Securities

  • January 27, 2025

    Trader Faces US Extradition Over $10M Securities Fraud

    A trader wanted for running a "pump and dump" scheme that generated more than $10 million in unlawful stock sales will face extradition to the U.S. at a London court hearing in June, it was confirmed on Monday.

  • January 27, 2025

    Justices Decline $400M Argentina Bond Default Case

    The U.S. Supreme Court on Monday declined to review Argentina's petition asking the justices to clarify the parameters of the commercial activity exception in sovereign immunity law, in a long-running case relating to some $400 million in defaulted sovereign bonds.

  • January 24, 2025

    Deel Blasts Racketeering Suit Over Alleged Money Laundering

    Deel Inc. asked a Florida federal judge to permanently end a putative class action alleging it enabled money laundering and facilitated illegal transfers for Surge Capital, which allegedly scammed investors out of $35 million, arguing the plaintiff is trying to pursue liability of "an innocent party for the wrongdoing of another."

  • January 24, 2025

    SEC Gets Kraken's Major Questions Doctrine Defense Axed

    A California federal judge on Friday partially granted the U.S. Securities and Exchange Commission's bid to ax some of cryptocurrency exchange Kraken's key defenses to allegations it violated securities laws by offering crypto assets without proper registration, saying the case wasn't the type to implicate the so-called major questions doctrine defense.

  • January 24, 2025

    Musk Can't Yet Appeal Twitter Investors' Cert., 9th Circ. Says

    The Ninth Circuit on Friday rebuffed Elon Musk's request to immediately appeal a California federal judge's decision to certify a class of thousands of Twitter investors over claims the billionaire businessman fraudulently tweeted about the social media company's alleged bot problem to get out of his $44 billion acquisition.

  • January 24, 2025

    Companies Risk White House Wrath By Keeping DEI Programs

    For companies pushing forward with their diversity, equity and inclusion initiatives amid a torrent of attacks from President Donald Trump and his allies, there are myriad potential risks ahead — and murky questions about the legal parameters of Trump's anti-DEI agenda.

  • January 24, 2025

    Trump Media Says Presidential Shield Deflects Investors' Suit

    President Donald Trump's social media company on Friday urged the Delaware Chancery Court to dismiss, or at least stay, a lawsuit brought by investors alleging that plans to take the platform public would cheat them out of their shares, arguing that a sitting president is shielded from civil litigation in state court.

  • January 24, 2025

    Del. Justices Reject Investor Suit Over Dropped Drug Prospect

    Delaware's Supreme Court on Friday upheld a Court of Chancery decision dismissing a Ception Therapeutics Inc. stockholder suit alleging breaches of an agreement to use commercially reasonable efforts before Cephalon Inc., which acquired Ception, and Teva Pharmaceuticals USA Inc. abandoned a new drug prospect.

  • January 24, 2025

    Chancery Keeps $4.6B Cvent Sale Challenge Alive

    Most claims moved forward toward trial Friday in a Delaware Court of Chancery suit alleging breaches of fiduciary duty by the directors and CEO of cloud-based event management technology provider Cvent Holding Corp. and its controlling stockholder in a $4.6 billion take-private sale to affiliates of Blackstone Inc.

  • January 24, 2025

    EEOC Disability Bias Suit Tossed Following Nixed Evidence

    A mortgage and financial services company on Friday defeated a U.S. Equal Employment Opportunity Commission lawsuit alleging it unlawfully refused to hire a woman because she took pain medication, after a Washington federal judge ruled midtrial that a key piece of evidence shouldn't have been shown to jurors.

  • January 24, 2025

    SEC Names New Top Enforcer, GC And Other Temp Leaders

    The U.S. Securities and Exchange Commission's acting chair, Mark Uyeda, announced the appointment of five new department heads Friday to at least temporarily fill the vacancies left by the recent departures of several senior staff members at the agency.

  • January 24, 2025

    Wells Fargo Gets Another Win In Lifetrade Investor Suit

    A New York federal judge determined that investors of Lifetrade Fund BV cannot prove Wells Fargo aided or abetted an alleged massive fraud orchestrated by Lifetrade's managers, saying the investors presented only contradictory information regarding the value of the Lifetrade portfolio.

  • January 24, 2025

    Ex-Staffing Co. Execs Get Prison After Copping To $75M Fraud

    A Manhattan federal judge sentenced two brothers who built the staffing firm Resource Employment Solutions to prison Friday after they admitted lying to two financial firms about their Florida company's finances in what prosecutors called a $75 million fraud conspiracy.

