Securities

  • October 25, 2024

    Sports Co. Says SEC's $4M Damages Bid Spells Disaster

    A multimillion-dollar securities fraud judgment against two companies linked to a virtual sports trading platform would be disastrous for the already-struggling organizations, their attorney argued before a D.C. federal judge Friday.

  • October 25, 2024

    SEC Wants PE Firm's 'Fishing Expedition' Claims Paused

    The U.S. Securities and Exchange Commission has asked a Texas federal judge to pause a real estate-focused private equity fund's suit alleging that the regulator subjected it to an unconstitutional "fishing expedition" outside its regulatory purview.

  • October 25, 2024

    FTX Reaches $228M Deal With Crypto Co. Bybit

    The FTX bankruptcy estate reached a deal worth about $228 million to resolve its lawsuit against cryptocurrency exchange Bybit and the firm's investment arm, Mirana Corp., that alleged they unfairly jumped the line to withdraw funds during FTX's meltdown in late 2022 and held the estate's own funds hostage.

  • October 25, 2024

    SEC's Crypto Mining Case Belongs In 10th Circ., Court Hears

    A Utah man accused of defrauding crypto mining investors out of $18 million is hoping for an opportunity to have his case heard before the Tenth Circuit, arguing that the mining equipment is not a security and that the U.S. Securities and Exchange Commission should be forced to drop the suit.

  • October 25, 2024

    Dental Exec Flees Ahead Of Possible 7-Year Fraud Sentence

    An arrest warrant was issued Friday for the former CEO of a dental device company who pled guilty to defrauding investors out of $10.7 million after he did not show up for his sentencing hearing, where Washington federal prosecutors were asking for seven years in prison.

  • October 25, 2024

    Va. Man Gets 7½ Years For $15M Gov't Contract Investor Scam

    A Virginia man was sentenced Friday to over seven years in prison for defrauding dozens of investors out of $15 million by misleading them into believing that his company had millions of dollars in contracts with federal and state government agencies.

  • October 25, 2024

    Judge Won't Rethink $750K For P&G Worker's Ex-Girlfriend

    A Pennsylvania judge won't reconsider her decision to let the estranged ex-girlfriend of a deceased Procter & Gamble employee claim more than $754,000 he had in an investment account, ruling that the employee's estate hadn't cited any new evidence or changes in law to overcome the beneficiary form he'd left untouched since the late 1980s.

  • October 25, 2024

    9th Circ. Dubious Of Tesla Investors' Appeal Of $12B Trial Loss

    Ninth Circuit judges appeared skeptical Friday of Tesla investors' argument that an erroneous trial instruction improperly led a jury to reject their $12 billion claim over Elon Musk's 2018 tweets that he had "funding secured" to take the electric car giant private.

  • October 25, 2024

    Hawkins Delafield Career Atty Moves To Nixon Peabody In SF

    Nixon Peabody LLP hired a Hawkins Delafield & Wood LLP partner who has spent his entire legal career with that firm working on public finance tax matters and a range of other tax-related matters, the firm has announced.

  • October 25, 2024

    Judge Chides Bid To Swap Credit Suisse Suit's Lead Plaintiff

    A New York federal judge has rejected an investor's bid to supersede the current lead plaintiff in a securities fraud suit over Credit Suisse's 2023 collapse, saying the petitioning investor had "jumped at the opportunity to sell out his fellow class members" with the replacement motion and criticizing his lawyer too.

  • October 25, 2024

    MVP: Robbins Geller's Shawn Williams And Mark Solomon

    Shawn Williams and Mark Solomon, managing partners at Robbins Geller Rudman & Dowd LLP, represented a British pension fund in a shareholder lawsuit against one of the deepest-pocketed companies in the world, Apple Inc. After years of litigation, Apple agreed in March to settle the case for $490 million, an outcome that landed both Solomon and Williams on the list of the 2024 Law360 Securities MVPs.

  • October 24, 2024

    Truth Social SPAC Founder Wants $1M Award For Payout Suit

    The investment sponsor of the special purpose acquisition company, or SPAC, that took former President Donald Trump's Truth Social media company public has asked for a $1 million fee award for driving the Delaware Chancery Court litigation over the Trump camp's attempts to slash a SPAC deal stock conversion ratio that would have cost some preferred investors millions.

  • October 24, 2024

    FINRA Says Its Regs Apply To Metaverse, Seeks Comments

    Broker-dealers and other firms that are weighing incorporating the metaverse into their business operations should be mindful of how Financial Industry Regulatory Authority rules apply to such activities and reach out with any concerns about regulatory ambiguities, the regulator said Thursday.

