We use cookies on this site to enable your digital experience. By continuing to use this site, you are agreeing to our cookie policy. close

Securities

  • April 23, 2019

    'Deception And Greed' Drove Platinum Fraud, Jury Hears

    A New York federal jury on Tuesday heard opening arguments in the long-awaited fraud trial of former Platinum Partners executives accused of conning the now defunct $1 billion hedge fund's investors, with a prosecutor saying the case boils down to "deception and greed."

  • April 23, 2019

    Puerto Rico Fed Board Wants High Court Take On Its Makeup

    Puerto Rico's financial oversight board Tuesday asked the U.S. Supreme Court to overturn a First Circuit finding that its members were unconstitutionally appointed, saying the decision ignored two centuries of law on how U.S. territories are run.

  • April 23, 2019

    Investors In Event Center Say Utah Developer Misled Them

    A group of investors sued a real estate company through which they purchased an Indiana event venue under a tenant-in-common ownership agreement, accusing the company Tuesday in Utah federal court of defrauding them by misrepresenting the profitability and potential risk of their $4.9 million investment in the property.

  • April 23, 2019

    Gov't Drops Software Exec Spoofing Case After Mistrial

    An Illinois federal judge on Tuesday permanently tossed federal prosecutors' case against an Illinois software executive who they claimed made a program he knew would help a trader to spoof the commodities market, after a jury deadlocked on those charges at trial.

  • April 23, 2019

    Platinum Affiliates Say ‘Wagoner’ Kills Liquidators' Claims

    More than a dozen sets of defendants in a suit over the collapse of Platinum Partners say a Second Circuit rule prevents the hedge fund’s liquidators from suing them for Platinum’s own misconduct.

  • April 23, 2019

    Emulex Doomed By Procedural Issues In Tender Offer Case

    The U.S. Supreme Court’s unusual decision Tuesday to drop an appeal after hearing oral arguments caught many court watchers off guard, yet a procedural issue unique to Emulex Corp.'s dispute involving the standard for bringing certain tender offer claims is the likely culprit.

  • April 23, 2019

    2nd Circ. Presses Pause On Madoff Foreign Clawback Ruling

    Until the U.S. Supreme Court responds to an impending review bid, the Second Circuit will not issue a mandate on its ruling that the trustee for Bernie Madoff’s fraudulent investment firm can claw back billions in Ponzi scheme proceeds from foreign parties.

  • April 23, 2019

    Big Biz Universally Beefing Up Compliance Units, KPMG Finds

    Big companies and other organizations across a variety of industries are boosting their ethics and compliance efforts, particularly in internal investigations, according to a new report from KPMG LLP.

  • April 23, 2019

    Abraaj Partner To Be Tried Separately From PE Firm's CEO

    A Manhattan federal judge targeted November for Abraaj Group managing partner Mustafa Abdel-Wadood to stand trial on fraud charges, after hearing Tuesday it could take two years for his ex-boss, CEO Arif Naqvi, to be extradited from England.

  • April 23, 2019

    Ex-Atty, 'Housewife' Testifies Fraud Scheme Seemed Legit

    The former "Real Housewives" cast member and disbarred Maryland attorney facing claims she stole millions from investors in a trading scheme testified Tuesday that she herself was fooled into thinking the investments had performed well.

  • April 23, 2019

    Disclosing Multinationals' Tax Data Becoming Norm

    Making public the information about tax activities that multinational corporations disclose to their national governments is moving toward becoming a global norm, according to a study published Tuesday by a coalition of tax-fairness advocacy groups.

  • April 23, 2019

    Macquarie Says Investors’ Stock-Drop Suit Oversells Evidence

    Macquarie and its executives asked a New York federal judge Monday to nix a stock-drop lawsuit by investors alleging it misled them about the health of its liquid storage business, arguing the shareholders are attempting to manufacture a pattern of deception by the infrastructure company.

  • April 23, 2019

    Ex-Aveo CFO Says Securities Fraud Verdict Should Be Tossed

    The former chief financial officer of Aveo Pharmaceuticals asked a Massachusetts federal judge on Monday to erase the verdict against him for civil securities violations, saying it was based on a misreading of the law.

  • April 23, 2019

    Claims Trimmed In $2.9M Health Care Investment Fraud Suit

    An investment firm's securities fraud suit accusing two former business partners of stealing $2.9 million through a bogus health care venture largely survived Tuesday after a Florida federal judge tossed two of five claims due to insufficient pleading.

  • April 23, 2019

    Ex-Shkreli Atty Splitting Hairs Over 'Duty,' Gov't Says

    Prosecutors sought to preserve the conviction of Martin Shkreli's former attorney Evan Greebel on Monday, telling the Second Circuit that his claim that jury instructions used the wrong definition of a lawyer's "duty" was an attempt to draw a "fine-to-nonexistent line" that made no difference at his trial.

