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Securities
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August 20, 2024
FDIC Challenged Over 'Kafkaesque' Enforcement Proceeding
A former small business financier battling Federal Deposit Insurance Corp. enforcement claims has asked a D.C. federal court to issue an emergency order staying the agency's "Kafkaesque" administrative proceeding against him, arguing that it deprives him of his constitutional right to a jury trial.
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August 20, 2024
SEC Fines Equiniti Trust After Cyberattacks Stole $6.6M
New York-based Equiniti Trust Co. has agreed to pay a $850,000 fine over claims it did not safeguard clients' funds from two cyber intrusion incidents that resulted in over $6 million in total losses, the U.S. Securities and Exchange Commission announced Wednesday.
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August 20, 2024
Ex-Goldman Analyst's Stepbro Ducks Prison For Inside Trades
A Long Island man on Tuesday was spared time in prison for his role in an insider scheme in which he traded on tips gleaned from his stepbrother and ex-Goldman Sachs analyst, largely due to his prompt cooperation with the FBI.
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August 20, 2024
Chancery Flummoxed By Long-Voided Corporate Plaintiff
An unusual corporate law dilemma had a Delaware vice chancellor saying Tuesday that she was without options for dealing with a Philippines-based zombie company recently deemed void since 2020 despite also acting as one plaintiff in a Court of Chancery stock purchase dispute filed in 2022.
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August 20, 2024
Ex-SEC Senior Counsel, AUSA Joins Tech Co. As CCO
A former assistant U.S. attorney with senior counsel experience at the U.S. Securities and Exchange Commission has joined technology company Tools For Humanity, a startup co-founded and chaired by OpenAI head Sam Altman, as deputy general counsel and chief compliance officer.
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August 20, 2024
PleasrDAO Wants Shkreli To Hand Over Wu-Tang Clan Album
The cryptocurrency project that now owns a one-of-a-kind Wu-Tang Clan album has urged a New York federal judge to order Martin Shkreli to hand over any copies he made of the album while he possessed it since the album's value "depends almost entirely on its uniqueness, and the secrecy that surrounds it."
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August 20, 2024
Insider Trading Won't Impact Pilot's Tax Sentencing Guidelines
A Manhattan federal judge found Tuesday that insider trading allegations won't bump up the guidelines sentencing range for a pilot for U.K. billionaire Joe Lewis who pled guilty to tax evasion.
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August 20, 2024
Split SEC Adopts PCAOB Rules On Auditor Liability
The U.S. Securities and Exchange Commission approved Tuesday to hold accountants to a higher standard when auditing public companies, which the majority said provided a necessary and long-awaited update to the Public Company Accounting Oversight Board's rules while detractors argued it could dissuade people from working in the industry.
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August 20, 2024
Ex-Execs Defend $59.7M Transfer Amid Asbestos Suits
A Chapter 7 bankruptcy trustee's lawsuit claiming that former engineering company executives improperly transferred $59.7 million amid high-dollar asbestos claims is fatally flawed and the defendants did not do anything wrong, according to a filing in Connecticut federal court.
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August 20, 2024
Argentina Must Face $325M Arbitral Award Suit, Judge Says
A District of Columbia federal judge will not toss a suit seeking to enforce a $325 million arbitration award against Argentina related to a decade-old dispute over the renationalization of the country's state-owned airline, ruling that the lawsuit is timely under a 12-year statute of limitations period.
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August 20, 2024
AMC Shareholder Wants Opt-Out Fight In US High Court
Arguing that stockholder rights to opt out of class-wide monetary settlements should no longer be "dependent on the accident of geography," attorneys for an AMC Entertainment Inc. stockholder asked the U.S. Supreme Court Tuesday to review opt-out denials in a deal that ended a Delaware Court of Chancery suit last year.
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August 20, 2024
A Deep Dive Into Law360 Pulse's 2024 Women In Law Report
The legal industry continues to see incremental gains for female lawyers in private practice in the U.S., according to a Law360 Pulse analysis, with women now representing 40.6% of all attorneys and 51% of all associates.
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August 20, 2024
These Firms Have The Most Women In Equity Partnerships
The legal industry still has a long way to go before it can achieve gender parity at its upper levels. But these law firms are performing better than others in breaking the proverbial glass ceiling that prevents women from attaining leadership roles.
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August 20, 2024
Catching Up With Delaware's Chancery Court
A nearly record-breaking attorney fee got the nod in Delaware last week, along with Chancery Court settlements involving an international private jet service and a chain of trampoline parks. New disputes involved a famous burger restaurant chain, a computer-chip maker, a now-defunct genomic science company, and a historic manor house in west London.
