Securities

  • January 27, 2022

    Teva Gets Nod For $420M Price-Fixing Deal With Investors

    A Connecticut federal judge granted preliminary approval to a $420 million deal resolving an investor class action accusing Teva Pharmaceuticals of orchestrating an industrywide price-fixing scheme, holding that the agreement is reasonable and there are no obvious red flags.

  • January 27, 2022

    Judge Says Shkreli's Picasso Can Be Sold To Pay $2.6M Debt

    A New York federal judge on Thursday authorized a receiver to sell a Picasso etching seized from imprisoned "pharma bro" Martin Shkreli to settle a $2.6 million debt the former drug firm executive owes to a Pennsylvania pharmaceutical industry consultant.

  • January 27, 2022

    FTC Says Social Media Is A 'Gold Mine' For Crypto Scammers

    Facebook, Instagram and other social media platforms are a "gold mine" for scammers, according to a new consumer protection data report from the U.S. Federal Trade Commission, which said last year saw a sharp spike in online fraud schemes, particularly bogus cryptocurrency ventures.

  • January 27, 2022

    Judge Says $6.1B Energy Deal Fight Can Proceed, This Time

    A Delaware federal magistrate judge on Thursday recommended that revamped federal claims alleging shareholders were led astray about the $6.1 billion sale of renewable power company Pattern Energy should proceed, saying the investors adequately backed up their claims this time around.

  • January 27, 2022

    Attys Get $3M For Repping Chinese Fintech Firm's Investors

    A legal team comprising attorneys from the Rosen Law Firm PA, Robbins Geller Rudman & Dowd LLP and Scott+Scott Attorneys at Law LLP will receive a $3 million fee for representing inventors in the digital consumer finance company previously known as PPDAI Group Inc., a federal magistrate judge in New York determined.

  • January 27, 2022

    5 Breyer Opinions For Financial Services Attys To Know

    U.S. Supreme Court Justice Stephen Breyer's views on issues like securities fraud liability, antitrust enforcement and federal preemption have left their mark on the financial services legal landscape. Here, Law360 looks at some of his key opinions in the field as the longtime liberal justice heads for the exit.

  • January 27, 2022

    The Term: Breyer's Legacy And The Nomination To Come

    Justice Stephen Breyer on Thursday formally announced he would be retiring at the end of the Supreme Court term. Here, The Term breaks down the legacy he will leave behind and takes a look at what lies ahead for his potential successor with two special guests.

  • January 27, 2022

    SEC Calls Out Private Fund Advisers' Fee, Disclosure Lapses

    The U.S. Securities and Exchange Commission on Thursday highlighted a list of failures it says were committed by private fund advisers over a five-year examination period, including botched fee calculations, overcharges and a host of disclosure lapses.

  • January 27, 2022

    SEC Taps Ex-Cravath Partner To Be Corp Fin Deputy Director

    The U.S. Securities and Exchange Commission announced Thursday that a former Cravath Swaine & Moore LLP partner has been named the agency's new deputy director of its disclosure program in the Division of Corporation Finance.

  • January 27, 2022

    Breyer Retiring As Supreme Court Lurches Right

    Justice Stephen Breyer is retiring from the U.S. Supreme Court at a time when his conservative colleagues on the bench seem intent on dismantling landmark precedents on abortion, affirmative action and the administrative state, to name a few. Can his successor preserve his liberal legacy?

  • January 27, 2022

    Alsup Fears $50M Pinterest Workplace Deal May Be 'Cosmetic'

    U.S. District Judge William H. Alsup said Thursday he's inclined to greenlight Pinterest's $50 million deal resolving derivative shareholder litigation alleging discriminatory workplace conditions, but expressed several concerns, saying he's seen "cosmetic settlement after cosmetic settlement" and "this kind of looks like that scenario."

  • January 27, 2022

    2nd Circ. Reverses Deutsche Bank Traders' Libor Convictions

    The Second Circuit on Thursday acquitted two former Deutsche Bank traders who were convicted of Libor-rigging in 2018, deeming the evidence at trial insufficient to prove that the pair made false statements to benefit the bank's derivatives positions.

  • January 27, 2022

    Labaton Nabs Lead In Honest Co. Investor's Diaper IPO Suit

    Labaton Sucharow LLP will represent a proposed class of investors in the Honest Co. baby and beauty concern in a suit accusing the company of failing to properly explain that it might see a post-lockdown slump in diaper sales ahead of its May 2021 initial public offering.

