Securities

  • November 22, 2024

    Fox Corp., Class Battle Over Multibillion Del. Defamation Suit

    Fox Corp. "demonstrated willingness to republish demonstrably false material" promoting bogus 2020 election conspiracies to bolster its market share, a class attorney said during dismissal arguments Friday in a Delaware Court of Chancery suit seeking billions of dollars in damages.

  • November 22, 2024

    Private Cos. Seek Pre-IPO Share Sales Amid Liquidity Crunch

    Following a dearth of initial public offerings in recent years, more private companies are arranging secondary-share sales to help employees and early investors pare down equity stakes without waiting for a public listing, a trend capital markets attorneys expect will continue for the foreseeable future, even if IPOs rebound.

  • November 22, 2024

    Democratic SEC Member To Step Down Amid GOP Takeover

    U.S. Securities and Exchange Commission member Jaime Lizárraga said Friday that he plans to step down before President-elect Donald Trump takes office, a day after SEC Chair Gary Gensler announced his plans to leave, further clearing the way for new Republican Party leadership.

  • November 22, 2024

    Capital One 'Abuses' Cast Pall Over Discover Deal, Dems Say

    As the Biden administration winds down with Capital One's bid to buy Discover Financial still pending, progressive Democrats led by Sen. Elizabeth Warren and Rep. Alexandria Ocasio-Cortez are putting renewed pressure on federal bank regulators reviewing the deal.

  • November 22, 2024

    Class Attys Ask Court For 28% Of $2.2M Bowling Settlement

    Class attorneys in the now-settled legal fight over Bowl America's merger with Bowlero Corp. are requesting fees representing 28% of the proposed $2.2 million deal to end the litigation, which is nearing final approval.

  • November 22, 2024

    Crypto Lobby Asks Trump, Congress To Prioritize Rulemaking

    Crypto industry group Blockchain Association sent a letter to President-elect Donald Trump and members of Congress on Friday detailing what the industry feels should be immediate priorities for the next administration, including implementing a regulatory framework for digital assets and installing more crypto-amenable agency heads.

  • November 22, 2024

    Bondi Vowed Trump Payback. Ex-Colleagues Aren't Worried.

    U.S. attorney general nominee Pam Bondi is an outspoken ally of President-elect Donald Trump and vowed during the campaign that his "prosecutors will be prosecuted," but people who've worked with her say she's well qualified to serve as the nation's top cop and downplayed concerns that she would politicize the U.S. Department of Justice.

  • November 22, 2024

    Glenn Agre Gains Longtime Foley & Lardner Litigator in NY

    Three-year-old boutique Glenn Agre Bergman & Fuentes LLP announced Friday that it has hired a longtime Foley & Lardner LLP litigator with a track record of victories in disputes ranging up to 10 figures.

  • November 22, 2024

    Walmart Class Attys In $123M Opioid Deal Seek $24.6M Fee

    Three plaintiffs firms known for shareholder litigation are seeking $25 million in fees for their work on a $123 million settlement with Walmart in Delaware's Chancery Court, ending a suit that claimed oversight failures at the retail giant led to reckless opioid prescriptions and massive liabilities.

  • November 22, 2024

    Fed Bans Ex-CEO Of Bank Felled By Crypto Scam

    The former CEO of Kansas' now-shuttered Heartland Tri-State Bank has been banned by the federal government from being a part of the banking industry after stealing $47.1 million from the bank to give to cryptocurrency scammers, leading his bank to fail.

  • November 22, 2024

    Shipman & Goodwin Atty Dodges DQ In Waste Permit Case

    A Connecticut Superior Court judge has refused to disqualify Shipman & Goodwin LLP attorney Joseph P. Williams from a lawsuit that started as a dispute over a $3 million transfer station performance bond, finding he is not a necessary witness to the remaining issues in the case.

  • November 22, 2024

    Taxation With Representation: Stradley Ronon, Davis Polk

    In this week's Taxation With Representation, Amcor PLC buys Berry Global Group Inc., AeroVironment buys BlueHalo, Robinhood Markets Inc. acquires TradePMR, and Comcast Corp. spins off a suite of NBCUniversal cable television networks.

  • November 22, 2024

    UPS To Pay SEC $45M For Improperly Valuing Freight Biz

    UPS has agreed to pay a $45 million civil penalty to resolve U.S. Securities and Exchange Commission claims that the shipping giant improperly valued one of its business units and misrepresented its earnings after failing to follow generally accepted accounting principles.

