Capital Markets

  • October 31, 2024

    Ex-Goldman Exec Says 1MDB Judge Thwarted His Defense

    Former Goldman Sachs executive Roger Ng on Thursday told the Second Circuit that his trial defense over the massive $6.5 billion 1MDB scheme was marred by the wrongful exclusion of video evidence that supported his claim that $35 million he received in alleged kickbacks was actually investment proceeds.

  • October 31, 2024

    Instacart Says Investors Based Pre-IPO Suit On Anecdotes

    Grocery delivery company Instacart has urged a California federal judge to toss a proposed class action suit claiming it misrepresented its growth potential in the lead-up to its initial public offering, saying investors are "attempting to conjure a securities fraud lawsuit out of thin air."

  • October 31, 2024

    2nd Circ. Draws BDO Back In Investor Suit In Revised Opinion

    The Second Circuit on Thursday reversed course in an amended opinion about an investor suit over financial restatements made by AmTrust Financial Services Inc., finding that auditor BDO USA LLP is not off the hook for certifying the insurer's financial statements.

  • October 31, 2024

    Ex-Citadel Reps Can't Escape Trade Secrets Suit

    A New York federal judge has greenlighted most claims in Citadel Securities' lawsuit accusing a Swiss cryptocurrency trading firm founded by two of its former employees of stealing its trade secrets, while tossing those asserted against the firm's French angel investor for lack of jurisdiction.

  • October 31, 2024

    JPMorgan To Pay $151M To Resolve SEC Disclosure Claims

    The U.S. Securities and Exchange Commission announced Thursday that two JPMorgan Chase & Co. affiliates agreed to pay $151 million to resolve five separate enforcement actions over a number of allegations, including making misleading disclosures to investors and failing to make recommendations in the best interest of customers.

  • October 31, 2024

    Feds: No 'Willfulness' Needed In Texas AG-Tied Investor Case

    Federal prosecutors asked a Texas federal judge to reject an attempt by an investor at the center of the failed impeachment of Texas Attorney General Ken Paxton to toss the fraud case, saying Wednesday that "willfulness" isn't needed for a conspiracy to commit wire fraud conviction.

  • October 31, 2024

    10 Firms Vie To Lead, Consolidate Super Micro Investor Suits

    Ten firms have submitted competing bids to lead and consolidate proposed class actions alleging that artificial intelligence server manufacturer Super Micro Computer Inc.'s shares fell roughly 20% after a short seller report accused it of violating its previous settlement with the U.S. Securities and Exchange Commission over accounting improprieties.

  • October 31, 2024

    NY Court Urged To Reject 'Audacious' Shareholder Test Cases

    Leading business groups have come to the aid of Bayer AG and Barclays PLC as the companies seek to fend off a pair of "audacious" test cases that have landed in New York's highest court, with the groups arguing that allowing the lawsuits to move forward would flood the state court with derivative lawsuits against foreign companies and overturn decades of precedent.

  • October 31, 2024

    Crypto Lobby Says Members Spent $426M Fighting SEC

    The Blockchain Association, a cryptocurrency lobby, said in a report released Thursday that its members reported incurring $426 million in legal costs so far defending actions from the U.S. Securities and Exchange Commission.

  • October 31, 2024

    Warren Says DOJ's 'Legal Gymnastics' Let TD Bank Off Easy

    U.S. Sen. Elizabeth Warren, D-Mass., pressed Attorney General Merrick Garland on Thursday over what she characterized as a lax settlement agreement for TD Bank earlier this month and the Justice Department's "legal gymnastics" that left top bank executives off the hook.

  • October 31, 2024

    Masimo Sues Ex-CEO Over 'Unprecedented' $450M Demand

    Masimo Corp. has sued its founder in Delaware Chancery Court, seeking a declaration that a $450 million payout triggered in part by the founder's loss of control or his ouster as CEO and chairman is unenforceable, saying the amount is "unprecedented" and shouldn't be paid by shareholders who were simply exercising their voting rights.

  • October 31, 2024

    A Boeing Space Exit, $3B Hot Dogs And More Deal Rumors

    Like the two astronauts currently stranded on the International Space Station, Boeing is reportedly looking to get out of space — by exiting its NASA business. In earthly news, foreign meat companies are reportedly eyeing popular hot dog brand Oscar Mayer at a price tag that could approach an arguably gluttonous $3 billion, and Blackstone could shell out five big ones — $5 billion, that is — for a cellphone infrastructure business. Here, Law360 breaks down these and other deal rumors from the past week.

