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Securities
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February 12, 2025
NYSE Plans To Launch New Exchange In Texas
The New York Stock Exchange on Wednesday announced plans to launch a new exchange in Texas, as competition for listed companies in that region intensifies.
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February 12, 2025
Crypto Platform EToro Confidentially Files IPO Proposal
Crypto platform eToro Group on Wednesday announced that it has confidentially submitted plans to U.S. regulators regarding a proposed initial public offering, marking the latest development in the trading and investment platform's yearslong attempt to go public.
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February 12, 2025
Trump's Picks For CFPB, OCC Chiefs Hailed By Industry
President Donald Trump has tapped Jonathan McKernan, formerly of the Federal Deposit Insurance Corp., to lead the Consumer Financial Protection Bureau full time, part of a slate of top financial regulatory nominees that has many in industry breathing a sigh of relief.
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February 12, 2025
Trump Picks Crypto Policy Advocate Quintenz To Lead CFTC
President Donald Trump has nominated Brian Quintenz, a former member of the U.S. Commodity Futures Trading Commission and current head of policy for venture capital firm a16z's crypto fund, to lead the derivatives market regulator.
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February 11, 2025
Trump Tells Agencies To Plan 'Large-Scale' Cuts With Musk
President Donald Trump signed an executive order Tuesday that directs agencies to prepare for "large-scale" cuts to the federal workforce and gives Elon Musk's Department of Government Efficiency the authority to approve the future hiring of career officials.
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February 11, 2025
DOGE, Treasury Accused Of 'Largest' US Data Breach
Elon Musk's Department of Government Efficiency, the U.S. Department of the Treasury and the U.S. Office of Personnel Management conducted the "largest" data and IT security breaches in U.S. history, illegally exposing millions of people's sensitive information, a data privacy watchdog and group of federal employees alleged this week.
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February 11, 2025
SoCal Edison Investors Sue Over LA Wildfire Mitigation Claims
The parent company of Southern California Edison was hit with a putative shareholder class action on Tuesday that alleges the public utility company misled investors about implementing the power company's wildfire-mitigation measures in the lead-up to the Eaton and Hurst fires that devastated an area north of Los Angeles.
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February 11, 2025
CFPB's Closure Not 'A Free Pass' For Financial Compliance
Banks and other consumer lenders shouldn't let their compliance efforts around Consumer Financial Protection Bureau regulations go idle despite the uncertainty caused by the Trump administration's closure of the agency, experts say, as its rules are still on the books and other regulators may pick up the slack.
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February 11, 2025
Fitness Co.'s Brass Faces Derivative Suit Over Franchise Woes
Officers and directors of Pure Barre's parent company Xponential Fitness face shareholder derivative claims following the company's disclosure of a federal criminal investigation, regulatory scrutiny and investor ire over the alleged manipulation and harassment of its "financially crushed" franchisees.
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February 11, 2025
Celsius Crypto Spinoff Stockholders Sue For Board Docs
Stockholders of Ionic Digital Inc., a company formed to hold and operate digital mining assets of bankrupt Celsius Network LLC, have sued in Delaware's Court of Chancery for access to the company's stockholder lists in order to run a competing slate of directors.
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February 11, 2025
Quantum Computing Secures TRO In Battle With Investor
New Jersey-headquartered Quantum Computing Inc. won continuation of a Delaware Court of Chancery temporary restraining order Tuesday against a former consultant and advisory firm, barring their alleged use of trade secrets and other confidential information pending a preliminary injunction hearing or trial.
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February 11, 2025
J&J Allies Dub Milestone Fee Reversal 'Crucial' To Del.
The National Association of Manufacturers pushed back Tuesday against Fortis Advisors LLC opposition to a NAM amicus brief seeking Delaware Supreme Court reversal of a medical robotics developer's $1 billion merger milestone damage award after its acquisition by Johnson & Johnson.
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February 11, 2025
'Fraudster' Or 'Fool'? Jury Gets 2 Takes On Exec's Crypto Flop
The criminal case against a cryptocurrency company CEO accused of defrauding investors of $5 million is about "greed," a prosecutor told a California federal jury during opening arguments Tuesday while a defense lawyer characterized his client as a "fool" who floundered while "swimming with sharks," including disgraced ex-lobbyist Jack Abramoff.
