A former Barclays executive told in-house lawyers he was worried that a secret payment to Qatar to secure an investment as part of an emergency fundraising during the financial crisis would be seen as a bribe, prosecutors said at a London fraud trial Monday.
Two now-defunct Bear Stearns investment funds have agreed to end a malpractice suit in New York court accusing Reed Smith LLP of bungling its representation of the funds to the tune of half a billion dollars during a suit against ratings agencies.
The U.S. Securities and Exchange Commission obtained a temporary restraining order in New York federal court Friday to block two offshore entities from carrying out a $1.7 billion digital token offering that the agency says violates securities laws.
A trio of federal financial regulators released a joint statement on Friday urging anyone dealing with digital currencies to ensure they are adhering to obligations under anti-money laundering and countering the financing of terrorism regulations, regardless of what those digital assets are called.
Federal prosecutors say two former Deutsche Bank traders’ deserve substantial prison time for Libor rigging as a crime “emblematic” of big banks’ bad behavior, while the traders argue that they had already suffered enough as two of the few to be prosecuted over the international scandal.
The Delaware Chancery Court dismissed all but one of six counts Friday in a suit accusing majority investors in a sporting and fitness goods manufacturer of unfairly pushing through a $40 million company sale that left the minority, including the company’s two founders, with nothing.
U.S. District Judge Jed S. Rakoff allowed Manhattan hairdresser Abell Oujaddou to avoid prison for insider trading Friday, citing his remorse and cooperation with prosecutors, but smacked the wealthy business owner with a $500,000 fine for a crime of "sheer greed."
The long-awaited trial of Privinvest executive Jean Boustani over his role in a securities fraud, bribery and kickback scheme involving $2 billion in Mozambican government loans is scheduled to commence on Tuesday.
A New York federal judge axed CVR Energy Inc.’s malpractice suit against Wachtell Lipton Rosen & Katz on Wednesday and said the oil company’s request to retool its complaint “blatantly disregards” an earlier order that limited the scope of revisions CVR was already allowed to make.
The D.C. Circuit on Friday seemed skeptical that the U.S. Securities and Exchange Commission had identified an existing problem warranting a two-year pilot program that could cap the fees major exchanges receive.
After 25 years on the federal bench in Chicago, former Chief U.S. District Judge Rubén Castillo is returning to private practice as a man with a mission, ready to tackle "unfinished business."
Kirby McInerney and Glancy Prongay & Murray asked a California federal court Thursday for roughly $2 million in fees for their efforts securing a tentative $8 million from data storage company Quantum Corp. to resolve a shareholder lawsuit over its accounting practices.
The unsecured creditors of bankrupt paper maker Orchids Paper Products Co. claim its proposed Chapter 11 plan is “fatally flawed” because it includes releases that would prevent creditors from suing Orchids’ directors and officers individually, arguing that to even permit a vote on the plan would be a waste of money.
Shareholders accusing a China-based education company of ghostwriting college applications said Thursday that rather than addressing their revamped allegations, the company's latest dismissal bid merely rehashes a judge's order tossing an old incarnation of the proposed class action.
Abrams & Bayliss and Olshan Frome Wolosky faced pushback Thursday on a $22 million fee bid for brokering a potential $47 million deal on behalf of a putative class of investors challenging Medley Capital Corp.'s proposed tie-up with Sierra Income Corp., as the defendants cast doubt that the deal is worth that much.
MasterCard, eBay and Visa confirmed to Law360 on Friday that they won't be joining the Facebook-led Libra digital currency project, a move that comes one week after PayPal announced it was ending its involvement.
The Trump administration will hold off on raising tariffs against Chinese goods, according to a Friday announcement that marks a moment of conciliation in the sprawling trade conflict that has enveloped the two nations for over a year.
Reed Smith LLP has added a capital markets attorney from Morrison & Foerster LLP as a partner in its global corporate practice in New York.
An oil and gas official accused of fundraising for a visa fraud scheme that targeted Chinese citizens interested in obtaining an EB-5 investor visa will pay $527,000 under an agreement with the U.S. Securities and Exchange Commission.
A Manhattan federal judge hit former Public Company Accounting Oversight Board accountant Jeffrey Wada with nine months in prison Friday for passing inspection secrets from the financial watchdog to KPMG, calling him a “crucial” component of an illegal scheme that led to six convictions.
Philadelphia's sprawling PES Holdings LLC refinery filed a three-option Chapter 11 plan in Delaware late Thursday, with leeway for an equity restructuring, sale or auction of the 1,300-acre complex, blasted by a June explosion into its second bankruptcy in less than two years.