  • October 31, 2024

    Web Designer Who Built IcomTech Ponzi Site Gets 8 Years

    A Manhattan federal judge on Thursday hit a California website designer with eight years in prison for his role in building online properties that made it look as if the $58 million IcomTech cryptocurrency Ponzi scheme was legitimate.

  • October 31, 2024

    SBA Cries Foul On Globetrotters' $10M COVID Grant Suit

    The U.S. Small Business Administration has defended its denial of a $10 million COVID-19 relief grant to the Harlem Globetrotters, telling a D.C. federal judge that it had no legal obligation to hand over the money to the basketball entertainment organization.

  • October 31, 2024

    Playboy Gets PE Investment After Rejecting Takeover Bid

    The owner of Playboy, PLBY Group Inc., on Thursday announced that it had secured a "significant" equity investment from privately held online entertainment company Byborg Enterprises SA.

  • October 31, 2024

    The 2024 Law360 Pulse Leaderboard

    Check out the Law360 Pulse Leaderboard to see which firms made the list of leaders in all-around excellence this year.

  • October 31, 2024

    Firms' Hiring Strategies Are Evolving In Fight For Top Spot

    Competition for top talent among elite law firms shows no signs of slowing down, even amid economic uncertainty, with financially strong firms deploying aggressive strategies to attract and retain skilled professionals to solidify their market position.

  • October 31, 2024

    MVP: MoFo's Justin Salon

    Justin Salon of Morrison Foerster LLP managed to secure a $5 billion initial public offering for client Arm Holdings PLC in late 2023 while aggressively expanding the capital markets practice that he chairs, earning him a spot among the 2024 Law360 Capital Markets MVPs.

  • October 30, 2024

    'Vague' Witness Sinks Green Materials Co. Investor Suit

    A California federal judge dismissed an investor suit Tuesday filed against a maker of sustainable materials alleging it failed to disclose a change in direction in its manufacturing plans and a delay in building a new plant, saying the suit relies heavily on statements of a confidential witness that are "fatally vague."

  • October 30, 2024

    CFTC's Mersinger Wants Cooperation, Self-Reporting Reforms

    The Commodity Futures Trading Commission should reform its process for crediting those who self-report, cooperate and remediate in connection to enforcement proceedings, one of the agency's commissioners said Wednesday.

  • October 30, 2024

    Binance Can't Force Canadian Class Action Into Arbitration

    A Canadian appeals court has affirmed that cryptocurrency exchange Binance cannot force a proposed class action accusing it of illegally trading and distributing securities into arbitration in Hong Kong, saying a lower court judge correctly found the arbitration clause to be unenforceable.

  • October 30, 2024

    Apparel Co.'s Crypto Allies Say SEC Suit Is Ripe For Court

    Cryptocurrency advocates have told a Texas federal judge that apparel company Beba and its crypto industry group backer have standing to preemptively sue the U.S. Securities and Exchange Commission, arguing that the regulator has created an impossible situation for crypto firms by bringing enforcement actions without setting clear rules for digital assets.

  • October 30, 2024

    Bernstein Litowitz, NYS Fund Rep CrowdStrike Investor Class

    Bernstein Litowitz Berger & Grossmann LLP will represent a putative class of CrowdStrike investors in litigation alleging the cybersecurity company mischaracterized the risk of seeing a major outage like the one it faced in July.

  • October 30, 2024

    Mortgage Co. Says Pension Fund Can't Jump In To Lead Suit

    Rocket Companies Inc. has told a Michigan federal judge to reject a renewed class certification bid in a shareholder suit accusing the mortgage business of concealing a downturn in loan volume, arguing that the pension fund trying to take over as lead plaintiff is inadequate to represent the proposed class, among other things.

  • October 30, 2024

    Defunct Insurer Says Broker Sabotoged Investment Coverage

    A defunct specialty insurer has accused a broker of sabotaging its innovative investment theft protection program, telling a Florida federal court the broker not only failed to sell a single policy but also abruptly canceled its agreement amid negotiations with a separate broker, damaging the insurer's reputation and costing it millions of dollars.

Expert Analysis

  • How Judiciary Can Minimize AI Risks In Secondary Sources

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    Because courts’ standing orders on generative artificial intelligence and other safeguards do not address the risk of hallucinations in secondary source materials, the judiciary should consider enlisting legal publishers and database hosts to protect against AI-generated inaccuracies, say attorneys at Lankler Siffert & Wohl.

  • Bitnomial Suit Highlights Crypto Turf War Between SEC, CFTC

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    An outcome favoring Bitnomial in its recent lawsuit against the U.S. Securities and Exchange Commission could reinforce the U.S. Commodity Futures Trading Commission's authority and limit the SEC's reach in the crypto arena, illustrating the need for Congress to delineate boundaries between the agencies, says Tonya Evans at Penn State Dickinson Law.

