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Securities
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August 02, 2024
Glancy Prongay To Rep Investors In Landslide Risks Suit
Glancy Prongay & Murray LLP will represent a proposed class of investors in consolidated litigation alleging a Colorado-based mining company's unsafe practices precipitated a landslide, hurting investors when its trading prices dropped.
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August 02, 2024
Unnamed Auditor Suing PCAOB Ordered To Disclose Identity
A Washington, D.C., federal judge has ordered an anonymous auditor to disclose their identity in their constitutional challenge attacking the Public Company Accounting Oversight Board amid their disciplinary proceedings, ruling Friday disclosure won't reveal any sensitive information and won't have a chilling effect deterring future litigants from suing the board.
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August 02, 2024
Bed Bath & Beyond Accuses Gamestop CEO Of Insider Trading
The bankrupt big-box housewares retailer once known as Bed Bath & Beyond Inc. sued GameStop CEO Ryan Cohen and his company RC Ventures LLC in New York federal court Thursday, seeking to recover $47 million that it says the defendants made from insider trading not long before the company went belly-up.
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August 02, 2024
Industry Backs Commonwealth's Appeal Of SEC's $93M Win
The Financial Services Institute is calling on the First Circuit to overturn the U.S. Securities and Exchange Commission's $93 million victory against member firm Commonwealth Financial Network, arguing the lower court's disgorgement analysis undermines a U.S. Supreme Court decision and leaves other investment advisers fearing "outsized" enforcement actions.
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August 02, 2024
Judge OKs Conn. Furniture Company's $615K Stock Suit Deal
A Connecticut federal judge has given a preliminary nod to a $615,000 settlement between The Lovesac Co., a Connecticut-based furniture maker, and a group of investors angry over financial moves that they say caused the company's stock to slip.
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August 02, 2024
Investors Say Water Vending Co. Ran $100M Ponzi Scheme
A group of investors alleges that a Washington water-vending machine company bilked them out of more than $100 million in a Ponzi scheme by promising double-digit returns from a growing franchisee network serving Family Dollar stores and other locations.
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August 02, 2024
Wells Fargo's AML, Sanctions Programs Facing Investigation
Wells Fargo & Co. has said it is facing scrutiny from "government authorities" over issues with its anti-money laundering and sanctions compliance programs, further noting it is in talks with the U.S. Securities and Exchange Commission to settle an investigation into its investment account cash sweep offerings.
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August 02, 2024
Corporate Battles Thrust Activist Investing Into The Spotlight
Disney and Starbucks are among the big-name corporations that have recently gone toe to toe with activist investors, spotlighting an upswing in activist demands against U.S. companies in the first half of the year.
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August 02, 2024
Adviser Wants Fraud Settlement Nixed, Says Fla. Broke Deal
A retirement financial adviser is urging a Florida state court to overturn a settlement with the state's Office of Financial Regulation in an unregistered-securities lawsuit, saying the agency breached the confidential agreement by disclosing why a receiver demanded nearly $800,000 in clawbacks over alleged fraudulent transfers.
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August 02, 2024
Feds Want 30 Years For Bitcoin Fog Crypto Mixer Operator
Federal prosecutors asked a Washington, D.C., federal judge to sentence the convicted operator of the Bitcoin Fog crypto mixing service to 30 years and impose a $100,000 fine given he allegedly knowingly profited from a privacy service that "catered to criminals."
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August 02, 2024
Auto Parts Co. To Pay $2.9M To End 401(k) Class Action
Auto parts manufacturer Magna International agreed to pay $2.9 million to end a class action alleging it cost employees millions of dollars in retirement savings because it failed to remove flawed investment options from its retirement plan, workers told a Michigan federal court.
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August 02, 2024
Ex-Dropbox Exec Says JPMorgan Can't Block Arbitration
A billionaire co-founder of the file sharing platform Dropbox has asked a California federal court to declare that he can take a JPMorgan wealth management unit to arbitration for more than $225 million in damages he says he suffered at the hands of an investment adviser who previously worked for units of First Republic Bank that JPMorgan acquired last year.
