3rd Circ. Slams \'Ridiculous\' SEC Delay In Ex-Informant Probe

Create: 2020-01-16
Update: 2020-01-16
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The Third Circuit blasted the U.S. Securities and Exchange Commission's “ridiculous” delay in wrapping up its investigation into a broker-dealer and onetime government informant who beat criminal claims over a $17 million pump-and-dump scheme, as it considered Wednesday whether to revive a suit alleging the agency's probe is retaliatory.
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TOP NEWS

3rd Circ. Slams 'Ridiculous' SEC Delay In Ex-Informant Probe

The Third Circuit blasted the U.S. Securities and Exchange Commission's “ridiculous” delay in wrapping up its investigation into a broker-dealer and onetime government informant who beat criminal claims over a $17 million pump-and-dump scheme, as it considered Wednesday whether to revive a suit alleging the agency's probe is retaliatory.

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Del. Justices Weigh If Partnership Change Kills Standing

A partnership formed to file a drug-marketing whistleblower complaint in 2011 urged Delaware's Supreme Court Wednesday to reject drug company arguments that the replacement of one member dissolved its standing in the case, during arguments on a Third Circuit inquiry about state partnership law.

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3rd Circ. Allows Reach Over Out-Of-State Parties In RICO Suit

The Third Circuit ruled Tuesday that courts hearing racketeering cases can exercise jurisdiction over related but out-of-state parties, pulling the owners of several Delaware hotels back into a Pennsylvania-based lawsuit claiming that two former employees of a landscaping company ran a conspiracy to sabotage their own business.

Opinion attached | Read full article »

Paper Manufacturer Cautions Chancery Of Doc Bid ‘Floodgate’

Paper producer Verso Corp. cautioned a Delaware vice chancellor Wednesday the Chancery Court could open a “floodgate” of similar records requests if it grants an investor’s bid for documents detailing a proposed $400 million deal to sell two paper mills as a board proxy fight rages on.

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SUPREME COURT

5th Circ.'s ACA Punt Gets Lambasted At Supreme Court

The Fifth Circuit on Wednesday came under withering fire from health care trade groups and bipartisan economic scholars at the U.S. Supreme Court for ducking a decision on the Affordable Care Act's constitutionality.

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SRI Says Cisco's High Court Bid Rests On 'Made-Up Question'

SRI International Inc. on Wednesday said there's no reason for the U.S. Supreme Court to take up a Cisco Systems Inc. petition attempting to escape a $24 million infringement verdict, as the patent eligibility question presented to the justices isn't raised in the case.

Response attached | Read full article »

BANKRUPTCY COURT

LifeCare's Ch. 11 Liquidation Plan Gets Consensual OK

The Chapter 11 plan for liquidating former hospital facility owner LifeCare Holdings LLC received court approval Wednesday in Delaware after debtor attorneys said the confirmation order was being presented on a fully consensual basis.

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Restaurants Unlimited's Ch. 11 Plan Disclosure Gets Approval

Casual eatery operator Restaurants Unlimited Inc.'s Chapter 11 plan disclosure statement received court approval Wednesday in Delaware without objection, with an attorney for the debtor saying it provides enough information for affected creditors to vote on the plan.

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THIRD CIRCUIT

FTC Tells 3rd Circ. AbbVie Pay-For-Delay Case Axed Too Early

The Federal Trade Commission urged the Third Circuit to revive the agency's antitrust claim that AbbVie paid off Teva Pharmaceuticals to delay Teva's generic version of the testosterone treatment AndroGel, saying at oral argument Wednesday that a lower court tossed the suit before the FTC had a chance to back it up.

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Liberty Aims To Preserve Win In Pharmacy's Painkiller Suit

Liberty Mutual on Wednesday urged the Third Circuit to uphold the dismissal of a mail-order pharmacy's putative class action accusing the insurer of refusing to cover topical pain-relief creams as an alternative to more abuse-prone opioid pills.

