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Securities
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August 09, 2024
Frat House Ponzi Schemer Must Pay $65K In SEC Suit
A University of Georgia graduate who ran a Ponzi scheme from his fraternity house and defrauded classmates must pay an additional $65,000 in judgment interest after already having paid more than $509,000 to the U.S. Securities and Exchange Commision.
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August 09, 2024
Fla. Forex Trader Gets 24 Years For $57M Ponzi Scheme
A purported foreign exchange trader has been hit with a 24-year prison sentence and a $57 million forfeiture order after pleading guilty to wire fraud and money laundering charges in connection with a Ponzi scheme that took in over 1,100 would-be investors.
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August 09, 2024
Croke Fairchild Adds Ex-Chicago Transactions Lead
Chicago-based Croke Fairchild Duarte & Beres LLC announced Friday the hiring of a general counsel at venture firm Anzu Partners who was a former head transaction attorney for the corporate department of the city of Chicago.
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August 09, 2024
Investor Can't Drop Fraud Suit Against Crowdfunding CEO
A California cannabis investor cannot withdraw his lawsuit against a CEO he accused of helping to operate a $2 million crowdfunding scheme, a federal judge ruled, saying the investor now needs the defendant's permission.
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August 09, 2024
Home Depot's ERISA Win At 11th Circ. Deepens Circuit Split
The Eleventh Circuit's recent ruling backing Home Depot's defeat of a suit from workers who showed their 401(k) plan was mismanaged, but couldn't tie those lapses to financial losses, adds to a growing circuit split that attorneys say warrants guidance from the U.S. Supreme Court.
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August 08, 2024
Auto Paint Co. Faces Investor Suit Over Competition Woes
Vehicle paint protection company XPEL Technologies misled investors about the extent of competition it faced in the marketplace and how the changing demographics of electric vehicle buyers would affect the business, according to a proposed class action filed Thursday in Texas federal court.
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August 08, 2024
SPAC Investors Can't Sue Lucid Over Merger, 9th Circ. Says
The Ninth Circuit on Thursday refused to revive investors' proposed class action alleging that Lucid duped them into buying stock in a special purpose acquisition company ahead of the electric-vehicle maker's $11.75 billion merger, saying an acquiring company's investors can't sue the target company over its alleged misstatements before the merger.
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August 08, 2024
Uber's $200M Deal To End Investors' 'Train Wreck' IPO Suit OK'd
A California federal judge granted preliminary approval Thursday to Uber's $200 million class action deal with investors who claim the ride-hailing giant made false and misleading statements ahead of its $8.1 billion initial public offering regarding its passenger safety record, financial condition and the legality of its business model.
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August 08, 2024
Video Game Co. Can't Beat All Of Investors' Fraud Claims
Digital entertainment and e-commerce company Sea Ltd. can't fully defeat a pension fund's lawsuit alleging that the company misled the market to stop a free fall in its share price after a subsidiary lost publishing rights in Southeast Asia to the popular League of Legends video game, among other things.
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August 08, 2024
Lululemon Soured Investors With Latest Leggings, Suit Says
Activewear company Lululemon Athletica Inc. faces an investor's proposed class action alleging it failed to disclose issues underlying sluggish U.S. growth, including factors that allegedly affected a recent bungled rollout of its Breezethrough leggings.
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August 08, 2024
Ford Hid High Warranty Costs From Investors, Suit Says
A Ford Motor Co. investor launched a putative securities fraud class action Thursday alleging the automaker hid quality issues dating back to 2022, only disclosing the higher-than-expected warranty costs in its recently released second quarter 2024 financial results.
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August 08, 2024
Fed Hits Customers Bank With Crypto-Related Consent Order
The Federal Reserve said Thursday that it had entered into an enforcement action with Pennsylvania-based Customers Bank, pointing to risk management and anti-money laundering compliance deficiencies tied to the bank's "digital asset strategy."
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August 08, 2024
Mass. Atty, 2 Others Settle SEC Insider Trading Claims
A Massachusetts business lawyer, his friend and his friend's father have agreed to collectively pay more than $230,000 to settle the U.S. Securities and Exchange Commission's allegations they used intel to trade ahead of an announcement made by the biotechnology company Frequency Therapeutics Inc., the SEC said Thursday.
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August 08, 2024
2nd Circ. Won't Rethink Decision On 'Short-Swing' Profits
The Second Circuit won't reconsider its decision to revive a lawsuit against hedge fund Raging Capital Management LLC over claims that it improperly made $5 million in short-swing profits as a corporate insider of retailer 1-800-Flowers.
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August 08, 2024
2 States Eyeing Mark Cuban-Backed App's Cash Advances
Dave Inc., the maker of a digital banking app backed by billionaire Mark Cuban, is facing scrutiny from Maryland and Connecticut regulators in the wake of recent state efforts to treat paycheck advance products more like small-dollar loans, the financial technology company has told investors.
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August 08, 2024
Tesla Shareholder Attys Seek Merger Of Twitter, Other Suits
Two Tesla stockholder attorney teams have asked Delaware's Court of Chancery to consolidate three derivative suits challenging billions of dollars' worth of stock moves by Elon Musk and other actions in connection with his Twitter purchase, his artificial intelligence venture and alleged insider trading.
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August 08, 2024
Wash. Firm, Atty Say Rehashed $20M Con Claims Can't Stick
A Washington attorney and her former law firm have urged a Washington judge to toss a lawsuit alleging they were part of a scheme to con an asset management company out of $20 million, arguing that they were following instructions as escrow agents making sure funds were disbursed.
