Securities

  • November 08, 2024

    Up Next At High Court: Self-Deportation Deadlines & Murder

    The U.S. Supreme Court will be closed Monday for Veterans Day, but the justices will return to the bench Tuesday to consider whether a 60-day deadline for immigrants to voluntarily leave the country has a grace period and what evidence is needed to allege securities fraud.

  • November 08, 2024

    Invesco To Pay SEC $17.5M Over Misleading ESG Statements

    Invesco Advisers Inc. agreed to pay $17.5 million to settle U.S. Securities and Exchange Commission charges that the investment adviser made misleading statements about the percentage of its assets that incorporated so-called ESG factors into investment decisions.

  • November 08, 2024

    Shaq Reaches Settlement With Astrals NFT Buyers

    The mediator overseeing the dispute between buyers of the Astrals LLC nonfungible token project and basketball Hall of Famer and promoter Shaquille O'Neal told a Florida federal judge that the parties reached a settlement in their most recent session. 

  • November 08, 2024

    NFT Buyers Drop OpenSea Suit In Face Of Arbitration Demand

    Users of nonfungible token platform OpenSea have dropped their proposed securities class action after the NFT marketplace held firm on its demand that the claims be arbitrated.

  • November 08, 2024

    SEC Sues Ex-Fed Examiner For Insider Trading On Bank Stocks

    The U.S. Securities and Exchange Commission filed suit against a former senior banking supervisor with the Richmond Federal Reserve Bank, accusing him of insider trading on stocks of New York Community Bancorp and Capital One Financial Corp.

  • November 08, 2024

    Pot Co. Employees Accuse Billionaire Owner Of Fraud

    Former executives of troubled medical marijuana startup Parallel are suing its former CEO and heir to the Wrigley gum fortune, claiming the billionaire paid them in "worthless" shares that he overvalued, resulting in tax bills they can't afford.

  • November 08, 2024

    Investors Duped By Opportunity Zone Promises, Colo. Says

    Colorado's securities commissioner accused a California businessman on Thursday of selling investors on a project ostensibly meant to purchase single-family homes using a federal program for revitalizing economically distressed areas, while instead using company assets as a "personal piggy bank."

  • November 08, 2024

    FTX Investment Firm Seeks Return Of $11M In Crypto Assets

    Alameda Research, an investment arm of the now-bankrupt FTX digital asset empire, has filed a lawsuit against cryptocurrency exchange Crypto.com in Delaware bankruptcy court, seeking the return of $11.4 million in assets still held on the platform despite multiple requests from the debtor.

  • November 07, 2024

    Ex-Celsius CEO OK'd To Seek Testimony From Abroad

    A New York federal judge Thursday gave former Celsius Network CEO Alex Mashinsky the green light to seek deposition testimony from witnesses reading abroad that he claims is crucial to his defense, but declined to narrow the case against the founder of the now-bankrupt cryptocurrency-lending platform. 

  • November 07, 2024

    Super Micro Top Brass Face Suit Over Governance 'Red Flags'

    The top brass of Super Micro Computer Inc. have been hit with a shareholder derivative suit in California federal court alleging they caused the artificial intelligence server manufacturer to make false assurances about the effectiveness of the company's internal controls, the accuracy of its financial statements and other corporate governance red flags.

  • November 07, 2024

    Ill. Judge Anticipates 'Massive' Outcome Investor Restitution

    An Illinois federal judge signaled Thursday that he anticipates three former Outcome Health executives will pay a "massive" amount in restitution to investors such as Goldman Sachs and CapitalG that were persuaded to give Outcome money in a fraudulent effort to grow the company.

  • November 07, 2024

    Chancery Mulls Stay, Toss Of SPAC Suit Pending NJ Ruling

    Attorneys for the sponsor of a deal that took digital health equipment venture Butterfly Network public in February 2021 argued Thursday for a stay or dismissal of a Delaware Court of Chancery suit challenging the deal, citing extensive overlap with an earlier-filed federal securities action in New Jersey.

  • November 07, 2024

    JPMorgan Sues Adviser Who Jumped To Morgan Stanley

    The broker-dealer arm of JPMorgan has accused a former Michigan-based employee of using its confidential information to lure its customers at her new job at Morgan Stanley's wealth management unit, including a half a dozen clients with nearly $12 million in combined assets who have already jumped ship from JPMorgan.