Brief attached | Read full article »

DISTRICT COURT

AK Steel Investor Sues To Block $1.1B Cleveland-Cliffs Deal

An AK Steel investor sued to stop the manufacturer’s pending $1.1 billion acquisition by Cleveland-Cliffs Inc., telling a Delaware federal court that the companies and their boards omitted key information from regulatory disclosures.

Complaint attached | Read full article »

EXPERT ANALYSIS

Tribune Ruling Charts Course For Bankruptcy Safe Harbor

In upholding the dismissal of fraudulent conveyance claims against former shareholders of the bankrupt Tribune Company, the Second Circuit may have laid out a path for parties looking to stay within a crucial Bankruptcy Code safe harbor provision, say attorneys at Cadwalader.

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LEGAL INDUSTRY

Former Boies Schiller Lawyers Open 15-Atty Litigation Firm

Three Boies Schiller Flexner LLP lawyers are bringing together colleagues from their former employer and three other firms to launch a 15-attorney litigation shop with locations in New York and Miami, the latest in a series of recent departures from the legal powerhouse.

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Michael Avenatti To Stay In Jail Ahead Of Embezzlement Trial

A California federal judge on Wednesday remanded Michael Avenatti to federal custody after finding probable cause that the embattled attorney committed mail and wire fraud while awaiting trial on criminal charges that he embezzled client funds to pay his own debts.

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5th Circ. Calls Gender Pronoun Orders A 'Quixotic' Task

Granting requests from transgender litigants to change court records to reflect their preferred names and pronouns would be a "quixotic undertaking" that could call into question judges' impartiality, a divided Fifth Circuit said Wednesday.

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Roberts Wonders If Workers Can Sue Over 'OK, Boomer'

Chief Justice John Roberts suggested in court Wednesday that an attorney's position would allow older workers to sue over use of the popular internet put-down "OK, Boomer," indicating he didn’t want an anti-age discrimination statute to be “really just a regulation of speech in the workplace.”

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BakerHostetler Employment Pro Named To Texas Bench

President Donald Trump on Wednesday nominated the leader of BakerHostetler's employment practice in Houston to a lifetime seat on the U.S. District Court for the Southern District of Texas.

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2 BigLaw Alums Among Reps. Prosecuting Trump In Senate

Two BigLaw veterans and a former federal prosecutor are among the seven impeachment managers appointed Wednesday to act as prosecutors in the coming Senate trial of President Donald Trump on House-approved charges of abuse of power and obstruction of Congress.

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Calif., DC Bar Groups Tapped For Mental Health Study

Bar associations in California and D.C. will be participating in a confidential research project that aims to uncover what is driving the legal industry’s mental health and substance abuse issues.

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Reed Smith Internal Task Force Will Address Mental Health

Reed Smith LLP on Wednesday announced a new mental health task force that will, among other things, examine the firm's current offerings for addressing mental health and substance use and try to tackle the stigma around them.

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Longest-Serving Calif. Justice To Step Down

California Supreme Court Justice Ming W. Chin, the longest-serving of the seven current members of the state's high court and its first Chinese American judge, will retire at the end of August, the Golden State court system announced Wednesday.

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Dentons Sees No Deal On Horizon In Guinea Fee Fight

Dentons told a D.C. federal judge Tuesday that the firm is not close to reaching a settlement with the Republic of Guinea in a fight over an unpaid $10 million legal bill, despite assertions to the contrary from the defense.

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Profane Atty Says 'Sorry' In Allstate Sanctions Fight

A Culver City, California, attorney who sent threatening, profanity-laced emails to Allstate's counsel during an insurance coverage suit has reiterated his apologies to the court and told the court that Allstate has submitted an inflated cost and fees estimate in its sanctions request, calling the motion "excessive and unnecessary."

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Law Firm Leaders: McCarter & English's Joseph Boccassini

Joseph Boccassini has served as managing partner of McCarter & English since 2016 and was recently appointed for a second five-year term. Here, Boccassini chats with Law360 about his goals for the 185-year-old law firm and how he approaches his job as a law firm leader.

Read full article »

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