Securities

  • April 03, 2025

    FINRA Member Can't Avoid Testifying In Fraud Investigation

    A District of Columbia federal judge has refused to immediately block the Financial Industry Regulatory Authority from requiring a New York financial adviser to testify in an investigation into alleged fraud, ruling there is "no likelihood of irreparable harm here."

  • April 03, 2025

    Crypto Co. Sentenced In Fed Market Manipulation Suit

    United Arab Emirates-based CLS Global FZC LLC has been sentenced in Massachusetts federal court on criminal charges over running a fraudulent "wash trading" scheme after it pled guilty to the charges in January and agreed to stop working in the U.S. cryptocurrency industry.

  • April 03, 2025

    CFTC Taps New Acting Head Of Market Oversight Division

    The Commodity Futures Trading Commission announced Wednesday that its Division of Market Oversight will be headed on an acting basis by a longtime employee of the derivatives market regulator who helped start the division's Market Intelligence Branch.

  • April 03, 2025

    ADM Faces Del. Derivative Suit Amid Accounting Fraud Claims

    Agricultural supply chain giant Archer-Daniels-Midland Co. was hit with a derivative complaint Thursday in Delaware's Court of Chancery, seeking damages from 17 current or former officers entangled in claims of years of fraudulent accounting and disclosures involving its nutrition segment.

  • April 03, 2025

    Southwest Gets Second Shot At Tossing Investors' Outages Suit

    A Texas judge said Thursday he plans to rewrite his decision on Southwest Airlines' request to dismiss a shareholder class action over a disastrous 2022 holiday travel season because the Fifth Circuit may require a more thorough record of the extent of the airline's knowledge about the risks of its outdated technology.

  • April 03, 2025

    House Moves Stablecoin Bill Despite Dems' Conflict Concerns

    The House Financial Services Committee advanced its federal framework for stablecoins just before midnight Wednesday following hours of markup during which Democrats raised concerns that the Trump family and administration officials' involvement with crypto ventures will create conflicts of interest.

  • April 03, 2025

    Del. Suit Challenges 'DExit' Corporate Law, Dropbox Move

    One of Delaware's oldest law firms on Thursday challenged the constitutionality of a corporate law overhaul pushed through the General Assembly last month in a declared bid to stem "DExit" corporate charter relocations to other states and protect the state's legal industry and $2 billion in annual corporate franchise fees.

  • April 03, 2025

    Tequila Maker Sues Acquirer In Del. Alleging Earnout Dodge

    A stockholder representative of tequila company 21Seeds Inc. has filed suit against Diageo North America, accusing the global liquor giant of undercutting post-acquisition earn-out targets for 21Seeds and putting the company "in mothballs" in a scheme to develop its own competing brand to the women-founded flavored tequila.

  • April 03, 2025

    Feds Say Cash Advance Biz Owner Ran $40M Ponzi Scheme

    Federal prosecutors said Thursday that a Miami man ran a $40 million Ponzi scheme through a company that purported to make money through quick loans to small businesses.

  • April 03, 2025

    SEC's Gemini Crypto Trading Suit Paused For More Deal Talks

    A New York federal judge paused the U.S. Securities and Exchange Commission's unregistered securities trading claims against cryptocurrency exchange Gemini Trust Co. after the agency and the company informed the court they were approaching a resolution, which would be the second deal reached in the case.

  • April 03, 2025

    'No Serious Question' Federal Firings Broke Law, Justices Told

    Federal employee unions and advocacy groups urged the U.S. Supreme Court on Thursday to reject the Trump administration's bid to pause a California court order reinstating tens of thousands of probationary workers fired from six agencies, arguing the government can't escape self-inflicted harms brought on by its allegedly unlawful actions.

  • April 03, 2025

    Senate Advances Noms Of Trump's SEC, OCC Picks

    The U.S. Senate Banking Committee voted along party lines Thursday to advance the nominations of President Donald Trump's chosen leaders for the U.S. Securities and Exchange Commission and the Office of the Comptroller of the Currency, sending both to the full Senate for a final confirmation vote.

  • April 03, 2025

    Bakkt Holdings Faces Suit Over Lost Crypto Revenue

    Bakkt Holdings Inc. and its top brass have been hit with a potential class action in New York federal court by an investor alleging that the crypto technology company and its executives misrepresented the stability of its crypto services revenue after it acquired a crypto platform.

