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Securities
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October 31, 2024
Ex-Goldman Exec Says 1MDB Judge Thwarted His Defense
Former Goldman Sachs executive Roger Ng on Thursday told the Second Circuit that his trial defense over the massive $6.5 billion 1MDB scheme was marred by the wrongful exclusion of video evidence that supported his claim that $35 million he received in alleged kickbacks was actually investment proceeds.
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October 31, 2024
Berkshire Bank Escapes Claims It Aided $90M Ponzi Scheme
A New York federal judge on Thursday freed Berkshire Bank from a proposed class action that alleged it helped a local businessman's $90 million Ponzi scheme for roughly a decade, saying an investor in a fund central to the scheme didn't show the bank had actual knowledge of the fraud.
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October 31, 2024
Instacart Says Investors Based Pre-IPO Suit On Anecdotes
Grocery delivery company Instacart has urged a California federal judge to toss a proposed class action suit claiming it misrepresented its growth potential in the lead-up to its initial public offering, saying investors are "attempting to conjure a securities fraud lawsuit out of thin air."
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October 31, 2024
2nd Circ. Draws BDO Back In Investor Suit In Revised Opinion
The Second Circuit on Thursday reversed course in an amended opinion about an investor suit over financial restatements made by AmTrust Financial Services Inc., finding that auditor BDO USA LLP is not off the hook for certifying the insurer's financial statements.
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October 31, 2024
Ex-Citadel Reps Can't Escape Trade Secrets Suit
A New York federal judge has greenlighted most claims in Citadel Securities' lawsuit accusing a Swiss cryptocurrency trading firm founded by two of its former employees of stealing its trade secrets, while tossing those asserted against the firm's French angel investor for lack of jurisdiction.
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October 31, 2024
Hinshaw Sees Fintech Pro Rejoin Firm From Ballard Spahr
Hinshaw & Culbertson LLP on Thursday said a former partner has returned to the firm's consumer financial services practice in Los Angeles after two years at Ballard Spahr.
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October 31, 2024
JPMorgan To Pay $151M To Resolve SEC Disclosure Claims
The U.S. Securities and Exchange Commission announced Thursday that two JPMorgan Chase & Co. affiliates agreed to pay $151 million to resolve five separate enforcement actions over a number of allegations, including making misleading disclosures to investors and failing to make recommendations in the best interest of customers.
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October 31, 2024
Latham Hit With Sanctions In Banc Of California Securities Suit
A California federal judge found Latham & Watkins LLP and its ex-client, former Banc of California CEO Steven A. Sugarman, in civil contempt for "flagrant violations" of a protective order covering discovery produced by investment firm Muddy Waters Capital in a securities fraud class action, according to an order unsealed this week.
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October 31, 2024
10 Firms Vie To Lead, Consolidate Super Micro Investor Suits
Ten firms have submitted competing bids to lead and consolidate proposed class actions alleging that artificial intelligence server manufacturer Super Micro Computer Inc.'s shares fell roughly 20% after a short seller report accused it of violating its previous settlement with the U.S. Securities and Exchange Commission over accounting improprieties.
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October 31, 2024
NY Court Urged To Reject 'Audacious' Shareholder Test Cases
Leading business groups have come to the aid of Bayer AG and Barclays PLC as the companies seek to fend off a pair of "audacious" test cases that have landed in New York's highest court, with the groups arguing that allowing the lawsuits to move forward would flood the state court with derivative lawsuits against foreign companies and overturn decades of precedent.
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October 31, 2024
CVS Unit Exec's Ex-Partner Charged With Insider Trading
The former domestic partner of a top executive at Oak Street Health Inc., a primary care provider network owned by CVS Health Corp., was charged in Philadelphia federal court Thursday with insider trading on advance information about CVS' $10.6 billion deal to buy Oak Street in 2023.
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October 31, 2024
Crypto Lobby Says Members Spent $426M Fighting SEC
The Blockchain Association, a cryptocurrency lobby, said in a report released Thursday that its members reported incurring $426 million in legal costs so far defending actions from the U.S. Securities and Exchange Commission.
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October 31, 2024
4th Circ. Told Door-Maker's $10M Claim Double-Dips Coverage
A Travelers unit says it shouldn't have to fork over $10 million in excess coverage to a North Carolina door manufacturer that paid $39.5 million to settle a securities class action, telling the Fourth Circuit that the case stems from a flurry of antitrust litigation that began before its policy went into effect.
