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Securities
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February 12, 2025
OCC Departs International Network Focused On Climate Risks
The Office of the Comptroller of the Currency on Tuesday became the latest U.S. government entity to withdraw from the Network of Central Banks and Supervisors for Greening the Financial System, an international consortium focused on the financial sector's responses and resilience to climate change.
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February 12, 2025
Ex-Schwab Employee Enjoined From Using Client Info
A Texas federal judge on Wednesday barred a former Charles Schwab employee from using the brokerage firm's allegedly stolen client information, requiring him to return all records and submit any devices with relevant materials for forensic examination.
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February 12, 2025
Connell Foley Can't Refute DQ Bid, NJ Investment Firm Says
A Black-owned investment firm suing New Jersey for discrimination in federal court said the court must disqualify Connell Foley LLP from representing the state because of a conflict of interest, even though the supposedly conflicted attorney has denied any ethical breach.
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February 12, 2025
DOJ Exits Continue As Fraud Atty Leaves, Rejoins DLA Piper
A U.S. Department of Justice attorney, who most recently was the principal assistant deputy chief of the Criminal Division's fraud section, is among the latest lawyers to leave the agency, rejoining DLA Piper in Washington, D.C., the firm announced Tuesday.
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February 12, 2025
Sidley Litigator Tapped For Treasury GC Post
President Donald Trump has nominated Sidley Austin LLP regulatory litigation and white collar partner Brian P. Morrissey to become the U.S. Department of the Treasury's top lawyer, which would mark a return to the department where he was previously the number two lawyer.
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February 12, 2025
NYSE Plans To Launch New Exchange In Texas
The New York Stock Exchange on Wednesday announced plans to launch a new exchange in Texas, as competition for listed companies in that region intensifies.
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February 12, 2025
Crypto Platform EToro Confidentially Files IPO Proposal
Crypto platform eToro Group on Wednesday announced that it has confidentially submitted plans to U.S. regulators regarding a proposed initial public offering, marking the latest development in the trading and investment platform's yearslong attempt to go public.
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February 12, 2025
Trump's Picks For CFPB, OCC Chiefs Hailed By Industry
President Donald Trump has tapped Jonathan McKernan, formerly of the Federal Deposit Insurance Corp., to lead the Consumer Financial Protection Bureau full time, part of a slate of top financial regulatory nominees that has many in industry breathing a sigh of relief.
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February 12, 2025
Trump Picks Crypto Policy Advocate Quintenz To Lead CFTC
President Donald Trump has nominated Brian Quintenz, a former member of the U.S. Commodity Futures Trading Commission and current head of policy for venture capital firm a16z's crypto fund, to lead the derivatives market regulator.
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February 11, 2025
Trump Tells Agencies To Plan 'Large-Scale' Cuts With Musk
President Donald Trump signed an executive order Tuesday that directs agencies to prepare for "large-scale" cuts to the federal workforce and gives Elon Musk's Department of Government Efficiency the authority to approve the future hiring of career officials.
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February 11, 2025
DOGE, Treasury Accused Of 'Largest' US Data Breach
Elon Musk's Department of Government Efficiency, the U.S. Department of the Treasury and the U.S. Office of Personnel Management conducted the "largest" data and IT security breaches in U.S. history, illegally exposing millions of people's sensitive information, a data privacy watchdog and group of federal employees alleged this week.
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February 11, 2025
SoCal Edison Investors Sue Over LA Wildfire Mitigation Claims
The parent company of Southern California Edison was hit with a putative shareholder class action on Tuesday that alleges the public utility company misled investors about implementing the power company's wildfire-mitigation measures in the lead-up to the Eaton and Hurst fires that devastated an area north of Los Angeles.
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February 11, 2025
CFPB's Closure Not 'A Free Pass' For Financial Compliance
Banks and other consumer lenders shouldn't let their compliance efforts around Consumer Financial Protection Bureau regulations go idle despite the uncertainty caused by the Trump administration's closure of the agency, experts say, as its rules are still on the books and other regulators may pick up the slack.
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February 11, 2025
Fitness Co.'s Brass Faces Derivative Suit Over Franchise Woes
Officers and directors of Pure Barre's parent company Xponential Fitness face shareholder derivative claims following the company's disclosure of a federal criminal investigation, regulatory scrutiny and investor ire over the alleged manipulation and harassment of its "financially crushed" franchisees.
