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Securities

  • January 16, 2019

    Puerto Rico Creditors Press For Sales Tax Plan Approval

    Major stakeholders engulfed in Puerto Rico's bankruptcy-like proceedings urged a federal judge on Wednesday to approve a watershed settlement designed to restructure nearly $18 billion in debt carried by the Puerto Rico Sales Tax Corp., or COFINA, saying it is the best way to avert years of protracted litigation.

  • January 16, 2019

    SEC's Response To Breach Scare Clarifies Wider Approach

    The 43-page complaint the U.S. Securities and Exchange Commission filed Tuesday detailing an alleged scheme to illegally access its electronic filing system for profit underscores the agency's commitment to cybersecurity while lending some context to its relatively forgiving approach, attorneys say.

  • January 16, 2019

    Platinum Judge Sees No Misconduct, But Raps Gov't 'Candor'

    A Brooklyn federal judge on Wednesday rejected the latest request from several Platinum Partners LLP executives to dismiss a criminal fraud case against them, saying there wasn't enough proof to support the idea that prosecutors hid evidence or fabricated threats to witnesses.

  • January 16, 2019

    Maxar Faces Stock-Drop Suit Over Inflated Assets, Tech Lies

    Maxar Technologies Inc. has been slapped with a proposed shareholder class action accusing the Colorado space technology company of using its $2.4 billion acquisition of a space imaging business to inflate its assets and hiding problems with one of the vendor’s satellites, causing dramatic stock plunges when the truth came out.

  • January 16, 2019

    Salesforce Board's Salaries Too High, Chancery Suit Says

    An investor filed a derivative lawsuit against Salesforce.com Inc. in Delaware Chancery Court on Tuesday claiming the nonemployee directors for the cloud-based software company are paid excessive salaries that stockholders did not properly sign off on.

  • January 16, 2019

    Panasonic Avionics Hires New GC Following Corruption Probe

    Panasonic Avionics Corp. has tapped Kimberly Chainey as general counsel after a turbulent, five-year-long government investigation and settlement over alleged corrupt practices relating to foreign government-owned airlines, the in-flight entertainment and communications company announced Tuesday.

  • January 16, 2019

    Match Accuses Tinder Co-Founder Of Swiping Trade Secrets

    Tinder co-founder Sean Rad violated trade secret protection agreements by making copies of his work emails and other documents, Tinder owner Match Group Inc. and its parent company said in a suit filed in New York state court.

  • January 16, 2019

    Morningstar, Prudential Beat RICO Suit Over Robo-Adviser

    Morningstar Investment Management LLC and two Prudential Financial Inc. retirement-focused subsidiaries won’t have to face allegations that they illegally colluded to profit from a robo-adviser program after an Illinois federal judge ruled Wednesday that the plan participant leading the suit failed to show they violated the Racketeer Influenced and Corrupt Organizations Act.

  • January 16, 2019

    Banks Accused Of Rigging Libor After Post-Scandal Overhaul

    A Connecticut bank on Tuesday accused the owner of the New York Stock Exchange of conspiring with some of the world's largest banks to artificially deflate a key financial benchmark after taking over responsibility for the rate setting following a previous price-fixing scandal.

  • January 16, 2019

    FHFA Won't Defend Leadership Structure Before Full 5th Circ.

    The Federal Housing Finance Agency has told the full Fifth Circuit that it won't defend the constitutionality of the for-cause removal protection enjoyed by directors of the agency, a move that comes about a week before the court will sit for en banc rehearing in the case.

  • January 16, 2019

    Insys Shareholders Want Stay Lifted In Fentanyl Chancery Suit

    A class of shareholders suing pharmaceutical maker Insys Therapeutics Inc. and its directors over an alleged scheme to market a powerful opioid for off-label uses asked the Delaware Chancery Court to lift the stay in the proceedings to allow a motion to dismiss to move forward.

  • January 16, 2019

    Ariad Exec’s Ex Gets 18 Months For Trading On Drug Info

    The ex-husband of a former Ariad Pharmaceuticals executive was sentenced to 18 months in prison Wednesday for insider trades he made based on meetings his then-wife had with the U.S. Food and Drug Administration about the company's cancer drug.

  • January 16, 2019

    MoFo Snags 2 Ex-Davis Polk Executive Compensation Pros

    Morrison & Foerster LLP has hired two former Davis Polk & Wardwell LLP attorneys in New York to bolster its executive compensation team — one with experience in federal tax and securities law and the other in transactional work.

  • January 16, 2019

    Ex-Latham Hong Kong Head Launches Arbitration Practice

    A former Latham & Watkins LLP managing partner has left the firm’s Hong Kong office to launch his own independent practice where he will focus on overseeing disputes as an arbitrator and advising clients as counsel.  

  • January 16, 2019

    Securities Group Of The Year: Gibson Dunn

    Securing a landmark U.S. Supreme Court decision that opened up potential appointments clause challenges to administrative law judges who decide enforcement cases for the U.S. Securities and Exchange Commission is one of the victories that earned Gibson Dunn & Crutcher LLP a spot among Law360's Securities Practice Groups of the Year.

