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Securities
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June 03, 2024
Congress' Crypto Votes Lay Groundwork For Next Session
Congress' sudden and surprisingly bipartisan momentum on crypto policy is unlikely to result in a signed law this year, but the agreements set the stage for proposals that could go the distance next session.
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June 03, 2024
Ericsson Says It Has Completed DPA Compliance Monitorship
Swedish telecom giant Ericsson announced Monday that it has completed a four-year compliance monitorship imposed by the U.S. Department of Justice as part of a deferred prosecution agreement over long-running bribery and slush fund schemes around the world.
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June 03, 2024
Del. Court Tosses SPAC Suit Targeting $2.4B EV Co. Deal
A Delaware vice chancellor has tossed a suit filed by an investor of a blank-check company challenging the $2.4 billion take-public deal it completed with electric-vehicle company Canoo Holdings Ltd., saying the investor's allegations of poor performance are not enough to assert claims for breaches of fiduciary duties.
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June 03, 2024
Catching Up With Delaware's Chancery Court
Delaware's Court of Chancery pushed out tons of decisions last week, along with a second round of new rules and letters of concern over pending changes to the state's corporate law code. The court's docket was as busy as ever, with new cases involving Tesla CEO Elon Musk, FTX cryptocurrency claims, and more. In case you missed it, here's the latest from Delaware's Chancery Court.
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June 03, 2024
Chancery Suit Over $1.4B Building Co. Merger Survives Trims
The CEO, controlling investor and board members of specialty building product maker Foundation Building Materials Inc. must face Delaware Court of Chancery breach of fiduciary duty claims filed by stockholder after a $1.4 billion company sale, a Delaware vice chancellor has ruled.
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June 03, 2024
Vanguard Investors Want Class Cert. In Tax Liability Fight
Investors accusing Vanguard and its top brass of violating its fiduciary duties by triggering a sell-off of assets in target retirement funds in an attempt to lower fees, leaving smaller investors with massive tax bills, asked a Pennsylvania federal court to certify them as a class.
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June 03, 2024
Archegos Bets Moved Stock Prices Like A 'Magnet,' Jury Told
An economist on Monday told the Manhattan federal jury hearing charges that Archegos founder Bill Hwang perpetrated a $36 billion market distortion that his big-dollar market moves at the fallen hedge fund pulled share prices like a "magnet."
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June 03, 2024
Jane Street Blasts Trading Firm's Defense In Trade Secret Row
Trading firm Jane Street Group LLC has urged a Manhattan federal judge to toss the counterclaims and affirmative defenses of two ex-employees and Millennium Management LLC in a trade secret suit, saying each is either "redundant" or has "little to no alleged facts to support" it.
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June 03, 2024
Cozen O'Connor Hires Sidley Securities Litigator In NY
Cozen O'Connor has hired a longtime Sidley Austin LLP associate who joins the firm's New York City office to continue his practice focused on a range of securities matters, the firm announced Monday.
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June 03, 2024
Sullivan, Simpson Guide Ackman's Pershing On $1B Sale
Billionaire investor Bill Ackman's Pershing Square Capital Management announced Monday it sold a 10% common equity stake in the business to a consortium of institutional investors and family offices for $1.05 billion, giving the hedge fund a $10.5 billion value.
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June 03, 2024
Holland & Knight Hires 3 Ex-Loeb Partners In LA
Holland & Knight announced on Monday the hiring of three former finance partners at Loeb & Loeb, including its vice chair, for its Los Angeles office.
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June 03, 2024
Atty May Face Suspension In State Street Billing Row
A Massachusetts disciplinary committee has recommended a six-month suspension for the former managing partner of Thornton Law Firm LLP for his alleged neglect in signing an inflated attorney fees declaration in a class action against State Street.
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June 03, 2024
High Court Won't Hear Arguments On Madoff Clawback Math
The U.S. Supreme Court on Monday declined to hear arguments by an investor in Bernie Madoff's Ponzi scheme for overturning a Second Circuit decision on how to calculate the amount of investor withdrawals that can be clawed back to the Madoff bankruptcy estate.
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June 01, 2024
Blockbuster Summer: 10 Big Issues Justices Still Must Decide
As the calendar flips over to June, the U.S. Supreme Court still has heaps of cases to decide on issues ranging from trademark registration rules to judicial deference and presidential immunity. Here, Law360 looks at 10 of the most important topics the court has yet to decide.
