Try our Advanced Search for more refined results
Securities
-
July 24, 2024
FDIC's Hill Says Basel Plan Needs New Draft With All Aboard
The Federal Deposit Insurance Corp.'s second-in-command called Wednesday for federal regulators to move in unison as they revise their controversial Basel III endgame plan for tougher big-bank capital requirements, saying any next draft should be comprehensive and backed by all the agencies involved.
-
July 24, 2024
Ex-Arena Group CEO Says He's Owed Fees For Dueling Suits
The former CEO of digital publisher The Arena Group is demanding that the company make its contractual payments to him to cover his costs for dueling lawsuits against one another in separate state courts, according to a Wednesday suit in Delaware Chancery Court.
-
July 24, 2024
PE Firm Ran $37M Ponzi-Like Cannabis Scheme, SEC Says
A California private equity fund ran a Ponzi-like scheme, using much of $37 million raised from investors to pay other shareholders instead of putting the money into cannabis companies, the U.S. Securities and Exchange Commission told a California federal court this week.
-
July 24, 2024
Meme Stock Investor Opposes Robinhood Settlement For Now
A meme stock investor on Wednesday urged a Florida federal judge to deny a settlement between Robinhood and other traders who say they sustained losses when the exchange restricted trading of certain stocks during a social media fueled run, since he says he hasn't received any details on the deal.
-
July 24, 2024
Intelsat Insider Trading Claims Don't Connect, 9th Circ. Rules
The Ninth Circuit on Wednesday affirmed a lower court's dismissal of claims accusing satellite company Intelsat stakeholders of insider trading, saying the suing hedge funds did not properly plead that the shareholders possessed material nonpublic information at the time of their trades.
-
July 24, 2024
22% Of FINRA Member Firms Join Remote Inspection Program
The Financial Industry Regulatory Authority said Wednesday that 741 firms have opted to participate in a new pilot program for remote inspections of broker-dealers, representing a 22% share of the regulator's member firms.
-
July 24, 2024
Ex-Wells Fargo Director Angles For $32M In ADA Trial
A former Wells Fargo managing director is seeking more than $32 million in economic damages after he said the bank laid him off to avoid dealing with his accommodation request, a North Carolina federal jury heard Wednesday on the third day of his Americans with Disabilities Act trial.
-
July 24, 2024
EV Co. Scores Initial OK On $13M Deal To End Investor Suits
A Colorado federal judge has granted preliminary approval to a $13.3 million settlement resolving shareholder lawsuits against commercial electric-vehicle company Lightning eMotors, whose executives and directors had been accused of touting unrealistic growth projections in the lead-up to a 2021 merger.
-
July 24, 2024
Navajo Coal Co. Appeals FINRA Arbitration Order In $11M Fight
A Navajo coal-mining company has wasted no time in appealing a Pennsylvania federal judge's order refusing to grant the tribe-owned business's bid to halt arbitration proceedings against a private equity firm in an $11 million dispute over their financing agreement.
-
July 24, 2024
NBA's Pelicans Seek To Recoup Crypto Co.'s Sponsor Fees
The NBA's New Orleans Pelicans asked a Louisiana federal court to force cryptocurrency mining company PrimeBlock Operations LLC to either pony up the sponsorship fee it failed to deliver years ago or make good on a subsequent $500,000 settlement offer.
-
July 24, 2024
Ex-Pharma Exec Gets Jail For Insider Trading On Kodak Loan
A Manhattan federal judge sentenced a former pharmaceutical executive from South Carolina to three months in prison Wednesday for taking over $500,000 of illegal trading profit based on his advance knowledge that Kodak would get a massive pandemic-era government loan.
-
July 24, 2024
Chancery OKs $6M Deal Recovery After 'Voidness' Ruling
The Delaware Supreme Court's partial reversal last year of a vice chancellor's findings that upheld an investment company's foreclosure on $50 million in co-founder equity units cleared the way on Wednesday for the same company to recoup more than $6 million in damages and expenses.
-
July 24, 2024
Vista Outdoor Sued In Chancery For Docs On Sale Plans
A Vista Outdoor Inc. stockholder has sued in Delaware's Court of Chancery for records on the company's breakup and sale plan, which saw directors abandon an initial effort to spin off but retain an interest in its sporting products business and instead propose a sale to Czechoslovak Group AS.
-
July 24, 2024
Priest Loses Fee Bid After 'Split Baby' SEC Verdict
A Greek Orthodox priest and hedge fund founder who largely beat a U.S. Securities and Exchange Commission suit is not entitled to recoup $1.7 million in legal fees because the commission was justified in bringing the case, a Boston federal judge ruled Tuesday.
-
July 24, 2024
Cuban Bank Denies Transferring €72M Debt To Offshore Fund
Cuba's former central bank told an English appeals court Wednesday that an offshore fund cannot sue it over €72 million ($78.2 million) of unpaid sovereign debt, because it did not consent to the assignment of the debt to the fund.
