Securities

  • January 18, 2018

    MetLife, US Agree To End Appeal Over Stricter Regulatory Tag

    MetLife Inc. and the government on Thursday agreed to end an appeal of a judge’s order releasing the insurer from its status as a systemically important financial institution, ending a fight that fizzled after the Trump administration started easing regulations put into place after the financial crisis.

  • January 18, 2018

    HSBC To Pay $101.5M In Currency Exchange Fraud Settlement

    Global financial services giant HSBC Holdings PLC on Thursday agreed to pay $101.5 million as part of a deferred prosecution agreement filed in New York federal court to settle claims it defrauded two clients in a multimillion-dollar scheme to manipulate currency exchanges.

  • January 16, 2018

    2nd Circ. Clarifies Cert. Standard For Stock-Drop Actions

    A Second Circuit ruling that a judge applied the wrong standard of proof when certifying a class of shareholders accusing Goldman Sachs of fraud should help clarify the standard needed to rebut allegations that a company’s misstatements directly impacted its stock price, legal experts said Tuesday.

  • January 16, 2018

    Mass. Fed. Judge Bemoans 'Megatrials' As Resource Drain

    A Massachusetts federal judge on Tuesday criticized the increasing phenomenon of monthslong “megatrials” that clog up courts and drain resources from taxpayers and defendants alike, and refused to reconsider time limits in an upcoming bribery trial of former employees of proxy solicitation firm Georgeson.

  • January 16, 2018

    Nasdaq Dodges $3.9M Antitrust Fine In Swedish Court

    A Swedish court on Monday rejected an attempt by the country's competition watchdog to fine several Nasdaq OMX Group Inc. units about $3.9 million for abusing their dominance.

  • January 12, 2018

    Ex-Bankrate VP Gets 5 Years Despite Cooperating With Gov't

    A Miami federal judge Friday handed a five-year prison sentence to a former Bankrate Inc. vice president of finance who admitted he schemed to lie about the rate-shopping company’s finances after he asked for leniency, citing his plan to testify against his former boss at an upcoming trial.

  • January 12, 2018

    2nd Circ. Reverses Class Cert. In Goldman Abacus Fraud Suit

    The Second Circuit on Friday reversed a lower court decision certifying a class of shareholders accusing Goldman Sachs of lying about its ethical compliance just before they lost $1 billion in the Abacus collateralized debt obligation, saying the earlier ruling may have held Goldman to a standard of proof that was too high.

  • January 12, 2018

    Investor Claiming Phony EB-5 Project Settles $1.5M Suit

    A Chinese investor who was allegedly defrauded of $1.5 million as part of an investment scheme exploiting her desire to obtain U.S. residency through U.S. Citizenship and Immigration Services’ EB-5 visa program settled her suit Thursday.

  • January 12, 2018

    $4.5M Settles Katzenberg DreamWorks-Comcast Merger Suit

    DreamWorks founder Jeffrey Katzenberg and his company’s successor have agreed to pay $4.5 million to settle a Delaware stockholder suit claiming that a Katzenberg side-deal shortchanged other shareholders during negotiation of the company’s $3.8 billion sale to Comcast Corp. in early 2016.

  • January 12, 2018

    7th Circ. Upholds CEO's Conviction In Biodiesel Tax Plot

    The Seventh Circuit on Friday upheld the conviction of the former CEO of an Indiana petroleum company charged in a tax fraud scheme based on the sale of biodiesel, saying prosecutors had more than enough evidence to prove he knew what was going on.

  • January 12, 2018

    Final Dewey Cooperator Gets No Jail Time

    The final cooperator in the Manhattan district attorney's criminal case against former executives at the once prominent law firm of Dewey & LeBoeuf LLP was sentenced to unconditional release on Friday, presumably ending the saga that absorbed the legal industry.

  • January 11, 2018

    Gilbride Tusa Gets Quick Win Axed In $85M Malpractice Suit

    A New York state appellate panel on Thursday reversed a quick win given to two Genesis Merchant Partners investment funds against Gilbride Tusa Last & Spellane LLC on the question of the firm's liability for legal malpractice in an $85 million suit alleging it mishandled security interests in life insurance policies backing three loans made by the funds.

  • January 10, 2018

    New Info Won't Cause 3rd Circ. To Rethink Nixing $30M Award

    A Third Circuit panel declined Wednesday to reconsider its decision that a New Jersey bankruptcy court was right to throw out a $30 million judgment against a Wall Street stockbroker accused of fraud for an attorney's failure to disclose a settlement with other executives at the brokerage.

  • January 10, 2018

    Atty Agrees To Pay $8.1M To SEC In Investor Fraud Deal

    A Nevada man who’s a licensed attorney in California has agreed to pay $8.1 million judgment entered in Reno federal court Tuesday in a deal with the U.S. Securities and Exchange Commission to resolve allegations that he misused funds raised from investors in what he pitched as a safe and lucrative offshore trading program.

  • January 9, 2018

    Fitbit, Investors Reach $33M Deal In Stock-Drop Suit

    Fitbit shareholders on Monday urged a California federal judge to approve a $33 million deal that would wrap up nearly two years of litigation over allegations the company hid problems with its fitness tracking technology and artificially inflated its stock price.

