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Securities
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September 04, 2024
Robinhood Inks $3.9M Deal In Calif.'s Crypto Withdrawal Probe
Robinhood's cryptocurrency trading platform will pay a $3.9 million penalty to resolve the state of California's claims that the Menlo Park-based company didn't allow customers to make withdrawals from their accounts from 2018 to 2022, California Attorney General Rob Bonta announced on Wednesday.
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September 04, 2024
SEC Lets Deadline Pass For 5th Circ. Private Funds Appeal
The U.S. Securities and Exchange Commission won't challenge a Fifth Circuit decision that vacated its recently passed disclosure rules for private fund advisers, taking no action as its deadline to appeal to the U.S. Supreme Court passed.
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September 04, 2024
FINRA Beats Post-Jarkesy Challenge To Enforcement Powers
The Financial Industry Regulatory Authority has beaten back a broker's bid to use the U.S. Supreme Court's recent Jarkesy decision to challenge its enforcement regime, after a Pennsylvania federal judge found other high court precedent barred him from hearing the broker's constitutional challenge to the regulator's proceedings.
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September 04, 2024
UBS Financial Gets Wrapped Up In Cash Sweep Class Action
UBS Financial Services has been hit with a proposed class action suit alleging it prioritized its own financial interests and those of its affiliated banks over customers by using its cash sweep program to direct customers' uninvested cash balances into accounts that disproportionately benefited the investment bank.
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September 04, 2024
PE Advisers Flouted Registration Requirements, SEC Says
A pair of Florida-based private equity advisers and their CEO have agreed to settle U.S. Securities and Exchange Commission allegations that they broke federal securities laws by improperly declaring themselves exempt from registering as advisers to private funds, according to the agency.
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September 04, 2024
Icahn Enterprises Investor Sues Alleging 'Ponzi-Like' Scam
An Icahn Enterprises LP investor hit the partnership's billionaire founder Carl Icahn and its board with a derivative suit in Florida federal court Tuesday, accusing them of hiding "highly significant" risks, including the partnership's alleged "Ponzi-like" structure, which purportedly inflated its price and exposed it to regulatory probes and litigation.
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September 04, 2024
Ripple Gets OK To Pause SEC Penalty As It Mulls Appeal
A New York federal judge on Wednesday signed off on Ripple Labs' request to hold off on paying the U.S. Securities and Exchange Commission the $125 million penalty it owes to allow time for either side to appeal the landmark ruling in the agency's registration case.
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September 04, 2024
SEC Fines NJ Financial Cos. For Whistleblowing Violations
New Jersey-based brokerage Nationwide Planning Associates Inc. and two affiliated investment advisers have agreed to collectively pay $240,000 to settle allegations that they prevented their clients from acting as whistleblowers, the U.S. Securities and Exchange Commission announced Wednesday.
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September 04, 2024
Atty Tied To Ponzi Scheme Can't Discharge CFTC Debt
A Colorado federal judge on Wednesday denied an attorney's request to have his debt to the Commodity Futures Trading Commission discharged after he and others were found liable for $10 million for their roles in a Ponzi scheme.
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September 04, 2024
SEC Says $5M Fraud Scheme Targeted Venezuelan-Americans
A pair of Miami area residents and a company they control have agreed to pay the U.S. Securities and Exchange Commission over $3.25 million to settle affinity fraud allegations involving a purported proprietary automated trading platform they were developing.
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September 04, 2024
Judge Says EB-5 Investors, Fund Must Disclose More Info
An Illinois federal judge told a group of Chinese investors and a development fund on Wednesday they both must provide additional information in a suit accusing the fund of making off with $13.2 million intended for the development of a Hawaii resort.
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September 04, 2024
NC Biz Court Bulletin: Blackbeard IP Fight, Firm Data Breach
As summer winds down, the North Carolina Business Court tackled usage rights pertaining to footage and artifacts from Blackbeard's shipwreck while grappling with uncovering the details of a cyberattack that exposed the data of Cadwalader Wickersham & Taft LLP. In case you missed those and others, here are the highlights.
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September 04, 2024
Ex-Lender Says FDIC Can't 'Trap' Him In Dispute Without Trial
A former small-business financier has doubled down on his push to immediately halt an enforcement proceeding against him filed by the Federal Deposit Insurance Corp., arguing it would be unjust to block his claims after a "sea change" in relevant case law.
