Try our Advanced Search for more refined results
Securities
-
June 11, 2024
Archegos Boss Got Angry Over Bathroom Breaks, Jury Told
A former protégé of Archegos founder Bill Hwang told the Manhattan federal jury hearing the $36 billion market distortion case against Hwang on Tuesday that his former boss was so hands-on that he would get mad when workers used the bathroom.
-
June 11, 2024
Elon Musk Sued Anew In Del. Over $16B Tesla Stock Sale
A Tesla shareholder has hit Elon Musk with a lawsuit over his 2021 sale of $16 billion worth of stock just before his purchase of Twitter, claiming the billionaire profited by concealing his intent to buy the social media platform and made the purchase in part to reinstate former President Donald Trump's account.
-
June 10, 2024
Voyager Crypto Investors Get Initial OK For $2.4M Deal
A Florida federal judge gave the first green light on Monday to a $2.4 million settlement reached between retired football star Rob Gronkowski, NBA player Victor Oladipo and NASCAR driver Landon Cassill and a class of Voyager Digital Holdings Inc. investors over claims that the men helped promote the failed cryptocurrency exchange.
-
June 10, 2024
Gemini Says Jury Must Weigh Alleged 'Omissions,' Not Judge
Gemini Trust Co. has told a Manhattan federal judge that the U.S. Commodity Futures Trading Commission's claims that the crypto exchange omitted key information related to a proposed bitcoin futures contract isn't ripe for a pretrial decision because the claims involve "hotly disputed factual questions."
-
June 10, 2024
Pension Fund Repays PBGC $8M In Excess Financial Aid
The U.S. Department of Justice announced Monday that a pension provider for workers in graphic communications has paid back more than $8 million in excess funds it received through a financial assistance program administered by the Pension Benefit Guaranty Corp.
-
June 10, 2024
Fat Brands Faces Investor Suit Over $47M Loan Scheme
Fat Brands and its executives face a proposed class action in California federal court alleging that they falsely claimed to be cooperating with governmental probes into their CEO's spending $47 million on company loans while skirting taxes, leading stock prices to plunge last month when criminal charges were announced.
-
June 10, 2024
Chancery Retains Most Healthcare Tech Merger Suit Claims
Nearly all the allegations of fraud, breach of contract and related claims lodged by healthcare technology venture Trifecta Multimedia Holdings Inc. against acquirer WCG Clinical Services have survived dismissal challenges and will move toward trial, a Delaware vice chancellor ruled Monday.
-
June 10, 2024
Bloomberg's Utility Bond Changes Hurt Consumers, Suit Says
Bloomberg LP was hit with a proposed class action by California and Texas electricity customers who claim the company reclassified certain bonds issued by utility companies to elevate their perceived risk and hike interest rates, a move they say benefited institutional investors but imposed increased costs on electricity customers.
-
June 10, 2024
Exxon Says Activist Investor Could Still Target Core Business
Exxon Mobil Corp. sought Monday to keep alive its lawsuit against Arjuna Capital LLC in Texas federal court, arguing that the activist investor could still work behind the scenes to submit climate-related shareholder proposals despite promises in court that it will not.
-
June 10, 2024
Ill. Tool Maker Must Face Retirement Mismanagement Claims
An Illinois tool manufacturer must answer to accusations that it mishandled billions in employee retirement savings by allowing their plan to take on unreasonable recordkeeping fees and retaining underperforming funds, a federal judge said Monday.
-
June 10, 2024
2nd Circ. Remands Malpractice Suit Against DLA Piper
The Second Circuit on Monday sent back to state court a Chinese smart car technology company's malpractice suit against DLA Piper that accused the firm of mishandling a shareholder suit, with the appeals court panel saying federal court does not have jurisdiction over the suit.
-
June 10, 2024
Chinese Dissident's Banker Lied About Accounts, Jury Hears
The former head of banking for Miles Guo, the prominent Chinese dissident also known as Ho Wan Kwok, testified in Manhattan federal court Monday that he lied to financial institutions about a number of investment entities that are now the subject of $1 billion fraud charges.
-
June 10, 2024
Conduent Buys Back $132M Of Shares From Carl Icahn
Business services provider Conduent Inc. on Monday agreed to repurchase $132 million of common stock from activist investor Carl Icahn, ending Ichahn's stock in the company through a deal guided by Willkie Farr & Gallagher LLP and Holland & Knight LLP.
