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Securities
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October 04, 2024
IcomTech Founder Gets 10 Years For Crypto Ponzi Scheme
The founder of cryptocurrency Ponzi scheme IcomTech that prosecutors said cost its backers $3.5 million was sentenced Friday in Manhattan federal court to 10 years in prison.
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October 04, 2024
G7 Antitrust Chiefs Vow To Scope Collusion In AI Tech Sector
U.S. and international antitrust regulators said Friday they intend to scrutinize any anticompetitive practice in the market for artificial intelligence technologies or any use of the emerging tech to circumvent competition.
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October 04, 2024
Thrivent Unit Pays SEC Fine Over Alleged Reg BI Lapses
Thrivent Investment Management Inc. has settled the U.S. Securities and Exchange Commission's allegations that it violated Regulation Best Interest when recommending certain investments to customers enrolled in college savings plans when lower-priced options were available.
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October 04, 2024
SEC Should Take Over Market Database, Investor Group Says
An investor-side trade association is pushing the U.S. Securities and Exchange Commission to take control of a controversial market surveillance tool out of the hands of the nation's stock exchanges, saying in a recent rulemaking petition that a failure to do so could be "catastrophic" if either the government or the courts decide to shut down the database.
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October 04, 2024
Chancery OKs Settlement, $3.5M Fee In PE Squeeze Suit
Pointing to a derivative suit settlement that "effectively unwinds the harm" from deeply conflicted private equity financings extended to a struggling trampoline park chain during the COVID-19 pandemic, a Delaware vice chancellor on Friday approved both the deal and a $3.5 million fee for plaintiff attorneys.
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October 04, 2024
Credit Suisse Investors Joust Over Bids To Be Class Leader
A Credit Suisse investor in a class action alleging the bank misled investors about its condition in the run-up to its collapse and takeover by UBS has asked a New York federal judge to toss the current lead plaintiff in favor of himself, while the current lead plaintiff shot back with an opposition.
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October 04, 2024
Meta Investors Seek Sanctions Over Execs' Deleted Emails
Meta Platforms Inc. shareholders suing over the Facebook Cambridge Analytica data scandal urged a Delaware Chancery Court Thursday to sanction Meta board members Jeffrey Zients and Sheryl Sandberg for allegedly spoiling evidence by using their personal email accounts to discuss the scandal and then deleting large portions of their correspondence.
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October 04, 2024
Trump Media SPAC Dropped From $20M Insider-Trading Suit
A Florida federal judge dismissed a special purpose acquisition company from a shareholder complaint alleging a board member and investor made nearly $20 million from insider trading following news of a merger with Donald Trump's social media website, saying the SPAC isn't a necessary party to the lawsuit.
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October 04, 2024
Tempur Sealy, Mattress Firm Sue To Block FTC Merger Case
Tempur Sealy International Inc. and Mattress Firm Group Inc. told a Texas federal court on Friday that the Federal Trade Commission's in-house process violates the Constitution, so the agency's case challenging their planned $4 billion merger should be blocked.
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October 04, 2024
Pool Equipment-Maker Sinks Shareholder Suit, For Now
A New Jersey federal judge Wednesday dismissed a proposed investor class action against pool supply company Hayward Holdings Inc. over claims that the company concealed it was struggling with ballooning inventory and lowered demand, saying the investors do not sufficiently explain why the alleged misstatements cited in the complaint are actionable.
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October 04, 2024
Off The Bench: NIL Atty Beef, 'Hard Knocks' Death, MJ Racing
In this week's Off The Bench, friction over the pending settlement in the vast NCAA name, image and likeness compensation class action fuels an attorney feud, the widow of a "Hard Knocks" production assistant blames the league for his death, and Michael Jordan accuses NASCAR of having a motorsports monopoly.
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October 04, 2024
4 Benefits Appellate Arguments To Watch In October
The Fourth Circuit will consider a drugmaker's challenge to a West Virginia state law restricting access to the abortion drug mifepristone and Ohio pension funds are seeking to revive an investor class action at the Second Circuit, while the First and Ninth Circuits will take up executive compensation disputes. Here are four appellate arguments in October involving employee benefits that attorneys may want to keep on their radar.
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October 04, 2024
Mayer Brown Gains NY Corporate Atty From Freshfields
Mayer Brown LLP announced this week that its corporate and securities group has added a New York-based attorney from Freshfields.
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October 04, 2024
Repeat Fraudster Guilty Of Scamming Ex-NBA Players
A Manhattan federal jury on Friday convicted a Georgia businessman and recidivist fraudster of conning former NBA players Dwight Howard and Chandler Parsons out of $8 million through the use of forged documents and other lies.