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May 31, 2024
FirstEnergy Denied Bid To Boost Objection To Discovery Order
An Ohio federal judge on Friday denied FirstEnergy Corp.'s objections to not having a chance to further support its bid to shield internal investigative documents from a class of investors and two of its indicted former executives, saying the objections are moot because they've already been overruled.
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May 31, 2024
Thrivent Unit To Pay FINRA $325K Over Lax Forgery Controls
Financial services company Thrivent Investment Management Inc. has agreed to pay $325,000 to resolve Financial Industry Regulatory Authority allegations that it failed to have adequate controls in place to prevent its registered representatives from forging customer signatures over a seven-year period.
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May 31, 2024
WWE Investor Attys Enter Battle Royal To Lead Merger Suit
Two groups of shareholders have filed competing pitches for the lead plaintiff role in a consolidated class suit seeking damages from World Wrestling Entertainment founder Vincent McMahon and others in connection with WWE's $21 billion merger with Endeavor Group, both arguing they have most successfully pursued the suit's claims.
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May 31, 2024
Nigerian Fintech's Execs Sued Over Alleged Company Fraud
The current and former top brass of Nigerian fintech company Tingo Group Inc. have been hit with a derivative suit in New Jersey federal court over revelations of fraud at the company, which has led to other litigation, including actions launched by the U.S. Securities and Exchange Commission and the U.S. Department of Justice.
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May 31, 2024
Biden Vetoes Bid To Nix SEC Crypto Accounting Guidance
President Joe Biden on Friday blocked a Congressional resolution to overturn the U.S. Securities and Exchange Commission's controversial crypto accounting guidance, saying the measure would "inappropriately constrain" the agency's ability to address future issues.
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May 31, 2024
Frank Execs Must Keep Fighting JPMorgan Fraud Indictment
A New York federal judge has refused to throw out an indictment accusing two former executives of a student financial aid startup of tricking JPMorgan Chase & Co. into a buyout, according to an order filed Friday.
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May 31, 2024
T-Mobile Gets Investor Data Consolidation Suit Tossed In Del.
T-Mobile US Inc. has escaped a shareholder suit claiming its board centralized customer data to enrich its corporate parent, which resulted in compromised data security and cyberattacks, with a Delaware vice chancellor saying the suit only shows that T-Mobile and its parent company centralized the data to make it easier to access and nothing more.
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May 31, 2024
Coinbase Says 'Unworkable' Crypto Enforcement Needs Rules
Crypto exchange Coinbase told the Third Circuit on Friday that anything less than ordering the U.S. Securities and Exchange Commission to write rules for digital assets will "abet the dithering and delay" tactics that the regulator is using to "bludgeon" and "cripple" the industry with enforcement cases.
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May 31, 2024
Venezuela Can't DQ Special Master As Citgo Auction Looms
Venezuela has again fallen short in its efforts to disqualify the special master overseeing the auction of Citgo's parent company to satisfy billions of dollars worth of the country's debt, after a Delaware judge ruled on Friday afternoon that its motivations behind the motion are "suspect."
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May 31, 2024
Musk, Tesla Board Face Suit Over Insider Trades, SEC Order
A Tesla stockholder has launched a derivative lawsuit in Delaware's Chancery Court seeking damages from co-founder Elon Musk and seven company directors over Musk's sales of more than $7.5 million in shares in late 2022, accusing the billionaire of leveraging insider information and flouting a six-year-old federal consent agreement.
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May 31, 2024
Fla. Judge Won't Nix SEC Suit Over $112M Ponzi Scheme
A Florida federal judge declined on Friday to let the owner of a Florida trucking and logistics company escape allegations by the U.S. Securities and Exchange Commission that he scammed more than 1,500 investors out of about $112 million in a Ponzi scheme aimed at Haitian Americans.
Expert Analysis
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Series
ESG Around The World: Brazil
Environmental, social and governance issues have increasingly translated into new legislation in Brazil since 2020, and in the wake of these recently enacted regulations, we are likely to see a growing number of legal disputes in the largest South American country related to ESG issues such as greenwashing if companies are not prepared to adequately adapt and comply, say attorneys at Mattos Filho.
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The FINRA Reports That May Foreshadow New AI Rules
By reading the Financial Industry Regulatory Authority’s 2024 annual report detailing the regulatory implications of artificial intelligence tools alongside a similar 2020 FINRA publication, member firms may be able to anticipate which industry areas may soon face AI-specific regulations, say attorneys at Mintz.
