Securities

The Appellate Division, First Department, at 27 Madison Ave.

New York Joins Delaware, Rejects 'Entire Fairness' Test for Kenneth Cole Buyout Deal

By Susan Beck |

The N.Y. ruling comes seven months after the Delaware Supreme Court held that courts should use the management-friendly business judgment rule to review going-private deals like the buyout planned for Kenneth Cole.

Jay Greenberg (L) and Max Volsky of LexShares

Litigation Finance Meets Crowdfunding With New Wall Street Startup

By David Bario |

LexShares, a crowdfunding platform aimed at financing lawsuits, is banking on the notion that mainstream investors will want to cash in on the growth of third-party litigation funding.

D.C. Circuit Rules SEC Can Shield FINRA Records

By Susan Beck |

Thanks to what one judge called an "ill-conceived amendment" to the 1934 Exchange Act, an appellate panel held that the SEC doesn't have to hand over documents regarding the handling of investor complaints by the Financial Industry Regulatory Authority.

The U.S. Court of Appeals for the Second Circuit in Manhattan.

CDO Manager Chau Comes Up Short in Libel Appeal

By David Bario |

After almost half a decade as a poster child for Wall Street greed and incompetence, investment adviser Wing Chau won a measure of sympathy from a judge on Friday. But for Chau and his lawyers at MoloLamken, the news is too little, too late.

Goldman Sachs CEO Lloyd Blankfein.

Dragon Founders Lose Again Despite 'Sloppy' Goldman Advice

By David Bario |

Sometimes bad advice is negligence, and sometimes it's just bad advice.

Psst, Bank Regulators: Can You Give Us a Name?

By Susan Beck |

Why is it so hard for the government to identify the people who are gaming our financial system?

As Lawyer Bills Pile Up, SEC Target Sam Wyly Defends Expenses

By Susan Beck |

In the wake of his $200 million loss to the SEC, Samuel Wyly asked a bankruptcy judge to approve a personal spending plan that includes nearly $2 million in legal expenses for November and December.

Online Education Company K12 Beats Investor Class Action

By David Bario |

Take a company with a controversial business model, throw in some rosy projections by senior management and top it off with a sudden 40 percent stock drop, and you've got a classic recipe for a securities class action.

Aaron Marcu and Matthew Menchel

Litigators of the Week: Aaron Marcu of Freshfields and Matthew Menchel of Kobre & Kim

By David Bario |

For the defenders of former UBS banker Raoul Weil, a six-year prosecution ended with their client crying tears of joy.

Pershing Square's Bill Ackman.

Latham Vows Extra Rounds in Allergan Takeover Fight

By Susan Beck |

Allergan and its lawyers at Latham & Watkins filed a notice of appeal on Wednesday after a judge largely sided with hostile bidder Valeant Pharmaceuticals and the activist hedge fund Pershing Square.

UBS Hits Dead End in $350M Facebook IPO Case

By Susan Beck |

Siding with Nasdaq's lawyers at Ballard Spahr, the Second Circuit rejected the bank's bid to arbitrate claims over $350 in alleged losses stemming from Facebook's troubled initial public offering.

U.S. Centers for Disease Control and Prevention director Dr. Tom Frieden exits an Ebola treatment unit.

Following Investors, Class Action Firms Get Ebola Fever

By David Bario |

Who better to turn a crisis into an opportunity than investors—and the securities class action plaintiffs bar?

U.S. Securities and Exchange Commission building.

Wall Street Targets Urge NY Judges to Hobble the SEC

By David Bario |

A trio of federal judges—and eventually the U.S. Court of Appeals for the Second Circuit—will have to grapple with the SEC's power to target Wall Street defendants on the agency's own turf.

Litigators of the Week: Randall Baron of Robbins Geller and Joel Friedlander of Friedlander & Gorris

By David Bario |

Before Friedlander and Baron took control of the Delaware shareholder litigation over Warburg Pincus' acquisition of Rural/Metro Corp., the case was ready to fizzle. Instead, the duo uncovered a web of conflicts and deception that led up to a $75.8 million ruling against Royal Bank of Canada.

Ambac Loses Bid to Revive JPMorgan RMBS Contract Claims

By Julie Triedman |

Siding with defense lawyers at Sullivan & Cromwell, an appeals court in New York affirmed a decision dismissing breach of contract claims by Ambac against EMC Mortgage, a Bear Stearns unit acquired by JPMorgan Chase & Co.

