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Securities
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October 15, 2024
Walmart, Execs Settle Chancery Opioid Suit For $123M
Walmart and its directors and officers have agreed to a $123 million deal to end a stockholder class derivative lawsuit in Delaware's Court of Chancery that accused the nationwide retailer of multiyear opioid prescription oversight failures, potentially resolving class claims dating to early 2020.
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October 15, 2024
Ga. Fund Manager Who Fled Country Cops To Fraud Charge
An Atlanta financier admitted Tuesday to running a fund that ripped off investors to the tune of millions of dollars before fleeing the country as the scheme collapsed, pleading guilty to a single charge of interstate transfers of stolen money, prosecutors said.
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October 15, 2024
Coinbase Ally Seeks To Compel SEC To Fulfill Info Request
A research consultancy working with crypto exchange Coinbase said Tuesday that it plans to seek a quick win in its case to compel internal documents from the U.S. Securities and Exchange Commission after the agency allegedly said it would restart its review of the requests three years from now.
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October 15, 2024
Viks Must Face Asset Sale Meddling Suit, Deutsche Bank Says
Deutsche Bank AG's lawsuit alleging that billionaire Alexander Vik and his daughter interfered in the court-ordered sale of shares in a Norwegian software company is separate from the issue that a Connecticut judge already decided in 2021, so the defendants are wrong to claim that it is barred, the bank said in seeking to keep the case alive.
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October 15, 2024
Ex-WH Senior Associate Counsel Rejoins Ropes & Gray
Ropes & Gray LLP announced Tuesday that an attorney rejoined the firm's Washington, D.C., office as counsel after most recently serving as senior associate counsel to President Joe Biden.
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October 15, 2024
Law Firms Diverge As Anti-ESG Pushback Continues
A continuing onslaught of legislation and litigation opposing corporate environmental, social and governance actions has created a fork in the road for law firms, with some choosing to scale back efforts and others pushing ahead with their internal ESG and diversity, equity and inclusion goals.
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October 15, 2024
The 2024 Law360 Pulse Social Impact Leaders
Check out our Social Impact Leaders ranking, analysis and interactive graphics to see which firms stand out for their engagement with social responsibility and commitment to pro bono service.
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October 15, 2024
Justices Won't Review Atty Fee Denial In DOL Stock Plan Case
The U.S. Supreme Court declined Tuesday to hear a construction design firm's push for attorney fees following its win in a U.S. Department of Labor case alleging the company mismanaged an employee stock ownership plan, leaving the Ninth Circuit's rejection of the bid for fees intact.
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October 14, 2024
Crypto-CEO Faces US Extradition In Market Manipulation Case
The former chief executive of a $7.5 billion crypto-asset company appeared at a London court Monday accused by the U.S. government of manipulating the market for the company's dog-themed "Saitama Inu" crypto-tokens before selling them for tens of millions in profit.
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October 11, 2024
VMware Investors Ink $103M Settlement To Sales Backlog Suit
VMware reached a $102.5 million settlement resolving a suit lodged in California federal court by a certified class of investors alleging that the cloud computing company deceptively recorded sales as backlog to obscure operational challenges.
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October 11, 2024
Aerospace Firm To Pay SEC $1.1M Over India Bribe Claims
Aerospace components manufacturer Moog Inc. will pay a $1.1 million civil penalty to resolve U.S. Securities and Exchange Commission claims that an Indian subsidiary of the company violated the Foreign Corrupt Practices Act in connection with an alleged scheme to bribe Indian officials.
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October 11, 2024
Electric Vehicle Maker Fisker Cleared To Exit Chapter 11
Electric car maker Fisker Inc. is set to exit Chapter 11 after a Delaware bankruptcy judge on Friday ruled that opt-out forms sent during plan voting showed creditor consent for third-party releases, but that shareholders who didn't vote on the plan hadn't agreed to the releases.
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October 11, 2024
New Squarespace Suit Filed For Take-Private Docs
A second shareholder of website builder Squarespace Inc. has sued in the Delaware Court of Chancery for books and records on the company's proposed $7.2 billion take-private deal with private equity giant Permira Advisors LLC, less than two weeks after the sidelining of an earlier books suit focusing on the same deal, which is set to expire late Oct. 11.
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October 11, 2024
Swiss Native Ran $8M International Stock Fraud, SEC Says
A Swiss-born Massachusetts resident ran a years-long international fraud scheme by tricking investors, mainly from Europe, into investing with him and then absconding with the money, the U.S. Securities and Exchange Commission alleged in a Friday suit.
