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Securities
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September 26, 2024
2nd Circ. Questions Crypto Co.'s 'Control' In Scam Token Suit
Investors attempting to revive their suit around decentralized crypto exchange Uniswap Labs told a Second Circuit panel on Thursday that their claims were prematurely dismissed, while a judge pressed them to show how any of the defendants had control of the alleged "rampant fraud" on the platform.
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September 26, 2024
Tornado Cash Developer Must Face Criminal Case
The founder of cryptocurrency mixing service Tornado Cash can't escape charges he conspired to launder money and violate sanctions, after a Manhattan federal judge ruled in an oral opinion Thursday that his "narrative" of being prosecuted over writing computer code should be put before a jury.
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September 26, 2024
Sen. Warren Presses OCC, Fed For Tighter Leash On NYCB
Sen. Elizabeth Warren, D-Mass., demanded Wednesday that federal regulators slap New York Community Bancorp with a higher minimum capital requirement, calling out what she alleges has been lax oversight of the bank.
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September 26, 2024
Spain Can't Escape $26M Award, DC Judge Rules
A D.C. federal judge on Thursday enforced a €23.5 million ($26.3 million) arbitral award issued against Spain after the country dialed back its renewable energy incentives, rejecting Madrid's argument that the tribunal had infringed the authority of European Union courts.
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September 26, 2024
SEC Fines Fla. Advisory Firm Over Whistleblower Barriers
Florida-based investment management company GQG Partners LLC has settled U.S. Securities and Exchange Commission claims that the company made it difficult for a former employee and prospective workers to report potential securities law violations, the SEC said on Thursday.
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September 26, 2024
SEC Fines DraftKings $200K Over CEO's Social Media Blasts
DraftKings agreed to pay a $200,000 fine to resolve U.S. Securities and Exchange Commission administrative charges that the online sports betting platform shared nonpublic sales growth information with some of its investors through its CEO's social media without disclosing the information to all investors, the agency said Thursday.
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September 26, 2024
Fintech Firm Can't Dodge Investor Suit Over Lending Program
A New York federal judge has trimmed some allegations in a proposed class action lawsuit against payment processing company StoneCo Ltd. while allowing shareholders to move forward with claims that the company underplayed its role in the failure of a merchant lending program it once offered in Brazil.
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September 26, 2024
5th Circ. Dusts Off FDIC Challenge In Jarkesy's Wake
The Fifth Circuit moved Wednesday to pick back up with a former bank CEO's challenge to Federal Deposit Insurance Corp. enforcement proceedings, taking the case off pause now that the U.S. Supreme Court has upheld a similar challenge involving the U.S. Securities and Exchange Commission.
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September 26, 2024
Healthcare REIT Defeats Investor Suit For Good
An Alabama federal judge on Thursday permanently tossed an investor suit against a healthcare-focused real estate investment trust, Medical Properties Trust Inc., that alleged the trust hid the poor performance of four acute care hospitals it owns in Pennsylvania, saying the plaintiff's asserted theory in the suit "is somewhat Jekyll and Hyde."
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September 26, 2024
Chancery Tosses Carvana Suit Alleging Faulty Sales
Delaware's chancellor has dismissed a stockholder derivative case against online used-car dealer Carvana Inc. that sought damages for alleged insider trading and legal complaince monitoring failures, a case that defense attorneys had branded "repackaged" from past or pending federal securities actions.
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September 26, 2024
SEC Scores Partial Win In Suit Over Blockchain Co.'s ICO
A New York federal judge has partially granted the U.S. Securities and Exchange Commission's motion for summary judgment in a suit accusing blockchain marketplace company Opporty International Inc. and its Brooklyn-based owner of conducting a fraudulent initial coin offering of unregistered digital asset securities.
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September 26, 2024
SEC Accuses NC Business Owner Of $28M Ponzi-Like Fraud
The U.S. Securities and Exchange Commission has filed a suit in North Carolina federal court accusing an investment firm owner of defrauding investors through a $28 million Ponzi-like manufacturing debt investment scheme.
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September 26, 2024
Nvidia Seeks 'Unworkable' Pleading Standard, Justices Told
Nvidia Corp. shareholders asked the U.S. Supreme Court on Wednesday to reject the company's "unworkable" reading of the pleading standards under the Private Securities Litigation Reform Act, arguing that they've presented plenty of evidence to move forward with claims that the company hid its $1 billion exposure to the volatile cryptocurrency market.
