The U.S. Trustee's Office asked a Virginia bankruptcy judge Thursday to put a portion of the already-approved Chapter 11 plan of former Ann Taylor owner Ascena Retail Group on hold while it appeals the plan's litigation releases.
A Philadelphia-based financial adviser has slapped Eckert Seamans Cherin & Mellott LLC with a lawsuit alleging that a firm attorney's "amateurish" due diligence left him open to claims from securities regulators and investors after he partnered with a cash advance business that has come to face allegations of fraud.
Digital asset manager Grayscale said Thursday it has filed to register a $630 million investment fund focused on top cryptocurrencies with the U.S. Securities and Exchange Commission.
Ericsson has agreed to pay Nokia €80 million ($97 million) to end a damages claim related to the 2019 resolution of allegations by U.S. agencies that the Stockholm-based telecom giant violated the U.S. Foreign Corrupt Practices Act, it was announced Wednesday.
A broker-dealer of Empower Retirement must pay $1.5 million to the U.S. Securities and Exchange Commission for failing to file hundreds of suspicious-activity reports despite knowing that bad actors were hacking, or attempting to hack, customer accounts, the agency announced Wednesday.
Florida's largest medical cannabis company has asked a federal judge to toss a consolidated securities suit once and for all, saying the investors had failed to allege that the company misled anyone about the risks of crop contamination.
The CEO of a private equity fund lied about his investors and used bogus financial documents to obtain a $95 million loan from a California bank, according to an indictment handed up in Manhattan federal court Wednesday.
A group of investors has asked a New York federal court for a judgment of more than $6 million in its suit accusing hotel developers of stealing funds for a project in Colombia that never happened, saying the developers breached their obligation to repay the money that was loaned.
A patent holder that lost a bid this month to force former Yahoo owner Altaba to establish a $749 million infringement reserve asked the Delaware Chancery Court on Tuesday to reconsider in light of Verizon's recently revealed plans to sell Yahoo to Apollo Global Management.
The U.S. Department of Defense told a D.C. federal judge Tuesday it will soon reverse a Trump administration order placing Chinese electronics company Xiaomi Corp. on a blacklist over alleged military ties, a move that would allow U.S. investment in the firm to resume.
Figure Securities said Wednesday it had received regulatory approval for broker-dealer status and registered a blockchain-based trading system for digital securities.
An attorney for Dyal Capital Partners told Delaware's Supreme Court Wednesday that Sixth Street Partners was maneuvering for a "lowball buyback" when it launched a failed fast-track Chancery Court bid to block a $12.5 billion Dyal-Owl Rock Capital Corp. merger earlier this year.
An indictment unsealed Tuesday in Colorado federal court charged an Illinois woman and a Georgia man over their roles in a Ponzi scheme involving cannabis and cattle that raised around $650 million from investors nationwide, the U.S. Department of Justice said Wednesday.
A proposed class of investors is accusing Florida plastic recycling company PureCycle of misleading them about its technology and financial projections, as well as its access to raw materials, as it went public through a merger with a blank-check company earlier this year.
An attorney for stockholders fighting a Delaware Chancery Court finding that they signed away rights to a post-merger stock appraisal before an allegedly lowball sale told Delaware's Supreme Court on Wednesday that failure to reverse the decision could lead to the creation of "Frankenstein corporations."
A New York federal judge ruled Wednesday that a group of Revlon lenders that were accidentally wired more than $500 million by Citibank NA last summer should be able to have access to that money while the bank takes its clawback effort to the Second Circuit, though he won't be unfreezing the funds just yet.
A California federal judge on Tuesday refused to dismiss U.S. Securities and Exchange Commission claims that a dad impersonated his son in order to give professional financial advice to clients when he was unable to access brokerage platforms himself.
A proposed class of World Travel Inc. employees has accused Prudent Fiduciary Services and its owner of overpaying for a $200 million stock buyback from the company's founders by saddling the employee ownership plan with "tens of millions" of dollars in debt.
The Rosen Law Firm PA has been appointed to lead a consolidated securities suit in Delaware federal court claiming Walmart misled investors about its part in the opioid epidemic, with Farnan LLP to serve as liaison counsel in the proposed class action.
A D.C. federal judge opted Wednesday to admonish Paul Weiss Rifkind Wharton & Garrison LLP and former firm partner Alex Oh in connection with the Exxon human rights case that appears to have led Oh to resign prematurely from her new post as enforcement head of the U.S. Securities and Exchange Commission.
Holland & Knight announced on Wednesday it has added the former deputy general counsel of SoftBank's Latin American Fund to its Miami office.
