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Securities
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March 11, 2025
Innodata Slams 'AI Washing' Shareholder Suit As Flimsy
Investors in data engineering company Innodata Inc. "essentially cut and pasted" claims from a short-seller's report on the company into their proposed class action accusing the company of "AI washing," despite the company's recovery from a related trading price dip, the company has argued.
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March 11, 2025
Florida Judge Won't Block FINRA Action Against Broker
A Florida federal judge has declined to block a Financial Industry Regulatory Authority enforcement action against a broker-dealer representative, despite his claims that the pending in-house hearing is unconstitutional under the U.S. Supreme Court's recent Jarkesy decision.
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March 11, 2025
Hedge Fund Group Sends SEC Its Regulatory Wish List
The U.S. Securities and Exchange Commission should reevaluate rules that impose "significant, unjustified costs and burdens on investors and other market participants with little to no corresponding benefits," the Managed Funds Association said in a letter to the regulator Tuesday.
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March 11, 2025
NY's Banking Regulator Hangs 'Help Wanted' Sign In DC
At a Washington, D.C., appearance on Tuesday, New York's top financial services regulator Adrienne Harris had a message for the legions of federal financial agency employees who have been cut loose by the Trump administration in recent weeks: She's hiring.
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March 11, 2025
Entity That Got Ponzi Scheme Funds Must Face SEC Suit
A Texas federal judge has declined to free an entity that accepted part of proceeds from an $8.4 million Ponzi scheme from an SEC action, writing that he could "reasonably infer" the entity did not accept the funds in good faith.
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March 11, 2025
Weapons Check Co. Sued In Del. After Hyped Reports, Probes
A shareholder of weapons screening system developer Evolv Technologies fired off a derivative suit on the company's behalf in Delaware's Court of Chancery late Monday, seeking recovery of damages arising from allegedly hyped marketing of flawed, artificial intelligence-enabled systems that failed to meet threat detection claims.
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March 11, 2025
GPB Capital Execs Denied New Trial In Fraud Case
Two GPB Capital executives were denied a new trial by a Brooklyn federal judge who said a jury was reasonable in finding them guilty of running their funds like a Ponzi scheme, using investor capital to make distribution payments to give the appearance of a healthy portfolio.
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March 11, 2025
Conservative Outlet Newsmax Eyes $75M Go-Public Offering
Newsmax Inc. said on Tuesday it plans to raise up to $75 million in a scaled-down alternative to a traditional initial public offering, represented by Sheppard Mullin Richter & Hampton LLP, a potential debut for the conservative media company in public markets.
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March 11, 2025
Zillow Investors Urge 9th Circ. To Uphold Class Certification
A class of Zillow Group Inc. investors told the Ninth Circuit to reject the property listing company's bid to overturn the class certification of their suit accusing the company of making misleading statements about its home-flipping program and causing stock prices to drop.
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March 11, 2025
BigLaw Firms Join To Support Del. Corporate Law Changes
Twenty-one law firms with Delaware corporate practices have jointly endorsed pending state legislation, S.B. 21, that aims to narrow stockholder avenues for challenging corporate acts and clarify the definition of company controllers.
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March 11, 2025
NYC Workers Can't Revive Fossil Fuel Divestment Challenge
A New York state appeals court refused Tuesday to reopen a lawsuit claiming several New York City pension plans unlawfully put politics over municipal employees' financial needs by divesting $3.9 billion from fossil fuels, backing a trial court's determination that the workers hadn't shown their benefits were affected.
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March 11, 2025
A Brief Look At Delaware's Divisive Corporate Law Bill
Delaware state Senate Bill 21, up for a Judiciary Committee vote on Wednesday, overturns some provisions of landmark state Supreme Court rulings, from Kahn v. M&F Worldwide Corp. in 2014 to In re Match Group a decade later, which call for plaintiff-friendly entire fairness review for controller transactions.
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March 11, 2025
US Atty, Ex-Cognizant Execs Can Delay FCPA Trial For 30 Days
A federal judge granted an adjournment of up to 30 days in the Foreign Corrupt Practices Act trial of two former Cognizant Technology Solutions Corp. executives to allow the newly anointed U.S. attorney for New Jersey to review the case.
