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Securities
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June 26, 2024
Gun Co. Co-Owner Tells Del. Justices That Partner 'Lied'
A joint owner of a gun manufacturing business who accused his partner of duping him out of his 50% stake told Delaware's Supreme Court on Wednesday that the partner — who won the case — had repeatedly "lied" during Chancery Court litigation, so the trial court's decision should be overturned.
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June 26, 2024
Big Banks Cleared Fed's Stress Tests, Despite 'Higher Losses'
The Federal Reserve said Wednesday that the nation's big banks have enough capital on hand to ride out a simulated recession, giving them passing marks in the latest round of stress tests as regulators debate tougher rules that could raise capital requirements further.
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June 26, 2024
Olo Moots Investor's Chancery Suit By Axing Free Takeover
Directors of New York-based online food-ordering venture Olo have mooted a proposed class challenge to a company stock buyback program by effectively barring moves that would give the company's top investor majority control of the business, Delaware's chancellor ruled on Monday.
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June 26, 2024
Investor Appeals Chancery Toss Of $2.4B SPAC Deal Suit
A stockholder of the blank-check company that took electric vehicle company Canoo Holdings Ltd. public in March 2021 has appealed to the Delaware Supreme Court the dismissal of his proposed Delaware Court of Chancery class action challenging the $2.4 billion deal.
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June 26, 2024
House GOP Gears Up For The End Of Chevron Deference
A new memo outlines how House Republicans are gearing up for the U.S. Supreme Court to potentially overturn the decades-old precedent that courts defer to agencies' interpretations of ambiguous statutes, as an opportunity to roll back the Biden administration's policies and reclaim Congress' power.
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June 26, 2024
Akerman Adds Foley Hoag Corporate Atty In DC
Akerman hired a competition counsel from Foley Hoag LLP in Washington who spent the past four and half years representing clients in a range of antitrust matters.
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June 26, 2024
UK Man Avoids Jail In $13M Whiskey, Wine Investment Scam
A London native was sentenced to three years of probation by an Ohio federal judge after pleading guilty to cold-calling elderly people and falsely promising large returns for investing in wine and whiskey.
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June 26, 2024
Archegos Duo Won't Testify In $36B Market Distortion Trial
The founder of Archegos and its former chief financial officer will not take the stand in their trial on charges they orchestrated a massive campaign to manipulate Wall Street stock prices, the pair told a Manhattan federal judge Wednesday.
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June 26, 2024
Crypto ATM Co. Coinme Taps MoneyGram Atty As Legal Head
Crypto exchange and kiosk operator Coinme has brought on the former general counsel at payments firm MoneyGram to head its legal and compliance departments, the firm said on Wednesday.
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June 25, 2024
Warhol, Monet Artwork Forfeited To US In 1MDB Clawback
Andy Warhol and Claude Monet paintings are among the items that will be forfeited to the United States as part of a deal resolving the government's civil complaints looking to recover assets allegedly related to money laundering by a Malaysian state-owned investment fund, according to a consent judgment entered Monday.
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June 25, 2024
Archer Aviation SPAC Deal Blasted As 'Sham' In Chancery Suit
Investors in a blank check company that took vertical takeoff-and-landing aircraft startup Archer Aviation Inc. public in 2021 have accused the venture, controlled by interests of billionaire Ken Moelis, of deceptively hyping its progress and prospects, according to a new Delaware Court of Chancery complaint.
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June 25, 2024
Coffee Chain Dutch Bros Beats Investor Suit For Good
A New York federal judge has dismissed with prejudice a suit alleging drive-through coffee chain Dutch Bros and two of its executives weren't honest with investors about the impact inflation was having on the company after its 2021 initial public offering, saying the shareholders have failed to plead any actionable misstatements or omissions.
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June 25, 2024
Adviser, Firm Owe SEC $425K For Mishandling Crypto Assets
A Florida federal judge on Tuesday approved approximately $425,000 in settlements in a suit by the U.S. Securities and Exchange Commission against an investment adviser and its owner, alleging they hid investment strategies and lost control of the firm's recordkeeping, preventing them from accessing crypto assets possibly worth $10 million.
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June 25, 2024
SEC Accuses Ex-CEOs Of Duping Market In $138M Offering
The U.S. Securities and Exchange Commission on Tuesday reached a $1 million deal with a company allegedly involved in a market manipulation scheme and also brought claims against the two former CEOs who allegedly led the scheme, which fraudulently raised $137.5 million from investors, according to the regulator.
