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Capital Markets
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March 27, 2024
No New Trial For Hedge Fund Boss In Forex Rigging Case
A New York federal judge on Friday refused to acquit or call for a new trial for a U.K.-based hedge fund chief convicted of illegally manipulating a currency exchange rate, rejecting his argument that his alleged conduct lacked sufficient ties to the United States.
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March 27, 2024
9th Circ. Revives Claims Against Apple In Crypto Theft Row
The Ninth Circuit on Wednesday partially reinstated a putative class action accusing Apple of misrepresenting the safety of its App Store after users' cryptocurrency was stolen from an app, finding that while a federal tech immunity law shielded Apple from an array of fraud and wiretapping claims, three consumer protection claims could move forward.
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March 27, 2024
Video Streamer Escapes Crypto Token Holder's Fraud Suit
A New York federal judge has permanently tossed a suit accusing video streaming service Open Props Inc. and its executives of misrepresenting to investors that it would become a decentralized blockchain network following the sale of its native cryptocurrency tokens.
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March 27, 2024
BlackRock's Non-ESG Funds Have Green Agenda, Miss. Says
Mississippi's secretary of state announced Wednesday that it intends to fine BlackRock multiple millions of dollars, alleging the asset manager has repeatedly made false and misleading statements about its involvement in "pushing" environmental, social and corporate governance factors on portfolio companies.
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March 27, 2024
Energy Co. Origis Exits Investor Suit Over Devalued Shares
Renewable energy company Origis USA Inc. has escaped a suit by former shareholders after a New York federal judge concluded that the plaintiffs failed to show that the company was privy to an alleged scheme by its now-former CEO to induce them to sell their stakes for considerably less than the $1.4 billion they were later sold for.
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March 27, 2024
Latham, Cooley Steer Oncology Firm's $100M IPO
Clinical-stage oncology firm Boundless Bio Inc. raised a $100 million initial public offering at the middle of its price range late on Wednesday, represented by Latham & Watkins LLP and underwriters' counsel Cooley LLP, joining a potentially recovering IPO market.
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March 27, 2024
Binance Says Fla. Suspension Order Violates Due Process
Binance on Wednesday told a Florida appeals court that state regulators wrongly suspended its license to operate as a money transmitter, saying an emergency order issued earlier this year telling the cryptocurrency exchange to cease operations wasn't sufficiently justified and violates due process.
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March 27, 2024
Backers Of Trump-Tied SPAC Sue To Confirm Manager Purge
Investors behind the sponsor of the special-purpose acquisition company that took Donald Trump's Truth Social public sued its managing member, seeking a declaration from the Delaware Chancery Court that they have validly removed him from his post and that he has no authority to act on their behalf.
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March 27, 2024
Coinbase Denied Early Victory Over SEC Enforcement Action
A Manhattan federal judge on Wednesday rejected crypto exchange Coinbase's bid to defeat the U.S. Securities and Exchange Commission's claims that it operated as an unregistered securities exchange, broker and clearing agency.
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March 27, 2024
COVID Prompted Equity Plan Edit, Raytheon Tells Chancery
Raytheon Technologies Corp. amended employee compensation plans in early 2020 to mitigate "head-spinning unprecedented volatility" from the COVID-19 pandemic, and a shareholder's allegations that directors acted in bad faith by failing to seek stockholder approval should be dismissed, the aerospace company told Delaware's Court of Chancery on Wednesday.
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March 27, 2024
3 Firms Vie To Lead Instacart Pre-IPO Action
Levi & Korsinsky LLP, Pomerantz LLP and The Rosen Law Firm PA have each asked a California federal judge to lead a securities lawsuit against grocery delivery company Instacart for allegedly misrepresenting its growth potential in the lead-up to its initial public offering.
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March 27, 2024
Smith Gambrell Sued For Keeping $4.6M In Real Estate Row
Several business entities involved in the failed purchase of a Brooklyn development property contend that Smith Gambrell & Russell LLP is unlawfully refusing to release more than $4.6 million that the firm is holding in escrow, according to a complaint filed in New York state court.
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March 27, 2024
Everbridge Investor Seeks To Block $1.8B Thoma Bravo Deal
A shareholder in Massachusetts-based emergency management platform Everbridge Inc. is asking a state court to intervene in a pending $1.8 billion acquisition by private equity firm Thoma Bravo LP, alleging in a Wednesday lawsuit that investors are being misled about the true value of shares and the motives of those promoting the deal.
