Thursday, April 28, 2016 8:07 PM PT
By MIKE HEUER 

     SAN JOSE (CN) - A drugmaker's optimistic outlook about a new obesity drug's potential doesn't amount to fraud, a federal judge said in dismissing a securities class action with prejudice. 

By LORRAINE BAILEY 

     (CN) - An ambiguous merger agreement between Mercury Systems and KOR Electronics leaves a $1.4 million tax refund without a clear owner, the 1st Circuit ruled. 

By TED WHEELER 

     (CN) - Federal prosecutors were too quick to shrug off records demands by a man who pleaded guilty to securities fraud, a federal judge ruled. 

By LORRAINE BAILEY 

     (CN) - The lead plaintiff in a securities class action against Molycorp seeking documents from the Securities and Exchange Commission has been granted a transfer to Colorado federal court. 

By LORRAINE BAILEY 

     (CN) - Best Buy shareholders cannot sue the electronics retailer for claims that it misled investors by saying its earnings were "on track" for 2011, a divided 8th Circuit ruled. 

By ADAM KLASFELD 

     MANHATTAN (CN) - In a rare ruling from the bench, the 2nd Circuit unbound Argentina's economy from an injunction that prevented the republic from paying a $4.8 billion settlement in sovereign-debt relief.

By IZZY KAPNICK 

     (CN) - A federal judge ruled that personal notes written by attorneys for the Securities and Exchange Commission about the creation of the Empire State Realty Trust are subject to release under the Freedom of Information Act. 

By LORRAINE BAILEY 

     (CN) - Participants in Lehman Brothers' retirement plan cannot show that plan administrators knew of the bank's imminent failure while continuing to invest in its stock, the 2nd Circuit ruled. 

By MIKE HEUER 

     LAS VEGAS (CN) - Dish Network CEO Charles Ergen can keep all 1.5 million shares in EchoStar that he received as its chairman in 2012, a federal judge ruled. 

By LORRAINE BAILEY 

     
     (CN) - Country Style Cooking Restaurant, a Chinese fast food chain, plans to go private in a deal that will cheat minority shareholders of the fair value of their shares, a pair of investors claim in court.

By IZZY KAPNICK 

     (CN) - Shareholders of PJT Partners claim in a class action that the elite investment bank's lax fraud-prevention measures made it possible for managing partner Andrew Caspersen to hatch an elaborate investment scheme.

By PHILIP A. JANQUART 

     (CN) - A $1.36 billion merger between Fresh Market and Apollo Global Management that would take the grocery chain private ignores stockholder interests while lining executives' pockets, shareholders claim in a class action.

By NICKEESHA SWABY 

     (CN) - Cascade Microtech investors claim in court that company directors let them down by agreeing to a buyout with FormFactor Inc. for $352 million by failing to give the sales process its due diligence.

By KEVIN LESSMILLER 

     (CN) - The former head of a ConvergEx subsidiary faces securities fraud charges, accused by the SEC of charging brokerage customers hidden markups for stock trades through an offshore affiliate. 

By DAVID LEE 

     SHERMAN, Texas (CN) - The U.S. Securities and Exchange Commission sued embattled Texas Attorney General Ken Paxton on securities fraud claims related to a felony criminal case that could send him to prison for life if convicted. 

By LORRAINE BAILEY 

     (CN) - Dow Chemical's board of directors wasted corporate assets by fighting price-fixing allegations for 10 years before agreeing to a $835 million settlement, a shareholder claims in court.

By LORRAINE BAILEY 

     (CN) - TransCanada's $13 billion acquisition of Columbia Pipeline Group undervalues the company and unfairly benefits its largest shareholder, JPMorgan Chase, a shareholder class action claims.

By NICKEESHA SWABY 

     
     (CN) - LifeLock Inc. investors claim in court that the company "floods" credit bureaus with fraud alerts that degrade its effectiveness when it comes to protecting customers from identity theft.

By PHILIP A. JANQUART 

     (CN) - The North American Securities Administrators Association has "serious concerns" about new legislative proposals that could limit the authority of the Securities and Exchange Commission and open up "safe harbors" that could be used by fraudsters.  

By PHILIP A. JANQUART 

     (CN) - The Securities Industry and Financial Markets Association has come out swinging against rules proposed by the SEC that the lobby group claims could "create perverse incentives for portfolio managers to invest in riskier, less liquid instruments and would restrict regulated funds from engaging in risk management and portfolio management activity that otherwise may be beneficial for investors." 

By IZZY KAPNICK 

     (CN) - The Securities and Exchange Commission is proposing rules to streamline the liquidation of large brokerage firms if they fail and pose a systemic risk to the U.S. financial system. 

By DAVID LEE 

     DALLAS (CN) - Texas Attorney General Ken Paxton spoke at length for the first time about the felony securities fraud charges against him and implied that his bank accounts have been frozen, prompting his attorney to deny that Paxton ever had been audited or investigated by the IRS.

     (CN) - The highest-ranking public official of a New York town was charged in what is believed to be the first municipal bond-related securities fraud prosecution. 

By ADAM KLASFELD 

     MANHATTAN (CN) - Bernard Madoff's massive Ponzi scheme has nothing to do with the civil rights movement, and the 2nd Circuit must consider now whether a prosecutor's conflation of the two issues helps boost five of the fraudster's former employees out of prison.

By IZZY KAPNICK 

     (CN) - Despite a backlash from the securities industry, a financial researcher is standing by his broker-misconduct study and its claim that a large portion of U.S. financial advisers have a history of professional impropriety.