Securities

  • October 10, 2024

    Rosen, Rigrodsky Law To Lead Coupang IPO Derivative Suit

    The Rosen Law Firm PA and Rigrodsky Law PA will represent investors in a consolidated derivative action against brass at South Korean e-commerce company Coupang Inc. over alleged misrepresentations about its labor practices ahead of its $3.5 billion initial public offering.

  • October 10, 2024

    SEC Sues Crypto Arm Of Proprietary Trading Firm DRW

    The U.S. Securities and Exchange Commission accused the crypto-focused subsidiary of proprietary trading firm DRW Holdings of operating as an unregistered securities dealer by effecting more than $2 billion in crypto transactions, according to a complaint filed Thursday in Illinois federal court.

  • October 10, 2024

    FINRA Fines Citadel Securities, IMC Over Audit Trail Reporting

    Citadel Securities LLC and IMC Financial Markets agreed to fines of $1 million and $1.2 million, respectively, to settle allegations from the Financial Industry Regulatory Authority that they failed to accurately or timely report tens of billions of equity and option orders to the consolidated audit trail.

  • October 10, 2024

    Attys For Voyager Digital Users Get $1.3M After Earn Deal

    Attorneys representing a proposed class of users of the now-bankrupt cryptocurrency firm Voyager Digital Holdings will receive $1.3 million in fees after brokering the settlement of claims the company "aggressively marketed" unregistered securities.

  • October 10, 2024

    TD Bank Deal A $3B Lesson In Compliance, DOJ Official Says

    TD Bank's historic settlement with U.S. authorities over anti-money laundering violations should serve as a warning for compliance officials and executives at banks across the country, Deputy Attorney General Lisa Monaco said Thursday.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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. 

  • 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.

  • 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.

Expert Analysis

  • How Ripple Final Judgment Fits In Broader Crypto Landscape

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    The Southern District of New York's recent $125 million civil penalty levied in U.S. Securities and Exchange Commission v. Ripple will have a broad impact on the crypto industry as it was the first to hold that blind sales of digital assets are not securities, even if deemed securities in other circumstances, say attorneys at BakerHostetler.

  • 5 Tips To Succeed In A Master Of Laws Program And Beyond

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    As lawyers and recent law school graduates begin their Master of Laws coursework across the country, they should keep a few pointers in mind to get the most out of their programs and kick-start successful careers in their practice areas, says Kelley Miller at Reed Smith.

  • Series

    After Chevron: SEC Climate And ESG Rules Likely Doomed

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    Under the U.S. Supreme Court's recent decision in Loper Bright, without agency deference, the U.S. Securities and Exchange Commission's climate disclosure and environmental, social and governance rules would likely be found lacking in statutory support and vacated by the courts, says Justin Chretien at Carlton Fields.

  • Assessing Whether Jarkesy May Limit FINRA Prosecutions

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    The U.S. Supreme Court’s recent decision in Jarkesy v. U.S. Securities and Exchange Commission, holding that civil securities fraud defendants are entitled to jury trials, may cause unpredictable results when applied to Financial Industry Regulatory Authority prosecutions, say Barry Temkin and Kate DiGeronimo at Mound Cotton.

  • Series

    Being An Opera Singer Made Me A Better Lawyer

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    My journey from the stage to the courtroom has shown that the skills I honed as an opera singer – punctuality, memorization, creativity and more – have all played a vital role in my success as an attorney, says Gerard D'Emilio at GableGotwals.

  • Amid SEC Rule Limbo, US Cos. Subject To ESG Regs In EU

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    Though the U.S. Securities and Exchange Commission is facing legal challenges to its climate-disclosure rulemaking, the implementation of the Corporate Sustainability Reporting Directive in the European Union will force U.S. companies to comply with exactly the kinds of ESG disclosures that are not yet mandated in the U.S., say attorneys at Squire Patton.

  • How Law Firms Can Avoid 'Collaboration Drag'

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    Law firm decision making can be stifled by “collaboration drag” — characterized by too many pointless meetings, too much peer feedback and too little dissent — but a few strategies can help stakeholders improve decision-making processes and build consensus, says Steve Groom at Miles Mediation.

  • 6 Considerations To Determine If A Cyber Incident Is Material

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    The U.S. Securities and Exchange Commission's recent guidance on material cybersecurity incidents covers a range of ransomware scenarios, from a company paying a sum and regaining operations to recovering payment via cyberinsurance, but makes it clear that no single factor determines whether a cybersecurity incident is material, say attorneys at Troutman Pepper.

  • Opinion

    Litigation Funding Disclosure Key To Open, Impartial Process

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    Blanket investor and funding agreement disclosures should be required in all civil cases where the investor has a financial interest in the outcome in order to address issues ranging from potential conflicts of interest to national security concerns, says Bob Goodlatte, former U.S. House Representative for Virginia.

  • Carbon Offset Case A Win For CFTC Enviro Fraud Task Force

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    An Illinois federal court's decision in Commodity Futures Trading Commission v. Ikkurty — earning the CFTC a sizeable monetary award that will likely incentivize similar enforcement pursuit — shows the impact of the commission's Environmental Fraud Task Force, say attorneys at Steptoe.

  • RealPage Suit Shows Growing Algorithm, AI Pricing Scrutiny

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    The U.S. Department of Justice's suit against RealPage for helping fix rental rates, filed last week, demonstrates how the use of algorithmic and artificial intelligence tools to assist with pricing decisions is drawing increasing scrutiny and action across government agencies, and specifically at the Federal Trade Commission and the DOJ, say Andre Geverola and Leah Harrell at Arnold & Porter.

  • Whistleblowers Must Note 5 Key Differences Of DOJ Program

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    The U.S. Department of Justice’s recently unveiled whistleblower awards program diverges in key ways from similar programs at other agencies, and individuals must weigh these differences and look first to programs with stronger, proven protections before blowing the whistle, say Stephen Kohn and Geoff Schweller at Kohn Kohn.

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

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    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.

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    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

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    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.

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