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Activist Client Mangrove Partners Announces Intention to Seek Board Representation at Home Loan Servicing Solutions, Ltd. (HLSS).

CNN Money, CBS Market Watch and other media outlets reported on Kleinberg Kaplan client’s Mangrove Partners’ compelling letter to the Board of Directors of HLSS advocating terminating contractual links to troubled Ocwen Financial Corp. Mangrove Partners also announced its intention to nominate a slate of highly qualified directors to replace HLSS’s current directors at its…

Firm News | February 9, 2015

FTC Announces New Thresholds for the Hart-Scott-Rodino Antitrust Improvements Act of 1976

The Federal Trade Commission (the “FTC”) is required to annually revise the jurisdictional thresholds for notifications of certain mergers and acquisitions under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (the “HSR Act”), based on the change in gross national product for the preceding fiscal year.  For 2015, the initial notification threshold will be…

Client Alerts | February 4, 2015 | Securities and Corporate Finance | Hedge Funds

A Federal District Court Rejects Effort To Limit Newman Decision and Its Impact on Insider Trading Law

On January 22, 2015, a federal district court, in U.S. v. Conradt, vacated the guilty pleas of four men accused of insider trading.  This decision is the first to follow U.S. v. Newman, the recent landmark appellate ruling limiting the government’s ability to pursue insider trading cases. In the course of granting the defendants’ motions…

Client Alerts | January 26, 2015 | Securities and Corporate Finance | Hedge Funds

SEC’s Division of Corporation Finance Will Express “No Views” on Conflicting Shareholder Proposals for the Remainder of the Current Proxy Season

On January 16, 2015, the Division of Corporation Finance of the Securities and Exchange Commission (“SEC”) announced that, in light of a directive from SEC Chair Mary Jo White, it will express “no views” on the application of Rule 14a-8(i)(9) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) during the current…

Client Alerts | January 26, 2015 | Mergers & Acquisitions | Securities and Corporate Finance | Investor Activism | Hedge Funds

SEC Announces 2015 Examination Priorities

On January 13, the Securities and Exchange Commission (the “SEC”) announced 2015 examination priorities for registered entities.[1]  The SEC groups the priorities into three general thematic areas: protecting retail investors, assessing market-wide risks and using data analytics to identify potential wrongdoing.  The SEC notes that the list of priorities is not exhaustive and priorities may…

Client Alerts | January 20, 2015 | Hedge Funds

Second Circuit Narrows Definition of Insider Trading and Potentially Limits Future Actions Against Tippees

On December 10, 2014, the United States Court of Appeals for the Second Circuit reversed the convictions of two hedge fund managers for insider trading and conspiracy to commit insider trading. The Second Circuit’s opinion in U.S. v. Newman significantly narrowed the definition of insider trading and made it more difficult for prosecutors to pursue…

Client Alerts | December 17, 2014 | Securities and Corporate Finance

Second Circuit Provides Safe Harbor for Madoff Defendants

A recent decision by the Court of Appeals for the Second Circuit, Picard v. Ida Fishman Revocable Trust (In re Bernard L. Madoff Investment Securities LLC), sharply limits the remedies available to trustees in brokerage liquidations, provides significant protections for innocent customers of fraudulent brokers, and further shapes the ongoing debate over Bankruptcy Code safe harbors. For former customers…

Client Alerts | December 15, 2014