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Securities
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February 14, 2025
Trump Aims To End Limits On President's Power To Fire
President Donald Trump has his sights set on taking down a 90-year-old U.S. Supreme Court ruling that protects certain government officials from being fired, a U.S. Department of Justice letter confirms, and he plans to leverage his prior legal victories to deliver the precedent's death knell and expand presidential power.
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February 14, 2025
New Delisting Rules Shorten Leash For Distressed Companies
Distressed companies should take heed of new stock exchange rules that are likely to accelerate delistings for stocks that trade below minimum requirements, particularly targeting businesses that rely on reverse stock splits to inflate their share prices, attorneys say.
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February 14, 2025
Some Discovery On Hold In Abbott Infant Formula Case
An Illinois federal judge granted in part a request by Abbott Laboratories to pause a shareholder derivative suit over how it managed the 2022 infant formula crisis, allowing written discovery to go on while staying depositions until May.
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February 14, 2025
SEC Can't Nix Black Female Branch Chief's Race Bias Claim
The U.S. Securities and Exchange Commission must face discrimination and retaliation claims by a Black female supervisor who alleged she was removed from her position after filing workplace complaints, after a D.C. federal judge on Thursday ruled the plaintiff identified other similarly situated managers who remained in their jobs despite documented misconduct.
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February 14, 2025
'New Facts' Improper In Penny Stock Action, 2nd Circ. Told
A Connecticut federal judge violated controlling case law and the constitutional rights of a penny stock CEO when imposing a judgment in a U.S. Securities & Exchange Commission enforcement action, defense counsel told the Second Circuit, arguing that the SEC admitted post-trial that it could not find any victims of the allegedly false public statements at issue.
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February 14, 2025
Fla. Crypto Operator Gets 2 Years In Prison For Wire Fraud
A Florida federal judge sentenced a U.S. Air Force veteran and software developer to more than two years in prison on a wire fraud charge for soliciting more than $1 million from investors to pay for a cryptocurrency offering but using the funds to fuel a gambling addiction.
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February 14, 2025
1st Circ. Chides SEC, Judge In Atty Stock Scheme Case
A split First Circuit has found that the U.S. Securities and Exchange Commission was trying to hedge its bets before it asked the panel to reverse a partial dismissal of an enforcement action against a former Connecticut attorney that the agency had itself requested, but also that a Massachusetts district judge had made a series of errors that warrant kicking the SEC's cases back to the lower court.
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February 14, 2025
Financial Services Atty Leaves MoFo For White & Case In NY
White & Case LLP announced it has expanded its global debt finance practice, financial services regulatory practice and global financial institutions industry group with a former Morrison Foerster LLP partner.
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February 14, 2025
Judge Leaves Curbs On DOGE Treasury Access After Hearing
A Manhattan federal judge left in place temporary curbs on sweeping powers handed by President Donald Trump to Elon Musk's government-slashing U.S. DOGE Service Temporary Organization, after 19 states challenged the organization's access to U.S. Treasury payment systems.
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February 13, 2025
More CFPB Employees Axed As Union Presses For Injunction
The Trump administration moved late Thursday to slash more of the Consumer Financial Protection Bureau's workforce, initiating another round of layoffs shortly after lawyers for the agency's union petitioned a D.C. federal court for an emergency injunction to prevent it.
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February 13, 2025
Wells Fargo Followed Seminoles' Orders For Trust, Jury Hears
Wells Fargo told a Florida state jury Thursday its stewardship of a major trust for the Seminole tribe was sound, saying that the tribe asked for and received a "keep-it-safe trust" and there was no missing $800 million.
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February 13, 2025
9th Circ. Panel Doubts SEC's 'Gag Rule' Violates Free Speech
A Ninth Circuit panel on Thursday appeared to doubt a First Amendment challenge to the U.S. Securities and Exchange Commission's "gag rule" that settling parties cannot deny allegations against them, as each judge noted that the agreements are voluntary.
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February 13, 2025
SEC Nets $38M In Judgments Over Cannabis Fraud Claims
A purported marijuana cultivation company and associated entities are on the hook for judgments worth nearly $38 million to settle U.S. Securities and Exchange Commission claims over an alleged Ponzi-like scheme soliciting would-be investors in "nonexistent" grow facilities.
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February 13, 2025
Del. Lawmakers Told Admin Response To Biz Unrest Looms
Delaware's new secretary of state told lawmakers Thursday that news is imminent regarding the state's responses to reports that companies are considering moving their charters following purportedly negative rulings in high-profile corporate lawsuits.
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February 13, 2025
Fake Hedge Funder Pleads Out To $5M AI Trading Scam
The head of Tadrus Capital on Thursday admitted lying to investors who collectively spent more than $5 million investing in his supposedly artificial intelligence-powered hedge fund, which he claimed would pay out guaranteed double-digit returns.
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February 13, 2025
Tesla, Objector Appeal $730M Chancery Board Pay Deal
Tesla Inc. and a stockholder objector have appealed a Delaware Court of Chancery approval of the return of more than $730 million in director stock, option and grant awards to the company that would resolve a suit accusing the electric-car maker's board of raking in "outrageous" compensation packages that cost the company hundreds of millions of dollars.
