Legal Book » securities

Before Retiring His Robes, Judge Holwell Denies Appellate Bid by Vivendi Shareholders

admin — Thu, 09 Feb 2012 06:37:51 +0000

Thanks to a ruling this week by a Manhattan federal judge who will soon leave the bench for private practice, Vivendi shareholders will have to wait a while to argue to the 2nd Circuit that their securities claims against the company never should have been dismissed on Morrison grounds.Related story: N.Y.

Regulators Prepare to Examine the Facebook IPO

Master — Thu, 02 Feb 2012 07:40:21 +0000

As Facebook files its initial public offering paperwork with the Securities and Exchange Commission, regulators and potential investors will examine the company under a fiscal microscope and decide just how much they “like” its operational structure. What are the top three concerns for regulators?

The Upsides of the SEC’s No-Guilt Deals for In-House Lawyers

admin — Tue, 31 Jan 2012 07:15:10 +0000

The Securities and Exchange Commission offers no-admit settlements in about 99 percent of its cases. But companies aren’t the only defendants to benefit from these pacts. So do individuals, especially in-house counsel, by avoiding the nasty collateral consequences.

SEC Tries to Head Off Rakoff Reprise After Milwaukee Judge Questions Proposed Koss Settlement

admin — Fri, 27 Jan 2012 04:21:04 +0000

New York federal district court Judge Jed Rakoff’s decision to reject the Securities and Exchange Commission’s $285 million Citigroup settlement inspired a judicial counterpart in Wisconsin to question a proposed SEC deal with another company. Can the SEC avoid a Citi sequel in Milwaukee?

Circuit Applies Insider Rules to Partners Who Cede Control

Master — Wed, 25 Jan 2012 07:59:48 +0000

Limited partnerships that delegate voting and investment control over their securities portfolios to their general partners’ agents are still considered insiders for purposes of insider trading liability, the 2nd U.S. Circuit Court of Appeals has ruled.

Insurers Spared From Covering SEC Settlement

Master — Wed, 14 Dec 2011 05:57:45 +0000

J.P. Morgan Securities’ insurers will not have to cover any of a $250 million settlement with the SEC over alleged deceptive market timing, a unanimous New York appellate panel ruled Tuesday.

Bernstein Litowitz Reaches $315 Million Deal With BofA’s Merrill Unit in MBS Case

Master — Wed, 07 Dec 2011 04:04:23 +0000

Huge swaths of the securities plaintiffs bar have their time and money tied up in class action suits against major issuers of mortgage-backed securities. But three-plus years after the subprime meltdown, Bernstein, Litowitz, Berger & Grossmann is still the only plaintiffs firm to reach a settlement in any of the cases.

Disclosures of Intervention to Support ARS Market Defeat Claim That Merrill Sent False Pricing Signal

admin — Tue, 15 Nov 2011 07:10:06 +0000

Disclosures by Merrill Lynch that it routinely intervened to place support bids in the market for auction rate securities are sufficient to avoid liability under the Securities Exchange Act of 1934, the 2nd U.S. Circuit Court of Appeals ruled Monday.

Rajaratnam Gets $93 Million Fine in SEC Case Against Him

admin — Wed, 09 Nov 2011 05:42:27 +0000

Convicted insider trader Raj Rajaratnam was hit with a $92.8 million penalty Tuesday as New York federal Judge Jed S. Rakoff granted summary judgment for the Securities and Exchange Commission in the parallel civil case against the Galleon Group hedge fund founder.

Former Nixon Partner Sues Firm, Says He Was Made Scapegoat in SEC Probe

Master — Sat, 29 Oct 2011 02:58:38 +0000

A former Nixon Peabody partner caught up in a Securities and Exchange Commission investigation of a former client’s alleged securities fraud has sued the firm, claiming Nixon Peabody made him a scapegoat in the matter and took most of his $1.5 million book of business out from under him.

The End of an Era for Stock Option Backdating Scandals

admin — Thu, 13 Oct 2011 07:43:38 +0000

Former Juniper Networks general counsel Lisa Berry’s backdating settlement with the Securities and Exchange Commission this week may have symbolized the end of an era — but the vigor with which the agency has pursued corporate executives on fraud claims has left a lasting impression on lawyers.

Lisa Berry, GC at Two Companies With Backdating Problems, Settles SEC Charges

admin — Mon, 10 Oct 2011 22:04:05 +0000

Lisa Berry, the former general counsel for Juniper Networks and KLA-Tencor accused of backdating stock options, has settled her case with the Securities and Exchange Commission. Berry has agreed to pay a civil penalty of $350,000 plus give up $77,120 in profits allegedly gained through backdating.

