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Securities
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October 04, 2024
Thrivent Unit Pays SEC Fine Over Alleged Reg BI Lapses
Thrivent Investment Management Inc. has settled the U.S. Securities and Exchange Commission's allegations that it violated Regulation Best Interest when recommending certain investments to customers enrolled in college savings plans when lower-priced options were available.
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October 04, 2024
SEC Should Take Over Market Database, Investor Group Says
An investor-side trade association is pushing the U.S. Securities and Exchange Commission to take control of a controversial market surveillance tool out of the hands of the nation's stock exchanges, saying in a recent rulemaking petition that a failure to do so could be "catastrophic" if either the government or the courts decide to shut down the database.
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October 04, 2024
Chancery OKs Settlement, $3.5M Fee In PE Squeeze Suit
Pointing to a derivative suit settlement that "effectively unwinds the harm" from deeply conflicted private equity financings extended to a struggling trampoline park chain during the COVID-19 pandemic, a Delaware vice chancellor on Friday approved both the deal and a $3.5 million fee for plaintiff attorneys.
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October 04, 2024
Credit Suisse Investors Joust Over Bids To Be Class Leader
A Credit Suisse investor in a class action alleging the bank misled investors about its condition in the run-up to its collapse and takeover by UBS has asked a New York federal judge to toss the current lead plaintiff in favor of himself, while the current lead plaintiff shot back with an opposition.
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October 04, 2024
Meta Investors Seek Sanctions Over Execs' Deleted Emails
Meta Platforms Inc. shareholders suing over the Facebook Cambridge Analytica data scandal urged a Delaware Chancery Court Thursday to sanction Meta board members Jeffrey Zients and Sheryl Sandberg for allegedly spoiling evidence by using their personal email accounts to discuss the scandal and then deleting large portions of their correspondence.
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October 04, 2024
Trump Media SPAC Dropped From $20M Insider-Trading Suit
A Florida federal judge dismissed a special purpose acquisition company from a shareholder complaint alleging a board member and investor made nearly $20 million from insider trading following news of a merger with Donald Trump's social media website, saying the SPAC isn't a necessary party to the lawsuit.
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October 04, 2024
Tempur Sealy, Mattress Firm Sue To Block FTC Merger Case
Tempur Sealy International Inc. and Mattress Firm Group Inc. told a Texas federal court on Friday that the Federal Trade Commission's in-house process violates the Constitution, so the agency's case challenging their planned $4 billion merger should be blocked.
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October 04, 2024
Pool Equipment-Maker Sinks Shareholder Suit, For Now
A New Jersey federal judge Wednesday dismissed a proposed investor class action against pool supply company Hayward Holdings Inc. over claims that the company concealed it was struggling with ballooning inventory and lowered demand, saying the investors do not sufficiently explain why the alleged misstatements cited in the complaint are actionable.
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October 04, 2024
Off The Bench: NIL Atty Beef, 'Hard Knocks' Death, MJ Racing
In this week's Off The Bench, friction over the pending settlement in the vast NCAA name, image and likeness compensation class action fuels an attorney feud, the widow of a "Hard Knocks" production assistant blames the league for his death, and Michael Jordan accuses NASCAR of having a motorsports monopoly.
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October 04, 2024
4 Benefits Appellate Arguments To Watch In October
The Fourth Circuit will consider a drugmaker's challenge to a West Virginia state law restricting access to the abortion drug mifepristone and Ohio pension funds are seeking to revive an investor class action at the Second Circuit, while the First and Ninth Circuits will take up executive compensation disputes. Here are four appellate arguments in October involving employee benefits that attorneys may want to keep on their radar.
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October 04, 2024
Mayer Brown Gains NY Corporate Atty From Freshfields
Mayer Brown LLP announced this week that its corporate and securities group has added a New York-based attorney from Freshfields.
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October 04, 2024
Repeat Fraudster Guilty Of Scamming Ex-NBA Players
A Manhattan federal jury on Friday convicted a Georgia businessman and recidivist fraudster of conning former NBA players Dwight Howard and Chandler Parsons out of $8 million through the use of forged documents and other lies.
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October 03, 2024
Swizz Beatz Received Millions From 1MDB Scheme, Suit Says
Hip-hop producer and rapper Kasseem Dean, known professionally as Swizz Beatz, received $7.3 million in funds that were stolen from Malaysia residents in the multibillion-dollar 1 Malaysia Development Berhad fraud, a lawsuit filed in New York federal court alleges.
