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Capital Markets
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April 24, 2025
Trump's Regulatory Thaw On Crypto Reaches Federal Reserve
The Federal Reserve on Thursday scrapped guidance that had instructed banks to consult with it before taking up cryptocurrencies, marking the latest step in a broader push to ease regulatory friction for digital assets under President Donald Trump's administration.
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April 24, 2025
FINRA Says 5th Amendment Doesn't Apply In Adviser's Case
The Financial Industry Regulatory Authority has urged a Washington, D.C., federal court to toss a financial adviser's Fifth Amendment challenge against the self-regulating watchdog of brokers, arguing it is not subject to constitutional requirements when carrying out its self-regulatory responsibilities.
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April 24, 2025
Ex-CEO Of Trump-Tied SPAC Reaches Deal With SEC
The former CEO of the special purpose acquisition company that took President Donald Trump's social media platform public has reached a deal to end a U.S. Securities and Exchange Commission case accusing him of failing to timely alert investors to the prospective deal.
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April 24, 2025
2 SPACs Join Recovering Market With $461M In New Capital
Two special purpose acquisition companies raised $461 million combined through initial public offerings in the past two days in order to pursue mergers targeting several industries, represented by three law firms, extending an uptick in SPAC offerings despite broader market volatility.
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April 24, 2025
Nevada Asks Court To Toss Kalshi Sports Contract Suit
Gaming authorities in Nevada have urged a federal judge to dismiss a lawsuit brought against them by online trading platform KalshiEx LLC, telling the court that a state agency's efforts to stop the company from offering betting on sports and elections is on solid legal footing.
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April 24, 2025
8th Circ. Quizzes SEC About Fate Of Climate Regs
The U.S. Securities and Exchange Commission has been ordered by the Eighth Circuit to say whether it plans to withdraw or rewrite corporate climate disclosure rules that it is no longer defending in court, with the litigation surrounding the rules being put on hold at the request of several blue states until the agency discloses next steps.
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April 24, 2025
Ex-Bank GC Gets 4-Year Sentence In $7.4M Fraud Scheme
A former Webster Bank general counsel and corporate secretary was sentenced Thursday to four years behind bars after pleading guilty to spending nearly eight years embezzling $7.4 million and funneling at least some of the money through his personal attorney trust accounts.
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April 24, 2025
Rivian Secures Calif. State Court Win Over Investors' IPO Suit
A California state appellate court affirmed the dismissal of a suit brought against Rivian Automotive accusing the electric vehicle manufacturer and its underwriters of misleading investors ahead of its blockbuster 2021 initial public offering, finding that Rivian's articles of incorporation direct any federal securities-related claims to federal court.
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April 24, 2025
Ready Capital Sued Again Over Real Estate Loan Losses
Ready Capital Corp. and two executives were hit with another derivatives suit alleging statements made in the back half of 2024 about the company's performance misled investors about the significance of several nonperforming commercial real estate loans.
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April 24, 2025
Pardon Me? Why Offers To Secure Clemency Might Be A Scam
Some white collar lawyers and consultants say their clients are increasingly being solicited by potential scammers with promises to leverage supposed White House connections to secure pardons and other forms of clemency in exchange for big fees.
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April 24, 2025
Ala. Ends Coinbase Enforcement Case As Feds Pursue Policy
The Alabama Securities Commission became the fifth state to drop its enforcement matter against crypto exchange Coinbase over its so-called staking business, but the agency's director told Law360 that it made sense for the agency to "table its litigation posture" as policymakers work to set rules of the road for crypto.
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April 24, 2025
DOJ Probing Disney-FuboTV Deal, And Other Rumors
The DOJ is investigating Disney's proposed FuboTV acquisition, Merck is close to a $3.5 billion deal for SpringWorks, and U.S. investor James Cameron offered $5 billion for a Luxembourg-based mining enterprise. Here, Law360 breaks down these and other notable deal rumors from the last week.
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April 24, 2025
SEC Annuity Fraud Case Ends In Mixed Verdict
A federal jury cleared a Massachusetts investment adviser and his firm of two of three claims in a U.S. Securities and Exchange Commission case claiming they secretly earned commissions from clients' annuity plans.
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April 24, 2025
Proskauer Adds DC-Based Secondaries Atty From Akin
Proskauer Rose LLP has hired a secondary transactions partner in Washington, D.C., the first attorney to focus their practice on that market in the firm's office in the nation's capital.