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September 26, 2024
Conn. Jury Finds Oil Trader Guilty In Petrobras Bribery Scheme
A Connecticut federal jury convicted a former oil trader on charges that he sent millions in bribes through an intermediary to officials at Brazilian state oil giant Petroleo Brasileiro, capping a three-week trial on Thursday.
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September 26, 2024
Southwest Airlines Touts Big Changes Amid Activist Pressure
Southwest Airlines on Thursday revealed a number of developments key to a "transformational" plan meant to drive revenue growth as the airline faces pressure from activist investor Elliott Investment Management, including the appointment of a new director and a $2.5 billion repurchase program.
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September 26, 2024
Robinhood Arbitration Pact Not Obvious To Users, Judge Says
Robinhood Financial LLC cannot show that a user who claims the platform failed to notify him of important developments regarding his investments was made aware of an arbitration clause buried in the company's user agreement, a Massachusetts state court judge said.
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September 26, 2024
Ex-NBA Star Tells Jury He Was Duped By Ga. Businessman
Former NBA superstar Dwight Howard told a Manhattan federal jury Thursday that an Atlanta businessman tricked him into making a $7 million investment that he thought was for the purchase of a women's basketball franchise, a promise that turned out to be "a slap in the face."
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September 25, 2024
SEC Fines Alphabet, Others Over Stock Ownership Reports
Alphabet Inc., Goldman Sachs and several other entities and individuals were hit with a combined total of over $3.8 million in penalties on allegations they failed to report information about their holdings and transactions in a timely manner, the U.S. Securities and Exchange Commission announced Wednesday.
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September 25, 2024
In-House Counsel To Play Central Role At AI Cos., VCs Say
Venture capital firms expect in-house counsel at artificial intelligence companies to play a bigger role in their businesses due to regulatory uncertainties around AI, while a professor who helped pioneer the technology warned that transparency of commercial AI businesses should be "top of mind," attorneys heard at the seventh annual Berkeley Law AI Institute Wednesday.
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September 25, 2024
Sullivan & Cromwell Didn't Ignore FTX 'Red Flags,' Report Says
The Chapter 11 examiner appointed in the bankruptcy case of fallen cryptocurrency exchange FTX Trading determined Wednesday that debtor law firm Sullivan & Cromwell didn't ignore any "red flags" about FTX's misconduct related to a $500 million purchase of stock in financial service and digital trading platform Robinhood Markets Inc.
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September 25, 2024
Basel Edits 'Encouraging' But Incomplete, Republicans Say
House Republicans signaled at a Wednesday hearing that they want further softening of federal banking regulators' so-called Basel III endgame proposal for tougher big-bank capital requirements, casting recently floated potential changes as insufficient to ensure the plans won't pose an economic threat.
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September 25, 2024
Feds Urge Judge Not To Ax Novel Insider Trading Conviction
Prosecutors have hit back at former Ontrak CEO Terren Peizer's bid to ax his first-of-its-kind insider trading conviction and score a new trial, telling a California federal judge that the jury had all the information it needed to find Peizer guilty in June.
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September 25, 2024
Kraken Seeks Quick Appeal Of Dismissal Denial In SEC Suit
Cryptocurrency exchange Kraken requested an immediate appeal of an order that declined to dismiss the U.S. Securities and Exchange Commission's registration claims, asking that the Ninth Circuit weigh in on whether an alleged investment contract can violate securities laws if it doesn't represent any pact between issuers and buyers.
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September 25, 2024
Bumble Investor Says Dating App Overhyped Premium Model
A Bumble Inc. investor has launched a proposed securities class action in Texas federal court accusing the dating app's parent company of misleading investors about its financial outlook and success of a "premium plus" subscription tier, and causing a dramatic decline in Bumble's common stock price.
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September 25, 2024
Rent The Runway, Gwyneth Paltrow Can't Escape Investor Suit
A New York federal judge on Wednesday trimmed a proposed class action suit against actress Gwyneth Paltrow and online clothing rental company Rent the Runway Inc., claiming the company failed to inform investors about major challenges it was facing in the run-up to its 2021 initial public offering.
Expert Analysis
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Assessing Whether Jarkesy May Limit FINRA Prosecutions
The U.S. Supreme Court’s recent decision in Jarkesy v. U.S. Securities and Exchange Commission, holding that civil securities fraud defendants are entitled to jury trials, may cause unpredictable results when applied to Financial Industry Regulatory Authority prosecutions, say Barry Temkin and Kate DiGeronimo at Mound Cotton.
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Series
Being An Opera Singer Made Me A Better Lawyer
My journey from the stage to the courtroom has shown that the skills I honed as an opera singer – punctuality, memorization, creativity and more – have all played a vital role in my success as an attorney, says Gerard D'Emilio at GableGotwals.
