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Securities
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October 09, 2024
SEC Equity Trading Reforms Spark DC Circ. Challenge
The U.S. Securities and Exchange Commission is facing a legal challenge in the D.C. Circuit over recent equity trading regulatory changes that allow stocks to be quoted in half-penny increments and lower access fee caps.
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October 09, 2024
Electronics Co. Hid Auto Segment Slump, Investor Claims
Electronic equipment manufacturing company Methode Electronics has been hit with a proposed class action alleging it concealed the full extent of sagging sales in its automotive division, in which General Motors was a top client.
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October 09, 2024
SEC Awards $5M To 3 Whistleblowers, Denies Award To 4th
The U.S. Securities and Exchange Commission awarded more than $5 million to three unidentified whistleblowers while denying a fourth applicant's bid for a payout, in a partially redacted order saying the applicant's provided information did not cause the commission to open an investigation or inquiry.
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October 09, 2024
Bitcoin Miner Misled Investors About Biz Prospects, Suit Says
Bitcoin mining operation Iris Energy Ltd. and three of its executives were hit with a shareholder suit in New York federal court alleging they misled investors about the company's high-performance computing and data center business prospects, particularly at a site in Texas that allegedly lacks infrastructure to support the business.
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October 09, 2024
FTX Exec Wants Another Prison Date Delay Over Dog Attack
Former FTX executive Ryan Salame has again asked the court to delay his surrender date to begin his prison term from this Friday to Dec. 7, as he purportedly continues to undergo medical treatment and recover after being mauled by a German shepherd while visiting a friend's house in June.
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October 09, 2024
Duane Morris Adds Corporate, Banking Partner In New York
Duane Morris LLP has brought on a former Stinson LLP partner for its corporate practice group in New York, the firm said Wednesday.
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October 09, 2024
Sullivan & Cromwell Dropped From FTX Investor Suit
FTX customers dismissed Sullivan & Cromwell LLP from ongoing multidistrict litigation over the crypto exchange's collapse on Wednesday, after an investigation by the customers' counsel into the firm and dialogue with the FTX bankruptcy estate and appointed examiner resolved concerns about the law firm's conduct.
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October 09, 2024
Disbarred Atty Admits To Defrauding Investors, DOJ Says
A disbarred attorney has pled guilty in connection with a financial services scheme that defrauded investors out of more than $1 million, New Jersey's U.S. attorney announced Wednesday.
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October 09, 2024
Disbarred Calif. Atty To Pay $14M Over Crypto Ponzi Scheme
A disbarred California attorney has been ordered by a Nevada federal judge to pay nearly $14 million in restitution for his role in promoting a $9.5 million cryptocurrency Ponzi scheme.
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October 08, 2024
Genting Unit Used Bahamas Resort To Hide Fraud, Suit Says
A Bahamanian real estate development company on Monday sued a U.S. company organized under destination resorts and casino giant Genting Group, saying in a Florida federal complaint that the Genting company used a resorts in the Bahamas as a "financial wasteland" that obscured fraudulent activities.
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October 08, 2024
Texas Looks To Sink Suit Challenging Anti-ESG Law
Texas officials have asked a federal court to toss claims brought against them over a law restricting state investments with financial firms and businesses that want to reduce their reliance on fossil fuels, arguing they have sovereign immunity and the law doesn't violate the First Amendment.
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October 08, 2024
PetroSaudi Says US Not Entitled To All Of $380M Award
A PetroSaudi unit said it wants a California federal court to make clear that only 5% of funds should go to the Biden administration in a dispute over the proceeds of a nearly $380 million arbitral award allegedly tied to embezzled 1Malaysia Development Berhad funds.
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October 08, 2024
SEC Texting Sweep: Message Received, Guidance Needed
After financial firms have paid billions of dollars in recordkeeping fines around employees' use of off-channel communications, recent criticism of the U.S. Securities and Exchange Commission's approach by its Republican members has drawn support from attorneys who worry the agency is pushing for an impossible standard of perfect compliance.
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October 08, 2024
OneCoin Co-Conspirator Wants No Prison For Laundering Plea
A business consultant and investor who pled guilty to laundering approximately $35 million as part of the global OneCoin cryptocurrency scam has asked a New York federal judge for a probationary sentence and a minimal fine, arguing that he had a minor role in the scheme compared to other defendants and has lived an otherwise law-abiding life.
