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Capital Markets
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March 26, 2025
Trump Pardons Ex-Hunter Biden Biz Pal For Tribal Bond Fraud
President Donald Trump pardoned a former business partner of Hunter Biden who was convicted of helping to execute a $60 million bond scam against a South Dakota tribal corporation, saying he believes the former venture capital and private equity fund investor was treated unfairly.
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March 26, 2025
Conn. Judge Sides With Viks In Deutsche Bank Asset Price Suit
A Connecticut state court judge handed Norwegian billionaire Alexander Vik and his daughter a win in Deutsche Bank AG's suit claiming they harmed the price of assets that were being sold to partially satisfy a $243 million debt, issuing a ruling that limited the claims that the bank could bring in the future.
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March 26, 2025
Del. Justices Seek Reasons To Revive Raytheon Incentive Suit
Delaware's chief justice pressed a stockholder attorney Wednesday to provide more justification for resurrecting a Chancery Court suit claiming the company didn't seek stockholder approval for allegedly unfair changes to a multimillion-dollar RTX Corp. incentive plan.
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March 26, 2025
Morgan Lewis Welcomes Another Former SEC Atty
Morgan Lewis & Bockius LLP has added another former senior U.S. Securities and Exchange Commission attorney to its ranks, announcing Wednesday that a special counsel for the commission's Division of Corporation Finance has joined its Washington, D.C., office.
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March 25, 2025
Ex-Masimo CEO Slams Bid To DQ His Hueston Hennigan Attys
Joe E. Kiani, founder and ex-CEO of Masimo Corp., has urged the Delaware Chancery Court to reject the medical technology company's bid to disqualify his attorneys from Hueston Hennigan LLP in its lawsuit over Kiani's quest for a $450 million payout, saying the request is being "weaponized for tactical gain."
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March 25, 2025
Fix It Early, Do Your Homework: Bank Legal Chiefs Share Tips
Deutsche Bank's chief legal officer advised firms facing regulatory investigations to begin the remediation process sooner rather than later in a Tuesday panel featuring the legal chiefs for some of the world's biggest banks discussing lessons they've learned and their relationships with outside counsel.
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March 25, 2025
Fintech DLocal Beats Investors' Suit Over IPO
A New York state court judge has dismissed claims against fintech firm dLocal and its underwriters in a proposed class action alleging the company misstated a key financial metric and misrepresented the state of its financial controls in advance of its June 2021 initial public stock offering that saw the company valued at nearly $9.5 billion.
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March 25, 2025
FINRA Fines Firm, CCO For Pandemic-Era Oversight Lapses
The Financial Industry Regulatory Authority has fined broker-dealer United First Partners LLC and fined and suspended its chief compliance officer to settle claims they failed to implement a sufficient system to monitor the firm's representatives' outside business activities, and completely failed to do so during the pandemic.
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March 25, 2025
Venezuelan Law Invalidates $2B Bonds, PDVSA Argues
Venezuela's state-owned oil company is fighting back against efforts by creditors to enforce some $2 billion in defaulted bonds, dismissing as "illogical" the creditors' argument that the underlying bond documents were exempt from a requirement for National Assembly approval.
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March 25, 2025
Industry Backs BlackRock Over States' 'Crippling' Coal Suit
Two leading financial industry groups are throwing their support behind BlackRock Inc. and two other asset managers fighting a state-backed antitrust suit over their coal company investments, with one group arguing that forcing the firms to divest would have "crippling effects" for tens of millions of American investors.
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March 25, 2025
7-Eleven Defends Cautious Antitrust Approach To Deal Talks
The parent company of 7-Eleven on Tuesday defended its wary approach to a proposed acquisition by Alimentation Couche-Tard Inc. saying it has legitimate concerns about the deal clearing U.S. antitrust enforcers.
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March 25, 2025
GOP-Led House Committee Mulls Bills To Ease Capital Raising
The U.S. House of Representatives Financial Services Committee on Tuesday debated bills that would ease rules governing private and public securities offerings, marking Congress' latest push to deregulate capital markets under President Donald Trump's second term.
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March 25, 2025
FDIC Will Seek To 'Eradicate' Its Use Of Reputation Risk
The Federal Deposit Insurance Corp. plans to "eradicate" the concept of reputation risk from its oversight of banks and is working to take its approach to digital assets in "a new direction," the agency's acting chief has told Congress.
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March 25, 2025
FINRA President Hints At Offloading Arbitration Oversight
The president of the Financial Industry Regulatory Authority said Tuesday that he's considering whether another entity should take up the brokerage regulator's arbitration oversight, questioning whether it's an appropriate function for FINRA to continue running.
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March 25, 2025
AI Clean Energy Co.'s Execs Get Shareholder Suit Axed
Leaders of artificial intelligence-driven clean energy company Stem Inc. have avoided, for now, a suit accusing them of misleading investors ahead of a merger, with the court ruling the suit is a "puzzle pleading" that does not sufficiently justify why certain statements should be considered fraudulent.
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March 25, 2025
Ripple Labs To Pay SEC $50M To End Case, Legal Chief Says
Ripple Labs legal chief Stuart Alderoty said Tuesday the cryptocurrency firm will pay the U.S. Securities and Exchange Commission a $50 million civil penalty to resolve the agency's landmark enforcement action, or a fraction of the $125 million fine that a federal court originally imposed upon it over past unregistered institutional token sales.
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March 24, 2025
Contrarian Unit's $3.7B Bid For Citgo Faces Opposition
The special master overseeing the sale of Citgo's parent company to satisfy billions of dollars of Venezuelan debt is recommending a federal judge proceed with a floor-setting bid of $3.699 billion submitted by an affiliate of Contrarian Capital Management, with the recommendation already meeting resistance.