Wife of Ex-SAC Trader Martoma Asks Court for Lifeline

By David Bario |

Rosemary Martoma was never implicated in her husband Mathew's insider trading scheme, which entailed using confidential drug trial information to help SAC make a windfall $275 million profit. Now her lawyers at Goodwin Procter say she shouldn't have to pay for his crimes.

Court Revives SOX Whistleblower's Case Against JPMorgan

By David Bario |

Thanks to an earlier decision by the Second Circuit that lowered the requirements for asserting whistleblower claims under Sarbanes-Oxley, JPMorgan Chase must again face allegations that it fired a former vice president for raising suspicions about a favored client.

Robbins Geller Deflects Attacks as JPMorgan Case Gets Green Light

By Jan Wolfe |

A judge certified an investor class action against JPMorgan Chase & Co. related to about $10 billion in mortgage-backed securities, rejecting the bank's claims that the plaintiffs firm isn't cut out to lead the 5-year-old case.

Judge Leo Strine

Del. Court Wipes Out $250M Verdict Against Covidien Unit

By Jan Wolfe |

The Delaware Supreme Court's ruling is a victory for ev3's appellate lawyers at Gibson, Dunn & Crutcher, who said it will help shield Delaware companies from attacks over deal terms that were never made final.

Wachtell Fends Off Class Action Sparked by Avon Bribes Flap

By Jan Wolfe |

Allegations that Avon bribed its way into the Chinese market sparked a massive internal probe and a criminal settlement. But a judge sent a proposed securities class action over the scandal back to the drawing board on Monday, dealing a defeat to plaintiffs lawyers at Motley Rice.

Signs of a Tougher SEC?

By Susan Beck |

The U.S. Securities and Exchange Commission showed rare nerve in two cases that reached a head last week.

Lawyers Shoot for the Moon With Fee Bid in LBO Case

By Jan Wolfe |

Scott & Scott, Robins Kaplan and Robbins Geller didn't end up getting the billions in damages they were seeking in a class action alleging that private equity firms fixed the prices of leveraged buyouts. But you wouldn't know it from the bold attorneys fee request they made on Friday.

U.S. District Judge P. Kevin Castel

Judge Nixes Hedge Fund's Bid to Block $3.7B Bank Merger

By Jan Wolfe |

The ruling offers an answer to an unsettled question for securities fraud litigants, and it removes one roadblock to the proposed $3.7 billion merger between CorpBanca, one of Chile's largest banks, and Brazil's Itaú Unibanco.

Wylys Must Pay at Least $300 Million, Judge Rules

By Jan Wolfe |

In one of the stiffest penalties ever imposed on individual defendants in a securities fraud case, U.S. District Judge Shira Scheindlin ordered billionaire Sam Wyly and the estate of his brother Charles Wyly to hand over between $300 million and $400 million to the SEC.

CalPERS Flags Concerns Over HP Settlement

By Marisa Kendall |

The nation's largest public pension fund this week became the latest to voice concerns over a settlement that would extinguish shareholder derivative litigation over Hewlett-Packard's botched 2011 acquisition of British software firm Autonomy.

U.S. Securities and Exchange Commission building.

Foreign SEC Tipster Gets Record $30 Million Award

By Susan Beck |

In its largest whistleblower award to date, the SEC set aside at least $30 million for a foreign resident who tipped off the agency about an unnamed fraud. The agency said the award was appropriate despite the Supreme Court's stricture against applying U.S. securities laws overseas.

Oxfam Sues SEC Over Oil Industry Transparency Rule

By Jan Wolfe |

In its second lawsuit related to requirement for publicly traded oil and gas companies to disclose payments to foreign governments, Oxfam claims the wait for a final version of the rule has gone on far too long.

Holder Touts Bigger Payouts For Wall Street Whistleblowers

By Jenna Greene |

Attorney General Eric Holder on Wednesday called on the government to increase rewards for those who blow the whistle on financial crimes, arguing that greater incentives are needed to induce people to come forward with insider information.

Gibson Dunn's Eugene Scalia

Gibson Dunn Gets Mixed Ruling in CFTC Swaps Rule Challenge

By Jan Wolfe |

A judge upheld key aspects of the Commodity Futures Trading Commission's rules on cross-border swaps.