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August 20, 2024
Clifford Chance 'In Shock' Over Missing Partner
Clifford Chance said Tuesday that it is "in shock and deeply saddened" that a partner is among six passengers missing from a yacht that was reportedly chartered to celebrate the legal victory of technology entrepreneur Mike Lynch.
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August 19, 2024
Mike Lynch, Clifford Chance Pro Among Missing After Yacht Sinks
Former Autonomy CEO Michael Lynch and a Clifford Chance LLP partner who helped him beat federal fraud charges back in June are among those missing after their chartered luxury yacht sank during a storm off Sicily early Monday during a trip reportedly to celebrate Lynch's legal victory.
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August 19, 2024
Adidas Boots Suit Over Rapper Ye's Allegedly Racist Remarks
An Oregon federal judge has dismissed, for now, a suit against Adidas AG, accusing the company of failing to disclose the potential damage caused by its partnership with musician Ye, formerly known as Kanye West, following allegations that the artist made antisemitic comments, saying none of the corporate statements challenged as misleading in the suit are actionable.
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August 19, 2024
Chancery Resets Del. Hearing In Masimo-Politan Proxy Battle
Pointing to "very significant stockholder franchise issues at play" and a dwindling Masimo Corp. stockholder vote countdown, a Delaware vice chancellor on Monday scheduled a Sept. 13 hearing on Politan Capital Management LP challenges to Masimo's actions in the run-up to the contested Sept. 19 vote.
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August 19, 2024
Fraud Trial Waylaid By Last-Minute Bid For Remote Testimony
A Florida federal judge on Monday delayed a bench trial in a lawsuit over real estate investment fraud claims after the alleged victims brought an emergency motion to testify remotely from Africa, with the judge saying she'd have to consider whether rules allow the case to proceed despite their absence.
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August 19, 2024
2nd Circ. Keeps Macquarie Suit Alive After High Court Remand
The Second Circuit on Monday once again greenlighted an investor lawsuit accusing Macquarie Infrastructure Corp. of hiding the expected impact of a high-sulfur fuel ban on its oil storage business, saying that the U.S. Supreme Court's recent decision in Macquarie's favor had little impact on the circuit court's earlier ruling that the case should move forward.
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August 19, 2024
Ethanol Co. Investors Say $9M Arbitration Award Was Stolen
Class B members of a Colorado ethanol company claim they have been denied their share of a $9 million arbitration award resulting from an action against the managing entity of the company for allegedly engaging in a pay-to-play scheme with vendors in exchange for those vendors sponsoring a National Hot Rod Association team.
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August 19, 2024
Crypto Owners Sue Binance Over Allegedly Lax Theft Controls
Three cryptocurrency owners claimed Friday that Binance and founder Changpeng Zhao enabled hackers and thieves to use the exchange to launder millions of dollars stolen from their accounts, activity they say hasn't stopped after the company's blockbluster guilty plea.
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August 19, 2024
Free Speech Group Says NY Official Must Face NRA's Suit
A former New York state official isn't immune from the National Rifle Association's suit claiming she violated the group's rights by pressuring financial institutions to cut ties with it, a free speech group told the Second Circuit on Monday, citing a recent U.S. Supreme Court decision in the dispute.
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August 19, 2024
NC Accelerator Claims It Was Duped Into Investment
A Charlotte, North Carolina, tech accelerator and its investment partner claim that a Denver-area man duped them into giving money for a worthless shell entity when they thought they were investing in a promising tech startup offering loan document management software.
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August 19, 2024
CFTC's Pham Wants More Credit For Firms In Wash Trade Deal
The Commodity Futures Trading Commission on Monday ordered two Raizen units to pay $750,000 to settle charges they carried out illegal wash sales on sugar contracts worth more than $1 billion, but Commissioner Caroline Pham said the companies should have gotten more credit for self-reporting and remediating.
Expert Analysis
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Opinion
Post-Moelis Del. Corp. Law Proposal Would Hurt Stockholders
The proposed Delaware General Corporation Law amendment in response to the Court of Chancery's recent opinion in West Palm Beach Firefighters' Pension Fund v. Moelis would upend the foundational principle of corporate law holding that directors govern corporations in the interest of stockholders — and the potential harm would be substantial, say attorneys at Block & Leviton.
