Securities

  • September 30, 2024

    Missouri Drops Appeal Intended To Save ESG Regulations

    Missouri has asked the Eighth Circuit to dismiss its appeal of a federal judge's decision finding that the state's anti-environmental, social and governance regulations for brokers and advisers violate the First Amendment and are preempted by federal laws.

  • September 30, 2024

    Fla. Judge Tosses NextEra Stock Drop Suit

    A Florida federal judge on Friday dismissed a proposed class action against NextEra that sought to hold the energy company liable for a drop in its share price after political interference allegations emerged against its subsidiary Florida Power and Light Co.

  • September 30, 2024

    SEC Scores Win In $18M Crypto Registration Suit

    The U.S. Securities and Exchange Commission was granted an early win Monday in a case alleging that a startup founder illegally sold $18 million in cryptocurrency tokens, after a federal judge said it was "undisputed" that the founder knew that he hadn't registered the tokens.

  • September 30, 2024

    Bed Bath & Beyond Investors Lose Bid For Class Cert.

    A D.C. federal judge has refused to certify a class of Bed Bath & Beyond investors in a suit alleging they were misled by company executives, saying that while the investors met many certification requirements, certification cannot be granted because the market for the company's stock was not efficient during the proposed class period.

  • September 30, 2024

    SEC Fines LA Man In Truth Social-Linked Insider Trading Case

    The U.S. Securities and Exchange Commission announced that Los Angeles-based entrepreneur Eric Hannelius will pay over $365,000 to settle allegations that he traded on inside information ahead of a blank check company's acquisition of the owner of social media platform Truth Social.

  • September 30, 2024

    Morgan Stanley Investment Arm Nabs $750M For Climate Fund

    Morgan Stanley's investment management arm revealed Monday that its climate private equity fund, which is focused on investing in North American and European companies working to avoid or remove one gigaton of carbon dioxide-equivalent emissions from the atmosphere, closed at $750 million of equity capital commitments.

  • September 30, 2024

    Schwab Nears Deal In Antitrust Suit Over TD Ameritrade Buy

    Charles Schwab Corp. has reached "an agreement in principle" with retail investors who filed a proposed class action alleging increased transaction costs for trades and other antitrust injury following the Schwab-TD Ameritrade merger, the parties told a Texas federal judge Friday.

  • September 30, 2024

    Popwallet Shareholders Sue Buyer Snap Inc. After Stock-Drop

    Stockholders of virtual payment wallet startup Popwallet Inc. have sued tech company Snap Inc. for fraud and equitable fraud in Delaware's Court of Chancery, accusing Snap of withholding deeply negative news about its own business until after closing on a mostly paid-in-stock merger in late 2021.

  • September 30, 2024

    Climate Analytics Co. Seeks Ch. 11 With Up To $50M In Debt

    BAWT Enterprises LLC, the New Hampshire-based parent company of climate data analytics firm Athenium Analytics, filed for Chapter 11 protection in Delaware in hopes of quickly confirming its prepackaged plan to hand ownership of the reorganized company to its creditors.

  • September 30, 2024

    Chevron-Hess 2nd Oil Merger To Get FTC OK With CEO Ban

    A divided Federal Trade Commission signed off Monday on a deal allowing Chevron to buy Hess, permitting the $53 billion megamerger on the condition that Hess CEO John B. Hess be banned from Chevron's board, in the second such CEO-banning deal the FTC has inked in the last year.

  • September 27, 2024

    Twitter Investors Win Cert. In Suit Over Musk's Backpedaling

    A California federal judge on Friday certified a class of thousands of Twitter investors over claims Elon Musk fraudulently tweeted about the social media company's alleged bot problem to get out of his $44 billion acquisition, rebuffing the billionaire businessman's contention that individual issues in the suit eclipse common questions.

  • September 27, 2024

    Binance Founder Zhao Released From Federal Custody

    Binance founder Changpeng Zhao was released from a California correctional facility Friday after he was sentenced to four months in prison for his failure to implement an effective anti-money laundering program at the global cryptocurrency exchange, the Federal Bureau of Prisons confirmed to Law360.

  • September 27, 2024

    Corporate Raider Accused Of Shirking $180M SEC Judgment

    Corporate takeover specialist Paul A. Bilzerian, accused of ducking a more than $180 million judgment owed to the U.S. Securities and Exchange Commission for decades, was indicted alongside his longtime accountant and his cannabis company on Thursday, California federal prosecutors said Friday.

  • September 27, 2024

    SEC Says Ex-Chewy Exec Inside Traded On Pet Insurer Deal

    A former executive at pet supply company Chewy agreed Friday to pay more than $35,000 to settle charges from the U.S. Securities and Exchange Commission that he traded on inside information about the company's plans to announce a deal with a pet insurance company.

  • September 27, 2024

    CFTC Fines Olam Group $3.25M Over Cotton Sales Reports

    The Commodity Futures Trading Commission on Friday fined Singapore-based integrated supply chain manager Olam Group Ltd. $3.25 million for allegedly submitting false, misleading or inaccurate reports to the CFTC and the U.S. Department of Agriculture about its sale of U.S. cotton worth more than $190 million.

  • September 27, 2024

    SEC Drops Case Against Marcum CPA After High Court Ruling

    The U.S. Securities and Exchange Commission quietly dropped an in-house proceeding Friday against a Marcum LLP accountant whose case was called into question by a U.S. Supreme Court ruling that curtailed the agency's use of its administrative courts.