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February 11, 2025
Crypto Bills A 'Test Case' For AI Regs, GOP Senator Says
A Republican U.S. senator who is leading the push for crypto industry regulation said Tuesday that Congress' actions in the digital asset space could determine whether there is a path forward for writing regulations governing the artificial intelligence industry.
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February 11, 2025
Brokerage Exec Can Be Sued Over Fraud Claims, Judge Says
An Illinois magistrate judge told the former owner of Center Street Securities on Tuesday that he cannot escape claims he concealed regulatory issues before his company was acquired by financial services company Arete Wealth, ruling that the stock purchase agreement's broad definition of liabilities could include the allegedly undisclosed violations at issue in the suit.
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February 11, 2025
Feds Are Asked How FCPA Halt Affects Cognizant Bribe Case
A New Jersey federal judge on Tuesday told prosecutors to weigh in on how President Donald Trump's executive order pausing enforcement of the Foreign Corrupt Practices Act could impact a case alleging that two former Cognizant Technology Solutions Corp. executives authorized a bribe to an Indian official.
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February 11, 2025
Labaton Keller Appointed Lead In Healthcare Co. IPO Suit
A New York federal judge on Tuesday appointed Labaton Keller Sucharow LLP as lead counsel in a securities class action accusing nursing-care provider PACS Group Inc. of misleading investors about false Medicare claims and regulatory investigations tied to its initial public offering.
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February 11, 2025
Research Org Faces Investor Suit Over Customer Cost-Cutting
Clinical research organization Icon PLC has been hit with a proposed shareholder class action in New York federal court, alleging it misled investors about a slowdown in demand the company experienced due to customers implementing drastic cost-reduction measures that involved research and development expenditures.
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February 11, 2025
SEC Stays Binance Case Amid Other Crypto Case Extensions
The U.S. Securities and Exchange Commission and crypto exchange Binance have asked a Washington federal judge overseeing their enforcement suit to pause the case for two months as the agency pivots its approach to digital assets, adding to the list of extensions in the agency's cryptocurrency cases.
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February 11, 2025
Olaplex Can't Escape IPO Investors' Formula Change Suit
Olaplex and some of its executives must face investor claims that the company's initial public offering documents did not disclose the European Union had banned a controversial ingredient known as lilial, which would impact Olaplex's main product offering, but the IPO underwriters and selling stockholders were allowed to escape the suit.
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February 11, 2025
Goldman Sachs Scraps Diversity Mandate For IPO Candidates
The Goldman Sachs Group Inc. said Tuesday that it's ending a pledge to only take companies public that contain at least two diverse board members, marking the latest of many retreats by corporations amid mounting legal and political opposition to diversity initiatives.
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February 11, 2025
TD Bank To Sell Schwab Stake In Roughly $13.1B Offering
TD Bank Group on Tuesday announced the terms of the sale of its entire equity investment in the financial services giant Charles Schwab Corp., detailing its plan to sell its 10.1% ownership stake in a $13.1 billion deal.
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February 11, 2025
CFPB's Top Supervisor, Enforcer Call It Quits Amid Closure
The Consumer Financial Protection Bureau's top supervision and enforcement officials resigned Tuesday, citing the Trump administration's broad suspension of key financial industry oversight activities at the agency.
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February 11, 2025
Republican-Led SEC Pauses Climate Regulation Litigation
The U.S. Securities and Exchange Commission signaled Tuesday that it may not move forward with a Biden-era regulation requiring public companies to disclose their greenhouse gas emissions, asking the court overseeing litigation against the climate reporting rules not to schedule the case for oral argument.
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February 10, 2025
FTX Having Trouble Serving Binance With Ch. 11 Lawsuit
The estate of fallen cryptocurrency exchange FTX told a Delaware bankruptcy judge late Friday that its attorneys haven't yet been able to serve Binance and its former CEO Changpeng Zhao a lawsuit seeking to recover nearly $1.8 billion that FTX is accused of illegally transferring prior to its collapse two years ago.
Expert Analysis
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Kiromic SEC Order Shows Importance Of Self-Reporting
The U.S. Securities and Exchange Commission's recently filed settled charges against Kiromic BioPharma illustrate the critical intersection between U.S. Food and Drug Administration regulatory processes and investor disclosures under the securities laws, and showcase how responding promptly to internal whistleblower reports may reap benefits, say attorneys at Arnold & Porter.
