Try our Advanced Search for more refined results
Securities
-
June 05, 2024
Tokenizing Real Assets Touches Crypto Concerns, Reps Say
Putting stocks and other real-world assets on the blockchain is markedly different from issuing cryptocurrencies, but federal lawmakers on Wednesday showed that the debate about how to regulate so-called tokenization is decidedly similar when it comes to weighing its potential efficiencies against threats to privacy and consumer protection.
-
June 05, 2024
Adviser Can't Unfreeze Assets To Pay Atty Fees
A Connecticut federal judge is standing by his earlier decision refusing to release $50,000 in frozen assets to pay the attorneys of an investment adviser and his wife, who face a $5.9 million fraud suit from the U.S. Securities and Exchange Commission.
-
June 05, 2024
Bank Shareholders Say Venezuelan Takeover Cost Them $27M
Shareholders in a small Miami bank told jurors Wednesday that board members working for the Venezuelan government had taken control of the bank and cost shareholders $27 million by engaging with the sanctioned Venezuelan government.
-
June 05, 2024
StarTek Controller Sued In Del. After Public-Share Buyout
Two public stockholders of global customer experience outsourcing consultant StarTek Inc. sued four company directors and its private equity controller in Delaware's Court of Chancery on Wednesday, alleging an unfair and conflicted $4.30-per-share buyout of the company's remaining public shares.
-
June 05, 2024
Dems Urge SEC To Double Down On Climate Enforcement
A group of 38 Democratic lawmakers is urging U.S. Securities and Exchange Commission Chair Gary Gensler to step up enforcement of the agency's existing climate disclosure-related guidance, as the agency faces court challenges to its controversial climate rule.
-
June 05, 2024
Axos Says Money Market Account Suit Should Be Arbitrated
Axos Bank has urged a California federal judge to either toss or force into arbitration a proposed class action alleging it reclassified customers' high-yield money market accounts into lower-yield investment accounts without informing them, saying federal law allows banks to offer accounts with variable rates that the bank can change at its discretion.
-
June 05, 2024
Wells Fargo Sued For Allegedly Aiding $300M Ponzi Scheme
Wells Fargo Bank NA has been hit with a proposed class action in Florida federal court alleging that it aided and abetted a $300 million Ponzi scheme that duped more than 1,000 investors, most of whom were elderly and lost substantial life savings due to the scheme.
-
June 05, 2024
Nigeria Holding US Binance Exec Hostage, Lawmakers Say
The White House's hostage negotiator should begin seeking the release of a top executive at cryptocurrency exchange Binance whom the Nigerian government is holding personally liable for tax evasion charges against the company, the House Foreign Affairs Committee's chairman has said.
-
June 05, 2024
Hertz Hit With Shareholder Suit Over Costs Tied To EVs
Car rental giant Hertz Global Holdings Inc. and two Hertz executives are facing a proposed investor class action in Florida federal court alleging the company hurt investors by overhyping demand for electric cars only later to announce a nearly $200 million hit to earnings as it worked to offload electric vehicles.
-
June 05, 2024
SEC Risk Alert Outlines Broker-Dealer Exam Process
The U.S. Securities and Exchange Commission's Division of Examinations issued a risk alert Wednesday outlining its process for selecting broker-dealer firms to examine, refining the scope of the exam and the types of documents the division may request.
-
June 05, 2024
Del. Justices Uphold Chancery's Toss Of Auto Parts Deal Suit
Delaware's Supreme Court has refused to reverse the Court of Chancery's 2023 dismissal of a stockholder suit accusing Chicago-based factory and automotive parts venture Distribution Solutions Group Inc. of failing to disclose conflicts surrounding and costs of a three-way merger in late 2021.
-
June 05, 2024
Archegos Ex-Exec Who Sued Fund Testifies At Founder's Trial
An investment pro who claims in a $50 million suit that he was pressured to defer his Archegos pay testified Wednesday in the $36 billion market manipulation case against fund founder Bill Hwang that Hwang called the shots and was rarely questioned.
-
June 05, 2024
Truth Social Investors Want Fla. Suit Paused For Del. Claims
Two early investors in Donald Trump's Truth Social media company urged a Florida judge on Wednesday to pause the company's suit trying to claim their shares while a first-filed suit in Delaware is pending, arguing that the company is forum shopping in an attempt to get around an unfavorable Delaware Chancery Court order.
-
June 05, 2024
Dorsey & Whitney Adds White Collar Duo In Phoenix, DC
Dorsey & Whitney LLP announced the hire of two experienced white collar attorneys in Phoenix and Washington, D.C., including the former financial crimes and public corruption chief at the U.S. Attorney's Office for the District of Arizona.