Wilson Sonsini IT Employee Charged With Insider Trading

By Patience Haggin |

The charges against longtime IT employee Dimitry Braverman come two years after a former Wilson Sonsini associate received a record 12-year jail sentence for insider trading.

In the Home Stretch, FHFA Inks $550M Deal With HSBC

By Jan Wolfe |

Like more than a dozen bank defendants before it, HSBC on Friday reached a megabucks settlement to end its mortgage-backed securities fight with Fannie and Freddie's conservator.

U.S. Supreme Court.

IndyMac Settlement Leaves Tolling Question Unresolved

By Jan Wolfe |

Investors in mortgage-backed securities issued by IndyMac settled their claims against the bank's underwriters. But the IndyMac litigation lives on at the U.S. Supreme Court—with important implications for the time limits that govern securities class actions.

Del. Judge Blesses Forum Bylaw Aimed at Scuttling M&A Suits

By Jan Wolfe |

Delaware judges aren't exactly known for ceding jurisdiction to other states, especially in shareholder disputes. But a chancery judge ruled that forum selection bylaws are valid even if they're adopted in anticipation of litigation, and even if they designate a Delaware company's out-of-state home turf as the forum.

The U.S. Court of Appeals for the Second Circuit in Manhattan.

Cravath Beats Back Xerox Investor Class Action

By Jan Wolfe |

Despite some regrettably worded internal communications it produced during discovery, Xerox Corporation has finally killed off a class action alleging it overstated the cost-saving benefits of its big corporate reorganization in 1998.

No Escape for Banks in Credit Default Swap Antitrust Case

By David Bario |

Institutional investors represented by Quinn Emanuel and Pearson, Simon & Warshaw cleared a major hurdle on Thursday, when a judge refused to toss most of a multibillion-dollar class action targeting top international investment banks.

Floyd Abrams.

Cahill Fends Off German Bank's Suit Against S&P

By Susan Beck |

Siding with Cahill's Floyd Abrams, a judge ruled that IKB Deutsche Industriebank waited too long to sue Standard & Poor's for the top ratings it bestowed on notes issued by an ill-fated investment vehicle.

U.S. District Judge Louis Stanton

Banks Beat FDIC Suit Over Mortgage-Backed Securities

By Jan Wolfe |

Adopting an argument that other courts have rejected, a federal judge in Manhattan ruled that the FDIC waited too long to sue Deutsche Bank, Royal Bank of Scotland, Credit Suisse and other banks that sold mortgage-backed securities.

Luis Aguilar

SEC Commissioner Luis Aguilar's Disturbing Dissent

By Susan Beck |

Luis Aguilar lashed out at his fellow SEC commissioners for the weak penalties they imposed on a former CFO. But the most disturbing part of his dissent was his accusation that the agency waters down the facts it releases to the public about cases it settles.

SEC Pays Whistleblower $300K

By Jenna Greene |

The SEC paid a whistleblower who first tried to report wrongdoing internally more than $300,000. It's the first time the SEC has paid an award to a compliance officer.

U.S. District Court Judge Denise Cote

Remaining Banks Hit Another Dead End in FHFA Case

By Jan Wolfe |

We've lost count of how many times the banks sued by the Federal Housing Finance Agency for selling shoddy mortgage-backed securities have had their defenses slapped down by U.S. District Judge Denise Cote.

Geithner’s Lawyer Defends Redactions in S&P Litigation

By Amanda Bronstad |

Former Treasury Secretary Timothy Geithner is fighting a request by Standard & Poor’s Financial Services LLC to turn over unpublished notes from his memoir that he considers to be “private, confidential or sensitive materials.”

Robbins Geller Sanctioned for ‘Reckless’ Conduct

By Jan Wolfe |

The Boeing Company pursued the firm for bringing a botched securities fraud case based on the testimony of an unreliable confidential witness.

Judge Axes Retainer for Cotchett From HP Derivative Deal

By Marisa Kendall |

A federal judge in San Francisco said he wouldn't OK a planned partnership between plaintiffs lawyers and Hewlett Packard.

Shareholder Firms Clash Over Client Referrals

By Jan Wolfe |

Brower Piven and Harwood Feffer worked together to tee up plaintiffs for an investor class action that ultimately settled for $586 million. But the relationship has since soured, judging by a new contract battle between the firms.