-
June 10, 2024
Prudential Financial Hit With Data Breach Suit In NJ
Prudential Financial Inc. faces a negligence suit alleging the company failed to protect the personal information of nearly 37,000 clients after it acknowledged that certain of its systems were compromised in a February hacking incident involving so-called social engineering.
-
June 10, 2024
Catching Up With Delaware's Chancery Court
Big players and big moves dominated much of the past week in Delaware's Court of Chancery, as Tesla in particular and big corporations in general showed their pique over rulings that went toward stockholders or against conventional expectations.
-
June 10, 2024
Justices To Hear Meta Investor Suit Over Risk Disclosures
The U.S. Supreme Court on Monday agreed to hear Meta Platforms' petition regarding the Ninth Circuit's decision to partially revive investors' claims over the Cambridge Analytica data abuse scandal, after the tech giant argued the appellate panel adopted "extreme outlier positions."
-
June 07, 2024
Ontrak CEO Had Anxiety Over Souring Cigna Deal, Jury Told
A former Ontrak Inc. consultant testified Friday in the trial of its founder who's accused of trading on insider information about Ontrak's souring relationship with Cigna Healthcare in 2021, telling California federal jurors he frequently expressed anxiety, saying that Ontrak must "save Cigna" and describing the situation as a nightmare.
-
June 07, 2024
Ex-Prosecutors Join Effort To Free Imprisoned Binance Exec
More than 100 former federal prosecutors and law enforcement agents have called on the U.S. State Department to ramp up efforts to free Tigran Gambaryan, a Binance compliance executive and former IRS agent, from Nigerian custody over what they call false charges tied to money laundering and tax evasion.
-
June 07, 2024
Casper Investors Ink $3M Deal Over Mattress Co.'s Woes
Investors in mattress company Casper Sleep Inc. have asked a Brooklyn federal judge for an initial nod for their $3 million deal that would end claims the company misrepresented its financial prospects in the lead-up to its February 2020 initial public offering.
-
June 07, 2024
Feds Charge UK Trio Over $2M 'Evolved Apes' NFT Scheme
Three United Kingdom residents face criminal wire fraud and money laundering charges brought by federal prosecutors in Manhattan alleging they misappropriated cryptocurrency worth roughly $2 million as part of a "rug pull scheme" involving the digital assets known as non-fungible tokens.
-
June 07, 2024
Terraform Funder Must Face Class Claims In Illinois
Terraform Labs' financial backer Jump Trading LLC cannot consolidate a pair of proposed class actions accusing it of propping up the failing crypto platform, with a federal judge ruling that purchasers of a massively devalued crypto token can keep their lawsuit against the high-speed trading firm in Illinois.
-
June 07, 2024
Sports Co. Scoffs At SEC's 'Unreasonable' Damages Bid
The sports business Crystal World and a related investing group told a Washington, D.C., district court Friday they should not be saddled with millions of dollars in civil penalties because their former executive, not the companies, committed the alleged securities fraud.
-
June 07, 2024
SEC Fines Ex-AstraZeneca Insider $1.4M For Merger Trades
The U.S. Securities and Exchange Commission has ordered a former AstraZeneca employee to pay $1.4 million to settle claims he used nonpublic information to trade CinCor Pharma shares ahead of the public announcement that the two companies would merge.
-
June 07, 2024
FaZe Clan SPAC Investor Sues B. Riley In Chancery Court
Former stockholders of the blank-check company that took electronic sports and entertainment company FaZe Clan public in a $725 million transaction in July 2022 sued B. Riley Financial and others behind the deal on Friday in Delaware's Court of Chancery, alleging disclosure failures and breaches of fiduciary duty.
-
June 07, 2024
Coinbase, Kraken Profit Off Crypto Scams, Suit Says
Cryptocurrency exchanges Coinbase Inc. and Kraken face a pair of lawsuits filed by a former customer who accused them of using their platforms to attract scammers and victims to make a profit by taking operating fees.
Expert Analysis
-
Think Like A Lawyer: Forget Everything You Know About IRAC
The mode of legal reasoning most students learn in law school, often called “Issue, Rule, Application, Conclusion,” or IRAC, erroneously frames analysis as a separate, discrete step, resulting in disorganized briefs and untold obfuscation — but the fix is pretty simple, says Luke Andrews at Poole Huffman.
-
The Corporate Transparency Act Isn't Dead Yet
After an Alabama federal court's ruling last week rendering the Corporate Transparency Act unconstitutional, changes to the law may ultimately be required, but ongoing compliance is still the best course of action for most, says George Singer at Holland & Hart.
