Try our Advanced Search for more refined results
Securities
-
April 09, 2024
Ex-Legal Tech Exec Says Co. Sued Just To Preempt Her Suit
A former business executive at a Texas law firm and legal technology company called on a Texas federal court Monday to toss her former employer's lawsuit against her, claiming the company and its founders attempted to preempt her New York lawsuit alleging sexual harassment and unlawful termination.
-
April 09, 2024
New Relic Shareholder Sues To Force Open Corp. Books
Another shareholder of web analytics firm New Relic Inc. has sued in Delaware's Court of Chancery for corporate records related to the company's $6.5 billion, $87-per-share buyout by private equity firms Francisco Partners and TPG, the latest in a string of shareholder suits seeking records on the deal.
-
April 09, 2024
Venezuelan Oil Co. Gets $2B Bond Fraud Suit Nixed In NY
A New York federal judge has nixed VR Capital's lawsuit accusing Venezuela's state-owned oil company of fraud in connection with its issuance of some $2 billion in since-defaulted bonds, ruling that the asset manager couldn't prove that PDVSA had never intended to repay the bonds.
-
April 09, 2024
'Entrepreneurial' Baker Botts, Cozen Trio Launch Defense Firm
Two former Baker Botts LLP partners, including the firm's former head of litigation, have teamed up with a longtime member of Cozen O'Connor's white collar defense practice to launch a boutique law firm based in Washington, D.C.
-
April 08, 2024
BitMEX Co-Founder Can't Escape Investors' Manipulation Suit
A case against a co-founder of cryptocurrency trading platform BitMEX will move forward after a Manhattan federal judge found investors showed the executive was "central" to an alleged manipulation scheme that benefited the firm at the expense of its customers.
-
April 08, 2024
W.Va. Blocks Citi, HSBC, Others Over Fossil Fuel 'Boycotts'
West Virginia's state treasurer announced Monday that Citigroup Inc., HSBC Holdings PLC, TD Bank NA and The Northern Trust Co. are ineligible for state banking contracts, finding they boycott fossil fuel companies under a Mountain State law, while two other banks escaped such a designation.
-
April 08, 2024
Oppenheimer Beats FINRA Arbitration Bid By Ponzi Victims
Financial services company Oppenheimer & Co. Inc. has blocked a bid by investors seeking to arbitrate claims before the Financial Industry Regulatory Authority that attempted to keep the company on the hook for a Ponzi scheme orchestrated by a former Oppenheimer-registered broker.
-
April 08, 2024
Film Producer To Take $5.7M 9th Circ. Award Fight To Justices
An investor in a failed venture to develop a "revolutionary" chemical-manufacturing technology has said he will ask the U.S. Supreme Court to decide whether a $5.7 million arbitral award issued to the venture's founders was properly enforced by the Ninth Circuit.
-
April 08, 2024
3 Firms To Lead Weber Investor Suit Over $3.7B PE Buyout
Prickett Jones & Elliot, Grant & Eisenhofer PA, and Kessler Topaz Meltzer & Check will together represent a proposed class of investors in grill maker Weber Inc. in consolidated litigation in Delaware's Court of Chancery over a $3.7 billion squeeze-out by private equity firm BDT Capital Partners LLC, Chancellor Kathaleen St. Jude McCormick decided on Monday in what she described as a "close call."
-
April 08, 2024
Canadian Atty Settles SEC's Penny Stock Claims For $335K
The U.S. Securities and Exchange Commission has inked a $335,000 settlement with a Canadian lawyer to end claims that he enabled a penny stock fraud scheme by working with a California trader as an unregistered broker, court filings on Monday show.
-
April 08, 2024
Walmart Beats Investor Suit Over Opioid Probe Disclosures
Walmart beat back an investor class action on Monday alleging it failed to properly disclose that it was the subject of parallel criminal and civil investigations over its opioid sales, with a Delaware federal judge ruling that the suit's challenged statements were not false or misleading.
-
April 08, 2024
Mich. Regulators' Fraud Fears Are 'Nonsense,' Developer Says
A real estate developer has told Michigan's high court that the state is raising unfounded concerns that Michigan will become a haven for fraudsters if the top court does not adopt a federal judicially created test to determine when an investment is a security, telling the justices Michigan's own securities law is controlling.
-
April 08, 2024
SEC 'Shadow Trading' Victory Could Bring DOJ Knocking
Now that the U.S. Securities and Exchange Commission has convinced a jury that a pharmaceutical executive committed insider trading by purchasing a competitor's stock in a practice often referred to as "shadow trading," attorneys say federal prosecutors might be tempted to dip their toe into the waters of the previously untested legal theory.
