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Securities
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October 01, 2024
Binance GC Is Building The Firm's Future, One Atty At A Time
Binance general counsel Eleanor Hughes says she inherited "probably one of the most stressful situations a lawyer can face" when she entered her role as the company negotiated a $4.3 billion settlement with U.S. authorities, but since then her focus has been on building the right team to guide the firm's compliance forward.
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October 01, 2024
Boeing Can't Escape Investors' 737 Max Fraud Suit
An Illinois federal judge trimmed but refused to toss a proposed securities class action against Boeing over claims that it harmed investors by misrepresenting the 737 Max's safety, pushing back against defendants who wanted him to reach the same conclusion as the suit's previously assigned judge.
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October 01, 2024
Ex-NBA Star's Big Paydays Not Relevant In Hoops Fraud Trial
Dwight Howard's NBA contracts exceeding $240 million over his 18-year playing career are irrelevant to charges that an Atlanta businessman defrauded the ex-basketball superstar out of $7 million, a Manhattan federal judge held Tuesday.
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October 01, 2024
Amgen Must Face Suit It Misled Investors On $10.7B Tax Bill
Amgen lost an attempt to escape a potential class action claiming the pharmaceutical giant hid a $10.7 billion tax bill from investors after a New York federal court ruled there was sufficient evidence for the action to proceed.
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October 01, 2024
Biotech Investors Reach $32.5M Deal Over Failed COVID Test
A class of Talis Biomedical Corp. investors accusing the company of inflating their stock price in the run-up to its IPO and then failing to launch a COVID-19 diagnostic test asked a California federal judge on Monday to preliminarily approve their $32.5 million settlement, citing Talis' shrinking cash reserves and imminent plans to file for bankruptcy.
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October 01, 2024
Big Banks Urge Panel To Toss NJ Bond Marketing Claims
A New Jersey state judge erred when he applied a recent change in state law to deny a bid by JPMorgan Chase & Co. and other big banks to toss a suit accusing them of a scheme to inflate the interest rates of certain bonds, the banks argued Tuesday before a state appellate panel.
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October 01, 2024
Ex-Interior Dept. Deputy's Oil Stocks Violated Ethics Laws
The onetime deputy secretary of the Interior, Tommy Beaudreau, who moved into private practice last year and now co-leads WilmerHale's energy practice, violated government ethics laws by failing to recuse himself from drilling-related matters while knowingly holding petroleum stocks, according to an internal watchdog's ethics report released Tuesday.
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October 01, 2024
Bybit Adds Ex-Binance Atty As Legal And Compliance Chief
Crypto exchange Bybit has added a Binance and ByteDance alum to head its legal and compliance operations, the firm announced Tuesday.
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October 01, 2024
SEC Fines Marathon Asset Over Nonpublic Info Policies
The U.S. Securities and Exchange Commission announced that Marathon Asset Management LP will pay $1.5 million to settle allegations that the debt investment firm failed to have adequate policies and procedures to prevent the misuse of nonpublic information in relation to its business of analyzing debtors' financial obligations.
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October 01, 2024
Jenner & Block Welcomes Davis Wright's Chicago Head
Jenner & Block LLP announced the addition of the former Chicago office leader at Davis Wright Tremaine LLP on Tuesday, touting the longtime financial litigator's skills in litigation and regulatory counseling.
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September 30, 2024
AI Safety Bill Veto Shows Calif. Taking Regulatory 'Baby Steps'
The California governor's rejection of sweeping legislation to ensure the safe deployment of large-scale artificial intelligence models — and his simultaneous embrace of more targeted proposals to regulate the technology — is likely to result in the wider creation of regimes that favor "baby steps" over broad strokes, experts say.
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September 30, 2024
SEC Says Ex-Church & Dwight CEO Misled On Independence
The U.S. Securities and Exchange Commission said Monday that Church & Dwight Co.'s former CEO and chairman has agreed to settle claims that he had an undisclosed close friendship with a high-ranking company executive while serving as an independent director of the maker of the Arm & Hammer brand and other consumer products.
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September 30, 2024
9th Circ. Partly Revives Crypto Investor's Suit Against AT&T
The Ninth Circuit on Monday partially revived a cryptocurrency investor's suit accusing AT&T of failing to protect his information amid a fraudulent SIM swap that cost him $24 million, finding there to be a triable question whether AT&T gave hackers access to his proprietary information through the scheme.
