Securities

  • January 21, 2025

    SEC Sues Ex-Investment Firm Reps, GC Over 'Sham' Energy Co.

    The U.S. Securities and Exchange Commission has accused former representatives of a wealth management firm of selling shares of a "sham" oil and gas company, and separately accused the firm's general counsel and chief compliance officer of playing an "active role" in the alleged misconduct by drawing up liability releases for the firm.

  • January 21, 2025

    SEC Says Engineering Prof To Pay $785K For Insider Trading

    The U.S. Securities and Exchange Commission on Tuesday told a California federal court that an electrical engineering professor has agreed to pay about $785,000 to settle a lawsuit accusing him of improperly trading shares of a radio technology company at which he previously served as an advisory committee member.

  • January 21, 2025

    Coinbase Asks 2nd Circ. To Settle Crypto Securities Question

    Coinbase has urged the Second Circuit to settle how securities laws apply to its crypto transactions, saying "there is no more pressing issue in securities law today" than determining the U.S. Securities and Exchange Commission's ability to regulate digital assets.

  • January 21, 2025

    Block Hit With Shareholder Suit Over Cash App AML Protocols

    Jack Dorsey's fintech company Block Inc. touted its anti-money laundering protocols designed to prevent criminals from using Cash App and Square for illicit purposes, but in reality, the company's lack of even basic protocols created a "haven for criminal and illicit activities," a California federal lawsuit alleges.

  • January 21, 2025

    Asset Type Immaterial To Crypto Fraud Claims, SEC Says

    The U.S. Securities and Exchange Commission has argued that digital assets referenced in its fraud case in Texas against the principals of a purported cryptocurrency mining operation are "immaterial to the economic reality" of the allegedly fraudulent securities transactions at the heart of its action.

  • January 21, 2025

    KeyBank Fights Adviser's $1.1M Defamation Win In 2nd Circ.

    KeyBank's investment unit urged the Second Circuit on Tuesday to overturn parts of a $1.1 million defamation award to a former adviser, claiming that FINRA arbiters wrongly added attorney fees and a regulatory notice violation to the ex-employee's win.

  • January 21, 2025

    Trump Names Interim Top Prosecutors In Manhattan, Brooklyn

    President Donald Trump named two high-ranking prosecutors to be interim U.S. attorneys in the Southern and Eastern districts of New York while his long-term picks for the posts await Senate confirmation, spokespeople for the offices confirmed Tuesday.

  • January 21, 2025

    Crypto Firm To Plead Guilty In Market Manipulation Case

    A financial services firm based in the United Arab Emirates has agreed to plead guilty to a fraudulent "wash trading" scheme and will stop working in the U.S. cryptocurrency industry as part of a deal announced Tuesday by Boston federal prosecutors.

  • January 21, 2025

    Ex-Cannabis Exec Hit With Insider Trading Charges

    A former executive of cannabis giant Verano Holdings and friends from his country club have been hit with both criminal charges and a civil lawsuit for insider trading, with the government alleging they bought stock in a rival cannabis company Verano had planned to acquire based on nonpublic information.

  • January 21, 2025

    Medical Cannabis REIT Misled Investors, Suit Claims

    A medical cannabis-focused real estate investment trust lied to its shareholders about the profitability of its leasing operations and declining rents, a new suit has alleged in Maryland federal court.

  • January 21, 2025

    New SEC Task Force Eyes 'Sensible' Crypto Regulations

    A day after being appointed acting chairman of the U.S. Securities and Exchange Commission, Mark T. Uyeda on Tuesday launched a cryptocurrency task force to develop "a comprehensive and clear regulatory framework" for such assets.

  • January 21, 2025

    Weil Adds SEC's Asset Management Co-Chief To NY Group

    A more-than 12-year veteran of the U.S. Securities and Exchange Commission, who most recently co-led the agency's Asset Management Unit, is joining Weil Gotshal & Manges LLP as the firm continues adding former regulators to begin the new year.

  • January 21, 2025

    Trump Orders Federal Workers Back To Office

    On his first day back in the Oval Office, President Donald Trump ordered federal workers back to theirs.

  • January 17, 2025

    Law360 Names Practice Groups Of The Year

    Law360 would like to congratulate the winners of its Practice Groups of the Year awards for 2024, which honor the attorney teams behind litigation wins and significant transaction work that resonated throughout the legal industry this past year.