  • January 27, 2022

    SEC Refloats Executive Compensation Disclosure Rule

    The U.S. Securities and Exchange Commission on Thursday refloated a Dodd Frank-era rule that would allow investors to more easily compare public company executives' compensation to shareholder returns, a move that could appease investor advocates but drew a dissent from the agency's sole Republican member.

  • January 27, 2022

    'Lottery Lawyer' Says Feds Have 'Pattern' Of Misconduct

    The "Lottery Lawyer" charged with bilking his clients' winnings has accused prosecutors in New York's Southern and Eastern districts of a "pattern" of misconduct, urging a judge to force them to finally turn over potentially exculpatory material. 

  • January 27, 2022

    Quinn Emanuel Links Up With Top Saudi Litigator

    Top international trial firm Quinn Emanuel Urquhart & Sullivan LLP has announced its association with a Saudi litigator as it looks to gain a foothold in major markets globally, saying the lawyer has broad experience representing clients in the kingdom of Saudi Arabia.

  • January 27, 2022

    Rimon Adds Ex-Greenberg Traurig Securities Pro In SF

    Rimon PC has added a corporate and securities expert from Greenberg Traurig LLP as a partner in its San Francisco office, the firm has announced.

  • January 27, 2022

    Robinhood Defeats Investors' 'Meme Stock' Claims

    Robinhood on Thursday defeated claims that it wrongly blocked investors from buying "meme stocks" during last year's market volatility, with a Florida federal court finding the stock-trading platform acted within the scope of its customer agreement.

  • January 27, 2022

    Mayer Brown Adds Another Stoel Rives Atty In Salt Lake City

    Mayer Brown LLP has hired away a litigation partner from Stoel Rives LLP for its newly opened Salt Lake City location, the fourth lateral from Stoel Rives to join its office in the Utah tech hub, the firm said Thursday.

  • January 27, 2022

    Judge Jackson Back In Spotlight As High Court Contender

    The upcoming vacancy on the U.S. Supreme Court quickly threw the spotlight back on D.C. Circuit Judge Ketanji Brown Jackson, a former clerk for Justice Stephen Breyer whose stature as a likely successor to the retiring justice was suddenly raised Wednesday.

  • January 27, 2022

    Biden At His Side, Justice Breyer Announces Retirement

    Supreme Court Justice Stephen Breyer joined President Joe Biden at the White House Thursday to formally announce his retirement, kicking off a rush among Democrats to confirm a new member of the court to replace the oldest serving justice.

  • January 26, 2022

    Disclosures Head Off Injunction, Heat Up Merger Battle In Del.

    Shareholders who sought a Delaware Chancery Court preliminary injunction to block a looming vote on a merger of Fiduciary/Claymore Energy Infrastructure Fund with a similar business have pulled the request after new disclosures, while saying action to recover "staggering" fund losses tied to alleged mismanagement will move forward.

  • January 26, 2022

    Democrats Plan Swift Confirmation Of Breyer Successor

    The U.S. Senate's Democratic leaders pledged Wednesday to move swiftly to confirm a successor for U.S. Supreme Court Justice Stephen Breyer, who is expected to formally announce his retirement Thursday.

  • January 26, 2022

    UHS Investors Get $2.5M Fees After 'Audacious' $5.7M Bid

    Shareholders who accused Universal Health Services Inc. of misleading them about an overbilling scheme and agreed to a settlement secured a $2.5 million attorney fee award on Wednesday, less than half of the $5.7 million request called "audacious" by the Fortune 500 company.

  • January 26, 2022

    Del. Court Tosses Challenge To $13B Noble-Chevron Merger

    A Delaware court on Wednesday tossed out a lawsuit challenging Noble Energy Corp.'s $13 billion merger with Chevron Corp. in 2020, dismissing arguments from investors that they should have been informed about a potential partial sale offer made years earlier.

Expert Analysis

  • Lessons On Conflicted-Party Transactions From NC Ruling

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    The North Carolina Supreme Court's recent Reynolds American v. Third Motion Equities Master Fund decision, affirming the use of deal price in conflicted-party transactions, holds important implications for future corporate acquisitions in states that have adopted the Model Business Corporation Act, say attorneys at Foley & Lardner.

  • What Climate Migration Forecast Means For Risk Management

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    Recent reports from international experts confirm that climate change is already causing environmental impacts and spurring migration of affected populations — so organizations must grapple now with how it will affect their operations and increase their risks in coming years, says Austin Pierce at V&E.

