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Securities
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September 18, 2024
Loper Bright Undercuts SEC Climate Rule, Fracking Cos. Say
Two fracking companies suing the U.S. Securities and Exchange Commission over its climate disclosure rules have again urged the Eighth Circuit to vacate the measures, offering a diverging interpretation of how the U.S. Supreme Court's decision axing Chevron deference should apply.
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September 18, 2024
SEC Files Its 1st Suits Over 'Pig Butchering' Crypto Scams
The U.S. Securities and Exchange Commission has filed two first-of-their-kind suits against a series of entities and individuals behind a pair of so-called pig butchering schemes that allegedly solicited investments in fake crypto platforms by gaining people's trust over social media only to scam them out of nearly $3 million.
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September 18, 2024
$24.5M Fee Sought In Del. For $125M Discovery Suit Deal
Class attorneys who secured a proposed $125 million settlement in a Delaware Court of Chancery suit filed by former Discovery Inc. stockholders challenging the company's $43 billion merger with AT&T in April 2022 proposed a $24.5 million fee for their efforts Wednesday.
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September 18, 2024
Fed's Powell Sees Final Basel Rule Less Than 1 Year Away
Federal Reserve Chair Jerome Powell said Wednesday that a revamped version of the Basel III endgame capital rules for big banks could be finalized before next summer, adding that the federal banking agencies will be "moving together" as the controversial rulemaking project enters its next phase.
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September 18, 2024
SEC Settles Latest Covington Info Theft Case For $33K
A New Jersey man will pay a $33,000 civil penalty to the U.S. Securities and Exchange Commission for insider trading on confidential merger tips that his cousin stole from a Covington & Burling LLP lawyer, according to a settlement filed in New York federal court on Wednesday.
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September 18, 2024
Meta Ditches Investor Suit Over Apple Ad Changes For Good
A California federal judge on Tuesday tossed an investor suit against Meta alleging the tech giant hid the financial impact of Apple's privacy changes on its business, finding the suit's allegations weren't detailed enough to avoid dismissal.
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September 18, 2024
Telecom Co. PLDT Gets Final OK For $3M Investor Settlement
A California federal judge has given final approval to a $3 million deal settling investor allegations that Philippine telecommunications company PLDT Inc. hid an $866 million budget overrun, giving class counsel a $750,000 cut of the deal.
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September 18, 2024
SEC's Equity Trading Reforms Allow Half-Penny Stock Pricing
The U.S. Securities and Exchange Commission on Wednesday unanimously agreed to allow exchanges to quote stock prices in half-penny increments, part of a wider overhaul purportedly aimed at improving transparency and lowering trading costs.
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September 18, 2024
Texas Criminal Court Pauses Paxton Prosecutor Fee Ruling
The Texas Court of Criminal Appeals on Tuesday agreed to pause a lower court ruling that would allow Collin County to pay a lower amount to the special prosecutors appointed to oversee the securities fraud case against Texas Attorney General Ken Paxton, putting the county's victory on ice while it considers the dispute.
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September 18, 2024
Norton Rose Adds Family Office Ace From Sidley In Dallas
Norton Rose Fulbright has expanded its Dallas shop with the addition of a former Sidley Austin LLP attorney to its corporate, mergers and acquisitions, and securities practice who boasts substantial expertise in the family office industry.
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September 18, 2024
Biotech Co. Escapes Stock-Drop Suit Over COVID-19 Drug
A Massachusetts biotech company won dismissal Wednesday from a proposed class action by investors who say their shares tanked in value after it allegedly came to light that executives had falsely touted an unproven prospective COVID-19 medicine.
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September 18, 2024
GameStop CEO Pays $1M For Failure To Flag Bank Stock Buy
GameStop CEO Ryan Cohen has agreed to pay nearly $1 million to settle U.S. Department of Justice claims that the Canadian entrepreneur violated the Hart-Scott-Rodino Act when he bought more than $20 million worth of Wells Fargo shares in 2018.
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September 18, 2024
Silvergate Bank Parent Co. Files Ch. 11, Plans Liquidation
The parent company of shuttered cryptocurrency-focused bank Silvergate filed for Chapter 11 protection in Delaware on Tuesday with plans to wind down and liquidate its remaining assets.
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September 17, 2024
Conn. Adviser Gets 21 Mos. For $2.7M Cherry-Picking Scheme
An investment advisor was sentenced Tuesday to 21 months in prison for bilking clients out of $2.7 million through a "cherry-picking" securities scheme, Connecticut's top federal prosecutor said.
