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Securities
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January 27, 2025
Deutsche Bank Can't Add Norway Rulings To Asset Sale Fight
A Connecticut state judge has rejected Deutsche Bank AG's request to add a series of rulings by Norwegian courts into the state court's record while the bank pursues claims that Norwegian billionaire Alexander Vik and his daughter sabotaged an asset sale — rulings that the bank initially said were irrelevant.
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January 27, 2025
Meet The Attys Surrounding Pa. Wealth Manager In Fraud Case
By the time Scott Mason and his company Rubicon Wealth Management were hit with criminal and regulatory enforcement claims alleging he stole $20 million from clients, the suburban Philadelphia wealth manager was already defending multiple civil lawsuits in Pennsylvania state court.
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January 27, 2025
SCOTUSblog Publisher Pleads Not Guilty To Tax Crimes
U.S. Supreme Court advocate and SCOTUSblog co-founder Tom Goldstein pled not guilty in Maryland federal court on Monday to charges that he schemed to evade taxes and used funds from his boutique law firm to cover gambling debts.
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January 27, 2025
High Court Skips Golf Course Investors' Class Cert. Bid
The U.S. Supreme Court on Monday rejected a review petition filed by Chinese investors who wanted class certification for their Ponzi scheme suit against a Chinese citizen accused of misusing the investors' money to buy multiple golf courses and other properties in South Carolina.
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January 27, 2025
Biz Adviser, Relative Beat SEC's Investment Fraud Claims
A Boston federal judge rejected the U.S. Securities and Exchange Commission's claims that a business adviser and his brother-in-law traded penny stocks to further a $2.3 million fraud scheme.
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January 27, 2025
Baker Botts Partners Join Boutique Litigation Firm In DC
A pair of powerhouse litigators from Baker Botts LLP who scored a nearly billion-dollar verdict in a complex securities fraud case have stepped away from BigLaw to join Washington, D.C.-based boutique litigation firm Bourelly George & Brodey PLLC, launched less than a year ago.
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January 27, 2025
Trader Faces US Extradition Over $10M Securities Fraud
A trader wanted for running a "pump and dump" scheme that generated more than $10 million in unlawful stock sales will face extradition to the U.S. at a London court hearing in June, it was confirmed on Monday.
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January 27, 2025
Justices Decline $400M Argentina Bond Default Case
The U.S. Supreme Court on Monday declined to review Argentina's petition asking the justices to clarify the parameters of the commercial activity exception in sovereign immunity law, in a long-running case relating to some $400 million in defaulted sovereign bonds.
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January 24, 2025
Deel Blasts Racketeering Suit Over Alleged Money Laundering
Deel Inc. asked a Florida federal judge to permanently end a putative class action alleging it enabled money laundering and facilitated illegal transfers for Surge Capital, which allegedly scammed investors out of $35 million, arguing the plaintiff is trying to pursue liability of "an innocent party for the wrongdoing of another."
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January 24, 2025
SEC Gets Kraken's Major Questions Doctrine Defense Axed
A California federal judge on Friday partially granted the U.S. Securities and Exchange Commission's bid to ax some of cryptocurrency exchange Kraken's key defenses to allegations it violated securities laws by offering crypto assets without proper registration, saying the case wasn't the type to implicate the so-called major questions doctrine defense.
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January 24, 2025
Musk Can't Yet Appeal Twitter Investors' Cert., 9th Circ. Says
The Ninth Circuit on Friday rebuffed Elon Musk's request to immediately appeal a California federal judge's decision to certify a class of thousands of Twitter investors over claims the billionaire businessman fraudulently tweeted about the social media company's alleged bot problem to get out of his $44 billion acquisition.
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January 24, 2025
Companies Risk White House Wrath By Keeping DEI Programs
For companies pushing forward with their diversity, equity and inclusion initiatives amid a torrent of attacks from President Donald Trump and his allies, there are myriad potential risks ahead — and murky questions about the legal parameters of Trump's anti-DEI agenda.
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January 24, 2025
Trump Media Says Presidential Shield Deflects Investors' Suit
President Donald Trump's social media company on Friday urged the Delaware Chancery Court to dismiss, or at least stay, a lawsuit brought by investors alleging that plans to take the platform public would cheat them out of their shares, arguing that a sitting president is shielded from civil litigation in state court.
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January 24, 2025
Del. Justices Reject Investor Suit Over Dropped Drug Prospect
Delaware's Supreme Court on Friday upheld a Court of Chancery decision dismissing a Ception Therapeutics Inc. stockholder suit alleging breaches of an agreement to use commercially reasonable efforts before Cephalon Inc., which acquired Ception, and Teva Pharmaceuticals USA Inc. abandoned a new drug prospect.
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January 24, 2025
Chancery Keeps $4.6B Cvent Sale Challenge Alive
Most claims moved forward toward trial Friday in a Delaware Court of Chancery suit alleging breaches of fiduciary duty by the directors and CEO of cloud-based event management technology provider Cvent Holding Corp. and its controlling stockholder in a $4.6 billion take-private sale to affiliates of Blackstone Inc.
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January 24, 2025
EEOC Disability Bias Suit Tossed Following Nixed Evidence
A mortgage and financial services company on Friday defeated a U.S. Equal Employment Opportunity Commission lawsuit alleging it unlawfully refused to hire a woman because she took pain medication, after a Washington federal judge ruled midtrial that a key piece of evidence shouldn't have been shown to jurors.