  • November 07, 2024

    Vanguard Investors Ink $40M Settlement In Tax Liability Suit

    Vanguard investors have asked a Pennsylvania federal judge to give the first green light to a $40 million settlement reached with the firm over it allegedly breaching its fiduciary duty when it triggered a sell-off of assets that left investors with massive tax bills.

  • November 07, 2024

    Car Dealer To Pay $5.8M To Investors Over Pot Stock Scheme

    A Michigan car dealer accused of selling shares for a largely bogus cannabis company has admitted to violating state securities law and has agreed to return investor money, roughly $5.8 million, according to a consent order issued by an Ohio federal judge.

  • November 07, 2024

    FINRA Orders Ga. Broker To Pay $2M Over Trading Strategy

    A Georgia-based brokerage firm has agreed to pay $2 million in partial restitution to settle allegations from the Financial Industry Regulatory Authority that the firm recommended a trading strategy to customers without fully understanding it.

  • November 07, 2024

    Truth Social Tipper Gets 28 Mos. In Trump SPAC Insider Case

    A Manhattan federal judge hit a career securities trader from Florida with a 28-month prison sentence Thursday after a jury convicted him of conveying tips that fueled a $23 million insider trading scheme exploiting plans to take Truth Social public.

  • November 07, 2024

    Fed Chair Powell Says He Won't Step Down If Trump Asks

    Federal Reserve Chair Jerome Powell said Thursday that he would not step down from his role if President-elect Donald Trump asked him to, doubling down on his commitment to serving out the remaining two years of his appointment leading the central bank.

  • November 07, 2024

    Colo. Says Man Sold $3M In Unregistered Securities

    Colorado securities regulators filed a lawsuit in state court alleging a man sold more than $3 million of unregistered securities to investors, many of them friends, students or women he met through dating apps, while withholding important information or misrepresenting the investments.

  • November 07, 2024

    Investors Accuse Truth Social SPAC's Ex-CEO Of Stock Theft

    The former CEO of the special purpose acquisition company that combined with Donald Trump's Truth Social company has been accused of stealing millions of SPAC shares by funneling them to offshore shell entities and misappropriating investments to fund his "lavish" Miami lifestyle.

  • November 07, 2024

    FINRA Grants Client Poach Injunction To TD Bank

    The Financial Industry Regulatory Authority has issued a permanent injunction against Raymond James Financial and its subsidiary Crescent Point Private Wealth that bars their solicitation of certain TD Bank clients until April 2025, according to a status report filed in a federal lawsuit in the District of Connecticut.

  • November 07, 2024

    'Where Have You Been?' Conn. Judge Asks About Late DQ Bid

    A motion to remove a Shipman & Goodman LLP partner from a court battle over a garbage sorting facility permit because he is allegedly an important fact witness could have come much sooner, a Connecticut state court judge suggested Thursday while working to nail down why the plaintiff waited until a trial was imminent.

  • November 07, 2024

    Shook Hardy Adds Former Assistant Illinois AG

    In its effort to become one of the nation's premier white collar firms, Shook Hardy & Bacon LLP is bringing in from Dechert LLP a former Illinois assistant attorney general as a partner in its Chicago office.

  • November 07, 2024

    BCLP Adds Former AUSA, FINRA Lawyer In San Francisco

    Bryan Cave Leighton Paisner LLP on Thursday announced that a former assistant U.S. attorney and in-house lawyer at the Financial Industry Regulatory Authority joined the firm's San Francisco office as a partner.

  • November 07, 2024

    Investors Want Final Approval Of $3.6M Global Payments Deal

    Investors asked a Georgia federal judge on Wednesday to give final approval to a $3.6 million deal settling their class action alleging a subsidiary of Atlanta-based Global Payments Inc. "tricked" consumers into signing up for a program that had undisclosed fees.

Expert Analysis

  • Applying High Court's Domestic Corruption Rulings To FCPA

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    After the U.S. Supreme Court narrowed the domestic corruption statutes in three decisions over the past year and a half, it’s worth evaluating whether these rulings may have an impact on Foreign Corrupt Practices Act enforcement, and if attorneys can use the court’s reasoning in international bribery cases, says James Koukios at MoFo.

  • Mental Health First Aid: A Brief Primer For Attorneys

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    Amid a growing body of research finding that attorneys face higher rates of mental illness than the general population, firms should consider setting up mental health first aid training programs to help lawyers assess mental health challenges in their colleagues and intervene with compassion, say psychologists Shawn Healy and Tracey Meyers.

