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Judgments

CoCos – Supreme Court decision in litigation between Lloyds and its noteholders - BNY Mellon Corporate Trustee Services Limited v. LBG Capital No 1 Plc and another [2016] UKSC 29 - June 2016 saw the publication...more

Maryland Court of Special Appeals Reaffirms Heightened Standard for Recovering Punitive Damages

On June 1, 2016, the Court of Special Appeals of Maryland issued an opinion in 1st Team Fitness, LLC, et al. v. Francesco Illiano, No. 0136, Sept. Term 2015 (Md. Ct. Spec. App. Jun. 1, 2016) reaffirming Maryland’s heightened...more

Middle East focus: the Dubai International Financial Centre as a conduit jurisdiction

In DNB Bank ASA v. Gulf Eyadah Corporation and Gulf Navigation Holdings PJSC CA 007/2015, the Dubai International Financial Centre (DIFC) Court of Appeal has delivered a landmark judgment which expands the jurisdiction of the...more

Delaware Bankruptcy Court Invalidates on Public Policy Grounds a “Golden Share” Provision in LLC Agreement Designed to Limit LLC’s...

In a June 3, 2016 decision, the United States Bankruptcy Court for the District of Delaware (“the Bankruptcy Court”) invalidated, on federal public policy grounds, a provision in the debtor-LLC’s operating agreement that it...more

Phil Mickelson is very glad United States v. Newman is the law in the Second Circuit.

Phil Mickelson, whom the SEC describes as a “successful professional golfer,” was not charged with insider trading earlier today. I wasn’t either, and I’m glad about that. And you probably weren’t either! High fives all...more

Supreme Court Decides Merrill Lynch, Pierce, Fenner & Smith Inc. v. Manning

On May 16, 2016, the Supreme Court of the United States decided Merrill Lynch, Pierce, Fenner & Smith Inc. v. Manning, No. 14-1132, holding that that the “arising under” test for federal-question jurisdiction under 28 U.S.C....more

Factors and stages: considerations in a scheme of arrangement - A case update of Re Punj Lloyd Pte Ltd and another matter [2015]...

A recent decision by the learned Judicial Commissioner Aedit Abdullah saw the Singapore High Court clarify the factors which ought to be considered in an application to set aside an order made by the court pursuant to section...more

SEC Files Offering Fraud Action Centered on Warrants From Private Firm

The SEC filed another offering fraud action, a current staple of the agency. This scheme centered on two former executives of a privately held software manufacturer and a marketer who sold investors interests in various...more

SEC Settles Insider Trading Action With Corporate Executive

Insider trading has long been a staple of SEC enforcement. The agency has brought a number of actions against corporate executives who have abused their position by using inside information entrusted to them for personal gain...more

SEC Sanctions Audit Firm, Partner Tied to Custody Rule

Custody Rule cases are rapidly becoming a staple of SEC enforcement. Rule 206(4)-2 requires registered investment advisers with custody of client funds or securities to implement certain controls to protect those assets....more

SEC Settles With Apple Stock Day Trader

Apple stock is well known and popular among investors. It is also attractive to fraudsters who focus on the high tech giant’s shares for schemes. One scheme, for example, brought down New York brokerage Rochdale Securities...more

SEC Prevails At Trial Over Former Professional Athlete

Sometimes is does not pay to be the last man standing – particularly in a Commission enforcement action. Such was the fate of former NFL player and Olympic athlete Willie Gault. SEC v. Heart Tronics, Inc., Case No....more

Federal Court Finds Private Equity Funds Liable for Portfolio Company’s Withdrawal Liability on “Partnership-in-Fact” Theory

On March 28, 2016, the U.S. District Court for the District of Massachusetts in Sun Capital Partners III LP v. New England Teamsters & Trucking Industry Pension Fund, No. 10-10921 (D. Mass. 2016) delivered a surprising...more

FinCEN Enforcement Trends: 2015 Year in Review

A review of FinCEN’s enforcement efforts in 2015 and 2014 reveal a marked trend away from its longstanding focus on depository institutions and toward otherwise unregulated financial institutions, as well as an increased...more

Bridging the Week - March 2016

California Federal Court Refuses to Stop FERC Lawsuit to Uphold the Validity of US $453 Million Penalty for Manipulating Electricity Prices: A federal court in California refused to stop a lawsuit by the Federal Energy...more

SEC Partially Resolves One Action, Concludes Another

The SEC announced the partial resolution of one action last week and the conclusion of another. One centered on the collapse of Dewey & LeBoeuf, LLP. The other concluded an insider trading action involving inside information...more

Indah Kiat Scheme – Preparation is Key

The judgment of Snowden J. in the adjournment of the convening hearing relating to a scheme of arrangement (the “Scheme”) proposed by Indah Kiat International Finance Company B.V. (“Indah Kiat”) emphasises some important...more

United States District Court Pushes Back Against Government in North Carolina Asset Forfeiture Case

In May of last year we highlighted the decision by the United States Attorney for the Eastern District of North Carolina to dismiss a forfeiture case he’d brought against Lyndon McLellan, the owner of a small convenience...more

SEC Charges IA With Fraud Tied To Conflicts, Undisclosed Interest

Undisclosed conflicts by investment advisers and others is a focus of the current SEC enforcement program. In its most recent action, the conflicts came from a firm with an indirect, undisclosed controlling interest in the...more

Financial Services Weekly News - December 2015

Regulatory Developments - SEC Grants Exemption from Registration as a Clearing Agency to Two Matching Service Providers - On Nov. 24 the SEC approved applications by Bloomberg STP LLC and SS&C Technologies, Inc....more

Examination in England of a Non-Resident Foreign Officer of a Judgment Debtor

Obtaining a judgment is one thing, enforcing it is another. The location of a judgment debtor’s assets can be unknown or deliberately hidden. A judgment creditor may therefore wish to obtain information from a judgment debtor...more

Financial Services Quarterly Report - Third Quarter 2015: Recent Developments in U.S. “Excessive Fee” Litigation

The U.S. mutual fund industry is poised to see significant developments in the ongoing wave of Section 36(b) “excessive fee” litigation. Days apart in August, the Seventh Circuit Court of Appeals affirmed the grant of summary...more

SEC Announces Third-Largest Dodd-Frank Bounty Award

Whistleblowers continue to reap extraordinary awards under Dodd-Frank’s “bounty” program in exchange for bringing the Securities and Exchange Commission (SEC) “original” information that leads to a successful enforcement...more

Charging Orders on LLCs in Kentucky

The organization of any business as a limited liability company ("LLC") brings with it attendant protections for the members from the liabilities that arise in the course of the business as well as beneficial tax treatment....more

FDIC Resolves Doral Bank in a New Receivership Action

The $5.9 billion Doral Bank (San Juan, Puerto Rico), a wholly owned subsidiary of Doral Financial Corporation (Coral Gables, Florida), was closed by the Office of the Commissioner of Financial Institutions of Puerto Rico, on...more

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