Cost of Backdating Stock Options Businesses that backdated stock options - to ensure a favourable strike price - have lost millions as the scandal has cut down their share values, two senate investigations about to start 06.09.06 NY Times, US Corporate Governance
Private Equity Cash Mountain Private equity funds are sitting on enough cash to buy out the entire LSE and Nasdaq together, according to KPMG, $750b, taking total leveraged buying power to $7t 25.07.06 Times
FSA to Release Plumber Documents Regulator is to release papers showing why it prosecuted Paul Davidson for market abuse in placing spread bet on IPO of his own company, aim to prove to FSMT costs hearing that it acted reasonably 12.07.06 Telegraph, Costs, Paul Davidson
Plumber Hopes for Big FSA Payout FSMT begins direction hearing ahead of costs case relating to failed FSA action against Paul Davidson, known as the Plumber, could lead to civil claims for as much as £100m 11.07.06 Telegraph, Paul Davidson
Class Action Against EADS French shareholders have filed class action against Airbus parent EADS, filed in Netherlands where company registered, France reported to be planning new law to allow shareholder class actions 10.07.06 Telegraph, Aviation, US Corporate Governance
Jabre to Challenge FSA Fine Hedge fund manager Philippe Jabre begins challenge to FSA fine today, also challenge to FSA jurisdiction in seeking ban order, FSMT found him guilty of insider trading, using information from corporate bond briefings to trade equities 10.07.06 Telegraph, Hedge Fund Regulation, Inside Trading
TH Global Walks Away From Pension Shortfall Engineering business, formerly Kvaerner, has been allowed to sell without making up pension shortfall or going into insolvency, Pension Regulator has approved scheme to raise risk of investments, put money into hedge funds and private equity 10.07.06 BBC, Insolvency, Pension Regulator, Pensions
Class Action Against EADS French shareholders have filed class action against Airbus parent EADS, filed in Netherlands where company registered, France reported to be planning new law to allow shareholder class actions 10.07.06 Telegraph, Aviation, Corporate Governance
Freshfields Advises Cinven on Camaieu On 22 March 2007, the shareholders of Modamax, the holding company that controls French listed women's clothing retailer Camaieu, signed an agreement relating to the transfer of 100% of Modamax to Modacin Luxembourg, a holding company controlled by investment fund Cinven 02.04.07 Freshfields Press Release, Private Equity, Retail Law
New Venture Investment Rules As part of his 2007 Budget, chancellor announced new qualifying company rules for the Enterprise Investment Scheme (EIS), the Corporate Venturing Scheme (CVS) and the Venture Capital Trust (VCT) scheme, new rules will affect companies attracting investment 24.03.07 Michael Simkins, Budget 2007, Entertainment Law, UK Tax
Rewards for Investors in Class Actions National Association of Pension Funds (NAPF), has published paper encouraging UK pension trustees to participate in securities class actions in the US, $20b paid out in damages last year alone 16.03.07 NAPF, Pensions
AIM Rules Aim for Better Information The London Stock Exchange has introduced a new Rule Book for Nominated Advisers (Nomads), setting out duties and responsibilities, Disciplinary Procedures and Appeals Handbook accompanies these new Rules, changes to rules for Companies make it easier for the public to access key information 01.03.07 Law Now, Corporate Governance, UK Listing Rules
FSA Ready for MFID The Financial Services Authority (FSA) today published a Policy Statement and Handbook text that finalises its transposition of the Markets in Financial Instruments Directive (MiFID) for FSA-regulated firms and markets by the EU deadline of 31 January 2007 29.01.07 FSA Press Release, EU Law, Financial Services
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RBS Moves in as ABN Loses in Ct RBS CEO Sir Fred Goodwin is to meet ABN Amro chair Arthur Martinez today to propose terms of a takeover, Dutch ct yesterday rejected sale of US unit LaSalle as condition of agreed deal with Barclays 04.05.07 Telegraph, Banking Law
CS Banker Arrested for Insider Dealing Credit Suisse official Hafiz Nazeem has been arrested by the FBI, faces civil charges from SEC, alleged to have phoned details of merger and acquisition details to accomplice in Pakistan, suspicion arose over trades ahead of KKR bid for TXU 04.05.07 Financial Times, Inside Trading
Horie Guilty, Faces Prison Flambuoyant founder of Livedoor, internet entrepreneur Takafumi Horie, once pioneer of opening Japanese business, found guilty of securities fraud, sentenced to 2.5 years prison 16.03.07 Asahi Shimbun, BBC
Nine Arrests in Insider Dealing Swoop Mitchel S. Guttenberg, working at UBS, gave tips about stock grades to Erik R. Franklin, who ran Lyford Cay, a hedge fund at Bear Stearns, in return for cash, nine arrested in joint SEC and FBI raids, four more pleading guilty to inside trading charges, largest since Ivan Boesky in 1980s 02.03.07 NY Times, Hedge Fund Regulation, Inside Trading
UBS in SEC Probe of Bond Market UBS and Credit Suisse are European banks being drawn into SEC investigation of manipulation of US Treasury market, traders 'hid' assets which they then loaned at premium Telegraph Bond traders behaving badly 31.10.06 Times
Horie Defiant, Blames Establishment Ex-Livedoor boss Takafumi Horie kept up the showmanship pleading not guilty to fraud charges, claimed the case is 'ridiculous' and hinted it is revenge of the Japanese corporate elite 05.09.06 Times
CVC Funds Sell Stakes in ista Freshfields advised CVC Capital Partners in the sale of ista International, the global market leader in the area of submetering and billing of energy, water and ancillary costs, to Charterhouse Capital Partners, funds prepared in a dual track process (auction procedure and preparation of an IPO in parallel) 29.03.07 Freshfields Bruckhaus Deringer, Energy Law, Private Equity
Freshfields Advises on Essar Sale Freshfieds advised Hutchison Telecom on selling its stake in Hutchison Essar, India's fourth largest mobile phone operator, to Vodafone, the deal was the largest foreign investment transaction in India and one of the largest ever Indian M&A transactions 03.03.07 Freshfields Bruckhaus Deringer, Mobile Telecoms, Telecoms
Freshfields Advises on APN Bid Freshfileds is advising Independent News & Media, Providence Equity Partners and the Carlyle Group on a bid for APN News & Media, one of the largest multi media companies in Australasia, the recommended acquisition will be implemented by a Scheme of Arrangement 03.03.07 Freshfields Bruckhaus Deringer, Media Law, Private Equity
Kodak Sells Health Group Freshfields advised Kodak Assistant General Counsel Sharon Underberg and Europe General Counsel Helen Isaacs on European aspects of sale of Health Group to Onex Healthcare 17.01.07 Freshfields Bruckhaus Deringer