Congress seems poised to broaden the relatively narrow definition of whistleblower as it pertains to reporting violations of securities laws that was laid out by the U.S. Supreme Court last year, a development attorneys say would benefit potential whistleblowers and their employers alike.
The past week has seen asset manager BlueCrest drag a U.S. hedge fund into court following its expansion into the U.K., a City watchdog sue a Panamanian connected to an illegal land sale scheme and a Hong Kong food distributor file suit against shipping giant MSC. Here, Law360 looks at those and other new claims in the U.K.
Barclays executives who conspired to pay £322 million ($396 million) in secret fees to secure capital from Qatar during the financial crisis created a fake “audit trail” to cover their tracks, prosecutors told a London jury Friday during the bankers’ fraud trial.
The U.S. Securities and Exchange Commission’s decision to allow all companies to pursue “testing-the-waters” communications with institutional investors before registering their offerings is welcomed by corporate attorneys, who say the policy could spur more deal-making, though investor groups are skeptical that the public will benefit from the rule change.
While artificial intelligence has already revolutionized the e-discovery field, the development of emotionally intelligent AI promises to explore data in an even more nuanced and human way, thereby further reducing the burden on legal teams, say Lisa Prowse and Brian Schrader at e-discovery services provider BIA.
It is unclear how the virtual currency sector will find a practical way to comply with the recent expansion of the Financial Crimes Enforcement Network regulation known as the travel rule, but any solution is likely to have both unintended consequences and unintended benefits, say attorneys with King & Spalding.
A recent Law360 guest article called on experts in appraisal proceedings to present valuations closer to deal price, but an examination of 20 cases involving disinterested transactions of public targets indicates this call to action is more apt for petitioner valuations than those of respondents, says Michael Cliff at Analysis Group.
Although most lawyers are well-prepared to defend or justify the value of an insurance claim for clients, often law firms have not clearly identified their own potential liabilities, planned for adequate insurance or established prudent internal risk management practices, says Victor Sordillo at Sompo International.
An asset manager can more nimbly engage with the nuances of new data privacy legislation by following a best practices model, developed through universal protocols, that can more readily be adapted to comply with a variety of laws, say attorneys at Ropes & Gray.
With lateral transfers between law firms on the rise, it is more important than ever for partners to understand the steps they must take to adhere to ethics rules and other requirements when making a transition, say attorneys at Harris Wiltshire.
A recent Law360 guest article attempts to dissuade mutual funds from engaging in shareholder litigation, but it ignores the practical realities of how, under the right circumstances, it often makes sense for mutual funds to participate, say attorneys at Labaton Sucharow.
The U.S. Securities and Exchange Commission’s recent expansion of permissible prefiling communications between issuers and certain potential investors may allow issuers to be in a better position to gauge interest in the market in a cost-effective manner, say attorneys at Debevoise.
A recent U.S. House Committee on Financial Services hearing highlights the lack of clarity on cryptocurrencies' legal obligations, as well as potentially shifting expectations as legislators and regulators consider how to oversee cryptocurrencies as a consumer financial product, say Duane Pozza and Antonio Reynolds at Wiley Rein.
As the June 30 deadline to comply with the U.S. Securities and Exchange Commission's Regulation Best Interest approaches, broker-dealers must start translating their implementation strategies into concrete actions, say attorneys at Eversheds Sutherland.
By employing tactical empathy techniques to understand the interests behind the positions taken by others, attorneys can gain the upper hand in deal negotiations and litigation while still promoting and preserving long-term relationships with opponents, judges and others, say Shermin Kruse of TEDxYouth@Wrigleyville and Ursula Taylor of Strategic Health.
The way the Alternative Reference Rates Committee calculates interest for its proposed backup successor to Libor results in an accrual hybrid that is analytically problematic in its suspension of compounding on nonbusiness days, says Thomas Volet at Moses & Singer.
Law firms are beginning to recognize implicit bias as a problem. But too few recognize that it is also an opportunity to broaden our thinking and become better legal problem solvers, says Daniel Karon of Karon LLC.
U.S. Supreme Court Justice Neil Gorsuch's new book "A Republic, If You Can Keep It" offers hope for our constitutional system through stories of American greatness, and sheds much-needed light on originalism for skeptics, says Sixth Circuit Judge Amul Thapar.
With Eugene Scalia confirmed as the U.S. secretary of labor, his department should prioritize designating proxy advisers — the primary provider of shareholder voting recommendations — as investment advice fiduciaries to protect Employee Retirement Income Security Act plan beneficiaries, says Bernard Sharfman of the Main Street Investors Coalition advisory council.