Securities

  • September 19, 2024

    Crypto Exchange Must Refund Bitcoins, But In 2013 Dollars

    A New York judge held Thursday that bygone cryptocurrency exchange Bitfloor improperly failed to return more than 200 of its customers' bitcoins upon shutting down in 2013, but said damages will be limited to the dollar value of the digital assets over a decade ago.

  • September 19, 2024

    Outcome Exec Who Flipped Gets 7 Months For $1B Fraud Role

    A former Outcome Health sales chief who was charged with helping to carry out a $1 billion fraud, but cooperated early and testified against his co-defendants, received seven months in prison Thursday for his role in the scheme.

  • September 19, 2024

    Judge Gives Dow Jones Win In Article Thievery Case

    A Texas federal judge has handed a win to publisher Dow Jones & Co. in a copyright infringement suit accusing an investment manager of wrongfully copying and distributing thousands of news articles from The Wall Street Journal.

  • September 19, 2024

    Macquarie Unit To Pay $80M To End SEC's Overvaluation Claims

    A subsidiary of Australian financial services company Macquarie Group Ltd. agreed Thursday to pay the U.S. Securities and Exchange Commission nearly $80 million to settle charges it overvalued largely illiquid mortgage-backed securities and carried out cross-trades that favored certain clients over others.

  • September 19, 2024

    Amazon, Bezos Deny Blue Origin Deal Challenges In Del.

    An Amazon.com stockholder suit seeking damages from the e-commerce giant for purportedly conflicted dealing with company founder Jeff Bezos' Blue Origin space launch business can't get off the ground in Delaware's Court of Chancery, attorneys for the Amazon parties argued in a new brief filed late Wednesday.

  • September 19, 2024

    Halted DOL Fiduciary Regs Could Open Lane For SEC Action

    The U.S. Securities and Exchange Commission might need to help clear up confusion about fiduciary investment advice standards in the wake of two Texas judges halting new retirement security regulations from the Labor Department, members of an SEC investor advisory committee said Thursday.

  • September 19, 2024

    No Coverage For Santander Shareholder Suit, Allianz Says

    Allianz told a Massachusetts federal court that it doesn't owe coverage to Santander Holdings for an underlying class action brought by shareholders over the company's $2.5 billion deal to take its consumer finance entity private, arguing that multiple exclusions bar coverage for claims arising from the transaction.

  • September 19, 2024

    Pro Volleyball League's Founders Claim Buyers Shorted Them

    The co-founders of the Pro Volleyball Federation, a women's professional volleyball league, are seeking at least $500,000 in damages in a new suit that alleges they haven't been paid by several team owners in the league who formed an entity to buy the co-founders' Class A shares of the federation for $1 million.

  • September 19, 2024

    Feds Oppose Overturning Guilty Verdict For Crypto Trader

    Federal prosecutors told a New York federal judge that the crypto trader convicted of fraudulently draining more than $100 million from platform Mango Markets is wrongly attempting to recast factual issues as legal questions in his bid for acquittal.

  • September 18, 2024

    SEC Says Unregistered DeFi Project Pooled $1B In Crypto

    The U.S. Securities and Exchange Commission announced settlements with the business and co-founders behind decentralized finance, or DeFi, project Rari Capital Inc. on Wednesday after the regulator accused the project of misleading investors and acting as an unregistered broker.

  • September 18, 2024

    PureCycle Investors Seek Final OK Of $12M Settlement

    Investors in plastic recycling company PureCycle have asked a Florida federal judge to grant final approval to a $12 million deal to end a proposed class action alleging the company misled shareholders about its technology, financial projections and access to raw materials, roughly two years after the court temporarily tossed it for being imprecise.

  • September 18, 2024

    Split 5th Circ. Upholds Oxy's $38M Win Over Wells Fargo Bank

    A split Fifth Circuit panel upheld a $38 million judgment against Wells Fargo in a published opinion Wednesday, affirming that the bank breached its trustee duties by failing to timely sell Occidental Petroleum Corp. stock and is judicially estopped from arguing that the trust agreement was not a contract.

  • September 18, 2024

    First Horizon To Pay SEC $325K Over Reg BI Violations

    The U.S. Securities and Exchange Commission announced Wednesday that First Horizon Advisors Inc. will pay a $325,000 penalty to settle claims the broker-dealer violated Regulation Best Interest in the wake of its parent company's 2020 merger with IberiaBank Corp.

