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Law Firms Mentioned
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- Fenwick & West
- Foley & Lardner
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Companies Mentioned
6th Circ. Stings Visteon Shareholders
Wednesday, Aug 27, 2008
An appeals court on Tuesday affirmed a lower court’s decision to dismiss a class action that accused auto parts supplier Visteon Corp. and its top brass of defrauding shareholders out of billions of dollars.
Howrey Told To Produce Notes In Backdating Probe
Wednesday, Aug 27, 2008
Howrey LLP has been ordered by a federal court to hand over attorneys' notes to former McAfee Inc. General Counsel Kent Roberts to be used in his defense of civil charges stemming from the company's stock options backdating scandal.
ShoreTel's Underwriters Seek To Toss IPO Suit
Wednesday, Aug 27, 2008
Lehman Brothers Inc. and JPMorgan Securities Inc., the lead underwriters for ShoreTel Inc.'s initial public offering, are joining forces with the company in seeking to throw out a securities class action brought by investors who claim they were misled after stock prices fell in the wake of the IPO.
Braintree Gets 2nd Sanctions Order In SEC Suit
Wednesday, Aug 27, 2008
A federal judge granted the U.S. Securities and Exchange Commission's second motion for sanctions against Braintree Energy Inc. Tuesday in a civil suit alleging the company scammed investors out of more than $9 million by using exaggerated profit projections to sell fractional interests in oil and gas leases.
Juniper Reaches $22.7M Backdating Deal
Wednesday, Aug 27, 2008
A proposed settlement has been brokered that will lay to rest derivative claims brought by shareholders on behalf of Juniper Networks Inc. over alleged stock options backdating, in a move that will see the information technology company recovering $22.7 million as a result of stock repricing by some of its senior officers and directors.
Futures Broker To Pay $310K To Settle CFTC Charges
Wednesday, Aug 27, 2008
A Chicago-based futures merchant has agreed to pay a $310,000 fine to settle charges by the U.S. Commodity Futures Trading Commission that it failed to properly oversee the management of one of its brokerage accounts.
For Associates, 'Business Casual' Holds Traps
Wednesday, Aug 27, 2008
As new associates try to make sense of their law firm's vaguely worded dress policy – if they are handed a policy at all – they should keep two simple concepts in mind: Get noticed for your work, not your dress, and dress for the job you want, not the one you have.
SEC Offers Roadmap To Global Reporting Rules
Wednesday, Aug 27, 2008
The U.S. Securities and Exchange Commission voted Wednesday to seek public comment on a proposed “roadmap” to require U.S. companies to begin using international accounting standards by 2014.
Securities Practice: Foley & Lardner
Wednesday, Aug 27, 2008
The wave of civil and criminal fraud cases against corporations that arose from Enron’s collapse in 2001 may soon recede as enforcement officials set their sights back on individuals, said Pam Johnston, chair of the white-collar defense practice at Foley & Lardner LLP.
Insurers Sue Milberg LLP To Void Liability Contracts
Wednesday, Aug 27, 2008
A group of London insurers has sued Milberg LLP to recover insurance payments made to fund the defense of a massive kickback investigation that has led to prison time for two of the firm's most renowned attorneys.
Legal Funding Gains Steam But Doubts Linger
Wednesday, Aug 27, 2008
Still in its infancy, the legal funding industry has been gaining more acceptance, but doubts persist over whether the practice of advancing plaintiffs and businesses part of an expected settlement could lead to exploitation and fraud.
9th Circ. Revives Western Filter’s Contract Dispute
Wednesday, Aug 27, 2008
A federal appeals court has refused to uphold a time limit in a stock purchase agreement between Western Filter Corp. and Argan Inc., finding that the provision does not clearly state the parties’ intent to reduce a longer statute of limitations provided by California law.
ABA Postpones Vote On Conflict-Of-Interest Rules
Wednesday, Aug 27, 2008
The American Bar Association has postponed voting on Recommendation 114, the controversial measure that would ease conflict-of-interest rules for attorneys moving between private firms.
Judge Denies Class In Treasury Bonds Trading Suit
Tuesday, Aug 26, 2008
A federal judge in Illinois denied class certification last Friday to a group of investors who filed a lawsuit stemming from claims of insider trading on 30-year treasury bonds and their derivatives in 2001.
Ind. 6th State To Sue Countrywide Over Risky Loans
Tuesday, Aug 26, 2008
Indiana Attorney General Steve Carter has filed a lawsuit against Countrywide Financial Corp. for allegedly misleading homeowners into purchasing risky mortgages they could not afford, making Indiana the sixth state since June to sue the country's largest mortgage lender.