Bankrupt car rental giant Hertz Global Holdings announced Wednesday that an investment group led by Knighthead Capital Management and Certares Opportunities won a Chapter 11 auction to fund the debtor's reorganization, ending a weekslong competition among eager funding sources.
President Joe Biden tapped six women and lawyers of color for judicial spots Wednesday, including two for the Second and Tenth circuits who would become the only judges on those courts with experience as federal public defenders.
Before Theranos founder Elizabeth Holmes and her ex-boyfriend were charged with deceiving investors and patients about their blood-testing technology's efficacy, the pair exchanged voluminous text messages that now threaten to provide jurors at Holmes' criminal trial this summer a rare window into her psyche.
A class of Tesaro stockholders seeking damages for an allegedly underpriced $5.1 billion sale of the cancer drugmaker in 2018 came to Chancery Court with a suit "heavy on innuendo and speculation" but short of facts, an attorney for the company's board told a Delaware vice chancellor Tuesday.
The current lull in special purpose acquisition company activity following the U.S. Securities and Exchange Commission's recent risk advisories offers SPAC parties an opportunity to ramp up due diligence on targets and to evaluate prior accounting of warrants to ensure regulatory compliance, say Julie Copeland and Ellen Graper at StoneTurn.
Two recent Delaware Chancery Court decisions concerning attempts to cancel acquisitions amid COVID-19 show the importance of deal language in the pandemic era, particularly where material adverse effect and ordinary course covenants are concerned, say attorneys at Fried Frank.
A Massachusetts federal judge’s recent rebuke of the state Attorney General’s Office for refusing to respond to discovery requests in Alliance for Automotive Innovation v. Healey highlights six important considerations for attorneys who want to avoid the dreaded benchslap, say Alison Eggers and Dallin Wilson at Seyfarth.
Following the D.C. Circuit’s recent notice discouraging use of the font Garamond in legal briefs, Jason Steed at Kilpatrick looks at typeface requirements and preferences in appellate courts across the country, and how practitioners can score a few extra brief-writing points with typography.
As the legal industry continues to change in the post-pandemic world, law firms should adapt to client demands by constantly measuring and managing the profitability of their services, says Joseph Altonji at LawVision.
Although robo-voting has modestly declined since the U.S. Securities and Exchange Commission finalized its proxy voting rule last summer, the SEC should ensure asset managers don’t wholly outsource their voting responsibilities to proxy advisers, and should consider disabling the practice outright, says Tim Doyle at Guidepost Strategies.
As companies face a shift in the directors and officers insurance market following a spate of recent shareholder suits over lack of diversity in corporate leadership, executive teams should review D&O policy coverage while implementing diversity initiatives that will effect meaningful, long-term change, say Natasha Romagnoli and Hannah Ahn at Blank Rome.
In light of a Massachusetts court's recent ruling in Eaton Vance Senior Income Trust v. Saba Capital Master Fund, reaffirming fund shareholders' voting rights, trustees and advisers should proceed cautiously when implementing bylaws that make it harder for shareholders to exercise those rights, says Aaron Morris at Barr Law.
Recent rulings shed light on how courts and international arbitration tribunals decide if litigation funding materials are discoverable and reaffirm best practices that attorneys should follow when communicating with funders, say Justin Maleson at Longford Capital and Michele Slachetka and Christian Plummer at Jenner & Block.
New amendments to the West Virginia Consumer Credit and Protection Act will help businesses in the state, particularly in the financial services industry, by better defining the process for presuit notice and opportunity to cure, and by making it easier to recover attorney fees, say Andrew Narod and Jared Searls at Bradley Arant.
The U.S. Securities and Exchange Commission should settle or withdraw its allegations that Ripple Labs' XRP is an unregistered security, and focus on creating new rules for securities registration that account for the unique dynamics of digital assets, says J.W. Verret at George Mason University.
A recent shareholder stock drop lawsuit against Tesla showcases the legal perils that can follow companies' social media missteps, and highlights the importance of directors and officers liability insurance in the current age of political polarization, says Tae Andrews at Miller Friel.
Distributed ledger and smart contracts may make fractional ownership of nonfungible tokens possible without the complications of traditional securities sales, and market participants stand to benefit from the associated innovation and efficiencies, say Mack Legal principal Thomas Mack and Google product counsel Richard Widmann.
This year's law graduates and other young attorneys must recognize that the practice of law tests and rewards different skills and characteristics than law school, and that what makes a lawyer valuable changes over time, says Vernon Winters, retired partner at Sidley.
Billions in bank losses related to the recent collapse of Archegos Capital Management point to bank risk management and compliance deficiencies, and highlight several steps brokerages should take to avoid exposure next time a family office customer blows up, say consultants at StoneTurn.