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October 03, 2024
Swizz Beatz Received Millions From 1MDB Scheme, Suit Says
Hip-hop producer and rapper Kasseem Dean, known professionally as Swizz Beatz, received $7.3 million in funds that were stolen from Malaysia residents in the multibillion-dollar 1 Malaysia Development Berhad fraud, a lawsuit filed in New York federal court alleges.
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October 03, 2024
SEC, Texas Crypto Co. Duel Over Pre-Enforcement Challenge
In dueling briefs filed Thursday, both the U.S. Securities and Exchange Commission and a nascent cryptocurrency exchange asked a Texas federal judge to grant an early win, arguing over whether the exchange can preemptively sue the regulator for a determination that its planned business won't offend securities laws.
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October 03, 2024
Kohl's Beats Investor Class Action Over Activist Bid, For Now
A Wisconsin federal judge has dismissed an investor class action alleging that Kohl's attributed positive financial results to executives' strategic planning instead of unrelated, pandemic-related factors in an attempt to defeat an activist at a board meeting, finding that the investors have failed to plead any actionable false or misleading statements.
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October 03, 2024
Trump Media's COO Resigns As Stock Is Released To Investor
The parent of Donald Trump's social media platform had a busy Thursday, announcing that its chief operating officer has resigned and separately disclosing that it released nearly 800,000 shares to a backer of the vehicle that took Trump's entity public in connection with a court order.
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October 03, 2024
FibroGen Suit Alleging Disclosure Failures Tossed In Del.
Biopharmaceutical company FibroGen has beaten a stockholder derivative lawsuit in Delaware's Chancery Court that accused the business and its top officers of fiduciary breaches and insider trading related to its flagship anemia drug, which was once projected to bring in $3.5 billion for the drugmaker before regulators refused to approve its use in the U.S.
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October 03, 2024
'Let's Go Brandon' Coin Trustee Knocks Buyers' Class Claims
The trustee of the meme-inspired cryptocurrency LGBcoin sought to block class action certification from buyers who claim he sold them unregistered securities by leading them to believe the token would take off through a purported partnership with NASCAR.
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October 03, 2024
Don't Buy Ex-NBA Star's 'Dumb Athlete' Routine, Jury Told
A Manhattan federal jury on Thursday prepared to deliberate fraud charges against a Georgia businessman accused of fleecing ex-NBA superstar Dwight Howard out of $7 million, after the defendant's lawyer argued that Howard misleadingly portrayed himself as a naive victim.
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October 03, 2024
Ex-Hedge Fund Star Won't Get Additional $14.4M
A former D.E. Shaw & Co. managing director isn't owed an additional $14.4 million in deferred compensation after winning a $52 million award for defamation from a Financial Industry Regulatory Authority arbitration panel, a New York appeals court affirmed Thursday.
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October 03, 2024
12 Lawyers Who Are The Future Of The Supreme Court Bar
One attorney hasn't lost a single U.S. Supreme Court case she's argued, or even a single justice's vote. One attorney is perhaps "the preeminent SCOTUS advocate." And one may soon become U.S. solicitor general, despite acknowledging there are "judges out there who don't like me." All three are among a dozen lawyers in the vanguard of the Supreme Court bar's next generation, poised to follow in the footsteps of the bar's current icons.
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October 03, 2024
CFTC Asks DC Circ. To Hasten Election Contract Loss Appeal
The U.S. Commodity Futures Trading Commission pressed the D.C. Circuit to immediately schedule its appeal of a district court's decision to permit KalshiEx's listing of election-based event contracts, which the trading platform is poised to oppose.
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October 03, 2024
Feds Want A Word In Meta, Nvidia High Court Cases
The federal government is asking to participate in oral arguments in two private investor suits currently before the U.S. Supreme Court, saying that both Meta Platforms Inc. and Nvidia Corp. are wrong about the requirements that shareholders need to meet in order to move forward with lawsuits claiming they were misled about business risks.
Expert Analysis
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Opinion
Discount Window Reform Needed To Curb Modern Bank Runs
We learned during the spring 2023 failures that bank runs can happen extraordinarily fast in light of modern technology, especially when banks have a greater concentration of large deposits, demonstrating that the antiquated but effective discount window needs to be overhauled before the next crisis, says Cris Cicala at Stinson.
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Series
In The CFPB Playbook: Making Good On Bold Promises
The U.S. Supreme Court's decision upholding the Consumer Financial Protection Bureau's funding structure in the second quarter cleared the way for the bureau to resume a number of high-priority initiatives, and it appears poised to charge ahead in working toward its aggressive preelection agenda, say Andrew Arculin and Paula Vigo Marqués at Blank Rome.