  • November 22, 2024

    Adviser Charged With $2.1M Sports Star Investment Fraud

    A Florida investment adviser has been hit with civil and criminal charges in New York alleging he defrauded private lenders and borrowers out of $2.1 million in a scheme in which he lied to private lenders about the creditworthiness of borrowers, often professional athletes and sports agents.

  • November 22, 2024

    High Court Quietly Pulls Meta Case Without A Ruling

    The U.S. Supreme Court on Friday set aside a Meta Platforms Inc. case that sought to narrow the types of risk disclosures corporations need to make to investors, saying that the court shouldn't have taken up the case in the first place.

  • November 21, 2024

    FDIC's 'Hot Money' Revamp Gets Bank, Fintech Cold Shoulder

    Banking and fintech lobbyists are calling on the Federal Deposit Insurance Corp. to scrap its proposal to overhaul rules on brokered deposits, also known as "hot money," arguing the effort represents a step backward for the industry that would raise costs for everyone.

  • November 21, 2024

    Dorsey's Fintech Co. Beats Investor's Cash App Suit, For Now

    Jack Dorsey's Block Inc. convinced a California federal judge Wednesday to toss a securities lawsuit alleging the company painted a rosier-than-reality picture of its Cash App and failed to explain why former U.S. Secretary of the Treasury Larry Summers resigned from its board, but the investor will get a chance to rework the complaint.

  • November 21, 2024

    US Strikes At Last Of Russia's Major Non-Sanctioned Banks

    The United States has now sanctioned all of Russia's major banks after freezing the assets of Gazprombank and its six foreign subsidiaries on Thursday for channeling military equipment purchases for Russia's ongoing war on Ukraine.

  • November 21, 2024

    SEC Denied Civil Penalties Over Pot Pill Exec's 'Inexperience'

    The SEC will score $86,000 in disgorgement and interest from a former executive of C3 International Inc. for falsely claiming the company's cannabis pill was projected to generate millions of dollars in revenue, but the court found the defendant's conduct did not warrant the civil penalty the agency requested.

  • November 21, 2024

    Chinese Co. Says It Didn't Agree To Class Arb. In $100M Claim

    An e-commerce company known as the Amazon of China is urging a New York federal court to nix an arbitral award allowing class arbitration of claims that the company grossly shortchanged minority shareholders when it went private in 2016, saying it never agreed to such a proceeding.

  • November 21, 2024

    FirstEnergy Investors Slam Ex-Execs' Info 'Bogeyman' Story

    FirstEnergy shareholders have accused two former executives of the energy company of exploiting confidentiality rules by seeking to shield documents relevant to their suit over a stock plummet that followed a massive bribery scheme, telling an Ohio federal judge he should reject the executives' "informational bogeyman" story.

  • November 21, 2024

    Children's Place Investor Drops Suit After Counsel Rule Qualm

    A New Jersey federal judge agreed Thursday to let an investor who protested conditions the court placed on his pick for lead counsel to voluntarily toss his proposed class action against clothing retailer The Children's Place Inc.

  • November 21, 2024

    Franchise Group Lenders Want End To Debtor's Ch. 11 Rights

    Lenders of bankrupt retail-focused holding company Franchise Group Inc., including Pacific Investment Management Co. and private equity firm Irradiant Partners, have urged a Delaware bankruptcy judge to end holdco debtor Chapter 11 exclusivity restrictions, arguing that the move offers the best escape from a near-inescapable "Gordian knot" entangling all their claims.

  • November 21, 2024

    Forex Trader Gets 23 Years For $93M Investor Fraud

    A Colorado federal judge on Thursday sentenced a retired Marine convicted of wire fraud and conspiracy to 23 years in prison for his role in a scheme that swindled investors out of $93 million.

  • November 21, 2024

    Fed's Bowman Sees The Bright Side In Chevron's Demise

    Federal Reserve Gov. Michelle Bowman, a Republican seen as a potential Trump administration contender for the central bank's top supervision job, chided the regulatory response to last year's regional bank failures and said the U.S. Supreme Court's Loper Bright decision could "transform agency rulemakings positively."

Expert Analysis

  • The AI Consumer Class Action Threat Is Not A Hallucination

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    As regulators scrutinize whether businesses can deliver on claims about their artificial intelligence products and services, the industry faces a wave of consumer fraud class actions — but AI companies can protect themselves by prioritizing fundamental best practices that are often overlooked, say Ronald Levine at Herrick Feinstein and Richard Torrenzano at the Torrenzano Group.