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March 27, 2024
Terraform Loses Mistrial Bid After Rakoff Query About 'Lying'
Manhattan U.S. District Judge Jed S. Rakoff on Wednesday rejected a mistrial bid by counsel for Terraform Labs and creator Do Kwon centering on the judge's move to ask an investor if the bankrupt crypto startup had disclosed potential risks about "lying" to the public.
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March 26, 2024
Apple Escapes Antitrust Suit Over Crypto On Payment Apps
A California federal judge on Tuesday tossed with leave to amend a proposed antitrust class action claiming Apple's agreements with Apple Cash competitors illegally limit competition by blocking decentralized cryptocurrency technology, saying the consumers failed to adequately allege standing, among other "problematic" reasons.
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March 26, 2024
Wells Fargo Unit Can Send $500M Fund Plunge Suit To NY
An Illinois federal judge said Wells Fargo Securities LLC can transfer to New York federal court a suit accusing it of losing at least $500 million of a hedge fund's value in a wrong-way bet on the markets, since an identical class action is currently pending there.
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March 26, 2024
SPAC 'Frenzy' Led To $1.6B Deal For Dog Treat Co., Suit Says
Shareholders of a special-purpose acquisition company that merged with dog-treat box company BarkBox in a $1.6 billion deal have sued the executives and directors of both entities, alleging they breached their fiduciary duties in connection with what the complaint calls "an extreme example of the 'churn-and-burn' SPAC frenzy."
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March 26, 2024
Trailblazing SEC Commissioner Roberta Karmel Dies At 86
Roberta Karmel, a well-regarded legal scholar who pushed back against early-career sexism to become the U.S. Securities and Exchange Commission's first female commissioner, died over the weekend at the age of 86, according to the law school where she taught for decades.
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March 26, 2024
Indicted Exec Wants Suit Tossed For Prosecutors' Misconduct
A former healthcare CEO indicted on novel insider trading charges is trying once again to have the case tossed from California federal court, this time accusing prosecutors of improperly contacting a represented party in a separate but related civil case, weeks after a previous attempt to duck the charges failed.
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March 26, 2024
FTX Says Millions In Ch. 11 Token Claims Should Be Zeroed
Cryptocurrency exchange FTX Trading Ltd. argued in court Tuesday that a Delaware bankruptcy judge should estimate the claims of customers holding some digital tokens at a heavy discount for Chapter 11 purposes, including zeroing out hundreds of millions of dollars in token value.
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March 26, 2024
AI Weapons Detector Faces Investor Suit After Gov't Probes
Evolv Technologies, which makes metal detectors that purportedly use artificial intelligence to detect weapons, is facing a proposed shareholder class action in Massachusetts federal court alleging that false claims about its products' abilities to screen for types of tactical knives and guns led to federal investigations and share declines.
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March 26, 2024
Terraform Backer Tells Jury His Firm Lost Big On $36M Stake
A Boston venture capitalist told the Manhattan federal jury hearing fraud claims against Terraform Labs and its creator Do Kwon on Tuesday that his former company confidently invested $35.9 million in the crypto startup based on representations that regulators say were false.
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March 26, 2024
GOP Lawmakers Push Gensler To Clarify SEC Stance On Ether
Nearly 50 House Republicans called on U.S. Securities and Exchange Commission Chair Gary Gensler to explain his agency's views on the ethereum network's token after a firm apparently only cleared to safeguard digital asset securities announced its intention to support ETH.
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March 26, 2024
SEC Says Ripple's 'Egregiousness' Warrants $2B Sanction
The U.S. Securities and Exchange Commission has told a New York federal court that blockchain firm Ripple Labs Inc. ramped up sales of its XRP token after the agency launched its enforcement action and engaged in a "public relations campaign to deflect blame from its conduct," warranting nearly $2 billion in sanctions.
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March 26, 2024
Alibaba Offers $3.75B Logistics Biz Takeover Instead Of IPO
Chinese e-commerce giant Alibaba Group Holding Ltd. on Tuesday went back on its plans to spin off Cainiao Smart Logistics Network Ltd. through an initial public offering and instead announced plans to buy the remaining stake in the business that it does not already own for up to $3.75 billion.
Expert Analysis
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The Case For Post-Bar Clerk Training Programs At Law Firms
In today's competitive legal hiring market, an intentionally designed training program for law school graduates awaiting bar admission can be an effective way of creating a pipeline of qualified candidates, says Brent Daub at Gilson Daub.
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What SEC Retreat In Ripple Case Means For Crypto Regulation
The U.S. Securities and Exchange Commission has chosen a regulation-by-enforcement approach to cryptocurrency policy rather than through rulemaking, but the agency's recently aborted enforcement action against two Ripple Labs executives for alleged securities law violations demonstrates the limits of this piecemeal tactic, says Keith Blackman at Bracewell.
