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Securities
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August 22, 2024
Mike Lynch's Path From Tech Founder To DOJ Target
Friends and colleagues paid tribute to Mike Lynch following his death in a yachting accident on Thursday, hailing the British tech entrepreneur for the decades he spent furthering the industry despite the legal troubles that threatened to overshadow his career.
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August 22, 2024
Crypto Lobbyist Hit With FTX Campaign Finance Charges
Manhattan federal prosecutors announced Thursday that Michelle Bond, a crypto industry lobbyist and the girlfriend of convicted former FTX executive Ryan Salame, has been charged with getting the now-defunct digital asset exchange to illegally finance her unsuccessful 2022 congressional campaign.
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August 22, 2024
'Beloved By Everyone': Attys Recall Clifford Chance's Morvillo
Clifford Chance LLP partner Christopher Morvillo, who died this week after a luxury yacht he was on sank off the coast of Sicily, is being remembered not only as a lion of the legal community but also as an "extraordinary human being" and a "Renaissance man" who was devoted to his family.
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August 22, 2024
Mike Lynch's Body Recovered From Yacht Wreck
Mike Lynch, founder of technology company Autonomy, died when a yacht he was aboard sank off the Sicilian coast, his family confirmed Friday, after a trip the entrepreneur had reportedly chartered with his legal team to celebrate their victory in a U.S. fraud case.
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August 21, 2024
FTX's Salame Says Feds Broke Deal Not To Probe Girlfriend
Former FTX executive Ryan Salame urged a New York federal judge Wednesday to either vacate his May conviction or stop federal prosecutors from investigating his domestic partner Michelle Bond for related political campaign-finance offenses, saying prosecutors induced his guilty plea by promising not to probe Bond.
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August 21, 2024
FDIC Taps MoFo Atty To Monitor Workplace Transformation
The Federal Deposit Insurance Corp. announced Wednesday that it has appointed a former prosecutor and veteran Morrison & Foerster LLP partner to serve as an independent monitor during the agency's efforts to revamp its workplace culture.
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August 21, 2024
Ga. Justices Look Ready To Kill $20M Garnished Judgment
The Supreme Court of Georgia appeared inclined Wednesday to toss a $20 million default judgment that a state court judge slapped on a financial advisory after the firm failed to respond to a summons in an underlying case it claims it had zero stake in.
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August 21, 2024
Ex-Vitol Oil Trader Pleads Out To Texas FCPA Case In NY
A former Vitol oil trader on Wednesday admitted in New York federal court to charges brought in Texas accusing him of bribing Mexican officials to obtain business for the energy and commodities company, months after he was convicted in New York over similar conduct with Ecuadorian officials.
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August 21, 2024
TD Bank Designates $2.6B For Anti-Money Laundering Fines
A U.S. subsidiary of Canada's Toronto-Dominion Bank said Wednesday that it has designated an additional $2.6 billion to cover the fines it expects to pay by the end of the year to resolve civil and criminal investigations into its compliance with anti-money laundering regulations.
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August 21, 2024
Fla. Adviser Settles SEC Dispute Over Alleged Audit Lies
A Florida-based investment adviser has settled a dispute with the U.S. Securities and Exchange Commission over allegations he breached his fiduciary duties when he lied to investors about completing required audits on their investment funds, according to documents filed Wednesday in Boston federal court.
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August 21, 2024
Fla. Real Estate Co.'s Assets Frozen After $56M Ponzi Claims
The U.S. Securities and Exchange Commission has secured an asset freeze in its suit against a Florida-based real estate investment company whose managers misused tens of millions of investor proceeds, including by paying investors "in a Ponzi-like fashion."
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August 21, 2024
Chancery Orders Genworth Suit Funding, Fee Terms Released
Attorneys for Genworth Life Insurance Co. long-term policyholders who sued the company in Delaware's Court of Chancery over the sale of valuable subsidiaries lost a battle on Wednesday to bar the disclosure of litigation funding and fee agreements.
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August 21, 2024
High Court Told Nvidia Case Could Damage Crypto Industry
The Digital Chamber is warning that a U.S. Supreme Court dispute between chipmaker Nvidia Corp. and some of its investors poses a "grave risk" to the entire cryptocurrency industry by threatening to expose it to costly litigation should the justices uphold a lower court ruling allowing the lawsuit to move forward.
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August 21, 2024
Prometheum Plans To Support Two More Crypto 'Securities'
A cryptocurrency startup approved to safeguard crypto securities said Wednesday that it plans to support the tokens UNI and ARB when it launches in the fall, indicating it believes the digital assets implicate securities laws.