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October 08, 2024
AI Software Co. Touted Inflated Revenue, Investor Claims
Artificial intelligence software company iLearningEngines has been hit with a proposed class action alleging investors were damaged when a short seller report revealed that the company was overstating its Indian revenue by nearly 99% by contracting with a related party to inflate sales.
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October 08, 2024
FTX's Ellison To Give Up 'Substantially All Of Her Assets'
Former FTX insider Caroline Ellison agreed to give up "substantially all of her assets" and cooperate with the FTX bankruptcy estate in a deal to resolve the claims against her in an adversary proceeding that sought to recover hundreds of millions of dollars from the collapsed crypto exchange's former leadership.
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October 08, 2024
Chancery OKs $9.75M In Atty Fees For SPAC Stock Drop Suits
Settlements and attorney fee rulings closed the book Tuesday on two GigCapital-related blank check deals that settled before trial in Delaware's Court of Chancery, with a vice chancellor approving combined public stockholder payouts and fee awards of $7.25 million and $2.5 million.
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October 08, 2024
Elanco Misled Investors About Dog Medicine Safety, Suit Says
An Elanco investor lodged a proposed securities class action against the animal pharmaceutics company on Monday, telling a Maryland federal court that the company misled investors about the safety of a canine dermatitis treatment it was developing and its timelines for drug launches.
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October 08, 2024
SEC Approves Nasdaq Plan To Accelerate Delistings
The U.S. Securities and Exchange Commission has approved a Nasdaq rule change that would enable the stock exchange to accelerate removals of struggling companies that try to delay delistings through the use of reverse stock splits.
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October 08, 2024
Whole Earth Sued In Chancery For Docs On Take-Private Deal
A stockholder of global food company Whole Earth Brands sued the company in Delaware's Court of Chancery late Monday for alleged failure to provide requested books and records on the company's agreement in February to be taken private by an affiliate of Sababa Holdings Free LLC.
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October 08, 2024
Crypto.com Sues SEC Over 'Unlawful' Crypto Approach
Crypto.com became the latest crypto exchange to push back on a potential enforcement case from the U.S. Securities and Exchange Commission on Tuesday when it sued the regulator after allegedly receiving a notice that the agency believes it operates as an unregistered broker-dealer and clearing agency.
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October 08, 2024
Morgan Lewis Lands Capital Markets Pro From Davis Polk
Morgan Lewis & Bockius LLP announced Tuesday that it has added to its capital markets and public companies practice with the hiring of an attorney who formerly was at Davis Polk & Wardwell LLP and served as an attorney-adviser with the U.S. Securities and Exchange Commission.
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October 08, 2024
Willkie Adds Faegre ERISA Litigation Co-Head With Duo Hire
Willkie Farr & Gallagher LLP is expanding its Midwest team, announcing Tuesday it is bringing in a Faegre Drinker Biddle & Reath LLP Employee Retirement Income Security Act litigator and a Chapman and Cutler LLP finance expert as partners in its Chicago office.
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October 07, 2024
AbbVie's Top Brass Escape Suit Over Rinvoq Claims, For Now
An Illinois federal judge Friday tossed AbbVie investors' suit challenging directors' statements about the potential for its rheumatoid arthritis drug Rinvoq to be approved for other conditions, a possibility that collapsed over safety risks with Pfizer's competing drug Xeljanz, finding the investors don't allege the directors knew Xeljanz's results would affect Rinvoq.
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October 07, 2024
Seinfeld-Inspired Investors Sue Bitwise Over $2M Crypto Losses
A group of family-owned investment companies named after a gag from "Seinfeld" sued crypto asset manager Bitwise and its executives for allegedly duping them into staying invested in one of its funds as it sought a conversion to a less-preferable structure, causing them $1.9 million in losses.
Expert Analysis
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Series
Rock Climbing Makes Me A Better Lawyer
Rock climbing requires problem-solving, focus, risk management and resilience, skills that are also invaluable assets in my role as a finance lawyer, says Mei Zhang at Haynes and Boone.
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Think Like A Lawyer: Dance The Legal Standard Two-Step
From rookie brief writers to Chief Justice John Roberts, lawyers should master the legal standard two-step — framing the governing standard at the outset, and clarifying why they meet that standard — which has benefits for both the drafter and reader, says Luke Andrews at Poole Huffman.
