Securities

  • February 29, 2024

    SEC Tells Utah Judge Crypto Case Dismissal Isn't Escape Bid

    The U.S. Securities and Exchange Commission told a Utah federal judge that it wants to dismiss its action against crypto project Debt Box to complete a review of the record, not to escape repercussions of earlier conduct.

  • February 29, 2024

    Trump's Truth Social Merger Deal Lands In Del. Chancery

    Plans to take former President Donald Trump's social media platform Truth Social public came under fire in two Delaware Chancery Court lawsuits Wednesday, with investors on both sides of the deal alleging that the long-delayed merger would cheat them out of their shares.

  • February 29, 2024

    Bitcoin Scammer Held In Contempt For Failure To Repay $20M

    A Manhattan federal judge held bitcoin scammer Nicholas Truglia in contempt Thursday, saying the 25-year-old Florida man has lied and willfully refused to make over $20 million in restitution to a tech entrepreneur whose cryptocurrency account he hacked.

  • February 29, 2024

    Chamber Of Commerce Backs Exxon In Activist Investor Row

    The U.S. Chamber of Commerce and lobbying group Business Roundtable on Thursday threw their weight behind Exxon Mobil Corp. in the company's bid to pursue its lawsuit against activist investors, a suit that some see as a proxy battle with the U.S. Securities and Exchange Commission over shareholder proposals. 

  • February 29, 2024

    Chancery Rejects Leadership Bid Over Lack Of Del. Counsel

    A Delaware vice chancellor has denied a three-firm leadership bid in stockholder litigation over alleged mismanagement at a medical clothing company because no First State attorneys were on the proposed lead counsel team.

  • February 29, 2024

    Celsius Floats Fix For Customers' 'Devastating' Ballot Blunder

    Hundreds of Celsius Network customers who mistakenly elected to receive a reduced payout for their cryptocurrency claims would get a chance to correct their "devastating" error under a plan filed by the crypto company in New York bankruptcy court.

  • February 29, 2024

    Securities Group Of The Year: Latham

    Latham & Watkins successfully helped Oracle, company executive Lawrence J. Ellison and CEO Safra Catz beat a derivative challenge to a $9.4 billion acquisition deal, one of the largest challenges against a corporate deal to go to trial before the Delaware Court of Chancery, earning it a spot among Law360's 2023 Securities Groups of the Year.

  • February 29, 2024

    Ex-Orrick Attys Join Norton Rose's Public Finance Team

    Norton Rose Fulbright has added two former Orrick Herrington & Sutcliffe LLP partners with histories in areas like healthcare and education to its public finance team.

  • February 28, 2024

    Autonomy Founder's Fraud Trial Risks 'Morass,' Judge Warns

    The California federal judge overseeing the upcoming criminal fraud trial of Autonomy founder Mike Lynch over the software company's $11.7 billion sale to Hewlett-Packard warned prosecutors and defense attorneys Wednesday about growing estimates for the trial's length, saying they're "going to lose [jurors] in the morass" of a monthslong trial.

  • February 28, 2024

    SEC Taps Agency Vet To Lead Adviser, Fund Rulemaking Unit

    The U.S. Securities and Exchange Commission announced Wednesday that an agency veteran currently serving as deputy director of the examinations division will be the new head of its investment management division, which oversees the regulation of investment advisers, mutual funds and certain private fund operators.

  • February 28, 2024

    Fla. Judge OKs $43.5M Deutsche Bank Deal In Ch. 15 Case

    A Florida bankruptcy judge on Wednesday approved a $43.5 million settlement between Deutsche Bank AG and liquidators for a group of Caribbean-based companies to resolve claims against the bank for its alleged role in a real estate Ponzi scheme targeting rich South Americans.

  • February 28, 2024

    'You Gave Away Your Case': Crypto Win Wilts At High Court

    The U.S. Supreme Court on Wednesday leaned toward letting a technical tug-of-war continue in litigation accusing the cryptocurrency platform Coinbase Inc. of running a sketchy sweepstakes, as multiple justices suggested the Ninth Circuit overlooked key issues when it sided with aggrieved consumers.

  • February 28, 2024

    Marcum CPA Sues To Stop SEC's 'Unprecedented' In-House Case

    A certified public accountant and Marcum LLP engagement partner has sued the U.S. Securities and Exchange Commission in New York federal court, seeking to block its administrative case against him by arguing his constitutional rights are being violated by an "entirely unprecedented" enforcement action.

