A Manhattan federal grand jury has indicted the ex-CEO and ex-chief operating officer of bankrupt subprime auto lender Tricolor Holdings, saying they engaged in years of fraud on the company's lenders and investors.
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FRIDAY, DECEMBER 19, 2025 Law360 iOS App Law360 Android App Follow Law360 on Facebook Follow Law360 on LinkedIn Follow Law360 on Twitter

TOP NEWS

Tricolor Execs Charged With Fraud In Billion-Dollar Collapse

By Rick Archer

A Manhattan federal grand jury has indicted the ex-CEO and ex-chief operating officer of bankrupt subprime auto lender Tricolor Holdings, saying they engaged in years of fraud on the company's lenders and investors.

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Analysis

The Top Trademark Decisions Of 2025

By Theresa Schliep

The U.S. Supreme Court vacated a trademark infringement award that reached nearly $47 million and found nonparties couldn't be on the hook for the amount, while the Federal Circuit reproached a trademark tribunal for its handling of a man's attempt to register the F-word. Here are Law360's picks for the biggest trademark decisions of 2025.

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First Brands' Former CEO Moves To Dismiss Fraud Case

By Emlyn Cameron

Patrick James, the founder and former CEO of First Brands Group, urged a Texas bankruptcy judge to toss an adversary suit the auto-parts maker filed targeting him, saying the complaint failed to adequately accuse him of fraudulent activity.

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Chancery OKs $10M Fat Brands Settlement, Defers Fees

By Jarek Rutz

A judge in the Delaware Chancery Court on Wednesday approved a proposed settlement resolving two long-running shareholder derivative suits against Fat Brands Inc. and its controlling stockholder, finding that the deal delivers immediate cash, targeted governance reforms and a realistic recovery in light of substantial litigation and collectibility risks, while reserving judgment on a disputed request for attorney fees.

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NC Panel Revives Part Of Solar Co. Ex-Atty's Sex Bias Suit

By Abigail Harrison

A North Carolina attorney can proceed with a piece of her lawsuit alleging a solar company discriminated against her based on sex while she served in a senior legal role, after a state appeals court revived one of her claims Wednesday.

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Meta Blamed For Teens' Instagram 'Sextortion' Suicides

By Lauren Berg

The parents of a 16-year-old boy from Scotland and a 13-year-old boy from Pennsylvania blame Meta and Instagram for their children dying by suicide after being "sextorted" through the photo sharing platform, alleging in a lawsuit Wednesday that the social media companies know the app connects predators to children.

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ENFORCEMENT

Adderall Telehealth Startup Indicted After CEO's Conviction

By Mark Payne

A San Francisco grand jury has indicted California telehealth startup Done Global, alleging it had a role in a healthcare fraud conspiracy that involved submitting false claims to government health programs and distributing $100 million in Adderall and other drugs through subscription services, federal prosecutors said Wednesday. 

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Ex-Atlanta Hawks Exec Pleads Guilty In $3.8M Fraud Case

By Kelcey Caulder

A former finance executive with the NBA's Atlanta Hawks pled guilty to wire fraud Tuesday, striking a deal to resolve a case in which federal prosecutors accused him of embezzling more than $3.9 million from the team.

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SEC Again Flags Adviser Testimonials, Ratings In Marketing

By Sarah Jarvis

The U.S. Securities and Exchange Commission's Division of Examinations has again flagged advisers' disclosures regarding their use of testimonials, endorsements and third-party ratings in advertisements, saying staff have observed noncompliance with commission rules in those areas.

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Brief

Convicted Oil Trader Will Appeal 15-Month FCPA Sentence

By Brian Steele

A former Freepoint Commodities LLC and Arcadia Fuels Ltd. oil trader has told a federal court that he intends to appeal his 15-month prison sentence and $300,000 fine after a jury found him guilty of bribing an official at Brazilian oil giant Petroleo Brasileiro SA.

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LITIGATION

Starbucks Brass Face Derivative Suit Over 'Triple Shot' Plan

By Sydney Price

Executives and directors of Starbucks have been hit with a shareholder derivative complaint accusing them of misleading investors about the coffee chain's prospects for its so-called Triple Shot Reinvention strategy, which the suit alleges fell short.

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JPMorgan Ex-Advisers Sue Over Alleged Race And Sex Bias

By Emilie Ruscoe

JPMorgan Chase & Co. and its broker-dealer unit are facing claims they discriminated against two Black women who had worked for the companies as financial advisers, giving them unfavorable branch assignments and leave-related client reassignments while later forcing them to take lower-paying remote jobs they eventually had to quit.

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Air Taxi Co. Settles SPAC Merger Price Suit For $17.75M

By Jeff Montgomery

Stockholders of former air transport venture Blade Air Mobility Inc. have agreed to settle for $17.75 million a Delaware Chancery Court stockholder derivative suit accusing an officer and controlling investors of breaching their fiduciary duties in a take-public deal via a special purpose acquisition company.