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Strategies For Navigating Compliance Monitorships
As independent compliance monitorships continue to be a favored tool of the government in resolving corporate enforcement matters, counsel should have a firm grasp on best practices for selecting a monitor, preparing the company and ensuring a productive relationship between the parties, say attorneys at WilmerHale.
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An Energy Industry Case Study In Expropriation Risk
Andrés Chambouleyron at Berkeley Research breaks down how expropriation risk and damage mitigation calculations vary considerably by different energy sources, and uses Argentina as a case study for how energy investors might protect their interests.
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At 'SEC Speaks,' A Focus On Rebuilding Trust Amid Criticism
At the Practising Law Institute's SEC Speaks conference last week, U.S. Securities and Exchange Commission leadership highlighted efforts to rebuild and restore trust in the U.S. capital markets by addressing investor concerns through regulatory measures and enforcement actions, emphasizing the need for cooperation from market participants, say attorneys at Perkins Coie.
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Series
Fla. Banking Brief: All The Notable Legal Updates In Q1
Early 2024 developments that could have a notable impact on Florida's finance community include progress on a bill that would substantially revise the state Securities and Investor Protection Act, and the Consumer Financial Protection Bureau's final rule capping late fees for larger credit card issuers, say Benjamin Weinberg and Megan Riley at Leon Cosgrove.
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Comparing Corporate Law In Delaware, Texas And Nevada
With Elon Musk's recent decision to reincorporate his companies outside of Delaware, and with more businesses increasingly considering Nevada and Texas as corporate homes, attorneys at Baker Botts look at each jurisdiction's foundation of corporate law, and how the differences can make each more or less appealing based on a corporation's needs.
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Management Incentives May Be Revisited After PE Investment
As the economic climate shifts, key parties in private equity investment transactions may become misaligned, and management incentive plans could become ineffective — so attentive boards may wish to caucus with management to evaluate continued alignment, say Austin Lilling and Nida Javaid at Morgan Lewis.
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Practicing Law With Parkinson's Disease
This Parkinson’s Awareness Month, Adam Siegler at Greenberg Traurig discusses his experience working as a lawyer with Parkinson’s disease, sharing both lessons on how to cope with a diagnosis and advice for supporting colleagues who live with the disease.
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Calif. Verdict Showcases SEC's New 'Shadow Trading' Theory
Last week's insider trading verdict, delivered against biopharmaceutical executive Matthew Panuwat by a California federal jury, signals open season on a new area of regulatory enforcement enabled by the U.S. Securities and Exchange Commission's shadow trading theory, say Perrie Weiner and Aaron Goodman at Baker McKenzie.
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Climate Disclosure Mandates Demand A Big-Picture Approach
As carbon emissions disclosure requirements from the European Union, California and the U.S. Securities and Exchange Commission take effect, the best practice for companies is not targeted compliance with a given reporting regime, but rather a comprehensive approach to systems assessment and management, says David Smith at Manatt.
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Series
Playing Hockey Makes Me A Better Lawyer
Nearly a lifetime of playing hockey taught me the importance of avoiding burnout in all aspects of life, and the game ultimately ended up providing me with the balance I needed to maintain success in my legal career, says John Riccione at Taft.
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ESG Challenges In Focus After Sierra Club Opposes SEC Rule
The Sierra Club's recent objection to the U.S. Securities and Exchange Commission's climate-related disclosures for investors presents an unusual — pro-disclosure — legal challenge and an opportunity to take a close look at the varying critiques of ESG regulations, say Colin Pohlman, and Jane Luxton and Paul Kisslinger at Lewis Brisbois.
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Opinion
High Court Should Settle Circuit Split On Risk Disclosures
The U.S. Supreme Court should grant the petition for writ of certiorari in the Facebook case to resolve a growing circuit split concerning when risk disclosures can be misleading under federal securities laws, and its decision should align with the intent of Congress and the U.S. Securities and Exchange Commission, says Richard Zelichov at DLA Piper.
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For Lawyers, Pessimism Should Be A Job Skill, Not A Life Skill
A pessimistic mindset allows attorneys to be effective advocates for their clients, but it can come with serious costs for their personal well-being, so it’s crucial to exercise strategies that produce flexible optimism and connect lawyers with their core values, says Krista Larson at Stinson.
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Bankruptcy Courts' Role In Shaping Crypto's Legal Framework
Massive financial and criminal liability has led to the recent collapse of major cryptocurrency companies and put bankruptcy courts in the spotlight, underscoring the urgent need for a comprehensive regulatory framework, say Tara Pakrouh and Eric Monzo at Morris James.