  • April 03, 2025

    Judge OKs Toss Of FCPA Case Against Ex-Cognizant Execs

    A New Jersey federal judge on Thursday granted the federal government's bid to end the Foreign Corrupt Practices Act case against two former executives of Cognizant Technology Solutions Corp., ending a legal battle that was beset by delays throughout its six-year run.  

  • April 03, 2025

    Atty Suspended Over Billing Lapses In State Street Case

    The former managing partner of Thornton Law Firm LLP has received a 30-day license suspension for his decision to sign an inaccurate billing declaration to a federal judge in an investor action against State Street Bank.

  • April 03, 2025

    Cango Selling China Biz For $352M In Bitcoin Mining Push

    Cango Inc. said Thursday it has agreed to sell its existing business in China to Ursalpha Digital Ltd. for roughly $352 million in cash, as the company looks to transition from its Chinese automotive roots to focus on its growing international cryptocurrency operations.

  • April 02, 2025

    QuantumScape, SPAC Brass Settle Merger Suit For $8.75M

    QuantumScape Corp., its directors and officers and the special-purpose acquisition company that took the lithium-metal battery maker public agreed to an $8.75 million settlement resolving a stockholder derivative suit that alleged the SPAC's brass breached their fiduciary duties in connection with the go-public merger, a Wednesday stipulation states.

  • April 02, 2025

    Binance Can't Send All Investors' Claims To Arbitration

    Crypto exchange Binance has suffered a setback in its bid to send a proposed class action filed by investors to arbitration in Singapore, after a New York federal judge partially denied the motion under an arbitration clause included in a 2019 unilateral update to its terms of use.

  • April 02, 2025

    Aspiration Partners Gets Interim OK For Ch. 11 Financing

    Sustainability-focused financial services provider Aspiration Partners Inc. on Wednesday secured the Delaware bankruptcy court's interim approval to tap $2.2 million of an $18 million Chapter 11 financing facility as the company looks for a buyer, following its co-founder's arrest last month on federal fraud charges.

  • April 02, 2025

    Trump Media Refiles President's Shares For Potential Sale

    Trump Media and Technology Group Corp. on Wednesday filed papers to reregister for sale some 114 million shares held by President Donald Trump worth more than $2 billion, though the company says there are no imminent plans to sell the shares.

  • April 02, 2025

    Insurer Says $9M OpenText Merger Settlement Not Covered

    An insurer said it is not obligated to contribute to a $9 million settlement in a shareholder class action stemming from Covisint's 2017 merger with software company OpenText, telling a Michigan federal court that the settlement does not constitute a covered loss.

  • April 02, 2025

    Opendoor To Settle Shareholders' Real Estate Tech Suit

    Investors in real estate firm Opendoor Technologies Inc. said in a court filing Wednesday that they've struck a deal to end a lawsuit accusing the company of overhyping its pricing algorithm software prior to going public in a reverse merger with a special-purpose acquisition company.

  • April 02, 2025

    SEC Wins $12.5M Judgment On Assets Tied To Fugitive Trader

    The U.S. Securities and Exchange Commission can recoup a $12.5 million supplemental enrichment judgment from frozen assets tied to a fugitive trader accused of funneling $67 million from his employer Oak Management Corp. to himself, his companies and his relatives, a Connecticut federal judge has ruled.

  • April 02, 2025

    Endeavor-Silver Lake Deal Sparks Over $1B In Appraisal Suits

    A growing number of investors in recently taken-private sports and entertainment giant Endeavor Group Holdings have sued in Delaware's Court of Chancery for a post-deal appraisal of more than $1 billion in stock based on the deal price as of Wednesday, challenging the $27.50 per share paid by private equity firm Silver Lake.

  • April 02, 2025

    BakerHostetler Adds Ex-Federal Prosecutor As Partner

    A former assistant U.S. attorney for the Northern District of Illinois has joined BakerHostetler in its Chicago office as a partner in the firm's litigation practice group, where he will focus on white collar matters, internal investigations and civil litigation.

Expert Analysis

  • Opinion

    Attorneys Must Act Now To Protect Judicial Independence

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    Given the Trump administration's recent moves threatening the independence of the judiciary, including efforts to impeach judges who ruled against executive actions, lawyers must protect the rule of law and resist attempts to dilute the judicial branch’s authority, says attorney Bhavleen Sabharwal.

  • Rethinking 'No Comment' For Clients Facing Public Crises

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    “No comment” is no longer a cost-free or even a viable public communications strategy for companies in crisis, and counsel must tailor their guidance based on a variety of competing factors to help clients emerge successfully, says Robert Bowers at Moore & Van Allen.

