JONES DAY TALKS®: CFTC and DOJ Target Derivatives Trading Across Industries
FERC: A Discussion on its Mission, Market Manipulation Investigations, and Common Violations
On October 15, 2024, the United States Court of Appeals for the Tenth Circuit issued an opinion in In re Overstock Securities Litigation affirming the District of Utah’s dismissal of putative class action claims under the...more
On July 23, 2020, Judge Paul A. Englemayer of the U.S. District Court for the Southern District of New York denied a motion to certify a proposed class of direct purchasers of aluminum in a decision that may signal a trend...more
On January 3, 2020, Judge Edmond E. Chang of the United States District Court for the Northern District of Illinois Eastern Division granted Plaintiffs’ motion to certify a class of investors in an action alleging that two...more
On November 6, 2019, the Fraud Section of the Department of Justice with the Office of the U.S. Attorney for the Southern District of Texas, and the CFTC, announced settlements of their spoofing and market manipulation...more
Dean Foods, the largest milk company in the U.S., has filed for bankruptcy protection, a “fresh setback to a U.S. dairy industry struggling against declining U.S. milk consumption and rising competition.” Industry experts...more
Bloomberg is reporting that Walgreens Boots is weighing a potential deal “to take the company private in what could become the largest leveraged buyout in history.” PE firms like KKR are apparently in the mix to assist in the...more
This quarter’s issue includes summaries and associated court opinions of selected cases principally decided between May and August 2019....more
An important legal doctrine for companies that buy and sell in regulated markets is the “filed rate” doctrine, which limits legal challenges to rates determined by regulators such as the Federal Energy Regulatory Commission...more
Monsanto’s (and, in turn, Bayer AG’s) terrible, horrible, no good, very bad day in court over its Roundup products’ links to cancer continued yesterday, as a jury awarded $80 million to the California man who it had already...more
Though expected after its earlier move to cut its revenue forecast, Apple’s official quarterly profits reporting yesterday still disappointed, as the company posted its “first holiday-quarter drop in both revenue and profit...more
Early reports suggested that although Teresa May’s cabinet wasn’t thrilled, it backed the PM’s Brexit plan, leaving the controversial deal to make its way to Parliament. But the resignation of two Cabinet members—including...more
Big tech (including Facebook, Google [theoretically], and Twitter) is heading back to the Hill (with @jack pulling double-duty, because that’s how he rolls). Here’s what to expect today based on their prepared testimony....more
A mix of corporate tax cuts and a strong economy helped propel US corporate profits to a 16.1% year-over-year gain, the best figure in 6 years...more
The Journal is breaking news this morning that American Express has been raising forex prices on customers for years “without notifying customers in a bid to boost revenue and employee commissions”....more
In our previous update, we informed you that Atlantic Trading USA LLC had filed the first class action complaint in Chicago federal court against various numerous unnamed market maker trading firms, alleging manipulation of...more
Chalk up a major win for Carl Icahn. Icahn has forced Xerox’s CEO, Board Chair, and 5 other board members out of their jobs as part of a push by activist investors. The shake-up will jeopardize the company’s $6.1 billion...more
The full wrap of two days on the Hill for Zuck, including a Wednesday morning of generally more pointed questions from the House than he saw in the Senate....more
Old-school retailer Lord & Taylor has reached a deal with WeWork to sell its landmark New York flagship store for $850 million. L&T will continue on with a greatly decreased department store footprint in the space, but the...more
A federal jury in Brooklyn has found former HSBC Holdings exec Mark Johnson guilty on 9 counts of front-running that grew out of the DOJ’s investigation into forex manipulation at HSBC....more
As the scandal grows, WF’s newish CEO, Timothy Sloan, faces the unfortunate reality of being a company man (30-years at Wells) when the foundations of that company are cracking....more
The U.S. District Court in the Southern District of New York recently dismissed a class action lawsuit alleging, among other claims, that a large number of entities and individuals in the market for producing, refining and...more
The U.S. District Court in the Southern District of New York recently dismissed a class action lawsuit alleging that Total, S.A., Total Gas & Power North America, Inc., and Total Gas & Power Limited (collectively, “Total”)...more
The FHLB Boston’s $5.9 billion MBS case against Morgan Stanley, UBS, and Credit Suisse, is back in Massachusetts state court—a result of the Supreme Court’s Lightfoot v. Cendant Mortgage case that held that Fannie Mae’s...more
The last several years have seen law enforcement and regulatory bodies sharpen their focus on trading activity in the securities and derivatives markets. This focus has coincided with the advent of new and expanded reporting,...more
On July 5, 2016, investors filed a federal class action in the Southern District of New York alleging defendant banks had manipulated the Singapore Interbank Offered Rate (SIBOR) “and/or” Singapore Swap Offer Rate (SOR)...more