-
July 24, 2024
Vintage Wine Estates Hits Ch. 11 With Intent To Sell Assets
Vintage Wine Estates, which owns 30 wine brands in California, Oregon and Washington, filed for Chapter 11 protection Wednesday with a plan to sell its assets after post-pandemic wine demand dropped.
-
July 23, 2024
Knives Out For Another Pro-Agency Landmark After Chevron
Only weeks after U.S. Supreme Court conservatives took a hatchet to the judicial deference shown to federal agencies, right-leaning lawyers are imploring the justices to rock the administrative law realm again by gutting a New Deal-era precedent at the heart of the modern regulatory system.
-
July 23, 2024
Nettled Exec Tells Jury Wells Fargo Doesn't Get His Disability
A former Wells Fargo managing director who claims he was terminated because of his disability wavered between being tearful and exasperated during four hours on the stand Tuesday as he tried to explain to a jury in Charlotte what workplace accommodations he was seeking and why.
-
July 23, 2024
Chancery Ends Challenge To $12.5B Qualtrics' SAP Sale
Saying it was not reasonably conceivable that he would find software giant SAP and Qualtrics International Inc. directors liable for damages after Qualtrics' $12.5 billion sale to Silver Lake Capital despite a superficially better offer, a Delaware vice chancellor on Tuesday dismissed a stockholder challenge to the deal.
-
July 23, 2024
Coinbase Renews Plea For Gensler's Private Emails
Coinbase Inc. asked once again Tuesday to access the private communications of U.S. Securities and Exchange Commission Chair Gary Gensler as it fights allegations that it permitted the illegal trading of unregistered securities on its crypto platform.
-
July 23, 2024
Judge Doubts CenturyLink Can Block Borrowed Allegations
A Colorado Court of Appeals panel Tuesday pressed an attorney for CenturyLink on why a shareholder can't use allegations borrowed from other cases in his own securities suit against the telecommunications company, with one judge saying that requiring plaintiff's counsel to speak to every witness would be going overboard.
-
July 23, 2024
Chancery Spikes Raytheon Stockholder's Derivative Suit
A shareholder who faulted directors at Raytheon Technologies Corp. for allowing a special committee to change employee compensation plans without first seeking stockholder approval has failed to show how the board of directors did anything wrong, a Delaware vice chancellor ruled Tuesday, dismissing the derivative lawsuit.
-
July 23, 2024
Labor Dept. ESG Rule May Survive Chevron's Demise
The Fifth Circuit recently overturned a ruling that relied on the now-defunct doctrine of Chevron deference to uphold a U.S. Department of Labor rule covering socially conscious retirement plan investing, but some experts believe the rule has a good chance at surviving — even with the precedent off the books.
-
July 23, 2024
Indonesian National Admits To $23M Ponzi Scheme
An Indonesian national pled guilty in New York federal court on Tuesday to conspiring to defraud a group of investors out of $23 million through a Ponzi scheme, ultimately spending the money on luxury goods and real estate.
-
July 23, 2024
'Let's Go Brandon' Coin Buyers Seek Class Cert.
Investors in the meme-inspired cryptocurrency LGBcoin sought class certification in a lawsuit alleging that prices for the token cratered after its much-hyped plan to sponsor the coin's eponymous NASCAR driver fell apart.
Expert Analysis
-
ShapeShift Fine Epitomizes SEC's Crypto Policy, And Its Flaws
A recent U.S. Securities and Exchange Commission order imposing a fine on former cryptocurrency exchange ShapeShift for failing to register as a securities dealer showcases the SEC's regulation-by-enforcement approach, but the dissent by two commissioners raises valid concerns that the agency's embrace of ambiguity over clarity risks hampering the growth of the crypto economy, says Keith Blackman at Bracewell.
-
2nd Circ. Adviser Liability Ruling May Shape SEC Enforcement
The Second Circuit’s recent decision in U.S. Securities and Exchange Commission v. Rashid, applying basic negligence principles to reverse a finding of investment adviser liability, provides a road map for future fraud enforcement proceedings, says Elisha Kobre at Bradley Arant.
-
Stay Interviews Are Key To Retaining Legal Talent
Even as the economy shifts and layoffs continue, law firms still want to retain their top attorneys, and so-called stay interviews — informal conversations with employees to identify potential issues before they lead to turnover — can be a crucial tool for improving retention and morale, say Tina Cohen Nicol and Kate Reder Sheikh at Major Lindsey.
-
New Concerns, Same Tune At This Year's SIFMA Conference
At this year's Securities Industry and Financial Markets Association conference on legal developments affecting the financial services industry, government regulators’ emphasis on whistleblowing and AI washing represented a new refrain in an increasingly familiar chorus calling for prompt and thorough corporate cooperation, say attorneys at Fried Frank.
-
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.