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February 13, 2025
Arrow Financial Investors Get Final OK For $850K Deal
Investors suing multibank holding company Arrow Financial Corp. received final approval from a New York federal judge Thursday for an $850,000 deal settling claims the company concealed defective internal controls that led to missed financial filings.
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February 13, 2025
Judge In SEC Case Asks If Fugitive Trader Really Died
A Connecticut federal judge on Thursday directed the receiver managing the distribution of clawed-back funds diverted in a fraud by fugitive trader Iftikar Ahmed to look into claims that Ahmed has died and report to the court on their veracity.
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February 13, 2025
Chancery OKs Appraisal Suit Fix For Sears Damage Ruling
A Sears Hometown Stores investor that saw its Delaware Court of Chancery share appraisal suit tanked by the company's bankruptcy in 2019 won a $4.06 per share payout ruling Thursday in a Court of Chancery decision focused on fair price and full and incremental damage claims.
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February 13, 2025
SafeMoon CEO's Trial Not Delayed By Crypto Policy Shifts
A Brooklyn federal judge has declined to delay the late March start to a trial for the CEO of bankrupt cryptocurrency asset company SafeMoon LLC despite the executive's arguments that recent crypto policy shifts could cut the securities fraud charge from the counts against him.
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February 13, 2025
Origin Investors Fixed 'Fatally Vague' Fraud Claim, Judge Says
A California federal judge has ruled that investors' fraud claims against sustainable materials-maker Origin Materials and its co-CEO can move forward, saying the plaintiffs have provided additional details from a confidential witness the judge previously found to be "fatally vague."
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February 13, 2025
Merck Investor Sues Over Gardasil China Market Projections
Pharmaceutical giant Merck & Co. Inc. has been hit with a proposed shareholder class action alleging it overstated global demand for its human papillomavirus vaccine Gardasil, damaging investors when it revealed earlier this month it would not meet its revenue projections for the vaccine and paused shipments to China.
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February 13, 2025
Willkie Expands Litigation Bench With Mayer Brown Trio
Willkie Farr & Gallagher LLP has brought on three former Mayer Brown LLP partners in California and Washington, D.C., including two former federal prosecutors, and named one of the new partners as chair of its Foreign Corrupt Practices Act group, the firm announced Thursday.
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February 13, 2025
Greenberg Traurig Adds Skadden Litigator In Delaware
Greenberg Traurig LLP announced Thursday that it has hired a corporate and commercial litigator for its Delaware office who formerly worked at Skadden Arps Slate Meagher & Flom LLP.
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February 13, 2025
GOP Rep. Moves To Nix SEC's Enhanced Fund Disclosures
A Republican congressman has introduced a resolution that would repeal a recently adopted U.S. Securities and Exchange Commission regulation requiring more detailed and frequent disclosures from mutual funds.
Expert Analysis
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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.
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Series
Circus Arts Make Me A Better Lawyer
Performing circus arts has strengthened my ability to be more thoughtful, confident and grounded, all of which has enhanced my legal practice and allowed me to serve clients in a more meaningful way, says Bailey McGowan at Stinson.
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How D&O Coverage Can Aid Against Increased AI Scrutiny
The recent increase in regulatory enforcement and securities class actions stemming from corporate use of artificial intelligence should prompt companies to ensure that their directors and officers liability insurance coverage is appropriately tailored to AI-related risks, say attorneys at Reed Smith.
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Crypto Cos. Add New Play In Their Offense Against SEC
Consensys and Crypto.com have adopted a novel strategy of preempting U.S. Securities and Exchange Commission enforcement actions by moving to crypto-friendly Texas and filing declaratory lawsuits challenging the SEC's jurisdiction to regulate crypto-assets — an aggressive approach that may pay off, say attorneys at Herrick Feinstein.
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3 Ways To Train Junior Lawyers In 30 Minutes Or Less
Today’s junior lawyers are experiencing a skills gap due to pandemic-era disruptions, but firms can help bring them up to speed by offering high-impact skill building content in bite-sized, interactive training sessions, say Stacey Schwartz at Katten, Diane Costigan at Winston & Strawn and Lauren Tierney at Freshfields.
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How To Safely Leverage AI In The Digital Assets Industry
Digital asset businesses that use or plan to implement artificial intelligence should assess their risk management frameworks to ensure that AI-related business areas, including customer support and fraud detection, are in compliance with applicable laws and regulatory guidance from the last year, say attorneys at Winston & Strawn.
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$3B TD Bank AML Settlement Is A Wake-Up Call For All Banks
TD Bank’s historic settlement over anti-money laundering violations, resulting in over $3 billion in penalties, reminds banks of all shapes and sizes why they need to take financial crime compliance seriously, and highlights three areas that may be especially vulnerable to enforcement, says Jack Harrington at Bradley Arant.
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What Trump Presidency May Mean For Climate Reporting
While the Trump administration will likely take a hands-off approach to climate-related disclosures and rescind regulations promulgated under the Biden administration, state and international ESG laws mean the private sector may not reverse course on such disclosures, say attorneys at Seyfarth.