-
April 08, 2024
Software Licensees Say Investor Suit Doesn't Plead Fraud
Decentral Life Inc. and a group of its licensees, including a cannabis social media site, are urging a Colorado federal court to throw out an investor's suit alleging that they tricked him into investing more than $1.7 million, saying his claims are too vague and fail to show how they deceived him.
-
April 08, 2024
Chancery Approves $36M Sirius XM Settlement, $9.6M Atty Fee
Sirius XM Holding Inc. stockholders who sued in Delaware's Court of Chancery over an alleged ongoing squeeze-out by Liberty Media Corp. won court approval Monday of a $36 million settlement to end their litigation, along with a $9.6 million payout for their attorneys and $50,000 for the lead plaintiff.
-
April 08, 2024
McMahon Sells Millions More In TKO Stock Amid Abuse Suit
WWE's disgraced founder Vince McMahon, who was recently accused of trafficking a former employee, continues to loosen his grip on the wrestling company he founded, most recently selling $311 million worth of stock in WWE's parent, according to a Monday securities filing.
-
April 08, 2024
FINRA Fines Broker-Dealer, CEO In Text Messaging Action
Dawson James Securities Inc. and its CEO have agreed to pay the Financial Industry Regulatory Authority a combined $510,000 to end the broker watchdog's allegations that the firm failed to review thousands of business-related text messages and had an inadequate supervisory system.
-
April 08, 2024
Goldman Investors Closer To Class Cert. In 1MDB Bribery Suit
A proposed class of Goldman Sachs investors alleging losses from the 1MDB bond bribery scandal is one step closer to clinching class certification, with a magistrate judge recommending that a New York federal court grant partial approval to their request.
-
April 08, 2024
3 Firms Score $885K Fee In Synchrony Investor Deal
A Connecticut federal judge has approved $885,000 in fees and expenses for three law firms that won corporate governance changes at Synchrony Financial after investors sued the bank's leaders during an offshoot of a securities case that netted a $34 million judgment over consumer credit card practices.
-
April 08, 2024
Catching Up With Delaware's Chancery Court
Last week, a much-watched Chancery Court Match.com decision got reversed, a Philip Morris motion got stubbed out, and a long-frozen Blue Bell Creameries suit started churning again. Delaware's Court of Chancery also saw new suits filed for legal fees, arguments over multibillion-dollar pay packages, and a judge flummoxed over Truth Social.
-
April 08, 2024
Ex-IRS Criminal Investigations Head Joins Crypto Data Firm
A newly retired chief of the Internal Revenue Service's law enforcement arm is taking his skills to blockchain analytics firm Chainalysis, where he'll help federal agencies and crypto firms leverage Chainalysis' data and solutions to combat financial crime.
-
April 08, 2024
Tradeweb Pays $785M For Investment Tech Firm ICD
Tradeweb Markets Inc., advised by Fried Frank Harris Shriver & Jacobson LLP, on Monday announced that it has agreed to buy institutional investment technology provider Institutional Cash Distributors LLC, advised by Kirkland & Ellis LLP, for $785 million.
-
April 08, 2024
Plot Holes Doom JPMorgan 'Fraud' Narrative, Frank Exec Says
The founder of a startup meant to help college students apply for financial aid said an indictment claiming she duped JPMorgan Chase & Co. into a buyout should be dismissed because it fails to identify her alleged co-conspirators or fraudulent statements.
-
April 08, 2024
Glancy Prongay To Lead EB-5 Grocery Co. Fraud Stock Suit
Glancy Prongay & Murray LLP will lead a proposed class action alleging Asian specialty grocery chain Maison Solutions' stock price was severely damaged after a third-party research report accused it and its executives of participating in illegal activities, including using supermarkets as a front for immigration fraud.
-
April 05, 2024
9th Circ. Revives Pump-And-Dump Action Against Cartoon Co.
The Ninth Circuit on Friday revived a securities class action accusing children's entertainment company Genius Brands International Inc. of running a pump-and-dump scheme in its stock, and in doing so likened the court's mission to that of the heroes of the company's cartoon production "Rainbow Rangers."
Expert Analysis
-
Key Maritime Law Issues In 2024: Geopolitics And Sanctions
Major challenges are on the horizon for the U.S. maritime sector in 2024, including geopolitical tensions in the Red Sea and ever-evolving sanctions targeting Iran and Russia — which may lead to higher shipping costs and greater compliance burdens for stakeholders, says Sean Pribyl at Holland & Knight.
-
New SDNY Whistleblower Program May Be A Game-Changer
A new pilot program in the U.S. Attorney’s Office for the Southern District of New York promises to immunize from prosecution certain individuals who blow the whistle on financial crimes and corruption, and if similar self-disclosure programs are any indication, this significant new policy may measurably increase white collar investigations, say attorneys at Paul Hastings.