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June 25, 2024
Cummins Brass Face Investor Suit For $2B Clean Air Act Deal
Executives and directors of engine manufacturer Cummins Inc. have been hit with a shareholder derivative suit accusing them of concealing the company's use of unlawful emissions control devices in certain engines, which eventually resulted in a record $1.68 billion fine against the company and more than $326 million in related payments.
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June 25, 2024
GOP Lawmakers Urge 8th Circ. To Quash SEC's Climate Rule
A group of 35 Republican lawmakers on Tuesday moved to weigh in on the consolidated challenge to the U.S. Securities and Exchange Commission's recently adopted climate disclosure rule, arguing that the Eighth Circuit should vacate the measure due to a lack of clear congressional authorization.
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June 25, 2024
Sarissa Capital, Founder Settle Bioverativ Suit In Del. For $40M
Remaining parties in a Delaware Court of Chancery class action over the $11.6 billion sale of biotech venture Bioverativ Inc. to Sanofi Inc. in 2018 have agreed to settle their outstanding claims for $40 million in cash, according to a stipulation filed with the court Tuesday.
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June 25, 2024
FTX Gets OK To Seek Creditor Votes On Ch. 11 Plan
Bankrupt cryptocurrency exchange FTX Trading Ltd. can seek creditor votes for its Chapter 11 plan after a Delaware bankruptcy judge said he would approve the debtor's disclosures after overruling several objections.
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June 25, 2024
Broker's Lax ACH Monitoring Led To $330K Theft, FINRA Says
A broker-dealer that was once a unit of Oregon-headquartered Umpqua Bank has agreed to pay $225,000 to the Financial Industry Regulatory Authority after self-reporting supervisory oversights that enabled unauthorized parties to siphon over $330,000 out of a customer's account.
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June 25, 2024
Chancery Tentatively OKs $15.5M Lordstown SPAC Suit Deal
A $15.5 million class settlement for a stockholder suit that challenged the special-purpose acquisition company deal that took Lordstown Motors Inc. public won tentative Delaware Court of Chancery approval Tuesday, conditioned on confirmation of one expense claim.
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June 25, 2024
Rocket Co. Shareholders Sue For Info On Take-Private Deal
Two Astra Space Inc. shareholders sued the satellite launch company seeking records concerning a take-private deal that has valued company stock at a discount, voicing suspicions that the merger was approved to squeeze out minority shareholders.
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June 25, 2024
Hedge Fund Exec Avoids Prison After Forex-Rigging Trial
The founder of U.K.-based Glen Point Capital on Tuesday was spared prison time following his conviction at trial for unlawfully manipulating the foreign exchange market in order to secure a $20 million payout for the hedge fund.
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June 25, 2024
Firm Accused Of Raising $12M On Fake Investment Claims
The U.S. Securities and Exchange Commission has sued an investment firm and its adviser over allegations they fraudulently raised $12.5 million from investors while claiming it had ties to an art investing platform and had a major accounting firm as its auditor.
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June 25, 2024
Fintech Exec Gets 3 Yrs In Crypto Market Manipulation Plot
The former head of financial engineering at fintech company Hydrogen Technology Corp. was sentenced Tuesday to nearly three years in prison for conspiring to manipulate the market for Hydrogen's digital assets.
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June 25, 2024
Chancery OKs $71M Premier Deal, $14M Four-Firm Fee
Shareholder attorneys led by Friedlander & Gorris who negotiated a $71 million settlement to end derivative Delaware Chancery Court litigation with healthcare-purchasing giant Premier Inc. will get $14 million for their efforts, the total fee award they sought.
Expert Analysis
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What Fed's Credit-Linked Note FAQ Means For Capital Relief
U.S. banks that seek to mitigate their loss of liquidity under the Basel III capital requirements by issuing direct credit-linked notes should turn to recent Federal Reserve FAQs for insight into how this new use of synthetic securitizations may reshape risk and regulation in the U.S. market, says Cris Cicala at Stinson.
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Wildfire Challenges For Utility Investors: Regs And Financing
For investors in public utilities, wildfire liability considerations include not only regulatory complexities, but also bankruptcy claims resolution, financing judgments and settlements, and how to leverage organizational structures to maximize investment protections, say David Botter and Lisa Schweitzer at Cleary.