  • January 5, 2018

    SEC's Ponzi Suit Against DC Atty Dumped As 'Thin Gruel'

    A Massachusetts federal judge on Friday tossed the U.S. Securities and Exchange Commission’s suit accusing a Washington, D.C., lawyer and real estate agent of aiding her brother’s $14.5 million Ponzi scheme, ruling the SEC’s evidence of her involvement within the statute of limitations period was “pretty thin gruel.”

  • January 5, 2018

    Ticket Co. Bosses Settle SEC Probe For At Least $945K

    Two executives of a ticket reservation business that the U.S. Securities and Exchange Commission said was at the heart of a $33 million scheme to defraud professional athletes have settled the case against them by agreeing to pay at least $945,000, documents filed in Texas federal court Thursday show.

  • January 5, 2018

    $3B Petrobras Accord To Fuel More Shareholder Class Actions

    Brazilian oil giant Petrobras went for the record books when it said it would pay nearly $3 billion to settle a shareholder class action over its corruption scandal, and that stunning sum combined with a key legal ruling in the case will add gas to the booming market for securities class actions, lawyers say.

  • January 4, 2018

    YPF's $10M Award Against Apache Put On Hold

    A Texas federal judge on Wednesday temporarily hit the brakes on a nearly $10 million award against Apache Corp. confirmed by Argentine energy giant YPF SA late last year, allowing the oil and gas exploration and production company to make a bid to delay payment pending appeal.

  • January 3, 2018

    Judge Questions $1.3M Avid Tech Securities Class Settlement

    A Massachusetts federal judge hesitated Wednesday to give preliminary approval to a $1.3 million settlement she said has too many hoops and too few protections for investors in a securities class action against a video-editing company prominent in film and media industries.

Expert Analysis

  • Using Section 83(i) To Take Advantage Of New Tax Code

    Marc Fosse

    Last month the Tax Cuts and Jobs Act introduced a new section of the Internal Revenue Code that provides for the deferral of taxation on certain qualified equity grants to employees of eligible corporations. Marc Fosse and Angel Garrett of Trucker Huss APC explain why qualified equity grants can be a helpful tax strategy for employees and an excellent recruiting, retention and incentive program for employers.

  • Fraud Section Under New Management: Takeaways From 2017

    Kevin Muhlendorf

    The U.S. Department of Justice’s "Fraud Section Year in Review" report provides a useful overview of what the Criminal Division’s largest litigating section accomplished in 2017, comparisons to years past, and important hints at what the future holds for individuals and entities whose activities come within the Fraud Section’s broad reach, say Kevin Muhlendorf and Madeline Cohen of Wiley Rein LLP.

  • The Challenges Of Bitcoin Financing

    Matthew Frankle

    As the price of bitcoin continues to rise, so does the demand for financing secured by bitcoin. Lenders need to ensure they are complying with existing law — law that did not develop with bitcoin in mind, including the Commodity Exchange Act, say Matthew Frankle and Nora Wong of Greenberg Traurig LLP.

  • Key SEC Disclosure Topics For Oil And Gas Companies

    Bill Nelson

    Comment letters sent last year to oil and natural gas exploration and production companies by the U.S. Securities and Exchange Commission indicated several major areas of concern regarding such companies’ disclosures. Most of the SEC’s top concerns remain relevant this year, say attorneys with Haynes and Boone LLP.

  • How Delaware Courts Approach Effort Commitments

    Henry Alderfer

    Recent cases from Delaware have provided insight into how courts analyze and interpret contractual commitments to use various levels of effort under Delaware law, says Henry Alderfer of Taft Stettinius & Hollister LLP.

  • New Delaware Case Sounds Alarm On Federal-Forum Bylaws

    Kevin LaCroix

    A recently filed Delaware shareholder suit against three companies that have adopted bylaws designating federal courts as the exclusive forum for resolving securities claims makes clear that we are in for another round of controversy surrounding litigation management bylaws, says Kevin LaCroix of RT ProExec.

  • Considerations For The 2018 Proxy Season: Part 3

    Brian Breheny

    In the concluding part of this series, attorneys with Skadden Arps Slate Meagher & Flom LLP focus on financial disclosures and related U.S. Securities and Exchange Commission enforcement trends, SEC guidance and trends in cybersecurity matters, and recent developments in insider trading laws and policies.

  • A Guide To Construction Liens In New Jersey

    Excerpt from Lexis Practice Advisor
    Charles Kenny

    A construction lien is a security interest in real property on which construction work has been performed, which stays with the property regardless of who subsequently owns it. These liens can be powerful tools, though they can also be subject to prior liens such as acquisition financing and prior judgments, say Charles Kenny and Scott Kearns of Peckar & Abramson PC.

  • 6 E-Discovery Predictions For 2018

    Erich Potter

    Erich Potter, discovery counsel with Oles Morrison Rinker & Baker LLP, discusses six ways e-discovery will continue to excite and confound in 2018.

  • 2017 Del. Cases That Reflected Transformation In M&A Law

    Gail Weinstein

    The Delaware judicial framework for reviewing boards' M&A decisions has transformed in the past few years with cases such as Corwin, MFW and Trulia. This transformation has had dramatic effects, as reflected in and amplified by decisions issued in 2017, say attorneys with Fried Frank Harris Shriver & Jacobson LLP.