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August 08, 2024
Nasdaq Seeks To Step Up Delistings For Cheap, Risky Stocks
Nasdaq is proposing to accelerate delisting procedures for companies whose shares fall below $1 for extended periods by tightening compliance deadlines and cracking down on those companies that seek to avoid delisting by enacting reverse stock splits, marking the exchange's latest effort to combat risky stocks.
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August 08, 2024
BlackRock Asia COO To Become Global Compliance Head
BlackRock has tapped its chief operating officer for the Asia-Pacific region to become the firm's global head of compliance, with the investment giant's current head of global compliance planning to retire from the firm, according to an internal company memo.
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August 08, 2024
SEC Wins Jurisdiction Over German As Sanction For Default
A German national who the U.S. Securities and Exchange Commission says has ignored discovery requests in its attempt to recover proceeds from a $150 million international pump and dump scheme involving his son is subject to personal jurisdiction in the U.S., a Boston federal judge ordered as a sanction.
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August 08, 2024
VC, PE Firm Says Chinese Co. Cost $150M SpaceX Investment
A California-based venture capital and private equity firm has sued a Chinese company in California federal court, claiming Elon Musk's SpaceX rejected its planned $150 million investment after the Chinese company breached its promise to abide by strict confidentiality requirements and instead publicized its involvement in the planned investment.
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August 08, 2024
Crypto Co. Owes NBA's Pelicans $400K Over Sponsorship Deal
Cryptocurrency mining company PrimeBlock owes the NBA's New Orleans Pelicans $400,000 with interest after failing to hold up its end of a sponsorship agreement, a New Orleans federal judge has ruled.
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August 08, 2024
Apollo Stockholder Suit Held Until Del. Justices Hear Moelis
Both sides in a Delaware Court of Chancery challenge to an Apollo Global Management Inc. stockholder agreement adopted in 2022 have agreed to a litigation pause, citing the import of a possible Delaware Supreme Court appeal targeting a case that upended state corporate law on similar pacts.
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August 08, 2024
McCarter & English Withdraws Lien In Ex-Client's Fee Fight
McCarter & English LLP has withdrawn a $492,000 lien it asserted over any monies awarded to tool manufacturer Red Mud Enterprises LLC in a Delaware Chancery Court case in which it formerly represented the business.
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August 08, 2024
Block & Leviton, Bernstein Litowitz To Lead WWE-UFC Suit
Block & Leviton LLP and Bernstein Litowitz Berger & Grossmann LLP pinned down counsel leadership duties Thursday for a pending, high-profile Delaware Court of Chancery stockholder challenge to World Wrestling Entertainment Inc.'s $21.4 billion merger with Ultimate Fighting Championship.
Expert Analysis
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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.
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BF Borgers Clients Should Review Compliance, Liability
After the U.S. Securities and Exchange Commission's recently announced enforcement proceedings against audit firm BF Borgers for fabricating audit documentation for hundreds of public companies, those companies will need to follow special procedures for disclosure and reporting — and may need to prepare for litigation from the plaintiffs bar, say attorneys at Debevoise.
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Class Actions At The Circuit Courts: May Lessons
In this month's review of class action appeals, Mitchell Engel at Shook Hardy discusses four notable circuit court decisions on topics from automobile insurance to securities — and provides key takeaways for counsel on issues including circuit-specific ascertainability requirements and how to conduct a Daubert analysis prior to class certification.
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Perspectives
Trauma-Informed Legal Approaches For Pro Bono Attorneys
As National Trauma Awareness Month ends, pro bono attorneys should nevertheless continue to acknowledge the mental and physical effects of trauma, allowing them to better represent clients, and protect themselves from compassion fatigue and burnout, say Katherine Cronin at Stinson and Katharine Manning at Blackbird.
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Opinion
Del. Needs To Urgently Pass Post-Moelis Corporate Law Bill
After the Delaware Chancery Court's decision in West Palm Beach Firefighters' Pension v. Moelis sparked confusion around governance rights, recently proposed amendments to the Delaware General Corporation Law would preserve the state's predictable corporate governance system, says Lawrence Hamermesh at Widener University Delaware Law School.
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4 Arbitration Takeaways From High Court Coinbase Ruling
The U.S. Supreme Court's May 23 decision in Coinbase v. Suski, which provides clarity to parties faced with successive contracts containing conflicting dispute resolution provisions, has four practical impacts for contracting parties to consider, say Charles Schoenwetter and Eric Olson at Bowman and Brooke.
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Series
Playing Music Makes Me A Better Lawyer
My deep and passionate involvement in playing, writing and producing music equipped me with skills — like creativity, improvisation and problem-solving — that contribute to the success of my legal career, says attorney Kenneth Greene.
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How Attys Can Avoid Pitfalls When Withdrawing From A Case
The Trump campaign's recent scuffle over its bid to replace its counsel in a pregnancy retaliation suit offers a chance to remind attorneys that many troubles inherent in withdrawing from a case can be mitigated or entirely avoided by communicating with clients openly and frequently, says Christopher Konneker at Orsinger Nelson.
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FEPA Cases Are Natural Fit For DOJ's Fraud Section
The U.S. Department of Justice’s recent announcement that its Fraud Section would have exclusive jurisdiction over the Foreign Extortion Prevention Act — a new law that criminalizes “demand side” foreign bribery — makes sense, given its experience navigating the political and diplomatic sensitivities of related statutes, say James Koukios and Rachel Davidson Raycraft at MoFo.