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October 31, 2024
Masimo Sues Ex-CEO Over 'Unprecedented' $450M Demand
Masimo Corp. has sued its founder in Delaware Chancery Court, seeking a declaration that a $450 million payout triggered in part by the founder's loss of control or his ouster as CEO and chairman is unenforceable, saying the amount is "unprecedented" and shouldn't be paid by shareholders who were simply exercising their voting rights.
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October 31, 2024
Instructure Sued In Del. For Books On $4.8B Take-Private Deal
A stockholder of educational technology venture Instructure Holdings LLC has sued the company for records on its $4.8 billion take-private sale to Kohlberg Kravis Roberts & Co. LP, citing concern that Instructure's controller, Thoma Bravo, abandoned another prospect for its own benefit.
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October 31, 2024
Conn. Judge OKs $10.4M Remedy For Securities Fraud Appeal
A Connecticut state judge has approved a nearly $10.4 million prejudgment remedy application protecting investment banking firm FIH LLC while two principals of a beleaguered capital firm appeal a securities fraud judgment that resulted from a bench trial.
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October 31, 2024
Mineral Co. Execs Allegedly Misled Investors On Gov't Contract
Current and former directors and officers of minerals producer Compass Minerals International Inc. face a shareholder derivative action alleging they hid signs the company wouldn't be able to renew a lucrative supplier relationship with the U.S. Forest Service.
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October 31, 2024
AI Co. Fires CEO As BigLaw Counsel Probe Revenue Issues
Security tech company Evolv Technology, which last week announced it had brought on Debevoise & Plimpton LLP and Cleary Gottlieb Steen & Hamilton LLP as part of an internal investigation into possible revenue inflation, said Wednesday it has ousted its CEO.
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October 31, 2024
Nixon Peabody Lands Norton Rose Real Estate Pros In LA
Nixon Peabody LLP took another step this week to strengthen its affordable housing and real estate practice on the West Coast and beyond, bringing on a pair of real estate attorneys from Norton Rose Fulbright with six years of experience working together.
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October 31, 2024
Web Designer Who Built IcomTech Ponzi Site Gets 8 Years
A Manhattan federal judge on Thursday hit a California website designer with eight years in prison for his role in building online properties that made it look as if the $58 million IcomTech cryptocurrency Ponzi scheme was legitimate.
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October 31, 2024
Holland & Knight Brings On Jones Day Tax Expert In Dallas
In an effort to bolster its national corporate transactional and private equity practices, Holland & Knight LLP added an experienced attorney from Jones Day in Dallas to provide deal support to its clients.
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October 31, 2024
Chancery Upholds Low Appraisal Of Online Bookstore Co.
Contract educational institution bookstore operator Akademos Inc. was fairly sold in December 2020 under terms that left common stockholders wiped out, a Delaware vice chancellor has ruled after a four-day trial that both appraised the company's stock and judged the deal's fairness.
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October 31, 2024
The 2024 Law360 Pulse Leaderboard
Check out the Law360 Pulse Leaderboard to see which firms made the list of leaders in all-around excellence this year.
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October 31, 2024
Firms' Hiring Strategies Are Evolving In Fight For Top Spot
Competition for top talent among elite law firms shows no signs of slowing down, even amid economic uncertainty, with financially strong firms deploying aggressive strategies to attract and retain skilled professionals to solidify their market position.
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October 31, 2024
Meta Says CFPB Mulling Enforcement Action Over Advertising
Meta, the parent company of Facebook and Instagram, said Thursday that it is facing a potential Consumer Financial Protection Bureau enforcement action following an agency probe into financial-related advertising on its platform.
Expert Analysis
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Series
Being An Artist Makes Me A Better Lawyer
My work as an artist has highlighted how using creativity and precision together — qualities that are equally essential in both art and law — not only improves outcomes, but also leads to more innovative and thoughtful work, says Sarah La Pearl at Segal McCambridge.
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Election Outcome Could Reshape Financial Industry
The policies of the next presidential administration and Congress will shape the landscape of financial services in the U.S. — including banking, mortgage, investment and credit services — for years to come, affecting Wall Street investors and aspiring homeowners alike, say Alexander Hecht and Frank Guinta at Mintz.