BofA Wins $411M In Natural Gas Case
Tuesday, Aug 26, 2008
A federal judge has awarded Bank of America NA $411 million after a three-year legal battle with American Electric Power Energy Services Gas Holding Co. over security interest in 55 billion cubic feet of natural gas in South Texas formerly owned by Enron.
Judge Names Lead Plaintiff In VeriFone Class Action
Tuesday, Aug 26, 2008
A federal judge has named National Elevator Fund the lead plaintiff and Coughlin Stoia Geller Rudman & Robbins LLP the lead counsel in consolidated litigation that consists of nine securities fraud class actions accusing VeriFone Holdings Inc. and its chief officers of artificially inflating the company’s stock price.
No Remedies Levied Against Brocade CEO For Now
Tuesday, Aug 26, 2008
A federal judge has ruled that the criminal conviction of Brocade Communications Systems Inc.'s fallen CEO Gregory Reyes for options backdating prevents him from re-litigating civil securities fraud claims brought separately by the U.S. Securities and Exchange Commission, but has shot down the agency's request for remedies against him.
Cozen Nabs Fox Rothschild Marketing Officer
Tuesday, Aug 26, 2008
Fox Rothschild LLP is facing the loss of its expert chief marketing officer as Jim Staples prepares to depart for the same position at Cozen O'Connor LLP the week after Labor Day.
Judge Vacates Convictions Of NYSE Floor Traders
Tuesday, Aug 26, 2008
Following an appeals court ruling earlier this summer in a related case, a judge has vacated the convictions of two former specialists at Van der Moolen Specialists USA LLC who were allegedly involved in an illegal trading scheme at the New York Stock Exchange.
The CSX Case In Historical Perspective
Investment funds should be aware that using a cash settled total return swap instead of purchasing equity securities outright is not a foolproof mechanism for avoiding “beneficial ownership” of a company if other facts are present, say Frank G. Zarb Jr. and Adam R. Bolter of Katten Muchin Rosenman LLP.
Accounting Standards During The Subprime Crisis
While International Financial Reporting Standards, as a new accounting standard, lacks the maturity and, at times, detail of U.S. Generally Accepted Accounting Principles, it perhaps has the unique advantage of looking back at the present GAAP framework and not replicating the same mistakes that have resulted in recent accounting mishaps in the United States, say Carol M. McGee and Tara Castillo of Alston & Bird LLP.
Long-Term Impact Of Dynex On Scienter
The decision in Teamsters Local 445 Freight Division Pension Fund v. Dynex Capital Inc. is significant because it rejects the “collective scienter” concept, while providing a clear and useful illustration of the exacting pleading standards applicable to allegations of scienter against a corporate defendant, say Douglas M. Schwab and Christopher J. Mitchell of Heller Ehrman LLP.
Tellabs' Impact Varies By Judicial Circuit
The Supreme Court's Tellabs decision was hailed by many commentators as an important victory for corporate defendants. However, examination of Tellabs' influence a year later reveals a more complex picture, say Eric Rieder and Rosemarie Blase of Bryan Cave LLP.
FDIC And Treasury Guidance May Spur Covered Bonds
Although many industry participants had hoped that the new FDIC and Treasury Department Guidelines would provide even greater flexibility, many expect that the issuance may mark the beginning of a period of growth for the nascent U.S. covered bond market, say Eric Adams and Hays Ellisen of Katten Muchin Rosenman LLP.
Ratings Agencies: A New Front In Subprime Litigation
The ratings agencies played an important role in generating enthusiasm for residential mortgage-backed securities and other securities that have lost so much value in recent months. The extent to which they should be held liable for this is sure to generate contentious litigation, say Larry P. Ellsworth and Ishan K. Bhabha of Jenner & Block LLP.
Advantages Of A Dual Listing On NYSE-Euronext
Now may be the right time for U.S. securities issuers to pursue listing in Europe, a continent that is politically stable, economically less affected by the subprime crisis and served by a strong currency, says Jean-Nicolas Soret of Reed Smith LLP.
Potential Exposure Under The FCPA
The government’s aggressive enforcement constitutes the primary risk companies and their employees face under the Foreign Corrupt Practices Act. The U.S. Securities and Exchange Commission and the U.S. Department Of Justice will pursue violators that have virtually any connection to the U.S. securities markets, say Randy Fons and Brian Hoffman of Morrison & Foerster LLP.