at Morgan Lewis.

  • Ethics Considerations For Law Firms Implementing AI

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    Richard Finkelman and Yihua Astle at Berkeley Research Group discuss the ethical and bias concerns law firms must address when implementing artificial intelligence-powered applications for recruiting, conflict identification and client counseling.

  • Tech Cos. Could Face Stiffer SEC Enforcement Under Biden

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    Ahead of President-elect Joe Biden's appointment of a new U.S. Securities and Exchange Commission chair, Silicon Valley should expect greater scrutiny of whistleblowers, earnings management, risk disclosures and insider trading — all potentially influenced by the federal courts in serving as a check on the agency's enforcement, say attorneys at MoFo.

  • Picking The Right Location And Tools For Virtual Courtrooms

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    Attorneys should consider the pros and cons of participating in virtual court proceedings from home versus their law firm offices, and whether they have the right audio, video and team communication tools for their particular setup, say attorneys at Arnold & Porter.

  • 5 Red Flags For Pandemic-Related Investment Scams

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    As the U.S. Securities and Exchange Commission clamps down on fraudsters seeking funding for pandemic-related products and services, several warning signs can help identify investment scams, says Alan Rosca at Goldman Scarlato.

  • Beware Atty Ethics Rules When Reporting COVID-19 Fraud

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    Attorneys considering blowing the whistle on False Claims Act violations by recipients of COVID-19 relief may face a number of ethical constraints on their ability to disclose client information and file qui tam actions, say Breon Peace and Jennifer Kennedy Park at Cleary.

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