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Securities
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October 10, 2024
Ex-Latham Atty Must Turn Over SEC Whistleblower Docs
A New Jersey federal judge on Thursday ordered a retired Latham & Watkins LLP attorney to hand over communications between himself and two whistleblowers who tipped off the U.S. Securities and Exchange Commission to an alleged $73 million fraud after one of the whistleblowers dropped his objections to producing the documents.
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October 10, 2024
Chancery OKs $9.5M Deal For Katapult SPAC Challenge
A $9.5 million deal settled a Delaware Court of Chancery stockholder suit Thursday seeking damages arising from a stock slump following the $883 million blank check company deal that took subprime consumer lender Katapult Holdings Inc. public in June 2021.
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October 10, 2024
SEC Urges 1st Circ. To Uphold $93M Win Over Financial Firm
The U.S. Securities and Exchange Commission urged the First Circuit on Thursday to affirm its $93 million win against Commonwealth Financial Network for allegedly failing to disclose that it profited from clients using higher-fee funds when similar, lower-cost versions were available.
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October 10, 2024
Ohio Seeks To Halt Depositions In FirstEnergy Investor Suit
The state of Ohio wants to halt certain depositions and other discovery in a securities suit stemming from the FirstEnergy bribery scandal, saying it could interfere with criminal charges against two of the utility company's former executives, according to an intervenor motion filed Thursday.
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October 10, 2024
Ill. Judge Sends SEC's Cherry-Picking Trading Claims To Trial
An Illinois federal judge has refused to hand an investment adviser and his employer a pretrial win over the U.S. Securities and Exchange Commission's accusations of illegal cherry-picking, saying a jury must determine whether he engaged in the unlawful trading strategy.
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October 10, 2024
Feds Ask 18 Months For 'Razzlekhan's' Role In Crypto Hack
The wife of a hacker who admitted to stealing what is now billions of dollars worth of bitcoin from the crypto exchange Bitfinex deserves 18 months in prison for her role in the heist, federal prosecutors say in a recommendation that takes her cooperation into account.
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October 10, 2024
Chancery OKs $125M Deal, Fees In Discovery Merger Suit
Declaring it "a great settlement," a Delaware vice chancellor approved on Thursday a near chart-topping, $125 million deal to end stockholder challenges to Discovery Inc.'s $43 billion merger with AT&T in 2022, an amount eclipsed only by a $148.2 million pretrial deal in a 2016 case.
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October 10, 2024
SEC Says Adviser's $4M Scheme Included 'AI-Washing'
The U.S. Securities and Exchange Commission on Thursday fined a California-based investment adviser that it said raised nearly $4 million through a series of false promises, including deceptive statements about artificial intelligence capabilities.
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October 10, 2024
Paxton Prosecutor Fee Fight Ends With High Court Rejection
The Texas Court of Criminal Appeals on Wednesday declined to take up a dispute over how much a special prosecutor appointed to oversee the securities fraud case against Texas Attorney General Ken Paxton should be paid, ending a fee fight that has stretched on almost as long as the criminal case.
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October 10, 2024
Suits Over JPMorgan Cash Sweeps Program Merged In NY
A New York federal judge has combined two proposed class actions accusing JPMorgan Chase of underpaying interest on customers' cash sweep accounts, a claim multiple banking giants are currently facing in consumer and regulatory actions.
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October 10, 2024
Ripple Labs Files Cross-Appeal Of Judgment In SEC Suit
Blockchain firm Ripple Labs on Thursday notified a New York federal judge of its intention to cross-appeal the judgment in its U.S. Securities and Exchange Commission enforcement case after the regulator kicked the decision to the Second Circuit last week.
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October 10, 2024
Proskauer Adds Akin Knowledge Management Ace In NY
Proskauer Rose LLP is expanding its private funds team, bringing in an Akin Gump Strauss Hauer & Feld LLP knowledge management expert as a partner in its New York office.
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October 10, 2024
Holland & Knight Grows Philly, NY Offices With Insurance Pros
A pair of attorneys specializing in advising clients on insurance technology matters have moved their practices this week from Goodwin Procter LLP to Holland & Knight LLP's offices in New York and Philadelphia.
