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Capital Markets
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August 06, 2024
Convicted Mango Markets Crypto Trader Wants Acquittal
The crypto trader who was convicted of fraudulently draining more than $100 million from trading platform Mango Markets told a Manhattan federal judge that he should be fully acquitted on the grounds that federal prosecutors failed to prove at trial that he violated the law.
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August 06, 2024
2nd Circ. Says Citi Whistleblower Can't Get Cut Of $400M Fine
The Second Circuit on Tuesday upheld a lower court's dismissal of a Citibank executive's whistleblower lawsuit seeking a piece of a $400 million fine the bank paid, finding that she failed to allege a valid False Claims Act claim and therefore has no right to a portion of financial recovery.
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August 06, 2024
Baby Sock Co. Can't Beat Investor Suit, But SPAC Brass Can
Digital baby monitoring device manufacturer Owlet Inc. cannot escape a suit accusing it of misleading investors about approvals required from the U.S. Food and Drug Administration to sell its "smart socks," but brass at a blank check company that it merged with will be allowed to exit the suit.
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August 06, 2024
Iraqi Kurdish Gov't Looks To Nix $490M Debt Suit
The Kurdistan Regional Government of Iraq urged a New York court Monday to toss litigation to enforce a $490 million judgment issued in a dispute over a loan to a Kurdish mobile phone operator, saying an international arbitration tribunal has confirmed that the debt no longer exists.
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August 06, 2024
Piper Sandler Says It Will Pay $16M In Recordkeeping Fines
Piper Sandler Cos. disclosed Tuesday that it has reached tentative agreements with the U.S. Securities and Exchange Commission and the U.S. Commodity Futures Trading Commission to end investigations into off-channel business communications for a total of $16 million.
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August 06, 2024
6 Firms Lead Chinese AI Chipmaker's $133M Hong Kong IPO
Artificial intelligence chip designer Black Sesame International Holding Ltd. is preparing to debut on the Hong Kong stock exchange this week after reportedly pricing a $133 million initial public offering, guided by six firms, completing one of the Asia region's largest IPOs in 2024.
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August 06, 2024
Fifth Third Bank Faces MDL Bid Over Allegedly Hidden Costs
A group of consumers is urging the Judicial Panel on Multidistrict Litigation to centralize in New Jersey five proposed class actions alleging Fifth Third Bank NA's solar panel financing business hid loan costs from consumers.
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August 06, 2024
Investment Adviser Must Face Union Fund's $30M ERISA Suit
A union pension fund has carried its $30 million Employee Retirement Income Security Act lawsuit against an investment advisory firm past the motion-to-dismiss phase on its second try, with a California federal judge holding that the fund qualified for an extension to its deadline to sue over pre-2016 conduct.
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August 06, 2024
Pharma Co. Founder Beats Suit Over Short-Swing Trading
The founder of Y-mAbs Therapeutics Inc. beat back a suit alleging he realized more than $2.5 million in so-called short-swing profits after he exchanged his Y-mAbs stock for those of another company, with a New York federal judge saying in a ruling of first impression that the founder does not need to return the gains he received.
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August 06, 2024
Feds Seek $3.5M Premerger Penalty From Sporting Events Biz
Federal prosecutors have struck a deal requiring sports and entertainment event company Legends Hospitality to pay a $3.5 million penalty to settle allegations that it illegally conducted business with acquisition target ASM Global Inc. before finalizing the deal.
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August 06, 2024
SEC Decries Coinbase's 'Sweeping' Discovery Demand
The U.S. Securities and Exchange Commission has urged a New York federal judge to deny crypto exchange Coinbase's "additional, sweeping" request for all documents and communications the regulator may have made surrounding how securities laws apply to digital assets, arguing most of the documents are privileged or irrelevant to the case.
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August 06, 2024
SEC Defends Climate Disclosure Rules At 8th Circ.
The U.S. Securities and Exchange Commission on Tuesday cited the U.S. Supreme Court's decision axing Chevron deference and the agency's 50-plus year history of considering additional environmental-related disclosures in an effort to defend its recently adopted climate disclosure rules.
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August 06, 2024
39 Law Firms Call On 6th Circ. To Reverse FirstEnergy Ruling
Dozens of law firms have signed on to an amicus curiae brief urging the Sixth Circuit to reverse a decision in a FirstEnergy shareholder litigation, the latest voices in the legal, insurance and business communities to call on the appellate court to reverse an Ohio federal judge's ruling they warn will threaten attorney-client privilege.