  • Nvidia Case's Potential Impact On Securities Class Actions

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    In Nvidia v. Ohman Fonder, the U.S. Supreme Court could strip lower courts of their long-standing ability and obligation to holistically weigh all relevant facts supporting plaintiffs' allegations of securities fraud, which would have a wide-ranging impact on securities fraud class actions in the U.S., say attorneys at Labaton Keller.

  • How Attorneys Can Break Free From Career Enmeshment

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    Ambitious attorneys can sometimes experience career enmeshment — when your sense of self-worth becomes unhealthily tangled up in your legal vocation — but taking the time to discover and realign with your core personal values can help you recover your identity, says Janna Koretz at Azimuth Psychological.

  • UCC Article 12 Offers Banks A Chance To Dive Into 'DePINs'

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    The 2022 update to Article 12 of the Uniform Commercial Code, which provides a legal framework for decentralized physical infrastructure networks, could offer trade and commodity finance banks attractive opportunities, like the energy-related DePIN projects that have recently made headlines, says Chris McDermott at Cadwalader.

  • Short-Seller Implications Of 10th Circ.'s Overstock Decision

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    The Tenth Circuit's Oct. 15 decision in Overstock Securities Litigation provides clarity on the pleading standard for a market manipulation claim under the Exchange Act, and suggests that short sellers might not be able to rely on the fraud-on-the-market presumption typically invoked by securities plaintiffs, say attorneys at Paul Weiss.

  • Lawyers With Disabilities Are Seeking Equity, Not Pity

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    Attorneys living with disabilities face extra challenges — including the need for special accommodations, the fear of stigmatization and the risk of being tokenized — but if given equitable opportunities, they can still rise to the top of their field, says Kate Reder Sheikh, a former attorney and legal recruiter at Major Lindsey & Africa.

  • Crypto.com's Suit Against SEC Could Hold Major Implications

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    Crypto.com's recent lawsuit against the U.S. Securities and Exchange Commission could affect the operation and regulation of crypto markets in the U.S., potentially raising more questions about the SEC's authority to regulate the industry when it's unclear whether another agency is ready to assume it, say attorneys at McGuireWoods.

  • Opinion

    Judicial Committee Best Venue For Litigation Funding Rules

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    The Advisory Committee on Civil Rules' recent decision to consider developing a rule for litigation funding disclosure is a welcome development, ensuring that the result will be the product of a thorough, inclusive and deliberative process that appropriately balances all interests, says Stewart Ackerly at Statera Capital.

  • The Strategic Advantages Of Appointing A Law Firm CEO

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    The impact on law firms of the recent CrowdStrike outage underscores that the business of law is no longer merely about providing supplemental support for legal practice — and helps explain why some law firms are appointing dedicated, full-time CEOs to navigate the challenges of the modern legal landscape, says Jennifer Johnson at Calibrate Strategies.

  • Don't Phone A Friend: Disclosing Friendships With Executives

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    The U.S. Securities and Exchange Commission's recent settlement against a former Church & Dwight chairman for violating proxy disclosure rules by neglecting to disclose his friendship with an executive officer amid a CEO search illustrates the perils of relying solely on responses to questionnaires circulated to boards, say attorneys at BCLP.

  • The Ups And Downs Of SEC's Now-Dissolved ESG Task Force

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    The U.S. Securities and Exchange Commission's Climate and ESG Enforcement Task Force, which was quietly disbanded sometime over the summer, was marked by three years of resistance from some stakeholders to ESG regulation, a mixed record in the courts and several successful enforcement actions, say attorneys at Crowell & Moring.

  • Series

    Beekeeping Makes Me A Better Lawyer

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    The practice of patent law and beekeeping are not typically associated, but taking care of honeybees has enriched my legal practice by highlighting the importance of hands-on experience, continuous learning, mentorship and more, says David Longo at Oblon McClelland.

  • SEC Fine Shows Risks Of Nonpublic Info In X, LinkedIn Posts

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    The U.S. Securities and Exchange Commission recently announced a settlement with DraftKings over charges arising from posting material nonpublic information on the CEO's social media accounts, highlighting that information posted to company websites and social media sites does not automatically qualify as "publicly disclosed" for purposes of Regulation FD, say attorneys at O'Melveny.

  • Anticipating Jarkesy's Effect On Bank Agency Enforcement

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    Following the U.S. Supreme Court’s decision in U.S. Securities and Exchange Commission v. Jarkesy, federal courts may eventually issue decisions on banking law principles and processes that could fundamentally alter the agencies' enforcement action framework, and the relationship between banks and examiners, says Brendan Clegg at Luse Gorman.

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