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Securities
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April 29, 2024
Ex-Girlfriend Can Claim Late P&G Worker's Investment Funds
The ex-girlfriend of a deceased Procter & Gamble employee can receive over $754,000 he had in his investment account after a decades-long career with the company, a Pennsylvania federal judge ruled Monday, finding that the employee's estate hadn't shown he was misled about who he'd chosen as a beneficiary.
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April 29, 2024
Zillow Fights Investor Cert. In Home Pricing Program Suit
Zillow urged a Washington federal court not to certify a class of shareholders amid an investor's suit alleging he was misled about the performance of its home-flipping program, arguing that the alleged misstatements had no bearing on stock prices.
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April 29, 2024
Bank Of China Beats Investor Suit Over Oil Derivative Trading
The Bank of China has beaten a proposed class action alleging it misled investors and mismanaged an oil-linked derivative product, leading to $1.6 billion in losses, with a New York federal judge saying the suit fails to assert specific allegations against each of the defendants and suffers from group pleading, among other things.
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April 29, 2024
'Tornado Cash' Crypto Fraud Wasn't Free Speech, Feds Say
The founder of the Tornado Cash cryptocurrency exchange is mistaken in his arguments that First Amendment protections on computer code are grounds to dismiss his money laundering and sanctions-dodging charges, prosecutors told a Manhattan federal judge.
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April 29, 2024
Catching Up With Delaware's Chancery Court
A multibillion-dollar Tesla trust proposal, a Truth Social bond, power plays over Prince's estate, and three in the ring for World Wrestling Entertainment. All of this and much more came up in Delaware Chancery Court dockets last week.
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April 29, 2024
AI Pharma Co. Sued By Investor Over Handling Of Fired CEO
Artificial intelligence-driven pharmaceutical company Exscientia PLC has been hit with a proposed class action alleging its former CEO engaged in inappropriate personal relationships with employees, and that the company's chairman knew but concealed it.
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April 29, 2024
Protein Co. Nutriati Insiders Rushed $10M Sale, Del. Suit Says
Stockholders of Nutriati Inc. have sued the plant-based protein producer's directors and officers and others in Delaware's Chancery Court, alleging that insider breaches of fiduciary duty resulted in a hasty, low-ball sale of the business in 2022 to one of its major investors.
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April 29, 2024
Excess Insurer Seeks Inclusion In OpenText Merger Row
Allied World National Assurance asked a Michigan federal court to allow it to join a coverage dispute against its excess insured OpenText, maintaining that the software company's primary insurer will soon reach its limits on defense costs in the underlying class action over OpenText's merger with Covisint.
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April 29, 2024
Venezuela Says It Has Proof Of Special Master Improprieties
Venezuela has asked a Delaware federal judge to disqualify the special master overseeing the sale of Citgo Petroleum Corp.'s parent company to repay billions of dollars in Venezuelan debt, saying it now has proof he engaged in improper advocacy before the Biden administration.
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April 29, 2024
Titan Of The Plaintiffs Bar: Robbins Geller's Spencer Burkholz
Robbins Geller Rudman & Dowd LLP's Spencer A. Burkholz is quick to downplay his accomplishments litigating major securities cases during his lengthy career, saying effective teamwork has been the key to those successes.
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April 29, 2024
Orrick Adds Morgan Lewis Securities Regulatory Atty In DC
Orrick Herrington & Sutcliffe LLP has hired a longtime Morgan Lewis & Bockius LLP partner who focuses his practice on helping clients understand a myriad of securities regulations and financial laws, the firm announced Monday.
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April 29, 2024
Feds Accused Of 'Outrageous' Misconduct In Ozy Media Case
Ozy Media and the defunct startup's founder want a New York federal judge to toss a criminal fraud case against them, accusing the government of prosecutorial misconduct and violating attorney-client privilege protections.
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April 29, 2024
Justices Won't Hear Musk's Case Against SEC Gag Order
The U.S. Supreme Court on Monday said it will not review the terms of a settlement Elon Musk entered into with the U.S. Securities and Exchange Commission six years ago, keeping intact a Second Circuit decision that upheld the terms of a deal that said the Tesla CEO must receive preauthorization before making certain social media posts about the car manufacturer.
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April 26, 2024
Law360 Reveals Titans Of The Plaintiffs Bar
In the past year, plaintiffs have won settlements and judgments for millions and billions of dollars from companies such as Wells Fargo, Goldman Sachs, Facebook and Fox News, with many high-profile cases finally wrapping up after years of fighting. Such cases — involving over-the-top compensation packages, chemical contamination, gender discrimination and data mining — were led by attorneys whose accomplishments earned them recognition as Law360's Titans of the Plaintiffs Bar for 2024.
