Securities

  • April 04, 2025

    Chancery Trims Claims, Limits Ruling On Focus Financial Suit

    Delaware's chancellor has heavily pruned but refused to entirely dismiss a stockholder suit challenging the $7 billion August 2023 go-private merger between Focus Financial Partners Inc. and Clayton Dubilier & Rice LLC and Stone Point Capital, with remnants held over for summary judgment.

  • April 04, 2025

    Radius Health Stockholders Sue Ex-CEO After $890M Co. Sale

    Stockholders of global biopharmaceutical venture Radius Health Inc. sued the company's former CEO G. Kelly Martin late Thursday in Delaware's Court of Chancery, alleging breaches of fiduciary duty related to the company's purportedly undervalued, $890 million sale in August 2022.

  • April 04, 2025

    Musk Atty Objects To 'Outrageous' Deposition Request

    Elon Musk's attorney has said it's "outrageous" that a class of former Twitter investors is trying to depose the attorney in a case accusing Musk of intentionally tanking the social media platform's stock price, telling a California federal judge the move threatens to undermine his attorney-client relationship.

  • April 04, 2025

    SEC Says Reserve-Backed Stablecoins Aren't Securities

    The U.S. Securities and Exchange Commission's Division of Corporation Finance said Friday the offer and sale of reserve-backed dollar stablecoins aren't securities transactions, in the latest statement to set out the staff's views on the boundaries of its jurisdiction over digital assets.

  • April 04, 2025

    Ill. Lawmakers Advance Crypto Fraud Protection Measure

    Illinois state senators passed a bill out of committee intended to rein in cryptocurrency fraud, which one of the proposed law's sponsors said had bilked Illinois residents out of more than $163 million in 2023 alone.

  • April 04, 2025

    11th Circ. Told Omitted Issues Void UBS Arbitration Award

    A Puerto Rican man urged the Eleventh Circuit on Friday to vacate a roughly $6.5 million arbitration award given to UBS Financial Services Inc. stemming from a long-running account contract dispute, arguing he didn't receive a fair hearing and because key issues to be resolved weren't identified in the award.

  • April 04, 2025

    Masimo Shareholder Vote Suit Against Founder Moved To Calif.

    A New York federal judge has transferred to California Masimo Corp.'s suit against its founder over allegations he manipulated a shareholder vote at the medical technology company, finding that the "locus of operative facts" warrants the move.

  • April 03, 2025

    Recidivist Convicted Of Conning NBA Players Gets 12 Years

    A former stockbroker on Thursday was sentenced to over 12 years in prison after he was found guilty at trial last year of swindling two former NBA players out of $8 million, in what the judge called "pure and simple theft" by the recidivist fraudster.

  • April 03, 2025

    Warren Calls For Investigation Into SEC's Crypto About-Face

    U.S. Sen. Elizabeth Warren is asking the inspector general of the U.S. Securities and Exchange Commission to investigate whether President Donald Trump, his family or associates have had "undue influence" over the agency's recent moves to back off from regulating the cryptocurrency industry.

  • April 03, 2025

    Ex-SunEdison Exec Gets 'Historic' $34.5M Deal In SOX Case

    A former SunEdison Inc. executive scored a record-breaking $34.5 million settlement with SunEdison-sponsored yieldcos he once ran following a nearly decadelong legal battle and a finding that he was fired as retaliation in violation of the Sarbanes-Oxley Act for highlighting potential securities laws violations, his Hinckley Allen attorneys announced Thursday.

  • April 03, 2025

    FINRA Member Can't Avoid Testifying In Fraud Investigation

    A District of Columbia federal judge has refused to immediately block the Financial Industry Regulatory Authority from requiring a New York financial adviser to testify in an investigation into alleged fraud, ruling there is "no likelihood of irreparable harm here."

  • April 03, 2025

    Crypto Co. Sentenced In Fed Market Manipulation Suit

    United Arab Emirates-based CLS Global FZC LLC has been sentenced in Massachusetts federal court on criminal charges over running a fraudulent "wash trading" scheme after it pled guilty to the charges in January and agreed to stop working in the U.S. cryptocurrency industry.

  • April 03, 2025

    CFTC Taps New Acting Head Of Market Oversight Division

    The Commodity Futures Trading Commission announced Wednesday that its Division of Market Oversight will be headed on an acting basis by a longtime employee of the derivatives market regulator who helped start the division's Market Intelligence Branch.