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October 10, 2024
TD Bank To Pay $3.1B, Face Asset Cap Over AML Failures
TD Bank will pay about $3.1 billion to U.S. authorities and face growth restrictions on its U.S. operations as part of criminal and civil settlements announced Thursday over serious alleged anti-money laundering violations at the Canadian bank.
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October 10, 2024
Ex-Mayor Can't Reduce 6-Year Term In Fraud, Graft Case
A former Massachusetts mayor serving six years in prison for fraud and corruption has failed to raise a compelling argument to cut short the "already generous sentence" imposed, according to a Boston federal judge.
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October 09, 2024
Top Bank Lobbyist Touts Basel Endgame, CFPB Court Wins
The head of the nation's largest banking industry trade group took a victory lap on Wednesday for beating back steep proposed bank capital hikes and halting other recent Biden administration banking regulations in court, pledging to continue its muscular advocacy for banks as the election nears.
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October 09, 2024
Team Of 3 Firms Seeks To Lead UBS Cash Sweep Case
Two UBS customers suing the investment bank on allegations of shortchanging them with low-yielding cash sweep accounts moved Tuesday to consolidate their proposed class actions in New York federal court and install three firms at the helm.
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October 09, 2024
Feds Target Crypto Manipulation, Wash Trades In Novel Action
Massachusetts federal prosecutors announced charges against 18 individuals and cryptocurrency firms on Wednesday in a first-of-its-kind set of actions targeting alleged manipulation of digital asset markets through wash trading and other tactics.
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October 09, 2024
Hedge Fund Agrees To Drop Spoofing Claims Against TD Bank
Broker-dealer affiliates of TD Bank will no longer face a hedge fund's claims that they manipulated markets by placing trade orders they never intended to fulfill, the parties told a Manhattan federal judge.
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October 09, 2024
Gensler Mum On Future As AI, Crypto Rules Await Action
U.S. Securities and Exchange Commission Chair Gary Gensler declined to comment Wednesday on his or the agency's future should former U.S. President Donald Trump win a second term in office this November, even as questions remain about the post-election future of proposed regulations, like those that would safeguard crypto assets and crack down on the use of predictive data analytics.
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October 09, 2024
SEC Equity Trading Reforms Spark DC Circ. Challenge
The U.S. Securities and Exchange Commission is facing a legal challenge in the D.C. Circuit over recent equity trading regulatory changes that allow stocks to be quoted in half-penny increments and lower access fee caps.
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October 09, 2024
Electronics Co. Hid Auto Segment Slump, Investor Claims
Electronic equipment manufacturing company Methode Electronics has been hit with a proposed class action alleging it concealed the full extent of sagging sales in its automotive division, in which General Motors was a top client.
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October 09, 2024
SEC Awards $5M To 3 Whistleblowers, Denies Award To 4th
The U.S. Securities and Exchange Commission awarded more than $5 million to three unidentified whistleblowers while denying a fourth applicant's bid for a payout, in a partially redacted order saying the applicant's provided information did not cause the commission to open an investigation or inquiry.
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October 09, 2024
Bitcoin Miner Misled Investors About Biz Prospects, Suit Says
Bitcoin mining operation Iris Energy Ltd. and three of its executives were hit with a shareholder suit in New York federal court alleging they misled investors about the company's high-performance computing and data center business prospects, particularly at a site in Texas that allegedly lacks infrastructure to support the business.
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October 09, 2024
FTX Exec Wants Another Prison Date Delay Over Dog Attack
Former FTX executive Ryan Salame has again asked the court to delay his surrender date to begin his prison term from this Friday to Dec. 7, as he purportedly continues to undergo medical treatment and recover after being mauled by a German shepherd while visiting a friend's house in June.
Expert Analysis
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Inside OCC's Retail Nondeposit Investment Products Refresh
In addition to clarifying safe and sound risk management practices generally, the Office of the Comptroller of the Currency's revised booklet on retail nondeposit investment products updates its guidance around certain sales practices in light of the U.S. Securities and Exchange Commission's adoption of Regulation Best Interest, say attorneys at Debevoise.
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Mirror, Mirror On The Wall, Is My Counterclaim Bound To Fall?
A Pennsylvania federal court’s recent dismissal of the defendants’ counterclaims in Morgan v. Noss should remind attorneys to avoid the temptation to repackage a claim’s facts and law into a mirror-image counterclaim, as this approach will often result in a waste of time and resources, says Matthew Selmasska at Kaufman Dolowich.