  • September 18, 2024

    Wynn Resorts To Pay Investors $70M Over Misconduct Claims

    Wynn Resorts, its former CEO Stephen Wynn and others have reached a $70 million settlement in Nevada federal court to end an investor class action accusing the hotel and casino giant of deceiving shareholders by covering up allegations of Wynn's sexual misconduct, according to a Tuesday filing.

  • September 18, 2024

    SEC Must Clarify Murky Crypto Rules, Ex-Officials Tell House

    Two former U.S. Securities and Exchange Commission officials who now represent crypto businesses told House lawmakers Wednesday that the agency's insistence on analyzing the economic realities of every crypto transaction in lieu of clear rulemaking has put the sector and its attorneys in unworkable situations.

  • September 18, 2024

    FTX Auditor Prager Metis Settles SEC Charges For Negligence

    The former auditor of Sam Bankman-Fried's defunct cryptocurrency exchange FTX agreed Tuesday to pay $1.95 million to resolve allegations by the U.S. Securities and Exchange Commission of misconduct in FTX audits and, in a separate case, violations of auditor independence rules.

  • September 18, 2024

    Loper Bright Undercuts SEC Climate Rule, Fracking Cos. Say

    Two fracking companies suing the U.S. Securities and Exchange Commission over its climate disclosure rules have again urged the Eighth Circuit to vacate the measures, offering a diverging interpretation of how the U.S. Supreme Court's decision axing Chevron deference should apply.

  • September 18, 2024

    SEC Files Its 1st Suits Over 'Pig Butchering' Crypto Scams

    The U.S. Securities and Exchange Commission has filed two first-of-their-kind suits against a series of entities and individuals behind a pair of so-called pig butchering schemes that allegedly solicited investments in fake crypto platforms by gaining people's trust over social media only to scam them out of nearly $3 million.

  • September 18, 2024

    $24.5M Fee Sought In Del. For $125M Discovery Suit Deal

    Class attorneys who secured a proposed $125 million settlement in a Delaware Court of Chancery suit filed by former Discovery Inc. stockholders challenging the company's $43 billion merger with AT&T in April 2022 proposed a $24.5 million fee for their efforts Wednesday.

  • September 18, 2024

    Fed's Powell Sees Final Basel Rule Less Than 1 Year Away

    Federal Reserve Chair Jerome Powell said Wednesday that a revamped version of the Basel III endgame capital rules for big banks could be finalized before next summer, adding that the federal banking agencies will be "moving together" as the controversial rulemaking project enters its next phase.

  • September 18, 2024

    SEC Settles Latest Covington Info Theft Case For $33K

    A New Jersey man will pay a $33,000 civil penalty to the U.S. Securities and Exchange Commission for insider trading on confidential merger tips that his cousin stole from a Covington & Burling LLP lawyer, according to a settlement filed in New York federal court on Wednesday.

  • September 18, 2024

    Meta Ditches Investor Suit Over Apple Ad Changes For Good

    A California federal judge on Tuesday tossed an investor suit against Meta alleging the tech giant hid the financial impact of Apple's privacy changes on its business, finding the suit's allegations weren't detailed enough to avoid dismissal.

  • September 18, 2024

    Telecom Co. PLDT Gets Final OK For $3M Investor Settlement

    A California federal judge has given final approval to a $3 million deal settling investor allegations that Philippine telecommunications company PLDT Inc. hid an $866 million budget overrun, giving class counsel a $750,000 cut of the deal.

  • September 18, 2024

    SEC's Equity Trading Reforms Allow Half-Penny Stock Pricing

    The U.S. Securities and Exchange Commission on Wednesday unanimously agreed to allow exchanges to quote stock prices in half-penny increments, part of a wider overhaul purportedly aimed at improving transparency and lowering trading costs.

  • September 18, 2024

    Texas Criminal Court Pauses Paxton Prosecutor Fee Ruling

    The Texas Court of Criminal Appeals on Tuesday agreed to pause a lower court ruling that would allow Collin County to pay a lower amount to the special prosecutors appointed to oversee the securities fraud case against Texas Attorney General Ken Paxton, putting the county's victory on ice while it considers the dispute.

Expert Analysis

  • Open Questions 3 Years After 2nd Circ.'s Fugitive Ruling

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    The Second Circuit’s 2021 decision in U.S. v. Bescond, holding that a French resident indicted abroad did not meet the legal definition of a fugitive, deepened a circuit split on the fugitive disentitlement doctrine, and courts continue to grapple with the doctrine’s reach and applicability, say attorneys at Lankler Siffert.