-
Series
Playing Competitive Tennis Makes Me A Better Lawyer
My experience playing competitive tennis has highlighted why prioritizing exercise and stress relief, maintaining perspective under pressure, and supporting colleagues in pursuit of a common goal are all key aspects of championing a successful legal career, says Madhumita Datta at Lowenstein Sandler.
-
A Guide To New Russia Sanctions For Foreign Financial Cos.
Attorneys at Foley Hoag take foreign financial companies on a deep dive into the compliance advice the U.S. Office of Foreign Assets Control issued after President Joe Biden's December executive order widened a Russian import ban and authorized sanctions against businesses that transact with Russia's military-industrial base.
-
The Questions Around Prometheum's SEC-Compliant Strategy
While the rest of the crypto industry has been engaged in a long-running battle to escape the U.S. Securities and Exchange Commission's jurisdiction, a once-obscure startup called Prometheum has instead embraced the SEC's view to become the first crypto special-purpose broker-dealer, but it's unclear whether it can turn its favored status into a workable business, says Keith Blackman at Bracewell.
-
Series
The Pop Culture Docket: Judge Djerassi On Super Bowl 52
Philadelphia Court of Common Pleas Judge Ramy Djerassi discusses how Super Bowl 52, in which the Philadelphia Eagles prevailed over the New England Patriots, provides an apt metaphor for alternative dispute resolution processes in commercial business cases.
-
Reverse Merger Tips For Biotechs After SEC's Recent Actions
Several recent U.S. Securities and Exchange Commission developments could limit the viability of reverse mergers for biotech companies, and will require additional creativity and analysis for private companies looking to go public, say attorneys at Orrick.
-
Black-Led VC Fund Case Could Hinge On Nature Of Grants
Organizations whose missions involve any manner of race-conscious funding should closely monitor arguments this week in American Alliance v. Fearless Fund, a case filed against a grant program that seeks to address the gap in venture capital funding for Black women-led businesses, which will examine whether grants are charitable under Civil Rights Act Section 1981 liability, say Kali Schellenberg and John Stapleton at LeVan Stapleton, and Kenneth Trujillo at Chamberlain Hrdlicka.
-
Ex-OpenSea Staffer Case May Clarify When Info Is Property
In considering the appeal of a former OpenSea manager’s wire fraud conviction in U.S. v. Chastain, the Second Circuit may soon provide guidance about whether economic information is traditional property in certain insider trading prosecutions — a theory of fraud that the U.S. Supreme Court has repeatedly narrowed, say attorneys at Debevoise.
-
Takeaways From SEC's Aggressive Cybersecurity Moves
The U.S. Securities and Exchange Commission's intensifying policy on cybersecurity and securities violations in the wake of a data breach — like its enforcement action against SolarWinds and its security officer — has emboldened shareholders to file related suits, creating a heightened threat to public companies, say attorneys at Baker McKenzie.
-
Considerations For Lawyer Witnesses After FTX Trial
Sam Bankman-Fried's recent trial testimony about his lawyers' involvement in FTX's business highlights the need for attorney-witnesses to understand privilege issues in order to avoid costly discovery disputes and, potentially, uncover critical evidence an adversary might seek to conceal, says Lawrence Bluestone at Genova Burns.
-
NY Discovery Stay Ruling Empowers Securities Defendants
A New York state appeals court’s recent decision in Camelot Event v. Morgan Stanley — which extends a federal securities law's discovery stay to state courts — clarifies an issue that has perplexed state courts across the country and provides the advantage of reduced discovery costs to securities defendants, say Katherine Kelly Fell and Jeremy Wertz at Milbank.
-
Del. Dispatch: Efforts Clause Trumps Contractual Right
The Delaware Court of Chancery's Chordia v. Lee ruling this month — that the efforts clause set forth in a stockholders' agreement overrode the acquired company's right to fire its officers and employees — highlights key considerations for parties in such agreements to avoid post-acquisition disputes, say attorneys at Fried Frank.
-
Employee Experience Strategy Can Boost Law Firm Success
Amid continuing business uncertainty, law firms should consider adopting a holistic employee experience strategy — prioritizing consistency, targeting signature moments and leveraging measurement tools — to maximize productivity and profitability, says Haley Revel at Calibrate Consulting.
-
And Now A Word From The Panel: A Strong Year For MDLs
While the Judicial Panel on Multidistrict Litigation granted even fewer MDL petitions last year than in 2022, hitting a 21st-century low, a closer look at the record-setting number of total actions encompassed within current proceedings reveals that MDL practice is still quite robust, says Alan Rothman at Sidley.