Securities

  • July 24, 2017

    Barclays Forex Rigging Settlement Nets $8.75M In Atty Fees

    Counsel for Axiom Investment Advisors LLC will receive $8.75 million from a $50 million settlement with Barclays Bank LLC in a New York federal court action filed over purported misuse of a foreign exchange trading system to boost bank profits. 

  • July 24, 2017

    SEC Wins Bid To Shield Notes From Atty Gone Fraudster

    A D.C. federal judge ruled Monday that an attorney convicted for his role in helping former NFL player Willie Gault manipulate a medical device company's stock can't use the Freedom of Information Act to pry most of the files he wants from the U.S. Securities and Exchange Commission.

  • July 24, 2017

    8th Circ. Says ICA Won't Allow Retirement Plan's Fee Suit

    An Eighth Circuit panel declined Monday to revive a lawsuit over allegedly excessive fees charged by Principal Management Corp. to mutual funds held in the portfolios of six “fund-of-funds” mutual funds, ruling that the Alabama corporate retirement plan behind the suit doesn’t have a valid cause of action under the Investment Company Act of 1940.

  • July 24, 2017

    TerraForm Brass Reach $20M Settlement Of Solar Deal Suit

    Directors of TerraForm Global Inc., one of the yieldcos affiliated with bankrupt SunEdison Inc., unveiled Friday the deal settling, for $20 million, Delaware Chancery Court derivative claims connected to an Indian solar project deal, but the resolution requires a ruling from the New York bankruptcy court allowing insurance funding.

  • July 24, 2017

    $97.5M JC Penney Investor Settlement Gets Initial OK

    A Texas federal judge ruled Monday to grant preliminary approval to a deal for J.C. Penney to pay $97.5 million and make other concessions to a class of investors who’d accused the retailer of lying about its financial health, following the recommendation of a magistrate judge.

  • July 21, 2017

    Green Mountain Investors Win Cert. In Stock Drop Suit

    A Vermont federal judge on Friday certified a class of investors in a long-running suit against Green Mountain for allegedly misstating its revenue and lying about single-cup coffee maker sales, while also shutting down the company’s bid to partially dismiss the case.

  • July 21, 2017

    2nd Circ. Backs Trader’s $1.1M Unpaid-Wage Win, Adds Fees

    A bond trader fired by Odeon Capital Group LLC who won $1.1 million from his former employer over unpaid wages had his win confirmed by the Second Circuit on Friday, with the court tacking on attorney’s fees and rejecting Odeon’s claims that the decision was tainted by perjury.

  • July 21, 2017

    Investment Adviser Again Gets 20 Years In 2nd Circ. Remand

    A New York federal judge on Friday again imposed a 20-year prison sentence on an investment adviser who pled guilty to masterminding a large investment fraud scheme, despite the Second Circuit ruling in April that the judge originally bungled the adviser's first sentencing.

  • July 21, 2017

    Ex-ArthroCare CEO Can't Escape Wire Fraud Charges

    A Texas federal judge on Thursday refused to toss wire fraud allegations against the former chief executive of ArthroCare, the medical device company that purportedly deceived investors by artificially inflating sales.

  • July 20, 2017

    Ga. Trader And His 3 Firms Settle Fraud Claims With CFTC

    An Atlanta man and his three commodity pool companies have agreed to pay nearly $500,000 to settle allegations that he defrauded two dozen investors by misappropriating the bulk of their money and misrepresenting his trading performance, the Commodity Futures Trading Commission said Thursday.

  • July 20, 2017

    SEC Fines Seattle Firm Over Conflicts Of Interest

    The U.S. Securities and Exchange Commission on Wednesday announced that a Seattle-based investment adviser and brokerage firm agreed to pay disgorgement and a civil fine to settle allegations it failed to disclose a conflict related to a financial incentive to favor certain mutual funds.

  • July 19, 2017

    Madoff Trustee Gets 2nd Crack At 2nd Circ. RBS Case Appeal

    A New York bankruptcy judge unwound his own decision refusing to let the Bernie Madoff bankruptcy trustee take an RBS clawback case dismissal to the Second Circuit, finding Wednesday that because the judge issued his decision too late, he hadn’t had the jurisdiction to make it.

  • July 19, 2017

    SEC Settles Insider Trading Claims From Apple’s $355M Deal

    A former IT administrator of AuthenTec Inc. has settled the U.S. Securities and Exchange Commission’s claims that he traded on nonpublic information ahead of the fingerprint sensor maker’s $355 million sale to Apple Inc.

  • July 19, 2017

    2nd Circ. Nixes Libor Convictions Over Forced Testimony

    The Second Circuit on Wednesday overturned the convictions of two former Rabobank employees charged with manipulating the London Interbank Offered Rate, saying the case relied on compelled testimony, which cannot be used in U.S. criminal cases even when legally compelled by foreign authorities.

  • July 18, 2017

    Dole Shareholders Garner $18.5M In Fees In Securities Case

    Attorneys for a Dole Food Co. stockholder class secured an $18.5 million fee award Tuesday as part of a $74 million settlement in a Delaware federal securities suit targeting insider efforts that artificially depressed Dole’s stock price in 2013.