FHFA Reaches $1.2 Billion Deal with Goldman

By Susan Beck |

This deal brings the FHFA’s recovery from major banks to more than $21 billion, reinforcing that the agency’s litigation crusade, begun in 2011 against 18 banks and led by Philippe Selendy of Quinn Emanuel Urquhart & Sullivan, has been a monumental success.

Starr’s Claims Against Chinese Company Survive Morrison

By Ross Todd |

Maurice Greenberg’s Starr Investments claimed it was fraudulently induced to buy stock in China MediaExpress, one of many Chinese companies to be listed on a U.S. stock exchange through a so-called reverse merger.

Whistleblowers Stand Out in $16.65 Billion BofA Deal

By Susan Beck |

More than $1 billion of Thursday's megasettlement with Bank of America resolves claims first brought by private whistleblowers—including one case involving a two-time False Claims Act tipster who's married to one of "The Real Housewives of New Jersey."

Bank of America Monitor Vows to Speed Mortgage Relief

By Karen Sloan |

Eric Green, court-appointed independent monitor in the nearly $17 billion Bank of America settlement announced on Thursday, understands that he has his work cut out for him.

Banks Lose Last-Ditch Bid to Block NCUA Claims as Time-Barred

By Jan Wolfe |

The Tenth Circuit ruled once again that the National Credit Union Administration didn't wait too long to sue big banks that sold billions of dollars in ill-fated mortgage-backed securities to federally chartered credit unions.

Vivendi Takes Aim at Remains of $9.3B Shareholder Verdict

By Jan Wolfe |

The U.S. Supreme Court's decision in Morrison v. NAB already helped slash a rare securities class action jury verdict against Vivendi. Now the company's lawyers at Weil and Cravath are busy trying to bury what's left of the spoils.

Second Circuit Swats Down Fee Bid in Citi Say-on-Pay Case

By David Bario |

Barely 24 hours after hearing oral arguments, a federal appellate panel refused Wednesday to revive claims that plaintiffs lawyers deserve $6 million in fees for supposedly helping to oust former Citigroup CEO Vikram Pandit and another Citi exec two years ago.

S&P Expands Demands for DOJ, Treasury Department Records

By Amanda Bronstad |

Standard & Poor's is demanding that the Justice Department and former Treasury Secretary Timothy Geithner turn over more documents, including communications with President Obama, in the U.S. government's $5 billion lawsuit against the ratings agency.

Fraud Suit Over Twitter IPO Fizzles at Second Circuit

By Jan Wolfe |

Lawyers at Simpson Thacher made quick work of a $124 million lawsuit alleging that Twitter duped two investment advisers into propping up demand for its shares ahead of the company's initial public offering.

The U.S. Court of Appeals for the Second Circuit in Manhattan.

S&C Prevails Again for Porsche in Battle With Hedge Funds

By Ross Todd |

Echoing a 2012 ruling by a state appeals court, the Second Circuit agreed with Porsche's lawyers at Sullivan & Cromwell that billions of dollars in claims against the German automaker don't belong in the United States.

Second Circuit Sides With Siemens in FCPA Whistleblower Case

By Susan Beck |

The ruling is a victory for Siemens and its lawyers at Kirkland. But it's a disappointment for those who hoped the court would clarify whether Dodd-Frank protects employees who are fired after blowing the whistle internally but before alerting the SEC.

Bernie Madoff

Judge Trims Madoff Trustee's Suit Against Merkin Funds

By Jan Wolfe |

Irving Picard of Baker & Hostetler, the liquidation trustee for Bernie Madoff's fraud-soaked investment firm, suffered a second setback this week in his bankruptcy court fight with J. Ezra Merkin and the Madoff feeder funds he managed.

Irving Picard

Madoff Trustee Loses Bid to Block Fairfield, Merkin Deals

By Jan Wolfe |

Irving Picard, the trustee tasked with unwinding Bernie Madoff's investment firm, has hit another wall in his efforts to block two big-dollar settlements with companies that once funneled cash into Madoff's Ponzi fraud.

Litigator of the Week: David Wasinger of The Wasinger Law Group

By Jan Wolfe |

In his first and only forays into whistleblower litigation, Wasinger helped the government win nearly $2 billion from Wall Street—including a $1.27 billion ruling against Bank of America that came at precisely the wrong time for the bank.

