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National Law Journal

SEC Accuses California Lawyer in Scheme to Defraud Foreign Investors

Securities regulators accused a Newport Beach, California, lawyer on Tuesday of fueling a luxury lifestyle through a scheme that allegedly bilked millions of dollars from foreign investors who wanted to speed up their immigration to the United States.
7 minute read

The Recorder

Rainero v. Archon Corporation

By | December 21, 2016
4 minute read

New York Law Journal

Salman Insider Trading Decision: Lessons for Buy-Side Advisors

Karl A. Groskaufmanis and Samuel P. Groner, of Fried, Frank, Harris, Shriver & Jacobson, examine the U.S. Supreme Court decision in 'Salman v. United States' on the test for tipper/tippee liability in insider trading law. They explain that it sets a line that separates fundamental investment research from fraudulent and potentially criminal conduct. While the case marks a clear victory for federal insider trading enforcement, they note that it also multiplies the challenges for lawyers and compliance officers advising buy-side investors.
18 minute read

National Law Journal

The SEC Whistleblower Program's Biggest Year—By the Numbers

The U.S. Securities and Exchange Commission's whistleblower program reached a milestone on Aug. 30. Five years after the program was created under the Dodd-Frank financial reform law, the second-largest bounty in the whistleblower office's history pushed the awards total past the $100 million mark—and the SEC was ready to celebrate. That amount only tells part of the story. Here's a deeper look into the numbers behind the program's big year.
17 minute read

National Law Journal

Cleary Snags SEC Litigation Chief Matthew Solomon in DC

Solomon spent more than three years as chief litigation counsel in the SEC's Enforcement Division.
9 minute read

The Recorder

Firms Snap Up Theranos Work After Boies Schiller Exits

The embattled company has tapped Wilmer Cutler in a pair of investor suits. Meanwhile, CEO Elizabeth Holmes has turned to Cooley.
27 minute read

New York Law Journal

Best Efforts Private Securities Offerings: Rule 10b-9

In his Real Estate Securities column, Peter M. Fass discusses a "best efforts" offering, in which the broker-dealer acts as the agent of the issuer (generally, the limited partnership or limited liability company) in attempting to sell the units directly from the issuer to the investors. The broker-dealer is paid commissions from the issuer for sales made. Best efforts offerings frequently are made on an "all or none" or "part or none" (minimum-maximum) basis. In an "all or none" offering, all of the units must be sold during the specified offering period or the subscriptions must be promptly returned to the investors. In a "part or none" offering, the designated minimum amount must be sold within the specified time or subscriptions returned to investors.
15 minute read

New York Law Journal

Bondholder Litigation: Covenant-Light Indentures and Affiliate Transactions

Gary J. Mennitt and Debra D. O'Gorman, of Dechert, examine a closely watched case of particular importance to bond lawyers, in which the Delaware Supreme Court provides guidance on questions that often arise in bondholders' rights cases, including the interpretation of the indenture, an issuer's repurchase of notes from an affiliate, the ability to repurpose an issuer's business, the scope of the implied covenant of good faith and fair dealing, and solvency in the context of avoidance claims. The Delaware Supreme Court affirmed the post-trial judgment of the Chancery Court in 'Quadrant Structured Products Company v. Vertin'.
18 minute read

National Law Journal

'Zombie' Whistleblower, Denied Award for Tip, Takes SEC to Court

They are called "zombie" whistleblowers—tipsters who came forward to federal regulators before the Wall Street reform laws of 2010 and then return to try to reap the benefits of a bounty program created by the postcrisis reforms. Those award applications have been dead on arrival, the tips deemed to have come too early to be eligible for an award under rules set by the U.S. Securities and Exchange Commission in the Dodd-Frank Act. But that hasn't stopped those whistleblowers from pressing their claims—beyond the SEC—for an award.
9 minute read

National Law Journal

The 2016 Elite Trial Lawyers

By | December 19, 2016
Welcome to The National Law Journal's third annual Elite Trial Lawyers report, in which we highlight 35 law firms that did some of the most creative and significant work on the plaintiffs side over the past three to five years.
6 minute read

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