Commercial Law & Contracts, Securities Law, Business Torts

Re: Sino-Forest Corporation – When is an Indemnity Claim Really Just an Equity Claim?

by Domenico Magisano, Jason Squire | Lerners LLP on 5/16/2013

When public companies are accused of accounting irregularities, class action shareholder litigation often follows. The case of Sino-Forest Corporation (“SFC”) is such an example. Weighed down by allegations of accounting...more

District Court Denies Countrywide’s Motion to Dismiss AIG Suit

by Orrick - Structured Finance Group on 5/15/2013

On May 6, Judge Mariana Pfaelzer of the United States District Court for the Central District of California allowed American International Group, Inc. (AIG) to proceed with several of its claims against Bank of America and...more

New York Appellate Court Reinstates Fraudulent Inducement Claim Against Goldman and M&T Bank

by Orrick - Structured Finance Group on 5/15/2013

On May 7, New York’s First Department appellate court reinstated CIFG Assurance North America, Inc.’s fraud claim against Goldman Sachs & Co. and M&T Bank. Last May, a New York trial court dismissed CIFG’s claim for...more

Q&A With Carlton Fields' Brian Rosner

by Brian Rosner | Carlton Fields on 5/14/2013

Brian Rosner is a shareholder in Carlton Fields' New York office. Q: What is the most challenging case you have worked on and what made it challenging? Originally Published in Law360, New York - April 29, 2013....more

MBIA and Bank of America Settle MBS Litigation for $1.7 Billion

by Orrick - Structured Finance Group on 5/14/2013

On May 6, monoline insurer MBIA announced that it had reached a $1.7 billion settlement with Bank of America in connection with alleged fraud and breach of contract claims related to Countrywide-issued mortgage-backed...more

District Court Denies Banks’ Motions to Dismiss Litigation Concerning Role of MBS Trustees

by Orrick - Structured Finance Group on 5/14/2013

On May 6, Judge Katherine Forrest of the United States District Court for the Southern District of New York denied Bank of America and U.S. Bank’s motions to dismiss an action relating to their roles as trustees of Washington...more

SEC Settles Suit for Misleading Advisory Contract Approval Disclosure

by David Freese, Sean Graber, Daniel Levin, Richard F. Morris, John O'Brien, Zachary E. Vonnegut-Gabovitch | Morgan Lewis on 5/10/2013

Settlement with mutual fund directors and service providers serves as a reminder of responsibilities for disclosures relating to the approval of investment advisory contracts and provides insight into SEC enforcement...more

Think the Government’s Claim Against You Is Time-Barred? Not So Fast!

by Joshua Sherman, Claude Tusk | Dechert LLP on 5/9/2013

When a company understands that the United States Government may have a claim against it, the company’s directors and officers are usually very aware of the applicable statute of limitations and the passage of time. When the...more

Capital Infusion - May 2013: Case Spotlight

by Adam Connatser, Jon Finger, Rani Hauth Guerra, J. Atwood Jeter, David McLean | Patton Boggs LLP on 5/9/2013

Down-Round Equity Financings and Subsequent Exit Transactions - Best Practices for Preferred Investors and their Board Designees - Today’s middle market private equity landscape is as diverse and varied as it has ever...more

The SEC Says Cities (And City Officials!) Must Obey Securities Laws, Too

by Robert Feyer, M. Todd Scott | Orrick - Securities Litigation and Regulatory... on 5/8/2013

Yesterday the SEC filed an Order Instituting Cease and Desist Proceedings against the City of Harrisburg, Pennsylvania for violations of Rule 10b-5. The City consented to entry of a Cease and Desist Order....more

SEC Settles with Service Providers and Trustees of two Mutual Fund Trusts for Inaccurate Disclosures Regarding Section 15(c)...

by Ropes & Gray LLP on 5/7/2013

On May 2, 2013, the SEC filed an order instituting settled administrative proceedings against the trustees (“Trustees”) and certain service providers of two “turnkey” open-end series investment companies, Northern Lights Fund...more

SEC Sanctions Fund Trustees for Inadequate Disclosures and Failure to Follow Compliance Policies

by Jay G. Baris, Kelley A. Howes | Morrison & Foerster LLP on 5/3/2013

The Securities and Exchange Commission today charged the trustees of two “turnkey” mutual fund trusts with causing untrue or misleading disclosures about their review of the funds’ advisory contracts. The Commission also...more

CFTC Reiterates That “Wash Trades” Are “Grave Violations” In Penalizing Two Experienced Traders For Wash Trading

by Robert Fallon | Leonard, Street and Deinard - Dodd-Frank and... on 5/3/2013

On Monday, April 29, the Commodity Futures Trading Commission reiterated that wash trades (transactions without intent to take genuine, bona fide positions in the market, such as simultaneous purchases and sales designed to...more