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October 03, 2024
SEC, Texas Crypto Co. Duel Over Pre-Enforcement Challenge
In dueling briefs filed Thursday, both the U.S. Securities and Exchange Commission and a nascent cryptocurrency exchange asked a Texas federal judge to grant an early win, arguing over whether the exchange can preemptively sue the regulator for a determination that its planned business won't offend securities laws.
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October 03, 2024
Kohl's Beats Investor Class Action Over Activist Bid, For Now
A Wisconsin federal judge has dismissed an investor class action alleging that Kohl's attributed positive financial results to executives' strategic planning instead of unrelated, pandemic-related factors in an attempt to defeat an activist at a board meeting, finding that the investors have failed to plead any actionable false or misleading statements.
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October 03, 2024
Trump Media's COO Resigns As Stock Is Released To Investor
The parent of Donald Trump's social media platform had a busy Thursday, announcing that its chief operating officer has resigned and separately disclosing that it released nearly 800,000 shares to a backer of the vehicle that took Trump's entity public in connection with a court order.
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October 03, 2024
FibroGen Suit Alleging Disclosure Failures Tossed In Del.
Biopharmaceutical company FibroGen has beaten a stockholder derivative lawsuit in Delaware's Chancery Court that accused the business and its top officers of fiduciary breaches and insider trading related to its flagship anemia drug, which was once projected to bring in $3.5 billion for the drugmaker before regulators refused to approve its use in the U.S.
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October 03, 2024
'Let's Go Brandon' Coin Trustee Knocks Buyers' Class Claims
The trustee of the meme-inspired cryptocurrency LGBcoin sought to block class action certification from buyers who claim he sold them unregistered securities by leading them to believe the token would take off through a purported partnership with NASCAR.
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October 03, 2024
Don't Buy Ex-NBA Star's 'Dumb Athlete' Routine, Jury Told
A Manhattan federal jury on Thursday prepared to deliberate fraud charges against a Georgia businessman accused of fleecing ex-NBA superstar Dwight Howard out of $7 million, after the defendant's lawyer argued that Howard misleadingly portrayed himself as a naive victim.
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October 03, 2024
Ex-Hedge Fund Star Won't Get Additional $14.4M
A former D.E. Shaw & Co. managing director isn't owed an additional $14.4 million in deferred compensation after winning a $52 million award for defamation from a Financial Industry Regulatory Authority arbitration panel, a New York appeals court affirmed Thursday.
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October 03, 2024
12 Lawyers Who Are The Future Of The Supreme Court Bar
One attorney hasn't lost a single U.S. Supreme Court case she's argued, or even a single justice's vote. One attorney is perhaps "the preeminent SCOTUS advocate." And one may soon become U.S. solicitor general, despite acknowledging there are "judges out there who don't like me." All three are among a dozen lawyers in the vanguard of the Supreme Court bar's next generation, poised to follow in the footsteps of the bar's current icons.
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October 03, 2024
CFTC Asks DC Circ. To Hasten Election Contract Loss Appeal
The U.S. Commodity Futures Trading Commission pressed the D.C. Circuit to immediately schedule its appeal of a district court's decision to permit KalshiEx's listing of election-based event contracts, which the trading platform is poised to oppose.
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October 03, 2024
Feds Want A Word In Meta, Nvidia High Court Cases
The federal government is asking to participate in oral arguments in two private investor suits currently before the U.S. Supreme Court, saying that both Meta Platforms Inc. and Nvidia Corp. are wrong about the requirements that shareholders need to meet in order to move forward with lawsuits claiming they were misled about business risks.
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October 03, 2024
Hecla Avoids Investor Suit Over $462M Gold Mine Buy
A gold mining operation secured the permanent dismissal of an investor suit alleging that $462 million in new mines the company bought in Nevada that were supposed to be lucrative turned out to be duds, with a New York federal judge finding the investors failed to plead any actionable false or misleading statements.
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October 03, 2024
Symbotic's Top Brass Hid Risks To Earnings Goals, Suit Says
Symbotic investors sued the supply chain automation company's board of directors and top executives for allegedly downplaying risks in achieving the aggressive financial goals it promised shareholders.
Expert Analysis
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Lean Into The 'Great Restoration' To Retain Legal Talent
As the “great resignation,” in which employees voluntarily left their jobs in droves, has largely dissipated, legal employers should now work toward the idea of a “great restoration,” adopting strategies to effectively hire, onboard and retain top legal talent, says Molly McGrath at Hiring & Empowering Solutions.
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What The NYSE Proposed Delisting Rule Could Mean For Cos.
