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Securities
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August 01, 2024
Sidley Launches New San Diego Office With Five Partners
Sidley Austin LLP has opened a new office in San Diego, with five partners specializing in a range of areas including mergers and acquisition, venture capital and global finance, marking the global law firm's fifth office in the Golden State, the firm announced Thursday.
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August 01, 2024
SEC Wants Win In Suit Over Ex-Morgan Stanley Rep's Scam
The U.S. Securities and Exchange Commission has asked a North Carolina federal judge for a win in a lawsuit against an ex-Morgan Stanley representative serving time for running a $4.8 million Ponzi scheme, arguing summary judgment is proper given the seven-year prison sentence and penalties issued against the defendant in the parallel criminal case.
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August 01, 2024
DOJ Unveils Whistleblower Pilot, But Garners Atty Criticism
The U.S. Department of Justice on Thursday officially launched its pilot program to reward whistleblowers who alert prosecutors to significant corporate misconduct, although some whistleblower attorneys decried the program's award caps and what they described as its lack of enforceability.
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August 01, 2024
BNY's Pershing Hit With $1.4M FINRA Recordkeeping Fine
BNY subsidiary Pershing will pay the Financial Industry Regulatory Authority a $1.4 million fine to resolve claims that it misstated interest rates for variable rate securities on millions of account statements for more than 12 years.
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August 01, 2024
Montenegro Court Affirms Kwon's Extradition To South Korea
Terraform Labs founder Do Kwon is set to face criminal charges over the crypto project's collapse in South Korea after the Appellate Court of Montenegro on Thursday upheld a lower court's decision to refuse an extradition request from the U.S.
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August 01, 2024
Grayscale Wants Rival's $2M Conn. Trade Practices Suit Nixed
Grayscale Investments LLC has asked a Connecticut state court judge to toss a suit launched by asset management firm Osprey Funds LLC, alleging that Grayscale falsely advertised its services in order to lure investors, saying the amended complaint fails to state a claim and, therefore, must be "stricken in its entirety."
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August 01, 2024
Crypto-Forex Co. Defaults In Fla. Civil Fraud Lawsuits
A purported foreign exchange currency broker based in Hong Kong defaulted Thursday in three Florida state court lawsuits alleging multimillion-dollar frauds due to lack of counsel, although a Miami judge allowed the former CEO to respond to the complaints against him as a self-represented party.
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August 01, 2024
AI-Focused Chipmaker Cerebras Confidentially Files IPO Plans
Silicon Valley-based artificial intelligence startup Cerebras Systems Inc. said Thursday it has confidentially filed plans for an initial public offering with the U.S. Securities and Exchange Commission, joining other AI-linked companies in the IPO pipeline.
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August 01, 2024
TD Bank's $25M Client Poach Case Hits FINRA Snags
Ex-TD Bank employees accused of siphoning $25 million in business to Raymond James Financial Services Inc. agreed to move a dispute over a restraining order into arbitration to shield themselves from negative press, the bank told a federal judge Thursday after the defendants complained about delays to the proceeding.
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August 01, 2024
Prisoner Swap Includes Russian Convicted Of Insider Trading
A Kremlin-linked Russian national serving nine years for the largest insider trading case ever prosecuted in the U.S. was among the 24 people freed Thursday in an elaborate prisoner swap that included American journalist Evan Gershkovich and former Marine Paul Whelan.
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August 01, 2024
Manhattan DA Charges Crypto Recovery Biz Owner With Fraud
Manhattan prosecutors announced fraud and larceny charges on Thursday against the New York owner of a purported asset recovery business that allegedly charged customers fees while making false promises to recover cryptocurrencies.
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August 01, 2024
Beanbag Chair Maker Offers $615K To End Conn. Stock Suit
A Connecticut-based maker of beanbag chairs and modular sofas that in 2019 sought to raise $100 million through a secondary share offering has asked a federal judge to approve a $615,000 settlement with a group of investors angry over alleged financial moves that caused a stock price dip.
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August 01, 2024
Duane Morris Seeks $3.25M Fee For Pirate Treasure Win
Duane Morris LLP attorneys who recently won a Delaware Court of Chancery order unwinding a merger that set up unfair terms for distributions from a sunken pirate ship salvage venture potentially worth $200 million to $1 billion have asked for a $3.25 million fee for their five-year effort.