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Series
Competing In Dressage Makes Me A Better Lawyer
My lifelong participation in the sport of dressage — often called ballet on horses — has proven that several skills developed through training and competition are transferable to legal work, especially the ability to harness focus, persistence and versatility when negotiating a deal, says Stephanie Coco at V&E.
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What Financial Cos. Must Know For Handling T+1 Settlements
The U.S. Securities and Exchange Commission has adopted a groundbreaking new T+1 settlement rule for securities transactions in order to improve market efficiency — but it presents significant challenges for the financial services industry, especially private equity firms, hedge funds and institutional asset managers, says Adam Weiss at Petra Funds Group.
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Breaking Down FDIC's New Advertising And Signage Rule
The Federal Deposit Insurance Corp.’s final rule on signage and advertising, coming on the heels of a campaign against nonbank businesses purporting to offer FDIC-insured deposit products, introduces important new requirements and clarifies existing regulations for both traditional depository institutions and novel digital platforms, say attorneys at Venable.
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The Double-Edged Sword Of Biometrics In Financial Services
Financial institutions are increasingly turning to biometrics for identity verification and fraud prevention, and while there are many benefits to such features, banks must remain vigilant against growing AI technologies that could make users' information vulnerable to biometrics hackers, say Elizabeth Roper at Baker McKenzie and Chris Allgrove at Ingenium Biometric Laboratories.
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CFTC Moves May Boost Interest In Voluntary Carbon Markets
As companies try to reduce their net greenhouse gas emissions, many have been cautious about embracing voluntary carbon credit markets — but recent moves by the U.S. Commodity Futures Trading Commission to regulate this sector may address some of its well-known challenges, say Deborah North and Laura Daugherty at Cleary.
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Musk Pay Package Ruling Offers Detailed Lesson On Del. Law
Anat Alon-Beck and John Livingstone at Case Western Reserve University discuss the specifics that led Delaware's chancellor to rescind Elon Musk's $55.8 billion Tesla pay package on Jan. 30, how the state’s entire fairness doctrine played into the ruling, and its bigger-picture impact on the executive compensation landscape.
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Chancery's Sears Ruling Clarifies Stockholder Duties
In a recent landmark decision involving stockholders of Sears Hometown and Outlet Stores, the Delaware Chancery Court addressed for the first time what precise duties a controlling stockholder owes, highlighting that controller interference with board action is not per se invalid and that enhanced scrutiny is a reasonableness test, say Christopher Chuff and Taylor Bartholomew at Troutman Pepper.
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Del. Ruling Adds Momentum For Caremark Plaintiffs
The Delaware Supreme Court's recent opinion in Lebanon County Employees' Retirement Fund v. Collis could be viewed as expanding plaintiffs' ability to viably plead a Caremark claim against directors, so Delaware companies should be on heightened alert and focus on creating a record of board oversight, say attorneys at V&E.
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How Biotech Cos. Can Utilize Synthetic Royalty Financing
Synthetic royalty transactions have been on the rise as a funding structure for biotechnology companies, but questions have arisen surrounding how such transactions work, and structuring them correctly requires a nuanced understanding, say Todd Trattner and Ryan Murr at Gibson Dunn.
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2 SEC Orders Illuminate Bribery Risks For US-China Cos.
The U.S. Securities and Exchange Commission’s foreign bribery-related resolutions with 3M and Clear Channel offer important takeaways on compliance risks for companies with operations in China, from the role of traditionally low-risk vendors to gaps in internal accounting controls, say attorneys at Miller & Chevalier.
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Key Maritime Law Issues In 2024: Election-Year Unknowns
In the final installment of this three-part article reviewing the top challenges for the maritime industry this year, Sean Pribyl at Holland & Knight examines how the uncertainty surrounding the forthcoming U.S. election may affect the maritime sector — especially companies involved in offshore wind and deep-sea mining.
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The Legal Industry Needs A Cybersecurity Paradigm Shift
As law firms face ever-increasing risks of cyberattacks and ransomware incidents, the legal industry must implement robust cybersecurity measures and privacy-centric practices to preserve attorney-client privilege, safeguard client trust and uphold the profession’s integrity, says Ryan Paterson at Unplugged.
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Key Maritime Law Issues In 2024: Environmental Challenges
In the second installment of this three-part article examining key concerns for the maritime sector this year, Sean Pribyl at Holland & Knight considers how the industry will be affected by environmental concerns — including the growing push for decarbonization, and regulatory scrutiny around greenwashing and ESG issues.