  • January 17, 2025

    Law360 Names Firms Of The Year

    Eight law firms have earned spots as Law360's Firms of the Year, with 54 Practice Group of the Year awards among them, steering some of the largest deals of 2024 and securing high-profile litigation wins, including at the U.S. Supreme Court.

  • January 20, 2025

    Trump, Musk Sued By Nonprofits Over DOGE Transparency

    Public Citizen and other nonprofits hit the Trump administration with multiple lawsuits seeking to shut down the new Department of Government Efficiency in D.C. federal court Monday, alleging the Elon Musk-led advisory committee targeting government waste lacks requisite transparency guardrails to prevent DOGE from solely advancing private interests.

  • January 17, 2025

    FDIC Missed Some Crypto 'Pause' Letters, Coinbase Ally Says

    The research consultancy suing the Federal Deposit Insurance Corp. on behalf of Coinbase for documents on the regulator's internal views on crypto said Friday that it intends to update its complaint with new allegations that the FDIC did not conduct a thorough search and may be engaging in unlawful practices, based on purported whistleblower reports.

  • January 17, 2025

    DC Circ. Unsure On Restoring CFTC's Election Betting Ban

    The D.C. Circuit seemed hesitant Friday to reimpose a ban that the U.S. Commodity Futures Trading Commission had placed on gambling over the fate of U.S. elections, as the judges spent over an hour trying to parse what Congress meant when it said that gaming on derivatives platforms was prohibited.

  • January 17, 2025

    Par Funding's Fraud Caused $288M In Losses, Pa. Judge Says

    Par Funding caused $288 million in losses stemming from a scheme to defraud investors who poured money into its cash advance business, a Pennsylvania federal judge said Friday, days after holding an evidentiary hearing where the government and the defendants sparred over dueling loss amounts.

  • January 17, 2025

    SEC Fines Transamerica $2.9M Over Retirement Biz Conflicts

    The U.S. Securities and Exchange Commission on Friday fined registered investment adviser Transamerica Retirement Advisors LLC $2.9 million to settle claims it concealed conflicts of interest generated by Transamerica's incentive compensation payments to representatives.

  • January 17, 2025

    Feds Say Pa. Investment Adviser Stole $20M From Clients

    A Pennsylvania investment adviser's alleged misappropriation of more than $20 million worth of client funds has landed him criminal charges and civil enforcement action from U.S. Securities and Exchange Commission.

  • January 17, 2025

    FirstEnergy Execs Hit With RICO Charges Over Bribe Scandal

    Two former executives of FirstEnergy Corp. have been hit with federal racketeering charges over their alleged scheme to bribe Ohio House of Representatives members for a billion-dollar bailout that has drawn scrutiny from government agencies and led to long prison sentences for others involved in the scandal.

  • January 17, 2025

    CFPB, Student Loan Co. Ink $2.25M Deal Over Debt Practices

    The National Collegiate Student Loan Trusts agreed to pay $2.25 million to resolve the Consumer Financial Protection Bureau's suit accusing it of harming borrowers through unfair collection tactics on private student loan debts, according to a joint motion to approve the stipulated judgment filed in Delaware federal court.

  • January 17, 2025

    Crypto Coder Sues Feds To Block 'Money Transmitter' Label

    Crypto policy think tank Coin Center is supporting one of its fellows in suing the federal government over its allegedly "mistaken view" of how criminal money transmission statutes apply to crypto software.

  • January 17, 2025

    Michigan Justices Won't Answer Securities Test Issue

    The Michigan Supreme Court on Friday denied an appeal from a developer asking justices to find a state law test rather than a federal one should be used to determine if a promissory note is a security, leaving in place a ruling that keeps the developer liable for notes issued in a $6 million project. 

Expert Analysis

  • Series

    Ohio Banking Brief: All The Notable Legal Updates In Q4

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    Ohio's banking and financial services sector saw several significant developments in the fourth quarter of 2024, including a landmark Uniform Commercial Code ruling, adjustments to the state's Homebuyer Plus Program and the launch of the state's first women-led bank, says attorney Alex Durst.