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August 21, 2024
2nd Circ. OKs Argentine Bondholders' $310M Collateral Win
The Second Circuit on Wednesday affirmed a finding that Argentina must turn over to its onetime bondholders reversionary interests worth over $310 million in collateral backing so-called Brady Plan bonds from the 1990s that recently matured, rejecting the country's arguments that the Foreign Sovereign Immunities Act shields its interests in the collateral.
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August 21, 2024
Binance Users Settle With Miami Heat Star, Crypto Influencer
Miami Heat star Jimmy Butler and crypto influencer Ben Armstrong have agreed to pay a combined $340,000 to settle proposed class claims from Binance investors that their promotion of the crypto exchange aided and abetted unregistered securities sales.
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August 21, 2024
Western Asset Exec Takes Leave Of Absence Amid SEC Probe
Western Asset Management's co-chief investment officer, Ken Leech, has taken an immediate leave of absence from the global fixed-income manager after receiving a so-called Wells notice from the U.S. Securities and Exchange Commission and as the company faces parallel government investigations.
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August 21, 2024
NC Biz Court Bulletin: Wrinkle In Textile Family's $17M Fight
The fate of a $17 million trust battled over by its trustees and Atrium Health, as well as attorney fees in a $1.1 million data breach settlement were cemented by the North Carolina Business Court in the first half of August. In case you missed those and others, here are the highlights.
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August 21, 2024
Hedge Fund Priest Sues SEC Over Proposed Industry Ban
A Greek Orthodox priest and hedge fund founder who beat most civil claims brought by the U.S. Securities and Exchange Commission at a 2021 trial sued the agency Wednesday, claiming it is unconstitutionally trying to implement a lifetime ban from the securities industry through an administrative case.
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August 21, 2024
Cyber Tech Biz Sued In Del. After Thoma Bravo-Backed Merger
An Exabeam Inc. stockholder sued in Delaware's Court of Chancery on Wednesday for post-merger appraisal of his shares, in part to assure access to books and records related to a tie-up with LogRhythm Inc., alleging multiple disclosure concerns prior to the Thoma Bravo-aligned deal.
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August 21, 2024
Health Co. Investors Fight To Keep Suit Over Migrant Deal
Investors in mobile medical provider DocGo are urging a New York federal judge not to toss a suit alleging it deceived stockholders before a $432 million contract with New York City to provide emergency migrant housing came under public scrutiny, saying the complaint sufficiently establishes that the defendants made material misstatements and omissions.
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August 21, 2024
Holland & Knight Lands McDermott Corporate Pro In Miami
Holland & Knight LLP announced Wednesday a new partner for its corporate, mergers and acquisitions and securities practice group in Miami from McDermott Will & Emery LLP.
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August 21, 2024
Wells Fargo Hires Jones Day After $22M ADA Trial Loss In NC
Wells Fargo has beefed up its legal representation with a powerhouse appellate litigator and an employer-side labor lawyer, both from Jones Day, following a jury's decision last month to enter more than $22 million in damages against it in a former director's disability discrimination case in North Carolina federal court.
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August 21, 2024
Alleged WeWork Fraudster Fires Dickinson Wright Before Trial
Lawyers from Dickinson Wright PLLC told a New York federal judge on Wednesday that they have been discharged by the former CEO of real estate investment firm ArciTerra ahead of his October trial for issuing a bogus $77 million offer for WeWork shares.
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August 21, 2024
6th Circ. Rules Man Can Pay Restitution To Himself
The Sixth Circuit ruled that a Kentucky man who pled guilty to defrauding his mother can pay $332,000 in restitution to her estate even though he is the sole beneficiary, disagreeing with a lower court judge who tried to amend the judgment after her death so the money would go to the federal Crime Victims Fund.
Expert Analysis
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Opinion
After Jarkesy, IRS Must Course-Correct On Captive Insurance
The U.S. Supreme Court’s recent Securities and Exchange Commission v. Jarkesy decision has profound implications for other agencies, including the IRS, which must stop ignoring due process and curtailing congressional intent in its policing of captive insurance arrangements, says Peter Dawson at the 831(b) Institute.
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Dissecting Treasury's Call For Input On AI In Financial Sector
The U.S. Department of the Treasury's request for comments on the potential benefits and challenges AI may pose to the financial services sector, which asks how stakeholders are addressing and mitigating increased fraud risks, reflects the federal government's continued interest in AI's effects across the economy, say attorneys at Hogan Lovells.
