Securities

  • November 18, 2024

    Operator Of Darknet Crypto Laundering Tool Gets 3 Years

    An Ohio man who had pled guilty to operating a darknet cryptocurrency tool used by drug dealers to launder millions of proceeds from darknet drug markets has been sentenced to three years in prison, the U.S. attorney for the District of Columbia announced.

  • November 18, 2024

    Former GE Exec Guilty Of Faking Docs In $1.1B Power Deal

    A Manhattan federal jury on Monday convicted a former GE Power executive of using forged documents, then taking a $5 million kickback, in what federal prosecutors called a corrupt effort to close a $1.1 billion energy deal in Angola.

  • November 18, 2024

    Ozy Media CEO Turns To 2nd Circ. Over Judge's Investments

    The "atypical" conflict and threat to public confidence in the judiciary created by a New York federal judge's financial investments warrant the Second Circuit stepping in to undo former Ozy Media CEO Carlos Watson's fraud and identity theft convictions sooner rather than later, Watson told the appellate court on Monday.

  • November 15, 2024

    Big Banks Still Need To Beef Up Controls, Fed Report Says

    The Federal Reserve said Friday that even as the banking system has remained "sound and resilient," large banks continue to grapple with governance and controls issues, while regional and small banks have seen increases in outstanding supervisory findings.

  • November 15, 2024

    Jordan Says DOJ, FTC, CFTC Teed Up Actions Ahead Of Trump

    House Judiciary Committee Chairman Jim Jordan, R-Ohio, lambasted three federal departments and their leaders, accusing them of either trying to push out enforcement actions or make last-minute hires during President Joe Biden's final days in office.

  • November 15, 2024

    Trump's SDNY Pick A Familiar Face In Wall Street's Legal Wing

    Jay Clayton's nomination to be the Manhattan U.S. attorney would seat a highly regarded Wall Street lawyer in one of the top law enforcement jobs in the country, but he may face headwinds over his industry relationships and lack of criminal prosecution experience.

  • November 15, 2024

    SEC-Sanctioned Accounting Firm Sued Over Pre-IPO Work

    The former public company accounting firm BF Borgers is facing a California state lawsuit by an ex-client that says it was forced to scuttle its plans for an initial public offering after the U.S. Securities and Exchange Commission accused the firm of being a "sham auditing mill."

  • November 15, 2024

    Venezuelan Lawyer Relied On Ex-Dentons Atty In $54M Swap

    A Venezuelan lawyer suing Dentons over a failed $54 million bolivar-to-dollars currency swap admitted Friday on the stand that he did not do any due diligence for the transaction but instead relied on what he called misinformation from an ex-Dentons attorney that she relayed to his representative.

  • November 15, 2024

    SEC Says Risky Bond Recommendations Violated Reg BI

    A Texas-headquartered broker-dealer has agreed to pay nearly $154,000 to resolve U.S. Securities and Exchange Commission allegations that it improperly recommended risky bonds in violation of the federal investor protection measure known as Regulation Best Interest.

  • November 15, 2024

    7th Circ. Takes Issue With Atty's Insider Trading Acquittal

    A Seventh Circuit judge signaled Friday that an Illinois attorney's insider trading acquittal may be on shaky ground, saying the trial court made a post-conviction ruling that seems "hard to defend."

  • November 15, 2024

    Kalshi Fires Back At CFTC's 'Futile' Election Betting Appeal

    The Commodity Futures Trading Commission is attempting to "rewrite" its governing statute by claiming that placing bets on the outcome of elections is a form of prohibited gaming, trading platform KalshiEx LLC told the D.C. Circuit on Friday as it fought to continue listing election contracts in the future.

  • November 15, 2024

    Healthcare Co. PACS Made False Claims Before IPO, Suit Says

    Healthcare holding company PACS Group Inc. has been hit with a proposed shareholder class action on the heels of a short seller's report that alleged the company engaged in deceptive practices to boost its value ahead of its initial public offering, including Medicare claims fraud.

  • November 15, 2024

    GOP Sens. Decry 'Lack Of Urgency' On FDIC Misconduct

    Six Republican senators wrote a letter to the Federal Deposit Insurance Corp. Inspector General Jennifer L. Fain asking for a briefing on the FDIC's progress investigating claims of widespread misconduct at the agency, asserting there has been "a shocking lack of urgency."

  • November 15, 2024

    Semiconductor Co. ASML Faces Suit Over Trade Downturn

    Semiconductor industry supplier ASML Holding NV has been hit with a shareholder class action alleging that it stunned investors as it significantly lowered its 2025 revenue forecast after earlier brushing off the potential impact of economic headwinds affecting its industry.