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September 17, 2024
Chancery Sides With Truth Social Backer In SPAC Deal Payout
A Delaware Chancery judge sided Tuesday with the investment sponsor of the entity that took former President Donald Trump's Truth Social media company public, on claims it was shortchanged in the deal, ordering a larger share of the stock be handed over from the transaction.
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September 17, 2024
FDIC, OCC Cement New Bank-Merger Policy Guidelines
Federal banking regulators on Tuesday approved plans to tighten their oversight of bank mergers, scoping out heightened scrutiny for deals that result in banks with $100 billion in assets among other things.
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September 17, 2024
Police Pension Fund Says Store Chain Inflated Stock Price
Discount retailer Five Below is facing securities class claims in Pennsylvania federal court from a Florida police officers' pension fund, which says the company falsely attributed poor financial performance to inventory shrinkage while concealing deeper operational issues, causing substantial investor losses.
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September 17, 2024
FDIC Proposes Rule On Bank-Fintech Partnership Risks
The Federal Deposit Insurance Corp.'s rulemaking board on Tuesday proposed new recordkeeping rules aimed at both shoring up consumer protections as more fintech firms enter the banking space, and preventing a repeat of account freezes that have occurred after fintech service provider Synapse entered into bankruptcy earlier this year.
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September 17, 2024
Brooklyn Feds Unveil Whistleblower Nonprosecution Plan
The Brooklyn U.S. Attorney's Office on Tuesday announced an initiative to reward corporate whistleblowers with nonprosecution deals amid a broader effort by federal prosecutors to encourage voluntary disclosure of criminal activity.
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September 17, 2024
GC Base Salaries At Big Companies On The Rise
General counsel base salaries at companies making $5 billion or more in revenue has increased from last year, while their total compensation has decreased, according to a report released Tuesday by the Association of Corporate Counsel and Empsight International LLC.
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September 17, 2024
SEC Fines 12 Muni Advisers $1.3M In Texting Probe Actions
The U.S. Securities and Exchange Commission on Tuesday fined 12 municipal advisory firms a combined $1.3 million over their failure to keep records of employees' use of text messages and other so-called off-channel communication methods to conduct business.
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September 17, 2024
Euronext Buys UK Stock Market Research, Data Software Biz
Euronext NV said Tuesday that it has bought Substantive Research Ltd., a British provider of investment research and market data, as the stock exchange aims to bolster its analysis service for investors.
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September 17, 2024
Top UK Banks Push Payments Infrastructure Reform Plan
The trade body for financial institutions urged U.K. regulators and companies on Tuesday to engage with a new infrastructure for digital payments that is backed by major banks and card providers.
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September 16, 2024
Ex-MoviePass CEO Admits $9.95 Plan Too Good To Be True
Former MoviePass CEO J. Mitchell Lowe pleaded guilty in Florida federal court on Monday to conspiracy to commit securities fraud, admitting that he and another executive hyped the illusion that their $9.95-a-month unlimited movie watching plan would be profitable while knowing it was merely a gimmick to defraud investors.
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September 16, 2024
CEO's AI Fraud Detection Tool Contract Was Fraud, Feds Say
A former technology company CEO has pled guilty to a charge that he cooked his company's books and raised tens of millions of dollars from investors off phony claims that an artificial intelligence program his firm developed was being used to spot digital ad fraud, the Manhattan U.S. Attorney's Office said Monday.
Expert Analysis
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Series
After Chevron: Creating New Hurdles For ESG Rulemaking
The U.S. Supreme Court's Loper Bright decision, limiting court deference to agencies' statutory interpretations, could have significant impacts on the future of ESG regulation, creating new hurdles for agency rulemaking around these emerging issues, and calling into question current administrative actions, says Leah Malone at Simpson Thacher.
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Opinion
States Should Loosen Law Firm Ownership Restrictions
Despite growing buzz, normalized nonlawyer ownership of law firms is a distant prospect, so the legal community should focus first on liberalizing state restrictions on attorney and firm purchases of practices, which would bolster succession planning and improve access to justice, says Michael Di Gennaro at The Law Practice Exchange.
