Securities

  • January 15, 2025

    Crypto Co. Kraken's Legal Chief Says He's Stepping Down

    The legal head of Kraken announced Wednesday that he is stepping down as chief legal officer and stepping into a senior adviser role that will see him build a global advisory council at the crypto exchange.

  • January 15, 2025

    Silvergate's Ex-CFO Fires Back At SEC Accounting Claims

    The former chief financial officer of defunct crypto-focused bank Silvergate Capital urged a New York federal judge to toss the U.S. Securities and Exchange Commission's allegations that he concealed the bank's precarious financial position, saying he didn't have anything to gain from hiding Silvergate's financial woes.

  • January 15, 2025

    Del. Court Nixes Bid For Truth Social Share Attachment

    A Delaware vice chancellor on Wednesday rejected an investor motion for a prejudgment attachment of remaining shares held by the blank-check company that took President-elect Donald Trump's Truth Social platform public, saying the move exceeded the court's authority.

  • January 15, 2025

    Del. Justices Mull 'Reasonable' Effort Duty In Drug Biz Deal

    An attorney for former stockholders of Ception Therapeutics Inc. told Delaware's top court on Wednesday that a now-retired vice chancellor "asked the wrong question" in dismissing a suit alleging breaches of an agreement to use commercially reasonable efforts before abandoning a new drug prospect.

  • January 15, 2025

    Buyers In Cheese Co. Deal Fight To Keep Claims In Fla.

    Two Florida companies asked the Eleventh Circuit on Wednesday to revive their lawsuit accusing Savencia Cheese USA LLC and its executives of fraudulently selling them a worthless cheese distribution company for $17 million, arguing the presence of deal counsel in Miami is enough to keep the suit in Florida federal court.

  • January 15, 2025

    9th Circ. Open To Reviving Robinhood Suit Over $2.1B IPO

    Judges on a Ninth Circuit panel appeared open Wednesday to reviving a proposed securities class action alleging Robinhood hid how a "meme stock" and cryptocurrency trading frenzy had impacted its outlook ahead of its $2.1 billion initial public offering, saying the lower court may have applied the wrong standard in tossing the case.

  • January 15, 2025

    Broker, Traders Charged With $1M Insider Trading Scheme

    A securities broker and three traders have been charged in New York federal court for their roles in what prosecutors described as a yearslong, $1 million insider trading scheme that involved tips about upcoming secondary stock offerings, including one by the owner of DVD rental company Redbox, an indictment unsealed Wednesday showed.

  • January 15, 2025

    Celsius Drink Co. Overstated Pepsi Partnership, Investor Says

    Energy drink company Celsius Holdings Inc. has been hit with a proposed shareholder class action accusing it of touting the initial success of its partnership with PepsiCo Inc. to conceal that its rapid growth rate was unsustainable.

  • January 15, 2025

    SEC Announces Departure Of Top Economist And Accountant

    The U.S. Securities and Exchange Commission's chief economist and chief accountant are stepping down, the agency has announced, marking the latest departures given the pending inauguration of President-elect Donald Trump.

  • January 15, 2025

    Banks Must Face Pension Funds' Mexican Bond-Rigging Suit

    A Manhattan federal judge refused Wednesday to throw out a case brought by U.S. pension funds that accused a group of banks of conspiring to rig Mexican government bond prices, saying chatroom transcripts between traders showed evidence of collusion.

  • January 15, 2025

    BitMEX Fined $100M For 5 Years Of Flouting US Banking Law

    A Manhattan federal judge slapped BitMEX with a $100 million fine Wednesday, rejecting its suggestion that $110 million of earlier penalties sufficed to punish the offshore crypto exchange for a five-year course of evading U.S. financial controls as it earned $1.3 billion.

  • January 14, 2025

    Wells Fargo Fights To Drop Officers From Investors' Bias Suit

    Wells Fargo & Co. urged a California federal judge Tuesday to free three executives from a derivative lawsuit filed by shareholders claiming the bank's leadership failed to address the company's discriminatory lending and hiring practices, saying there are no allegations that explain why a presuit demand to the board would have been futile.

  • January 14, 2025

    Navy Capital Fund Firm Settles SEC's AML Allegations

    Navy Capital Green Management LLC on Tuesday agreed to pay $150,000 to settle allegations from the U.S. Securities and Exchange Commission that the investment adviser made misrepresentations to investors about its anti-money laundering due diligence practices.

  • January 14, 2025

    CFTC To Review Crypto Co.'s Sports Event Contracts

    The U.S. Commodity Futures Trading Commission said Tuesday it plans to take a closer look at contracts tied to the outcome of high-profile sporting events trading on digital asset exchange Crypto.com, which self-certified the products in the final days of 2024.

  • January 14, 2025

    TikTok Moderation Co.'s $5.5M Investor Deal Gets Initial OK

    A Florida federal judge on Tuesday gave the first green light to a $5.5 million deal between TikTok content moderation company Teleperformance and a pension fund, resolving claims that investors were harmed after investigative reports were published claiming that Teleperformance was working its staff into the ground and forcing them to watch harmful content with no support.

  • January 14, 2025

    Frank Exec Wants Fraudster Comparisons Blocked At Trial

    The founder of student financial aid startup Frank has asked a Manhattan federal judge to block prosecutors from comparing her to well-known convicted fraudsters at her upcoming trial on charges that she tricked JPMorgan Chase & Co. into buying her company for $175 million.