-
June 05, 2024
Ex-Skadden Atty, Credit Suisse Beat TransPerfect's Fraud Suit
A Delaware federal judge has tossed TransPerfect Holdings LLC's lawsuit alleging that misrepresentations by a now-retired Skadden Arps Slate Meagher & Flom LLP partner and Credit Suisse Securities (USA) LLC led it to pay too much for language translation company TransPerfect Global Inc., finding that claims are time-barred.
-
June 05, 2024
Texas To Launch Stock Exchange Backed By $120M Capital
TXSE Group Inc. said Wednesday it plans to launch the Texas Stock Exchange, a national trading venue for public companies and exchange-traded products, following a $120 million private capital raise that was guided by Haynes and Boone LLP.
-
June 05, 2024
Billionaire's 'Naive' Stock-Trading Pilot Asks For No Prison
A private pilot for U.K. billionaire Joe Lewis is asking for no prison time after pleading guilty to insider trading on stock tips provided by his boss, arguing that he has otherwise lived a law-abiding life and is less culpable than many white-collar defendants who've come through the Manhattan federal court.
-
June 05, 2024
5th Circ. Private Funds Ruling Could Rewrite SEC Agenda
The Fifth Circuit on Wednesday vacated U.S. Securities and Exchange Commission regulations that would have required private fund advisers to provide detailed disclosures to investors, in a sweeping decision that could upend the regulator's approach to promised rules on climate, artificial intelligence and crypto assets.
-
June 04, 2024
Ontrak CEO Shed $20M In Stock With Insider Info, Jury Hears
Ontrak Inc.'s founder rushed to dump over $20 million of the healthcare company's stock using insider information about a souring relationship with its biggest client, Cigna, helping him avoid $12 million in losses, prosecutors told California federal jurors Tuesday in a first-of-its-kind securities fraud trial.
-
June 04, 2024
Morgan Stanley Unit Seeks Exit From Alorica 401(k) Fee Suit
Morgan Stanley Smith Barney LLC has asked to be dismissed from a suit alleging mismanagement of a retirement savings plan for employees of business processing outsourcing service provider Alorica Inc., arguing in California federal court that it had been "improperly lumped" into a revision of the suit 17 months after the matter was originally filed.
-
June 04, 2024
GOP Spending Bill Aims To Cut SEC Budget, Nix Climate Rule
The Republican-led House Appropriations Committee released a spending bill Tuesday that threatens to cut funding for financial service agencies and prevent the U.S. Securities and Exchange Commission from funding its controversial climate disclosure rules and bar Consumer Financial Protection Bureau spending on a contentious rule, as well.
-
June 04, 2024
Fintech Execs Face Another Suit Over CEO's Stock Ownership
Insiders at blockchain-based financial services company Future FinTech Group Inc. were hit with a shareholder derivative suit on Tuesday alleging they concealed that the company's CEO had inflated stock prices, which was revealed to the public when the U.S. Securities and Exchange Commission filed a lawsuit against him.
-
June 04, 2024
Biotech RenovaCare Can't Beat Investors' Stock Promo Suit
A New Jersey federal judge has ruled that investors in biotechnology company RenovaCare Inc. failed to prove their case against firms they accused of profiting from a scheme to pump up the company's shares, but otherwise allowed their claims to proceed against the maker of skin burn treatments and a few of its executives.
-
June 04, 2024
NBA-Tied NFT Co. To Pay $4M Over Buyers' Securities Claim
A New York federal judge on Tuesday gave initial approval to a proposed $4 million settlement between the firm behind NBA-focused non-fungible tokens and a class of purchasers who accused the digital assets company of selling the digital assets as unregistered securities.
-
June 04, 2024
On 2nd Bite, Apple Investors Get Initial OK For $490M Deal
A California federal judge has given the first OK to a $490 million settlement that will resolve claims that Apple misled investors about iPhone sales in China, saying the deal is fair and reasonable, and a better alternative than further litigation, after criticizing the deal during its initial bid for approval and ordering changes.
Expert Analysis
-
And Now A Word From The Panel: Benefits Of MDL Transfers
A recent order from the Judicial Panel on Multidistrict Litigation highlights a critical part of the panel's work — moving cases into an existing MDL — and serves as a reminder that common arguments against such transfers don't outweigh the benefits of coordinating discovery and utilizing lead counsel, says Alan Rothman at Sidley Austin.