  • And Now A Word From The Panel: 2021 MDLs In Review

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    The most notable trend in multidistrict litigation in 2021 was a 25% decrease in the number of new petitions for MDL proceedings — but a deeper dive into the numbers suggests that, on the whole, MDLs are thriving, and continuing to have a major impact, says Alan Rothman at Sidley.

  • How AI Can Transform Crisis Management In Litigation

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    Attorneys should understand how to use rapidly advancing artificial intelligence technology to help clients prepare for potential catastrophic events and the inevitable litigation arising from them, from predicting crises before they occur to testing legal theories once they arise, say Stratton Horres at Wilson Elser and David Steiger.

  • Opinion

    SEC Sacrifices Process To Block New Proxy Adviser Rules

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    The U.S. Securities and Exchange Commission's about-face on its recently passed reforms concerning proxy advisers is an example of how Chair Gary Gensler has forgone deliberation and bipartisanship to pursue his ambitious agenda — which is emblematic of the increasing politicization of the commission, says David Dragics at the National Investor Relations Institute's Advocacy Committee.

  • Supervisor Relationships Are Key To Beating Atty Burnout

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    In order to combat record attorney turnover and high levels of burnout, law firm partners and leaders must build engaging relationships with supervisees, fostering autonomy and control, enabling expression of values, and building a sense of community and belonging, says Anne Brafford at the Institute for Well-Being in Law.

  • What Stablecoin Industry Can Expect From Congress In 2022

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    As congressional scrutiny of the crypto-asset industry grows, stablecoin issuers and exchanges should anticipate new legislative proposals and regulatory developments, as well as further inquiries and oversight action, from both parties in Congress this year, say attorneys at Debevoise.

  • Settlement Holds ERISA Lessons For Private Co. Directors

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    The U.S. Department of Labor’s recent settlement with Kurt Manufacturing board members and Reliance Trust illustrates potential consequences under the Employee Retirement Income Security Act for private company directors and fiduciaries who exercise too much influence over employee stock ownership plan transactions, says Carol Buckmann at Cohen & Buckmann.

  • Corporate Boards Need Not Fear 7th Circ. Boeing Decision

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    The Seventh Circuit’s recent decision in Seafarers Pension Plan v. Bradway, over Boeing shareholders' rights to bring federal derivative suits over the 737 Max aircraft, may encourage creative Securities Exchange Act claims to avoid exclusive forum provisions, but boards of Delaware corporations still have tools to avoid duplicative litigation, say attorneys at Skadden.

  • Libor Isn't Only Benchmark Transition That Requires Attention

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    The final publication of the Eleventh District Cost of Funds Index, used to price adjustable-rate mortgages, is less than two weeks away, and demands the same kind of commitment and process that has gone into replacing Libor to avoid costly delays and litigation, says Jeffrey Armstrong at Berkeley Research Group.

  • Make-Whole Claim Lessons From Hertz Bankruptcy Ruling

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    After the Delaware bankruptcy court's recent decision in Wells Fargo v. Hertz, courts may continue to hear the assertion that early payoff premiums constitute unmatured interest, which could shape best practices in formulating make-whole clauses to avoid such arguments, say attorneys at Mayer Brown.

  • The Rising Demand For Commercial Litigators In 2022

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    Amid broken supply chains, pandemic-induced bankruptcies and a rise in regulation by litigation, strong commercial litigators — strategists who are adept in trying a range of tortious and contractual disputes — are becoming a must-have for many law firms, making this year an opportune moment to make the career switch, say Michael Ascher and Kimberly Donlon at Major Lindsey.

  • 3 Cybersecurity Imperatives For Financial Cos. This Year

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    With cyberattacks and regulatory scrutiny both expected to increase in 2022, financial services companies should consider important compliance strategies to protect against cyber risks and enforcement actions, says Shardul Desai at Holland & Knight.

  • Takeaways From White Collar Criminal Enforcement In 2021

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    White collar criminal prosecutions were up in 2021, with recent high-profile fraud trials, the Biden administration's enforcement priorities and the continuing effects of the COVID-19 pandemic potentially reversing the previous trend of slumping white collar prosecutions, say attorneys at Keker Van Nest.

  • How In-House Counsel Can Make The Case For Settling Early

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    Following the recent settlement in McDonald's v. Easterbrook, in-house counsel should consider decision-tree analyses and values-driven communications plans to secure effective, early resolutions in litigation, saving time and money and moving the company mission forward, say Ronald Levine at Herrick Feinstein and Richard Torrenzano at The Torrenzano Group.

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