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Securities
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August 12, 2024
Nasdaq Isn't Immune From Racial Bias Claims, Investor Says
The Nasdaq Stock Market isn't immune from racial discrimination claims because such claims are "simply too different" from the claims it actually is protected from as a self-regulatory organization, an investor in a minority-led special purpose acquisition company has argued.
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August 12, 2024
Adviser To Pay SEC $6M Over Undisclosed Conflicts
The U.S. Securities and Exchange Commission announced Monday that investment advisory firm Cadaret Grant & Co. Inc. will pay more than $6 million to settle claims that it failed to make sufficient disclosures to clients regarding its revenue-sharing agreements and conflicts of interests associated with its financial recommendations.
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August 12, 2024
9th Circ. Reboots Manipulation Suit Against Binance.US
The Ninth Circuit on Monday partially reversed the dismissal of a proposed class action alleging that Binance.US artificially deflated the price of HEX cryptocurrency by lowering its ranking on its exchange, finding that the investor who brought the suit had established personal jurisdiction for some of his claims under the Commodity Exchange Act.
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August 12, 2024
SEC Fines OTC Link For Suspicious Activity Reports Failures
Broker-dealer OTC Link LLC on Monday agreed to pay nearly $1.2 million to settle U.S. Securities and Exchange Commission claims that the New York-based alternative trading system failed to monitor financial transactions for potential red flags over a three-year period.
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August 12, 2024
'Unicorn' Private Jet Co. Investors End Del. Chancery Suit
A company led by the grandson of Kazakhstan's former president has agreed to settle a suit seeking more than $18 million in damages from private jet service JetSmarter Inc. and its principals — including former U.S. Homeland Secretary Tom Ridge — for alleged misrepresentation of JetSmarter's finances and prospects.
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August 12, 2024
TelexFree Victims To Depose Alleged Scammer's Estranged Wife
A Massachusetts federal judge on Monday denied a request from the estranged wife of alleged TelexFree Ponzi schemer Carlos Wanzeler to escape a civil lawsuit filed by victims of the alleged $3 billion ploy and ordered her to sit for a Sept. 17 deposition and hand over documents requested by victims of the scheme.
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August 12, 2024
Judge Won't DQ Asst. US Atty In Standard Chartered FCA Case
A New York federal judge on Monday declined to disqualify an assistant United States attorney from a long-dismissed False Claims Act suit against Standard Chartered Bank, calling the whistleblower's arguments for disqualification meritless "to the point where they verge on vexatious and frivolous."
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August 12, 2024
Deutsche Bank Fights Del. TRO Lift In $380M Vik Asset Fight
Deutsche Bank AG urged Delaware's Court of Chancery Monday to keep in place a temporary restraining order barring interests of Norwegian billionaire investor Alexander Vik from securing release of more than $50 million in cash now locked down by a Chancery order.
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August 12, 2024
Celsius Sues Tether For Over $2B In Ch. 11 Clawbacks
The defunct cryptocurrency platform Celsius Network has sued the largest stablecoin provider, Tether, seeking to claw back more than $2.3 billion worth of bitcoin and accusing Tether of improperly reaping the benefits of the digital coins for itself as Celsius was spiraling towards bankruptcy.
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August 12, 2024
Norfolk Southern Says Cuts To Investors' Suit Aren't Enough
Norfolk Southern Corp. told a New York federal court on Friday that a magistrate judge's recommendations to trim an investor proposed class action over losses stemming from the 2023 East Palestine, Ohio, derailment didn't go far enough, and urged the court to dismiss the entire complaint.
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August 12, 2024
SEC, SolarWinds In Settlement Talks After Cyber Suit Trimmed
Software company SolarWinds Corp. is in talks to settle a U.S. Securities and Exchange Commission cybersecurity lawsuit after a Manhattan federal judge dismissed the majority of claims over a 2020 data breach, the parties said Monday.
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August 12, 2024
Markel Says No Coverage For Film-Financing Scheme Claims
A Markel unit said it has no duty to defend or indemnify a wealth manager or his companies against underlying claims that they misled investors into financing various film projects, telling an Illinois federal court that their policy bars coverage for claims arising out of the sale of securities.
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August 12, 2024
Investors Sue Nuclear Co. Over 'Laughable' Regulatory Claims
Nano Nuclear Energy Inc. misled investors about its progress towards regulatory approval and commercialization of its energy products and that its higher-ups are independent contractors working as executives of other companies, according to a proposed class action filed in New York federal court.
