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Capital Markets
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November 20, 2025
Chancery Says $33M Nikola Deal 'More Than Fair'
Delaware Chancellor Kathaleen St. J. McCormick granted final approval Thursday to a pair of settlements totaling more than $33 million, including more than $1.8 million in fees and expenses, resolving years of shareholder litigation tied to Nikola Corp.'s fraud-shadowed SPAC merger.
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November 20, 2025
2nd Circ. Nixes REIT's CLO Fund Mismanagement Claims
The Second Circuit has backed the dismissal of mismanagement and fraud counterclaims lodged by a real estate investment trust and its subsidiary in a dispute involving a collateralized loan-obligation investment fund, ruling that related agreements for the fund don't support their counterclaims.
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November 20, 2025
SEC Walks Away From SolarWinds Data Breach Case
The U.S. Securities and Exchange Commission announced Thursday that it was voluntarily dismissing a lawsuit accusing software developer SolarWinds Corp. and its chief information security officer of failing to warn investors about lax cybersecurity standards prior to suffering a massive data breach.
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November 20, 2025
Sullivan & Cromwell, Sidley Lead Missouri Bank's $373M IPO
Missouri-based lender Central Bancompany began trading publicly Thursday after raising approximately $373 million in its initial public offering built by Sullivan & Cromwell LLP and Sidley Austin LLP.
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November 20, 2025
Ex-SDNY Chief Rejects Claim Of Broken FTX Plea Promise
Former interim Manhattan U.S. Attorney Danielle Sassoon told a federal judge Thursday that she never promised crypto lobbyist Michelle Bond any kind of no-prosecute deal as the government negotiated a guilty plea with Bond's husband, former FTX executive Ryan Salame.
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November 20, 2025
2 Firms Guide Abbott's $23B Deal With Cologuard Maker
Wachtell Lipton Rosen & Katz and Skadden Arps Slate Meagher & Flom LLP are steering Abbott's planned $23 billion acquisition of Exact Sciences, in a deal announced Thursday that will give the medical device maker an immediate foothold in fast-growing U.S. cancer screening markets.
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November 19, 2025
Cato Urges High Court To Review SEC Disgorgement Powers
The Cato Institute and others have come out in support of a call for the U.S. Supreme Court to resolve a circuit split over the U.S. Securities and Exchange Commission's disgorgement powers, saying a recent Ninth Circuit decision unlawfully delegates legislative power to executive officials.
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November 19, 2025
YouTube's 'Nelk Boys' Can't Nix Crypto Fraud Claims
The influencers behind the YouTube channel "Nelk Boys" must face civil fraud and conspiracy claims stemming from a $23 million offering and sale of digital assets, in a lawsuit a buyer has brought alleging they largely failed to make good on delivering certain perks they promised purchasers.
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November 19, 2025
Trump's CFTC Nom Grilled On Possible Crypto Leadership
President Donald Trump's nominee to lead the U.S. Commodity Futures Trading Commission was asked by senators on Wednesday whether the agency has enough money and staff to be handed the keys to crypto market oversight, but Michael Selig declined to commit to pushing for additional funding or for a full complement of commissioners if confirmed.
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November 19, 2025
Lawmakers Urge High Court To Curb SEC's Receivership Powers
A group of Republican lawmakers is urging the U.S. Supreme Court to take up a Texas businessman's case challenging the U.S. Securities and Exchange Commission's ability to place businesses into court-appointed receivership before a trial.
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November 19, 2025
Deutsche Bank To Pay FINRA $2.5M Over Research Reports
The securities segment of Deutsche Bank on Wednesday agreed to pay the Financial Industry Regulatory Authority $2.5 million to settle claims that for 18 years it violated multiple research report disclosure requirements, impacting approximately 110,000 debt and equity research reports.
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November 19, 2025
SEC Enforcement Actions Plunged After Gensler, Report Says
The U.S. Securities and Exchange Commission brought far fewer enforcement actions against public companies and subsidiaries after its Biden-era leader Gary Gensler departed, with the former chair bringing 52 of the 56 actions the agency initiated in fiscal 2025 despite stepping down in January.
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November 19, 2025
6th Circ. Won't Explain Docs Ruling To FirstEnergy Investors
The Sixth Circuit on Wednesday denied a request from FirstEnergy investors to clarify a ruling blocking them from accessing documents prepared by BigLaw firms investigating the company's $1 billion bribery scandal.
