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Securities
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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.
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February 12, 2025
Wells Fargo Cheated Seminole Trust Out Of $800M, Jury Hears
Wells Fargo and its predecessor Wachovia cheated minors of the Seminole Tribe of Florida out of $818 million by secretly hiking fees and mismanaging investments in a multibillion-dollar gambling trust, a Florida jury heard Wednesday in opening statements for a multiweek trial in litigation involving more than 2,000 minors.
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February 12, 2025
EthereumMax Buyers Seek Cert. In Celeb Crypto Promos Suit
A group of investors in crypto product EthereumMax have asked a federal judge in California to certify a class action accusing Floyd Mayweather Jr., Kim Kardashian and other celebrities of promoting the token, which allegedly was used in a pump-and-dump scheme.
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February 12, 2025
Crypto CEO Made $425K Disappear, Investor Tearfully Testifies
A former business partner of a Texas man accused of running a $5 million fraud centered on a new "anti-money laundering" cryptocurrency testified tearfully before a California federal jury on Wednesday that her family invested about $425,000 in the defendant's previous cryptocurrency venture and lost every penny.
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February 12, 2025
SEC Rescinds Stricter Gensler-Era Proxy Exclusion Guidance
The U.S. Securities and Exchange Commission on Wednesday rescinded Biden-era guidelines around excluding certain shareholder proposals from proxy statements, reverting the agency's posture to an era that was generally more receptive to companies seeking such exclusions.
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February 12, 2025
Bausch Health Beats Suit Over 'Faking' Financial Stability
Pharmaceutical company Bausch Health Cos. Inc. and its top brass have beaten, for now, a proposed class action accusing them of misleading shareholders about threats to the company's financial stability, with a New Jersey federal judge finding Wednesday that most of the challenged statements in the complaint are inactionable.
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February 12, 2025
Aurion Tells Del. Justices IPO Delayed Amid Investor Battle
Cell therapy venture Aurion Biotech told Delaware's Supreme Court on Wednesday that it has delayed a planned initial public offering now at the center of an appeal from a January Court of Chancery ruling that rejected a top investor's challenge to a reverse stock split.
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February 12, 2025
Crypto Operator Seeks No Prison Time For $1M Fraud Plea
The founder of a cryptocurrency project who copped to wire fraud after gambling with over $1 million from investors wants to avoid a custodial sentence, though prosecutors have asked to see him serve just over two years.
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February 12, 2025
Judge Partially Certifies Credit Suisse XIV Notes Class Action
A New York federal judge has granted class certification to investors alleging that Credit Suisse manipulated the market for its XIV notes, while denying certification for those claiming losses from misrepresentations, finding that the suggested class failed to resolve previous deficiencies in its proposal.
Expert Analysis
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So You Want To Move Your Law Practice To Canada, Eh?
Google searches for how to move to Canada have surged in the wake of the U.S. presidential election, and if you’re an attorney considering a move to the Great White North, you’ll need to understand how the practice of law differs across the border, says David Postel at Henein Hutchison.
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A Look At Similarities Between SOX And SEC's Cyber Rule
Just as the Sarbanes-Oxley Act paved the way for greater transparency and accountability in financial reporting, the SEC's cybersecurity rule is doing much the same for cybersecurity, ensuring that companies are resilient in the face of growing cyber threats, says Padraic O'Reilly at CyberSaint.
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Trump Rollback Of Biden Enviro Policies: What To Expect
Donald Trump's upcoming second presidential term will usher significant shifts in U.S. environmental and natural resource law and policy — and while the Biden administration is racing to secure its legacy, the incoming Trump administration is making plans to dramatically roll back most, if not all, of Biden's environmental initiatives, say attorneys at Beveridge & Diamond.
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Class Actions At The Circuit Courts: November Lessons
In this month's review of class action appeals, Mitchell Engel at Shook Hardy discusses six federal court decisions that touch on Rule 23 of the Federal Rules of Civil Procedure, and when individual inquiries are needed to prove economic loss.
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5 Areas Congress May Investigate After GOP Election Wins
With Republicans poised to take control of Congress in addition to the executive branch next year, private companies can expect an unprecedented uptick in congressional investigations focused on five key areas, including cryptocurrency and healthcare, say attorneys at Cahill Gordon.
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Trump's 2nd Term May Be A Boost To Banking Industry
President-elect Donald Trump's personnel appointments could be instrumental in reshaping the financial regulatory landscape during his second administration, likely allowing for greater merger activity and halting or undoing some of the Biden administration's more restrictive financial services policies, say attorneys at Debevoise.
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Why K-Cup Claims Landed Keurig In Hot Water With SEC
The U.S. Securities and Exchange Commission's recent settlement with Keurig Dr. Pepper for making incomplete statements regarding the recyclability of K-cup pods highlights the importance of comprehensive corporate disclosures, particularly with respect to ESG matters, say attorneys at BCLP.
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Legislation Most Likely To Pass In Lame Duck Session
As Congress begins its five-week post-election lame duck session, attorneys at Greenberg Traurig break down the legislative priorities and which proposals can be expected to pass.
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Predicting Shareholder Activism Trends In New Trump Admin
While President-elect Donald Trump has promised tax policies, deregulation and lax antitrust enforcement — which all fuel shareholder activism — a closer look at his first administration's track record suggests that his second presidency might be a mixed bag for activist investors and companies alike, say attorneys at Sidley.
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What Trump's 2nd Presidency Could Mean For Crypto Sector
Trump's second term will bring a fundamental shift from the Biden administration's approach to crypto-asset regulation and banking supervision, with the most significant changes likely taking effect in the first two quarters of 2025 and broader policy shifts emerging over the next year, say attorneys at Cahill.
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Putting NYDFS AI Cybersecurity Guidance Into Practice
New guidance from the New York Department of Financial Services explains how financial institutions should assess and mitigate cybersecurity risks associated with artificial intelligence, focusing on four main threats and highlighting how varying environments require specific mitigation measures, say attorneys at Saul Ewing.
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Promoting Diversity In The Selection Of ADR Neutrals
Excerpt from Practical Guidance
Choosing neutrals from diverse backgrounds is an important step in promoting inclusion in the legal profession, and it can enhance the legitimacy and public perception of alternative dispute resolution proceedings, say attorneys at Lowenstein Sandler.
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Series
Playing Ultimate Makes Us Better Lawyers
In addition to being fun, ultimate Frisbee has improved our legal careers by emphasizing the importance of professionalism, teamwork, perseverance, enthusiasm and vulnerability, say Arunabha Bhoumik and Adam Bernstein at Regeneron.
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Dissecting New Circuit Split Over SEC's Proxy Adviser Rule
The Sixth Circuit recently upheld the U.S. Securities and Exchange Commission's partial rescission of enhanced conflict-of-interest disclosure requirements for proxy voting advice businesses, creating a circuit split over broader questions concerning the standard for assessing the legality of agency actions in general, say attorneys at Cahill Gordon.
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E-Discovery Quarterly: Recent Rulings On Metadata
Several recent rulings reflect the competing considerations that arise when parties dispute the form of production for electronically stored information, underscoring that counsel must carefully consider how to produce and request reasonably usable data, say attorneys at Sidley.