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August 01, 2024
McCarter & English Asserts $492K Lien Over Ex-Client's Bills
McCarter & English LLP has told the Delaware Chancery Court it is asserting a $492,000 lien over any monies awarded to tool manufacturer Red Mud Enterprises LLC, saying its former client has yet to pay the firm for representing the company in litigation in which it won legal fees.
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August 01, 2024
Locke Lord Adds Insurance, Privacy Partners In Chicago
Locke Lord LLP announced on Wednesday that two partners formerly of Sidley Austin LLP and Thompson Coburn LLP have joined the firm's insurance and cybersecurity practices out of Chicago.
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August 01, 2024
Skadden Names Shareholder Engagement and Activism Head
Skadden tapped seasoned transactional attorney Elizabeth Gonzalez-Sussman to lead the firm’s shareholder engagement and activism practice as more clients seek help navigating investor demands.
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August 01, 2024
Medtronic Still Faces Chancery Claim In Fortis' InPen Suit
Delaware's Court of Chancery has trimmed a suit that stockholders' representative Fortis Advisors LLC filed against Medtronic Minimed Inc. after its 2020 acquisition of insulin pen manufacturer Companion Medical Inc., tossing claims related to a missed milestone but keeping one about a withheld escrow payment.
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August 01, 2024
Rising Star: Gibson Dunn's Colin Davis
Colin Davis of Gibson Dunn & Crutcher LLP has advised company directors in complex shareholder suits, allowing them to beat fraud and breach of fiduciary duty claims arising from major corporate transactions, earning him a spot among the securities law practitioners under age 40 honored by Law360 as Rising Stars.
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August 01, 2024
R1 RCM Going Private In $8.9B Deal Steered By 4 Firms
TowerBrook Capital Partners and Clayton Dubilier & Rice have agreed to take R1 RCM Inc. private in a deal that values the healthcare-focused tech provider at about $8.9 billion, the company said in a Thursday announcement.
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August 01, 2024
Mass. Could Be New Front In The Battle Over Jury Trial Right
Following the U.S. Supreme Court's ruling granting defendants facing administrative civil penalties the right to a jury trial, experts say a similar challenge in Massachusetts is likely, but may not find as receptive a judicial audience.
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July 31, 2024
IRL App Cofounder Hit With SEC Suit Alleging $170M Fraud
The U.S. Securities and Exchange Commission sued the cofounder of media app In Real Life in California federal court on Wednesday, alleging a scheme to sell $170 million in company stock to investors while omitting that the app's growth was fueled by bot-generated traffic, and using company credit cards on personal expenses.
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August 01, 2024
CORRECTED: Estonians Extradited In $575M Crypto Fraud Case Win Bail
A Washington federal judge has allowed two Estonian men to be released on bail backed by $5 million bonds after they were extradited to Seattle to face criminal charges that they operated cryptocurrency and money laundering schemes worth $575 million.
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July 31, 2024
Del. Justices Reject New Earnout Claim In $300M Deal Appeal
Delaware's Supreme Court on Wednesday upheld dismissal of a post-sale stockholder representative suit challenging denial of accelerated, post-closing "earnout" payments after the merger of Edwards Lifesciences and Valtech Cardio Ltd., rejecting a stockholder bid to introduce post-appeal developments.
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July 31, 2024
Discover Could Pay $200M In Card 'Misclassification' Fines
Discover Financial Services told investors on Wednesday that it could face $200 million in potential regulatory penalties over its past "misclassification" of certain credit card accounts, an issue that's also led to class action litigation and other scrutiny for the card giant.
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July 31, 2024
Ackman's New Investment Fund Calls Off Planned $2B IPO
Bill Ackman's new investment fund Pershing Square USA on Wednesday called off its initial public offering just a day after setting a $2 billion fundraising target, which was down significantly from earlier estimates.
Expert Analysis
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Lessons On Challenging Class Plaintiffs' Expert Testimony
In class actions seeking damages, plaintiffs are increasingly using expert opinions to establish predominance, but several recent rulings from California federal courts shed light on how defendants can respond, say Jennifer Romano and Raija Horstman at Crowell & Moring.