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Series
After Chevron: Creating New Hurdles For ESG Rulemaking
The U.S. Supreme Court's Loper Bright decision, limiting court deference to agencies' statutory interpretations, could have significant impacts on the future of ESG regulation, creating new hurdles for agency rulemaking around these emerging issues, and calling into question current administrative actions, says Leah Malone at Simpson Thacher.
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Opinion
States Should Loosen Law Firm Ownership Restrictions
Despite growing buzz, normalized nonlawyer ownership of law firms is a distant prospect, so the legal community should focus first on liberalizing state restrictions on attorney and firm purchases of practices, which would bolster succession planning and improve access to justice, says Michael Di Gennaro at The Law Practice Exchange.
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Navigating The Extent Of SEC Cybersecurity Breach Authority
The U.S. Securities and Exchange Commission's broad reading of its authority under Section 13(b)(2)(B) of the Securities Exchange Act in the R.R. Donnelley and SolarWinds actions has ramifications for companies dealing with cybersecurity breaches, but it remains to be seen whether the commission's use of the provision will withstand judicial scrutiny, say attorneys at Sullivan & Cromwell.
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Best Text Practices In Light Of Terraform's $4.5B Fraud Deal
Text messages were extremely important in a recent civil trial against Terraform Labs, leading to a $4.5 billion settlement, so litigants in securities fraud cases need to have robust mobile data policies that address the content and retention of messages, and the obligations of employees to allow for collection, say Josh Sohn and Alicia Clausen at Crowell & Moring.
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Series
Solving Puzzles Makes Me A Better Lawyer
Tackling daily puzzles — like Wordle, KenKen and Connections — has bolstered my intellectual property litigation practice by helping me to exercise different mental skills, acknowledge minor but important details, and build and reinforce good habits, says Roy Wepner at Kaplan Breyer.
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Dapper Settlement Offers Rules Of The Road For NFT Issuers
The terms of a $4 million settlement in a class action alleging that Dapper Labs sold its NBA Top Shot Moments as unregistered securities may be a model for third parties that wish to avoid securities liability in connection with offering digital asset non-fungible token collectibles, say attorneys at K&L Gates.
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Texas Ethics Opinion Flags Hazards Of Unauthorized Practice
The Texas Professional Ethics Committee's recently issued proposed opinion finding that in-house counsel providing legal services to the company's clients constitutes the unauthorized practice of law is a valuable clarification given that a UPL violation — a misdemeanor in most states — carries high stakes, say Hilary Gerzhoy and Julienne Pasichow at HWG.
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Navigating The New Rise Of Greenwashing Litigation
As greenwashing lawsuits continue to gain momentum with a shift in focus to carbon-neutrality claims, businesses must exercise caution and ensure transparency in their environmental marketing practices, taking cues from recent legal challenges in the airline industry, say attorneys at Baker McKenzie.
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In Memoriam: The Modern Administrative State
On June 28, the modern administrative state, where courts deferred to agency interpretations of ambiguous statutes, died when the U.S. Supreme Court overruled its previous decision in Chevron v. Natural Resources Defense Council — but it is survived by many cases decided under the Chevron framework, say Joseph Schaeffer and Jessica Deyoe at Babst Calland.
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How High Court Approached Time Limit On Reg Challenges
The U.S. Supreme Court's decision in Corner Post v. Federal Reserve Board effectively gives new entities their own personal statute of limitations to challenge rules and regulations, and Justice Brett Kavanaugh's concurrence may portend the court's view that those entities do not need to be directly regulated, say attorneys at Snell & Wilmer.
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First-Of-Its-Kind Chancery Ruling Will Aid SPAC Defendants
The Delaware Chancery Court's first full dismissal of claims challenging a special purpose acquisition company transaction under the entire fairness doctrine in the recent Hennessy Capital Acquisition Stockholder Litigation establishes useful precedent to abate the flood of SPAC litigation, say Lisa Bugni and Benjamin Lee at King & Spalding.
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How To Clean Up Your Generative AI-Produced Legal Drafts
As law firms increasingly rely on generative artificial intelligence tools to produce legal text, attorneys should be on guard for the overuse of cohesive devices in initial drafts, and consider a few editing pointers to clean up AI’s repetitive and choppy outputs, says Ivy Grey at WordRake.
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Supreme Court's ALJ Ruling Carries Implications Beyond SEC
In its recent Jarkesy opinion, the U.S. Supreme Court limited the types of cases that can be tried before the U.S. Securities and Exchange Commission's in-house administrative law judges, setting the stage for challenges to the constitutionality of ALJs across other agencies, say Robert Robertson and Kimberley Church at Dechert.