  • What's Next For The CFTC After The Election

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    While much of the U.S. Commodity Futures Trading Commission's enforcement actions in line with its traditional priorities will continue as usual in the near term, postelection leadership changes at the CFTC and new congressional priorities may alter the commission's regulatory framework in 2025 and beyond — particularly its oversight of crypto, say attorneys at WilmerHale.

  • Del. Dispatch: Clarifying Charter Amendment Vote Obligations

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    The Delaware Court of Chancery recently held in Gunderson v. The Trade Desk that only a majority stockholder vote is needed to approve a company's proposed reincorporation from Delaware to Nevada through a corporate conversion, which bodes well for other companies also considering leaving the First State, say attorneys at Fried Frank.

  • What's Still Up In The Air After Ruling On Calif. Climate Laws

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    A California federal court's recent ruling on challenges to California's sweeping climate disclosure laws resolved some issues, but allows litigation over the constitutionality of the laws to continue, and leaves many important questions on what entities will need to do to comply with the laws unanswered, say attorneys at Paul Hastings.

  • Series

    Being A Navy Reservist Makes Me A Better Lawyer

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    Serving this country in uniform has not only been one of the greatest honors of my life, but it has also provided me with opportunities to broaden my legal acumen and interpersonal skills in ways that have indelibly contributed to my civilian practice, says Phillip Smith at Weinberg Wheeler.

  • Navigating DOJ's Patchwork Whistleblower Regime

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    In the past few months, the U.S. Department of Justice and several individual U.S. attorney’s offices have issued different pilot programs aimed at incentivizing individuals to blow the whistle on misconduct, but this piecemeal approach may create confusion and suboptimal outcomes, say attorneys at BakerHostetler.

  • So You Want To Move Your Law Practice To Canada, Eh?

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    Google searches for how to move to Canada have surged in the wake of the U.S. presidential election, and if you’re an attorney considering a move to the Great White North, you’ll need to understand how the practice of law differs across the border, says David Postel at Henein Hutchison.

  • A Look At Similarities Between SOX And SEC's Cyber Rule

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    Just as the Sarbanes-Oxley Act paved the way for greater transparency and accountability in financial reporting, the SEC's cybersecurity rule is doing much the same for cybersecurity, ensuring that companies are resilient in the face of growing cyber threats, says Padraic O'Reilly at CyberSaint.

  • Trump Rollback Of Biden Enviro Policies: What To Expect

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    Donald Trump's upcoming second presidential term will usher significant shifts in U.S. environmental and natural resource law and policy — and while the Biden administration is racing to secure its legacy, the incoming Trump administration is making plans to dramatically roll back most, if not all, of Biden's environmental initiatives, say attorneys at Beveridge & Diamond.

  • Class Actions At The Circuit Courts: November Lessons

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    In this month's review of class action appeals, Mitchell Engel at Shook Hardy discusses six federal court decisions that touch on Rule 23 of the Federal Rules of Civil Procedure, and when individual inquiries are needed to prove economic loss.

  • 5 Areas Congress May Investigate After GOP Election Wins

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    With Republicans poised to take control of Congress in addition to the executive branch next year, private companies can expect an unprecedented uptick in congressional investigations focused on five key areas, including cryptocurrency and healthcare, say attorneys at Cahill Gordon.

  • Trump's 2nd Term May Be A Boost To Banking Industry

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    President-elect Donald Trump's personnel appointments could be instrumental in reshaping the financial regulatory landscape during his second administration, likely allowing for greater merger activity and halting or undoing some of the Biden administration's more restrictive financial services policies, say attorneys at Debevoise.

  • Why K-Cup Claims Landed Keurig In Hot Water With SEC

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    The U.S. Securities and Exchange Commission's recent settlement with Keurig Dr. Pepper for making incomplete statements regarding the recyclability of K-cup pods highlights the importance of comprehensive corporate disclosures, particularly with respect to ESG matters, say attorneys at BCLP.

  • Legislation Most Likely To Pass In Lame Duck Session

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    As Congress begins its five-week post-election lame duck session, attorneys at Greenberg Traurig break down the legislative priorities and which proposals can be expected to pass.

  • Predicting Shareholder Activism Trends In New Trump Admin

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    While President-elect Donald Trump has promised tax policies, deregulation and lax antitrust enforcement — which all fuel shareholder activism — a closer look at his first administration's track record suggests that his second presidency might be a mixed bag for activist investors and companies alike, say attorneys at Sidley.

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