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October 11, 2024
Fox Factory Officers Misled Investors, Derivative Suit Says
A Fox Factory Holding Corp. stockholder has hit the Georgia-based bike and vehicle parts manufacturer with a derivative complaint alleging its officers and directors breached their fiduciary duties with false and misleading statements touting the company's operations and prospects in the wake of an explosive, but short-lived, pandemic buying boom.
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October 11, 2024
Judge Doubts FTX Alum Needs Further Dog Bite Recovery
A Manhattan federal judge has denied a bid from former FTX executive Ryan Salame to further postpone the start of his 7½-year prison sentence, saying he had already benefited from "extremely generous" delays, and agreeing with prosecutors that Salame appeared to have largely recovered from a dog bite that he said he suffered in June.
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October 11, 2024
UPS Bumped Stock With Bogus Statements, Investor Alleges
UPS was hit with a proposed investor class action from a shareholder who alleges that the shipping and logistics giant artificially boosted its earnings projections before revealing disappointing numbers this summer that sent the company's stock price tumbling down by over 12% in a single day.
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October 11, 2024
Quinn Emanuel Faces DQ Bid For Musk-Dogecoin Deal Leak
Dogecoin investors want Quinn Emanuel Urquhart & Sullivan LLP to be disqualified in their case against Elon Musk and Tesla Inc. because the law firm and its attorneys publicly disclosed a confidential settlement offer in the contentious lawsuit.
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October 11, 2024
Bitnomial Suit Says SEC Is Muscling Into CFTC's Crypto Turf
Cryptocurrency platform Bitnomial Exchange LLC is suing the U.S. Securities and Exchange Commission in Illinois federal court, alleging that the regulator is overstepping its jurisdiction by attempting to block it from listing futures contracts for Ripple Labs' token XRP despite a court ruling that such secondary sales are valid.
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October 11, 2024
Nelson Mullins Can't Beat DQ In Foreign Exchange Fraud Suit
A Florida state appeals court panel unanimously sided with a trial court Friday in deciding that Nelson Mullins Riley & Scarborough LLP can't represent the defendant in a lawsuit accusing him of duping the plaintiff into doing business with online foreign exchange platform FxWinning Ltd. because the firm previously represented the plaintiff in a "substantially related" suit against the company.
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October 10, 2024
4 Key Details From TD's Historic $3.1B Money Laundering Deal
U.S. authorities have levied some of the biggest, most serious penalties of their kind against TD Bank as part of a mammoth $3.1 billion anti-money laundering settlement announced Thursday. Here's a closer look at how the Canadian bank got here.
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October 10, 2024
Feds Slam Ex-FTX Exec's '11th Hour' Prison Delay Bid
Federal prosecutors slammed an "eleventh hour request" from former FTX co-CEO Ryan Salame to further delay the start of his prison sentence, telling a New York federal judge that Salame has apparently recovered from the dog attack that postponed his first surrender date and any remaining medical care appears "largely cosmetic and nonurgent."
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October 10, 2024
Rosen, Rigrodsky Law To Lead Coupang IPO Derivative Suit
The Rosen Law Firm PA and Rigrodsky Law PA will represent investors in a consolidated derivative action against brass at South Korean e-commerce company Coupang Inc. over alleged misrepresentations about its labor practices ahead of its $3.5 billion initial public offering.
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October 10, 2024
SEC Sues Crypto Arm Of Proprietary Trading Firm DRW
The U.S. Securities and Exchange Commission accused the crypto-focused subsidiary of proprietary trading firm DRW Holdings of operating as an unregistered securities dealer by effecting more than $2 billion in crypto transactions, according to a complaint filed Thursday in Illinois federal court.
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October 10, 2024
FINRA Fines Citadel Securities, IMC Over Audit Trail Reporting
Citadel Securities LLC and IMC Financial Markets agreed to fines of $1 million and $1.2 million, respectively, to settle allegations from the Financial Industry Regulatory Authority that they failed to accurately or timely report tens of billions of equity and option orders to the consolidated audit trail.
Expert Analysis
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3 Leadership Practices For A More Supportive Firm Culture
Traditional leadership styles frequently amplify the inherent pressures of legal work, but a few simple, time-neutral strategies can strengthen the skills and confidence of employees and foster a more collaborative culture, while supporting individual growth and contribution to organizational goals, says Benjamin Grimes at BKG Leadership.
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Series
After Chevron: Don't Let Loper Lead To Bank Compliance Lull
Banking organizations are staring down a period of greater uncertainty over the next few years as the banking agencies and industry navigate the post-Chevron world, but banks must continue to have effective compliance programs in place even in the face of this unpredictability, say Lee Meyerson and Amanda Allexon at Simpson Thacher.
