A Virginia bankruptcy judge ruled Friday a company owned by restructuring adviser Jay Alix can't continue to take part in the Alpha Natural Resources bankruptcy it fought to reopen to investigate alleged conflicts of interest by rival consultant McKinsey & Co.
A former Platinum Partners executive on Friday told a New York federal jury that the firm’s co-founder and others misled potential investors about the financial health of Platinum’s main fund while the hedge fund manager was struggling to pay back tens of millions of dollars to its limited partners.
A J.S. Oliver Capital Management LP principal agreed to pay about $670,000 in disgorgement Thursday to settle the U.S. Securities and Exchange Commission’s claims he "cherry-picked" client trades, avoiding substantial penalties that had been ordered in prior rulings.
A group of former Morgan Stanley financial advisers urged a California federal judge Thursday to reject a $10 million deal proposed last month to settle allegations that the investment bank routinely refused to reimburse them for work-related expenses, arguing the amount is too low and the release of claims is too broad.
A set of reinsurance and asset management companies that has been accused of operating as an alter ego of now-defunct Platinum Partners is fighting to escape racketeering claims from the hedge fund's insurers.
Indian Hotels has signed an agreement with Singapore sovereign wealth fund GIC for the two to invest a combined $600 million in new hotels in India over the coming three years, according to a regulatory filing Friday from the India hotel operator.
This past week has seen a Kazakhstan lender file fraud claims against a dissolved London-based business, a Dubai airport security equipment company sue Barclays, and Yamaha's motorcycle business file claims against a German insurer. Here, Law360 looks at those and other new claims in the U.K.
A London judge on Friday ruled against bifurcating a trial brought by three insolvent hedge funds alleging Reed Smith LLP wrongly forwarded their portion of a $15.7 million settlement in another case to the U.S. to satisfy a separate court order.
A Maryland man accused of scamming investors including lawyers, bankers, investment advisers and professional athletes in a $550 million scheme offering high returns on consumer debt pleaded guilty to wire fraud and conspiracy in federal court, prosecutors announced Thursday.
An order enjoining cryptocurrency company Tether Ltd. and trading platform Bitfinex now has a 90-day time limit after being tightened by a New York judge, while core provisions safeguarding document requests and freezing a line of credit between the two companies were left intact.
Officials at the Financial Industry Regulatory Authority expect to delete the rule requiring broker-dealers to make trades "suitable" to customers if the U.S. Securities and Exchange Commission implements a higher standard known as Regulation Best Interest, a senior FINRA attorney said Thursday.
A fund of Burford Capital Investment Management LLC sued in Delaware's Chancery Court Thursday for post-merger appraisal of its 5 million Nexeo Solutions Inc. shares, two months after the closing of Nexeo's $2 billion sale to Univar Inc.
The Delaware Supreme Court on Thursday stood by a Chancery Court ruling that investment company Equus Total Return satisfied its duty to inform stockholders about a stock incentive plan, refusing to give new life to a proposed class action claiming Equus kept investors in the dark.
A Manhattan federal judge pushed prosecutors Thursday to disavow any "excessive coordination" with the U.S. Securities and Exchange Commission in the run-up to their decision to criminally charge hedge fund co-founder Jason Rhodes with a $19 million fraud.
The U.S. Supreme Court's recent Lamps Plus Inc. ruling supports Charles Schwab Corp.'s argument that class arbitration is off the table for workers claiming the money manager used its 401(k) plan as a cash cow, Schwab told the Ninth Circuit on Wednesday.
Frasers Centrepoint Trust has reached a deal to buy a one-third stake in a Singapore shopping mall from a subsidiary of Frasers Property Ltd. for SG$433.3 million ($315.4 million), according to an announcement from the Frasers Centrepoint Trust's manager on Thursday.
The head of enforcement at the Financial Industry Regulatory Authority gave an early look Thursday at a guidance document the organization has teased for a year covering how broker-dealers can get credit with regulators for extraordinary cooperation in an investigation.
Life insurance policy investor White Eagle Asset Portfolio LP reported a wide-ranging Chapter 11 settlement deal with its prepetition lender in Delaware bankruptcy court late Wednesday, with terms calling for an end to debtor-lender litigation, a $15 million debtor-in-possession loan and a refinancing or collateral sale.
A joint venture of Pyrinas Real Estate and Aeneas Capital is seeking up to $120 million for a new fund that will invest in health care and life sciences properties in a handful of North American cities, Hong Kong-based Pyrinas said Thursday.
The co-chairs of Seyfarth Shaw LLP's ERISA and employee benefits litigation practice, Kathleen Cahill Slaught and Ian Morrison, said in an exclusive interview with Law360 that they're keeping an eye on the fallout from the Third Circuit's University of Pennsylvania decision and litigation involving anti-assignment provisions in health plans and second-level plan fees.
In this monthly series, legal recruiting experts from Major Lindsey & Africa interview legal industry leaders about the increasingly competitive business environment. Here, Rod Osborne talks with Gary Tully, head of legal operations at Gilead Sciences.
With its upcoming decision in Thaddeus North v. U.S. Securities and Exchange Commission, the D.C. Circuit should articulate a clear legal standard for when a compliance officer “should have known” about reportable events. Without such guidance, compliance officers cannot do their jobs without fearing unintended consequences, say Brian Rubin and Michelle McIntyre of Eversheds Sutherland.
The Financial Industry Regulatory Authority's proposal to establish a system of preemptive confiscatory fines based on predictive analytics prompts many questions about whether such a regime would be necessary or fair, says Thomas Potter of Burr & Forman.
U.S. v. Boyd, a California federal court case decided last month, suggests that the IRS could be transitioning to a more aggressive penalty approach for foreign bank and financial account reporting violations — meaning more risk for U.S. taxpayers with multiple foreign financial accounts, say Friedemann Thomma and Rebecca Chappell of Venable.
My mother's connection to her Native American heritage had a major influence on my career — my decision to enter the legal profession was driven by the desire to return to my tribal community and help it in any way I could, says Jason Hauter of Akin Gump.
An ongoing multidistrict litigation alleges manipulation of the formula used to determine the settlement price for derivatives based on the Chicago Board Options Exchange’s volatility index. But a review of trading data reveals how reasons other than manipulation can explain trading activity on any given day, say consultants with Analysis Group.
The D.C. Circuit’s recent decision in The Robare Group v. U.S. Securities and Exchange Commission drives home the idea that long-accepted interpretations of federal securities laws may be upended when appellate courts take a fresh look at the statutory language, say attorneys at Debevoise & Plimpton.
Retired U.S. Supreme Court Justice John Paul Stevens' new book, "The Making of a Justice," is required reading for anyone interested in 20th and 21st century America, says Seventh Circuit Chief Judge Diane Wood.
The permanent cessation of the Libor rate in 2021 will likely trigger a flood of litigation over many existing contracts that lack effective replacements. Marc Gottridge of Hogan Lovells identifies the types of products that may be most susceptible to disputes.
A New York federal court's recent decision in U.S. v. Connolly is a warning to prosecutors against outsourcing their investigations to companies and outside counsel, but it should also be used by companies to determine the framework for internal investigations, says Rachel Maimin of Lowenstein Sandler.