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August 02, 2024
SDNY Brass Looks To Future After String Of Courthouse Wins
A series of high-profile convictions won by federal prosecutors from the Southern District of New York shows the office is pursuing justice for a diverse community without regard for politics, its senior leaders told Law360, adding they intend to continue on that path.
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August 02, 2024
Five Below Hit With Investor Suit Over Growth Potential
Discount retail chain Five Below has been sued by investors claiming its executives misled investors about the growth potential of its stores, causing stock prices to tumble.
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August 02, 2024
SEC Narrows Its Rulemaking Focus As Election Looms
The U.S. Securities and Exchange Commission's aggressive rulemaking spree is showing signs of dwindling as November elections loom, although several proposals could be primed for autumn votes if regulators wish to tackle hot-button topics.
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August 02, 2024
Judge Snuffs Out Collectibles Exec's Bid For New Fraud Trial
A New York federal judge has spurned the efforts of a collectibles entrepreneur convicted of fraud to get a new trial, saying notes the defendant believes would have swayed the outcome are not as important as he thinks and probably inadmissible.
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August 02, 2024
Steptoe Finance Chair Joins Morgan Lewis In Chicago
The chair of Steptoe LLP's financial services practice has joined Morgan Lewis & Bockius LLP's Chicago office as a partner, the firm said Thursday.
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August 02, 2024
Rising Star: Cooley's Brett De Jarnette
Brett De Jarnette of Cooley LLP's unusual move of netting a dismissal of a stock drop claim during the class certification phase of a securities case, as well as the wide variety of industries he's worked in, from the biotechnology to commerce to social media, has earned him a spot among the securities law practitioners under age 40 honored by Law360 as Rising Stars.
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August 02, 2024
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen insurance broker Marsh sue the collapsed Greensill Bank, the former chair of the Islamic Students Association of Britain pursue a defamation case against the Jewish Chronicle, Berkshire Hathaway and Lloyd's face action from a shipping company, and alleged fraudster Ronald Bauer hit a loan company with a claim. Here, Law360 looks at these and other new claims in the U.K.
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August 01, 2024
More 'Equitable' Banking? This Ex-Biden Official Has A Plan
A former Biden U.S. Treasury Department official on Thursday outlined a progressive policy agenda that could provide a road map for bank regulators in the next administration, saying there's more that can and should be done to make the banking system stronger and fairer.
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August 01, 2024
GPB Capital Execs Convicted Of Fraud For $1.8B Scheme
A New York federal jury on Thursday convicted former GPB Capital executives of wire and securities fraud charges stemming from allegations they ran the private equity fund like a $1.8 billion Ponzi scheme, according to an announcement from the U.S. Department of Justice.
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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.
Expert Analysis
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10 Tips For ESG Disclosure Compliance In Private Funds
Excerpt from Practical Guidance
As regulators increase scrutiny of misleading claims about environmental, social and governance investments, private fund sponsors should consider several practical tips for communicating accurately with potential investors, drafting comprehensive disclosures and establishing internal policies that can keep pace with evolving compliance requirements, says Jonathan Rash at Ropes & Gray.
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Binance Ruling Spotlights Muddled Post-Morrison Landscape
The Second Circuit's recent decision in Williams v. Binance highlights the judiciary's struggle to apply the U.S. Supreme Court's Morrison v. National Australia Bank ruling to digital assets, and illustrates how Morrison's territorial limits on the federal securities laws have become convoluted, say Andrew Rhys Davies and Jessica Lewis at WilmerHale.
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What FERC's Disclosure Demands Mean For Cos., Investors
Two recent Federal Energy Regulatory Commission orders reflect the commission's increasingly meticulous approach to reviewing corporate structures in applications for approval of proposed consolidations, acquisitions or changes in control — putting the onus on the regulated community to track and comply with ever-more-burdensome disclosure requirements, say attorneys at Willkie.