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April 24, 2025
Shareholders Back Miami's £70M Bid For European Exchange
The International Stock Exchange said Thursday that its shareholders have backed an approximately £70.4 million ($94 million) takeover offer from the owner of the Bermuda Stock Exchange.
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April 23, 2025
Shaq Settles FTX Litigation Over Alleged Promotions
Shaquille O'Neal and FTX investors in multidistrict litigation over the cryptocurrency exchange's collapse announced a settlement Wednesday resolving allegations that the basketball icon promoted FTX, including through a partnership for his Shaq's Fun House music festival, despite red flags at the crypto company.
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April 23, 2025
Feds Seek At Least 6½ Years For Mango Markets Trader
A cryptocurrency trader convicted on claims he took $110 million out of shuttered decentralized finance platform Mango Markets should spend at least six and a half years in prison, federal prosecutors have argued, while the DeFi protocol itself asked that he pay $47 million in restitution.
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April 23, 2025
Ind. Broker-Dealer Pays FINRA Fine To Settle L Bonds Claims
An Indiana-headquartered brokerage firm is the latest to resolve Financial Industry Regulatory Authority claims related to its representatives' recommendations of certain risky alternative investments like bonds offered by the now-bankrupt company GWG Holdings Inc.
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April 23, 2025
CEOs Urge SEC To Ban Political Activists' Proxy Proposals
The Business Roundtable on Wednesday urged the U.S. Securities and Exchange Commission and Congress to quickly reform the shareholder proposal process for public companies, including by banning activists' proposals relating to environmental, social and political issues, saying proxy statements have become "battlegrounds for political debates."
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April 23, 2025
Ex-SEC Counsel Joins Blockchain Co. Plume Network As GC
Plume Network, a blockchain project focused on real-world assets like gold, mineral interests and private credit funds, has hired a former senior special counsel at the U.S. Securities and Exchange Commission as its general counsel, the project announced Wednesday.
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April 23, 2025
Citron Research Founder Can't Escape SEC Fraud Suit
The founder of trading advice website Citron Research and his investment advisory firm cannot escape the U.S. Securities and Exchange Commission's suit alleging they raked in $20 million by manipulating trading prices, a California federal judge ruled Tuesday, saying the complaint adequately alleges fraud.
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April 23, 2025
FINRA Acts On Entrex Application After SEC Gets Complaint
The Financial Industry Regulatory Authority has approved Entrex Carbon Market Inc.'s requests for a name change and approval of stock splits, shareholders of the carbon offset trading platform have said, although they indicated they will proceed pursuing structural reforms at the self-regulating watchdog of brokers.
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April 23, 2025
Law Firm Fights Sanctions Bid In Mootness Fee Row
Attorneys at Monteverde & Associates PC urged an Illinois federal judge not to order certain sanctions against them in a challenge to so-called mootness fees paid to settle and dismiss allegedly baseless merger disclosure suits, saying more sanctions would be inconsistent with "well-established" pleading and sanctions standards.
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April 23, 2025
Tech-Focused Texas Ventures SPAC Raises $200M IPO
Shares of special purpose acquisition company Texas Ventures Acquisition III began trading on Wednesday after the company raised $200 million in its initial public offering, with plans to seek out a merger with an industrial technology company.
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April 23, 2025
Crypto Co. Drops Suit Against K&L Gates, For Now
A bitcoin mining company has dropped its lawsuit against its former counsel K&L Gates LLP, ending for now its claims that the firm overbilled it and missed a key deadline in a separate bankruptcy action.
Expert Analysis
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Fund Names Rule FAQs Leave Some Interpretative Uncertainty
Although recently released FAQs clarify many specific points of the 2023 expansion to the Investment Company Act's fund names rule, important questions remain about how U.S. Securities and Exchange Commission staff will interpret other key terms when the end-of-year compliance date arrives, say attorneys at Dechert.
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How Design Thinking Can Help Lawyers Find Purpose In Work
Lawyers everywhere are feeling overwhelmed amid mass government layoffs, increasing political instability and a justice system stretched to its limits — but a design-thinking framework can help attorneys navigate this uncertainty and find meaning in their work, say law professors at the University of Michigan.