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Attorneys Have An Ethical Duty To Protect The Judiciary
The tenor of public disagreement and debate has become increasingly hostile against judges, and though the legislative branch is trying to ameliorate this safety gap, lawyers have a moral imperative and professional requirement to stand with judges in defusing attacks against them and their rulings, says Deborah Winokur at Cozen O'Connor.
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Paths Forward For RE Buyers In Turbulent Market Conditions
Real estate borrowers are facing significant challenges in financing new acquisitions or developments amid escalating interest rates, but opportunistic debt funds may be able to help bridge through the present environment, say Jon Gallant and Jared Hodges at Knowles Gallant.
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Why The Debt Maturity Wall Is Still A Figment, For Now
While the phenomenon of the debt maturity wall — a growing wall of staggered corporate debt maturities — has been considered a looming problem since the aftermath of the 2008 global financial crisis, it’s unlikely to have significant consequences before 2025 due to factors such as quantitative easing and evolved lending practices, says Michael Eisenband at FTI Consulting.
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When Courts Engage In Fact-Finding At The Pleading Stage
It remains to be seen whether the Ninth Circuit's pleading-stage factual determination in a securities class action against Nvidia was sui generis or part of a trend, but the court has created a template for district courts to follow, says Jared Kopel at Alto Litigation.
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A Deep Dive Into FSOC's Expansion Of Nonbank Oversight
The Financial Stability Oversight Council's new nonbank guidance, designed to provide the council with added flexibility in risk response, not only modifies the process for designating nonbanks as systemically important institutions, but also sends a clear signal that the FSOC may assume a more active role in addressing financial stability risks across the economy, say attorneys at Simpson Thacher.
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9th Circ. ERISA Ruling Informs DOL's New Fiduciary Proposal
The Ninth Circuit's reasoning in its recent Bugielski v. AT&T decision illustrates the importance of the U.S. Department of Labor's proposals to expand the reach of Employee Retirement Income Security Act third-party compensation disclosure rules and their effect on investment adviser fiduciaries, says Jeff Mamorsky at Cohen & Buckmann.
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AI Can Help Lawyers Overcome The Programming Barrier
Legal professionals without programming expertise can use generative artificial intelligence to harness the power of automation and other technology solutions to streamline their work, without the steep learning curve traditionally associated with coding, says George Zalepa at Greenberg Traurig.
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Are CCOs Really In The SEC's Crosshairs?
U.S. Securities and Exchange Commission Enforcement Director Gurbir Grewal recently gave a speech to address the concerns of chief compliance officers in light of recent enforcement actions taken against them, but CCOs need to understand when to push back against management, quit, or report issues to the board or to regulators, say Brian Rubin and Adam Pollet at Eversheds Sutherland.
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2nd Circ. Holding Could Disrupt SEC Disgorgement Methods
A recent Second Circuit decision in U.S. Securities and Exchange Commission v. Govil that held disgorgement to be an equitable remedy has the potential to substantially disrupt the SEC's long-standing approach to monetary remedies in many of the cases the agency brings, say attorneys at Debevoise.
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Breaking Down The SEC's 2024 Examination Priorities
The U.S. Securities and Exchange Commission’s recently released examination priorities for the year ahead signal a steady course from prior years, but they also include some specific new concerns and important twists on perennial risk areas, say Kurt Gottschall and Kit Addleman at Haynes Boone.
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Preparing Law Students For A New, AI-Assisted Legal World
As artificial intelligence rapidly transforms the legal landscape, law schools must integrate technology and curricula that address AI’s innate challenges — from ethics to data security — to help students stay ahead of the curve, say Daniel Garrie at Law & Forensics, Ryan Abbott at JAMS and Karen Silverman at Cantellus Group.
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SolarWinds Ushers In New Era Of SEC Cyber Enforcement
The U.S. Securities and Exchange Commission's recent lawsuit against software company SolarWinds Corp. and its chief information security officer is the first time the SEC has ever filed suit over scienter-based fraud involving cybersecurity failures, illustrating that both companies and CISOs need to be extra cautious in how they describe their cybersecurity practices, say attorneys at Jenner & Block.
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General Counsel Need Data Literacy To Keep Up With AI
With the rise of accessible and powerful generative artificial intelligence solutions, it is imperative for general counsel to understand the use and application of data for myriad important activities, from evaluating the e-discovery process to monitoring compliance analytics and more, says Colin Levy at Malbek.