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January 24, 2025
SEC Names New Top Enforcer, GC And Other Temp Leaders
The U.S. Securities and Exchange Commission's acting chair, Mark Uyeda, announced the appointment of five new department heads Friday to at least temporarily fill the vacancies left by the recent departures of several senior staff members at the agency.
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January 24, 2025
Wells Fargo Gets Another Win In Lifetrade Investor Suit
A New York federal judge determined that investors of Lifetrade Fund BV cannot prove Wells Fargo aided or abetted an alleged massive fraud orchestrated by Lifetrade's managers, saying the investors presented only contradictory information regarding the value of the Lifetrade portfolio.
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January 24, 2025
Ex-Staffing Co. Execs Get Prison After Copping To $75M Fraud
A Manhattan federal judge sentenced two brothers who built the staffing firm Resource Employment Solutions to prison Friday after they admitted lying to two financial firms about their Florida company's finances in what prosecutors called a $75 million fraud conspiracy.
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January 24, 2025
10th Circ. Unsure Exec's Missed Argument Dooms Firing Suit
A Tenth Circuit judge on Friday asked U.S. Bank whether it matters if a former executive knew he had another jurisdictional argument for his wrongful termination claim but failed to pursue it, in an appeal attempting to revive the executive's second suit.
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January 24, 2025
SEC's Corporation Finance Director Joins Freshfields
Freshfields is touting the addition of the U.S. Securities and Exchange Commission's director of the Division of Corporation Finance, saying Friday that he will boost the firm's offerings on securities, governance, corporate and regulatory matters.
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January 24, 2025
Conn. Oil Trader Says Timing Of Money Moves Sinks Verdict
A onetime Connecticut oil trader has asked a federal judge to erase a September 2024 conviction on charges he used a go-between to bribe an official at Brazilian oil giant Petroleo Brasileiro SA, arguing the jury verdict hinged on third-party wire transfers that occurred beyond the statute of limitations.
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January 24, 2025
10 AGs Target Major Banks Over DEI, ESG Initiatives
Major financial institutions in the United States, including Goldman Sachs and JPMorgan, could have made business decisions to follow political agendas, attorneys general from 10 states said, urging them to tackle a series of questions about their diversity and inclusion policies.
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January 24, 2025
Lutnick Settles Chancery Suit Ahead Of Commerce Hearing
Billionaire Howard L. Lutnick, President Donald Trump's nominee for secretary of commerce, has settled a Delaware Court of Chancery derivative suit accusing the Newmark Inc. principal executive officer of "blowing smoke" around his part in a $500 million stock-value gain in order to receive a $50 million bonus.
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January 24, 2025
Law Firm Sues AIG Unit Over Sports Fraud Coverage
A Florida-based law firm and its principal attorney have accused an AIG unit of misleading them into defending a sports memorabilia collector and his company in a Securities and Exchange Commission civil action and two related criminal cases, saying the unit had already agreed in writing to their billing rates.
Expert Analysis
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New Year, New Risks: 8 Top Cyber Issues For Finance In 2025
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.
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FTC Focus: A Changing Of The Guard
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.
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5th Circ.'s Nasdaq Ruling Another Piece In DEI Policy Puzzle
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.
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8 Trends And Predictions Following PE's Late 2024 Surge
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.
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Series
Playing Esports Makes Me A Better Lawyer
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.
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Lessons From The SEC's 2024 Crackdown On AI Washing
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.
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The 6 Most Significant FCRA Litigation Developments Of 2024
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.
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An Associate's Guide To Career Development In 2025
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.
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The Securities Litigation Trends That Will Matter Most In 2025
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.
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Predicting The Lasting Changes CFPB May Face In 2025
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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What To Watch For In The 2025 Benefits Landscape
While planning for 2025, retirement plan sponsors and service providers should set their focus on phased implementation deadlines under both Secure 1.0 and 2.0, an upcoming U.S. Supreme Court ruling, and the fate of several U.S. Department of Labor regulations, says Allie Itami at Lathrop GPM.
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How White Collar Enforcement May Shift In Trump's 2nd Term
After President-elect Donald Trump returns to the White House next month, the administration’s emphasis on immigration laws, drug offenses and violent crime will likely reduce the focus on white collar crime overall, but certain areas within the white collar world may see increased activity, say attorneys at Keker Van Nest.
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COP29 Offers Pathway To A Global Carbon Market
COP29, the recently concluded United Nations climate conference, represented a breakthrough in the establishment of standards for a global carbon market — and voluntary carbon market participants in the U.S. and elsewhere can enhance the value of their projects by aligning them with these standards, say attorneys at Morgan Lewis.
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New Trump Admin May Bring Financial Oversight Turbulence
As President-elect Donald Trump prepares to begin his second term, his top financial market regulatory and securities law enforcement appointees, campaign promises, and regulatory preferences foretell a period of muddy regulatory waters, say attorneys at Kroll.
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The Justices' Securities Rulings, Dismissals That Defined '24
The U.S. Supreme Court's 2024 securities rulings led to increased success for defendants' price impact arguments, but the justices' decisions not to weigh in on important issues relating to the Private Securities Litigation Reform Act's pleading requirements may be just as significant, say attorneys at Skadden.