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NYSE Delisting May Be The Cost Of FCPA Compliance
ABB’s recent decision to delist its U.S. depository receipts from the New York Stock Exchange, coupled with having settled three Foreign Corrupt Practices Act enforcement actions, begs the question of whether the cost of FCPA compliance should factor into a company's decision to remain listed in the U.S., says John Joy at FTI Law.
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CFTC Action Highlights Necessity Of Whistleblower Carveouts
The U.S. Commodity Futures Trading Commission's novel settlement with a trading firm over allegations of manipulating the market and failing to create contract carveouts for employees to freely communicate with investigators serves as a beacon for further enforcement activity from the CFTC and other regulators, say attorneys at Davis Wright.
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Series
Being A Luthier Makes Me A Better Lawyer
When I’m not working as an appellate lawyer, I spend my spare time building guitars — a craft known as luthiery — which has helped to enhance the discipline, patience and resilience needed to write better briefs, says Rob Carty at Nichols Brar.
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Half-Truths Vs. Omissions: Slicing Justices' Macquarie Cake
The U.S. Supreme Court's recent ruling in Macquarie v. Moab provides a road map for determining whether corporate reports that omit information should be considered misleading — and the court baked it into a dessert analogy that is key to understanding the guidelines, say Daniel Levy and Pavithra Kumar at Advanced Analytical Consulting Group.
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Lead Like 'Ted Lasso' By Embracing Cognitive Diversity
The Apple TV+ series “Ted Lasso” aptly illustrates how embracing cognitive diversity can be a winning strategy for teams, providing a useful lesson for law firms, which can benefit significantly from fresh, diverse perspectives and collaborative problem-solving, says Paul Manuele at PR Manuele Consulting.
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3 Areas Of Enforcement Risk Facing The EV Industry
Companies in the EV manufacturing ecosystem are experiencing a boom in business, but with this boom comes increased regulatory and enforcement risks, from the corruption issues that have historically pervaded the extractive sector to newer risks posed by artificial intelligence, say attorneys at MoFo.
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American Airlines ESG Ruling Could Alter ERISA Landscape
The Spence v. American Airlines ESG trial, speeding toward a conclusion in a Texas federal court, could foretell a dramatic expansion in ERISA liability, with plan sponsors vulnerable to claims that they didn't foresee short-term dips in stock prices, say attorneys at Mayer Brown.
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SVB Ch. 11 Shows Importance Of Filing Proof Of Claim Early
After a New York bankruptcy court’s recent ruling in SVB’s Chapter 11 case denied late claims filing requests related to post-bar date events, parties with potential claims against a debtor may need to seriously consider filing protective proofs of claim, says Kyle Arendsen at Squire Patton.
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Del. Dispatch: 27.6% Stockholder Not A Controller
The Delaware Court of Chancery's recent decision in Sciannella v. AstraZeneca — which found that the pharma giant, a 26.7% stockholder of Viela Bio Inc., was not a controller of Viela, despite having management control — shows that overall context matters when challenging transactions on breach of fiduciary duty grounds, say attorneys at Fried Frank.
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Cyber Incident Response Checklist For SEC Compliance
In light of recent guidance from the U.S. Securities and Exchange Commission, which clarified the distinction between two types of cybersecurity incident disclosures, companies should align their materiality assessment, incident response and disclosure control processes to bolster compliance and provide a measure of protection, say attorneys at Troutman Pepper.
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Loss Causation Ruling Departs From Usual Securities Cases
A California federal court recently dismissed Ramos v. Comerica, finding that the allegations failed to establish loss causation, but the reasoning is in tension with the pleading-stage approaches generally followed by both courts and economists in securities fraud litigation, say Jesse Jensen and Aasiya Glover at Bernstein Litowitz.
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A Simple Proposal For Improving E-Discovery In MDLs
Given the importance of e-discovery in multidistrict litigation, courts, parties and counsel shouldn't have to reinvent the wheel in each newly consolidated case — and a simple process for sharing e-discovery lessons and knowledge across MDLs could benefit everyone involved, particularly clients, say Benjamin Barnett and Shauna Itri at Seeger Weiss.
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Opinion
Now More Than Ever, Lawyers Must Exhibit Professionalism
As society becomes increasingly fractured and workplace incivility is on the rise, attorneys must champion professionalism and lead by example, demonstrating how lawyers can respectfully disagree without being disagreeable, says Edward Casmere at Norton Rose.