  • 2024 Was A Banner Year For Shareholder Activism

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    Shareholder activism campaigns in 2024 continued at an elevated pace globally, with activist investors exploiting valuation gaps and pushing aggressively for corporate governance reforms, including the ouster of many companies' chief executives, a trend that could continue once President-elect Donald Trump takes office, say attorneys at Sidley.

  • 7 Ways 2nd Trump Administration May Affect Partner Hiring

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    President-elect Donald Trump's return to the White House will likely have a number of downstream effects on partner hiring in the legal industry, from accelerated hiring timelines to increased vetting of prospective employees, say recruiters at Macrae.

  • E-Discovery Quarterly: Rulings On Custodian Selection

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    Several recent rulings make clear that the proportionality of additional proposed custodians will depend on whether the custodians have unique relevant documents, and producing parties should consider whether information already in the record will show that they have relevant documents that otherwise might not be produced, say attorneys at Sidley.

  • Impact Of Successful Challenges To SEC's Rulemaking Ability

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    In 2024, the U.S. Securities and Exchange Commission faced significant legal challenges to its aggressive rulemaking agenda as several of its rules were vacated by the Fifth Circuit, which could hinder the SEC's ability to enact rules extending beyond express statutory authority in the future, say attorneys at Debevoise.

  • A Look At PCAOB's Record-Breaking Enforcement In 2024

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    The Public Company Accounting Oversight Board in 2024 brought more enforcement actions against auditors and imposed increasingly higher monetary penalties, showing that it was not afraid to exercise its power to fine and reprimand firms, a trend that will likely continue in 2025, say attorneys at Briglia Hundley.

  • 2 Cases May Enlighten UK Funds' Securities Litigation Path

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    Following recent nine-figure settlements in securities class actions against Apple and Under Armour, U.K. pension funds may increasingly lead U.S. shareholder derivative suits, advocating for transparency, better risk management and stronger governance practices, say lawyers at Labaton Keller.

  • Series

    Exercising On My Peloton Bike Makes Me A Better Lawyer

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    While I originally came to the Peloton bike for exercise, one cycling instructor’s teachings have come to serve as a road map for practicing law thoughtfully and mindfully, which has opened opportunities for growth and change in my career, says Andrea Kirshenbaum at Littler.

  • Takeaways From SEC's Mixed Results In '24 Crypto Litigation

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    Though the U.S. Securities and Exchange Commission's new leadership seems likely to create a more favorable cryptocurrency regulatory environment, it must also confront the consequences of, and lingering questions raised by, the SEC's 2024 policy of investigating and charging cryptocurrency trading platforms for operating unregistered exchanges, say attorneys at Dechert.

  • Predicting What's Next For SEC By Looking At Past Dissents

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    While Paul Atkins' nomination to be the next chair of the U.S. Securities and Exchange Commission has taken center stage, an analysis of Republican Commissioners Hester Peirce and Mark Uyeda's past votes and dissents provides a preview of where enforcement may shift in the new administration, say attorneys at Gibson Dunn.

  • Exploring Venue Strategy For Trump-Era Regulatory Litigation

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    Litigation will likely play a prominent role in shaping policy outcomes during the second Trump administration, and stakeholders have several tools at their disposal to steer regulatory litigation toward more favorable venues, say attorneys at Covington.

  • What 2024's Noncompete Turmoil Means For Banks In 2025

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    A look back at the most significant legal challenges to the enforceability of various restrictive covenants like noncompete and nonsolicitation agreements in 2024 can help financial institutions address the use of these critical tools this year, say attorneys at Maynard Nexsen.

  • Opinion

    3 New Year's Resolutions For Antitrust Agencies To Consider

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    James Fredricks at Skadden rings in 2025 with his wish list for the federal antitrust agencies, starting with a provision for a presumptive safe harbor for information sharing.

  • New Year, New Risks: 8 Top Cyber Issues For Finance In 2025

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    As financial institutions forge ahead in 2025, they must strike a delicate balance between embracing technological innovation and guarding against its darker threats, which this year could include everything from supply chain vulnerabilities to deepfakes, say attorneys at Baker Donelson.

  • FTC Focus: A Changing Of The Guard

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    While rigorous antitrust enforcement is unlikely to slow down at the Federal Trade Commission, the focus will undoubtedly change, including when it comes to Big Tech, as Andrew Ferguson prepares to take the reins from Chair Lina Khan, say attorneys at Proskauer.

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