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September 30, 2024
SEC Fines Moloney Securities, Sues Ex-Broker In Reg BI Case
A Missouri broker-dealer and three of its representatives have agreed to pay more than $438,000 to settle U.S. Securities and Exchange Commission claims that they violated Regulation Best Interest with high-risk debt securities, while the regulator sued another ex-representative for related allegations.
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September 30, 2024
MoneyGram Beats Investor Suit Over Anti-Fraud Compliance
An Illinois federal judge on Monday tossed a proposed securities class action accusing MoneyGram International of lying about its anti-fraud compliance, finding that the suing investors did not adequately plead any misleading statements or that MoneyGram's executives acted with an intent to deceive.
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September 30, 2024
TD Securities To Pay $28M In Treasuries Spoofing Settlements
Brokerage firm TD Securities has agreed to pay nearly $28 million to avoid prosecution and end regulatory investigations into its role in a spoofing scandal that will soon see the former head of its U.S. Treasuries trading desk brought before a jury, government officials announced Monday.
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September 30, 2024
Bristol-Myers Beats Celgene Investors' Drug Delay Suit
A New York federal judge on Monday tossed UMB Bank's claims that Bristol-Myers Squibb improperly delayed U.S. Food and Drug Administration approval of a cancer treatment to avoid paying shareholders $6.4 billion owed from a 2019 acquisition of Celgene Corp., saying the bank lacked standing to sue.
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September 30, 2024
Google Investors' Attys Snag $66.5M In $350M Privacy Deal
A California federal judge on Monday gave final approval to Alphabet's $350 million deal settling a Google data breach securities suit and awarded $66.5 million for attorney fees amid objections, calling the deal "an excellent result" and noting the 19% cut was below the benchmark for similar cases.
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September 30, 2024
Big Banks Get Brazilian Pollution Suit Booted From NY
A New York federal judge on Monday dismissed an effort by a Brazilian city and residents to hold several big banks liable for allegedly financing environmentally ruinous mining operations in their region, ruling the matter would be more appropriately heard in Brazil.
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September 30, 2024
SEC Says Accountant Aided Tingo Group's Fintech Fraud
The U.S. Securities and Exchange Commission on Monday sued a Nigerian accounting firm for allegedly helping the operator of the Tingo fintech businesses conceal fake audit reports that inflated the value of the firms to further the "massive" fintech fraud.
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September 30, 2024
Chancery Sidelines Squarespace Merger Doc Suit For Now
A Delaware Court of Chancery action to compel stockholder access to website builder Squarespace Inc.'s corporate records remained under a stay Monday, after a court finding that the suit aimed to preserve future review rights focused on a proposed $7.2 billion company take-private deal.
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September 30, 2024
CoinShares Group General Counsel Steps Down
CoinShares International's general counsel stepped down Monday "to pursue other opportunities" beyond the European cryptocurrency asset manager, the firm said in a statement.
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September 30, 2024
Missouri Drops Appeal Intended To Save ESG Regulations
Missouri has asked the Eighth Circuit to dismiss its appeal of a federal judge's decision finding that the state's anti-environmental, social and governance regulations for brokers and advisers violate the First Amendment and are preempted by federal laws.
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September 30, 2024
Fla. Judge Tosses NextEra Stock Drop Suit
A Florida federal judge on Friday dismissed a proposed class action against NextEra that sought to hold the energy company liable for a drop in its share price after political interference allegations emerged against its subsidiary Florida Power and Light Co.
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September 30, 2024
SEC Scores Win In $18M Crypto Registration Suit
The U.S. Securities and Exchange Commission was granted an early win Monday in a case alleging that a startup founder illegally sold $18 million in cryptocurrency tokens, after a federal judge said it was "undisputed" that the founder knew that he hadn't registered the tokens.
Expert Analysis
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New Laws, Regs Mean More Scrutiny Of Airline Carbon Claims
Recent climate disclosure laws and regulations in the U.S. and Europe mean that scrutiny of airlines' green claims will likely continue to intensify — so carriers must make sure their efforts to reduce carbon emissions through use of sustainable aviation fuel, hydrogen and carbon offsets measure up to their marketing, say attorneys at Morgan Lewis.
