Securities

  • September 03, 2024

    SEC Fines 6 Credit Rating Firms $49M Over Texting Records

    The U.S. Securities and Exchange Commission announced Tuesday that six nationally recognized statistical rating organizations agreed to pay a combined $49 million for failing to preserve electronic communications, the latest wave of settlements in an ongoing crackdown that has yielded billions in fines.

  • September 03, 2024

    Trustee, Trader Culled From Jury In $1M Brazilian Bribery Trial

    A bankruptcy trustee and a commodities trader were among the potential jurors weeded out Tuesday ahead of Wednesday's opening statements in the criminal trial of a Connecticut oil trader accused of bribing officials with Brazil's state-owned oil giant Petróleo Brasileiro SA and its U.S. subsidiaries.

  • September 03, 2024

    Adviser Lied About Wall Street Skyscraper Digs, SEC Says

    A purported $10 million private fund investment adviser faces U.S. Securities and Exchange Commission allegations that it lied about being a public company with an office on Manhattan's Wall Street as part of a filing in which it claimed registration exemption.

  • September 03, 2024

    Kirkland Brings On Ex-Goldman Sachs Debt Finance Pro In NY

    Kirkland & Ellis LLP said Tuesday it has added an experienced debt finance partner in New York who most recently worked as a managing director for Goldman Sachs, in the firm's latest move to bulk up its structured finance and structured private credit practice.

  • September 03, 2024

    $15M Class Atty Fee Sought In Microsoft-Activision Suit

    Attorneys for Sweden's state pension fund manager have proposed a $15 million attorney fee for their investigation and intervention in a suit seeking Delaware Court of Chancery fixes for defects in some terms of Activision Blizzard Inc.'s $68.7 billion acquisition by Microsoft Corp. last year.

  • September 03, 2024

    Catching Up With Delaware's Chancery Court

    Last week in Delaware's court of equity, an iconic rock band got a new member, former President Donald Trump's social media company escaped a contempt ruling, and litigation grew over Illumina Inc.'s $8 billion reacquisition of cancer-testing company Grail Inc. New cases touched on intellectual property, mergers, share transfers and dump trucks. In case you missed it, here's the latest from Delaware's Court of Chancery.

  • September 03, 2024

    $2.2M Bowling Co. Investor Settlement Gets Initial Green Light

    A Maryland federal judge has preliminarily approved a nearly $2.2 million settlement ending a class action that alleged Bowl America's board of directors acted in bad faith when approving a merger with Bowlero Corp.

  • August 30, 2024

    Chancery Prunes $2.1M From Atty Fee Bid In Sculptor Merger

    Class attorneys who helped secure a 14.4%, or $80.8 million, improvement in proceeds from Sculptor Capital Management's sale to Rithm Capital Corp. — plus a $6.5 million common fund — saw their $5.75 million fee proposal cut to $3.6 million in Delaware's Court of Chancery Friday.

  • August 30, 2024

    Semiconductor Co. Beats Investor Suit Over Failed $8B Merger

    A California federal judge has dismissed a proposed investor class action filed over semiconductor company MaxLinear Inc.'s decision to cancel a planned $8 billion merger with Silicon Motion Technology Corp., finding investors' claims against the former can't stand because they held shares in the latter.

  • August 30, 2024

    5th Circ. Rejects SEC Whistleblower Award Calculation Appeal

    The Fifth Circuit on Friday rejected petitions by two whistleblowers who allege that the U.S. Securities and Exchange Commission shortchanged them after they helped to uncover purportedly the largest fraud in Texas history, by a company that was driven into bankruptcy.

  • August 30, 2024

    CFTC Grants Clearing Status To Courtroom Foe Kalshi

    The U.S. Commodity Futures Trading Commission has given the all clear for a division of derivatives startup Kalshi to serve as an intermediary in the swaps market, even as the pair continue to duke it out in court over the trading platform's rebuffed request to participate in the stalled elections betting market.

  • August 30, 2024

    Del. Judge Finds Exception To Absolute Litigation Shield

    An "absolute litigation privilege" barring lawsuits targeting defamation related to court action in Delaware doesn't block involuntary LLC share repurchase demands triggered by a terminated subsidiary officer's alleged defamatory statements, a Delaware judge has ruled.

  • August 30, 2024

    Door-Maker Demands $10M In Excess Insurance At 4th Circ.

    A door manufacturer pressed the Fourth Circuit to force an insurer to hand over $10 million in excess coverage in connection with a $39.5 million shareholder settlement over alleged lies to investors, arguing Friday that the matter was unrelated to other litigation and counts as a separate claim.

  • August 30, 2024

    Gaming Co. Exec Gets 6 Years For Fake IPO Claims, Theft

    An executive of Carlyle Entertainment Ltd. has been sentenced to 72 months in prison for advertising a phony initial public offering and fraudulently misappropriating $3 million in investor funds for his personal use in a scheme that spanned six years.

  • August 30, 2024

    3 Atty Takeaways On What's Ahead As ERISA Turns 50

    As the Employee Retirement Income Security Act turns 50 years old this Labor Day, attorneys reflecting on five decades of development of the federal employee benefits law see a complex path ahead for both litigation and policy. Here are three key takeaways from top attorneys on what’s next for ERISA on its golden anniversary.