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What Travis Hill's Vision For FDIC Could Portend For Banks
If selected to lead the Federal Deposit Insurance Corp. in a permanent capacity, acting Chairman Travis Hill is likely to prioritize removing barriers to innovation and institution-level growth, emphasizing the idea that eliminating rules, relaxing standards and reducing scrutiny will reinvigorate the industry, say attorneys at Mitchell Sandler.
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5 Major Crypto Developments From The Trump Admin So Far
The early weeks of the Trump administration have set the stage for a significant transformation in U.S. digital asset policy by prioritizing regulatory clarity, innovation and a shift away from enforcement-heavy tactics, but many of these changes will require congressional support and progress may be gradual, say attorneys at Ropes & Gray.
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Comparing 2 Pending Bills To Regulate Stablecoins
Alexandra Steinberg Barrage at Troutman analyzes the key similarities and differences between two payment stablecoin proposals currently pending in Congress — the STABLE and GENIUS acts — as both chambers are forming a working group to deliver a clear regulatory framework for digital assets and bipartisan agreement appears within reach.
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Series
Competitive Weightlifting Makes Me A Better Lawyer
The parallels between the core principles required for competitive weightlifting and practicing law have helped me to excel in both endeavors, with each holding important lessons about discipline, dedication, drive and failure, says Damien Bielli at VF Law.
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Inside The Uncertainty Surrounding CFPB's Overdraft Rule
The Consumer Financial Protection Bureau's overhaul of overdraft fee regulation hangs in limbo as the industry watches to see whether new leadership will repeal the rule, allow it to stay in place, or wait for congressional action or the courts to drive its demise, say attorneys at Alston & Bird.
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How Private Securities Suits Complement SEC Enforcement
U.S. Securities and Exchange Commission enforcement is vital to the healthy functioning of markets, but government enforcement alone is not enough to ensure meaningful monetary recoveries for investor losses due to securities law violations, say attorneys at Bernstein Litowitz.
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The Case For Compliance During The Trump Administration
Given the Trump administration’s shifting white collar enforcement priorities, C-suite executives may have the natural instinct to pare back compliance initiatives, but there are several good reasons for companies to at least stay the course on their compliance programs, if not enhance them, say attorneys at Riley Safer.
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Expect To Feel Aftershocks Of Chopra's CFPB Shake-Up
Publications released by Consumer Financial Protection Bureau personnel in the last days of the Biden administration outline former Director Rohit Chopra's long-term vision for aggressive state-level enforcement of federal consumer financial laws, opening the doors for states to launch investigations and pursue actions, say attorneys at Hudson Cook.
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Opinion
Inconsistent Injury-In-Fact Rules Hinder Federal Practice
A recent Third Circuit decision, contradicting a previous ruling about whether consumers of contaminated products have suffered an injury in fact, illustrates the deep confusion this U.S. Supreme Court standard creates among federal judges and practitioners, who deserve a simpler method of determining which cases have federal standing, says Eric Dwoskin at Dwoskin Wasdin.
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In-House Counsel Pointers For Preserving Atty-Client Privilege
Several recent rulings illustrate the challenges in-house counsel can face when attempting to preserve attorney-client privilege, but a few best practices can help safeguard communications and effectively assert the privilege in an increasingly scrutinized corporate environment, says Daniel Garrie at Law & Forensics.
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What Banks Need To Know About Trump's Executive Orders
While the numerous executive orders and memos from the last few weeks don't touch on many of the issues the banking industry expected the Trump administration to address, banks still need to pay attention to the flurry of orders from strategic, compliance and operational perspectives, say attorneys at Arnold & Porter.
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How SDNY US Atty Nom May Shape Enforcement Priorities
President Donald Trump’s nominee for U.S. attorney in the Southern District of New York, former U.S. Securities and Exchange Commission Chair Jay Clayton, will likely shift the office’s enforcement priorities, from refining whistleblower policies to deemphasizing novel prosecutorial theories, say attorneys at Cohen & Gresser.
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4 Potential Effects Of 3rd Circ.'s Coinbase Ruling
The Third Circuit's recent landmark decision in Coinbase v. U.S. Securities and Exchange Commission that the SEC's refusal to engage in rulemaking to clarify its stance on crypto enforcement was "insufficiently reasoned" could have wide-ranging impacts, including on other cases, legislation and even the SEC's reputation itself, says Daniel Payne at Cole-Frieman.