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March 24, 2025
Bank Groups Take Aim At Fed's Stress-Test Methodology
Top bank trade groups are pressing their Ohio federal court challenge to the Federal Reserve Board's stress tests of big banks, asking for a ruling that would force major changes to the way the annual assessments of firm resilience are designed and executed.
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March 24, 2025
FINRA Fines Pa. Broker-Dealer $1M Over Muni Bond Sales
A Pittsburgh-based brokerage has agreed to penalties and disgorgement totaling over $1 million to resolve Financial Industry Regulatory Authority claims it got undue order priority for certain new municipal bond orders by failing to mention those orders were for its own dealer account.
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March 24, 2025
'Enough Is Enough': Tornado Cash Users Demand Judgment
Challengers to the Treasury Department's now-dissolved sanctions of crypto mixer Tornado Cash on Monday urged a Texas federal judge to make clear that the designation was unlawful despite the government's claims that the case is moot now that it has removed Tornado Cash from its blocked persons list.
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March 24, 2025
Bread Financial Gets Investor's Spinoff Suit Tossed For Good
Bread Financial Holdings Inc. and some of its executives have beaten a shareholder suit alleging that they tried to defraud investors by concealing issues with now-bankrupt spinoff company Loyalty Ventures, with a court ruling that the defendants had made necessary disclosures to investors.
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March 24, 2025
Kenvue, J&J Must Face Investor Suit Over FDA Concerns
Consumer health products business Kenvue Inc. and former parent company Johnson & Johnson cannot escape a consolidated lawsuit accusing the companies of failing to warn investors about the potential ineffectiveness of leading products like Tylenol and Sudafed ahead of Kenvue's initial public offering, a New Jersey federal judge ruled on Monday.
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March 24, 2025
Skadden, Latham Lead Crypto Platform EToro's IPO Filing
Crypto-friendly trading platform eToro Group Ltd. on Monday publicly filed its long-awaited plans for an initial public offering, represented by Skadden Arps Slate Meagher & Flom LLP and underwriters' counsel Latham & Watkins LLP.
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March 24, 2025
Chancery Won't Restart Disputed Bitcoin ATMs For Now
Delaware's Court of Chancery refused on Monday to order reactivation of dozens of bitcoin cryptocurrency ATM kiosks shut down by an Iowa grocery chain after that state's attorney general sued Bitcoin Depot and a similar operation for alleged scamming of users.
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March 24, 2025
SEC, FINRA Enforcement Heads Say Crypto Still A Focus
Heads of enforcement at the U.S. Securities and Exchange Commission and the Financial Industry Regulatory Authority indicated Monday the agencies are keeping their eyes on cryptocurrency, even as the former has backed off of various cases and investigations involving crypto.
Expert Analysis
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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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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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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.
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2024 Election Results May Prove Fortuitous For Family Offices
Thanks to the decisive Republican victories in the 2024 elections, family offices have a unique opportunity for accelerated growth and influence, particularly through the benefits afforded by patient capital, says Edward Taibi at Olshan Frome.
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10 Noteworthy CFPB Developments From 2024
In a banner year for consumer finance regulation, the Consumer Financial Protection Bureau made significant strides in its efforts to rein in Big Tech and nonbank financial firms, including via rules regarding open banking, credit card late fees, and buy now, pay later products, say attorneys at Wiley.
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Series
Fixing Up Cars Makes Me A Better Lawyer
From problem-solving to patience and adaptability to organization, the skills developed working under the hood of a car directly translate to being a more effective lawyer, says Christopher Mdeway at Kaufman Dolowich.
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2024 Has Been A Momentous Year For ESG
Significant developments in the environmental, social and governance landscape this year include new legislation, evolving global frameworks, continued litigation and enforcement actions, and a U.S. Supreme Court decision that has already affected how lower courts have viewed some ESG challenges, say attorneys at Katten.
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Making The Pitch To Grow Your Company's Legal Team
In a compressed economy, convincing the C-suite to invest in additional legal talent can be a herculean task, but a convincing pitch — supported by metrics and cost analyses — may help in-house counsel justify the growth of their team, say Elizabeth Smith and Roger Garceau at Major Lindsey.
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The Story Of 2024's Biggest Bank Regs, And Their Fate In 2025
U.S. federal bank regulators were very active in 2024 with initiatives ranging from antitrust and capital to proposals regarding controlling shareholders and incentive-based compensation, but many regulations face an uncertain future under the new administration, say attorneys at Latham.
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Musk Pay Fight Shows Investor Approval Isn't Universal Cure
The Delaware Court of Chancery's recent denial of a motion revising its prior rescission of Elon Musk's nearly $56 billion compensation package is a reminder of the heightened standard corporate boards must meet in conflicted controller transactions and that stockholder approval doesn't automatically cure fiduciary wrongdoing, say attorneys at A&O Shearman.
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Opinion
Justices Rightly Corrected Course In Nvidia And Facebook
By dismissing both the Nvidia and Facebook class actions, over investors' ability to hold corporations accountable for fraud, the U.S. Supreme Court was right in refusing to favor corporations over transparency, and reaffirmed its commitment to corporate accountability, investor protection and the rule of law, says Laura Posner at Cohen Milstein.
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Gov't Scrutiny Of Workplace Chat Apps Set To Keep Growing
The incoming Trump administration and Republican majorities in Congress are poised to open numerous investigations that include increasing demands for entities to produce communications from workplace chat apps, so companies must evaluate their usage and retention policies, say attorneys at Orrick.