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Recruitment Trends In Emerging Law Firm Frontiers
BigLaw firms are facing local recruitment challenges as they increasingly establish offices in cities outside of the major legal hubs, requiring them to weigh various strategies for attracting talent that present different risks and benefits, says Tom Hanlon at Buchanan Law.
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4 Tips For Drafting Earnouts To Avoid Disputes
Amid slowed merger and acquisition activity, buyers and sellers are increasingly turning to earnout provisions to get deals done, but these must be carefully drafted to avoid interpretative differences that can lead to later disputes, say attorneys at Cooley.
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Series
Glassblowing Makes Me A Better Lawyer
I never expected that glassblowing would strongly influence my work as an attorney, but it has taught me the importance of building a solid foundation for your work, learning from others and committing to a lifetime of practice, says Margaret House at Kalijarvi Chuzi.
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What DOL Fiduciary Rule Means For Private Fund Managers
Attorneys at Ropes & Gray discuss how the U.S. Department of Labor's recently released final fiduciary rule, which revises the agency's 1975 regulation, could potentially cause private fund managers' current marketing practices and communications to be considered fiduciary advice, and therefore subject them to strict prohibitions.
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Best Practices For Chemical Transparency In Supply Chains
A flurry of new and forthcoming regulations in different jurisdictions that require disclosure of potentially hazardous substances used in companies' products and processes will require businesses to take proactive steps to build chemical transparency into their supply chains, and engage robustly and systematically with vendors, says Jillian Stacy at Enhesa.
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What 11th Circ. Fearless Fund Ruling Means For DEI In Courts
The Eleventh Circuit's recent backing of a freeze on the Fearless Fund's grants to women of color building new companies marks the latest major development in litigation related to diversity, equity and inclusion and may be used to question other DEI programs targeted at providing opportunities to certain classes of individuals, say attorneys at Simpson Thacher.
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Money, Money, Money: Limiting White Collar Wealth Evidence
As courts increasingly recognize that allowing unfettered evidence of wealth could prejudice a jury against a defendant, white collar defense counsel should consider several avenues for excluding visual evidence of a lavish lifestyle at trial, says Jonathan Porter at Husch Blackwell.
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Unpacking The Latest Tranche Of Sanctions Targeting Russia
Hundreds of new U.S. sanctions and export-control measures targeting trade with Russia, issued last week in connection with the G7 summit, illustrate the fluidity of trade-focused restrictions and the need to constantly refresh compliance analyses, say attorneys at Ropes & Gray.
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How Associates Can Build A Professional Image
As hybrid work arrangements become the norm in the legal industry, early-career attorneys must be proactive in building and maintaining a professional presence in both physical and digital settings, ensuring that their image aligns with their long-term career goals, say Lana Manganiello at Equinox Strategy Partners and Estelle Winsett at Estelle Winsett Professional Image Consulting.
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Considerations For Cooperation Contracts In Loan Trades
Significant challenges to settling trades can arise when lenders of syndicated bank loans enter into defense-oriented cooperation agreements, which are growing in popularity, but working through these issues on the front end of a trade can save hours down the road, says Robert Waldner at Crowell & Moring.
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Emerging Trends In ESG-Focused Securities Litigation
Based on a combination of shareholder pressure, increasing regulatory scrutiny and proposed rulemaking, there has been a proliferation of litigation over public company disclosures and actions regarding environmental, social, and governance factors — and the overall volume of such class actions will likely increase in the coming years, say attorneys at Mintz.
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Firms Must Rethink How They Train New Lawyers In AI Age
As law firms begin to use generative artificial intelligence to complete lower-level legal tasks, they’ll need to consider new ways to train summer associates and early-career attorneys, keeping in mind the five stages of skill acquisition, says Liisa Thomas at Sheppard Mullin.
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Next Steps After 5th Circ. Nixes Private Fund Adviser Rules
The Fifth Circuit's recent toss of key U.S. Securities and Exchange Commission rules regarding private fund advisers represents a setback for the regulator, but open questions, including the possibility of an SEC petition to the U.S. Supreme Court, mean it's still too early to consider the matter closed, say attorneys at Debevoise.
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Think Like A Lawyer: Always Be Closing
When a lawyer presents their case with the right propulsive structure throughout trial, there is little need for further argument after the close of evidence — and in fact, rehashing it all may test jurors’ patience — so attorneys should consider other strategies for closing arguments, says Luke Andrews at Poole Huffman.