  • October 24, 2024

    SEC Says Broker Still Owes $3.5M Over Pre-IPO Stock Scheme

    The U.S. Securities and Exchange Commission wants a Manhattan federal court to enforce its nearly $3.5 million administrative order against an unregistered broker-dealer and its managing member, who allegedly made over $65 million selling interests in a portfolio of companies that hadn't yet gone public.

  • October 24, 2024

    No Tax Break For Bad Debt Investors, Wash. Justices Say

    The Washington State Supreme Court said Thursday that a group of funds that buy and sell distressed credit card debt can't claim a state business tax deduction on investment income because those investments were not incidental to their main business purpose.

  • October 24, 2024

    CAT Is 'Out Of The Bag': Judge Won't Block SEC Data Tool

    The U.S. Securities and Exchange Commission can continue to monitor markets through a surveillance tool known as the consolidated audit trail while it fights a class action lawsuit challenging the tool's existence, with a Texas federal judge saying Thursday that enjoining data collection now would cause chaos and disruption.

  • October 24, 2024

    Chancery Won't Block Dura Medic Merger Insurance Claims

    Dura Medic, a private equity-controlled medical equipment supplier, and its directors and officers won their bid Thursday in Delaware's Court of Chancery to beat back, for now, a request for a temporary restraining order blocking a settlement that could put a $5 million directors and officers insurance policy beyond the reach of the previous owners' damage claims.

  • October 24, 2024

    Feds Ask To Adjourn Trial For Crypto Maven After He Flees

    Prosecutors asked a Brooklyn federal judge to push back the trial date for a German cryptocurrency firm founder who they said tampered with his ankle monitor and absconded while out on bail on investor fraud charges.

  • October 24, 2024

    FINRA Fines Broker Over Securities Lending Algorithm Issues

    Interactive Brokers LLC has agreed to a $475,000 fine from the Financial Industry Regulatory Authority to resolve alleged issues with its securities lending algorithm that resulted in the firm returning borrowed shares to customers when it should not have and for allegedly allowing an unregistered person to work on the algorithm's software development.

  • October 24, 2024

    Robbins Geller Tapped To Lead Lincoln National Investor Suit

    Robbins Geller Rudman & Dowd LLP will lead an investor suit against insurance holding company Lincoln National in Pennsylvania federal court alleging that it misled investors about its failing variable life insurance product.

  • October 24, 2024

    Southwest Shakes Up Boardroom In Deal With Activist Elliott

    Southwest Airlines on Thursday announced a board shake-up, marking the latest of the airline's moves as part of its "transformational" plan amid pressure from activist investor Elliott Investment Management.

  • October 24, 2024

    ConvergeOne Can't Ax Snubbed Creditors' Ch. 11 Plan Appeal

    A Texas federal judge said he wouldn't toss an appeal by a group of secured creditors who say they were improperly iced out of a new equity offering pool for ConvergeOne, writing that the group's challenge wouldn't unravel the reorganized information technology services company's confirmed Chapter 11 plan or harm third parties.

  • October 24, 2024

    Feds Want Leniency For Key Witness At Bankman-Fried Trial

    Prosecutors asked a Manhattan federal judge for leniency when sentencing a former FTX executive who they said provided "substantial" assistance and testimony in the successful prosecution of the bankrupt cryptocurrency exchange's founder Sam Bankman-Fried.

  • October 24, 2024

    SEC Says German On Hook For $4.6M Tied To Fraud Scheme

    The U.S. Securities and Exchange Commission asked a judge on Thursday to reinstate a $3.3 million disgorgement order, plus $1.3 million in interest, against a German national who allegedly received proceeds from a multinational pump-and-dump scheme.

  • October 24, 2024

    MVP: Cleary's Roger Cooper

    Roger Cooper of Cleary Gottlieb Steen & Hamilton LLP's securities and mergers and acquisitions litigation practice led a team of Cleary attorneys to a New York state appellate victory on first impression arguments the firm has been making for a decade, earning him a spot as one of the 2024 Law360 Securities MVPs.

Expert Analysis

  • What NFL Draft Picks Have In Common With Lateral Law Hires

    Author Photo

    Nearly half of law firm lateral hires leave within a few years — a failure rate that is strikingly similar to the performance of NFL quarterbacks drafted in the first round — in part because evaluators focus too heavily on quantifiable metrics and not enough on a prospect's character traits, says Howard Rosenberg at Baretz+Brunelle.

  • Foreign Threat Actors Pose Novel Risks To US Tech Cos.

    Author Photo

    A recent bulletin jointly issued by several U.S. intelligence agencies warns technology startups and the venture capital community about national security risks posed by foreign threat actors, so companies interested in raising foreign capital should watch for several red flags, say Robert Friedman and Jacob Marco at Holland & Knight.

