Securities

  • September 23, 2019

    Class Atty Claims Cover-Up In $1.4B Fresh Market Sale

    Independent directors of The Fresh Market "got into a very messy situation and then covered it up" with the company's $1.4 billion take-private sale to Apollo Global Capital in 2015, a stockholder attorney argued Monday during an eight-way Delaware Chancery Court dismissal battle.

  • September 23, 2019

    Republicans Press OCC For 'Administrative' Madden Fix

    Republicans on the House Financial Services Committee have called for the Office of the Comptroller of the Currency to pursue regulatory workarounds to neutralize fallout from the Second Circuit’s Madden decision, saying the ruling has led to “significant uncertainty and disruption in many types of lending programs.”

  • September 23, 2019

    Wachtell Seeks NY Trial Against Carl Icahn's CVR, Touts Docs

    Wachtell Lipton Rosen & Katz on Monday told a New York trial judge that CVR Energy Inc. and Carl Icahn are ignoring substantial evidence that they misused Wachtell's internal documents in their bid to dodge the firm's lawsuit, saying the firm is ready to go to trial.

  • September 23, 2019

    Russian Man Cops To Massive JPM Hack, To Cough Up $19M

    An electronics expert from Moscow pled guilty Monday in Manhattan and agreed to forfeit more than $19 million in what federal prosecutors call a gargantuan hacking and fraud scheme that victimized over 80 million customers at JPMorgan Chase & Co.

  • September 23, 2019

    $6M Deal OK'd In Shareholder Suit Over Iconix Accounting

    A New York federal judge greenlit a $6 million settlement between Iconix Brand Group Inc. and its investors Monday, resolving allegations that the fashion brand management company fudged its financial statements in order to hide its deteriorating performance.

  • September 23, 2019

    Texas AG's Defense Attorney Joins Squire Patton Boggs

    Squire Patton Boggs LLP announced Monday that it has lured a prominent criminal defense attorney away from the firm he founded to join its Houston office, where he’ll continue defending Texas’ attorney general against felony securities fraud charges.

  • September 23, 2019

    Purported Metals, Real Estate Co. Must Repay Investors

    A pair of investment firms will get their money back from a California-based company that claimed to have interests in residential properties and silver stockpiles but was actually buying cryptocurrency before defaulting on a loan, according to a Massachusetts federal judge's order on Monday.

  • September 23, 2019

    PwC Settles SEC’s Auditor Independence Charges For $8M

    Accounting firm PricewaterhouseCoopers has agreed to pay nearly $8 million to settle the U.S. Securities and Exchange Commission’s claims that the firm and one of its partners violated auditor independence rules, the SEC said Monday.

  • September 23, 2019

    Nevada Atty Disbarred For Role In $60M Diamond Stock Scam

    Nevada's highest court has disbarred an attorney who in February acknowledged participating in securities fraud as part of a scam in which federal prosecutors contended investors lost more than $60 million through buying shares in a fake diamond company.

  • September 23, 2019

    Disclosures Let Keryx Escape Kidney Drug Stock Suit

    A Massachusetts federal judge handed Keryx Biopharmaceuticals Inc. a win in a proposed shareholder class action on Monday, ruling that the sole remaining plaintiff bought his shares of the company after vital information about its kidney drug had already been disclosed.

  • September 23, 2019

    2 Men Charged With Participating In $3M 'Boiler Room' Plot

    A chief executive and stock promoter have been charged in New York federal court in relation to an alleged scheme to artificially inflate the value of Renewable Energy and Power Inc. stock before selling the shares at a profit, according to an indictment made public on Monday.

  • September 23, 2019

    Binary Options Sales Rep Gets 8 Months For $145M Fraud

    Another former binary options trader was sentenced to prison on Monday for his role in a $145 million investment scam based out of Israel.

  • September 23, 2019

    SEC Settles ICO Fraud Claims With 'Fantasy Market' Founder

    A tri-state area entrepreneur accused by the U.S. Securities and Exchange Commission of running a fraudulent offering of digital tokens for an online peep show platform has reached a settlement agreement with the agency that comes with a $15,000 fine, according to Manhattan federal court filings on Friday.

  • September 23, 2019

    Conspiracy Claims Cut From Odebrecht Bribery Suit

    A New York federal court on Monday tossed conspiracy claims against Brazilian engineering conglomerate Odebrecht in a suit that ties the plummeting value of its bonds to a $3.3 billion bribery scheme, finding that alleged financial misrepresentations weren't the result of a formal agreement between the company and its subsidiary.