  • January 14, 2025

    4th Circ. Tosses Constitutional Case Against FINRA

    The Fourth Circuit on Tuesday threw out a lawsuit claiming that the Financial Industry Regulatory Authority's in-house disciplinary process is unconstitutional, ruling that it couldn't hear the case until the regulator had finalized its own ruling against the suing broker.

  • January 14, 2025

    SEC Sues Elon Musk Over Late Twitter Buy-Up Disclosure

    Elon Musk violated securities laws by failing to timely disclose his initial buy-up of Twitter stock ahead of his $44 billion acquisition of the company, allowing him to purchase shares at artificially low prices, the U.S. Securities and Exchange Commission alleged in a D.C. federal lawsuit filed Tuesday.

  • January 14, 2025

    Fla. Judge Won't Toss CFTC Suit Over $283M Trading Scheme

    A Florida federal judge on Tuesday declined to dismiss the Commodity Futures Trading Commission's claims accusing an agent of financial firm Algo FX Capital Advisor LLC of helping The Traders Domain orchestrate a $283 million commodity transactions scheme.

  • January 14, 2025

    DXC Says Investor Suit Shows Integration Problems, Not Fraud

    DXC Technology has asked a Virginia federal court to toss a shareholder suit alleging the information technology giant overhyped efforts to reduce restructuring and integration costs after acquiring several companies, arguing hindsight critiques from the current CEO do not establish securities fraud.

  • January 14, 2025

    TripAdvisor, Class Flip Nevada Move Positions In Del. Appeal

    Attorneys for the boards and controller of TripAdvisor and Liberty TripAdvisor have asked Delaware's Supreme Court to keep alive their appeal from a lower court's refusal to toss a suit challenging their reincorporation in Nevada, despite a call for dismissal by class attorneys who had previously opposed both the deal and appeal.

  • January 14, 2025

    Pillsbury Wants Out Of Chancery Suit Against Auto Seller Biz

    Pillsbury Winthrop Shaw Pittman LLP wants to escape or force arbitration of an aiding and abetting breach of fiduciary duty claim that was asserted in Delaware Chancery Court by a stockholder and former director of Quantum Automotive Intelligence Inc., saying a "broad arbitration provision" exists between the law firm and company.

  • January 13, 2025

    CFPB Eyes Rule To Rein In 'Forced' Financial Contract Terms

    The Consumer Financial Protection Bureau on Monday floated a new rule that calls for banning financial companies from using contractual fine print to limit consumers' legal rights or restrict their free expression.

  • January 13, 2025

    Quinn Emanuel Scoops Up SDNY Securities Fraud Chief

    Quinn Emanuel Urquhart & Sullivan LLP announced Monday that it has hired the former chief of the U.S. Attorney's Office for the Southern District of New York's securities and commodities fraud task force as a partner in its Manhattan office.

  • January 13, 2025

    Feds Say Par Funding Fraud Caused $404M In Losses

    Prosecutors and defense attorneys spent hours in a marathon hearing Monday trying to convince a Pennsylvania judge of how much financial damage they thought the principals of the Par Funding merchant lending business did by allegedly fleecing investors, with the government pushing for a $404 million figure.

Expert Analysis

  • 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.

  • 5th Circ.'s Nasdaq Ruling Another Piece In DEI Policy Puzzle

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    The Fifth Circuit's recent en banc opinion vacating Nasdaq's board diversity listing rule wades into the hotly debated topic of diversity, equity and inclusion initiatives at a time when many public companies are navigating the attention that DEI commitments are drawing from activists and shareholders, say attorneys at Debevoise.

  • 8 Trends And Predictions Following PE's Late 2024 Surge

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    Private equity will remain at the forefront of value creation in 2025, and anticipated market trends include sponsors' desire to return capital to investors and a more business-friendly tack by the Antitrust Division of the U.S. Department of Justice, say attorneys at Weil.

  • Series

    Playing Esports Makes Me A Better Lawyer

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    Competing in a global esports tournament at Wimbledon last year not only fulfilled my childhood dream, but also sharpened skills that are essential to my day job, including strategic thinking, confidence and networking, says AJ Schuyler at Jackson Lewis.

  • Lessons From The SEC's 2024 Crackdown On AI Washing

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    AI washing was the subject of increased scrutiny from the U.S. Securities and Exchange Commission in 2024 following a surge in the commercial adoption of generative artificial intelligence technologies in 2023, highlighting the importance of transparency, accuracy and accountability when communicating about AI, say attorneys at Perkins Coie.

  • The 6 Most Significant FCRA Litigation Developments Of 2024

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    From a key sovereign immunity decision at the U.S. Supreme Court to a ruling on creditworthiness out of the Seventh Circuit, several important Fair Credit Reporting Act cases wound their way through the courts in 2024, each offering takeaways for both plaintiffs and defendants, say attorneys at Shipkevich.

  • An Associate's Guide To Career Development In 2025

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    As the new year begins, associates at all levels should consider establishing career metrics, fostering key relationships and employing other specific strategies to help move through the complexities of the legal profession with confidence and emerge as trailblazers, say EJ Stern and Amanda George at Fractional Law Firm.

  • The Securities Litigation Trends That Will Matter Most In 2025

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    2025 is shaping up to be a significant year for securities litigation, as plaintiffs and defendants alike navigate shifting standards for omission theories of liability, class certification, risk disclosure claims and more, say attorneys at Willkie.

  • Predicting The Lasting Changes CFPB May Face In 2025

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    President-elect Donald Trump and the incoming Republican-controlled Congress' likely attempts to reshape the Consumer Financial Protection Bureau could significantly alter its rulemaking, supervisory and enforcement abilities for years to come, says Jim Sandy at McGlinchey Stafford.

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