Carlyle Hangs Tight in Buyout Firms Collusion Case

By David Bario |

Shareholders have now inked deals worth $475.5 million with private equity firms accused of scheming to drive down the value of major leveraged buyout deals. But Carlyle Group and its lawyers at Latham have shown no signs of surrender ahead of a looming trial this fall.

Citi Dodges CDO Claims Brought by S. Korea's Woori Bank

By Jan Wolfe |

Judge Jed Rakoff may have thought Citigroup's $285 million settlement with the SEC amounted to little more than a slap on the wrist. But at least the SEC recovered something from Citi, which is more than we can say for South Korea's Woori Bank and its lawyers at Hausfeld.

Securities Litigation Surges Against Biotech Companies

By Marisa Kendall |

Overall, class action filiings are down for the first six months of 2014, but the pace doubled against biotech companies.

U.S. District Judge Jed Rakoff

Rakoff Grudgingly Approves $285 Million Citigroup Deal

By Ross Todd |

U.S. District Judge Jed Rakoff didn't give up without signaling that the Second Circuit made a terrible error in forcing him to approve the SEC's settlement with Citigroup over a doomed-to-fail investment.

The American International Building, located in New York, NY.

Investors Settle AIG Crisis Claims for $970.5 Million

By Jan Wolfe |

After Halliburton lost its bid to upend the securities litigation landscape at the U.S. Supreme Court, AIG and its lawyers at Weil, Gotshal & Manges opted to cut their losses in an investor class action stemming from the financial crisis.

A vial of Allergan Inc. Botox cosmetic and a syringe.

Latham, Wachtell File Takeover Defense Suit for Allergan

By Ross Todd |

Allergan claims that hostile bidder Valeant colluded with activist investor Bill Ackman, enabling Ackman's hedge fund Pershing Square to trade on inside information.

Patent Claims Drawing Derivative Suits

By Marisa Kendall |

Patent judgments don't usually spawn shareholder derivative litigation. But a $1.5 billion award against Marvell Technology is so juicy, plaintiffs securities lawyers can't stay away.

BofA Fined $1.27 Billion Over Countrywide Mortgage 'Hustle'

By Jan Wolfe |

What does a dead cow have to do with a mortgage sold by Countrywide Financial? U.S. District Judge Jed Rakoff has the answer, and it's a costly one for Bank of America.

Judge Shira A. Scheindlin, Southern District of New York

Judge Guts $1.4B Damages Claim in Wyly Brothers' Case

By Jan Wolfe |

Ahead of a damages-only bench trial set for next month, a judge precluded the SEC from recovering the total profits it accuses Sam and Charles Wyly of netting from stock trades orchestrated through a secret offshore system.

Burford Breaks Half-Billion Dollar Mark After Bond Offering

By Ross Todd |

With capital raised in a first-of-its-kind bond offering by Burford's U.K. subsidiary, the company said its war chest of assets under management now exceeds $500 million.

Goldman CEO Lloyd Blankfein testifies before a Senate panel in April 2010.

Goldman Mulls Deal as Banks Suffer New Blow in FHFA Cases

By Jan Wolfe |

With trial approaching for Goldman, RBS, HSBC and Nomura, a judge rejected the argument that Fannie Mae and Freddie Mac knew they were being misled about billions of dollars in residential mortgage-backed securities they purchased before the financial crisis.

Partner Outs Dodd-Frank Tipster, Demands Cut of $14.7M Award

By David Bario |

Despite receiving thousands of tips and shelling out eight awards to Dodd-Frank whistleblowers, the SEC has managed to keep the identities of its informers tightly under wraps. But a leak was inevitable, and now we've got one, courtesy of a fight over—what else—money.

Bankrupt Biotech Targets Nixon Peabody, Mintz Levin

By David Bario |

Neogenix Oncology Inc., a bankrupt would-be developer of cancer diagnostic and treatment products, blamed its outside lawyers for allowing the company to pursue an illegal fund-raising strategy for more than five years.

U.S. District Judge J. Paul Oetken during his nomination hearing in 2011.