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Exploring An Alternative Model Of Litigation Finance
A new model of litigation finance, most aptly described as insurance-backed litigation funding, differs from traditional funding in two key ways, and the process of securing it involves three primary steps, say Bob Koneck, Christopher Le Neve Foster and Richard Butters at Atlantic Global Risk LLC.
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Del. Dispatch: Chancery's Evolving Approach To Caremark
Though Caremark claims are historically the least likely corporate claims to lead to liability, such cases have been met in recent years with increased judicial receptivity — but the Delaware Court of Chancery still expressly discourages the reflexive filing of Caremark claims following corporate mishaps, say attorneys at Fried Frank.
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A GC's Guide To Multijurisdictional Regulatory Compliance
Overlapping cybersecurity regulation has created an increasingly fragmented regulatory landscape with elevated oversight for organizations across the globe, but general counsel can help develop a best-in-class approach to manage these complexities by building a compliance strategy holistically, say David Dunn and Meredith Griffanti at FTI Consulting.
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Global Bribery Probes Are Complicating FCPA Compliance
The recent rise in collaboration between the U.S. Department of Justice and foreign authorities in bribery enforcement can not only affect companies' legal exposure as resolution approaches vary by country, but also the decision of when and whether to disclose Foreign Corrupt Practices Act violations to the DOJ, say Samantha Badlam and Catherine Conroy at Ropes & Gray.
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Series
Teaching Yoga Makes Me A Better Lawyer
Being a yoga instructor has helped me develop my confidence and authenticity, as well as stress management and people skills — all of which have crossed over into my career as an attorney, says Laura Gongaware at Clyde & Co.
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Clarity Is Central Theme In FCA's Greenwashing Guidance
Recent Financial Conduct Authority guidance for complying with the U.K. regulator's anti-greenwashing rule sends an overarching message that sustainability claims must be clear, accurate and capable of being substantiated, say lawyers at Cadwalader.
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A Vision For Economic Clerkships In The Legal System
As courts handle increasingly complex damages analyses involving vast amounts of data, an economic clerkship program — integrating early-career economists into the judicial system — could improve legal outcomes and provide essential training to clerks, say Mona Birjandi at Data for Decisions and Matt Farber at Secretariat.
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Asset Manager Exemption Shifts May Prove Too Burdensome
The U.S. Department of Labor’s recent change to a prohibited transaction exemption used by retirement plan asset managers introduces a host of new costs, burdens and risks to investment firms, from registration requirements to new transition periods, say attorneys at Simpson Thacher.
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Pay-To-Play Deal Shows Need For Strong Compliance Policies
The U.S. Securities and Exchange Commission, through its recent settlement with Wayzata, has indicated that it will continue stringent enforcement of the pay-to-play rule, so investment advisers should ensure strong compliance policies are in place to promptly address potential violations as the November elections approach, say attorneys at WilmerHale.
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7 Effects Of DOL Retirement Asset Manager Exemption Rule
The recent U.S. Department of Labor amendment to the retirement asset manager exemption delivers several key practical impacts, including the need for managers, as opposed to funds, to register with the DOL, say attorneys at Ropes & Gray.
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Standardizing Early Case Appraisal In Securities Class Actions
While an initial economic assessment of securities class action litigation is far too often not undertaken, it's an important step in planning the defense strategy that can provide counsel, clients and insurers with a much clearer view of the case, and can be simplified through standardized analyses, says Assen Koev at SCA iPortal.
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Del. Ruling Highlights M&A Deal Adviser Conflict Disclosures
The Delaware Supreme Court recently reversed the Court of Chancery's dismissal of challenges to Nordic Capital's acquisition of Inovalon, demonstrating the importance of full disclosure of financial adviser conflicts when a going-private merger seeks business judgment rule review, say attorneys at Debevoise.
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E-Discovery Quarterly: Recent Rulings On Text Message Data
Electronically stored information on cellphones, and in particular text messages, can present unique litigation challenges, and recent court decisions demonstrate that counsel must carefully balance what data should be preserved, collected, reviewed and produced, say attorneys at Sidley.
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Dual-Track IPO-M&A Exit Strategies For Life Science Cos.
A dual-track process for life sciences companies offers a proven path to securing favorable deal terms for an exit, and strategic moves can include running a crossover financing round in the lead-up, say attorneys at McDermott.