  • Series

    Calif. Banking Brief: All The Notable Legal Updates In Q3

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    In the third quarter of the year, California continued to be at the forefront of banking regulation as it enacted legislation on unfair banking practices and junk fees, and the state Department of Financial Protection and Innovation notably initiated enforcement actions focused on crypto-assets and student loan debt relief, say Stuart Richter and Eric Hail at Katten.

  • John Deere Penalty Shows Importance Of M&A Due Diligence

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    The U.S. Securities and Exchange Commission's recent $10 million penalty against John Deere underscores the risks of not conducting robust preacquisition due diligence and not effectively integrating a new subsidiary into the existing compliance framework, say attorneys at Ropes & Gray.

  • Enviro Policy Trends That Will Continue Beyond The Election

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    Come October in a presidential election year, the policy world feels like a winner-take-all scenario, with the outcome of the vote determining how or even whether we are regulated — but there are several key ongoing trends that will continue to drive environmental regulation regardless of the election results, say J. Michael Showalter and Samuel Rasche at ArentFox Schiff.

  • 2 High Court Securities Cases Could Clarify Pleading Rules

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    In granting certiorari in a pair of securities fraud cases against Facebook and Nvidia, respectively, the U.S. Supreme Court has signaled its intention to align interpretations of the heightened pleading standard under the Private Securities Litigation Reform Act amid its uneven application among the circuit courts, say attorneys at V&E.

  • Series

    Collecting Art Makes Me A Better Lawyer

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    The therapeutic aspects of appreciating and collecting art improve my legal practice by enhancing my observation skills, empathy, creativity and cultural awareness, says attorney Michael McCready.

  • Del. Dispatch: Cautionary Tales Of 2 Earnout Effort Breaches

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    The Delaware Court of Chancery's tendency to interpret earnout provisions precisely as written, highlighted in two September rulings that found buyers breached their shareholder obligations when they failed to make reasonable efforts to hit certain product development milestones, demonstrates the paramount importance of precisely wording these agreements, say attorneys at Fried Frank.

  • Series

    A Day In The In-House Life: Best Egg CLO Talks Power Of Prep

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    On a typical Monday in her life, Best Egg Chief Legal Officer Amy Thoreson Long chronicles a remote workday in which she makes time for everything from getting ahead on regulatory issues and researching recent Supreme Court decisions to dog walks and podcast breaks.

  • Takeaways From TOTSA Settlement And Critical CFTC Dissent

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    The U.S. Commodity Futures Trading Commission's recent settlement with TOTSA highlights the agency's commitment to enforcing market integrity and deterring manipulative practices, while Commissioner Caroline Pham's dissent to the settlement spotlights the need for transparency and consistency in enforcement actions, say attorneys at Davis Wright.

  • Litigation Inspiration: Honoring Your Learned Profession

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    About 30,000 people who took the bar exam in July will learn they passed this fall, marking a fitting time for all attorneys to remember that they are members in a specialty club of learned professionals — and the more they can keep this in mind, the more benefits they will see, says Bennett Rawicki at Hilgers Graben.

  • Payward And The Secondary Crypto Transaction Confusion

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    Following orders in cases against Coinbase and Binance, the recent California federal court ruling in U.S. Securities and Exchange Commission v. Payward raises even more questions about regulation of secondary transactions involving crypto-assets, as it tries to sidestep fundamental flaws in the SEC's legal theories, say attorneys at Cahill Gordon.

  • Opinion

    AI May Limit Key Learning Opportunities For Young Attorneys

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    The thing that’s so powerful about artificial intelligence is also what’s most scary about it — its ability to detect patterns may curtail young attorneys’ chance to practice the lower-level work of managing cases, preventing them from ever honing the pattern recognition skills that undergird creative lawyering, says Sarah Murray at Trialcraft.

  • Key Takeaways From DOJ's New Corp. Compliance Guidance

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    The U.S. Department of Justice’s updated guidance to federal prosecutors on evaluating corporate compliance programs addresses how entities manage new technology-related risks and expands on preexisting policies, providing key insights for companies about increasing regulatory expectations, say attorneys at Debevoise.

  • What's In The Cards For CFTC's Election Betting Case

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    A D.C. federal judge's Sept. 12 ruling, allowing KalshiEx to offer derivative contracts trading on the outcome of the U.S. congressional elections over objections from the U.S. Commodity Futures Trading Commission, could mark a watershed moment in the permissibility of election betting if upheld on appeal, say attorneys at BakerHostetler.

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