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Navigating The Extent Of SEC Cybersecurity Breach Authority
The U.S. Securities and Exchange Commission's broad reading of its authority under Section 13(b)(2)(B) of the Securities Exchange Act in the R.R. Donnelley and SolarWinds actions has ramifications for companies dealing with cybersecurity breaches, but it remains to be seen whether the commission's use of the provision will withstand judicial scrutiny, say attorneys at Sullivan & Cromwell.
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Best Text Practices In Light Of Terraform's $4.5B Fraud Deal
Text messages were extremely important in a recent civil trial against Terraform Labs, leading to a $4.5 billion settlement, so litigants in securities fraud cases need to have robust mobile data policies that address the content and retention of messages, and the obligations of employees to allow for collection, say Josh Sohn and Alicia Clausen at Crowell & Moring.
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Series
Solving Puzzles Makes Me A Better Lawyer
Tackling daily puzzles — like Wordle, KenKen and Connections — has bolstered my intellectual property litigation practice by helping me to exercise different mental skills, acknowledge minor but important details, and build and reinforce good habits, says Roy Wepner at Kaplan Breyer.
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Dapper Settlement Offers Rules Of The Road For NFT Issuers
The terms of a $4 million settlement in a class action alleging that Dapper Labs sold its NBA Top Shot Moments as unregistered securities may be a model for third parties that wish to avoid securities liability in connection with offering digital asset non-fungible token collectibles, say attorneys at K&L Gates.
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Texas Ethics Opinion Flags Hazards Of Unauthorized Practice
The Texas Professional Ethics Committee's recently issued proposed opinion finding that in-house counsel providing legal services to the company's clients constitutes the unauthorized practice of law is a valuable clarification given that a UPL violation — a misdemeanor in most states — carries high stakes, say Hilary Gerzhoy and Julienne Pasichow at HWG.
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Navigating The New Rise Of Greenwashing Litigation
As greenwashing lawsuits continue to gain momentum with a shift in focus to carbon-neutrality claims, businesses must exercise caution and ensure transparency in their environmental marketing practices, taking cues from recent legal challenges in the airline industry, say attorneys at Baker McKenzie.
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In Memoriam: The Modern Administrative State
On June 28, the modern administrative state, where courts deferred to agency interpretations of ambiguous statutes, died when the U.S. Supreme Court overruled its previous decision in Chevron v. Natural Resources Defense Council — but it is survived by many cases decided under the Chevron framework, say Joseph Schaeffer and Jessica Deyoe at Babst Calland.
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How High Court Approached Time Limit On Reg Challenges
The U.S. Supreme Court's decision in Corner Post v. Federal Reserve Board effectively gives new entities their own personal statute of limitations to challenge rules and regulations, and Justice Brett Kavanaugh's concurrence may portend the court's view that those entities do not need to be directly regulated, say attorneys at Snell & Wilmer.
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First-Of-Its-Kind Chancery Ruling Will Aid SPAC Defendants
The Delaware Chancery Court's first full dismissal of claims challenging a special purpose acquisition company transaction under the entire fairness doctrine in the recent Hennessy Capital Acquisition Stockholder Litigation establishes useful precedent to abate the flood of SPAC litigation, say Lisa Bugni and Benjamin Lee at King & Spalding.
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How To Clean Up Your Generative AI-Produced Legal Drafts
As law firms increasingly rely on generative artificial intelligence tools to produce legal text, attorneys should be on guard for the overuse of cohesive devices in initial drafts, and consider a few editing pointers to clean up AI’s repetitive and choppy outputs, says Ivy Grey at WordRake.
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Supreme Court's ALJ Ruling Carries Implications Beyond SEC
In its recent Jarkesy opinion, the U.S. Supreme Court limited the types of cases that can be tried before the U.S. Securities and Exchange Commission's in-house administrative law judges, setting the stage for challenges to the constitutionality of ALJs across other agencies, say Robert Robertson and Kimberley Church at Dechert.
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Series
Boxing Makes Me A Better Lawyer
Boxing has influenced my legal work by enabling me to confidently hone the skills I've learned from the sport, like the ability to remain calm under pressure, evaluate an opponent's weaknesses and recognize when to seize an important opportunity, says Kirsten Soto at Clyde & Co.
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Series
After Chevron: No Deference, No Difference For SEC Or CFTC
The Chevron doctrine did not fundamentally alter the interplay between the courts and the U.S. Securities and Exchange Commission and the U.S. Commodity Futures Trading Commission in the development of the securities and commodities laws — and its demise will not do so either, says Dan Berkovitz at Millennium Management.