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August 12, 2024
SEC Accuses Crypto Co., Execs, Promoters Of $650M Fraud
The U.S. Securities and Exchange Commission on Monday sued crypto trading firm Nova Tech Ltd., its founders and promoters in Florida federal court for their roles in an alleged $650 million fraud and pyramid scheme that targeted many in the Haitian American community.
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August 12, 2024
Beyond Meat Escapes Investor Suit Over Production Woes
A California federal judge has tossed a proposed class action accusing vegan burger manufacturer Beyond Meat of securities fraud, saying investors will need to be more specific about what the company's CEO knew at the time he touted the company's allegedly faltering partnerships with fast-food restaurants like McDonald's.
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August 12, 2024
Healthcare Co. To Pay Atty Fees In Suit Over Board Diversity
A Maryland federal judge has awarded $850,000 in attorney fees to an Omega Healthcare shareholder who filed a derivative suit against the healthcare investment trust alleging it had a discriminatory policy aimed at keeping Black individuals from being appointed to its board of directors.
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August 12, 2024
Ex-Reed Smith Practice Leader Joins Greenberg Traurig In NJ
Greenberg Traurig LLP's new shareholder, John O. Lukanski, got his start working on securities and broker-dealer matters by being in the right place at the right time, he told Law360 Pulse in an interview Monday.
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August 12, 2024
Catching Up With Delaware's Chancery Court
Multimillion-dollar share conversions, power struggles in a classic rock band, a good deal for fandom collectibles, and a pindown by two heavyweights were all part of the spectacle in Delaware's Court of Chancery last week. New cases involved pharmaceutical companies, cannabis, drones and liquid-gas exports. In case you missed it, here's the latest from the Chancery Court.
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August 09, 2024
Ex-Twitter Board Member Says X Owes Him $23M From Stock
A former member of Twitter's board of directors who helped oversee the sale of the social media company to Elon Musk in 2022 claimed X Corp. owes him more than $23 million worth of vested and unvested shares, according to a lawsuit filed in California state court.
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August 09, 2024
Ripple Claims Victory In SEC Suit But Paid A Price
Ripple Labs Inc. celebrated the end of its legal battle with the U.S. Securities and Exchange Commission as a "clear victory" that cut through the regulator's bid for $2 billion over the exchange's unregistered institutional sales of its XRP token, but experts told Law360 the $125 million fine and injunction Ripple faces is much more than a speeding ticket to end a costly four-year battle.
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August 09, 2024
SEC Settles With EV Fleet Co., 3 Execs For More Than $5M
Electric vehicle company Ideanomics and its former CEO Bruno Wu, a wealthy Chinese entrepreneur, have agreed along with other executives to pay a combined roughly $5.1 million to settle U.S. Securities and Exchange Commission claims of accounting and disclosure fraud, the agency said Friday.
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August 09, 2024
Gemini Seeks Quick 2nd Circ. Appeal In CFTC Fight
Gemini Trust Co. has asked a New York federal judge for permission to quickly appeal to the Second Circuit a June ruling denying the Winklevoss-led crypto exchange a win in the U.S. Commodity Futures Trading Commission's lawsuit alleging Gemini illegally downplayed known risks of its proposed bitcoin futures contract.
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August 09, 2024
Bond Denied For Ex-Ecuador Official Convicted In Bribery Plot
A Florida federal judge denied bond to Ecuador's ex-comptroller Friday after a jury convicted him earlier this year of laundering more than $12 million in bribes received in a construction scandal, saying the record would not support releasing him from custody before he is sentenced.
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August 09, 2024
Ex-Mozambique Finance Minister Convicted For $2B Scheme
Mozambique's former finance minister was convicted of wire fraud and money laundering conspiracy charges in connection with his role in the $2 billion "tuna bonds" scandal, prosecutors announced.
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August 09, 2024
Meta Urges Justices To Ax Investors' Risk Disclosure Suit
Meta Platforms Inc. filed its opening brief Friday urging the U.S. Supreme Court to reverse a Ninth Circuit decision that kept alive a class action stemming from the Cambridge Analytica data abuse scandal, arguing that decision would create unnecessary disclosure obligations and encourage "fraud by hindsight" lawsuits.
Expert Analysis
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Jarkesy's Impact On SEC Enforcement Will Be Modest
Though the U.S. Supreme Court’s recent U.S. Securities and Exchange Commission v. Jarkesy decision found that fraud defendants have a constitutional right to a jury trial, the ruling will have muted impact on the agency’s enforcement because it’s already bringing most of its cases in federal court, say Jeremiah Williams and Alyssa Fixsen at Ropes & Gray.