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Del. Dispatch: How Moelis Upends Stockholder Agreements
The Delaware Court of Chancery's Moelis decision last month upended the standard corporate practice of providing governance rights in stockholder agreements and adds to a recent line of surprising decisions holding that long-standing, common market practices violate Delaware law, say attorneys at Fried Frank.
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Litigation Inspiration: A Source Of Untapped Fulfillment
As increasing numbers of attorneys struggle with stress and mental health issues, business litigators can find protection against burnout by remembering their important role in society — because fulfillment in one’s work isn’t just reserved for public interest lawyers, say Bennett Rawicki and Peter Bigelow at Hilgers Graben.
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Wildfire Challenges For Utility Investors: Liability Theories
The greater frequency and scale of wildfires in the last several years have created operational and fiscal challenges for electric utility companies, including new theories of liability and unique operational and risk management considerations — all of which must be carefully considered by utility investors, say David Botter and Lisa Schweitzer at Cleary.
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Under The Hood Of The SEC Securitization Conflict Rule
Elanit Snow and Julia Vitter of Proskauer consider the U.S. Securities and Exchange Commission's recently finalized rule that prohibits conflicts of interest in certain securitization transactions, uncovering what the new regulation does and doesn’t entail, why it was adopted, and how commenters' remarks affected the process.
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Series
Skiing Makes Me A Better Lawyer
A lifetime of skiing has helped me develop important professional skills, and taught me that embracing challenges with a spirit of adventure can allow lawyers to push boundaries, expand their capabilities and ultimately excel in their careers, says Andrea Przybysz at Tucker Ellis.
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Can A DAO Be Sued? SDNY Case May Hold The Answer
A case pending in the Southern District of New York will examine whether decentralized crypto co-op MakerDAO is a partnership with the capacity to be sued in federal court, and the decision could shape how legal frameworks will adapt to accommodate blockchain technologies moving forward, say attorneys at Haynes Boone.
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Tips For Counsel Seeking Balance In The ESG Political Divide
Corporate counsel tasked with navigating environmental, social and governance factors in the current polarized political environment should not lose sight of best practices, including sticking to what the law requires and always telling the truth, say Jennifer Rubin at Mintz and Mike Rider at ResMed.
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Practical Steps For Navigating New Sanctions On Russia
After the latest round of U.S. sanctions against Russia – the largest to date since the Ukraine war began – companies will need to continue to strengthen due diligence and compliance measures to navigate the related complexities, say James Min and Chelsea Ellis at Rimon.
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Opinion
UK Whistleblowers Flock To The US For Good Reason
The U.K. Serious Fraud Office director recently brought renewed attention to the differences between the U.K. and U.S. whistleblower regimes — differences that may make reporting to U.S. agencies a better and safer option for U.K. whistleblowers, and show why U.K. whistleblower laws need to be improved, say Benjamin Calitri and Kate Reeves at Kohn Kohn.
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Think Like A Lawyer: Forget Everything You Know About IRAC
The mode of legal reasoning most students learn in law school, often called “Issue, Rule, Application, Conclusion,” or IRAC, erroneously frames analysis as a separate, discrete step, resulting in disorganized briefs and untold obfuscation — but the fix is pretty simple, says Luke Andrews at Poole Huffman.
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The Corporate Transparency Act Isn't Dead Yet
After an Alabama federal court's ruling last week rendering the Corporate Transparency Act unconstitutional, changes to the law may ultimately be required, but ongoing compliance is still the best course of action for most, says George Singer at Holland & Hart.
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How Advance Notice Bylaws Are Faring In Del. Courts
Recent decisions make it clear that the Delaware Chancery Court is carefully reviewing public companies' amended advance notice bylaws in order to balance the competing interests of boards and shareholders, and will likely strike down bylaws that improperly interfere with stockholder franchises, say attorneys at Olshan Frome.
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Employers, Prep For Shorter Stock Awards Settlement Cycle
Companies that provide equity compensation in the form of publicly traded stock will soon have one less day to complete such transactions under U.S. Securities and Exchange Commission and Nasdaq rules — so employers should implement expedited equity compensation stock settlement and payroll tax deposit procedures now, say attorneys at Morgan Lewis.