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November 19, 2025
Samourai Wallet Tech Gets 4 Years In Crypto Laundering Case
A Manhattan federal judge sentenced a self-taught coder who managed the day-to-day tech side of crypto mixer Samourai Wallet to four years in prison Wednesday, after he admitted that he knew the business facilitated bitcoin transfers derived from criminal activity.
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November 19, 2025
Crypto Exchange Kraken Files Confidential IPO Plans
Crypto exchange Kraken said Wednesday that it has confidentially filed with the U.S. Securities and Exchange Commission for an initial public offering, hot off an $800 million funding round.
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November 19, 2025
3 Firms Lead Churchill Capital's Latest $300M SPAC Filing
Special purpose acquisition company Churchill Capital Corp. XI, the latest in a string of SPACs founded by former Citi executive Michael Klein, has launched plans to raise up to $300 million in its initial public offering built by three law firms.
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November 19, 2025
3 Firms Build $450M Blockfusion SPAC Merger
Data center infrastructure company Blockfusion USA Inc. on Wednesday unveiled plans to go public by merging with special purpose acquisition company Blue Acquisition Corp. in a $450 million deal that was built by three law firms.
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November 18, 2025
Sick With Cancer, Jack Abramoff Avoids Jail In Crypto Fraud
Disgraced Washington, D.C., lobbyist Jack Abramoff avoided a second stint in prison when a California federal judge sentenced him Tuesday to probation for his role in a cryptocurrency fraud, citing his cooperation with law enforcement and his stage-four cancer.
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November 18, 2025
Buyers Ask To Add 'Hawk Tuah' Influencer To Token Suit
Buyers of the "Hawk Tuah" themed-meme coin want to expand their securities suit with new claims and defendants, including naming the social media star behind the viral phrase, Haliey Welch, as well as her managers.
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November 18, 2025
Crypto Scammer Admits Role In $263M RICO Conspiracy
An eighth defendant has pled guilty to participating in a scam ring accused of stealing at least $263 million in cryptocurrency from victims across the U.S. to spend on high-priced goods, prosecutors said Tuesday.
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November 18, 2025
Reed Smith Can't Represent Eletson By 'Repeated Incantation'
A New York federal judge on Tuesday rejected Reed Smith LLP's latest effort to intervene on behalf of the purported former owners of international shipping company Eletson Holdings in Eletson's $102 million breach-of-contract litigation with rival Levona, saying the firm can't represent the holding company post-bankruptcy "by repeated incantation."
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November 18, 2025
Fed Pushes To Shift Oversight Focus In Examiner Guidance
The Federal Reserve shared new internal guidance Tuesday that directs its examiners to concentrate on material financial risks to banks and not get "distracted" by process concerns, deepening a policy shift that is drawing sharp rebuke from Fed Gov. Michael Barr.
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November 18, 2025
Citadel Securities, Virtu Face Claims Of 'Massive' Spoofing
Market makers Citadel Securities LLC and Virtu Americas LLC face a proposed class action alleging they used the illegal trading strategy known as spoofing to manipulate trading prices for a technology company, depressing the issuer's market capitalizations while enriching themselves.
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November 18, 2025
9th Circ. Halts 1 Of 2 Calif. Corporate Climate Disclosure Laws
The Ninth Circuit on Tuesday blocked a new California law requiring large companies to publicly disclose financial risks tied to climate change, barring enforcement as an appeal by the U.S. Chamber of Commerce and other business groups challenging the policy unfolds in federal appellate court.
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November 18, 2025
FDIC Says Capital One Is 'Turning Back Time' With Fee Fight
The Federal Deposit Insurance Corp. has accused Capital One of trying to "turn back time" by retroactively distributing $56 billion and claiming it was erroneously included in the FDIC's fee calculations, in order to dodge roughly $99 million in special assessments tied to the 2023 regional bank crisis.
Expert Analysis
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Why Appellees Should Write Their Answering Brief First
Though counterintuitive, appellees should consider writing their answering briefs before they’ve ever seen their opponent’s opening brief, as this practice confers numerous benefits related to argument structure, time pressures and workflow, says Joshua Sohn at the U.S. Department of Justice.