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April 26, 2024
Mineral Co. Faces Investor Suit Over Gov't Contract Loss
Mineral producer Compass Minerals International Inc. has been hit with a putative investor class action alleging the company failed to properly apprise investors about the likelihood that it would not secure a fire retardant supplier contract with the U.S. Forest Service ahead of 2024's fire season.
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April 26, 2024
Binance Can Arbitrate Suit Over Terra Stablecoin Collapse
A California federal judge ruled Friday that Binance can arbitrate a proposed class action alleging the company misrepresented the stability of "algorithmic stablecoin" TerraUSD, rejecting the plaintiff's argument he is an "unsophisticated consumer" who could not "clearly and unmistakably" delegate the question of arbitrability to the arbitrator and not the court.
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April 26, 2024
CFTC Receives Competing Visions For AI's Regulatory Future
Business lobbyists have urged the U.S. Commodity Futures Trading Commission to lean on existing regulations to address the financial industry's use of artificial intelligence, while skeptics say those regulations don't go far enough to guard against the technology's potential to spur market crashes and data breaches.
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April 26, 2024
Ex-BP Manager Charged With TravelCenters Insider Trading
A former senior manager at BP PLC on Friday became the second person accused by the U.S. Department of Justice and the U.S. Securities and Exchange Commission of engaging in insider trading over the British oil and gas company's $1.3 billion planned acquisition of TravelCenters of America Inc.
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April 26, 2024
Crypto Mining Co. Execs Face Suit Over Merger Shortcomings
Executives and directors of crypto mining company Hut 8 have been hit with a shareholder derivative suit claiming they failed to disclose the severe financial and operational issues of a company Hut 8 merged with last year, later revealed in a short-seller's report.
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April 26, 2024
Crypto Atty's Senate Bid Takes Detour For SEC-Coinbase Suit
The pro-cryptocurrency attorney vying to unseat Sen. Elizabeth Warren of Massachusetts added to his pro bono work in the digital asset space on Friday by taking up the mantle for Coinbase users in the crypto exchange's ongoing battle with the U.S. Securities and Exchange Commission.
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April 26, 2024
Custodia Balks At KC Fed's $25K Legal Bill After Account Suit
Custodia Bank on Friday urged a Wyoming federal judge not to award the Federal Reserve Bank of Kansas City's request for roughly $25,000 in attorney fees and litigation costs in a suit that the cryptocurrency-focused bank recently lost, saying the payout could deter others from pursuing "David and Goliath" lawsuits against the government.
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April 26, 2024
Soccer Star Says Binance Is Target Of $1B Fla. Suit, Not Him
Portuguese soccer star Cristiano Ronaldo has urged a Florida federal judge to dismiss a $1 billion proposed class action lawsuit against him over promoting Binance.US, saying the embattled cryptocurrency exchange is listed as the target of the suit — in an "apparent Freudian slip" — instead of him.
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April 26, 2024
Willkie Attys Turned An SEC 'Twist' Into A Win For A Client
Attorneys from Willkie Farr & Gallagher LLP knew they were up against the clock after the U.S. Securities and Exchange Commission launched an investigation into their client Rumble Inc. last year. What they didn't expect, however, was the "big shocking twist" that would send their race against time into overdrive.
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April 26, 2024
Umpqua Bank Seeks Win On Investors' Ponzi Aiding Claims
Oregon-based Umpqua Bank has asked a San Francisco federal judge to toss claims that it aided and abetted a $250 million real estate Ponzi scheme, arguing the investors who brought the suit saw that their funds were put into "legitimate" investments.
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April 26, 2024
Republic First Bank Fails In Biggest Bust Since 2023 Turmoil
Republic First Bank, a roughly $6 billion bank based in Philadelphia, was shuttered Friday by Pennsylvania state banking regulators and sold to Fulton Bank NA, capping off a prolonged decline that only worsened in the wake of last spring's regional bank failures.
Expert Analysis
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FERC Actions Signal Concern Over Investors' Utility Stakes
Two recent orders and a notice of inquiry from the Federal Energy Regulatory Commission on the subject of whether large investors are asserting control of public utilities signal increasing regulatory scrutiny of the investment community's influence over the electric power industry, say attorneys at Day Pitney.