  • Open Questions 3 Years After 2nd Circ.'s Fugitive Ruling

    Author Photo

    The Second Circuit’s 2021 decision in U.S. v. Bescond, holding that a French resident indicted abroad did not meet the legal definition of a fugitive, deepened a circuit split on the fugitive disentitlement doctrine, and courts continue to grapple with the doctrine’s reach and applicability, say attorneys at Lankler Siffert.

  • Replacing The Stigma Of Menopause With Law Firm Support

    Author Photo

    A large proportion of the workforce is forced to pull the brakes on their career aspirations because of the taboo surrounding menopause and a lack of consistent support, but law firms can initiate the cultural shift needed by formulating thoughtful workplace policies, says Barbara Hamilton-Bruce at Simmons & Simmons.

  • Class Actions At The Circuit Courts: August Lessons

    Author Photo

    In this month's review of class action appeals, Mitchell Engel at Shook Hardy considers certification cases touching on classwide evidence of injury from debt collection practices, defining coupon settlements under the Class Action Fairness Act, proper approaches for evaluating attorney fee awards in class action settlements, and more.

  • Crypto Regs Could See A Reset Under The Next President

    Author Photo

    Donald Trump has taken a permissive policy stance favoring crypto, while Kamala Harris has been silent on the issue, but no matter who wins the presidential election, we may see a more lenient regulatory climate toward the digital currency than from the Biden administration, says Liam Murphy at McKool Smith.

  • Planning Law Firm Content Calendars: What, When, Where

    Author Photo

    During the slower month of August, law firms should begin working on their 2025 content calendars, planning out a content creation and distribution framework that aligns with the firm’s objectives and maintains audience engagement throughout the year, says Jessica Kaplan at Legally Penned.

  • Key Concerns To Confront In FDIC Brokered Deposit Proposal

    Author Photo

    Banks and fintech companies should note several fundamental issues with the Federal Deposit Insurance Corp.'s recent proposal to widen how it classifies brokered deposits, an attempt to limit prudential risk that could expose the industry and underbanked consumers who rely on bank-fintech apps to widespread unintended consequences, say attorneys at Gibson Dunn.

  • Crypto Gatekeepers May Be The Next Front Of Enforcement

    Author Photo

    Lawyers and other professionals who advise cryptocurrency companies should beware regulators' increasing focus on gatekeeper accountability, and should take several measures to fulfill their ethical and legal obligations, including implementing a robust vetting mechanism when representing crypto clients, say Temidayo Aganga-Williams and Xinchen Li at Selendy Gay.

  • Series

    Playing Golf Makes Me A Better Lawyer

    Author Photo

    Golf can positively affect your personal and professional life well beyond the final putt, and it’s helped enrich my legal practice by improving my ability to build lasting relationships, study and apply the rules, face adversity with grace, and maintain my mental and physical well-being, says Adam Kelly at Venable.

  • Law Firms Should Move From Reactive To Proactive Marketing

    Author Photo

    Most law firm marketing and business development teams operate in silos, leading to an ad hoc, reactive approach, but shifting to a culture of proactive planning — beginning with comprehensive campaigns — can help firms effectively execute their broader business strategy, says Paul Manuele at PR Manuele Consulting.

  • 3 Ways To Limit Risks Of Black-Box AI In Financial Services

    Author Photo

    As regulators increasingly highlight the potential for artificial intelligence to make unfair consumer credit decisions, and require financial institutions to explain how these so-called black-box algorithms arrive at conclusions, companies should consider three key questions to reduce their regulatory risks from these tools, say Jeffrey Naimon and Caroline Stapleton at Orrick.

  • 3 High Court Rulings May Shape Health Org. Litigation Tactics

    Author Photo

    Three separate decisions from the U.S. Supreme Court's most recent term — Loper Bright, Corner Post and Jarkesy — will likely strengthen healthcare organizations' ability to affirmatively sue executive agencies to challenge regulations governing operations and enforcement actions, say attorneys at McDermott.

  • Opinion

    The Big Issues A BigLaw Associates' Union Could Address

    Author Photo

    A BigLaw associates’ union could address a number of issues that have the potential to meaningfully improve working conditions, diversity and attorney well-being — from restructured billable hour requirements to origination credit allocation, return-to-office mandates and more, says Tara Rhoades at The Sanity Plea.

  • Opinion

    It's Time For A BigLaw Associates' Union

    Author Photo

    As BigLaw faces a steady stream of criticism about its employment policies and practices, an associates union could effect real change — and it could start with law students organizing around opposition to recent recruiting trends, says Tara Rhoades at The Sanity Plea.

Want to publish in Law360?


Submit an idea

Have a news tip?


Contact us here
Can't find the article you're looking for? Click here to search the Securities archive.
Hello! I'm Law360's automated support bot.

How can I help you today?

For example, you can type:
  • I forgot my password
  • I took a free trial but didn't get a verification email
  • How do I sign up for a newsletter?
Ask a question!