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March 11, 2025
Brokers Fail To Address Liquidity Risks, City Watchdog Finds
The City watchdog has found that many brokers in Britain which trade in securities or commodities are failing to identify potential risks to their liquidity that could be sparked by crises in the markets such as war or a bank collapse.
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March 10, 2025
Illinois Judge Floats Sanctions In Akorn Mootness Fee Fight
An Illinois federal judge signaled Tuesday that he was open to sanctions including a mandatory violation disclosure against plaintiffs' counsel as he continues navigating a challenge to so-called mootness fees paid to settle and dismiss allegedly baseless Akorn Inc. merger disclosure suits.
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March 10, 2025
Real Estate Cos. Commingled $50M Investor Funds, SEC Says
A Washington, D.C., area man and dozens of companies under his control have agreed to pay a total of $3.3 million to settle U.S. Securities and Exchange Commission allegations they deceived their investors with improper accounting practices that involved commingling $50 million in earmarked money.
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March 10, 2025
Binance, Ex-CEO Urge Arbitration Of Crypto Investor Suit
Binance and its former CEO Changpeng Zhao asked a Florida federal judge to send a suit launched by a proposed class of investors to arbitration, arguing the suit's amended claims fall under the parties' arbitration agreement, and the investors cannot try to avoid arbitration by dropping one of the defendants.
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March 10, 2025
Masimo Founder Urges Toss Of 'Empty Voting' Suit
The founder of Masimo Corp. has urged a New York federal court to permanently toss the medical technology company's suit alleging he manipulated a shareholder vote, arguing that the suit fails to state a plausible claim under the Exchange Act.
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March 10, 2025
Alsup Refuses To Vacate Hearing Into OPM Mass Firings
U.S. District Judge William Alsup on Monday denied the Trump administration's request to vacate an upcoming evidentiary hearing into the U.S. Office of Personnel Management's mass firings of probationary federal employees, and required OPM director Charles Ezell to appear in person or else be deposed.
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March 10, 2025
Split SEC Pulls Subpoena Authority From Enforcement Head
A divided U.S. Securities and Exchange Commission on Monday withdrew a 15-year-old policy that allowed the director of enforcement to greenlight new investigations and approve the issuance of subpoenas, leaving the decision squarely in the hands of the agency's Republican majority.
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March 10, 2025
Tech Co. Beats Shareholder Suit Over Phony Amazon Reviews
A New York federal judge dismissed a securities class action against Chinese software company Tuya Inc., ruling that the registration statement for Tuya's initial public offering was not misleading for failing to disclose that some of its merchant customers procured fake reviews on Amazon.
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March 10, 2025
JPMorgan Sued Over $481M CMBS Loan With 'Inflated' Metric
Wells Fargo sued JPMorgan in New York federal court on Monday to make it pay up for a soured $481 million commercial real estate loan that it originated and securitized, allegedly based on "dramatically inflated" supporting financial data.
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March 10, 2025
All Agencies Trump Ordered To Drop DEI Must Heed Injunction
A preliminary injunction blocking President Donald Trump's executive orders axing diversity, equity and inclusion-related work applies equally to all executive agencies given directives to purge the programming, a Maryland federal judge said Monday.
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March 10, 2025
Calif. Pharma Exec Pleads Guilty To Insider Trading
A California medical doctor has pled guilty to insider trading in the securities of biopharmaceutical company Acadia Pharmaceuticals Inc. while serving on Acadia's drug safety team, admitting to trading on confidential information that helped him avoid $1.3 million in losses.
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March 10, 2025
OCC Nixes Supervisory Hurdle For Banks' Crypto Biz
The Office of the Comptroller of the Currency has told banks that they no longer need to obtain a nonobjection from the regulator to push forward with crypto plans, reaffirming interpretations issued under the first Trump administration and rescinding a Biden-era supervisory requirement for crypto activities.
Expert Analysis
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Series
Racing Corvettes Makes Me A Better Lawyer
The skills I use when racing Corvettes have enhanced my legal practice in several ways, because driving, like practicing law, requires precision, awareness and a good set of brakes — complete with the wisdom to know how and when to use them, says Kat Mateo at Olshan Frome.
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Bill Would Bring Welcome Clarity To Del. Corporate Law
A recently proposed bill in Delaware that would provide greater predictability for areas including director independence and controlling stockholders reflects prudential adjustments consistent with the state's long history of refining and modernizing its corporate law, say attorneys at Simpson Thacher.