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August 06, 2024
AI Security Biz Sets Sights On IPO After $5.1B Valuation
Artificial intelligence company Abnormal Security, advised by Cooley LLP, announced Tuesday that it has hit a $5.1 billion valuation after closing its Series D funding round with $250 million in tow.
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August 06, 2024
Aztec Fund Files For Ch. 11 With $100M In Liabilities
The Aztec Fund Holding Inc. has filed for Chapter 11 protection in Texas bankruptcy court, listing at least $100 million in liabilities.
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August 06, 2024
Ex-Barnes & Thornburg, Apollo Atty Joins Perkins Coie
A former Barnes & Thornburg LLP attorney and one-time Apollo Global Management counsel is the latest funds attorney to join Perkins Coie's New York office, the firm said Tuesday.
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August 06, 2024
DC Circ. Urged To Revive Investor's Pandemic-Era Losses Suit
An investor vying to hold Bank of America liable for losses he sustained at the height of the COVID-19 pandemic told the D.C. Circuit that a trial court judge prematurely tossed his suit claiming that the bank failed to explain the risks of cashing out his investments.
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August 05, 2024
Elon Musk Can't Beat Twitter Investors' Suit Over Bot Claim
A California federal judge on Monday denied Elon Musk's bid to escape a shareholder suit alleging he misled Twitter investors by claiming the company had to provide information on an alleged bot problem before he could move forward with his $44 billion acquisition, saying Musk leaned on already-rejected arguments.
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August 05, 2024
Coinbase Broke Campaign Finance Laws, Crypto Critics Say
Crypto exchange Coinbase violated campaign finance laws when it donated $25.5 million to political action committees while negotiating a federal contract, prominent crypto critics told a federal election watchdog — a claim the firm's legal chief has staunchly denied.
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August 05, 2024
Wis. Bank Settles Tribal Group's Bias Suit Over Peyote Use
A local Wisconsin bank and Native American company Medicine Fireplace have jointly told a federal judge they've resolved a lawsuit claiming that the financial institution denied service to the nonprofit firm, whose members use the hallucinogenic peyote plant in their religious ceremonies.
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August 05, 2024
Morgan Stanley Says SEC Eyeing Its Cash Sweep Policies
Morgan Stanley told investors on Monday that it is fielding enforcement inquiries from the U.S. Securities and Exchange Commission about its investment account cash sweep policies.
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August 05, 2024
Indivior Accused Of Overstating Prospects Of 3 Opioid Drugs
Drugmaker Indivior PLC has been hit with a proposed investor class action in Virginia federal court over claims it overstated the financial prospects of its drugs used to treat opioid use disorders and the company's ability to forecast such financial projections.
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August 05, 2024
EarnIn's Fees, Tips Are Usurious, Ga. Consumers Say
Pay advance app EarnIn has been hit with a proposed class action alleging its optional fees and tips are hidden interest payments that, on average, far exceed fair rates for consumer lending.
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August 05, 2024
SEC, Other Regulators Propose Joint Data Standards
The U.S. Securities and Exchange Commission, the Commodity Futures Trading Commission, the Consumer Financial Protection Bureau and six other regulators are crafting joint standards required by bipartisan legislation aiming to modernize the collection and publication of those agencies' financial data, the SEC announced Friday.
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August 05, 2024
DXC Investor's Suit Says Execs Overhyped Integration Efforts
A DXC Technology investor filed a proposed class action in Virginia federal court Friday alleging the information technology giant over-touted its "transformation journey" and efforts to reduce restructuring and integration costs after acquiring several companies that caused investors to buy DXC common stock at artificially inflated prices.
Expert Analysis
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How Private Funds Can Navigate New FinCEN Reporting Rules
In light of the Financial Crimes Enforcement Network's new regulations implementing beneficial ownership reporting requirements, private fund managers must assess whether certain obligations apply to entities within their structures and whether potential structural changes could simplify those obligations, say attorneys at Winston & Strawn.
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How AI May Be Used In Fintech Fraud — And Fraud Detection
Recent enforcement actions in the fintech and finance industries show that the government is increasingly pursuing fraud enabled by artificial intelligence — at the same time it’s using AI innovations to enforce regulations and investigate fraud, say attorneys at ArentFox Schiff.
