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Group proceedings settlement update: Court of Appeal upholds binding nature of settlement on group members

by DLA Piper on

In Pekell, the Court of Appeal has provided welcome clarity around the effect of settlements in group proceedings, which should provide comfort to group proceeding defendants and their insurers. Importantly, the case affirms...more

FCPA Compliance Report-Episode 320, John Hanson on the IAICM [Video]

by Thomas Fox on

In this episode I visit with John Hanson (AKA ‘the Fraud Guy’) who is also the founder of the International Association of Independent Corporate Monitors (IAICM). He discusses why he founded the group, the needs it hopes to...more

Residual liability in the trust context of excluded fiduciaries

by Charles E. Rounds, Jr. on

Some states by statute have introduced into their trust jurisprudence the concept of the excluded fiduciary: In the case of a trust the terms of which allocate fiduciary functions between the trustee and, say, a trust...more

Federal District Court Rebuffs Attempt by Navy Sailors to Satisfy Judgment Against Republic of Sudan by Attaching Assets Held by...

A recent decision by the United States District Court for the Southern District of New York delivered a victory to banks seeking to prevent judgment creditors from attaching assets “blocked” pursuant to Office of Foreign...more

Supreme Court to Decide Whether SEC Claims for Disgorgement Are Subject to Any Statute of Limitations

by Ropes & Gray LLP on

The Supreme Court recently granted certiorari to review whether civil enforcement claims brought by the SEC for the remedy of disgorgement are subject to any statute of limitations, or whether instead the SEC can effectively...more

Recent Cases Restrict Issuers' Ability to Avoid Paying Premiums

by White & Case LLP on

Indentures governing high yield and investment grade notes typically provide for a make-whole or other premium to be paid if the issuer redeems the underlying notes prior to maturity. The premiums are intended to compensate...more

9th Circuit Holds Insured vs. Insured Exclusion Applicable to Claims Brought by FDIC

In its recent decision in FDIC v. BancIsure, Inc., 2017 U.S. App. LEXIS 452 (Jan. 10, 2017), the United States Court of Appeals had occasion to consider the scope of an insured vs. insured exclusion in the context of...more

In Win for Financial Services Industry, Second Circuit Limits Use of FCA to Enforce Banking Regulations

by Ropes & Gray LLP on

In United States ex rel. Bishop v. Wells Fargo & Co., 823 F.3d 35 (2d Cir. 2016), the Second Circuit rejected an attempt to use the False Claims Act (“FCA”) as an enforcement mechanism for banking regulations in the lead-up...more

Slam on the Slam – A California Court Further Limits the Sham Guaranty Defense

by Ervin Cohen & Jessup LLP on

There has been much recent California case law regarding the sham guaranty defense and for good reason – success for a guarantor on this defense can eliminate a lender’s recovery of a deficiency against a guarantor of a...more

CFPB and California Announce Enforcement Actions Against Online Lender

by MoFo Reenforcement on

On Tuesday, September 27, 2016, the CFPB and the California Department of Business Oversight (“DBO”) announced separate enforcement actions against Flurish, Inc., an online lender that does business as “LendUp” in California...more

Court Rejects Excessive Fee Claims Following Trial on Mutual Fund “Manager of Managers” Theory

by Ropes & Gray LLP on

On August 25, a federal court in the District of New Jersey issued a much-anticipated decision, finding after a lengthy trial that shareholder plaintiffs failed to prove claims that AXA entities had charged excessive mutual...more

Judgments

by Dentons on

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

by Miles & Stockbridge P.C. on

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

by Dentons on

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...

by Shearman & Sterling LLP on

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.

by Brooks Pierce on

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

by Faegre Baker Daniels on

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]...

by Dentons on

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

by Dorsey & Whitney LLP on

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

by Dorsey & Whitney LLP on

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

by Dorsey & Whitney LLP on

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

by Dorsey & Whitney LLP on

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

by Dorsey & Whitney LLP on

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

by Reed Smith on

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

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