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Opinion
Attorneys Must Act Now To Protect Judicial Independence
Given the Trump administration's recent moves threatening the independence of the judiciary, including efforts to impeach judges who ruled against executive actions, lawyers must protect the rule of law and resist attempts to dilute the judicial branch’s authority, says attorney Bhavleen Sabharwal.
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Rethinking 'No Comment' For Clients Facing Public Crises
“No comment” is no longer a cost-free or even a viable public communications strategy for companies in crisis, and counsel must tailor their guidance based on a variety of competing factors to help clients emerge successfully, says Robert Bowers at Moore & Van Allen.
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Del. Supreme Court TripAdvisor Ruling May Limit 'MFW Creep'
The Delaware Supreme Court's recent Maffei v. Palkon ruling regarding TripAdvisor's proposed reincorporation to Nevada potentially signals a turning point in the trend of expanding the protections from Kahn v. M&F Worldwide to other types of transactions, says Andrew J. Haile at Elon University.
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What To Expect In Crypto Banking After SEC Nixed Guidance
With the U.S. Securities and Exchange Commission recently rescinding its controversial cryptocurrency accounting guidance, the industry's focus will turn to the potentially significant hurdle to crypto banking posed by the federal banking regulators, say attorneys at Duane Morris.
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Partially Faulting Airline For 401(k) ESG Focus Belies ERISA
A Texas federal court's recent finding that American Airlines breached its fiduciary duty of loyalty, but not of prudence, by letting its 401(k) pursue environmental, social and governance investments, misinterprets the Employee Retirement Income Security Act's standard of care, says Jeff Mamorsky, a Cohen & Buckmann partner and ERISA drafter.
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Fund Names Rule FAQs Leave Some Interpretative Uncertainty
Although recently released FAQs clarify many specific points of the 2023 expansion to the Investment Company Act's fund names rule, important questions remain about how U.S. Securities and Exchange Commission staff will interpret other key terms when the end-of-year compliance date arrives, say attorneys at Dechert.
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How Design Thinking Can Help Lawyers Find Purpose In Work
Lawyers everywhere are feeling overwhelmed amid mass government layoffs, increasing political instability and a justice system stretched to its limits — but a design-thinking framework can help attorneys navigate this uncertainty and find meaning in their work, say law professors at the University of Michigan.
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What Travis Hill's Vision For FDIC Could Portend For Banks
If selected to lead the Federal Deposit Insurance Corp. in a permanent capacity, acting Chairman Travis Hill is likely to prioritize removing barriers to innovation and institution-level growth, emphasizing the idea that eliminating rules, relaxing standards and reducing scrutiny will reinvigorate the industry, say attorneys at Mitchell Sandler.
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Will Independent Federal Agencies Remain Independent?
For 90 years, members of multimember independent federal agencies have relied on the U.S. Supreme Court's 1935 ruling in Humphrey's Executor v. U.S. establishing the security of their positions — but as the Trump administration attempts to overturn this understanding, it is unclear how the high court will respond, says Harvey Reiter at Stinson.
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Del. Justices' D&O Ruling Clarifies 'Related' Claim Analysis
In its recent decision in the Alexion Pharmaceuticals coverage case, the Delaware Supreme Court adopted a "meaningful linkage" standard for relatedness analysis, providing further guidance to Delaware policyholders on how to navigate those directors and officers insurance disputes, say attorneys at Hunton.
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5 Major Crypto Developments From The Trump Admin So Far
The early weeks of the Trump administration have set the stage for a significant transformation in U.S. digital asset policy by prioritizing regulatory clarity, innovation and a shift away from enforcement-heavy tactics, but many of these changes will require congressional support and progress may be gradual, say attorneys at Ropes & Gray.
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Comparing 2 Pending Bills To Regulate Stablecoins
Alexandra Steinberg Barrage at Troutman analyzes the key similarities and differences between two payment stablecoin proposals currently pending in Congress — the STABLE and GENIUS acts — as both chambers are forming a working group to deliver a clear regulatory framework for digital assets and bipartisan agreement appears within reach.
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Series
Competitive Weightlifting Makes Me A Better Lawyer
The parallels between the core principles required for competitive weightlifting and practicing law have helped me to excel in both endeavors, with each holding important lessons about discipline, dedication, drive and failure, says Damien Bielli at VF Law.