Citing 'Smoking-Gun' Claims, Judge OKs ITT Investor Case

By Jan Wolfe |

ITT Educational Services and its lawyers at Gibson Dunn suffered their latest setback on Tuesday, when a judge refused to dismiss most of a shareholder class action alleging that the for-profit education company duped investors about rising student loan default rates.

Deloitte Knocks Out Hedge Funds' Suit Over China Audits

By Jan Wolfe |

Handing a win to defense lawyers at Sidley and Hughes Hubbard, a judge on Monday dismissed claims that Deloitte defrauded ChinaCast Education Corp. investors by failing to detect alleged fraud at the Shanghai-based company.

Former Autonomy Exec Takes Aim at HP's Derivative Deal

By Marisa Kendall |

A proposed settlement between HP and plaintiffs firms is "collusive and unfair," according to attorney John Keker, who represents Sushovan Hussain.

D.C. Circuit Rejects Payback for Stanford Fraud Victims

By Jenna Greene |

In a bid to win compensation for investors swindled by R. Allen Stanford, the SEC was rebuffed by the D.C. Circuit, which ruled that the investors aren't eligible for protection as customers.

Keker Scores Ninth Circuit Win for Intuitive Surgical

By Marisa Kendall |

A decision from the Ninth Circuit U.S. Court of Appeals could raise the bar for plaintiffs alleging that corporate executives knowingly misled investors.

Judge Shira A. Scheindlin, Southern District of New York

Lloyd's Can't Duck Claims Over MBIA Restructuring Fight

By David Bario |

After toiling through four years of litigation related to MBIA Inc.'s 2009 restructuring, the bond insurer's lawyers at Kasowitz Benson won a ruling this week that puts Lloyd's of London and other underwriters on the hook for a hefty portion of MBIA's defense tab.

Quinn Emanuel Notches Another Settlement in BofA Litigation

By Jan Wolfe |

In Wednesday's deal with Bank of America, Quinn Emanuel client AIG will pocket $650 million in cash, plus its pro rata share of an earlier $8.5 billion settlement between BofA and mortgage-backed securities investors.

Second Circuit Tosses Deutsche Bank Shareholder Class Action

By David Bario |

Handing a win to lawyers at Cahill and Skadden, the Second Circuit affirmed Wednesday that its 2011 decision in Fait v. Regions Financial dooms a long-running securities class action against Deutsche Bank AG and a half-dozen big underwriting banks.

Fifth Circuit Revives BP Oil Spill ERISA Class Action

By Jan Wolfe |

A U.S. Supreme Court decision from last month has breathed new life into claims that BP mismanaged employee stock ownership programs that plummeted in value after the 2010 Deepwater Horizon oil spill.

Underwriters Can't Dodge Puda Coal Securities Class Action

By Jan Wolfe |

For the law firms driving consolidated litigation over Puda's demise, Monday's ruling is a welcome bit of good news. For the boutique investment banks Macquarie Capital and Brean Murray Carret & Co., not so much.

What's Missing in Citigroup's $7 Billion RMBS Deal?

By Susan Beck |

The DOJ cited "the strength of the evidence" warranting Citigroup's $7 billion payment over sales of residential mortgage-backed securities. But there's little evidence to be found in the statement of facts accompanying Monday's deal.

Rengan Rajaratnam, left, exits federal court with his attorney Daniel Gitner in New York on Tuesday, July 8, 2014.

Litigator of the Week: Daniel Gitner of Lankler Siffert & Wohl

By Jan Wolfe |

Gitner kept U.S. Attorney Preet Bharara from claiming another scalp in his war on insider trading. More importantly, he kept his client out of jail.

Goldman Sachs Ruling Can't Save Cosmetics Class Action

By Ross Todd |

What do mortgage-backed securities have to do with antiwrinkle creams? Not a whole lot, the Second Circuit told a group of disappointed class action lawyers on Thursday.

Pfizer World Headquarters in New York City.

Loss of Key Witness Dooms Pfizer Investor Class Action

By Jan Wolfe |

In a victory for Beth Wilkinson of Paul Weiss and her cocounsel at Simpson Thacher and DLA Piper, a federal judge in Manhattan refused to give plaintiffs a new chance to explain how Pfizer caused their losses.

U.S. Attorney Preet Bharara at a press conference in January.