  • January 24, 2025

    10th Circ. Unsure Exec's Missed Argument Dooms Firing Suit

    A Tenth Circuit judge on Friday asked U.S. Bank whether it matters if a former executive knew he had another jurisdictional argument for his wrongful termination claim but failed to pursue it, in an appeal attempting to revive the executive's second suit.

  • January 24, 2025

    SEC's Corporation Finance Director Joins Freshfields

    Freshfields is touting the addition of the U.S. Securities and Exchange Commission's director of the Division of Corporation Finance, saying Friday that he will boost the firm's offerings on securities, governance, corporate and regulatory matters.

  • January 24, 2025

    Conn. Oil Trader Says Timing Of Money Moves Sinks Verdict

    A onetime Connecticut oil trader has asked a federal judge to erase a September 2024 conviction on charges he used a go-between to bribe an official at Brazilian oil giant Petroleo Brasileiro SA, arguing the jury verdict hinged on third-party wire transfers that occurred beyond the statute of limitations.

  • January 24, 2025

    10 AGs Target Major Banks Over DEI, ESG Initiatives

    Major financial institutions in the United States, including Goldman Sachs and JPMorgan, could have made business decisions to follow political agendas, attorneys general from 10 states said, urging them to tackle a series of questions about their diversity and inclusion policies.

  • January 24, 2025

    Lutnick Settles Chancery Suit Ahead Of Commerce Hearing

    Billionaire Howard L. Lutnick, President Donald Trump's nominee for secretary of commerce, has settled a Delaware Court of Chancery derivative suit accusing the Newmark Inc. principal executive officer of "blowing smoke" around his part in a $500 million stock-value gain in order to receive a $50 million bonus.

  • January 24, 2025

    Law Firm Sues AIG Unit Over Sports Fraud Coverage

    A Florida-based law firm and its principal attorney have accused an AIG unit of misleading them into defending a sports memorabilia collector and his company in a Securities and Exchange Commission civil action and two related criminal cases, saying the unit had already agreed in writing to their billing rates.

  • January 23, 2025

    Dems Cite 'Unprecedented Concerns' With Trump Memecoins

    U.S. Sen. Elizabeth Warren and Rep. Jake Auchincloss have urged federal regulators to address "unprecedented concerns" associated with the recent launch of so-called memecoins associated with President Donald Trump and first lady Melania Trump, citing threats of consumer ripoffs, corruption and foreign influence.

  • January 23, 2025

    Wells Fargo Workers Score Class Cert. In Stock Option Suit

    Former employees of Wells Fargo & Co. have received certification for their proposed class in litigation in Minnesota federal court alleging the bank used dividends earned by its employee stock ownership fund to defray its 401(k) matching obligations.

  • January 23, 2025

    Trump Undoes Biden's AI Safeguards With Executive Order

    President Donald Trump on Thursday signed an executive order upending the former Biden administration's consumer and national security safeguards on artificial intelligence, saying former AI policies must be investigated to see if they thwart the new Trump administration's quest to position the U.S. as the "global leader in AI."

  • January 23, 2025

    Fla. Court Urged To OK $2.75M For Moving Co. Fraud Victims

    Two receivers appointed to recover funds in a moving company Ponzi scheme targeting the Haitian community urged a Florida federal court on Thursday to approve a first-round distribution of $2.75 million to refund losses, although the judge overseeing the case said the amount represents a fraction of what defrauded victims lost.

  • January 23, 2025

    Trump Forms Crypto Working Group To Create Fed. Framework

    President Donald Trump took another step towards fulfilling his campaign promises to the cryptocurrency industry on Thursday with an executive order that directs regulators to get to work establishing a federal framework for digital assets and prohibits the creation of a central bank digital currency.

  • January 23, 2025

    Shift4 Gets Accounting Practices Investor Suit Axed For Good

    In an opinion permanently dismissing a class action against Shift4 Payments Inc., a Pennsylvania federal judge rhetorically asked what changed from the first amended complaint that accused the payment processing company of engaging in questionable accounting practices to keep its stock price afloat.

Expert Analysis

  • What To Watch For In The 2025 Benefits Landscape

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    While planning for 2025, retirement plan sponsors and service providers should set their focus on phased implementation deadlines under both Secure 1.0 and 2.0, an upcoming U.S. Supreme Court ruling, and the fate of several U.S. Department of Labor regulations, says Allie Itami at Lathrop GPM.