The New York Stock Exchange's recently proposed rule would provide the exchange with discretionary authority to commence delisting proceedings for a company substantially shifting its primary business focus, raising concerns for NYSE-listed companies over the exact definition of the exchange's proposed "substantially different" standard, say attorneys at Winston & Strawn.
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9th Circ. Ruling Broadens Sweep Of Securities 'Solicitation'
The Ninth Circuit's recent revival of a putative securities fraud class action against Genius Brands for hiring a stock promoter to write favorable articles about it shows that companies should view "solicitation" broadly in considering whether they may have paid someone to urge an investor to purchase a security, say attorneys at Simpson Thacher.
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Boeing Saga Underscores Need For Ethical Corporate Culture
In the wake of recent allegations about Boeing’s safety culture, and amid the U.S. Department of Justice’s new whistleblower incentives, business leaders should reinvigorate their emphasis on compliance by making clear that long-term profitability requires ethical business practices, says Maxwell Carr-Howard at Dentons.
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Key Takeaways From 2024 Accountants' Liability Conference
At the recent annual Accountants' Liability Conference, regulators provided important commentary on new Public Company Accounting Oversight Board rulemaking and standard-setting initiatives, and emphasized regulatory priorities ranging from the tone at the top to alternative practice structures, say attorneys at Arnold & Porter.
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A Closer Look At Feds' Proposed Banker Compensation Rule
A recently proposed rule to limit financial institutions' ability to award incentive-based compensation for risk-taking may progress through the rulemaking process slowly due to the sheer number of regulators collaborating on the rule and the number of issues under consideration, say attorneys at Troutman Pepper.
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Series
Fishing Makes Me A Better Lawyer
Atop the list of ways fishing makes me a better lawyer is the relief it offers from the chronic stress of a demanding caseload, but it has also improved my listening skills and patience, and has served as an exceptional setting for building earnest relationships, says Steven DeGeorge at Robinson Bradshaw.
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Parsing Controversial Del. General Corporation Law Proposals
In response to issues raised in three recent high-profile Delaware Court of Chancery decisions, many amendments to the Delaware General Corporation Law were quickly proposed that, if enacted, would bring significant changes likely to be hotly debated — and litigated — for the foreseeable future, say attorneys at Morgan Lewis.
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5th Circ. Venue-Transfer Cases Highlight Mandamus Limits
Three ongoing cases filed within the Fifth Circuit highlight an odd procedural wrinkle that may let district courts defy an appellate writ: orders granting transfer to out-of-circuit districts, but parties opposing intercircuit transfer can work around this hurdle to effective appellate review, says Charles Fowler at McKool Smith.
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A Healthier Legal Industry Starts With Emotional Intelligence
The legal profession has long been plagued by high rates of mental health issues, in part due to attorneys’ early training and broader societal stereotypes — but developing one’s emotional intelligence is one way to foster positive change, collectively and individually, says attorney Esperanza Franco.
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To Make Your Legal Writing Clear, Emulate A Master Chef
To deliver clear and effective written advocacy, lawyers should follow the model of a fine dining chef — seasoning a foundation of pure facts with punchy descriptors, spicing it up with analogies, refining the recipe and trimming the fat — thus catering to a sophisticated audience of decision-makers, says Reuben Guttman at Guttman Buschner.
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Takeaways From SEC's New Data Breach Amendments
The U.S. Securities and Exchange Commission's recent amendment of its consumer privacy rules to require investment advisers and broker-dealers to put procedures in place to uncover data breaches and report them to customers evidences that protecting client records and information remains an SEC priority, say attorneys at Simpson Thacher.
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Circuit Judge Writes An Opinion, AI Helps: What Now?
Last week's Eleventh Circuit opinion in Snell v. United Specialty Insurance, notable for a concurrence outlining the use of artificial intelligence to evaluate a term's common meaning, is hopefully the first step toward developing a coherent basis for the judiciary's generative AI use, says David Zaslowsky at Baker McKenzie.
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NY Ruling Paves A Court Payment Shortcut For More Creditors
A recent New York state appeals court ruling expands access to an expedited statutory procedure for court enforcement of promissory notes or unconditional guaranties, allowing more creditors to minimize the risk of potentially challenging litigation on threshold issues, says Alexander Levi at Friedman Kaplan.
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9th Circ. COVID 'Cure' Case Shows Perks Of Puffery Defense
The Ninth Circuit's March decision in a case surrounding a company's statements about a potential COVID-19 cure may encourage defendants to assert puffery defenses in securities fraud cases, particularly in those involving optimistic statements about breakthrough drugs that are still untested, say attorneys at Cahill Gordon.