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Why The SEC Is Targeting Short-And-Distort Schemes
The U.S. Securities and Exchange Commission's recent crackdown on the illegal practice of short-and-distort trades highlights the urgent need for public companies to adopt proactive measures, including pursuing private rights of action, say attorneys at Baker McKenzie.
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Series
Playing Dungeons & Dragons Makes Me A Better Lawyer
Playing Dungeons & Dragons – a tabletop role-playing game – helped pave the way for my legal career by providing me with foundational skills such as persuasion and team building, says Derrick Carman at Robins Kaplan.
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A Look At The Regulatory Scrutiny Facing Liquid Restaking
Recent U.S. Securities and Exchange Commission enforcement actions highlight the regulatory challenges facing emerging financial instruments like liquid restaking tokens and services, say Daniel Davis and Alexander Kim at Katten.
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Del. Dispatch: Director Caremark Claims Need Extreme Facts
The Delaware Court of Chancery recently dismissed Caremark claims against the directors of Centene in Bricklayers Pension Fund of Western Pennsylvania v. Brinkley, indicating a high bar for a finding of the required element of bad faith for Caremark liability, and stressing the need to resist hindsight bias, say attorneys at Fried Frank.
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5 Insights Into FDIC's Final Rule On Big-Bank Resolution Plans
Although the Federal Deposit Insurance Corp.'s recently finalized rule expanding resolution planning requirements for large banks was generally adopted as proposed, it includes key changes related to filing deadlines, review and feedback, and incorporates lessons learned — particularly from last year's bank failures, say attorneys at Cleary.
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Jarkesy Ruling May Redefine Jury Role In Patent Fraud
Regardless of whether the U.S. Supreme Court’s Jarkesy ruling implicates the direction of inequitable conduct, which requires showing that the patentee made material statements or omissions to the U.S. Patent and Trademark Office, the decision has created opportunities for defendants to argue more substantively for jury trials than ever before, say attorneys at Cadwalader.
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3 Leadership Practices For A More Supportive Firm Culture
Traditional leadership styles frequently amplify the inherent pressures of legal work, but a few simple, time-neutral strategies can strengthen the skills and confidence of employees and foster a more collaborative culture, while supporting individual growth and contribution to organizational goals, says Benjamin Grimes at BKG Leadership.
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Series
After Chevron: Don't Let Loper Lead To Bank Compliance Lull
Banking organizations are staring down a period of greater uncertainty over the next few years as the banking agencies and industry navigate the post-Chevron world, but banks must continue to have effective compliance programs in place even in the face of this unpredictability, say Lee Meyerson and Amanda Allexon at Simpson Thacher.
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E-Discovery Quarterly: Rulings On Hyperlinked Documents
Recent rulings show that counsel should engage in early discussions with clients regarding the potential of hyperlinked documents in electronically stored information, which will allow for more deliberate negotiation of any agreements regarding the scope of discovery, say attorneys at Sidley.
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Loper Bright Limits Federal Agencies' Ability To Alter Course
The U.S. Supreme Court's recent decision to dismantle Chevron deference also effectively overrules its 2005 decision in National Cable & Telecommunications Association v. Brand X, greatly diminishing agencies' ability to change regulatory course from one administration to the next, says Steven Gordon at Holland & Knight.
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How 3 Recent High Court Rulings Could Shape Fintech Policy
The U.S. Supreme Court's recent decisions in Jarkesy, Loper Bright and Corner Post provide fintech companies with new legal strategies to challenge regulatory actions, but agency reactions to these rulings and inconsistent judicial interpretations could bring compliance challenges and uncertainties, says Amy Whitsel at FS Vector.
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2nd Circ. Case Reinforces Need For Advance Notice Bylaws
The Second Circuit's recent decision in Nano Dimension v. Murchinson illustrates that Section 13(d) of the Exchange Act is a square peg for a round hole, and that advance notice bylaws are far better at protecting against undisclosed coordination among activist shareholders, say attorneys at Morgan Lewis.
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What Cos. Should Note In DOJ's New Whistleblower Pilot
After the U.S. Department of Justice unveiled a new whistleblower pilot program last week — continuing its efforts to incentivize individual reporting of misconduct — companies should review the eligibility criteria, update their compliance programs and consider the risks and benefits of making their own self-disclosures, say attorneys at Skadden.