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What Recent Study Shows About AI's Promise For Legal Tasks
Amid both skepticism and excitement about the promise of generative artificial intelligence in legal contexts, the first randomized controlled trial studying its impact on basic lawyering tasks shows mixed but promising results, and underscores the need for attorneys to proactively engage with AI, says Daniel Schwarcz at University of Minnesota Law School.
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Innodata Suit Highlights 'AI Washing' Liability Risk For Cos.
A class action against software company Innodata over so-called AI washing, one of the first of its kind, underscores the litigation and enforcement risks that can arise from the U.S. Securities and Exchange Commission's novel theory about misleading artificial intelligence capabilities, say attorneys at Bracewell.
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Tips For CCOs Submitting Annual Compliance Reports
Recent settlement actions by the U.S. Commodity Futures Trading Commission, coupled with statements made by both CFTC and U.S. Securities and Exchange Commission leadership, demonstrate why this year's chief compliance officer annual report filing is no ordinary exercise, and highlight the increasing importance of the report and its usage, say attorneys at Steptoe.
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Fintech 'Prenups': Planning For A Card Program Breakup
After a year of economic downturns, some banks and their fintech partners are realizing they may have rushed to the altar without a good prenup, but planning ahead can curb both foreseeable and unexpected issues in the event of a termination of a bank-fintech card-issuing agreement, say Andrew Grant at Ketsal and Richard Malish at Community Federal Savings Bank.
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SEC's Final Climate Disclosure Rules: What Cos. Must Know
While the U.S. Securities and Exchange Commission's scaled-back final rules requiring public companies to disclose certain climate-related information still face challenges in court, companies should begin preparing now to comply with the rules, say Celia Soehner and Erin Martin at Morgan Lewis.
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2nd Circ.'s Nine West Ruling Clarifies Safe Harbor Confusion
The Second Circuit’s recent ruling in Nine West’s Chapter 11 suit clarifies that courts in the circuit will apply a transfer-by-transfer analysis to determine the applicability of Section 546(e) of the Bankruptcy Code, and that to be safe harbored, a financial institution must act as an agent with respect to the specific transfer at issue, says Leonardo Trivigno at Carter Ledyard.
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Opinion
European Union Criticisms Of The FCPA Are Misguided
Some in the European Union have criticized U.S. enforcement of the Foreign Corrupt Practices Act for what they perceive as jurisdictional overreach, but this appears to overlook the crucial fact that jurisdiction is voluntary, and critics should focus instead on the lack of equivalent laws in their own region, say John Joy and YuTong Wang at FTI Law.
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What Fed's Credit-Linked Note FAQ Means For Capital Relief
U.S. banks that seek to mitigate their loss of liquidity under the Basel III capital requirements by issuing direct credit-linked notes should turn to recent Federal Reserve FAQs for insight into how this new use of synthetic securitizations may reshape risk and regulation in the U.S. market, says Cris Cicala at Stinson.
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Litigation Inspiration: A Source Of Untapped Fulfillment
As increasing numbers of attorneys struggle with stress and mental health issues, business litigators can find protection against burnout by remembering their important role in society — because fulfillment in one’s work isn’t just reserved for public interest lawyers, say Bennett Rawicki and Peter Bigelow at Hilgers Graben.
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Under The Hood Of The SEC Securitization Conflict Rule
Elanit Snow and Julia Vitter of Proskauer consider the U.S. Securities and Exchange Commission's recently finalized rule that prohibits conflicts of interest in certain securitization transactions, uncovering what the new regulation does and doesn’t entail, why it was adopted, and how commenters' remarks affected the process.
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Series
Skiing Makes Me A Better Lawyer
A lifetime of skiing has helped me develop important professional skills, and taught me that embracing challenges with a spirit of adventure can allow lawyers to push boundaries, expand their capabilities and ultimately excel in their careers, says Andrea Przybysz at Tucker Ellis.
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Can A DAO Be Sued? SDNY Case May Hold The Answer
A case pending in the Southern District of New York will examine whether decentralized crypto co-op MakerDAO is a partnership with the capacity to be sued in federal court, and the decision could shape how legal frameworks will adapt to accommodate blockchain technologies moving forward, say attorneys at Haynes Boone.
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Opinion
UK Whistleblowers Flock To The US For Good Reason
The U.K. Serious Fraud Office director recently brought renewed attention to the differences between the U.K. and U.S. whistleblower regimes — differences that may make reporting to U.S. agencies a better and safer option for U.K. whistleblowers, and show why U.K. whistleblower laws need to be improved, say Benjamin Calitri and Kate Reeves at Kohn Kohn.