  • April 03, 2025

    ADM Faces Del. Derivative Suit Amid Accounting Fraud Claims

    Agricultural supply chain giant Archer-Daniels-Midland Co. was hit with a derivative complaint Thursday in Delaware's Court of Chancery, seeking damages from 17 current or former officers entangled in claims of years of fraudulent accounting and disclosures involving its nutrition segment.

  • April 03, 2025

    Southwest Gets Second Shot At Tossing Investors' Outages Suit

    A Texas judge said Thursday he plans to rewrite his decision on Southwest Airlines' request to dismiss a shareholder class action over a disastrous 2022 holiday travel season because the Fifth Circuit may require a more thorough record of the extent of the airline's knowledge about the risks of its outdated technology.

  • April 03, 2025

    House Moves Stablecoin Bill Despite Dems' Conflict Concerns

    The House Financial Services Committee advanced its federal framework for stablecoins just before midnight Wednesday following hours of markup during which Democrats raised concerns that the Trump family and administration officials' involvement with crypto ventures will create conflicts of interest.

  • April 03, 2025

    Del. Suit Challenges 'DExit' Corporate Law, Dropbox Move

    One of Delaware's oldest law firms on Thursday challenged the constitutionality of a corporate law overhaul pushed through the General Assembly last month in a declared bid to stem "DExit" corporate charter relocations to other states and protect the state's legal industry and $2 billion in annual corporate franchise fees.

  • April 03, 2025

    Tequila Maker Sues Acquirer In Del. Alleging Earnout Dodge

    A stockholder representative of tequila company 21Seeds Inc. has filed suit against Diageo North America, accusing the global liquor giant of undercutting post-acquisition earn-out targets for 21Seeds and putting the company "in mothballs" in a scheme to develop its own competing brand to the women-founded flavored tequila.

  • April 03, 2025

    Feds Say Cash Advance Biz Owner Ran $40M Ponzi Scheme

    Federal prosecutors said Thursday that a Miami man ran a $40 million Ponzi scheme through a company that purported to make money through quick loans to small businesses.

  • April 03, 2025

    SEC's Gemini Crypto Trading Suit Paused For More Deal Talks

    A New York federal judge paused the U.S. Securities and Exchange Commission's unregistered securities trading claims against cryptocurrency exchange Gemini Trust Co. after the agency and the company informed the court they were approaching a resolution, which would be the second deal reached in the case.

  • April 03, 2025

    'No Serious Question' Federal Firings Broke Law, Justices Told

    Federal employee unions and advocacy groups urged the U.S. Supreme Court on Thursday to reject the Trump administration's bid to pause a California court order reinstating tens of thousands of probationary workers fired from six agencies, arguing the government can't escape self-inflicted harms brought on by its allegedly unlawful actions.

  • April 03, 2025

    Senate Advances Noms Of Trump's SEC, OCC Picks

    The U.S. Senate Banking Committee voted along party lines Thursday to advance the nominations of President Donald Trump's chosen leaders for the U.S. Securities and Exchange Commission and the Office of the Comptroller of the Currency, sending both to the full Senate for a final confirmation vote.

  • April 03, 2025

    Bakkt Holdings Faces Suit Over Lost Crypto Revenue

    Bakkt Holdings Inc. and its top brass have been hit with a potential class action in New York federal court by an investor alleging that the crypto technology company and its executives misrepresented the stability of its crypto services revenue after it acquired a crypto platform.

  • April 03, 2025

    Judge OKs Toss Of FCPA Case Against Ex-Cognizant Execs

    A New Jersey federal judge on Thursday granted the federal government's bid to end the Foreign Corrupt Practices Act case against two former executives of Cognizant Technology Solutions Corp., ending a legal battle that was beset by delays throughout its six-year run.  

  • April 03, 2025

    Atty Suspended Over Billing Lapses In State Street Case

    The former managing partner of Thornton Law Firm LLP has received a 30-day license suspension for his decision to sign an inaccurate billing declaration to a federal judge in an investor action against State Street Bank.

Expert Analysis

  • Comparing 2 Pending Bills To Regulate Stablecoins

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    Alexandra Steinberg Barrage at Troutman analyzes the key similarities and differences between two payment stablecoin proposals currently pending in Congress — the STABLE and GENIUS acts — as both chambers are forming a working group to deliver a clear regulatory framework for digital assets and bipartisan agreement appears within reach.

  • Series

    Competitive Weightlifting Makes Me A Better Lawyer

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    The parallels between the core principles required for competitive weightlifting and practicing law have helped me to excel in both endeavors, with each holding important lessons about discipline, dedication, drive and failure, says Damien Bielli at VF Law.