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February 11, 2025
Celsius Crypto Spinoff Stockholders Sue For Board Docs
Stockholders of Ionic Digital Inc., a company formed to hold and operate digital mining assets of bankrupt Celsius Network LLC, have sued in Delaware's Court of Chancery for access to the company's stockholder lists in order to run a competing slate of directors.
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February 11, 2025
Quantum Computing Secures TRO In Battle With Investor
New Jersey-headquartered Quantum Computing Inc. won continuation of a Delaware Court of Chancery temporary restraining order Tuesday against a former consultant and advisory firm, barring their alleged use of trade secrets and other confidential information pending a preliminary injunction hearing or trial.
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February 11, 2025
J&J Allies Dub Milestone Fee Reversal 'Crucial' To Del.
The National Association of Manufacturers pushed back Tuesday against Fortis Advisors LLC opposition to a NAM amicus brief seeking Delaware Supreme Court reversal of a medical robotics developer's $1 billion merger milestone damage award after its acquisition by Johnson & Johnson.
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February 11, 2025
'Fraudster' Or 'Fool'? Jury Gets 2 Takes On Exec's Crypto Flop
The criminal case against a cryptocurrency company CEO accused of defrauding investors of $5 million is about "greed," a prosecutor told a California federal jury during opening arguments Tuesday while a defense lawyer characterized his client as a "fool" who floundered while "swimming with sharks," including disgraced ex-lobbyist Jack Abramoff.
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February 11, 2025
Crypto Bills A 'Test Case' For AI Regs, GOP Senator Says
A Republican U.S. senator who is leading the push for crypto industry regulation said Tuesday that Congress' actions in the digital asset space could determine whether there is a path forward for writing regulations governing the artificial intelligence industry.
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February 11, 2025
Brokerage Exec Can Be Sued Over Fraud Claims, Judge Says
An Illinois magistrate judge told the former owner of Center Street Securities on Tuesday that he cannot escape claims he concealed regulatory issues before his company was acquired by financial services company Arete Wealth, ruling that the stock purchase agreement's broad definition of liabilities could include the allegedly undisclosed violations at issue in the suit.
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February 11, 2025
Feds Are Asked How FCPA Halt Affects Cognizant Bribe Case
A New Jersey federal judge on Tuesday told prosecutors to weigh in on how President Donald Trump's executive order pausing enforcement of the Foreign Corrupt Practices Act could impact a case alleging that two former Cognizant Technology Solutions Corp. executives authorized a bribe to an Indian official.
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February 11, 2025
Labaton Keller Appointed Lead In Healthcare Co. IPO Suit
A New York federal judge on Tuesday appointed Labaton Keller Sucharow LLP as lead counsel in a securities class action accusing nursing-care provider PACS Group Inc. of misleading investors about false Medicare claims and regulatory investigations tied to its initial public offering.
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February 11, 2025
Research Org Faces Investor Suit Over Customer Cost-Cutting
Clinical research organization Icon PLC has been hit with a proposed shareholder class action in New York federal court, alleging it misled investors about a slowdown in demand the company experienced due to customers implementing drastic cost-reduction measures that involved research and development expenditures.
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February 11, 2025
SEC Stays Binance Case Amid Other Crypto Case Extensions
The U.S. Securities and Exchange Commission and crypto exchange Binance have asked a Washington federal judge overseeing their enforcement suit to pause the case for two months as the agency pivots its approach to digital assets, adding to the list of extensions in the agency's cryptocurrency cases.
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February 11, 2025
Olaplex Can't Escape IPO Investors' Formula Change Suit
Olaplex and some of its executives must face investor claims that the company's initial public offering documents did not disclose the European Union had banned a controversial ingredient known as lilial, which would impact Olaplex's main product offering, but the IPO underwriters and selling stockholders were allowed to escape the suit.
Expert Analysis
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Rethinking Clawback Policies For 2025 Compensation Season
The start of a new year presents an opportunity for companies to reassess their executive compensation clawback policies, and while mandatory Dodd-Frank clawbacks are necessary, discretionary policies can offer companies greater flexibility to address misconduct, protect their reputations and align with shareholder priorities, say attorneys at Debevoise.