  • Replacing The Stigma Of Menopause With Law Firm Support

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    A large proportion of the workforce is forced to pull the brakes on their career aspirations because of the taboo surrounding menopause and a lack of consistent support, but law firms can initiate the cultural shift needed by formulating thoughtful workplace policies, says Barbara Hamilton-Bruce at Simmons & Simmons.

  • Class Actions At The Circuit Courts: August Lessons

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    In this month's review of class action appeals, Mitchell Engel at Shook Hardy considers certification cases touching on classwide evidence of injury from debt collection practices, defining coupon settlements under the Class Action Fairness Act, proper approaches for evaluating attorney fee awards in class action settlements, and more.

  • Crypto Regs Could See A Reset Under The Next President

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    Donald Trump has taken a permissive policy stance favoring crypto, while Kamala Harris has been silent on the issue, but no matter who wins the presidential election, we may see a more lenient regulatory climate toward the digital currency than from the Biden administration, says Liam Murphy at McKool Smith.

  • Planning Law Firm Content Calendars: What, When, Where

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    During the slower month of August, law firms should begin working on their 2025 content calendars, planning out a content creation and distribution framework that aligns with the firm’s objectives and maintains audience engagement throughout the year, says Jessica Kaplan at Legally Penned.

  • Key Concerns To Confront In FDIC Brokered Deposit Proposal

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    Banks and fintech companies should note several fundamental issues with the Federal Deposit Insurance Corp.'s recent proposal to widen how it classifies brokered deposits, an attempt to limit prudential risk that could expose the industry and underbanked consumers who rely on bank-fintech apps to widespread unintended consequences, say attorneys at Gibson Dunn.

  • Crypto Gatekeepers May Be The Next Front Of Enforcement

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    Lawyers and other professionals who advise cryptocurrency companies should beware regulators' increasing focus on gatekeeper accountability, and should take several measures to fulfill their ethical and legal obligations, including implementing a robust vetting mechanism when representing crypto clients, say Temidayo Aganga-Williams and Xinchen Li at Selendy Gay.

  • Series

    Playing Golf Makes Me A Better Lawyer

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    Golf can positively affect your personal and professional life well beyond the final putt, and it’s helped enrich my legal practice by improving my ability to build lasting relationships, study and apply the rules, face adversity with grace, and maintain my mental and physical well-being, says Adam Kelly at Venable.

  • Law Firms Should Move From Reactive To Proactive Marketing

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    Most law firm marketing and business development teams operate in silos, leading to an ad hoc, reactive approach, but shifting to a culture of proactive planning — beginning with comprehensive campaigns — can help firms effectively execute their broader business strategy, says Paul Manuele at PR Manuele Consulting.

  • 3 Ways To Limit Risks Of Black-Box AI In Financial Services

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    As regulators increasingly highlight the potential for artificial intelligence to make unfair consumer credit decisions, and require financial institutions to explain how these so-called black-box algorithms arrive at conclusions, companies should consider three key questions to reduce their regulatory risks from these tools, say Jeffrey Naimon and Caroline Stapleton at Orrick.

  • 3 High Court Rulings May Shape Health Org. Litigation Tactics

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    Three separate decisions from the U.S. Supreme Court's most recent term — Loper Bright, Corner Post and Jarkesy — will likely strengthen healthcare organizations' ability to affirmatively sue executive agencies to challenge regulations governing operations and enforcement actions, say attorneys at McDermott.

  • Opinion

    The Big Issues A BigLaw Associates' Union Could Address

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    A BigLaw associates’ union could address a number of issues that have the potential to meaningfully improve working conditions, diversity and attorney well-being — from restructured billable hour requirements to origination credit allocation, return-to-office mandates and more, says Tara Rhoades at The Sanity Plea.

  • Opinion

    It's Time For A BigLaw Associates' Union

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    As BigLaw faces a steady stream of criticism about its employment policies and practices, an associates union could effect real change — and it could start with law students organizing around opposition to recent recruiting trends, says Tara Rhoades at The Sanity Plea.

  • Why DOJ's Whistleblower Program May Have Limited Impact

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    The U.S. Department of Justice’s new whistleblower pilot program aims to incentivize individuals to report corporate misconduct, but the program's effectiveness may be undercut by its differences from other federal agencies’ whistleblower programs and its interplay with other DOJ policies, say attorneys at Milbank.

  • How Justices Upended The Administrative Procedure Act

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    In its recent Loper Bright, Corner Post and Jarkesy decisions, the U.S. Supreme Court fundamentally changed the Administrative Procedure Act in ways that undermine Congress and the executive branch, shift power to the judiciary, curtail public and business input, and create great uncertainty, say Alene Taber and Beth Hummer at Hanson Bridgett.

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