Securities Law

Former Cuomo lawyer dies after being caught in NYC shooting crossfire

A 43-year-old lawyer for a New York state economic development agency who formerly worked for the governor and Jones Day has died from a gunshot wound to the head. An apparent unintended victim in what may have been a gang shootout in Brooklyn last week, Carey Gabay died Wednesday, after…

Sep 17, 2015 6:40 AM CDT

New Microsoft law office management platform offers group access to legal docs on any device

A new law office management platform developed by the in-house legal department of Microsoft for its own use was worth the wait, a law blogger says. With the formal announcement today that the company has begun to roll out its Matter Center for Office 365 for general law firm use,…

Aug 31, 2015 3:55 PM CDT

Former Dole general counsel and CEO found liable for $148M for undervalued buyout

A Delaware judge on Thursday found two Dole officials liable for $148 million for driving down the company’s stock price in a 2013 leveraged buyout. Found liable were chief executive David Murdock, who was able to buy the business at a lower price, and then-general counsel C. Michael Carter, who…

Aug 28, 2015 7:01 AM CDT

Texas attorney general’s lawyer is withdrawing from his defense, citing unspecified ‘issues’

Texas Attorney General Ken Paxton renewed his not guilty plea to securities law violations on Thursday during a court hearing in which his lawyer objected to cameras in the courtroom and got permission to withdraw from the case. Paxton’s lawyer, Joe Kendall, said a new defense lawyer was joining Paxton’s…

Aug 27, 2015 1:17 PM CDT

Why not eliminate quarterly earnings reports, Wachtell co-founder suggests

A bedrock system underlying much of corporate regulatory law may not, in fact, be necessary, the co-founder of one of New York’s top business law firms is suggesting. In a Tuesday memo to clients, co-founder Martin Lipton of Wachtell Lipton Rosen & Katz calls for the U.S. Securities & Exchange…

Aug 20, 2015 2:55 PM CDT

Lawyer gets home confinement for insider trading based on golfer’s tips

A federal judge in Boston has sentenced a Massachusetts lawyer to eight months of home confinement for trading on insider information gleaned form a golfing buddy. Lawyer Douglas Parigian, 56, was sentenced on Monday, Reuters reports. He pleaded guilty in May to conspiracy and securities fraud. His guilty plea had…

Aug 18, 2015 9:29 AM CDT

Insider traders used hackers to steal press releases, indictments allege

Nine traders, money managers and hackers have been indicted in an alleged scheme that involved hacking into press releases before their distribution and using the information for stock purchases. The scheme involved hacking into the computers of companies that published press releases, including Marketwired, PR Newswire and Business Wire, report…

Aug 12, 2015 6:15 AM CDT

Texas attorney general is charged with securities fraud

Updated: Texas Attorney General Ken Paxton was charged with securities law violations Monday. Paxton turned himself in at the Collin County Jail on Monday and was released on bond, report WFAA-TV, the Dallas Morning News, Bloomberg News and the Dallas Business Journal. The indictments were unsealed at about 11:30 a.m.…

Aug 3, 2015 9:47 AM CDT

Laws need to catch up to high-speed trading

Insider trading and the laws needed to prosecute those illegal trades continue to evolve as new issues and technologies emerge, attorneys said during a panel discussion at the ABA London Sessions. The fast-changing landscape is best illustrated by the recent case of Navinder Singh Sarao, the British man who is…

Aug 1, 2015 12:45 AM CDT

Ex-Wilson Sonsini worker who ignored ‘wake-up call’ insider-trade case gets 2 years

A former computer system engineer at a powerhouse Silicon Valley law firm was sentenced Wednesday to two years in federal prison for insider trading. Dimitry Braverman, 42, used his position at Wilson Sonsini Goodrich & Rosati to access confidential information about potential mergers and acquisitions from the firm’s computer system,…

Jul 30, 2015 5:00 PM CDT

Partner who overheard lawyer discuss client merger is indicted for alleged insider trading

A real estate partner in the Philadelphia headquarters of a national law firm overheard a colleague talking with their shared legal assistant about an imminent client merger. Then he illegally used the insider information in purchasing stock in the client’s company for himself and his wife, federal regulators say. Herbert…

Jul 17, 2015 10:40 AM CDT

Securities allegations against Texas attorney general will be presented to grand jury

A special prosecutor says he will present evidence to a grand jury of possible state securities law violations by Texas Attorney General Ken Paxton. The special prosecutor, Kent Schaffer, says one of the possible charges is felony securities fraud, report the Houston Chronicle, Reuters and the Dallas Morning News. Securities…

Jul 2, 2015 1:11 PM CDT

Delaware bans bylaws imposing legal fees on plaintiffs in losing shareholder litigation

A law banning corporate bylaws that impose a hefty price on investors who file unsuccessful shareholder derivative suits has been signed by Delaware’s governor. It prohibits companies from requiring plaintiffs in such cases to pay the company’s attorney fees. However, in a nod to disappointed companies, the new law does…

Jun 25, 2015 3:15 PM CDT

Victory but zero damages in ex-AIG chief’s $40B bailout suit against the feds

There was good news and bad news Monday for former American International Group chief executive Maurice “Hank” Greenberg. First the good news: He won his federal lawsuit against the U.S. government over its handling of a 2008 bailout of the insurance giant as the entire American economy teetered, the New…

Jun 16, 2015 9:05 AM CDT

Laws and regulators need get up to speed with high-frequency trading technology, panelists say

The world of insider trading and the laws needed to prosecute those illegal trades continues to evolve as new issues and technologies used for trading emerge, attorneys said at an ABA panel discussion Friday. The fast-changing landscape is best illustrated by the recent case of Navinder Singh Sarao, the British…

Jun 12, 2015 2:50 PM CDT