  • November 15, 2024

    EV Carmaker Lucid Sued In Del. For Inflated Biz Claims

    A stockholder who bought electric-car maker Lucid Group shares sued in Delaware's Chancery Court on Friday to recover derivative damages for the company tied to claims that the business raised billions on knowingly inflated production outlooks only to later drastically downsize its forecast.

  • November 15, 2024

    Dogecoin Buyers Drop Bid To Revive Suit Against Musk

    Dogecoin cryptocurrency investors have agreed to drop their appellate bid to revive a two-year-old proposed securities class action accusing Elon Musk and Tesla Inc. of using the CEO's celebrity to target unsophisticated investors and gain a profit on the memecoin, according to a stipulation filed in New York federal court.

  • November 15, 2024

    SEC's Top Cop Says Election Hasn't Slowed Enforcers Down

    The U.S. Securities and Exchange Commission's enforcement attorneys continue to work with "urgency" in the waning months of the Biden administration, the acting leader of the enforcement division said Friday at an event where he also spoke about a shuttered task force and the agency's approach to pursuing cases involving cybersecurity breaches.

  • November 15, 2024

    Hedge Fund Group Urges Trump To Reject 'Punitive' Policies

    A leading industry group representing hedge funds and other alternative asset managers is urging President-elect Donald Trump to abandon "punitive" economic policies and instead propose tax and regulatory relief, including business-friendly priorities at the U.S. Securities and Exchange Commission.

  • November 15, 2024

    Now 'Back To Stability,' Mass. US Atty Office Set To Ramp Up

    The incoming Trump administration's pick for Massachusetts U.S. attorney has a chance to revive the productivity of an office known for bringing complex and often high-profile cases, veterans of the district say, but new leadership and priorities at the Justice Department leave looming uncertainties.

  • November 15, 2024

    Investor Drops Stock Pumping Suit Against UPS

    One of several investors suing shipping and logistics giant UPS in recent months over a share price tumble caused by disappointing earnings numbers this summer said Thursday that he plans to drop his claims against the company.

  • November 15, 2024

    Secure Software Co. Investor Sues In Del. For Deal Docs

    An investor in a "public benefit" company that provides sensitive software to government agencies and allies sued the business Friday in Delaware Chancery Court, seeking documents on a stock purchase agreement and other moves purportedly made without required consents.

  • November 15, 2024

    Chinese Self-Driving Startup Pony Revs Up $180M IPO

    Chinese autonomous-driver technology provider Pony AI Inc. has launched plans for an estimated $180 million initial public offering, represented by Davis Polk & Wardwell LLP and underwriters' counsel Cleary Gottlieb Steen & Hamilton LLP, marking the latest self-driving startup to seek U.S. capital in order to fund its growth ambitions.

  • November 14, 2024

    Bitfinex Hacker Gets 5 Years For Laundering Stolen Crypto

    A hacker was sentenced in Washington, D.C., federal court on Thursday to five years in prison for laundering hundreds of thousands of bitcoins now worth more than $10 billion that he stole from cryptocurrency exchange Bitfinex.

  • November 14, 2024

    Pinterest Investor Attys Get $2.5M More After Deal Monitoring

    A California federal judge on Thursday awarded an additional $2.5 million in fees to attorneys who've been monitoring Pinterest's compliance with a deal that ended investors' claims the company fostered a culture of race and sex discrimination, ruling that he's "satisfied" with both parties' efforts in the wake of the settlement.

  • November 14, 2024

    Student Loan Servicer Wants CFPB Deal Paused Amid Appeal

    The Pennsylvania Higher Education Assistance Agency has asked a Pennsylvania federal judge to pause its obligation to pay more than $3.2 million as a part of a settlement with the Consumer Financial Protection Bureau that is being challenged in the Third Circuit by a third party.

Expert Analysis

  • How To Grow Marketing, Biz Dev Teams In A Tight Market

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    Faced with fierce competition and rising operating costs, firms are feeling the pressure to build a well-oiled marketing and business development team that supports strategic priorities, but they’ll need to be flexible and creative given a tight talent market, says Ben Curle at Ambition.

  • Jarkesy's Impact On SEC Enforcement Will Be Modest

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    Though the U.S. Supreme Court’s recent U.S. Securities and Exchange Commission v. Jarkesy decision found that fraud defendants have a constitutional right to a jury trial, the ruling will have muted impact on the agency’s enforcement because it’s already bringing most of its cases in federal court, say Jeremiah Williams and Alyssa Fixsen at Ropes & Gray.