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Questions To Ask Your Client When Fraud Taints Financing
As elevated risk levels yield fertile conditions for fraud in financing transactions, asking corporate clients the right investigative questions can help create an action plan, bring parties together and help clients successfully survive any scam, says Mark Kirsons at Morgan Lewis.
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Series
Mindfulness Meditation Makes Me A Better Lawyer
Mindful meditation enables me to drop the ego, and in helping me to keep sight of what’s important, permits me to learn from the other side and become a reliable counselor, says Roy Wyman at Bass Berry.
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AI Litigation Tools Can Enhance Case Assessment, Strategy
Civil litigators can use artificial intelligence tools to strengthen case assessment and aid in early strategy development, as long as they address the risks and ethical considerations that accompany these uses, say attorneys at Barnes & Thornburg.
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Post-Genius Landscape Reveals Technical Stablecoin Hurdles
The Genius Act's implementation has revealed challenges for mass stablecoin adoption, but there are several factors that stablecoin issuers can use to differentiate themselves and secure market share, including interest rate, liquidity, and safety and security, say attorneys at Olshan Frome.
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Attys Beware: Generative AI Can Also Hallucinate Metadata
In addition to the well-known problem of AI-generated hallucinations in legal documents, AI tools can also hallucinate metadata — threatening the integrity of discovery, the reliability of evidence and the ability to definitively identify the provenance of electronic documents, say attorneys at Law & Forensics.
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How 9th Circ. Ruling Deepens SEC Disgorgement Circuit Split
The Ninth Circuit's recent decision in U.S. Securities and Exchange Commission v. Sripetch creates opposing disgorgement rules in the two circuits where the SEC brings a large proportion of enforcement actions — the Second and Ninth — and increases the likelihood that the U.S. Supreme Court will step in, say attorneys at Cahill Gordon.
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SEC Crypto Custody Relief Offers Clarity For Funds
A recent U.S. Securities and Exchange Commission staff letter supplies a workable path for registered investment advisers and funds seeking to offer crypto custody services by using state trust companies, and may portend additional useful guidance regarding crypto custody, say attorneys at Morgan Lewis.
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When Atty Ethics Violations Give Rise To Causes Of Action
Though the Model Rules of Professional Conduct make clear that a violation of the rules does not automatically create a cause of action, attorneys should beware of a few scenarios in which they could face lawsuits for ethical lapses, says Brian Faughnan at Faughnan Law.
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A Shift To Semiannual Reporting May Reshape Litigation Risk
While the U.S. Securities and Exchange Commission's proposed change from quarterly to semiannual reporting may reduce the volume of formal filings, it wouldn't reduce litigation risk, instead shifting it into less predictable terrain — where informal disclosures, timing ambiguities and broader materiality debates will dominate, says Pavithra Kumar at Advanced Analytical Consulting Group.
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CFIUS Trends May Shift Under 'America First' Policy
The arrival of the Committee on Foreign Investment in the United States' latest annual report suggests that the Trump administration's "America First" policy will have a measurable effect on foreign investment, including improved trendlines for investments from allied sources and increasingly negative trendlines for those from foreign adversary sources, say attorneys at Debevoise.
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How Novel Del. Ruling Tackled Crypto Jurisdiction
As courts grapple with cryptocurrency's borderless nature, the Delaware Court of Chancery's recent decision in Timoria v. Anis highlights the delicate balance between territorial jurisdiction and due process, and reinforces the need for practitioners to develop sophisticated, multijurisdictional approaches to digital asset disputes, say attorneys at Holland & Knight.
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What CFTC Push For Tokenized Collateral Means For Crypto
The Commodity Futures Trading Commission's recent request for comment on the use of tokenized products as collateral in derivatives markets signals that it is expanding the scope and form of eligible collateral, and could broaden the potential use cases for crypto-assets held in tokenized form, say attorneys at Dechert.
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Series
Practicing Stoicism Makes Me A Better Lawyer
Practicing Stoicism, by applying reason to ignore my emotions and govern my decisions, has enabled me to approach challenging situations in a structured way, ultimately providing advice singularly devoted to a client's interest, says John Baranello at Moses & Singer.
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Series
The Biz Court Digest: Texas, One Year In
A year after the Texas Business Court's first decision, it's clear that Texas didn't just copy Delaware and instead built something uniquely its own, combining specialization with constitutional accountability and creating a model that looks forward without losing touch with the state's democratic and statutory roots, says Chris Bankler at Jackson Walker.