Lisa Berry, GC at Two Companies With Backdating Problems, Settles SEC Charges

Master — Mon, 10 Oct 2011 22:04:05 +0000

Lisa Berry, the former general counsel for Juniper Networks and KLA-Tencor accused of backdating stock options, has settled her case with the Securities and Exchange Commission.

Ex-SEC General Counsel Hires Defense Attorney from Latham & Watkins

admin — Wed, 05 Oct 2011 04:59:26 +0000

In a court filing, former Securities and Exchange Commission GC David Becker has named Latham & Watkins partner William Baker III as his defense attorney in a clawback suit filed by the trustee in the Bernard Madoff bankruptcy case. Until now, Becker and his family had been listed as pro se.

Foreign UBS Share Sales Are Dropped From Lawsuit

Master — Wed, 14 Sep 2011 06:09:14 +0000

Investors who bought shares in Switzerland-based UBS AG on exchanges outside the U.S. cannot sue the banking giant over its sharp stock drop as a result of its exposure to risky securities, a federal judge has ruled, citing the U.S

Johnson & Johnson Reports Deal with Prosecutors on Risperdal Criminal Charge; No End in Sight to Civil Off-Label Marketing Claims

Master — Thu, 11 Aug 2011 02:23:16 +0000

A Johnson & Johnson filing with the Securities and Exchange Commission this week shows that, although the company has reached a deal with prosecutors on Risperdal criminal charges, it has a long way to go before its civil litigation woes are over.

Wachovia Bondholders Reach Record Settlement for $627 Million

admin — Sat, 06 Aug 2011 05:57:29 +0000

Wells Fargo stated in a quarterly filing with the Securities and Exchange Commission that it has agreed to settle litigation with Wachovia bondholders for $590 million.

Appeals Court Strikes Down SEC Proxy Access Rule

Master — Sat, 23 Jul 2011 07:55:51 +0000

In a case that generated substantial friend-of-the-court briefing, the D.C. Circuit has struck down a Securities and Exchange Commission rule that would have made it easier for shareholders of publicly traded companies to nominate corporate directors.

Federal Judge Rules Cuban Can’t Use "Unclean Hands" Defense in SEC Case

admin — Wed, 20 Jul 2011 04:57:16 +0000

In the latest development in billionaire entrepreneur Mark Cuban’s long-running battle with the Securities and Exchange Commission, a federal judge on Monday barred Cuban from accusing the SEC of misconduct in the insider trading case against him.

SEC Convinces Ninth Circuit To Reinstate Gateway Exec Convictions

Master — Sat, 25 Jun 2011 06:25:57 +0000

The Securities and Exchange Commission has won back two securities fraud jury verdicts against Gateway executives that were thrown out by a federal judge in 2007, thanks to a 9th Circuit ruling that there was substantial evidence to support the verdicts.

Fairfield Investors Cry Foul over Picard Feeder Fund Deal

Master — Fri, 17 Jun 2011 06:26:01 +0000

Some Fairfield investors are objecting to a proposed settlement between the funds and the Madoff Investment Securities liquidation trustee Irving Picard, arguing that a provision in the settlement is an “abomination” because it would bar their own claims against Fairfield management.

Tower Snow Takes His Comeback to Cooley

admin — Fri, 10 Jun 2011 04:42:53 +0000

Two years into his professional comeback, former Brobeck Chairman Tower Snow Jr.

Shareholders insist BP is on the hook for assurances about safety

Master — Thu, 09 Jun 2011 04:49:43 +0000

Misleading and false statements made by BP executives before the Deepwater Horizon oil spill were material to investors, not just a matter of corporate mismanagement, shareholders argued in court documents filed Monday in the securities MDL against the company.

With Glut of Vacant Jobs, SEC Turns to Headhunter for Help

Master — Wed, 25 May 2011 06:26:52 +0000

Legal jobs with the federal government are few and far between these days, but the Securities and Exchange Commission has multiple attorney openings, from entry-level positions up to a chief counsel spot.

SEC Announces Deferred Prosecution for Tenaris

Master — Wed, 18 May 2011 04:22:07 +0000

The Securities and Exchange Commission has announced that it has entered into a deferred prosecution agreement with Tenaris S.A. of Luxembourg over bribe payments — the first time the agency has ever used such a deal.