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E-Discovery Quarterly: Rulings On Hyperlinked Documents
Recent rulings show that counsel should engage in early discussions with clients regarding the potential of hyperlinked documents in electronically stored information, which will allow for more deliberate negotiation of any agreements regarding the scope of discovery, say attorneys at Sidley.
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Loper Bright Limits Federal Agencies' Ability To Alter Course
The U.S. Supreme Court's recent decision to dismantle Chevron deference also effectively overrules its 2005 decision in National Cable & Telecommunications Association v. Brand X, greatly diminishing agencies' ability to change regulatory course from one administration to the next, says Steven Gordon at Holland & Knight.
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How 3 Recent High Court Rulings Could Shape Fintech Policy
The U.S. Supreme Court's recent decisions in Jarkesy, Loper Bright and Corner Post provide fintech companies with new legal strategies to challenge regulatory actions, but agency reactions to these rulings and inconsistent judicial interpretations could bring compliance challenges and uncertainties, says Amy Whitsel at FS Vector.
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2nd Circ. Case Reinforces Need For Advance Notice Bylaws
The Second Circuit's recent decision in Nano Dimension v. Murchinson illustrates that Section 13(d) of the Exchange Act is a square peg for a round hole, and that advance notice bylaws are far better at protecting against undisclosed coordination among activist shareholders, say attorneys at Morgan Lewis.
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What Cos. Should Note In DOJ's New Whistleblower Pilot
After the U.S. Department of Justice unveiled a new whistleblower pilot program last week — continuing its efforts to incentivize individual reporting of misconduct — companies should review the eligibility criteria, update their compliance programs and consider the risks and benefits of making their own self-disclosures, say attorneys at Skadden.
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Autonomy Execs' Acquittal Highlights Good Faith Instruction
The recent acquittal of two former Autonomy executives demonstrates that a good faith jury instruction can be the cornerstone of an effective defense strategy in white collar criminal cases, in part because the concept of good faith is a human experience every juror can relate to, says Sara Kropf at Kropf Moseley.
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Series
Teaching Scuba Diving Makes Me A Better Lawyer
As a master scuba instructor, I’ve learned how to prepare for the unexpected, overcome fears and practice patience, and each of these skills – among the many others I’ve developed – has profoundly enhanced my work as a lawyer, says Ron Raether at Troutman Pepper.
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SolarWinds Ruling Offers Cyber Incident Response Takeaways
The New York federal court's dismissal of all charges related to the 2019 Sunburst cyberattack is a devastating blow to the U.S. Securities and Exchange Commission's cybersecurity case against SolarWinds, but the well-reasoned opinion provides valuable lessons that may improve companies' defensive posture in the wake of a major cybersecurity incident, say attorneys at Troutman Pepper.
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3 Ways To Lower Insider Trading Risk After First 10b5-1 Case
In light of the U.S. Department of Justice's insider trading prosecution against the former CEO of Ontrack based on alleged abuse of a Rule 10b5-1 safe harbor plan — designed to allow executives to sell their companies' securities without liability — companies and individuals should take steps to avoid enacting similar plans in bad faith, say attorneys at Jenner & Block.
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Lawyers Can Take Action To Honor The Voting Rights Act
As the Voting Rights Act reaches its 59th anniversary Tuesday, it must urgently be reinforced against recent efforts to dismantle voter protections, and lawyers can pitch in immediately by volunteering and taking on pro bono work to directly help safeguard the right to vote, says Anna Chu at We The Action.
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Evolving Regulatory Oversight For AI And Asset Management
Attorneys at K&L Gates discuss the evolving regulatory and legislative landscape for artificial intelligence in the asset management industry, as the U.S. Securities and Exchange Commission, the Commodity Futures Trading Commission and Congress consider how to address potential investor protection and systemic risks associated with AI.
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3rd Circ. Ruling Shows Benefits Of IP Licenses In Bankruptcy
The Third Circuit’s recent ruling in Mallinckrodt’s Chapter 11 filing, which held that Mallinckrodt could sever its obligations to pay Sanofi royalties on sales of an autoimmune disease drug, highlights the advantages of structuring transactions as nonexclusive licenses for developers of intellectual property, say Gregory Hesse and Kaleb Bailey at Hunton.
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Series
A Day In The In-House Life: Block CLO Talks Problem-Solving
Amid the busy summer months, Block Inc. Chief Legal Officer Chrysty Esperanza chronicles a typical Wednesday where she conquered everything from unexpected fintech regulatory issues and team building to Bay Area commutes and school drop-off.