  • September 27, 2024

    SEC Fines Firms, Sues Ex-Reps' Over Cherry-Picking Scheme

    The U.S. Securities and Exchange Commission said Friday that Illinois-based Cetera Investment Advisers LLC and formerly California-based First Allied Advisory Services Inc. have each agreed to pay $200,000 to settle claims that two investment advisers formerly associated with both firms ran separate, multiyear, cherry-picking schemes that harmed investors.

  • September 27, 2024

    FTX Users Say Binance Manipulated Market To Spark Collapse

    Users of the now-defunct cryptocurrency exchange FTX told a Florida federal judge that social media posts by competing exchange Binance still manipulated markets to cause the collapse of FTX and harm users even if the statements themselves weren't false.

  • September 27, 2024

    Ex-CEO To Pay SEC Fine For Pre-SPAC Disclosure Failures

    The U.S. Securities and Exchange Commission announced Friday it has reached a settlement with the former CEO of an electric vehicle battery company who allegedly concealed its supply chain issues ahead of its merger with a blank check company, leading to a nearly 20% drop in the company's share price once the shortage was revealed.

  • September 27, 2024

    Disney Warns Investor Streaming Suit Could Chill Innovation

    Allowing securities litigation over The Walt Disney Co.'s underperforming streaming service to go forward would discourage companies from trying "new, risky business plans," counsel for the entertainment giant told a California federal judge in an attempt to toss the suit Friday.

  • September 27, 2024

    UK Man Indicted On $4M 'Hack-To-Trade' Scheme

    New Jersey federal prosecutors announced Friday that a U.K. man has been arrested and is awaiting extradition on charges of hacking into the email accounts of several corporate executives in order to steal nonpublic information that he used to turn a profit of almost $4 million.

  • September 27, 2024

    Mango Markets Crypto Cos. Ink $700K Deal Over SEC Claims

    The U.S. Securities and Exchange Commission announced Friday that the business entities behind decentralized cryptocurrency exchange Mango Markets agreed to a nearly $700,000 settlement to resolve alleged registration violations, which the regulator brought after the marketplace was bilked of more than $100 million.

  • September 27, 2024

    Juul Stockholder Class Sues In Del. Over Controller Windfall

    Two stockholders of e-cigarette venture Juul Labs Inc. sued the company's controllers and board on Friday in a proposed class derivative action seeking damages for an alleged top stockholder scheme to avoid huge liabilities under terms said to have cost the company billions.

  • September 27, 2024

    Musk Skirts Sanctions In Missed Twitter Deposition, For Now

    A California federal judge on Friday declined to sanction Elon Musk, for now, after he skipped a deposition over his $44 billion Twitter takeover, allowing the parties to resolve the issue and advising them to wait to see if he appears for the deposition that's been rescheduled for this coming Friday.

  • September 27, 2024

    CFTC Accuses Firms Of $3.6M Retail Forex Fraud

    The Commodity Futures Trading Commission on Friday targeted a commodity trading platform the regulator alleged was behind a scheme that scammed $3.6 million from Asian American customers who thought they were investing in retail foreign exchange and commodity futures contracts.

Expert Analysis

  • How To Grow Marketing, Biz Dev Teams In A Tight Market

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    Faced with fierce competition and rising operating costs, firms are feeling the pressure to build a well-oiled marketing and business development team that supports strategic priorities, but they’ll need to be flexible and creative given a tight talent market, says Ben Curle at Ambition.

  • Jarkesy's Impact On SEC Enforcement Will Be Modest

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    Though the U.S. Supreme Court’s recent U.S. Securities and Exchange Commission v. Jarkesy decision found that fraud defendants have a constitutional right to a jury trial, the ruling will have muted impact on the agency’s enforcement because it’s already bringing most of its cases in federal court, say Jeremiah Williams and Alyssa Fixsen at Ropes & Gray.

  • Series

    Rock Climbing Makes Me A Better Lawyer

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    Rock climbing requires problem-solving, focus, risk management and resilience, skills that are also invaluable assets in my role as a finance lawyer, says Mei Zhang at Haynes and Boone.

  • Think Like A Lawyer: Dance The Legal Standard Two-Step

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    From rookie brief writers to Chief Justice John Roberts, lawyers should master the legal standard two-step — framing the governing standard at the outset, and clarifying why they meet that standard — which has benefits for both the drafter and reader, says Luke Andrews at Poole Huffman.

  • Examining Chancery's Relaxed New Confidential Filing Rules

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    The Delaware Court of Chancery’s overhauled Rule 5.1, which governs confidential filings, risks permitting nonconfidential information to be shielded from public review unless and until a challenge notice is filed — but several potential solutions could help to override this issue, says Delaware attorney Daniel J. McBride.

  • Opinion

    After Jarkesy, IRS Must Course-Correct On Captive Insurance

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    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.

  • Dissecting Treasury's Call For Input On AI In Financial Sector

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    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.

  • NYSE Delisting May Be The Cost Of FCPA Compliance

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    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.

  • CFTC Action Highlights Necessity Of Whistleblower Carveouts

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    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.

  • Series

    Being A Luthier Makes Me A Better Lawyer

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    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.

  • Half-Truths Vs. Omissions: Slicing Justices' Macquarie Cake

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    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.

  • Lead Like 'Ted Lasso' By Embracing Cognitive Diversity

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    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.

  • 3 Areas Of Enforcement Risk Facing The EV Industry

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    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.

  • American Airlines ESG Ruling Could Alter ERISA Landscape

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    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.

  • SVB Ch. 11 Shows Importance Of Filing Proof Of Claim Early

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    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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