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Series
Documentary Filmmaking Makes Me A Better Lawyer
Becoming a documentary filmmaker has allowed me to merge my legal expertise with my passion for storytelling, and has helped me to hone negotiation, critical thinking and problem-solving skills that are important to both endeavors, says Robert Darwell at Sheppard Mullin.
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Litigation Funding Disclosure Debate: Strategy Considerations
In the ongoing debate over whether courts should require disclosure of litigation funding, funders and plaintiffs tend to argue against such mandates, but voluntarily disclosing limited details about a funding arrangement can actually confer certain benefits to plaintiffs in some scenarios, say Andrew Stulce and Marc Cavan at Longford Capital.
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Understanding Risks Of Celebrities 'Hawking' Crypto Tokens
Prominent social media personality Haliey Welch was recently sued over the promotion and sale of the Hawk Tuah cryptocurrency memecoin, underscoring the importance of public figures conducting due diligence to verify they aren't endorsing a token that is in fact a security, say attorneys at Sheppard Mullin.
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Top Considerations For Insurance Companies In 2025
As insurance industry participants look to plan for the year, regulatory changes, climate-related challenges, the ongoing effects of social inflation and the potential for significant mergers and acquisitions will be among the key items for insurer boards and management to have on their radar, say attorneys at Debevoise.
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Del. Dispatch: Lessons From Failed Albertsons-Kroger Merger
The allegations in Albertsons' lawsuit against Kroger following the grocery stores' blocked merger demonstrate how a target company can best ensure that a buyer timely and effectively complies with its obligations to pursue the necessary regulatory approvals for a deal, say attorneys at Fried Frank.
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Series
Adventure Photography Makes Me A Better Lawyer
Photographing nature everywhere from Siberia to Cuba and Iceland to Rwanda provides me with a constant reminder to refresh, refocus and rethink the legal issues that my clients face, says Richard Birmingham at Davis Wright.
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Future Of Crypto-Asset Classification Is In 2nd Circ.'s Hands
A definitive ruling from the Second Circuit in a rare interlocutory appeal in the U.S. Securities and Exchange Commission's ongoing court battle with Coinbase could finally establish clear guidelines on the classification of digital assets, influencing how they are regulated and traded in the U.S., say attorneys at Manatt.
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5 Ways To Create Effective Mock Assignments For Associates
In order to effectively develop associates’ critical thinking skills, firms should design mock assignments that contain a few key ingredients, from messy fact patterns to actionable feedback, says Abdi Shayesteh at AltaClaro.
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More Environmental Claims, More Greenwashing Challenges
As companies prepare for the 2025 greenwashing landscape, they should take heed of a D.C. appellate decision that shows that environmental claims are increasingly subject to attack and provides plaintiffs with a playbook for challenging corporate claims of sustainability, say attorneys at Sidley.
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And Now A Word From The Panel: How MDLs Fared In 2024
A significant highlight of the Judicial Panel on Multidistrict Litigation's practice during 2024 was the increase in the percentage of new MDL petitions granted by the panel, with 25 granted and only eight denied — one of the highest grant rates in years, says Alan Rothman at Sidley.
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Assessing Gary Gensler's Legacy At The SEC
Gary Gensler's tenure as U.S. Securities and Exchange Commission chair is defined by a record of commonsense regulation in some areas and social activism in others, and by increasing judicial skepticism about the SEC's authority to fulfill its regulatory, enforcement, administrative law and adjudicatory functions, say attorneys at Arnold & Porter.
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Calif. Cannabis Decision Deepens Commerce Clause Divide
In Peridot Tree v. Sacramento, the Eastern District of California joined a growing minority of courts that have found the dormant commerce clause inapplicable to state-regulated marijuana, and the Ninth Circuit will soon provide important guidance on this issue, say attorneys at Perkins Coie.
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Takeaways From DOJ Fraud Section's 2024 Year In Review
Attorneys at Paul Weiss highlight notable developments in the U.S. Department of Justice Fraud Section’s recently released annual report, and discuss what the second Trump administration could mean for enforcement in the year to come.
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Recent SEC Actions Highlight Importance Of Filing Form D
The U.S. Securities and Exchange Commission's enforcement action against three companies last month for failing to timely file Form D is an unprecedented step that should put an end to Regulation D issuers' views that filing these forms is a technical requirement or somewhat voluntary, says Patrick McCloskey at McCloskey Law.