Securities Law

Motown Songwriter Files Suit Against Willkie Farr Over Royalty Securitization

Motown songwriter Lamont Dozier has filed a malpractice suit against Willkie Farr & Gallagher that claims the law firm represented two sides of the table when securitizing Dozier’s future song royalties. The suit says the law firm issued opinion letters for trust documents and songwriter agreements while also representing Dozier,…

Jul 21, 2009 12:16 PM CDT

First Amendment Lawyer Uses Free Speech Defense for S&P

Floyd Abrams doesn’t just represent media clients waging battles on behalf of truth and the American Way. He also represents a ratings agency—Standard & Poor’s—that has been targeted for its role in the financial crisis, the New York Times reports in a profile. The ratings agency is among several that…

Jul 20, 2009 1:36 PM CDT

Former SEC Chair Christopher Cox to Join Bingham McCutchen

Former top securities regulator Christopher Cox is to join Bingham McCutchen as a partner in the firm’s Orange County, Calif., offices and a principal in its Bingham Consulting Group subsidiary. Cox, who left his post as chairman of the U.S. Securities and Exchange Commission in January, is a former Republican…

Jul 17, 2009 4:42 PM CDT

Judge Tosses SEC Case Against Mavericks Owner

Dallas Mavericks owner Mark Cuban has won dismissal of civil insider trading accusations filed against him by the U.S. Securities and Exchange Commission—at least for now. U.S. District Judge Sidney Fitzwater of Dallas gave the SEC 30 days to file an amended suit, Reuters reports. The SEC had maintained Cuban…

Jul 17, 2009 3:28 PM CDT

Two Lawyers Charged with Insider Trading

Two lawyers are among six people accused of insider trading in shares of the Neff Corp., a Florida-based equipment rental company. The Securities and Exchange Commission claims in a civil complaint that Miami lawyer Thomas Borell traded on private information acquired from his friendship with a director in the Neff…

Jul 16, 2009 2:37 PM CDT

Mayer Brown Hires 3 UK Partners in Move to Show ‘Bench Strength’

Mayer Brown is adding three partners to its London finance practice. London leveraged finance chief Dominic Griffiths told Legal Week that the additions are not based on predictions that the economy is recovering. Instead, the hires are part of a push to build the firm’s European corporate and finance groups.…

Jul 13, 2009 3:51 PM CDT

SEC Official Says Her Resignation Isn’t Tied to Madoff

The head of the Securities and Exchange Commission’s examinations division is resigning after 14 years in the position, but she says the reason for her departure is not Bernard Madoff. In an interview with the Wall Street Journal (sub. req.), Lori Richards denied that the controversy over the SEC’s failure…

Jul 9, 2009 3:34 PM CDT

Boies Wins With Show-Me-the-Paperwork Argument in Greenberg Case

Federal jurors in New York sided with litigator David Boies yesterday and rejected a claim that his client, the former chief executive of American International Group, had improperly transferred $4.3 billion in company stock to a corporation he controlled. AIG had claimed that after Maurice “Hank” Greenberg was ousted as…

Jul 8, 2009 12:40 PM CDT

SEC Lawyer Warned About Madoff in 2004

A lawyer with the Securities and Exchange Commission had sounded a warning in 2004 about irregularities at the financial management firm run by Bernard Madoff, but her superiors asked her to put aside concerns to work on an investigation of the mutual fund agency. The lawyer, Genevievette Walker-Lightfoot, found inconsistencies…

Jul 2, 2009 12:06 PM CDT

Madoff Gets Maximum 150 Years for ‘Extraordinarily Evil’ Crimes

Convicted swindler Bernard Madoff was sentenced to a 150-year prison term today for operating a massive Ponzi scheme under the guise of a hedge fund that may have bilked investors out of as much as $65 billion. The defense had sought a 12-year sentence, and a presentence investigation by the…

Jun 29, 2009 4:26 PM CDT

Prosecution to Seek 150-Year Sentence for Bernard Madoff on Monday

In a federal court filing tonight, prosecutors argue for a 150-year sentence for Bernard Madoff, convicted of operating a record-breaking $65 billion swindle under the guise of a hedge fund. Contending that Madoff “engaged in wholesale fraud for more than a generation,” the filing argues that “the scope, duration and…

Jun 26, 2009 11:31 PM CDT

Kerviel Should Be Tried Concerning $7B SocGen Trading Loss, Prosecutors Say

Jerome Kerviel, a low-level trader blamed by Societe Generale SA for a $7 billion trading loss last year, should be tried on criminal charges, French prosecutors have recommended in a report today to the judge in charge of investigating the case. Prosecutors recommend that Kerviel, 32, should be tried for…

Jun 25, 2009 5:50 PM CDT

Bernard Madoff Should Get 12 Years in Stupendous Swindle, His Lawyer Argues

Convicted in a Ponzi scheme of stupendous scope that has reportedly left many of his formerly well-to-do victims virtually penniless, Bernard Madoff could get as much as 150 years in prison when he is sentenced Monday in Manhattan federal court. But his lawyer is arguing for a 12-year term, saying…

Jun 23, 2009 5:46 PM CDT

Refco Execs Lied to Me, Mayer Brown Partner Testifies

Speaking forcefully and looking jury members straight in the eyes as he testified yesterday in federal court in Manhattan about his own role in a $2.4 billion corporate fraud case, a Mayer Brown partner said executives of Refco Inc. lied to him about financial issues underlying the loan transactions on…

Jun 19, 2009 5:53 PM CDT

Receiver Sues Davis Wright for $400M, Claims Firm Aided Client’s Ponzi Plan

The receiver for a retirement home operator claims in a $400 million lawsuit that Davis Wright & Tremaine helped the company operate a Ponzi scheme. The suit filed last week in an Oregon federal court claims the law firm played a critical role in creating and “propping up” Sunwest Management,…

Jun 17, 2009 5:34 PM CDT