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Capital Markets
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December 11, 2025
SEC Gets Amended $32M Win In Real Estate Fraud Suit
A Florida federal judge on Dec. 11 granted the U.S. Securities and Exchange Commission's bid for an amended $32 million default judgment against three companies owned by two French half-brothers accused of misappropriating $40 million from investors in a real estate investment fraud scheme, and entered a final judgment against one of the brothers.
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December 11, 2025
SEC Must Provide Names To Compliance Chief In Fraud Suit
An Illinois federal judge on Thursday ordered the U.S. Securities and Exchange Commission to comply with a chief compliance officer's request for the names of agency staffers familiar with his whistleblower claims as he defends allegations that he played a role in a purportedly fraudulent stock offering by a "sham" energy company.
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December 11, 2025
SEC Gives DTCC Nod To Offer Tokenization Service
The U.S. Securities and Exchange Commission on Thursday issued a no-action letter clearing the way for The Depository Trust & Clearing Corp. to launch a service tokenizing certain securities.
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December 11, 2025
Chancery OKs $13M Concord SPAC Deal, Delays Fee Ruling
Delaware Vice Chancellor Paul A. Fioravanti Jr. on Thursday approved a $13.08 million settlement resolving claims that Concord Acquisition Corp.'s insiders tried to divert a $20 million breakup fee to themselves after the SPAC's failed merger with cryptocurrency company Circle, but he deferred ruling on attorney fees until plaintiffs supply additional time records.
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December 11, 2025
Del. Court Mulls Mootness Fee Options In Bolt Suit Settlement
A Delaware vice chancellor indicated Thursday that he was leaning toward awarding 10% to 15% of the benefit secured by attorneys who battled for cancellation of $37.5 million in Bolt Financial Group stock used by company controller Ryan Breslow to secure a later defaulted-upon personal loan.
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December 11, 2025
Fed Terminates 3 Actions Against Credit Suisse, JPMorgan
The Federal Reserve said Thursday that it has terminated a trio of enforcement actions against Credit Suisse Group AG and JPMorgan Chase & Co., lifting consent orders that were tied to alleged illicit finance practices and trade surveillance failures.
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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.
Expert Analysis
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Advice For 1st-Gen Lawyers Entering The Legal Profession
Nikki Hurtado at The Ferraro Law Firm tells her story of being a first-generation lawyer and how others who begin their professional journeys without the benefit of playbooks handed down by relatives can turn this disadvantage into their greatest strength.
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What FDIC's Asset Threshold Raise Would Mean For Banking
If the Federal Deposit Insurance Corp. goes through with its plan to raise asset thresholds that determine regulatory intensity, it could free billions in compliance costs and bolster regional and community banks, but risk of oversight gaps are making this a contested area in banking policy, says Jessica Groza at Kohr Jackson.
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Patterns And Trends In Publicly Filed Insider Trading Policies
An assessment of insider trading policies filed by over 60 issuers reveals a range of common approaches and a few differences with respect to key policy terms, including the parties covered, the scope of prohibited activities and the exceptions to these prohibitions, say attorneys at Debevoise.
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Series
Coaching Cheerleading Makes Me A Better Lawyer
At first glance, cheerleading and litigation may seem like worlds apart, but both require precision, adaptability, leadership and the ability to stay composed under pressure — all of which have sharpened how I approach my work in the emotionally complex world of mass torts and personal injury, says Rashanda Bruce at Robins Kaplan.
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Unpacking The BIS Guidance On Chinese AI Chip Use
In response to May guidance from the Bureau of Industry and Security, which indicates the agency considers a wide but somewhat unclear range of activities involving Chinese integrated circuits to be in violation of its General Prohibition 10, companies should consider adopting enhanced due diligence to determine how firm counterparties may be using the affected chips, says Peter Lichtenbaum at Covington.
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How New Texas Law Targets ESG Proxy Advice
A recently enacted Texas law represents a major shift in how proxy advisory services are regulated in Texas, particularly when recommendations are based on nonfinancial factors like ESG and DEI, but legal challenges underscore the statute’s broader constitutional and statutory implications, say attorneys at Bracewell.
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Series
Law School's Missed Lessons: How To Make A Deal
Preparing lawyers for the nuances of a transactional practice is not a strong suit for most law schools, but, in practice, there are six principles that can help young M&A lawyers become seasoned, trusted deal advisers, says Chuck Morton at Venable.
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Annual Report Shows CFIUS Extending Its Reach In 2024
The recently released 2024 annual report from the Committee on Foreign Investment in the United States reveals record civil penalties and enhanced internal capabilities, illustrating expanding jurisdiction and an increasing appetite for enforcement actions, says Nathan Fisher at StoneTurn.
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11th Circ. Ruling Shows Federal Question Jurisdiction Limits
The Eleventh Circuit's recent decision in AST Science v. Delclaux shows why it is extremely difficult for litigants to maintain a state law cause of action in federal court under Supreme Court precedent, says Paul Avron at Berger Singerman.
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From Clerkship To Law Firm: 5 Transition Tips For Associates
Excerpt from Practical Guidance
Transitioning from a judicial clerkship to an associate position at a law firm may seem daunting, but by using knowledge gained while clerking, being mindful of key differences and taking advantage of professional development opportunities, these attorneys can flourish in private practice, say attorneys at Lowenstein Sandler.
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Associates Can Earn Credibility By Investing In Relationships
As the class of 2025 prepares to join law firms this fall, new associates must adapt to office dynamics and establish credible reputations — which require quiet, consistent relationship-building skills as much as legal acumen, says Kyle Forges at Bast Amron.
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Traditional Venue Theories May Not Encompass Crypto Fraud
A New York federal court's recent decision in U.S. v. Eisenberg, overturning a jury verdict against a crypto trader on venue deficiencies and insufficient evidence, highlights the challenges of prosecutions in the decentralized finance space, and will no doubt curtail law enforcement's often overly expansive view of jurisdiction and venue, say attorneys at Venable.
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Filing Clarifies FTC, DOJ's Passive Investment Stance
The antitrust agencies' statement of interest filed in Texas v. Blackrock clarifies that certain forms of corporate governance engagement are permissible under the "solely for investment" exemption, a move that offers guidance for passive investors but also signals new scrutiny of coordinated engagement, say attorneys at Stinson.
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Lessons From 7th Circ.'s Deleted Chat Sanctions Ruling
The Seventh Circuit’s recent decision in Pable v. Chicago Transit Authority, affirming the dismissal of an ex-employee’s retaliation claims, highlights the importance of properly handling the preservation of ephemeral messages and clarifies key sanctions issues, says Philip Favro at Favro Law.
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Genius Act Sets Stablecoin Standards — Without Regulation E
While the Genius Act expressly requires payment stablecoin issuers to be treated as financial institutions for purposes of the Bank Secrecy Act, it is notably silent as to whether they are to be treated as such under the Electronic Fund Transfer Act, as implemented by Regulation E, says Tom Witherspoon at Stinson.