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Series
Rock Climbing Makes Me A Better Lawyer
Rock climbing requires problem-solving, focus, risk management and resilience, skills that are also invaluable assets in my role as a finance lawyer, says Mei Zhang at Haynes and Boone.
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Think Like A Lawyer: Dance The Legal Standard Two-Step
From rookie brief writers to Chief Justice John Roberts, lawyers should master the legal standard two-step — framing the governing standard at the outset, and clarifying why they meet that standard — which has benefits for both the drafter and reader, says Luke Andrews at Poole Huffman.
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Examining Chancery's Relaxed New Confidential Filing Rules
The Delaware Court of Chancery’s overhauled Rule 5.1, which governs confidential filings, risks permitting nonconfidential information to be shielded from public review unless and until a challenge notice is filed — but several potential solutions could help to override this issue, says Delaware attorney Daniel J. McBride.
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Opinion
After Jarkesy, IRS Must Course-Correct On Captive Insurance
The U.S. Supreme Court’s recent Securities and Exchange Commission v. Jarkesy decision has profound implications for other agencies, including the IRS, which must stop ignoring due process and curtailing congressional intent in its policing of captive insurance arrangements, says Peter Dawson at the 831(b) Institute.
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Dissecting Treasury's Call For Input On AI In Financial Sector
The U.S. Department of the Treasury's request for comments on the potential benefits and challenges AI may pose to the financial services sector, which asks how stakeholders are addressing and mitigating increased fraud risks, reflects the federal government's continued interest in AI's effects across the economy, say attorneys at Hogan Lovells.
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NYSE Delisting May Be The Cost Of FCPA Compliance
ABB’s recent decision to delist its U.S. depository receipts from the New York Stock Exchange, coupled with having settled three Foreign Corrupt Practices Act enforcement actions, begs the question of whether the cost of FCPA compliance should factor into a company's decision to remain listed in the U.S., says John Joy at FTI Law.
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CFTC Action Highlights Necessity Of Whistleblower Carveouts
The U.S. Commodity Futures Trading Commission's novel settlement with a trading firm over allegations of manipulating the market and failing to create contract carveouts for employees to freely communicate with investigators serves as a beacon for further enforcement activity from the CFTC and other regulators, say attorneys at Davis Wright.
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Series
Being A Luthier Makes Me A Better Lawyer
When I’m not working as an appellate lawyer, I spend my spare time building guitars — a craft known as luthiery — which has helped to enhance the discipline, patience and resilience needed to write better briefs, says Rob Carty at Nichols Brar.
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Half-Truths Vs. Omissions: Slicing Justices' Macquarie Cake
The U.S. Supreme Court's recent ruling in Macquarie v. Moab provides a road map for determining whether corporate reports that omit information should be considered misleading — and the court baked it into a dessert analogy that is key to understanding the guidelines, say Daniel Levy and Pavithra Kumar at Advanced Analytical Consulting Group.
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Lead Like 'Ted Lasso' By Embracing Cognitive Diversity
The Apple TV+ series “Ted Lasso” aptly illustrates how embracing cognitive diversity can be a winning strategy for teams, providing a useful lesson for law firms, which can benefit significantly from fresh, diverse perspectives and collaborative problem-solving, says Paul Manuele at PR Manuele Consulting.
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3 Areas Of Enforcement Risk Facing The EV Industry
Companies in the EV manufacturing ecosystem are experiencing a boom in business, but with this boom comes increased regulatory and enforcement risks, from the corruption issues that have historically pervaded the extractive sector to newer risks posed by artificial intelligence, say attorneys at MoFo.
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American Airlines ESG Ruling Could Alter ERISA Landscape
The Spence v. American Airlines ESG trial, speeding toward a conclusion in a Texas federal court, could foretell a dramatic expansion in ERISA liability, with plan sponsors vulnerable to claims that they didn't foresee short-term dips in stock prices, say attorneys at Mayer Brown.
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SVB Ch. 11 Shows Importance Of Filing Proof Of Claim Early
After a New York bankruptcy court’s recent ruling in SVB’s Chapter 11 case denied late claims filing requests related to post-bar date events, parties with potential claims against a debtor may need to seriously consider filing protective proofs of claim, says Kyle Arendsen at Squire Patton.
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Del. Dispatch: 27.6% Stockholder Not A Controller
The Delaware Court of Chancery's recent decision in Sciannella v. AstraZeneca — which found that the pharma giant, a 26.7% stockholder of Viela Bio Inc., was not a controller of Viela, despite having management control — shows that overall context matters when challenging transactions on breach of fiduciary duty grounds, say attorneys at Fried Frank.