Securities

  • August 28, 2024

    SEC Says Repeat Offenders Ran Medical Co. Investment Scam

    The U.S. Securities and Exchange Commission has reached a settlement with one of two men it accused of inflating the price of a healthcare company before an initial public offering with a shell company, saying he has violated a trading bar from the agency's previous suit against him.

  • August 28, 2024

    BofA Units Fined $3M Over Trade Surveillance Compliance

    Two Bank of America units have agreed to pay $3 million to settle the Financial Industry Regulatory Authority's claims that they did not sufficiently safeguard against potentially manipulative trading by customers.

  • August 28, 2024

    Capital One Says Merger's Pending Approval Tanks Challenge

    Capital One urged a Virginia federal judge to toss or pause a lawsuit challenging the bank's proposed $35 billion acquisition of Discover Financial Services, saying the suit's claims are too speculative and contingent on unknown future events since they depend entirely on the acquisition receiving regulatory and government approval.

  • August 28, 2024

    SEC To Embattled NC Insurance Exec: Show Us The Money

    The U.S. Securities and Exchange Commission is seeking to force a convicted insurance mogul at the center of an alleged $57 million fraud to tell it what happened to the money he's accused of stealing from the insurance companies he ran, arguing in a North Carolina federal court that his answers thus far don't add up and that he shouldn't be allowed to rely on them at his upcoming trial.

  • August 28, 2024

    Boston Consulting Group Avoids FCPA Prosecution, Feds Say

    The U.S. Department of Justice has declined to prosecute Boston Consulting Group Inc. for former employees' alleged bribery of Angolan officials because of the management consulting firm's self-disclosure of the misconduct, as well as its cooperation, remediation and disgorgement of more than $14.4 million.

  • August 28, 2024

    Walgreens Brass Hid Pharmacy Division Woes, Suit Says

    Walgreens' directors and officers have been hit with a derivative suit by a shareholder who says the company and its executives inflated stock value by publicly expressing confidence in the pharmacy division's growth while hiding its struggles adapting to industry hurdles.

  • August 28, 2024

    NFT Platform OpenSea Says SEC May Bring Registration Suit

    The CEO of nonfungible token marketplace OpenSea said Wednesday that the firm was ready to "stand up and fight" after it received a notice that the U.S. Securities and Exchange Commission was considering an enforcement action claiming that the "creative goods" on its platform are unregistered securities.

  • August 28, 2024

    Bowl America Board Strikes $2.2M Deal To End Merger Suit

    Bowl America board members have agreed to pay nearly $2.2 million to settle a class action that alleged the company's board of directors acted in bad faith when it approved a merger with Bowlero Corp., according to a proposal submitted to a Maryland federal court.

  • August 28, 2024

    Billionaire Vik Says Deutsche Bank's 'Harassment' Must End

    Deutsche Bank AG's Connecticut state court lawsuit against billionaire Alexander Vik and his daughter is a doomed effort to relitigate issues that were already decided in a 2013 case that likewise sprang from the bank's global legal battle to collect a $243 million foreign judgment, the defendants said in seeking an early win.

  • August 28, 2024

    Conn. Investment Firm Withheld Pay, Commissions, Suit Says

    Six former employees of Connecticut investment advisory firm Excel Wealth Management LLC have sued the company and its members in state court seeking hourly wages or commissions they claimed they were never paid, with some alleging they were terminated for speaking out about their compensation.  

  • August 28, 2024

    SEC Omits 'Swing Pricing' Plan From Fund Disclosure Rules

    A divided U.S. Securities and Exchange Commission on Wednesday agreed to require more detailed and frequent disclosures from mutual funds, though regulators dropped plans — at least for now — to implement a controversial "swing pricing" provision.

  • August 28, 2024

    AI Software Co. Must Face SEC's $108M Pyramid Scheme Suit

    A Florida federal judge has refused to toss a suit brought by the U.S. Securities and Exchange Commission against the owners of a multilevel marketing company, accusing them of running a fraudulent and unregistered securities offering that raised roughly $108 million from claims that they are using artificial intelligence to develop software, saying the SEC has sufficiently pleaded the existence of a scheme, among other things.