  • September 23, 2019

    9th Circ. Asks Del. Justices To Clarify State Disclosure Law

    The Ninth Circuit has asked the Delaware Supreme Court to decide whether a limited-partner agreement under Delaware law required a financial-services newsletter author to disclose to an investor that the author's hedge fund had only two investors, saying it's an unresolved "purely state-law issue" that implicates important Delaware policy considerations.

  • September 23, 2019

    Madoff Investigator To Join Allen & Overy's New York Office

    Allen & Overy LLP has added a prosecutor who was part of the team investigating the Bernie Madoff Ponzi scheme as a partner in its litigation, arbitration and dispute resolution practice, the firm has announced.

  • September 23, 2019

    TechnipFMC Settles SEC's Bribery Claims For $5M

    French oil and gas company TechnipFMC PLC agreed to pay more than $5 million to the U.S. Securities and Exchange Commission to settle claims the business bribed Iraqi government officials, according to an administrative proceeding filed by the regulator Monday.

  • September 23, 2019

    Crypto Exchange Giant Binance Readies US Trading Launch

    The U.S. arm of cryptocurrency exchange giant Binance will begin trading in the U.S. on Tuesday, offering trades across various cryptocurrencies and from fiat to crypto, Binance.US said Monday.

  • September 23, 2019

    Rising Star: Sidley Austin's Nilofer Umar

    Sidley Austin LLP’s Nilofer Umar has guided Walgreens through shareholder litigation against its officers for allegedly falling prey to fraud from Theranos and represented Keurig in a shareholder action seeking to halt its $13.9 billion merger, making her one of six securities attorneys under 40 selected as one of Law360’s Rising Stars.

  • September 23, 2019

    Investors Accuse Calif. Crypto Co. Of Abandoning Them

    A Russian crypto-entrepreneur in Beverly Hills, California, collected substantial funds from would-be investors, telling them he could septuple their income with investments in initial coin offerings, then abandoned his website and stopped responding to messages, his customers allege in a suit filed in federal court Friday.

  • September 23, 2019

    NJ Energy Co. Can't Duck $1.1M In Penalties In Securities Row

    A New Jersey state appeals court will let stand roughly $1.1 million in penalties leveled against a green energy company for selling unregistered securities and misleading investors with false statements that the business would go public and had filed a federal registration form.

  • September 23, 2019

    AMC Must Face Trimmed Stock-Drop Suit Over Acquisitions

    AMC Entertainment Holdings Inc. must face the majority of shareholders' proposed class claims that the company misled investors about a trio of major acquisitions ahead of its secondary public offering, a New York federal judge has ruled. 

  • September 23, 2019

    Attys Seek $15M In Fees From $74M SunEdison Settlement

    The lead counsel in a class action claiming SunEdison Inc. misled shareholders about its financial health before filing for bankruptcy is asking a New York federal court to approve more than $15 million in attorney fees for its work in reaching a $74 million settlement with the company.

  • September 23, 2019

    Nissan, Ex-CEO Pay SEC $16M To End Compensation Claims

    Nissan Motor Co. Ltd. and its former CEO Carlos Ghosn agreed Monday to pay $15 million and $1 million, respectively, to settle U.S. Securities and Exchange Commission claims related to the alleged concealment of more than $140 million in retirement compensation.

  • September 23, 2019

    Ex-JPMorgan Banker Again Convicted In Insider Trading Case

    Former JPMorgan Chase & Co. and Perella Weinberg Partners investment banker Sean Stewart on Monday was again convicted of insider trading over a purported scheme to leak confidential information about health care company mergers for his father to trade on.

Expert Analysis

  • Series

    Pursuing Wellness: Steps Toward A Supportive Firm Culture

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    As an early advocate of the American Bar Association's year-old well-being pledge, we launched an integrated program to create and sustain a supportive workplace culture with initiatives focused on raising mental health awareness, embracing creativity and giving back to the community, says Casey Ryan at Reed Smith.

  • White Collar Cases And Trends To Watch At High Court

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    In the approaching U.S. Supreme Court term, white collar practitioners should follow Kelly v. United States for its potential to narrow criminal fraud law, along with three pending certiorari petitions, and the voting patterns of Justices Neil Gorsuch and Brett Kavanaugh, say Brook Dooley and Cody Gray at Keker Van Nest.