  • July 18, 2017

    Goldman Sachs Pays FINRA $2.5M Over Options Reporting

    Goldman Sachs & Co. LLC has agreed to pay $2.5 million to end the Financial Industry Regulatory Authority's allegations that it failed to report options positions in millions of instances and made options trades that exceeded position limits, according to a settlement filed Monday.

  • July 18, 2017

    Pa. Consultant Gets 5 Years In $3.5M Foreign Bribery Scheme

    The former owner of a suburban Philadelphia financial consultancy who pled guilty last year to funneling $3.5 million in bribes to a European banking official received a five-year prison sentence Tuesday in Pennsylvania federal court.

  • July 17, 2017

    BNP Paribas To Pay $246M More For Bad Forex Compliance

    The Federal Reserve said Monday that French financial giant BNP Paribas SA would pay $246 million for lax oversight of its foreign exchange traders, the second major penalty the bank has agreed to pay for misconduct that could land one BNP Paribas trader in prison.

  • July 17, 2017

    Ex-Congressman Defrauded IGate Investors, Says Judge

    A Kentucky federal court ruled Friday that former U.S. Congressman William J. Jefferson’s acceptance of bribes funded with iGate Inc. investor dollars makes him “intrinsically involved” in a former iGate president’s breach of fiduciary duties.

  • July 14, 2017

    Auditors Face Suit But Not Interest In $2B Bank Failure Row

    An Alabama federal judge ruled Friday that auditors PricewaterhouseCoopers LLP and Crowe Horwath LLP must face a $2.2 billion lawsuit by regulators who say the watchdog overlooked a mortgage fraud scheme that brought down Colonial BancGroup Inc., but said the damages are too complicated to apply interest.

Expert Analysis

  • New IPO Policy Signals Pragmatic Regulatory Approach

    Alexander Cohen

    A new U.S. Securities and Exchange Commission policy that allows all issuers to have their registration statements reviewed on a nonpublic basis for initial public offerings — put in place quickly without rule writing or statutory mandate — demonstrates the SEC’s willingness to make significant changes in long-standing policy to spur capital formation, say attorneys with Latham & Watkins LLP.

  • How To Avoid Portfolio Co. Valuation Risks

    Joshua Newville

    For private fund advisers that are registered with the U.S. Securities and Exchange Commission, valuation will always be a key component of any exam. Over the past year, the SEC has requested information from mutual fund companies about how they value private technology companies, looking for discrepancies, say attorneys with Proskauer Rose LLP.

  • The Best Documents In Your Case May Be From 3rd Parties

    Wyatt Dowling

    Cases are built on evidence and evidence comes from discovery. But discovery is largely a voluntary process. Serving a document subpoena on a third party can be an efficient and creative way to fill in the gaps that may exist in the productions of opposing parties, says Wyatt Dowling of Yetter Coleman LLP.

  • Planning A Legal Career With A Future Relocation In Mind

    Jacqueline Bokser LeFebvre

    Lawyers move to New York City to work on some of the most sophisticated work the legal market has to offer. This exposure and experience is an amazing asset and many of the skills developed will make associates very marketable in the event they consider relocating to another market. However, this isn’t always the case, says Jacqueline Bokser LeFebvre of Major Lindsey & Africa.

  • The Elephant In The Room: Advancing Women To Partnership

    Anusia Gillespie

    Despite more focus and investment, the numbers continue to show little progress in advancing women to the top tiers of firm leadership. Considering the irreversible nature of the transformation of the market for top talent, it is time to start experimenting and innovating from the core, rather than from the periphery, say Anusia Gillespie and Scott Westfahl of Harvard Law School.

  • How Midsize Law Firms Can Minimize Cybersecurity Threats

    K. Stefan Chin

    It can be challenging for midsize law firms to develop an enterprise cybersecurity program that mitigates the eminent threat of data breach and meets the regulatory and compliance requirements of the firm and its clients. This challenge becomes daunting when considering the steady rise in client audits, say K. Stefan Chin of Peckar & Abramson PC and John Sweeney of Logicforce.

  • Lessons From The CoinDash Hack

    Stuart Levi

    The CoinDash initial coin offering was hacked within minutes of its launch, resulting in numerous potential purchasers sending their money to a fraudulent address. The hack has raised many questions about the security and legitimacy of ICOs and of the blockchain more generally, says Stuart Levi of Skadden Arps Slate Meagher & Flom.

  • Clayton Speech Signals New Tone At The Top

    Nicolas Morgan

    In his first public speech as U.S. Securities and Exchange Commission chairman, Jay Clayton pretty explicitly told us where we’re going to see changes, say Thomas Zaccaro and Nicolas Morgan, former SEC trial counsel now with Paul Hastings LLP.

  • 2nd Circ. Libor Ruling Helps Subjects In Int'l Investigations

    Gregory O’Connell

    The Second Circuit's Allen decision Wednesday tilts the scales toward subjects and targets in multinational investigations. U.S. prosecutors could be forced to get involved in international investigations earlier than they might like, say Gregory O’Connell and Peter Sluka of De Feis O’Connell & Rose PC.

  • Shareholder Proposal Trends In 2017 Proxy Season: Part 2

    Ronald Mueller

    In the concluding part of this series, attorneys with Gibson Dunn & Crutcher LLP look at the key topics covered by shareholder proposals this year, the potential for reform of the shareholder proposal rule, and the top takeaways from the 2017 proxy season.