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Examining Chancery's Relaxed New Confidential Filing Rules
The Delaware Court of Chancery’s overhauled Rule 5.1, which governs confidential filings, risks permitting nonconfidential information to be shielded from public review unless and until a challenge notice is filed — but several potential solutions could help to override this issue, says Delaware attorney Daniel J. McBride.
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Opinion
After Jarkesy, IRS Must Course-Correct On Captive Insurance
The U.S. Supreme Court’s recent Securities and Exchange Commission v. Jarkesy decision has profound implications for other agencies, including the IRS, which must stop ignoring due process and curtailing congressional intent in its policing of captive insurance arrangements, says Peter Dawson at the 831(b) Institute.
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Dissecting Treasury's Call For Input On AI In Financial Sector
The U.S. Department of the Treasury's request for comments on the potential benefits and challenges AI may pose to the financial services sector, which asks how stakeholders are addressing and mitigating increased fraud risks, reflects the federal government's continued interest in AI's effects across the economy, say attorneys at Hogan Lovells.
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NYSE Delisting May Be The Cost Of FCPA Compliance
ABB’s recent decision to delist its U.S. depository receipts from the New York Stock Exchange, coupled with having settled three Foreign Corrupt Practices Act enforcement actions, begs the question of whether the cost of FCPA compliance should factor into a company's decision to remain listed in the U.S., says John Joy at FTI Law.
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CFTC Action Highlights Necessity Of Whistleblower Carveouts
The U.S. Commodity Futures Trading Commission's novel settlement with a trading firm over allegations of manipulating the market and failing to create contract carveouts for employees to freely communicate with investigators serves as a beacon for further enforcement activity from the CFTC and other regulators, say attorneys at Davis Wright.
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Series
Being A Luthier Makes Me A Better Lawyer
When I’m not working as an appellate lawyer, I spend my spare time building guitars — a craft known as luthiery — which has helped to enhance the discipline, patience and resilience needed to write better briefs, says Rob Carty at Nichols Brar.
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Half-Truths Vs. Omissions: Slicing Justices' Macquarie Cake
The U.S. Supreme Court's recent ruling in Macquarie v. Moab provides a road map for determining whether corporate reports that omit information should be considered misleading — and the court baked it into a dessert analogy that is key to understanding the guidelines, say Daniel Levy and Pavithra Kumar at Advanced Analytical Consulting Group.
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Lead Like 'Ted Lasso' By Embracing Cognitive Diversity
The Apple TV+ series “Ted Lasso” aptly illustrates how embracing cognitive diversity can be a winning strategy for teams, providing a useful lesson for law firms, which can benefit significantly from fresh, diverse perspectives and collaborative problem-solving, says Paul Manuele at PR Manuele Consulting.
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3 Areas Of Enforcement Risk Facing The EV Industry
Companies in the EV manufacturing ecosystem are experiencing a boom in business, but with this boom comes increased regulatory and enforcement risks, from the corruption issues that have historically pervaded the extractive sector to newer risks posed by artificial intelligence, say attorneys at MoFo.
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American Airlines ESG Ruling Could Alter ERISA Landscape
The Spence v. American Airlines ESG trial, speeding toward a conclusion in a Texas federal court, could foretell a dramatic expansion in ERISA liability, with plan sponsors vulnerable to claims that they didn't foresee short-term dips in stock prices, say attorneys at Mayer Brown.
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SVB Ch. 11 Shows Importance Of Filing Proof Of Claim Early
After a New York bankruptcy court’s recent ruling in SVB’s Chapter 11 case denied late claims filing requests related to post-bar date events, parties with potential claims against a debtor may need to seriously consider filing protective proofs of claim, says Kyle Arendsen at Squire Patton.
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Del. Dispatch: 27.6% Stockholder Not A Controller
The Delaware Court of Chancery's recent decision in Sciannella v. AstraZeneca — which found that the pharma giant, a 26.7% stockholder of Viela Bio Inc., was not a controller of Viela, despite having management control — shows that overall context matters when challenging transactions on breach of fiduciary duty grounds, say attorneys at Fried Frank.
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Cyber Incident Response Checklist For SEC Compliance
In light of recent guidance from the U.S. Securities and Exchange Commission, which clarified the distinction between two types of cybersecurity incident disclosures, companies should align their materiality assessment, incident response and disclosure control processes to bolster compliance and provide a measure of protection, say attorneys at Troutman Pepper.