-
8 Tips As GCs Prep For New SEC Climate Disclosure Rules
The U.S. Securities and Exchange Commission's recently adopted rules governing climate-related disclosures represent a major change to the existing public company disclosure regime, so in-house counsel should begin to evaluate existing systems and resources related to emissions data, and identify the changes that will need to be made, say attorneys at Bracewell.
-
An Overview Of Key Financing Documents In Venture Capital
The Delaware Chancery Court’s recent Moelis decision highlights the importance of structuring corporate governance around investor demand, meaning early-stage companies seeking venture funding through sales of preferred stock should understand the legal documents needed to do so successfully, say Daniel Bell-Garcia and Tristan Kaisharis at Winstead.
-
Reducing Risk While DOJ Plans New Whistleblower Rewards
In light of the Department of Justice's newly announced plan to create a comprehensive whistleblower reward program to fill the gaps in the current patchwork of federal incentives, companies should mitigate their risk of external claims now by implementing internal systems where employees can confidently and anonymously report concerns, say Caleb Hayes-Deats and Walter Hawes at MoloLamken.
-
Series
Spray Painting Makes Me A Better Lawyer
My experiences as an abstract spray paint artist have made me a better litigator, demonstrating — in more ways than one — how fluidity and flexibility are necessary parts of a successful legal practice, says Erick Sandlin at Bracewell.
-
How Activision Ruling Favors M&A Formalities Over Practice
The Delaware Chancery Court’s recent nod to a proposed class action, alleging shareholder notice violations in Activision Blizzard’s sale to Microsoft, puts practitioners on notice that customary merger and acquisition market practices do not offer protection from potential liability, say John Stigi and Eugene Choi at Sheppard Mullin.
-
Takeaways From The 2023 DOJ Fraud Section Report
Attorneys at Wiley discuss notable trends from the U.S. Department of Justice's recently reported Fraud Section activity last year and highlight areas of enforcement to watch for in the future, including healthcare fraud and Foreign Corrupt Practices Act violations.
-
How New SEC Rule May Turn DeFi Participants Into 'Dealers'
The U.S. Securities and Exchange Commission recently announced a new rule to amend its definition of a securities "dealer," but the change could have concerning implications for decentralized finance and blockchain, as the SEC has suggested it may subject DeFi participants to registration requirements and other regulations, say attorneys at DLA Piper.
-
Opinion
Judicial Independence Is Imperative This Election Year
As the next election nears, the judges involved in the upcoming trials against former President Donald Trump increasingly face political pressures and threats of violence — revealing the urgent need to safeguard judicial independence and uphold the rule of law, says Benes Aldana at the National Judicial College.
-
How Harsher Penalties For AI Crimes May Work In Practice
With recent pronouncements from the U.S. Department of Justice that prosecutors may seek sentencing enhancements for crimes committed using artificial intelligence, defense counsel should understand how the sentencing guidelines and statutory factors will come into play, says Jennie VonCannon at Crowell & Moring.
-
2nd Circ.'s Binance Locus Test Adds Risk For Blockchain Cos.
The Second Circuit’s recent use of the irrevocable liability test to rule a class action may proceed against decentralized crypto exchange Binance heightens the possibility that other blockchain-based businesses with domestic customers and digital infrastructure will find themselves subject to U.S. securities laws, say attorneys at Holland & Knight.
-
Series
Riding My Peloton Bike Makes Me A Better Lawyer
Using the Peloton platform for cycling, running, rowing and more taught me that fostering a mind-body connection will not only benefit you physically and emotionally, but also inspire stamina, focus, discipline and empathy in your legal career, says Christopher Ward at Polsinelli.
-
The Challenges SEC's Climate Disclosure Rule May Face
Attorneys at Debevoise examine potential legal challenges to the U.S. Securities and Exchange Commission's new climate-related disclosure rule — against which nine suits have already been filed — including arguments under the Administrative Procedure Act, the major questions doctrine, the First Amendment and the nondelegation doctrine.
-
Compliance Steps After ABA White Collar Crime Conference
Senior law enforcement officials’ statements this month at the American Bar Association's white collar crime conference suggest government enforcement efforts this year will increasingly focus on whistleblower incentives, artificial intelligence and data protection, and companies will need to update their compliance programs accordingly, say attorneys at Baker McKenzie.
-
Investment Advisers Should Prep For Money Laundering Regs
Investment advisers should prepare for a Financial Crimes Enforcement Network proposed rule that would significantly expand anti-money laundering and counter-financing of terrorism obligations by assessing illicit financing risks, and expect examiners to scrutinize unregistered advisers and those with certain foreign clients, say attorneys at Paul Weiss.