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14 results found


Chadbourne & Parke LLP | USA | 13 Sep 2011

Madoff trustee has no standing to bring common law claims on behalf of Madoff customers

The trustee of Bernard L. Madoff Investment Securities, LLC (“BLMIS”), Irving Picard, recently suffered a severe setback in his efforts to recover money on behalf of investors in BLMIS at the expense of the banks and other financial firms that provided services to BLMIS.


Chadbourne & Parke LLP | USA | 13 Sep 2011

Creative arguments partly succeed in circumventing indenture’s “no action” clause

In his recent decision in RJ Capital, S.A. v. Lexington Capital Funding III, Ltd., 10 Civ. 25 (PGG), 2011 U.S. Dist. LEXIS 82912 (S.D.N.Y. July 28, 2011), Judge Paul G. Gardephe dealt with a noteholder’s creative attempts to circumvent noncompliance with a “no action” clause in an indenture that required several conditions to be met before suit thereunder could be brought.


Jorden Burt LLP | USA | 6 Jul 2011

Iowa draws line between insurance and securities advice

On June 24, 2011, the Iowa Insurance Division, which regulates insurance and securities, issued identical companion bulletins outlining the permitted and prohibited activities of "Insurance-Only Persons" and "Securities-Only Persons." See Insurance Bulletin 11-4 and Securities Bulletin 11-S-1.


Locke Lord LLP | USA | 18 May 2010

SDFL judge finds for Wachovia in unique auction rate securities suit

A federal judge in the United States District Court for the Southern District of Florida recently issued findings of fact and conclusions of law following a bench trial in favor of Wachovia in a suit brought by investors who were unable to liquidate certain Auction Rate Securities ("ARS") originally purchased through Wachovia.


Foley Hoag LLP | USA | 6 Aug 2009

Federal court dismisses SEC insider trading charges against Mark Cuban

In July of this year, the U.S. District Court in Dallas dismissed the Securities and Exchange Commission’s insider trading suit against billionaire entrepreneur and Dallas Mavericks owner Mark Cuban.


Locke Lord LLP | USA | 20 Jan 2009

Hutchinson Technology files suit against UBS claiming that auction rate securities regulatory settlements are not enough

Hutchinson Technology, Inc., a firm with a dual focus on computer hardware technology and health care technology, recently filed suit against UBS AG, UBS Financial Services and UBS Securities LLC (“UBS”) for allegedly fraudulently inducing Hutchinson to purchase millions of dollars in auction rate securities (ARS).


Dentons | USA | 26 Nov 2008

LandAmerica Financial Group seeks bankruptcy protection

Late the night of Nov. 25, LandAmerica Financial Group, Inc. and its subsidiary, LandAmerica 1031 Exchange Services, Inc., filed a Chapter 11 petition in the U.S. Bankruptcy Court for the Eastern District of Virginia ("Bankruptcy Court"), seeking bankruptcy protection for both entities.


Cadwalader Wickersham & Taft LLP | USA | 31 May 2008

Mandatory subordination of claims under Section 510(b): three new Delaware decisions

Section 510(b) of the Bankruptcy Code provides that claims for “damages arising from the purchase or sale of . . . a security” of the debtor or an affiliate of the debtor are subordinated to any claims not based on stock.


Wiley Rein LLP | USA | 11 Mar 2008

I v. I exclusion bars coverage where security holder assisted by an insured

The United States District Court for the District of Massachusetts, applying Massachusetts law, has held that the insured vs. insured exclusion in a D&O policy precludes coverage for a lawsuit brought by a former security holder of the insured company with the assistance of a director of the company where the security holder owned stock and warrants at the time the operative claim was first made.


Hunton Andrews Kurth LLP | USA | 29 Feb 2008

FERC grants new “blanket authorizations” for dispositions of securities and contracts

The Federal Energy Regulatory Commission (“FERC”) recently issued a new ruleOrder No. 708that adopts new “blanket authorizations” for certain dispositions of public utility securities and contracts under Section 203 of the Federal Power Act (“FPA”).

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