  • August 28, 2024

    Farella Braun Can Pursue Unpaid SVB Fees From FDIC

    Farella Braun & Martel LLP can go after the Federal Deposit Insurance Corp. for $49,000 in legal fees owed by Silicon Valley Bank's parent after the agency was appointed as the bank's receiver, a California federal judge ruled Wednesday.

  • August 28, 2024

    Congress Urged To Address Trump Financial Conflicts

    After possible financial conflicts of interest caused consternation during President Donald Trump's first term, an ethics watchdog is calling for a series of legislative reforms to prevent them from recurring if he's reelected.

  • August 28, 2024

    Biotech Biz Hid Risks Of Gene-Editing Trial, Investor Claims

    Biotechnology firm Verve Therapeutics was hit with a proposed class suit alleging it misled investors about the risks associated with a clinical trial of an experimental gene-editing drug that was halted and caused the company's stock to tumble.

  • August 28, 2024

    Cooley Adds O'Melveny Securities Litigation, Fintech Pro In LA

    Cooley LLP has expanded its California team, announcing Wednesday it has brought in an O'Melveny & Myers LLP securities litigation and fintech expert as a partner in its Los Angeles office.

  • August 27, 2024

    Wells Fargo Says 'Good Faith' Efforts Ax Investors' Bias Suit

    Wells Fargo & Co. urged a California federal judge Tuesday to toss a derivative lawsuit filed by a putative class of shareholders claiming the bank's board of directors failed to address its discriminatory lending and hiring practices, saying there's evidence of "good-faith" efforts to monitor compliance in those areas.

  • August 27, 2024

    Exec To Pay SEC $190K Over Macquarie Insider Trading Claim

    The U.S. Securities and Exchange Commission says a New York man who used inside information he learned as a Macquarie Group investor relations executive to profit from a then-pending deal to sell its airport services business to KKR & Co. has agreed to pay nearly $190,000 to settle the agency's claims that he violated securities laws. ​

  • August 27, 2024

    Electric Jet Co. Grounds Investor Suit Over SPAC Disclosures

    Investors in German aerospace company Lilium have failed to adequately allege that the company lied about its electric jet production efforts as it went through a $3.3 billion go-public merger with a special purpose acquisition company, a Florida federal judge determined in permanently tossing the suit.

  • August 27, 2024

    Reddit Beats Pay-Per-Click Advertising Class Action, For Now

    Reddit Inc. has defeated, for now, LevelFields Inc.'s proposed contract breach class action alleging that it charged advertising customers for fake "clicks" that didn't result in corresponding traffic to the advertiser's website after a California federal judge said Tuesday that the plaintiff doesn't identify specific contractual provisions it thinks Reddit violated. 

  • August 27, 2024

    Navy Shipbuilder Pleads Guilty To Accounting Fraud

    A shipbuilder that contracts with the U.S. Navy pled guilty Tuesday to accounting fraud as part of a settlement to resolve criminal and civil investigations.

  • August 27, 2024

    NY Pension Funds Join Illumina Deal Suit Pile-On In Del.

    New York state's retirement system and fund have added a new derivative suit to widening stockholder litigation over Illumina Inc.'s $8 billion reacquisition of cancer testing company Grail Inc. despite European Commission regulatory agency opposition.

  • August 27, 2024

    CFTC Fines TOTSA $48M Over Market Manipulation Attempts

    Swiss energy trader TOTSA will pay $48 million for allegedly trying to manipulate the market for futures contracts linked to a type of refined gas mainly used in automobiles in Europe, the Commodity Futures Trading Commission announced Tuesday, with one commissioner dissenting over "flimsy evidence that is speculative and circumstantial." 

  • August 27, 2024

    SEC Cites Amazon's FTC Loss In Coinbase Document Dispute

    The U.S. Securities and Exchange Commission on Tuesday told a New York federal judge that a recent ruling denying Amazon's request to review internal documents from the Federal Trade Commission bolsters its own bid to shield internal communications in its enforcement suit against crypto exchange Coinbase.

  • August 27, 2024

    Self-Driving Truck Co. Inks $189M Deal To End Investor Suit

    Self-driving trucking company TuSimple Holdings Inc. has agreed to pay $189 million to settle a class action lawsuit alleging it misled investors about its safety record and payments to a Chinese rival that opened it up to U.S. government investigations, according to a filing in California federal court.