  • How White Collar Enforcement May Shift In Trump's 2nd Term

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    After President-elect Donald Trump returns to the White House next month, the administration’s emphasis on immigration laws, drug offenses and violent crime will likely reduce the focus on white collar crime overall, but certain areas within the white collar world may see increased activity, say attorneys at Keker Van Nest.

  • COP29 Offers Pathway To A Global Carbon Market

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    COP29, the recently concluded United Nations climate conference, represented a breakthrough in the establishment of standards for a global carbon market — and voluntary carbon market participants in the U.S. and elsewhere can enhance the value of their projects by aligning them with these standards, say attorneys at Morgan Lewis.

  • New Trump Admin May Bring Financial Oversight Turbulence

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    As President-elect Donald Trump prepares to begin his second term, his top financial market regulatory and securities law enforcement appointees, campaign promises, and regulatory preferences foretell a period of muddy regulatory waters, say attorneys at Kroll.

  • The Justices' Securities Rulings, Dismissals That Defined '24

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    The U.S. Supreme Court's 2024 securities rulings led to increased success for defendants' price impact arguments, but the justices' decisions not to weigh in on important issues relating to the Private Securities Litigation Reform Act's pleading requirements may be just as significant, say attorneys at Skadden.

  • Series

    Fixing Up Cars Makes Me A Better Lawyer

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    From problem-solving to patience and adaptability to organization, the skills developed working under the hood of a car directly translate to being a more effective lawyer, says Christopher Mdeway at Kaufman Dolowich.

  • 2024 Has Been A Momentous Year For ESG

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    Significant developments in the environmental, social and governance landscape this year include new legislation, evolving global frameworks, continued litigation and enforcement actions, and a U.S. Supreme Court decision that has already affected how lower courts have viewed some ESG challenges, say attorneys at Katten.

  • Making The Pitch To Grow Your Company's Legal Team

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    In a compressed economy, convincing the C-suite to invest in additional legal talent can be a herculean task, but a convincing pitch — supported by metrics and cost analyses — may help in-house counsel justify the growth of their team, say Elizabeth Smith and Roger Garceau at Major Lindsey.

  • The Story Of 2024's Biggest Bank Regs, And Their Fate In 2025

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    U.S. federal bank regulators were very active in 2024 with initiatives ranging from antitrust and capital to proposals regarding controlling shareholders and incentive-based compensation, but many regulations face an uncertain future under the new administration, say attorneys at Latham.

  • Musk Pay Fight Shows Investor Approval Isn't Universal Cure

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    The Delaware Court of Chancery's recent denial of a motion revising its prior rescission of Elon Musk's nearly $56 billion compensation package is a reminder of the heightened standard corporate boards must meet in conflicted controller transactions and that stockholder approval doesn't automatically cure fiduciary wrongdoing, say attorneys at A&O Shearman.

  • Data Privacy Landscape After Mass. Justices' Wiretap Ruling

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    In Vita v. New England Baptist Hospital, Massachusetts’ highest court recently ruled that the state’s wiretap law doesn’t prohibit all tracking of website user activity, but major financial and reputational risks remain for businesses that aren't transparent about customer’s web data, says Seth Berman at Nutter.

  • Compliance Lessons From Raytheon's FCPA Settlement

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    A recent Foreign Corrupt Practices Act action involving aerospace and defense company Raytheon underscores the importance of risk management related to retaining and overseeing third parties — especially in higher-risk jurisdictions — and the promotion of a companywide culture of compliance, say attorneys at Debevoise.

  • Opinion

    Justices Rightly Corrected Course In Nvidia And Facebook

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    By dismissing both the Nvidia and Facebook class actions, over investors' ability to hold corporations accountable for fraud, the U.S. Supreme Court was right in refusing to favor corporations over transparency, and reaffirmed its commitment to corporate accountability, investor protection and the rule of law, says Laura Posner at Cohen Milstein.

  • Gov't Scrutiny Of Workplace Chat Apps Set To Keep Growing

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    The incoming Trump administration and Republican majorities in Congress are poised to open numerous investigations that include increasing demands for entities to produce communications from workplace chat apps, so companies must evaluate their usage and retention policies, say attorneys at Orrick.

  • Del. Dispatch: The 2024 Corporate Cases You Need To Know

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    The Delaware Court of Chancery in 2024 issued several decisions that some viewed as upending long-standing corporate practices, leading to the amendment of the Delaware General Corporation Law and debates at some Delaware corporations about potentially reincorporating to another state, say attorneys at Fried Frank.

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