  • February 28, 2024

    Biotech Co., Ex-Exec And Investor To Pay $5.2M In SEC Suit

    A New York federal judge entered final judgments against medical device company RenovaCare, its controlling shareholder, and its former chief operating officer to settle a U.S. Securities and Exchange Commission suit accusing them of artificially inflating RenovaCare's stock price, ordering them to pay a total of $5.2 million.

  • February 28, 2024

    Gemini To Pay $37M Fine, Vows To Make Customers Whole

    Crypto exchange Gemini Trust Co. has committed to making users of its now-shuttered Earn product whole through the bankruptcy of its former partner Genesis Global under a new settlement with a New York regulator that included a $37 million fine for additional alleged compliance failures.

  • February 28, 2024

    SEC Republicans Warn Against Changing 'Accredited' Definition

    Limiting who counts as an accredited investor could "devastate" local angel investor networks, a Republican member of the U.S. Securities and Exchange Commission has warned, as the agency weighs enacting additional rules on private markets.

  • February 28, 2024

    Binance Founder Against More Travel Limits, Floats UAE Trip

    Binance founder Changpeng Zhao has told a Washington federal judge he opposes prosecutors' motion for further travel restrictions and suggested, without explicitly asking, that he be allowed to see his family in the United Arab Emirates. 

  • February 28, 2024

    Attys Get $750K Fee Award In $6M Med Tech Co. Deal

    Class attorneys for minority shareholders of Autonomous Medical Devices Inc. who secured a $6 million settlement to resolve claims about a purportedly underpriced stock sale to an interest of Oracle founder Larry J. Ellison won court approval of the settlement Wednesday, along with a requested $750,000 fee award.

  • February 28, 2024

    SPAC Investor Says Energy Co. Merger Was Overhyped

    An investor of blank-check company Star Peak Energy Transition Corp. has sued several of its current and former directors and controllers, alleging the defendants protected their buy-ins while leaving public investors to suffer losses after the company merged with an energy storage company.

  • February 28, 2024

    Embattled Philly Loan Biz Principals Hit With RICO Charges

    Legal troubles for the principals of Philadelphia's Par Funding cash advance company are mounting as federal prosecutors hit them with a new indictment adding Racketeer Influenced and Corrupt Organizations Act allegations on top of existing charges that the principals bilked investors out of hundreds of millions of dollars and threatened violence against borrowers.

  • February 28, 2024

    Ex-NYPD Officer Accused Of Forex Investment Fraud

    A former NYPD officer has been charged with using misrepresentations to induce people to invest in his foreign exchange fund and then paying them back with proceeds from future investors to give the appearance of legitimacy.

  • February 28, 2024

    Securities Group Of The Year: Gibson Dunn

    The securities litigation team at Gibson Dunn & Crutcher LLP played a central role in winning a unanimous U.S. Supreme Court decision in favor of Slack Technologies LLC, putting in place new barriers to shareholder suits against companies that go public via direct listings, winning it a spot on Law360's 2023 Securities Practice Groups of the Year.

  • February 28, 2024

    Crown Castle Founder Alleges Entrenchment Bid In Del. Suit

    The co-founder of cell tower operator Crown Castle Inc. sued the Texas company Wednesday in Delaware's Court of Chancery, seeking to invalidate a cooperation agreement between its board and activist investor Elliott Investment Management LP.

  • February 28, 2024

    TKO Reveals Ongoing Impact Of McMahon Issues In Filing

    WWE is not immune to the personal legal battles and controversies of disgraced founder Vince McMahon, who was recently accused of trafficking a former employee, according to a recent regulatory filing by parent company TKO.

  • February 28, 2024

    US Trustee Taps Ex-Prosecutor To Be FTX Examiner

    The U.S. Trustee's Office has urged a Delaware bankruptcy judge to allow Robert Cleary, a former U.S. attorney who is now with Patterson Belknap Webb & Tyler LLP, to investigate FTX's finances as an examiner in the defunct cryptocurrency company's Chapter 11 case.

Expert Analysis

  • 7 Common Myths About Lateral Partner Moves

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    As lateral recruiting remains a key factor for law firm growth, partners considering a lateral move should be aware of a few commonly held myths — some of which contain a kernel of truth, and some of which are flat out wrong, says Dave Maurer at Major Lindsey.

  • Basics Of Bank Regulators' Push For Discount Window Use

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    As the Federal Reserve and Office of the Comptroller of the Currency emphasize short-term liquidity risk management as central to preventing spring 2023-style bank collapses, banks should carefully tune into regulators’ remarks encouraging use of the Fed’s discount window, which some policymakers identify as a key component in the evolution of liquidity regulation and backstop lending, say attorneys at Arnold & Porter.