Rajaratnam Verdict Ends U.S. Attorney's Winning Streak

By Jan Wolfe |

With some indirect help from the U.S. Court of Appeals for the Second Circuit, Rengan Rajaratnam and his lawyers at Lankler Siffert & Wohl have snapped Manhattan U.S. Attorney Preet Bharara's undefeated record in insider-trading cases.

Irving Picard

Madoff Trustee Barred from Seeking Foreign Bank Funds

By Jan Wolfe |

While most people were enjoying the tail end of a long holiday weekend, U.S. District Judge Jed Rakoff was busy Sunday delivering a key victory to foreign banks targeted by Irving Picard, the liquidation trustee for Bernie Madoff's defunct investment firm.

Irell Steers Goldman Banker Past SEC Insider Trading Probe

By Jan Wolfe |

Irell & Manella's John Hueston said the SEC once appeared on the brink of bringing insider trading claims against ex-Goldman Sachs banker Matthew Korenberg.

HP Writes Novel Ending to Derivative Suits Over Autonomy

By Marisa Kendall |

The company is enlisting plaintiffs attorneys including Joe Cotchett to go after former Autonomy insiders.

Miguel Estrada

Gibson Dunn Extends Hot Streak With NLRB Ruling

By Ross Todd |

Thursday's ruling in National Labor Relations Board v. Noel Canning caps a month of litigation victories involving Gibson, Dunn & Crutcher.

Appeals Court: KBR Can Keep Docs Secret From Whistleblower

By Andrew Ramonas |

Kellogg Brown & Root Services Inc. doesn't have to disclose certain documents to a whistleblower, the D.C. Circuit ruled on Friday in a dispute that raised concern among companies about the confidentiality of communications with in-house lawyers.

David Boies

Litigator of the Week: David Boies of Boies, Schiller & Flexner

By Ross Todd |

Unlike Boies's most famous cases, most Americans will never hear of Halliburton Co. v. Erica P. John Fund. But for corporations, or anyone whose bread is buttered litigating securities class actions, Halliburton was the big news at the Supreme Court this week.

HP Torpedoes Securities Suit Over Hurd Imbroglio

By Julia Love |

A federal judge tossed a securities class action on Thursday that slammed Hewlett-Packard Co. for touting its code of conduct even as its former CEO became embroiled in an ethics scandal.

Securities Lawyers Dodge a Bullet with Halliburton Ruling

By Jan Wolfe |

In Halliburton Co. v. Erica P. John Fund, the Supreme Court had a chance to shut down securities litigation as we know it. Instead, Monday's decision has plaintiffs lawyers thanking their stars—and may even promise more billable hours for defense lawyers.

Banks Cite Superfund Ruling in New Bid to Beat FHFA Claims

By Jan Wolfe |

Three hold-out banks that have refused to settle with the FHFA—Nomura, HSBC and Goldman Sachs—rehashed old arguments to defeat claims that they misled Fannie Mae and Freddie Mac about the riskiness of billions of dollars in securities backed by home loans.

Blair Nicholas of Bernstein Litowitz Berger & Grossmann.

Bernstein Litowitz Targets Banks in New RMBS Assault

By Jan Wolfe |

Judging by the flurry of lawsuits Bernstein Litowitz Berger & Grossmann just unleashed against some of the world's top banks, mortgage-backed securities litigation has life in it yet.

Skadden Stomps Securities Class Action Against BlackBerry

By David Bario |

BlackBerry Ltd. shareholders enjoyed some rare good tidings on Thursday when the company posted a surprise profit. But the news wasn't so good for investors-turned-plaintiffs suing BlackBerry in a proposed securities class action.

Plaintiffs Firms Jockey to Lead 'Flash Boys' Case

By Jan Wolfe |

The competition is heating up for plaintiffs firms jostling to win the lead counsel spot in litigation inspired by Michael Lewis's best-selling book on high-frequency trading.

Keurig K-Cups.

Ropes Defeats Keurig Green Mountain Securities Class Action

By Jan Wolfe |

The U.S. Court of Appeals for the Second Circuit affirmed a win that Ropes & Gray won for Keurig last year in Vermont, leaving the company free to fight other litigation battles related to its single-serving coffee brewers.

Plaintiffs Drop Securities Suit Against Biofuel Maker

By Marisa Kendall |

Lawyers at Milberg decided not to press on after U.S. District Judge William Orrick III dismissed their complaint against Amyris Inc.