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September 04, 2024
Fintech Investor Tries To Undo 'Formulistic' Nix Of NCino Suit
A pension fund invested in financial technology company nCino Inc. urged Delaware's Supreme Court on Wednesday to revive its suit against company directors and investment firm Insight Venture Partners over a $1.2 billion acquisition, arguing the Chancery Court "missed the mosaic for the tiles" by dismissing the case.
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September 04, 2024
Solana Labs Denied Arbitration In Token Crypto Fraud Suit
A California federal judge has denied a motion to compel arbitration in a suit alleging Solana Labs Inc. and its key investors promoted and sold Solana cryptocurrency tokens as unregistered securities, saying that Solana failed to prove that the lead plaintiff agreed to the terms of service that included an arbitration clause, among other things.
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September 04, 2024
SEC Fines Investor Over $7.5M In Undisclosed Affiliate Fees
The U.S. Securities and Exchange Commission has fined Florida-based investor Digital Bridge for failing to properly disclose about $7.5 million worth of payments to affiliates for services provided to a group of funds the firm manages.
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September 04, 2024
FINRA Fines Broker-Dealer $900K Over Lax AML Compliance
Broker-dealer Brex Treasury has agreed to pay $900,000 to settle the Financial Industry Regulatory Authority's claims that it overrelied on automated anti-money laundering compliance software not reasonably designed to meet its needs.
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September 04, 2024
Feds Say Litigation Funding Co. Was A $10M Ponzi Scheme
A purported investment company's owner faces criminal charges and a suit from the U.S. Securities and Exchange Commission after she allegedly made false claims to investors that she would lend their money to personal injury attorneys but instead used the money for a Ponzi-like scheme and personal expenses.
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September 04, 2024
Brazilian Oil Bribery Case Jury Warned Of 'Liar' Witness
Attorneys for a Connecticut trader accused of bribing Brazilian oil officials urged a jury on Wednesday not to trust an alleged co-conspirator scheduled to testify for the government, calling that man a "skilled and adept liar" who would "substantially assist" prosecutors in possible return for a favorable family immigration decision.
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September 04, 2024
J&J Hit With $1B Damages In Del. Merger Milestone Fight
Johnson & Johnson owes more than $1 billion to a medical robotics developer and entrepreneur caught up in a multibillion-dollar post-acquisition dispute, a Delaware vice chancellor ruled Wednesday.
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September 04, 2024
CFTC Fines Uniswap Over Bitcoin, Ether Liquidity Pools
Decentralized finance platform Uniswap Labs has agreed to pay the U.S. Commodity Futures Trading Commission $175,000 to settle allegations that it illegally offered access to liquidity pools underpinned by bitcoin and ether, the regulator said Wednesday.
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September 03, 2024
8th Circ. Again Scraps Class Cert. For TD Ameritrade Clients
The Eighth Circuit reversed Tuesday a lower court's ruling certifying a class of TD Ameritrade clients for the second time in a lawsuit alleging the stockbroker routed orders to trading venues that didn't always provide the best execution, rejecting the named plaintiff's new class-wide damages theory based on commissions.
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September 03, 2024
Teva Investors Get Go-Ahead To Resume Kickbacks Class Suit
A shareholder's certified class action against pharmaceutical company Teva can resume after being paused for two years, as the company says it is working towards a settlement with the U.S. Department of Justice over related claims it used kickbacks to raise the price of its multiple sclerosis drug Copaxone, a Philadelphia federal judge has decided.
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September 03, 2024
2nd Circ. Backs Toss Of Ericsson Investors' ISIS Bribes Suit
The Second Circuit on Tuesday upheld a New York federal judge's decision to toss an investor class action against telecom giant Ericsson and several members of its top brass over claims that they hid knowledge of possible bribes to the Islamic State from U.S. investors and committed other violations of federal securities laws.
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September 03, 2024
Alphabet Beats Investor Suit Over Antitrust Issues, For Now
A California federal judge on Tuesday tossed a proposed securities fraud class action against Google and its parent company Alphabet Inc., saying investors failed to adequately allege that Google intended to deceive them when responding to a congressional query on concerns of anti-competitive ad tech practices.
Expert Analysis
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Planning Law Firm Content Calendars: What, When, Where
During the slower month of August, law firms should begin working on their 2025 content calendars, planning out a content creation and distribution framework that aligns with the firm’s objectives and maintains audience engagement throughout the year, says Jessica Kaplan at Legally Penned.
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Key Concerns To Confront In FDIC Brokered Deposit Proposal
Banks and fintech companies should note several fundamental issues with the Federal Deposit Insurance Corp.'s recent proposal to widen how it classifies brokered deposits, an attempt to limit prudential risk that could expose the industry and underbanked consumers who rely on bank-fintech apps to widespread unintended consequences, say attorneys at Gibson Dunn.