-
How Advance Notice Bylaws Are Faring In Del. Courts
Recent decisions make it clear that the Delaware Chancery Court is carefully reviewing public companies' amended advance notice bylaws in order to balance the competing interests of boards and shareholders, and will likely strike down bylaws that improperly interfere with stockholder franchises, say attorneys at Olshan Frome.
-
Employers, Prep For Shorter Stock Awards Settlement Cycle
Companies that provide equity compensation in the form of publicly traded stock will soon have one less day to complete such transactions under U.S. Securities and Exchange Commission and Nasdaq rules — so employers should implement expedited equity compensation stock settlement and payroll tax deposit procedures now, say attorneys at Morgan Lewis.
-
New FinCEN Guide Provides Useful BOI Context For Banks
Financial institutions should review a new Financial Crimes Enforcement Network compliance guide for helpful details about how the agency's beneficial ownership information database should be used, though questions remain about the access rule and whether it will truly streamline bank borrowers' Corporate Transparency Act due diligence, says George Singer at Holland & Hart.
-
Strategies For Single-Member Special Litigation Committees
The Delaware Supreme Court's recent order in the Baker Hughes derivative litigation allowing testimony from a single-member special litigation committee highlights the fact that, while single-member SLCs are subject to heightened scrutiny, they can also provide unique opportunities, says Josh Bloom at MoloLamken.
-
Lessons For D&O Policyholders From Pharma Co. Ruling
A California federal court's recent decision in AmTrust v. 180 Life Sciences, requiring insurers to advance defense costs for a potentially covered claim, provides a valuable road map for directors and officers insurance policyholders, rebutting the common presumption that a D&O insurer's duty to advance costs is more limited than under other policies, say attorneys at Pasich.
-
How Firms Can Ensure Associate Gender Parity Lasts
Among associates, women now outnumber men for the first time, but progress toward gender equality at the top of the legal profession remains glacially slow, and firms must implement time-tested solutions to ensure associates’ gender parity lasts throughout their careers, say Kelly Culhane and Nicole Joseph at Culhane Meadows.
-
7 Common Myths About Lateral Partner Moves
As lateral recruiting remains a key factor for law firm growth, partners considering a lateral move should be aware of a few commonly held myths — some of which contain a kernel of truth, and some of which are flat out wrong, says Dave Maurer at Major Lindsey.
-
Basics Of Bank Regulators' Push For Discount Window Use
As the Federal Reserve and Office of the Comptroller of the Currency emphasize short-term liquidity risk management as central to preventing spring 2023-style bank collapses, banks should carefully tune into regulators’ remarks encouraging use of the Fed’s discount window, which some policymakers identify as a key component in the evolution of liquidity regulation and backstop lending, say attorneys at Arnold & Porter.
-
How Broker-Dealers Can Prepare For New Remote Work Rules
Securities regulators recently expanded broker-dealers' ability to permit flexible remote working arrangements through the introduction of residential supervisory locations, a welcome change that better allows broker-dealers to attract and retain talent, say attorneys at King & Spalding.
-
Series
Cheering In The NFL Makes Me A Better Lawyer
Balancing my time between a BigLaw career and my role as an NFL cheerleader has taught me that pursuing your passions outside of work is not a distraction, but rather an opportunity to harness important skills that can positively affect how you approach work and view success in your career, says Rachel Schuster at Sheppard Mullin.
-
Considerations For Disclosing AI Use In SEC Filings
Recent remarks from U.S. Securities and Exchange Commission Chair Gary Gensler should be heard as a clarion call for public companies to disclose artificial intelligence use, with four takeaways on what companies should disclose, says Richard Hong at Morrison Cohen.
-
Unpacking The New Russia Sanctions And Export Controls
Although geographically broad new prohibitions the U.S., U.K. and EU issued last week are somewhat underwhelming in their efforts to target third-country facilitators of Russia sanctions evasion, companies with exposure to noncompliant jurisdictions should pay close attention to their potential impacts, say attorneys at Shearman.
-
Args In APA Case Amplify Justices' Focus On Agency Power
In arguments last week in Corner Post v. Federal Reserve, the U.S. Supreme Court justices paid particular importance to the possible ripple effects of their decision, which will address when a facial challenge to long-standing federal rules under the Administrative Procedure Act first accrues and could thus unleash a flood of new lawsuits, say attorneys at Snell & Wilmer.