  • April 23, 2019

    Broker Asks To Bring Back Expert In SEC’s ‘Layering’ Suit

    Lek Securities Corp. urged a New York federal court Monday to rethink its decision to exclude certain expert testimony in the U.S. Securities and Exchange Commission’s suit accusing Lek of helping a foreign trader manipulate the market through a practice known as “layering.”

  • April 23, 2019

    Diplomat Pharmacy Inks $14M Deal In Suit Over PBM Fees

    Diplomat Pharmacy has agreed to pay $14.1 million to settle a proposed class action claiming investors were kept in the dark about an increase in fees pharmacy benefits manager CVS Caremark was going to charge for Medicare Part D prescriptions.

  • April 23, 2019

    ​​​​​​​Ex-UBS Worker Not Source Of Trader Friend's Tips, Jury Told

    A former UBS compliance officer did not provide inside information to her day trader friend and co-defendant, her lawyer told a London jury Tuesday, saying the trader must have received his tips on deals the bank was working on elsewhere.

  • April 23, 2019

    GE Mortgage Unit Opens Ch. 11 To Wrap Up Subprime Claims

    GE Capital Corp. subsidiary WMC Mortgage LLC filed for bankruptcy Tuesday, saying it needs to resolve remaining legal liabilities after paying more than $1.5 billion to settle claims that it sold toxic subprime loans in the years leading up to the housing crisis.

  • April 23, 2019

    Justices Drop Emulex Appeal Over Tender Offer Suits

    The U.S. Supreme Court on Tuesday punted a decision about the appropriate standard for alleging false statements and omissions related to tender offers and whether private plaintiffs can bring such lawsuits at all. 

Expert Analysis

  • Rebuttal

    Jury Trials, Though In Decline, Are Well Worth Preserving

    Author Photo

    In a recent Law360 guest article, the author applauded the disappearance of jury trials as an inefficient, costly mechanism, but in doing so he overlooked the greater value of jury trials for our justice system, says Stephen Susman, executive director of the Civil Jury Project at NYU School of Law.

  • A Broader View Of The US Supreme Court Bar

    Author Photo

    During the past 15 years, three widely read articles bolstered by starstruck media have promulgated the incorrect perception — sorely in need of revision — that the U.S. Supreme Court bar is limited to a handful of elite lawyers, says Lawrence Ebner of Capital Appellate Advocacy.

  • Ex-Jumio CEO Case Shows SEC Is Watching Private Cos.

    Author Photo

    The U.S. Securities and Exchange Commission recently settled with the founder of Jumio for his misstatement of financial results to inflate the value of his company shares. This case is an example of what may be in store if an economic downturn hits the current stable of unicorns, say Joshua Newville and Brian Hooven at Proskauer.

  • How Treaties Protect Investors When Clean Energy Regs Shift

    Author Photo

    When changes in clean energy regulations lead to investor disputes, domestic companies may be limited to challenging regulatory changes in local courts, but investors from abroad can often seek remedies under international law, say attorneys at WilmerHale.

  • New FinCEN Action Is A Warning To P2P Crypto Exchangers

    Author Photo

    The Financial Crimes Enforcement Network recently assessed its first civil penalty against a peer-to-peer exchanger of convertible virtual currency, indicating that virtual currency exchanges of any size that fail to comply with the Bank Secrecy Act do so at their own peril, say Wade Thomson and E.K. McWilliams of Jenner & Block.

  • Opinion

    Post-Lucia, It’s Deja Vu With The SEC

    Author Photo

    Given last year's U.S. Supreme Court ruling that the U.S. Securities and Exchange Commission administrative law judge who tried Raymond Lucia's case had not been constitutionally appointed, Lucia should not be facing an SEC ALJ again on remand, says Joel Nolette of Mintz.

  • New Chancery Guidance On Books And Records Law

    Author Photo

    The Delaware Court of Chancery’s recent decisions in Schnatter, Tempur-Sealy and CHC Investments further delineate the metes and bounds of a stockholder's right to obtain a company's books and records, say attorneys with Winston & Strawn.

  • Justices Could Trigger Sea Change For Tender Offer Suits

    Author Photo

    U.S. Supreme Court oral arguments Monday in Emulex v. Varjabedian — a case that could alter the landscape of tender offer litigation under Section 14(e) of the Securities Exchange Act — confirmed the potentially significant nature of the forthcoming decision, as well as the justices’ sharp divide on the issues, say attorneys with Ropes & Gray.

  • Opinion

    Jury Trials Are In Decline For Good Reason

    Author Photo

    A recent Law360 article reported on federal judges bemoaning jury trials' nationwide decline, but these laments are unfounded as jury trials have been replaced by better alternatives, says J.B. Heaton of J.B. Heaton Research.

  • Chancery Decision Continues Trend Of Lower Appraisal Prices

    Author Photo

    Silver Spur v. Trussway is the latest appraisal case in which the Delaware Chancery Court relied on the discounted cash flow methodology and reached a similar result to the market-based valuation. There is now a greater risk of appraisal results being close to or below the merger price, say attorneys at Fried Frank.