  • Series

    Rock Climbing Makes Me A Better Lawyer

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    Rock climbing requires problem-solving, focus, risk management and resilience, skills that are also invaluable assets in my role as a finance lawyer, says Mei Zhang at Haynes and Boone.

  • Think Like A Lawyer: Dance The Legal Standard Two-Step

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    From rookie brief writers to Chief Justice John Roberts, lawyers should master the legal standard two-step — framing the governing standard at the outset, and clarifying why they meet that standard — which has benefits for both the drafter and reader, says Luke Andrews at Poole Huffman.

  • Examining Chancery's Relaxed New Confidential Filing Rules

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    The Delaware Court of Chancery’s overhauled Rule 5.1, which governs confidential filings, risks permitting nonconfidential information to be shielded from public review unless and until a challenge notice is filed — but several potential solutions could help to override this issue, says Delaware attorney Daniel J. McBride.

  • Opinion

    After Jarkesy, IRS Must Course-Correct On Captive Insurance

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    The U.S. Supreme Court’s recent Securities and Exchange Commission v. Jarkesy decision has profound implications for other agencies, including the IRS, which must stop ignoring due process and curtailing congressional intent in its policing of captive insurance arrangements, says Peter Dawson at the 831(b) Institute.

  • Dissecting Treasury's Call For Input On AI In Financial Sector

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    The U.S. Department of the Treasury's request for comments on the potential benefits and challenges AI may pose to the financial services sector, which asks how stakeholders are addressing and mitigating increased fraud risks, reflects the federal government's continued interest in AI's effects across the economy, say attorneys at Hogan Lovells.

  • NYSE Delisting May Be The Cost Of FCPA Compliance

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    ABB’s recent decision to delist its U.S. depository receipts from the New York Stock Exchange, coupled with having settled three Foreign Corrupt Practices Act enforcement actions, begs the question of whether the cost of FCPA compliance should factor into a company's decision to remain listed in the U.S., says John Joy at FTI Law.

  • CFTC Action Highlights Necessity Of Whistleblower Carveouts

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    The U.S. Commodity Futures Trading Commission's novel settlement with a trading firm over allegations of manipulating the market and failing to create contract carveouts for employees to freely communicate with investigators serves as a beacon for further enforcement activity from the CFTC and other regulators, say attorneys at Davis Wright.

  • Series

    Being A Luthier Makes Me A Better Lawyer

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    When I’m not working as an appellate lawyer, I spend my spare time building guitars — a craft known as luthiery — which has helped to enhance the discipline, patience and resilience needed to write better briefs, says Rob Carty at Nichols Brar.

  • Half-Truths Vs. Omissions: Slicing Justices' Macquarie Cake

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    The U.S. Supreme Court's recent ruling in Macquarie v. Moab provides a road map for determining whether corporate reports that omit information should be considered misleading — and the court baked it into a dessert analogy that is key to understanding the guidelines, say Daniel Levy and Pavithra Kumar at Advanced Analytical Consulting Group.

  • Lead Like 'Ted Lasso' By Embracing Cognitive Diversity

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    The Apple TV+ series “Ted Lasso” aptly illustrates how embracing cognitive diversity can be a winning strategy for teams, providing a useful lesson for law firms, which can benefit significantly from fresh, diverse perspectives and collaborative problem-solving, says Paul Manuele at PR Manuele Consulting.

  • 3 Areas Of Enforcement Risk Facing The EV Industry

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    Companies in the EV manufacturing ecosystem are experiencing a boom in business, but with this boom comes increased regulatory and enforcement risks, from the corruption issues that have historically pervaded the extractive sector to newer risks posed by artificial intelligence, say attorneys at MoFo.

  • American Airlines ESG Ruling Could Alter ERISA Landscape

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    The Spence v. American Airlines ESG trial, speeding toward a conclusion in a Texas federal court, could foretell a dramatic expansion in ERISA liability, with plan sponsors vulnerable to claims that they didn't foresee short-term dips in stock prices, say attorneys at Mayer Brown.

  • SVB Ch. 11 Shows Importance Of Filing Proof Of Claim Early

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    After a New York bankruptcy court’s recent ruling in SVB’s Chapter 11 case denied late claims filing requests related to post-bar date events, parties with potential claims against a debtor may need to seriously consider filing protective proofs of claim, says Kyle Arendsen at Squire Patton.

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