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Securities

  • May 17, 2019

    Gov't Must Provide Info In Challenge To 2-For-1 Rule Order

    The D.C. federal judge presiding over public interest groups' challenge to President Donald Trump's executive order requiring that for every new regulation, two rules must be eliminated, said Friday that federal agencies must do a better job complying with discovery.

  • May 17, 2019

    Conn. State Court Grants Post-Cyan Discovery Stay

    A Connecticut state judge addressed one of the biggest questions created by last year's controversial Cyan ruling when he granted a bid to halt discovery pending a decision about whether to dismiss a case over allegedly misleading public offering documents.

  • May 17, 2019

    Alix Co. Lacks Standing In ANR Ch. 11 Fight With McKinsey

    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.

  • May 17, 2019

    Platinum Exec Says Co-Founder Misled Investors

    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.

  • May 17, 2019

    Global Brass Hit With Investor Suit Over $963M Deal

    Global Brass and Copper Holdings Inc. failed to give stockholders enough information about its proposed $963 million tie-up with Wieland-Werke AG for them to make an informed vote on the transaction, an investor told a Delaware federal court Friday.

  • May 17, 2019

    Why Law Firms Must Have A Compliance Plan For PE Clients

    As the SEC focuses on compliance in private equity investments, legal advisers must be ready to help clients assess risk, look for red flags at target companies and implement formal compliance systems, because the simple act of having a plan in place can win favor with regulators.

  • May 17, 2019

    Mobile App Developer Tries To Kick 'Click Injection' Fraud Suit

    A Chinese mobile app developer asked a New York federal court on Thursday to excuse it from a proposed class action accusing the company of lying to investors about faking its download numbers to fraudulently increase advertising revenue, arguing that the shareholders' claims are too vague.

  • May 17, 2019

    Citi, JPM Get Nod For $182.5M Euribor Settlement Payout

    A Manhattan federal judge on Friday approved a $182.5 million settlement between JPMorgan Chase & Co., Citigroup and investors who accuse the two megabanks of rigging a key euro rate, signing off also on a roughly $36 million haul for plaintiffs' firms that brought the antitrust class action.

  • May 17, 2019

    Conrad Black Prosecutors Irked By Bypass Of Pardon Process

    Three of the former prosecutors who tried former media mogul Lord Conrad Black are upset about his pardon — not because it happened, but because President Donald Trump appears to have bypassed the U.S. Department of Justice's traditional role in the process.

  • May 17, 2019

    J.S. Oliver, Principal Settle SEC’s 'Cherry-Picking' Claims

    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.

  • May 17, 2019

    Ex-Skyworks Engineer Arrested On Insider Trading Charges

    An engineer who formerly worked at semiconductor maker Skyworks Solutions Inc. turned himself in on Friday to face charges in California federal court that he stole private financial information from his ex-employer, cashed in on illegal trades, and then fled to Taiwan when he was caught.

  • May 17, 2019

    Morgan Stanley’s $10M Deal Is Too Low, Advisers Say

    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.

  • May 17, 2019

    Platinum Reinsurer Strikes Back At Insurer 'Smear Campaign'

    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.

  • May 17, 2019

    DeVry $16M Ads Suit Settlement OK'd With Lesser Atty Fees

    A Delaware vice chancellor on Friday signed off on a settlement with a lesser-than-requested attorney fee by which former officers of DeVry University will pay $16 million to end a shareholder derivative suit that alleged the for-profit college chain made false advertisements and representations about the employment rates of its graduates.

  • May 17, 2019

    Hedge Funds Can't Split Trial In $15M Reed Smith Deal Suit

    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.

  • May 17, 2019

    Cryptocurrency Thief Gets Six Years For $1.8M Heist

    A New York state judge on Thursday sentenced a man to six years in prison for his admitted role in a kidnapping and robbery that drained $1.8 million worth of Ether cryptocurrency from a victim's digital wallet.

  • May 16, 2019

    Levi & Korsinsky Wants SEC Files From Musk Tweet Probe

    Levi & Korsinsky LLP asked a D.C. federal court Wednesday to order the U.S. Securities and Exchange Commission to hand over documents related to its investigation into Tesla CEO Elon Musk's infamous going-private tweet, noting that it is seeking the documents on behalf of shareholders.

  • May 16, 2019

    Atty-Duping Scammer Cops To Role In $550M Ponzi Scheme

    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.

  • May 16, 2019

    Bitfinex, Tether Transfers Blocked As NY Judge Narrows Order

    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.

  • May 16, 2019

    Best Interest Standard Likely End Of FINRA Suitability Rule

    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.

Expert Analysis

  • Reducing The Regulatory Risk Of Merchant Cash Advances

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    Courts and regulators have reached different conclusions on whether merchant cash advances and unpaid invoice purchases constitute loans subject to state lender licensing and usury regulations. Attorneys at Buckley discuss how to minimize the chances of these transactions being recharacterized as loans.

  • Q&A

    A Chat With Gilead Sciences Legal Ops Leader Gary Tully

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    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.

  • DC Circ.'s Chance To Clarify 'Should Have Known' Liability

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    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.

  • Opinion

    FINRA's Presumptive Bad Actor Rule Seems Like Overkill

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    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.

  • Series

    Why I Became A Lawyer: Completing The Journey Home

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    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.

  • Examining The Evidence On VIX Manipulation

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    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 Insider Trading 'Mess' Congress Is Trying To Fix

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    The House Committee on Financial Services recently approved the Insider Trading Prohibition Act, which creates a statutory definition of insider trading in response to what one legislator called a “judicial mess.” The history of insider trading prosecutions supports the need for clarification, say attorneys with Paul Hastings.

  • DC Circ. Gives New Meaning To 'Willful' In Securities Statutes

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    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.

  • New Questions Over Corporate Officers' Legal Duties

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    Recent litigation between Hertz and its former executives raises novel questions about whether corporate leaders have a legally cognizable responsibility to set the right “tone at the top,” and the consequences if they fail to do so, say attorneys at Cleary.

  • Series

    Judging A Book: Wood Reviews 'The Making Of A Justice'

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    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.