  • August 30, 2024

    FINRA Dings Raymond James $2M Over Customer Complaints

    Two Raymond James units will pay nearly $2 million to settle allegations from the Financial Industry Regulatory Authority that they didn't properly handle customer complaints or supervise mutual fund purchases.

  • August 30, 2024

    Off The Bench: NFL Lets PE In, Ex-NBA Pro Denies Agent Deal

    In this week’s Off The Bench, the NFL shakes up its ownership rules and joins the rest of the pro sports world, while a former NBA player says his agency is trying to cling to him after he moved on. In case you were sidelined this week, Law360 is here to catch you up on the sports and betting stories that had our readers talking.

  • August 30, 2024

    Fla. Judge Won't Block Sale Of 18M Truth Social Co. Shares

    A Florida judge on Friday denied a request by Donald Trump's Truth Social to block the sale of 18 million shares by two of the company's co-founders, finding that the company would not be irreparably harmed by having to rely on a damages remedy if the sale goes through.

  • August 30, 2024

    Fla. Investment Firm Head Cops To Role In Broker Scheme

    The president of a now-shuttered Florida investment firm has admitted to helping an unregistered broker sell securities in exchange for rich commissions that were not disclosed to buyers.

  • August 30, 2024

    FTX Exec Drops Bid To Undo Plea Amid Partner's Indictment

    Former FTX executive Ryan Salame is no longer seeking to vacate his guilty plea that he says Manhattan federal prosecutors induced with a false promise to halt a campaign finance probe into his partner Michelle Bond, though his claims that they broke their word will still be litigated before two different judges.

  • August 30, 2024

    Crypto Exchanges Illegally Took Facial Scans, Suits Say

    Two cryptocurrency exchanges have been hit with proposed class actions in Illinois federal court alleging they unlawfully collected, stored, and disclosed users' facial geometry scans by making new customers go through a mandatory verification process in violation of Illinois' Biometric Information Privacy Act.

  • August 29, 2024

    Tesla, Elon Musk Beat Dogecoin Buyers' Fraud Suit, For Good

    A New York federal judge on Thursday for the final time threw out a contentious lawsuit brought by Dogecoin investors accusing Elon Musk of manipulating the market so that he and Tesla could turn a profit on the meme-themed cryptocurrency.

  • August 29, 2024

    IBM Unit's Repurchase Not Blocked By Del. Litigation Privilege

    An International Business Machines Corp. affiliate can enforce a stake repurchase option against a former executive suing the company, a Delaware judge ruled Thursday, saying statements he made in legal filings can trigger the repurchase provision in his nondisparagement agreement.

  • August 29, 2024

    Texas' Anti-ESG Law Is Unconstitutional, Green Biz Org Says

    A sustainability-focused business group on Thursday sued Texas state officials in federal court seeking to block a law that restricts state investments with financial firms and businesses that want to reduce their reliance on fossil fuels.

  • August 29, 2024

    Starbucks Overpromised On 'Reinvention' Plan, Investor Says

    Coffee chain Starbucks faces a proposed investor class action alleging it misled the markets about prospects for its so-called Triple Shot Reinvention strategy, hurting investors after trading prices for its shares slid when it announced disappointing quarterly results in April 2024.

Expert Analysis

  • Navigating Antitrust Considerations In ESG Collaborations

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    The intersection of ESG goals and antitrust laws presents a complex challenge for businesses and their counsel — but by creating clear frameworks for collaboration, adhering to established guidelines and carefully considering the competitive implications of their actions, companies can work toward sustainability while mitigating legal risks, say attorneys at Morgan Lewis.

  • How To Grow Marketing, Biz Dev Teams In A Tight Market

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    Faced with fierce competition and rising operating costs, firms are feeling the pressure to build a well-oiled marketing and business development team that supports strategic priorities, but they’ll need to be flexible and creative given a tight talent market, says Ben Curle at Ambition.

  • Jarkesy's Impact On SEC Enforcement Will Be Modest

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    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.

  • Series

    Rock Climbing Makes Me A Better Lawyer

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    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.

  • Think Like A Lawyer: Dance The Legal Standard Two-Step

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    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.

  • Examining Chancery's Relaxed New Confidential Filing Rules

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    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.

  • Opinion

    After Jarkesy, IRS Must Course-Correct On Captive Insurance

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    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.

  • Dissecting Treasury's Call For Input On AI In Financial Sector

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    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.

  • NYSE Delisting May Be The Cost Of FCPA Compliance

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    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.

  • CFTC Action Highlights Necessity Of Whistleblower Carveouts

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    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.

  • Series

    Being A Luthier Makes Me A Better Lawyer

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    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.

  • Half-Truths Vs. Omissions: Slicing Justices' Macquarie Cake

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    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.

  • Lead Like 'Ted Lasso' By Embracing Cognitive Diversity

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    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.

  • 3 Areas Of Enforcement Risk Facing The EV Industry

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    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.

  • American Airlines ESG Ruling Could Alter ERISA Landscape

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    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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