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How Judiciary Can Minimize AI Risks In Secondary Sources
Because courts’ standing orders on generative artificial intelligence and other safeguards do not address the risk of hallucinations in secondary source materials, the judiciary should consider enlisting legal publishers and database hosts to protect against AI-generated inaccuracies, say attorneys at Lankler Siffert & Wohl.
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Bitnomial Suit Highlights Crypto Turf War Between SEC, CFTC
An outcome favoring Bitnomial in its recent lawsuit against the U.S. Securities and Exchange Commission could reinforce the U.S. Commodity Futures Trading Commission's authority and limit the SEC's reach in the crypto arena, illustrating the need for Congress to delineate boundaries between the agencies, says Tonya Evans at Penn State Dickinson Law.
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Nvidia Case's Potential Impact On Securities Class Actions
In Nvidia v. Ohman Fonder, the U.S. Supreme Court could strip lower courts of their long-standing ability and obligation to holistically weigh all relevant facts supporting plaintiffs' allegations of securities fraud, which would have a wide-ranging impact on securities fraud class actions in the U.S., say attorneys at Labaton Keller.
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How Attorneys Can Break Free From Career Enmeshment
Ambitious attorneys can sometimes experience career enmeshment — when your sense of self-worth becomes unhealthily tangled up in your legal vocation — but taking the time to discover and realign with your core personal values can help you recover your identity, says Janna Koretz at Azimuth Psychological.
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UCC Article 12 Offers Banks A Chance To Dive Into 'DePINs'
The 2022 update to Article 12 of the Uniform Commercial Code, which provides a legal framework for decentralized physical infrastructure networks, could offer trade and commodity finance banks attractive opportunities, like the energy-related DePIN projects that have recently made headlines, says Chris McDermott at Cadwalader.
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Short-Seller Implications Of 10th Circ.'s Overstock Decision
The Tenth Circuit's Oct. 15 decision in Overstock Securities Litigation provides clarity on the pleading standard for a market manipulation claim under the Exchange Act, and suggests that short sellers might not be able to rely on the fraud-on-the-market presumption typically invoked by securities plaintiffs, say attorneys at Paul Weiss.
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Lawyers With Disabilities Are Seeking Equity, Not Pity
Attorneys living with disabilities face extra challenges — including the need for special accommodations, the fear of stigmatization and the risk of being tokenized — but if given equitable opportunities, they can still rise to the top of their field, says Kate Reder Sheikh, a former attorney and legal recruiter at Major Lindsey & Africa.
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Crypto.com's Suit Against SEC Could Hold Major Implications
Crypto.com's recent lawsuit against the U.S. Securities and Exchange Commission could affect the operation and regulation of crypto markets in the U.S., potentially raising more questions about the SEC's authority to regulate the industry when it's unclear whether another agency is ready to assume it, say attorneys at McGuireWoods.
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Opinion
Judicial Committee Best Venue For Litigation Funding Rules
The Advisory Committee on Civil Rules' recent decision to consider developing a rule for litigation funding disclosure is a welcome development, ensuring that the result will be the product of a thorough, inclusive and deliberative process that appropriately balances all interests, says Stewart Ackerly at Statera Capital.
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The Strategic Advantages Of Appointing A Law Firm CEO
The impact on law firms of the recent CrowdStrike outage underscores that the business of law is no longer merely about providing supplemental support for legal practice — and helps explain why some law firms are appointing dedicated, full-time CEOs to navigate the challenges of the modern legal landscape, says Jennifer Johnson at Calibrate Strategies.
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Don't Phone A Friend: Disclosing Friendships With Executives
The U.S. Securities and Exchange Commission's recent settlement against a former Church & Dwight chairman for violating proxy disclosure rules by neglecting to disclose his friendship with an executive officer amid a CEO search illustrates the perils of relying solely on responses to questionnaires circulated to boards, say attorneys at BCLP.
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Why Diversity Jurisdiction Poses Investment Fund Hurdles
Federal courts' continued application of the exacting rules of diversity jurisdiction presents particular challenges for investment funds, and in the absence of any near-term reform, those who manage such funds should take action to avoid diversity jurisdiction pitfalls, say attorneys at Sher Tremonte.
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The Ups And Downs Of SEC's Now-Dissolved ESG Task Force
The U.S. Securities and Exchange Commission's Climate and ESG Enforcement Task Force, which was quietly disbanded sometime over the summer, was marked by three years of resistance from some stakeholders to ESG regulation, a mixed record in the courts and several successful enforcement actions, say attorneys at Crowell & Moring.