Expert Analysis

  • Autonomy Execs' Acquittal Highlights Good Faith Instruction

    Author Photo

    The recent acquittal of two former Autonomy executives demonstrates that a good faith jury instruction can be the cornerstone of an effective defense strategy in white collar criminal cases, in part because the concept of good faith is a human experience every juror can relate to, says Sara Kropf at Kropf Moseley.

  • Series

    Teaching Scuba Diving Makes Me A Better Lawyer

    Author Photo

    As a master scuba instructor, I’ve learned how to prepare for the unexpected, overcome fears and practice patience, and each of these skills – among the many others I’ve developed – has profoundly enhanced my work as a lawyer, says Ron Raether at Troutman Pepper.

  • SolarWinds Ruling Offers Cyber Incident Response Takeaways

    Author Photo

    The New York federal court's dismissal of all charges related to the 2019 Sunburst cyberattack is a devastating blow to the U.S. Securities and Exchange Commission's cybersecurity case against SolarWinds, but the well-reasoned opinion provides valuable lessons that may improve companies' defensive posture in the wake of a major cybersecurity incident, say attorneys at Troutman Pepper.

  • 3 Ways To Lower Insider Trading Risk After First 10b5-1 Case

    Author Photo

    In light of the U.S. Department of Justice's insider trading prosecution against the former CEO of Ontrack based on alleged abuse of a Rule 10b5-1 safe harbor plan — designed to allow executives to sell their companies' securities without liability — companies and individuals should take steps to avoid enacting similar plans in bad faith, say attorneys at Jenner & Block.

  • Lawyers Can Take Action To Honor The Voting Rights Act

    Author Photo

    As the Voting Rights Act reaches its 59th anniversary Tuesday, it must urgently be reinforced against recent efforts to dismantle voter protections, and lawyers can pitch in immediately by volunteering and taking on pro bono work to directly help safeguard the right to vote, says Anna Chu at We The Action.

  • Evolving Regulatory Oversight For AI And Asset Management

    Author Photo

    Attorneys at K&L Gates discuss the evolving regulatory and legislative landscape for artificial intelligence in the asset management industry, as the U.S. Securities and Exchange Commission, the Commodity Futures Trading Commission and Congress consider how to address potential investor protection and systemic risks associated with AI.

  • 3rd Circ. Ruling Shows Benefits Of IP Licenses In Bankruptcy

    Author Photo

    The Third Circuit’s recent ruling in Mallinckrodt’s Chapter 11 filing, which held that Mallinckrodt could sever its obligations to pay Sanofi royalties on sales of an autoimmune disease drug, highlights the advantages of structuring transactions as nonexclusive licenses for developers of intellectual property, say Gregory Hesse and Kaleb Bailey at Hunton.

  • Series

    A Day In The In-House Life: Block CLO Talks Problem-Solving

    Author Photo

    Amid the busy summer months, Block Inc. Chief Legal Officer Chrysty Esperanza chronicles a typical Wednesday where she conquered everything from unexpected fintech regulatory issues and team building to Bay Area commutes and school drop-off.

  • Analyzing Advance Notice Bylaws On 'Clear' Or 'Cloudy' Days

    Author Photo

    In Kellner v. AIM ImmunoTech, the Delaware Supreme Court recently clarified the framework for judicial review of advance notice bylaws adopted, amended or enforced on "clear" or "cloudy" days, underscoring the responsibility of boards to ensure that their scope does not overreach or prevent the possibility of a contested election, say attorneys at Venable.

  • Navigating Antitrust Considerations In ESG Collaborations

    Author Photo

    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

    Author Photo

    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

    Author Photo

    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

    Author Photo

    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

    Author Photo

    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

    Author Photo

    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.

Want to publish in Law360?


Submit an idea

Have a news tip?


Contact us here
Can't find the article you're looking for? Click here to search the Securities archive.
Hello! I'm Law360's automated support bot.

How can I help you today?

For example, you can type:
  • I forgot my password
  • I took a free trial but didn't get a verification email
  • How do I sign up for a newsletter?
Ask a question!