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10 Global Antitrust Trends To Anticipate In 2024
Proactive navigation of the antitrust enforcement environment remains crucial this year as legal policy and tools evolve to meet intensifying global economic complexity, including geopolitical tensions, trade realignment, market volatility and inflation, say attorneys at Freshfields.
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NY CRE Lenders Need Clarity On Foreclosure Standing
Recent contradictory New York case law regarding issues of standing in commercial real estate litigation creates confusion for borrowers and lenders alike, and should be addressed by courts in advance of the anticipated onslaught of commercial mortgage-backed securities foreclosures, say Christopher Gorman and John Muldoon at Rosenberg & Estis.
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ERISA Litigation Faces New Frontiers In 2024
As plaintiffs firms explore novel theories for recovery and the Department of Labor attempts to broaden the definition of an investment advice fiduciary, 2024 could see new types of Employee Retirement Income Security Act litigation after just 100 class actions were filed last year, say attorneys at Groom Law.
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Del. Ruling Guides On Advance Notice Bylaw Amendments
The Delaware Chancery's Court's recent denial of investment fund Paragon Technologies' injunction motion against Ocean Power Technologies underscores the importance of carefully crafting and enforcing corporate advance notice bylaw amendments, especially in light of universal proxy rules, say attorneys at Venable.
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Series
Baking Bread Makes Me A Better Lawyer
After many years practicing law, and a few years baking bread, I have learned that there are a few keys to success in both endeavors, including the assembly of a nourishing and resilient culture, and the ability to learn from failure and exercise patience, says Rick Robinson at Reed Smith.
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Federal Courts And AI Standing Orders: Safety Or Overkill?
Several district court judges have issued standing orders regulating the use of artificial intelligence in their courts, but courts should consider following ordinary notice and comment procedures before implementing sweeping mandates that could be unnecessarily burdensome and counterproductive, say attorneys at Curtis.
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Series
NY Banking Brief: All The Notable Legal Updates In Q4
New York's banking and financial sector saw a number of notable regulatory and legislative changes in the final quarter of 2023, including guidance on climate risks and heightened cybersecurity protocols issued by the New York State Department of Financial Services, as well as final revisions to virtual currency listings in the state, say attorneys at WilmerHale.
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4 Questions On Groundbreaking New Foreign Bribery Law
The recently enacted Foreign Extortion Prevention Act will significantly alter the anti-corruption landscape under U.S. law by allowing prosecutors to pursue foreign officials for soliciting or accepting bribes, but it’s not yet clear how the statute will be used and by whom, say attorneys at K&L Gates.
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Why CFTC Whistleblowers Are Crucial To Crypto Regulation
The U.S. Commodity Futures Trading Commission's whistleblower program has proven to be a key tool in the U.S.' efforts to police cryptocurrency, but a funding issue shows that it has become a victim of its own success, says Stephen Kohn at Kohn Kohn.
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Wachtell-X Ruling Highlights Trend On Arbitrability Question
A growing body of case law, including a California state court's recent decision in X Corp. v. Wachtell, holds that incorporation of specific arbitral body rules in an arbitration provision may in and of itself constitute clear and unmistakable evidence of delegation of arbitrability to an arbitrator, and thus such clauses should be drafted carefully, say attorneys at Norton Rose.
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7 E-Discovery Predictions For 2024 And Beyond
The legal and technical issues of e-discovery now affect virtually every lawsuit, and in the year to come, practitioners can expect practices and policies to evolve in a number of ways, from the expanded use of relevancy redactions to mandated information security provisions in protective orders, say attorneys at Littler.
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Securities Class Actions Show No Signs of Slowing In 2024
Plaintiffs asserted securities class actions at elevated levels in 2023 — a sign that filings will remain high in the year ahead — as they switched gears to target companies that allegedly have failed to anticipate supply chain disruptions, persistent inflation, rising interest rates and other macroeconomic headwinds, say attorneys at Skadden.
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How Corp. Transparency Act Can Unmask Crypto Owners
With the federal Corporate Transparency Act in effect as of Jan. 1, litigants may now have a less burdensome path toward determining the identities of owners behind convoluted corporate entities, and, by extension, any digital assets they own that could be subject to a potential judgment, says Brett Sager at Ehrenstein Sager.
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ESG Concerns Can No Longer Be Ignored In 2024
While the long wait for the U.S. Securities and Exchange Commission's ESG rule continues, government attention to regulations, increased litigation efforts and shareholder resolutions seeking transparency highlight the importance of placing an emphasis on ESG considerations, say attorneys at Wollmuth Maher.