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Capital Markets
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December 11, 2025
Terraform Founder Gets 15 Years For 'Epic' $40B Crypto Scam
A Manhattan federal judge hit Terraform founder Do Kwon with a 15-year prison sentence Thursday, saying he caused "real people to lose $40 billion in real money" as he orchestrated a massive fraud that sunk the once high-flying crypto concern.
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December 11, 2025
Attys Seek $9.8M For Opendoor Investor Suit Deal
Attorneys from Labaton Keller Sucharow LLP asked an Arizona federal court for nearly $10 million for their work negotiating a $39 million settlement between real estate firm Opendoor Technologies Inc. and its investors to resolve claims the company overhyped its pricing algorithm software.
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December 11, 2025
Firms Get $650K Fees For $2M Deal In Smart Lock Co. Suit
A judge has approved $650,000 in fees for lead plaintiff's counsel as part of a $1.95 million settlement to end a Delaware federal court suit claiming a smart lock system company misrepresented key business metrics in the lead-up to its 2021 go-public merger.
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December 11, 2025
Sidley Guides Diagnostic Imaging Firm Lumexa's $463M IPO
Private equity-backed diagnostic imaging provider Lumexa Imaging Holdings Inc., led by Sidley Austin LLP, began trading Thursday on the Nasdaq Global Select Market after pricing a $463 million initial public offering.
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December 10, 2025
Fund Founder Charged With $42M Fraud, SEC Obstruction
A Canadian citizen was arrested Wednesday in England and indicted on charges that he fraudulently raised more than $42 million from investors he courted on the social media platform Discord and elsewhere, and separately misled lenders in giving him more than $800,000 in credit.
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December 10, 2025
Wyoming Charts New Legal Path To Launch Frontier Token
When a former federal prosecutor, now cryptocurrency regulator, was tasked with writing the rules to govern the first state-issued stablecoin, she looked to the U.S. Constitution and Wyoming's own laws to ensure the legality of the project rather than Congress' stablecoin law.
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December 10, 2025
StubHub Brass Face Suit Over IPO Cash Flow Claims
Officers and directors of event ticketing platform StubHub Holdings Inc. allegedly breached their fiduciary duties in the lead-up to StubHub's $758 million initial public offering in September by concealing a change dramatically affecting the company's free cash flow, according to a new shareholder derivative suit.
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December 10, 2025
Boardwalk Pipeline Case Sees Partial Reversal
The Delaware Supreme Court on Wednesday partially revived long-running challenges to Loews Corp.'s 2018, $1.5 billion cash-out of Boardwalk Pipeline Partners LP, ruling that the Chancery Court misread the high court's 2022 guidance and prematurely shut down minority unitholder claims attacking the legal opinion that triggered the buyout.
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December 10, 2025
Willkie, Latham Guide $242M Infrastructure IPO
Cardinal Infrastructure Group's shares began trading on the Nasdaq on Wednesday, following an over $241 million initial public offering led by Willkie Farr & Gallagher LLP and Latham & Watkins LLP.
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December 10, 2025
Crypto Bankruptcy Trust Can Tap D&O Policy, Judge Rules
A Texas bankruptcy judge has found that a directors and officers liability insurer was wrong to refuse a reasonable $4.65 million settlement demand from the trustee overseeing the wind-down of former cryptocurrency data miner Compute North Holdings, but that the court can't force the carrier to accept it.
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December 10, 2025
Pennsylvania Panel Backs $931K Fine For Investment Adviser
A Pennsylvania appellate panel upheld a $931,000 fine for a Gladwyne, Pennsylvania-based investment adviser for selling unregistered securities, agreeing with a Department of Banking and Securities finding that the investments in "merchant cash advance" businesses were not federal securities exempt from the state Securities Act.
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December 10, 2025
Colo. Municipal Adviser Can't Block SEC Suspension Efforts
A Colorado federal judge has dismissed all claims brought by a municipal adviser and his company accusing the U.S. Securities and Exchange Commission of illegally making administrative moves to revoke their registration, finding the court lacks jurisdiction over some claims and that other allegations fail to state claims for relief.
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December 10, 2025
Regulate AI With Existing Regs, Financial Industry Lobby Says
The Financial Services Institute on Wednesday recommended that regulators apply existing rules and standards to artificial intelligence, saying they should use new rules only when AI brings "genuinely new issues or significantly alters existing risks."