  • How Private Securities Suits Complement SEC Enforcement

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    U.S. Securities and Exchange Commission enforcement is vital to the healthy functioning of markets, but government enforcement alone is not enough to ensure meaningful monetary recoveries for investor losses due to securities law violations, say attorneys at Bernstein Litowitz.

  • The Case For Compliance During The Trump Administration

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    Given the Trump administration’s shifting white collar enforcement priorities, C-suite executives may have the natural instinct to pare back compliance initiatives, but there are several good reasons for companies to at least stay the course on their compliance programs, if not enhance them, say attorneys at Riley Safer.

  • Corp. Transparency Act's Future Under Treasury's Bessent

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    The Corporate Transparency Act’s ultimate fate faced uncertain terms at the end of 2024, but new U.S. Department of the Treasury Secretary Scott Bessent's statements and actions so far demonstrate that he does not intend to ignore the law, though he may attempt to make modifications, say attorneys at Taylor English.

  • A Look At A Possible Corporate Transparency Act Exemption

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    Attorneys at Kirkland offer a deep dive into the application of the Corporate Transparency Act's reporting requirements specifically to U.S.-domiciled co-issuers in typical collateralized loan obligation transactions, and consider whether such issuers may be able to assert an exemption from the CTA's reporting requirements.

  • Opinion

    Inconsistent Injury-In-Fact Rules Hinder Federal Practice

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    A recent Third Circuit decision, contradicting a previous ruling about whether consumers of contaminated products have suffered an injury in fact, illustrates the deep confusion this U.S. Supreme Court standard creates among federal judges and practitioners, who deserve a simpler method of determining which cases have federal standing, says Eric Dwoskin at Dwoskin Wasdin.

  • In-House Counsel Pointers For Preserving Atty-Client Privilege

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    Several recent rulings illustrate the challenges in-house counsel can face when attempting to preserve attorney-client privilege, but a few best practices can help safeguard communications and effectively assert the privilege in an increasingly scrutinized corporate environment, says Daniel Garrie at Law & Forensics.

  • What Banks Need To Know About Trump's Executive Orders

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    While the numerous executive orders and memos from the last few weeks don't touch on many of the issues the banking industry expected the Trump administration to address, banks still need to pay attention to the flurry of orders from strategic, compliance and operational perspectives, say attorneys at Arnold & Porter.

  • How SDNY US Atty Nom May Shape Enforcement Priorities

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    President Donald Trump’s nominee for U.S. attorney in the Southern District of New York, former U.S. Securities and Exchange Commission Chair Jay Clayton, will likely shift the office’s enforcement priorities, from refining whistleblower policies to deemphasizing novel prosecutorial theories, say attorneys at Cohen & Gresser.

  • 4 Potential Effects Of 3rd Circ.'s Coinbase Ruling

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    The Third Circuit's recent landmark decision in Coinbase v. U.S. Securities and Exchange Commission that the SEC's refusal to engage in rulemaking to clarify its stance on crypto enforcement was "insufficiently reasoned" could have wide-ranging impacts, including on other cases, legislation and even the SEC's reputation itself, says Daniel Payne at Cole-Frieman.

  • What Companies Should Consider During FCPA Pause

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    While waiting for updated guidance on Foreign Corrupt Practices Act criminal investigations after a Feb. 10 executive order froze FCPA enforcement, companies should consider the implications of several possible policy shifts, rather than relaxing internal oversight of questionable business practices, say attorneys at Simpson Thacher.

  • Takeaways From CFTC's Private Fund Rule Amendments

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    The U.S. Commodity Futures Trading Commission's recently adopted amendments to Rule 4.7 of the Commodity Exchange Act ensure that investors in the complex derivatives markets receive relevant and comprehensive information, and further align suitability criteria for investors in private funds, says Rita Molesworth at Willkie.

  • Series

    Collecting Rare Books Makes Me A Better Lawyer

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    My collection of rare books includes several written or owned by prominent lawyers from early U.S. history, and immersing myself in their stories helps me feel a deeper connection to my legal practice and its purpose, says Douglas Brown at Manatt Health.

  • Rethinking How To Engage Shareholders, Activists Via Proxies

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    ​​​​​​​This proxy season, companies should consider visually driven proxy statements that highlight the board's strengths, the alignment between executive compensation and performance, and a commitment to sustainability and risk management to earn the support of investors and fend off hostile acquirers, say Craig Clay and Ron Schneider at DFIN.

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