  • January 16, 2019

    BNY, Investors Reach $72.5M Deal In ADR Overcharge Suit

    The Bank of New York Mellon has agreed to pay $72.5 million to resolve claims that it overcharged American depositary receipt holders for the conversion of foreign currency dividends to U.S. dollars, according to investors who asked a New York federal judge on Tuesday for preliminary approval of the settlement.

  • January 16, 2019

    PE Firm Says Bond Losses Clearly Due To Odebrecht’s Bribes

    An investment firm and two of its funds asked a New York federal judge Tuesday to block Brazilian engineering conglomerate Odebrecht SA’s bid to escape the firm’s lawsuit related to an alleged wide-ranging bribery scheme, saying its complaint clearly demonstrates how the company’s false and misleading statements exposed investors to risk.

  • January 16, 2019

    Ex-Barclays Traders 'Tainted' Euribor Rates, Court Told

    Three former Barclays PLC traders were part of a conspiracy to cheat the financial system that “tainted” the integrity of a key interest rate benchmark used to price trillions of dollars of financial products, prosecutors told a London jury on Wednesday.

  • January 16, 2019

    Markets Expect Brexit Will Be Delayed, BoE's Carney Says

    The governor of the Bank of England told a panel of lawmakers on Wednesday that sterling has risen following the landslide defeat for the government’s draft withdrawal agreement because financial markets believe the prospect of a no-deal Brexit “may have been diminished.”

  • January 15, 2019

    Weston Capital Founder Dodges Prison Over Investor Fraud

    A Manhattan federal judge on Tuesday spared the founder of hedge fund manager Weston Capital Asset Management from prison over his role in a multimillion-dollar investment fraud scheme after the government cited his crucial cooperation in prosecutions that brought down film producer David Bergstein and serial fraudster Jason Galanis.

Expert Analysis

  • Capital Leases Are Dead, Long Live Finance Leases

    Brad Boericke

    Starting this year, public companies must adopt the Financial Standards Accounting Board's new lease accounting rules, which eliminate the defined term "capital leases." Lenders and borrowers alike will need to consider taking a new approach to drafting credit agreements, says Brad Boericke of Pepper Hamilton LLP.

  • 2019 Annual Meeting And Reporting Considerations: Part 3

    Caroline Kim

    In the third installment of their four-part series, attorneys with Skadden Arps Slate Meagher & Flom LLP consider corporate governance best practices including environmental, social and governance reporting, updates to director and officer questionnaires, board diversity and related disclosures, and shareholder proposals.

  • A Closer Look At CFTC's Loss In Market Manipulation Case

    Michael Brooks

    While the New York federal court's decision in U.S. Commodity Futures Trading Commission v. Wilson may embolden defendants in CFTC and Federal Energy Regulatory Commission enforcement matters, the circumstances surrounding it should continue to serve as a caution to market participants, say Michael Brooks and Robert Pease of Bracewell LLP.

  • Arbitrators And Mediators Should Reflect Society's Diversity

    James Jenkins

    Alternative dispute resolution providers have made great strides toward diversity, but recent statistics show there is still work to be done. There are certain steps ADR providers can take to actively recruit more women and minority candidates to serve as arbitrators and mediators, says James Jenkins of the American Arbitration Association.

  • Why AFAs Are Key To The Future Of Legal Practice

    Kelly Eisenlohr-Moul

    Alternative fee agreements can help align law firm and client interests, increase efficiency and eliminate corporate extortion, among other benefits. They are the best thing to happen to the practice of law in decades, says Kelly Eisenlohr-Moul at Dinsmore & Shohl LLP.

  • 2019 Annual Meeting And Reporting Considerations: Part 2

    Joseph Yaffe

    In this installment of their four-part series, attorneys at Skadden Arps Slate Meagher & Flom LLP offer insights to companies on executive compensation matters for 2019 — including pay ratio and hedging disclosures, say-on-pay votes and changes in pay practices due to the Tax Cuts and Jobs Act.

  • FINRA's Suitability Rule Vs. SEC's 'Best Interest' Reg

    Brian Rubin

    A key 2019 priority for the U.S. Securities and Exchange Commission will be adopting the proposed Regulation Best Interest. Attorneys with Eversheds Sutherland explore the questionable foundation of the Financial Industry Regulatory Authority's claim that it is unnecessary.

  • 2019 Annual Meeting And Reporting Considerations: Part 1

    Brian Breheny

    Each company faces important decisions in preparing for its 2019 annual meeting and reporting season. This four-part series by attorneys at Skadden Arps Slate Meagher & Flom LLP covers essential items on which companies should focus, including corporate governance, executive compensation and disclosure matters.

  • Series

    Judging A Book: Barron Reviews 'The Clamor Of Lawyers'

    Judge David Barron

    Can lawyers lead a revolution? According to "The Clamor of Lawyers: The American Revolution and Crisis in the Legal Profession" — a slim but elegant volume by Peter Charles Hoffer and Williamjames Hull Hoffer — they can and they did, says First Circuit Judge David Barron.

  • Common Stockholders Can Wa[i]ve Appraisal Rights Goodbye

    Morgan Mordecai

    The Delaware Court of Chancery recently held that language in an agreement requiring minority stockholders to waive appraisal rights was enforceable. Though the case is already on appeal, practitioners should make sure agreements with drag-along rights include unambiguous waiver provisions whenever possible, say attorneys at Goodwin Procter LLP.