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Crypto Gatekeepers May Be The Next Front Of Enforcement
Lawyers and other professionals who advise cryptocurrency companies should beware regulators' increasing focus on gatekeeper accountability, and should take several measures to fulfill their ethical and legal obligations, including implementing a robust vetting mechanism when representing crypto clients, say Temidayo Aganga-Williams and Xinchen Li at Selendy Gay.
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Series
Playing Golf Makes Me A Better Lawyer
Golf can positively affect your personal and professional life well beyond the final putt, and it’s helped enrich my legal practice by improving my ability to build lasting relationships, study and apply the rules, face adversity with grace, and maintain my mental and physical well-being, says Adam Kelly at Venable.
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Law Firms Should Move From Reactive To Proactive Marketing
Most law firm marketing and business development teams operate in silos, leading to an ad hoc, reactive approach, but shifting to a culture of proactive planning — beginning with comprehensive campaigns — can help firms effectively execute their broader business strategy, says Paul Manuele at PR Manuele Consulting.
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3 Ways To Limit Risks Of Black-Box AI In Financial Services
As regulators increasingly highlight the potential for artificial intelligence to make unfair consumer credit decisions, and require financial institutions to explain how these so-called black-box algorithms arrive at conclusions, companies should consider three key questions to reduce their regulatory risks from these tools, say Jeffrey Naimon and Caroline Stapleton at Orrick.
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3 High Court Rulings May Shape Health Org. Litigation Tactics
Three separate decisions from the U.S. Supreme Court's most recent term — Loper Bright, Corner Post and Jarkesy — will likely strengthen healthcare organizations' ability to affirmatively sue executive agencies to challenge regulations governing operations and enforcement actions, say attorneys at McDermott.
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Opinion
The Big Issues A BigLaw Associates' Union Could Address
A BigLaw associates’ union could address a number of issues that have the potential to meaningfully improve working conditions, diversity and attorney well-being — from restructured billable hour requirements to origination credit allocation, return-to-office mandates and more, says Tara Rhoades at The Sanity Plea.
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Opinion
It's Time For A BigLaw Associates' Union
As BigLaw faces a steady stream of criticism about its employment policies and practices, an associates union could effect real change — and it could start with law students organizing around opposition to recent recruiting trends, says Tara Rhoades at The Sanity Plea.
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Why DOJ's Whistleblower Program May Have Limited Impact
The U.S. Department of Justice’s new whistleblower pilot program aims to incentivize individuals to report corporate misconduct, but the program's effectiveness may be undercut by its differences from other federal agencies’ whistleblower programs and its interplay with other DOJ policies, say attorneys at Milbank.
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How Justices Upended The Administrative Procedure Act
In its recent Loper Bright, Corner Post and Jarkesy decisions, the U.S. Supreme Court fundamentally changed the Administrative Procedure Act in ways that undermine Congress and the executive branch, shift power to the judiciary, curtail public and business input, and create great uncertainty, say Alene Taber and Beth Hummer at Hanson Bridgett.
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How Corner Post Affects Enviro Laws' Statutes Of Limitations
The U.S. Supreme Court's recent ruling in Corner Post v. Federal Reserve Board has helped to alter the fundamental underpinnings of administrative law — and its plaintiff-centric approach may have implications for some specific environmental laws' statutes of limitations, say Chris Leason and Liam Martin at Gallagher and Kennedy.
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FTC Drives Crackdown On Connected Cars' Data Privacy Risk
After the Federal Trade Commission's warning to automakers about data privacy, which continues to emerge as a national concern, automakers must carefully examine their data collection, use and retention practices, say Catherine Castaldo and Michael Rubayo at Reed Smith.
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Jarkesy May Thwart Consumer Agencies' Civil Penalty Power
The U.S. Supreme Court's ruling in U.S. Securities and Exchange Commission v. Jarkesy not only implicates future SEC administrative adjudications, but those of other agencies that operate similarly — and may stymie regulators' efforts to levy civil monetary penalties in a range of consumer protection enforcement actions, say attorneys at Holland & Knight.
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Lessons From Recent SEC Cyber Enforcement Actions
The recent guidance by the SEC's Division of Corporation Finance is helpful to any company facing a cybersecurity threat, but just as instructive are the warnings raised by the SEC's recent enforcement actions against SolarWinds, R.R. Donnelley and Intercontinental Exchange, say attorneys at O'Melveny.