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December 10, 2025
Del. Supreme Court Backs AMC's $99.3M D&O Coverage Bid
The Delaware Supreme Court has upheld a Superior Court ruling that AMC Entertainment Holdings Inc. can seek directors and officers insurance coverage for its $99.3 million share-based settlement of a 2023 stockholder lawsuit, rejecting Midvale Indemnity Co.'s bid to block recovery tied to the company's preferred-equity conversion and reverse stock split.
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December 10, 2025
Justices Chew Over 'Close' Case On Fund Contract Disputes
The U.S. Supreme Court on Wednesday waffled over whether there was a private right to sue to void contracts that allegedly violate the Investment Company Act, with Justice Brett Kavanaugh saying that a decision on the case involving an activist investor's voting rights would be "extremely close."
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December 10, 2025
Magistrate Backs FinCEN Rules In All-Cash Real Estate Deals
A magistrate judge in Florida federal court rejected arguments from a title insurance company in upholding a U.S. Department of Treasury rule establishing new reporting requirements for all-cash residential real estate transactions as a means of combating financial crime.
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December 10, 2025
OCC Review Flags Big Banks For Debanking Policies
A top U.S. banking regulator said Wednesday that some of the nation's largest banks improperly restricted services to industries including adult entertainment and oil drilling, according to preliminary findings from a White House-commissioned debanking review.
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December 09, 2025
OCC Says Banks Can Transact In Crypto As Intermediaries
The Office of the Comptroller of the Currency said Tuesday that banks under its oversight may buy and sell digital assets for customers as "riskless principals," clearing this broker-stye activity as an extension of established banking practices.
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December 09, 2025
OFAC Inks $1M Russian Sanctions Deal With Ex-Gov't Official
The U.S. Treasury's Office of Foreign Assets Control announced Tuesday that an unidentified attorney and former government official has agreed to pay more than $1 million to settle allegations the individual violated Russian sanctions by acting as a fiduciary for the family trust of a blocked Russian oligarch.
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December 09, 2025
Conn. Barred From Taking Action Against Kalshi For Now
A Connecticut federal judge has ordered the state to refrain from taking enforcement action against KalshiEX LLC, while the derivatives exchange's preliminary injunction motion is pending, in a suit seeking to prevent the Connecticut Department of Consumer Protection from directing Kalshi to cease operations within the state.
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December 09, 2025
Mobile Game Maker, Investors Get Final OK For $6.5M Deal
Mobile game developer Playstudios Inc. and its investors have gotten a final nod for their $6.5 million settlement of claims the company failed to disclose issues with a game it projected would be lucrative as it prepared to go public via merger with a special purpose acquisition company.
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December 09, 2025
FINRA Flags GenAI Risks In Annual Oversight Report
The Financial Industry Regulatory Authority said in a Tuesday report that firms "may want to consider" developing supervisory processes covering generative AI at an enterprise level, as well as steps to mitigate associated risks such as inaccuracy and bias.
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December 09, 2025
Ex-Oil Trader Gets 15 Months, Avoids FCPA Forfeiture For Now
A former Connecticut oil trader convicted of violating the Foreign Corrupt Practices Act by laundering money and bribing officials at Brazilian oil giant Petróleo Brasileiro SA on Tuesday was sentenced to 15 months behind bars plus a $300,000 fine, avoiding for now a potential $7.8 million forfeiture order.
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December 09, 2025
FTX Customers Seek Final OK For $10M Deal With Silvergate
Customers of failed crypto exchange FTX asked a California federal judge to give final approval to a $10 million settlement resolving claims that Silvergate Bank and its parent company enabled the multibillion-dollar FTX fraud, saying the deal represents the best, and likely only, meaningful recovery available from the now-bankrupt lender.
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December 09, 2025
Starbucks Loses Bid For Second Look At 'Triple Shot' Ruling
Starbucks can't get a Seattle federal judge to revise his order allowing a proposed investor class action over its "Triple Shot" reinvention plan to proceed, with the judge saying a recent Ninth Circuit decision on an investor suit over an ad slogan does not change his position.
Expert Analysis
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US-German M&A Hits Its Stride Despite Economic Headwinds
Against expectations, dealmakers in both the U.S. and Germany are actively seeking investment opportunities in each other's markets, with 2025 shaping up to be the strongest year in recent memory, say attorneys at White & Case.
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Enter The Wu-Tang Ruling That May Change Trade Secret Law
A New York federal court's recent holding that a Wu-Tang Clan album qualifies as a trade secret provides the first federal framework for analyzing trade secret claims involving assets valued primarily for exclusivity, potentially reshaping Defend Trade Secrets Act jurisprudence for the digital economy, says Jason Bradford at Jenner & Block.