  • How Broker-Dealers Can Prepare For New Remote Work Rules

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    Securities regulators recently expanded broker-dealers' ability to permit flexible remote working arrangements through the introduction of residential supervisory locations, a welcome change that better allows broker-dealers to attract and retain talent, say attorneys at King & Spalding.

  • Series

    Cheering In The NFL Makes Me A Better Lawyer

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    Balancing my time between a BigLaw career and my role as an NFL cheerleader has taught me that pursuing your passions outside of work is not a distraction, but rather an opportunity to harness important skills that can positively affect how you approach work and view success in your career, says Rachel Schuster at Sheppard Mullin.

  • Considerations For Disclosing AI Use In SEC Filings

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    Recent remarks from U.S. Securities and Exchange Commission Chair Gary Gensler should be heard as a clarion call for public companies to disclose artificial intelligence use, with four takeaways on what companies should disclose, says Richard Hong at Morrison Cohen.

  • Unpacking The New Russia Sanctions And Export Controls

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    Although geographically broad new prohibitions the U.S., U.K. and EU issued last week are somewhat underwhelming in their efforts to target third-country facilitators of Russia sanctions evasion, companies with exposure to noncompliant jurisdictions should pay close attention to their potential impacts, say attorneys at Shearman.

  • Args In APA Case Amplify Justices' Focus On Agency Power

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    In arguments last week in Corner Post v. Federal Reserve, the U.S. Supreme Court justices paid particular importance to the possible ripple effects of their decision, which will address when a facial challenge to long-standing federal rules under the Administrative Procedure Act first accrues and could thus unleash a flood of new lawsuits, say attorneys at Snell & Wilmer.

  • Mitigating Whistleblower Risks After High Court UBS Ruling

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    While it is always good practice for companies to periodically review whistleblower trainings, policies and procedures, the U.S. Supreme Court’s recent whistleblower-friendly ruling in Murray v. UBS Securities helps demonstrate their importance in reducing litigation risk, say attorneys at Arnold & Porter.

  • Series

    ESG Around The World: Gulf Cooperation Council

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    The Gulf Cooperation Council is in the early stages of ESG policy implementation, but recent commitments by both states and corporations — including increases in sustainable finance transactions, environmental commitments, female representation on boards and human rights enforcement — show continuing progress toward broader ESG goals, say attorneys at Cleary.

  • 6 Pointers For Attys To Build Trust, Credibility On Social Media

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    In an era of information overload, attorneys can use social media strategically — from making infographics to leveraging targeted advertising — to cut through the noise and establish a reputation among current and potential clients, says Marly Broudie at SocialEyes Communications.

  • Cos. Must Know How NY, Federal LLC Disclosure Laws Differ

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    Though New York state's new LLC Transparency Act and the federal Corporate Transparency Act impose similar beneficial owner reporting obligations on limited liability companies, New York LLCs should study the important differences between the laws to ensure they are prepared to comply with both, say Abram Ellis, Olenka Burghardt and Jane Jho at Simpson Thacher.

  • 9 Considerations For Divestitures, Carveouts And Spinouts

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    Amid new economic optimism, data protection, transitional services and seven other considerations can help legal practitioners untangle complex divestitures, carveouts and spinouts to unlock value for corporate sellers, say Kimberly Petillo-Décossard and Kristen Rohr at White & Case.

  • Why Fla. High Court Adopting Apex Doctrine Is Monumental

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    The Florida Supreme Court recently solidified the apex doctrine in the Sunshine State, an important development that extends the scope of the doctrine in the state to include both corporate and government officials, and formalizes the requirements for a high-level corporate official to challenge a request for a deposition, says Laura Renstrom at Holland & Knight.

  • 5 Lessons For SaaS Companies After Blackbaud Data Breach

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    Looking at the enforcement actions that software-as-a-service provider Blackbaud resolved with state attorneys general, the U.S. Securities and Exchange Commission and the Federal Trade Commission in the past year can help SaaS companies manage these increasingly common forms of data breaches, say attorneys at Orrick.

  • Del. Ruling Stands Out In Thorny Noncompete Landscape

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    In Cantor Fitzgerald v. Ainslie, the Delaware Supreme Court last month upheld the enforceability of forfeiture-for-competition provisions in limited partnership agreements, providing a noteworthy opinion amid a time of increasing disfavor toward noncompetes and following a string of Chancery Court rulings deeming them unreasonable, say Margaret Butler and Steven Goldberg at BakerHostetler.

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