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Nikola Founder's Suit Against CNBC Time-Barred, Panel Says

By George Woolston

Nikola Corp. founder Trevor Milton's trade libel claims against CNBC and short‑seller Hindenburg Research are actually defamation claims and time-barred, a New Jersey appellate panel said in a decision tossing the suit and awarding the defendants attorney fees.

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Consulting Co., Ex-Worker Seek OK Of Revised $295K OT Deal

By Benjamin Morse

A consulting company and a former worker who lodged a proposed collective action took a second crack at persuading a Washington federal judge to sign off a $295,000 settlement, saying they now have shown a bona fide dispute over whether the company was required to pay overtime.

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10th Circ. Panel Restores $2.9M FINRA Award Against Adviser

By Katryna Perera

A Tenth Circuit panel on Wednesday reinstated a $2.9 million Financial Industry Regulatory Authority arbitration award against a financial adviser who allegedly undermined a firm she worked for, ruling that she waived any objections she had to arbitrating with the plaintiffs before FINRA.

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PEOPLE

CFTC's Pham Will Head To Crypto Co. MoonPay After Exit

By Aislinn Keely

The U.S. Commodity Futures Trading Commission's acting Chair Caroline Pham is set to join cryptocurrency payments firm MoonPay as its top lawyer following her impending departure from the commission, MoonPay announced Wednesday.

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Ex-Celsius GC To Join Taft From Krevolin & Horst In Atlanta

By Emily Johnson

Taft Stettinius & Hollister LLP announced Wednesday that a lawyer with Krevolin & Horst LLC — who previously served as the first general counsel for the global beverage company Celsius Holdings Inc. — will join its Atlanta office as the firm is set to complete its merger with Morris Manning & Martin LLP on Dec. 31.

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EXPERT ANALYSIS

How CFTC Enforcement Shifted In 2025 And What's Next

The U.S. Commodity Futures Trading Commission pivoted sharply under acting Chairman Caroline Pham in 2025, resulting in a pared-back enforcement docket, sweeping policy changes intended to provide greater transparency, and a renewed focus on fraud prevention and maintaining market integrity for the CFTC's core markets, say attorneys at Moore & Van Allen.

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How Cos. Can Roll With NY's New Algorithmic Pricing Rules

Despite uncertainty from New York’s new ban on artificial intelligence and computer algorithms for setting rents, and efforts to further restrict individualizing prices based on consumers' personal data, property managers, software providers and merchants can take several steps to stay compliant, say attorneys at Foley & Lardner.

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Series

Law School's Missed Lessons: Practical Problem Solving

Issue-spotting skills are well honed in law school, but practicing attorneys must also identify clients’ problems and true goals, and then be able to provide solutions, says Mary Kate Hogan at Quarles & Brady.

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LEGAL INDUSTRY

$3.6B Hogan Lovells, Cadwalader Deal To Form Top 5 Firm

By Kevin Penton

Hogan Lovells and Cadwalader Wickersham & Taft are planning to combine, creating what the firms say will be the world's fifth-largest firm by revenue, they announced Thursday.

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Fake Quotes In Pa. Patent Case Lead To Judicial Rebuke

By James Boyle

Two Barley Snyder attorneys have been directed to explain to a Pennsylvania federal judge how nonexistent quotes from cited cases appeared in a July filing, according to a recently published order that also denied a holiday light clip manufacturer's request for a temporary restraining order preventing a rival company from selling a similar product.

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Calif. AG, Bar Officials Fight Bid To Stop ABS Fee-Sharing Ban

By James Mills

Both the California attorney general and the California State Bar are opposing a California attorney's attempt to block a new law preventing fee-sharing with out-of-state law firms owned by nonlawyers set to go into effect on Jan. 1.

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Boies Schiller Must Face Fla. Fee Suit, Court Told

By Lynn LaRowe

In pushing back on a bid to toss a Florida state court lawsuit against Boies Schiller Flexner LLP and related defendants, a pharmaceutical mass tort law firm and other parties said the lawsuit outlines a clear breach of a nondisclosure agreement and interference with existing business relationships, making the complaint legally sufficient under Sunshine State law.

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Dems Offer Bill To Shine Light On High Court 'Shadow Docket'

By Ryan Boysen

Democratic lawmakers have introduced a bill that would require the U.S. Supreme Court to explain its "shadow docket" rulings, criticizing the high court for issuing "harmful, backwards decisions" that "impact millions of Americans' lives" but are often unaccompanied by a formal opinion.

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DC Circ. Told Transferred Ethics Suit Bolsters Newman's Case

By Adam Lidgett

Suspended Federal Circuit Judge Pauline Newman is contending that a decision in which an ethics complaint against a Fourth Circuit judge was transferred out of his home court bolsters her argument that her fellow circuit judges shouldn't have investigated her fitness to remain on the bench.

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Trump's Picks To Lead FDIC, CFTC Win Senate Approval

By Jon Hill

The U.S. Senate on Thursday signed off on two more of President Donald Trump's picks for top financial regulator jobs, confirming Travis Hill and Michael Selig as chairs of the Federal Deposit Insurance Corp. and Commodity Futures Trading Commission, respectively.