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Opinion
Ending Quarterly Reporting Would Erode Investor Protection
President Donald Trump recently called for an end to the long-standing practice of corporate quarterly reporting, but doing so would reduce transparency, create information asymmetries, provide more opportunities for corporate fraud and risk increased stock price volatility, while not meaningfully increasing long-term investments, say attorneys at Bleichmar Fonti.
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Series
Adapting To Private Practice: 3 Tips On Finding The Right Job
After 23 years as a state and federal prosecutor, when I contemplated moving to a law firm, practicing solo or going in-house, I found there's a critical first step — deep self-reflection on what you truly want to do and where your strengths lie, says Rachael Jones at McKool Smith.
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A Look At Project Crypto's Plans For Digital Asset Regulation
U.S. Securities and Exchange Commission Chairman Paul Atkins' recent announcement of Project Crypto, an agencywide initiative to modernize federal securities regulations, signals a significant shift toward a more flexible regulatory framework that would shape the future of the U.S. digital asset market, say attorneys at WilmerHale.
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Series
Painting Makes Me A Better Lawyer
Painting trains me to see both the fine detail and the whole composition at once, enabling me to identify friction points while keeping sight of a client's bigger vision, but the most significant lesson I've brought to my legal work has been the value of originality, says Jana Gouchev at Gouchev Law.
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NY AML Rules Get Crypto Rebrand: What It Means For Banks
A recent letter from the New York State Department of Financial Services outlining how banks can use blockchain analytics in anti-money laundering efforts is a reminder that crypto activity is not exempted from banks' role in keeping the financial system safe, says Katherine Lemire at Lankler Siffert.
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3 Trends From AI-Related Securities Class Action Dismissals
A review of recently dismissed securities class actions centering on artificial intelligence highlights courts' scrutiny of statements about AI's capabilities and independence, and sustained focus on issues that aren't AI-specific, say attorneys at Alston & Bird.
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CFTC, SEC Joint Statement Highlights New Unity On Crypto
The U.S. Securities and Exchange Commission and U.S. Commodity Futures Trading Commission's recent joint statement announcing a cross-agency initiative enabling certain spot crypto-asset products to trade on regulated exchanges is the earliest and most visible instance of interagency cooperation on crypto regulation, say attorneys at Morgan Lewis.
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Regulatory Uncertainties Loom As Fed Ends Crypto Oversight
The Federal Reserve Bank's recently ended crypto supervisory program headlines other recent federal actions from Congress, the White House and relevant agencies that may complicate financial institutions' digital-asset use and attendant compliance strategies, say attorneys at Buchalter.
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Opinion
SEC Arbitration Shift Is At Odds With Fraud Deterrence
The U.S. Securities and Exchange Commission's recent statement allowing the use of mandatory arbitration by new publicly traded companies could result in higher legal costs, while removing the powerful deterrent impact of public lawsuits that have helped make the U.S. securities markets a model of transparency and fairness, say attorneys at Labaton Keller.
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Protecting Sensitive Court Filings After Recent Cyber Breach
In the wake of a recent cyberattack on federal courts' Case Management/Electronic Case Files system, civil litigants should consider seeking enhanced protections for sensitive materials filed under seal to mitigate the risk of unauthorized exposure, say attorneys at Redgrave.
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Series
NY Banking Brief: All The Notable Legal Updates In Q3
Of note in the third quarter of the year, New York state regulators moved forward on their agendas to limit abuse of electronic banking, including via a settlement with stablecoin issuer Paxos and a lawsuit against Zelle alleging insufficient security measures, says Chris Bonner at Barclay Damon.
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Gauging SEC Short-Sale Rules' Future After 5th Circ. Remand
Though the Fifth Circuit recently remanded to the U.S. Securities and Exchange Commission two Biden-era rules requiring disclosure of securities lending and short-sale activity in order to consider the rules' cumulative economic impact, it's possible they will get reproposed, meaning compliance timelines could change, says Scott Budlong at Barnes & Thornburg.
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Series
Judging Figure Skating Makes Me A Better Lawyer
Judging figure skating competitions helps me hone the focus, decisiveness and ability to process complex real-time information I need in court, but more importantly, it makes me reengage with a community and my identity outside of law, which, paradoxically, always brings me back to work feeling restored, says Megan Raymond at Groombridge Wu.