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Corp. Transparency Act Could Survive 11th Circ. Several Ways
If the Eleventh Circuit upholds an Alabama federal court’s injunction against the Corporate Transparency Act, the anti-money laundering law could persist as a narrower version that could moot some constitutional challenges, but these remedies would likely generate additional regulatory or statutory ambiguities that would result in further litigation, say attorneys at Perkins Coie.
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Del. Match.com Ruling Maintains Precedent In Time Of Change
Despite speculation that the Delaware Supreme Court could drive away corporations if it lowered the bar for business judgment review in its Match.com stockholder ruling, the court broke its recent run of controversial precedent-busting decisions by upholding, and arguably strengthening, minority stockholder protections against controller coercion, say Renee Zaytsev and Marc Ayala at Boies Schiller.
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Macquarie Ruling Raises The Bar For Securities Fraud Claims
The U.S. Supreme Court's decision last week in Macquarie Infrastructure v. Moab Partners — holding that a U.S. Securities and Exchange Commission rule does not forbid omissions in company disclosures unless they render other statements false — is a major setback for plaintiffs pursuing securities fraud claims against corporations, say attorneys at Skadden.
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First 10b5-1 Insider Trading Case Raises Compliance Issues
The ongoing case against former Ontrak CEO Terren Peizer is the U.S. Department of Justice's first insider trading prosecution based primarily on the filing of 10b5-1 plans, and has important takeaways for attorneys reviewing corporate policies on the possession of material nonpublic information, say attorneys at Cadwalader.
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Series
Whitewater Kayaking Makes Me A Better Lawyer
Whether it's seeing clients and their issues from a new perspective, or staying nimble in a moment of intense challenge, the lessons learned from whitewater kayaking transcend the rapids of a river and prepare attorneys for the courtroom and beyond, says Matthew Kent at Alston & Bird.
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Del. Lessons For Director-Nominees On Sharing With Activists
The Delaware Chancery Court's recent decision in Icahn Partners v. deSouza finding that a director wasn't permitted to share certain privileged information with the activist stockholders that nominated him shows the need for companies to consider imposing appropriate confidentiality requirements on directors, say attorneys at Sullivan & Cromwell.
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This Earth Day, Consider How Your Firm Can Go Greener
As Earth Day approaches, law firms and attorneys should consider adopting more sustainable practices to reduce their carbon footprint — from minimizing single-use plastics to purchasing carbon offsets for air travel — which ultimately can also reduce costs for clients, say M’Lynn Phillips and Lisa Walters at IMS Legal Strategies.
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SEC Climate Rules Create Unique Challenges For CRE
The U.S. Securities and Exchange Commission's recently adopted final rules concerning climate-related disclosures for public companies are likely to affect even real estate companies that are not publicly traded, since they may be required to provide information to entities that are subject to the rules, says Laura Truesdale at Moore & Van Allen.
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Oracle Ruling Underscores Trend Of Mootness Fee Denials
The Delaware Chancery Court’s recent refusal to make tech giant Oracle shoulder $5 million of plaintiff shareholders' attorney fees illustrates a trend of courts raising the standard for granting the mootness fee awards once ubiquitous in post-merger derivative disputes, say attorneys at Troutman Pepper.
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Traversing The Web Of Nonjudicial Grievance Mechanisms
Attorneys at Covington provide an overview of how companies can best align their environmental and human rights compliance with "hard-law" requirements like the EU's recently approved Corporate Sustainability Due Diligence Directive while also navigating the complex global network of existing nonjudicial grievance mechanisms.
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An NYDFS-Regulated Bank's Guide To Proper Internal Audits
As certification deadlines for compliance with the New York State Department of Financial Services’ transaction monitoring and cybersecurity regulations loom, lawyers should remember that the NYDFS offers no leeway for best efforts — and should ensure robust auditing and recordkeeping processes for clients, say attorneys at Arnall Golden.
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Discord Stock Case Toss Means Little For Fraud Defendants
A Texas federal court’s recent dismissal of fraud charges related to a "pump and dump" scheme on Discord is an outlier after the U.S. Supreme Court scrapped the right-to-control theory of fraud last year, and ultimately won't deter the government from pursuing routine securities prosecutions, says William Johnston at Bird Marella.