  • Del. Supreme Court TripAdvisor Ruling May Limit 'MFW Creep'

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    The Delaware Supreme Court's recent Maffei v. Palkon ruling regarding TripAdvisor's proposed reincorporation to Nevada potentially signals a turning point in the trend of expanding the protections from Kahn v. M&F Worldwide to other types of transactions, says Andrew J. Haile at Elon University.

  • What To Expect In Crypto Banking After SEC Nixed Guidance

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    With the U.S. Securities and Exchange Commission recently rescinding its controversial cryptocurrency accounting guidance, the industry's focus will turn to the potentially significant hurdle to crypto banking posed by the federal banking regulators, say attorneys at Duane Morris.

  • Partially Faulting Airline For 401(k) ESG Focus Belies ERISA

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    A Texas federal court's recent finding that American Airlines breached its fiduciary duty of loyalty, but not of prudence, by letting its 401(k) pursue environmental, social and governance investments, misinterprets the Employee Retirement Income Security Act's standard of care, says Jeff Mamorsky, a Cohen & Buckmann partner and ERISA drafter.

  • Fund Names Rule FAQs Leave Some Interpretative Uncertainty

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    Although recently released FAQs clarify many specific points of the 2023 expansion to the Investment Company Act's fund names rule, important questions remain about how U.S. Securities and Exchange Commission staff will interpret other key terms when the end-of-year compliance date arrives, say attorneys at Dechert.

  • How Design Thinking Can Help Lawyers Find Purpose In Work

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    Lawyers everywhere are feeling overwhelmed amid mass government layoffs, increasing political instability and a justice system stretched to its limits — but a design-thinking framework can help attorneys navigate this uncertainty and find meaning in their work, say law professors at the University of Michigan.

  • What Travis Hill's Vision For FDIC Could Portend For Banks

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    If selected to lead the Federal Deposit Insurance Corp. in a permanent capacity, acting Chairman Travis Hill is likely to prioritize removing barriers to innovation and institution-level growth, emphasizing the idea that eliminating rules, relaxing standards and reducing scrutiny will reinvigorate the industry, say attorneys at Mitchell Sandler.

  • Will Independent Federal Agencies Remain Independent?

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    For 90 years, members of multimember independent federal agencies have relied on the U.S. Supreme Court's 1935 ruling in Humphrey's Executor v. U.S. establishing the security of their positions — but as the Trump administration attempts to overturn this understanding, it is unclear how the high court will respond, says Harvey Reiter at Stinson.

  • Del. Justices' D&O Ruling Clarifies 'Related' Claim Analysis

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    In its recent decision in the Alexion Pharmaceuticals coverage case, the Delaware Supreme Court adopted a "meaningful linkage" standard for relatedness analysis, providing further guidance to Delaware policyholders on how to navigate those directors and officers insurance disputes, say attorneys at Hunton.

  • 5 Major Crypto Developments From The Trump Admin So Far

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    The early weeks of the Trump administration have set the stage for a significant transformation in U.S. digital asset policy by prioritizing regulatory clarity, innovation and a shift away from enforcement-heavy tactics, but many of these changes will require congressional support and progress may be gradual, say attorneys at Ropes & Gray.

  • Comparing 2 Pending Bills To Regulate Stablecoins

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    Alexandra Steinberg Barrage at Troutman analyzes the key similarities and differences between two payment stablecoin proposals currently pending in Congress — the STABLE and GENIUS acts — as both chambers are forming a working group to deliver a clear regulatory framework for digital assets and bipartisan agreement appears within reach.

  • Series

    Competitive Weightlifting Makes Me A Better Lawyer

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    The parallels between the core principles required for competitive weightlifting and practicing law have helped me to excel in both endeavors, with each holding important lessons about discipline, dedication, drive and failure, says Damien Bielli at VF Law.

  • How Private Securities Suits Complement SEC Enforcement

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    U.S. Securities and Exchange Commission enforcement is vital to the healthy functioning of markets, but government enforcement alone is not enough to ensure meaningful monetary recoveries for investor losses due to securities law violations, say attorneys at Bernstein Litowitz.

  • The Case For Compliance During The Trump Administration

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    Given the Trump administration’s shifting white collar enforcement priorities, C-suite executives may have the natural instinct to pare back compliance initiatives, but there are several good reasons for companies to at least stay the course on their compliance programs, if not enhance them, say attorneys at Riley Safer.

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