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Senate Package Includes US Attorney, DC Judge Confirmations

By Courtney Bublé

The Senate confirmed 13 U.S. attorneys and three local judges for the District of Columbia as part of a nominations package confirmed 53-43 along party lines on Thursday.

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Chancery Sr. Magistrate Leaving Bench For Role As Neutral

By Rose Krebs

Delaware's Chancery Court will soon be losing its senior magistrate, as she is returning to private practice to serve as a professional neutral.

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LAW FIRMS IN TODAY'S NEWS

Abell Law

Alston & Bird

ArentFox Schiff

Ashby & Geddes

Ashurst LLP

Barley Snyder

Boies Schiller

Cadwalader Wickersham

Caldwell Law Office

Corr Cronin

Crowell & Moring

DLA Piper

Davis Polk

Debevoise & Plimpton

Dynamis LLP

Elliot Morgan Parsonage

Fleischman Bonner

Foley & Lardner

Frank Freed

Grant & Eisenhofer

Greenberg Traurig

HSF Kramer

Hogan Lovells

Josephson Dunlap

Knobbe Martens

Koffsky & Felsen

Kramer Levin

Krevolin & Horst

Law Office of Judy Kim

Lawson Huck

Levi & Korsinsky

Martin LLP

McDermott Will & Schulte

Moore & Van Allen

Morris James

Morris Nichols

Nelson Mullins

Orrick Herrington

Pashman Stein

Pendley Baudin

Perkins Coie

Pratt & Flack

Quarles & Brady

Quinn Emanuel

Rhoades & Morrow

Richards Layton

Rosen Law Firm PA

Saul Ewing

Sidley Austin

Simmons Perrine

Simpson Thacher & Bartlett LLP

Social Media Victims Law Center

Sterne Kessler

Stokes Lawrence

Stowell & Friedman

Taft Stettinius

Taylor Wessing

Weil Gotshal

Willkie Farr

Winston & Strawn

Wisner Baum

Young Conaway

COMPANIES IN TODAY'S NEWS

American Express Co.

Atlanta Hawks

Celsius Holdings Inc.

Citigroup Inc.

DCI Inc.

Eicher Motors Ltd.

Ferrari SpA

Financial Industry Regulatory Authority Inc.

First Brands Group

Florida Panthers

Freepoint Commodities LLC

General Electric Co.

George Washington University

Gleason Corp.

Instagram Inc.

JAMS Inc.

JPMorgan Chase & Co.

Jack Daniel's Properties Inc.

Joby Aviation LLC

KSL Capital Partners LLC

LVMH Moet Hennessy

LinkedIn Corp.

MSP Recovery

Major League Soccer LLC

Meta Platforms Inc.

NBCUniversal Media LLC

Nasdaq Inc.

National Retail Federation Inc.

New Civil Liberties Alliance

Nikola Corp.

Petrobras

Porsche

RealPage Inc.

Reddit Inc.

Sandoz International GmbH

Starbucks Corp.

State Bar of California

Strata Solar LLC

UBS Group AG

Zeughauser Group LLC

GOVERNMENT AGENCIES IN TODAY'S NEWS

California Department of Justice

Commodity Futures Trading Commission

Delaware Court of Chancery

Federal Deposit Insurance Corp.

Judicial Conference of the United States

New York Department of Financial Services

U.S. Attorney's Office for the District of Connecticut

U.S. Attorney's Office for the Northern District of Georgia

U.S. Attorney's Office for the Southern District of New York

U.S. Court of Appeals for the District of Columbia Circuit

U.S. Court of Appeals for the Federal Circuit

U.S. Court of Appeals for the Ninth Circuit

U.S. Court of Appeals for the Second Circuit

U.S. Court of Appeals for the Tenth Circuit

U.S. Department of Health and Human Services

U.S. Department of Justice

U.S. District & Bankruptcy Courts of Southern District of Texas

U.S. District Court for the Central District of California

U.S. District Court for the District of Columbia

U.S. District Court for the District of Connecticut

U.S. District Court for the District of New Jersey

U.S. District Court for the District of South Carolina

U.S. District Court for the Eastern District of Louisiana

U.S. District Court for the Eastern District of Michigan

U.S. District Court for the Eastern District of New York

U.S. District Court for the Middle District of Florida

U.S. District Court for the Middle District of Pennsylvania

U.S. District Court for the Middle District of Tennessee

U.S. District Court for the Northern District of Georgia

U.S. District Court for the Northern District of Illinois

U.S. District Court for the Northern District of Indiana

U.S. District Court for the Northern District of Mississippi

U.S. District Court for the Northern District of Texas

U.S. District Court for the Southern District of Mississippi

U.S. District Court for the Southern District of New York

U.S. District Court for the Western District of Washington

U.S. District Court of the District of New Hampshire

U.S. Drug Enforcement Administration

U.S. Patent and Trademark Office

U.S. Securities and Exchange Commission

U.S. Senate

U.S. Supreme Court

United States District Court for the Southern District of Indiana