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Amid SEC Rule Limbo, US Cos. Subject To ESG Regs In EU
Though the U.S. Securities and Exchange Commission is facing legal challenges to its climate-disclosure rulemaking, the implementation of the Corporate Sustainability Reporting Directive in the European Union will force U.S. companies to comply with exactly the kinds of ESG disclosures that are not yet mandated in the U.S., say attorneys at Squire Patton.
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How Law Firms Can Avoid 'Collaboration Drag'
Law firm decision making can be stifled by “collaboration drag” — characterized by too many pointless meetings, too much peer feedback and too little dissent — but a few strategies can help stakeholders improve decision-making processes and build consensus, says Steve Groom at Miles Mediation.
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6 Considerations To Determine If A Cyber Incident Is Material
The U.S. Securities and Exchange Commission's recent guidance on material cybersecurity incidents covers a range of ransomware scenarios, from a company paying a sum and regaining operations to recovering payment via cyberinsurance, but makes it clear that no single factor determines whether a cybersecurity incident is material, say attorneys at Troutman Pepper.
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Opinion
Litigation Funding Disclosure Key To Open, Impartial Process
Blanket investor and funding agreement disclosures should be required in all civil cases where the investor has a financial interest in the outcome in order to address issues ranging from potential conflicts of interest to national security concerns, says Bob Goodlatte, former U.S. House Representative for Virginia.
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Carbon Offset Case A Win For CFTC Enviro Fraud Task Force
An Illinois federal court's decision in Commodity Futures Trading Commission v. Ikkurty — earning the CFTC a sizeable monetary award that will likely incentivize similar enforcement pursuit — shows the impact of the commission's Environmental Fraud Task Force, say attorneys at Steptoe.
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RealPage Suit Shows Growing Algorithm, AI Pricing Scrutiny
The U.S. Department of Justice's suit against RealPage for helping fix rental rates, filed last week, demonstrates how the use of algorithmic and artificial intelligence tools to assist with pricing decisions is drawing increasing scrutiny and action across government agencies, and specifically at the Federal Trade Commission and the DOJ, say Andre Geverola and Leah Harrell at Arnold & Porter.
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Whistleblowers Must Note 5 Key Differences Of DOJ Program
The U.S. Department of Justice’s recently unveiled whistleblower awards program diverges in key ways from similar programs at other agencies, and individuals must weigh these differences and look first to programs with stronger, proven protections before blowing the whistle, say Stephen Kohn and Geoff Schweller at Kohn Kohn.
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What NFL Draft Picks Have In Common With Lateral Law Hires
Nearly half of law firm lateral hires leave within a few years — a failure rate that is strikingly similar to the performance of NFL quarterbacks drafted in the first round — in part because evaluators focus too heavily on quantifiable metrics and not enough on a prospect's character traits, says Howard Rosenberg at Baretz+Brunelle.
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Foreign Threat Actors Pose Novel Risks To US Tech Cos.
A recent bulletin jointly issued by several U.S. intelligence agencies warns technology startups and the venture capital community about national security risks posed by foreign threat actors, so companies interested in raising foreign capital should watch for several red flags, say Robert Friedman and Jacob Marco at Holland & Knight.
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Open Questions 3 Years After 2nd Circ.'s Fugitive Ruling
The Second Circuit’s 2021 decision in U.S. v. Bescond, holding that a French resident indicted abroad did not meet the legal definition of a fugitive, deepened a circuit split on the fugitive disentitlement doctrine, and courts continue to grapple with the doctrine’s reach and applicability, say attorneys at Lankler Siffert.
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Replacing The Stigma Of Menopause With Law Firm Support
A large proportion of the workforce is forced to pull the brakes on their career aspirations because of the taboo surrounding menopause and a lack of consistent support, but law firms can initiate the cultural shift needed by formulating thoughtful workplace policies, says Barbara Hamilton-Bruce at Simmons & Simmons.
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Class Actions At The Circuit Courts: August Lessons
In this month's review of class action appeals, Mitchell Engel at Shook Hardy considers certification cases touching on classwide evidence of injury from debt collection practices, defining coupon settlements under the Class Action Fairness Act, proper approaches for evaluating attorney fee awards in class action settlements, and more.
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Crypto Regs Could See A Reset Under The Next President
Donald Trump has taken a permissive policy stance favoring crypto, while Kamala Harris has been silent on the issue, but no matter who wins the presidential election, we may see a more lenient regulatory climate toward the digital currency than from the Biden administration, says Liam Murphy at McKool Smith.