SDNY Imposes Second Highest Penalty Under Foreign Corrupt Practices Act

by Tenley Mochizuki, Emily Stern | Katten Muchin Rosenman LLP on 4/30/2013

The US District Court for the Southern District of New York recently ordered Uriel Sharef, a former Siemens AG board member and German citizen accused of bribing Argentine government officials, to pay a $275,000 civil penalty...more

Bank of America Settles Class Action Brought By Mortgage Investors

by Sacha Boegem, Philip R. Stein | Bilzin Sumberg Mortgage Repurchase Group on 4/22/2013

Bank of America has agreed to settle a class-action lawsuit brought by investors who claimed they were misled by its Countrywide unit into buying risky mortgage securities. Bank of America acquired Countrywide Financial, a...more

Bank of America Reaches Pre-Litigation Settlement with NCUA for RMBS Losses

by Orrick - Structured Finance Group on 4/10/2013

On April 2, the National Credit Union Administration (NCUA), an independent federal agency that supervises and charters federal credit unions, reached a $165 million settlement with Bank of America, stemming from BofA’s sale...more

The Ropes Recap: Mergers & Acquisitions Law News

In this issue: *News from the Courts - Refinement re “Don’t Ask, Don’t Waive” Standstill Agreements - Proposed Delaware “Medium-Form Merger” To Create an Alternative to Top-Up Options - Court Rejects...more

Liability of Directors in Canada – An Excerpt

by Ellyn Law LLP on 4/10/2013

This article is an excerpt of the Canada Chapter of International Liability of Corporate Directors, 2nd edition, published by Juris Publishing in February 2013. This excerpt excludes numerous aspects of the full chapter,...more

Monoline Insurer Assured Sues RBS in Connection with $1.15 Billion RMBS Securitization

by Orrick - Structured Finance Group on 4/5/2013

On March 26, Assured Guaranty Municipal Corp. sued RBS Securities in the United States District Court for the Southern District of New York for fraud in connection with a financial guaranty insurance policy that Assured...more

California Bill Would Expand Liability For Securities Fraud, Impose New Fees, Expand Commissioner’s Powers

by Keith Paul Bishop | Allen Matkins Leck Gamble Mallory & Natsis... on 4/5/2013

In late February, Senator Jerry Hill introduced a bill, SB 538, to substantially amend the Franchise Investment Law. A few days later, the bill was read for the first time and set for hearing by the Senate Banking and...more

Financial Regulators Compete, JPMorgan Loses

by John Lovallo, Kathleen Wailes | LEVICK on 3/29/2013

The Federal Bureau of Investigation (FBI); the Federal Deposit Insurance Corporation (FDIC); the Commodity Futures Trading Commission (CFTC); the Securities and Exchange Commission (SEC); and the Office of the Comptroller of...more

Court Rules FERC Does Not Have Authority to Fine Trader for Manipulation of Futures Contracts

by Kenneth M. Rosenzweig, Tanja Samardzija | Katten Muchin Rosenman LLP on 3/26/2013

Pursuant to the Energy Policy Act of 2005, the Federal Energy Regulatory Commission (FERC) fined a natural gas trader $30 million for manipulating the settlement price for natural gas futures contracts on the New York...more

Financial Services Quarterly Report - First Quarter 2013: Dealing With Investment Errors: A U.S. Perspective

by Robert Helm, Megan Johnson | Dechert LLP on 3/25/2013

No professional investment adviser would intentionally make a trade or investment error. However, such errors occur from time to time. Formulating an appropriate response to investment errors can be challenging for investment...more

SEC Settles Cases Alleging Compliance Failures at Private Equity Firms

by Ropes & Gray LLP on 3/14/2013

On March 11, the SEC announced two matters of significant importance to the private equity industry and to private fund sponsors generally. Together, these cases demonstrate the SEC’s continued focus on the private equity...more

Ninth Circuit Applies Securities Litigation Uniform Standards Act to Affirm Dismissal of Section 17200 Class Action Involving...

by Bridget Russel, John Stigi | Sheppard Mullin Richter & Hampton LLP on 2/4/2013

In Freeman Investments, LP v. Pacific Life Insurance Co., No. 09-55513, 2013 WL 11884 (9th Cir. Jan 2, 2013), the United States Court of Appeals for the Ninth Circuit held that the Securities Litigation Uniform Standards Act...more

Home

Legal News

Find a Lawyer

Browse Subjects

Subscribe

Pro Services

For Reporters

Commercial Law & Contracts › Securities Law › Business Torts