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    Pursuing Wellness: Mental Health Education As A Firm Priority

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    Our firm drives a holistic concept of well-being through educational opportunities, such as a series of expert-led workshops intended to address mental health and substance abuse issues that we vowed to fight when we signed the American Bar Association's well-being pledge one year ago, says Krista Logelin at Morgan Lewis.

  • The New Frontier Of Cryptocurrency Collateral

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    As the number of corporate borrowers transacting in cryptocurrency is likely to increase, this additional pool of value may be of interest to lenders, who should consider some administrative and legal questions as they weigh crypto collateral's costs and benefits, say Jerome McCluskey of Milbank, and Cameron Winklevoss, Tyler Winklevoss, Sarah Olsen and Josh Rawlins of Gemini Trust.

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    Pursuing Wellness: A Firm's Work With Mental Health Experts

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    Signing the American Bar Association's well-being pledge last year was a natural progression of our firm's commitment to employee wellness, which has included developing partnerships with professionals in the mental health space to provide customized programming to firm attorneys and staff, say Annette Sciallo and Mark Goldberg at Latham.

  • Marriott Order Good News For Cybersecurity Class Action Bar

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    A Maryland federal judge's recent decree ordering Marriott to release a crucial third-party report revealing key details about how a data breach occurred could have significant ramifications for plaintiffs filing class actions following breaches of customer data at other companies, says cybersecurity consultant John Reed Stark.

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    Pursuing Wellness: When A Firm Brings Counseling On Site

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    One year ago, our firm signed the American Bar Association's well-being pledge and embraced a commitment to providing on-site behavioral health resources, which has since become a key aspect of our well-being program, say Meg Meserole and Kimberly Merkel at Akin Gump.

  • SEC's Broker Bar Stance Hinges On Penalties Vs. Remedies

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    The U.S. Securities and Exchange Commission's recent decision holding that Financial Industry Regulatory Authority expulsions are remedial, not punitive, spells out how far a regulator can go in sanctioning securities misconduct in light of the U.S. Supreme Court's Kokesh opinion, says Clinton Marrs of Marrs Griebel Law.

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    Pursuing Wellness: Inside A Firm Meditation Program

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    After our firm signed the American Bar Association’s well-being pledge one year ago, we launched two key programs that included weekly meditation sessions and monthly on-site chair massages to help people address both the mental and physical aspects of working at a law firm, says Marci Eisenstein at Schiff Hardin.

  • Third Point's FTC Fine Displays Antitrust Rule Quirk

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    Although the Federal Trade Commission determined Third Point inadvertently missed Hart-Scott-Rodino Act filings associated with its investments in newly merged DowDuPont, the FTC's enforcement action underscores the need for attention to compliance with the antitrust law, even when the trigger is another company's transaction, say attorneys at Arnold & Porter.

  • Early Sampling Of Electronic Info Is Underutilized In Discovery

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    The early and prompt provision of samples from all electronically stored information sources as a part of ESI protocol search methodology is consistent with the Federal Rules of Civil Procedure and may allow for significant cost savings during discovery, says Zachary Caplan at Berger Montague.

  • Crypto-Mining Pools, Chips May Prompt Antitrust Concerns

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    Cryptocurrency-mining company Bitmain's reported plans for an initial public offering have thrust the influence of mining pools and application-specific integrated circuits on the competitive landscape into the spotlight, raising questions over whether they promote mining centralization, says Marc Martos-Vila at Econ One Research.

  • To Defer Or Not To Defer: Kisor's Impact On Tax Controversies

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    Three recent federal tax cases show how the U.S. Supreme Court's June decision in Kisor v. Wilkie, substantially restricting agency deference, is affecting interpretation of the many regulations and guidance issued post-tax reform, say Andrew Roberson and Kevin Spencer at McDermott.

  • SEC's Shareholder Proposal Change May Muddle 2020 Proxies

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    Recent changes to the U.S. Securities and Exchange Commission staff's role as arbiter of shareholder proposals only add more complexity to the Rule 14a-8 process, which was already fraught with uncertainty for filers preparing to navigate the upcoming proxy season, say attorneys at Davis Polk.

  • The Factors Courts Consider In Deposition Location Disputes

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    In the absence of a federal rule governing deposition location, federal courts are frequently called on to resolve objections to out-of-state deposition notices. Recent decisions reveal what information is crucial to courts in making the determination, says Kevin O’Brien at Porter Wright.