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Series
Gardening Makes Me A Better Lawyer
Beyond its practical and therapeutic benefits, gardening has bolstered important attributes that also apply to my litigation practice, including persistence, patience, grit and authenticity, says Christopher Viceconte at Gibbons.
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Federal Embrace Of Crypto Regs Won't Lower State Hurdles
Even if the incoming presidential administration and next Congress focus on creating clearer federal regulatory frameworks for the cryptocurrency sector, companies bringing digital asset products and services to the market will still face significant state-level barriers, say attorneys at Mayer Brown.
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SEC Prioritized Enforcement Sweeps As Cases Slowed In '24
Following three consecutive years of increasing activity, fiscal year 2024 marked the lowest number of cases the U.S. Securities and Exchange Commission has brought since Gary Gensler assumed office in April 2021, buttressed by some familiar enforcement sweeps, say attorneys at Covington.
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Equitable Mootness Insights From Greenlit Ch. 11 Plan Appeal
A Texas federal court recently allowed a challenge to ConvergeOne's Chapter 11 bankruptcy plan to proceed because it wouldn't disrupt the IT company's confirmed plan or harm creditors, reinforcing the importance of judicial restraint in applying equitable mootness where limited relief is possible, say attorneys at Parkins & Rubio.
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Litigation Inspiration: Reframing Document Review
For attorneys — new ones especially — there is much fulfillment to find in document review by reflecting on how important, interesting and pleasant it can be, says Bennett Rawicki at Hilgers Graben.
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2 Cases Show DAOs May Face Increasing Legal Scrutiny
Two ongoing cases that recently survived motions to dismiss in California federal courts concerning Compound DAO and Lido DAO threaten to expand the potential liability for activity attributed to decentralized autonomous organizations — and to indirectly create liability for their participants, say attorneys at Cahill Gordon.
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How Boards And Officers Should Prep For New Trump Admin
In anticipation of President-elect Donald Trump's proposed tariffs and mass deportation campaign, company officers and board members should pursue proactive, comprehensive contingency planning to not only advance the best interests of the companies they serve, but to also properly exercise their fiduciary duty of care, say attorneys at Winston & Strawn.
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The Challenges Of Abandoned Retirement Plans In Ch. 7
The Department of Labor's rule for unwinding retirement accounts when plan sponsors file for Chapter 7 bankruptcy was intended to alleviate trustees' administration issues, but practical challenges, like unresolved fee and identification matters, could hinder its implementation, say David Goodrich at Golden Goodrich and Nancy Simons at Stretto.
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5 Ways SEC's Crypto Approach Could Change Under Trump
Given the Trump campaign's procrypto stance, the U.S. Securities and Exchange Commission could take a number of different approaches to crypto policy in the next administration, including pausing registration-only enforcement actions and proposing tailored rules that take into account the differences between crypto-assets and traditional securities, say attorneys at WilmerHale.
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2nd Circ. AmTrust Decision Shows Audit Reports Still Matter
Though the Second Circuit eventually found on reconsidering a case over the high-profile accounting meltdown at AmTrust that audit reports are material to investors, its previous contrary holding highlights the seriousness of the ongoing crisis of confidence in the audit report, say attorneys at Bernstein Litowitz.
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Series
Flying Makes Me A Better Lawyer
Achieving my childhood dream of flying airplanes made me a better lawyer — and a better person — because it taught me I can conquer difficult goals when I leave my comfort zone, focus on the demands of the moment and commit to honing my skills, says Ivy Cadle at Baker Donelson.
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With Precautions, AI Can Help With Suspicious Activity Filings
While artificial intelligence can enhance suspicious activity report processes, financial services firms should review applicable expectations and areas of deficiencies that can lead to enforcement actions before using AI to help write SARs, say attorneys at Jenner.
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How Crypto Cos. Can Take Advantage Of 'Mini-IPOs'
Against the backdrop of U.S. Securities and Exchange Commission enforcement in the crypto space, mini-initial public offerings, with less burdensome requirements than full registration, can serve as an alternative way for token issuers to raise funds, say attorneys at O'Melveny.
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Nvidia Supreme Court Case May Not Make Big Splash
The skeptical tenor of the justices' questioning at oral argument in Nvidia v. Ohman Fonder suggests that the case is unlikely to alter the motion to dismiss pleading standard in securities class actions, as some had feared, say attorneys at WilmerHale.