Securities

  • October 04, 2022

    UBS To Pay FINRA $2.5M Over Short-Selling Regs Violations

    The Financial Industry Regulatory Authority has fined investment bank UBS Securities LLC $2.5 million for failing to comply with regulations aimed at curtailing "potentially abusive" short-selling practices, FINRA said Tuesday.

  • October 04, 2022

    NY Fed Taps BlackRock's Managing Director For Next GC

    The Federal Reserve Bank of New York has named a managing director at multinational investment management company BlackRock as its new general counsel and head of the legal group, the New York Fed announced Monday.

  • October 04, 2022

    Trustee Seeks Debevoise DQ in $250M Bond Fraud Case

    The trustee for personal care company High Ridge Brands told a Delaware federal bankruptcy court that he shouldn't have to litigate against a Debevoise & Plimpton LLP team carrying a conflict of interest from their pre-bankruptcy work for HRB and its private-equity owner.

  • October 04, 2022

    Claims Court Rejects Protest Over $1.3B SEC HQ Lease

    The federal claims court has rejected an array of claims against the government by the U.S. Securities & Exchange Commission's incumbent landlord, who was protesting the award of a lease of up to $1.3 billion for the agency's headquarters to a different company.

  • October 04, 2022

    Exxon Escapes Permian Basin Investor Class Action, For Now

    A Texas federal judge has dismissed a proposed investor class action against Exxon over the value of its oil and gas production properties located in the Permian Basin, finding the investors didn't create a strong inference of scienter, or fraudulent intent, for the oil giant or any individual defendants.

  • October 04, 2022

    The CFTC Commish Who Wants Wrongdoers To Fess Up

    U.S. Commodity Futures Trading Commission member Christy Goldsmith Romero has become the lone voice calling for changes to the way the agency pursues settlements with alleged wrongdoers, but she told Law360 that she's determined to bring her fellow commissioners on board with her proposal to require more defendants to face the music and admit they broke the rules. 

  • October 04, 2022

    Liberty Mutual Says Ceradyne Not Covered For 3M Deal Suits

    Liberty Mutual told a California federal court it shouldn't have to cover Ceradyne Inc. for now-settled shareholder lawsuits stemming from the company's acquisition by 3M, pointing to an insurance policy's "bump-up" exclusion and arguing that Ceradyne didn't suffer any loss since 3M paid to settle those suits.

  • October 04, 2022

    Peloton Investors Say Its Rosy Claims Took Them For A Ride

    Investors in at-home exercise bike company Peloton Interactive Inc. implored a New York federal judge Tuesday not to throw out their class action claiming the company intentionally misled investors.

  • October 04, 2022

    9th Circ. Won't Undo SEC's Win Against Settlement Holdouts

    The U.S. Securities and Exchange Commission will keep its win against three defendants who, unlike their 15 co-defendants, refused to settle over allegations they posed as retail investors to buy and "flip" municipal bonds, the Ninth Circuit ruled Tuesday, saying they behaved as brokers despite not being registered.

  • October 04, 2022

    Peloton Critic Takes Wrongdoing Allegations To Del. Chancery

    Activist hedge fund Blackwells Capital on Monday took its beef with Peloton to the Delaware Chancery Court, asking the court to order the fitness equipment maker to hand over corporate records so Blackwells can investigate potential wrongdoing by Peloton's top brass.

  • October 04, 2022

    As Celebs Shill Crypto, SEC Aims To Be Ultimate Influencer

    Kim Kardashian's $1.26 million run-in with the U.S. Securities and Exchange Commission for touting the "crypto security" EthereumMax on Instagram without disclosing that she was a paid promoter sends a blaring warning to influencers that crypto promotion on social media is not immune from securities laws.

  • October 04, 2022

    Chinese Vape Co. Investors' IPO Suit Goes Up In Smoke

    A New York federal judge has tossed a potential shareholder class action accusing Chinese vape company RLX Technology Inc. of failing to disclose that regulations on its products could tighten in its home country on the eve of an initial public offering.

  • October 04, 2022

    Deal Maker Seeks To Close 2 Big SPACs After Empty Searches

    Investor Bill Foley plans to dissolve two large special purpose acquisition companies that raised more than $2 billion combined after failing to land acquisition targets, making Foley the latest high-profile deal maker seeking to liquidate SPACs under harsh market conditions.

  • October 04, 2022

    3 BCBS Companies Drop Push For DOL Transaction Waivers

    The U.S. Department of Labor on Tuesday withdrew proposed transaction exemptions that would have allowed three companies affiliated with the Blue Cross Blue Shield Association to use settlement proceeds to cover payments made to employee retirement plans that experienced steep losses tied to stock market volatility at the start of the pandemic.

  • October 04, 2022

    Blank Rome Adds 4th IP Atty In DC In As Many Months

    Blank Rome LLP is once again bolstering its intellectual property bench in Washington, D.C., this time adding an attorney with more than 20 years of experience from Axinn Veltrop & Harkrider LLP to help lead the firm's IP litigation practice.

  • October 04, 2022

    NJ Law Firm Accused Of Malpractice Over 'Judge Shopping'

    Epstein Becker Green and its former managing director have been hit with a malpractice action in New Jersey state court from an ex-client alleging that "judge shopping" in part drove a state appellate panel to order a new damages trial in a suit against him.

  • October 04, 2022

    Krispy Kreme Investor Gets Smaller Atty Fee Bite In Chancery

    A Krispy Kreme stockholder was awarded $450,000 of the $750,000 attorney fee request he sought in connection with a mooted lawsuit in Delaware Chancery Court that had sought to prevent German investment group JAB Holding Co. from taking over the North Carolina-based doughnut maker.

  • October 04, 2022

    Russian's Insider Trading Hack Is Textbook Fraud, Feds Say

    Boston federal prosecutors said Tuesday a Russian national is attempting to "create new law" to avoid securities fraud charges over an alleged $82.5 million insider trading scheme built on hacked financial data.

  • October 04, 2022

    Musk Says He Will Close $44B Twitter Deal On Original Terms

    Elon Musk reversed course Tuesday and said he intends to close on his original $44 billion deal to buy social media giant Twitter Inc., notifying the Securities and Exchange Commission that he will abide by the original offer, pending final financing and a stay of litigation.

  • October 04, 2022

    Twitter Gets OK To Probe Musk's Alleged Anonymous Source

    Twitter Inc. has won a green light to dig deeper into an anonymous, unverified offer to Elon Musk of back channel information about the social media giant from a purported Twitter executive as pre-trial battling rages over Musk's attempted breakaway from a $44 billion take-private deal.

  • October 04, 2022

    Facebook Investor Sues To Force Financial, Board Overhaul

    A social investor activist who has previously called on Facebook parent Meta to overhaul its investment practices and board representation has sued the company and its directors in Delaware's Court of Chancery for corporate governance reforms that he says better reflect the company's diversified stockholder base.

  • October 03, 2022

    In Apparent 1st, Chancery Blocks Takeover Of 3D TV Co.

    In an apparent first-of-its-kind order, Delaware's Chancery Court on Monday canceled an unannounced, "contumacious" takeover of 3D TV tech company Stream TV by its lenders minutes after a court-directed return to Stream of its most important stock assets.

  • October 03, 2022

    High Court Declines To Hear Challenge To Libor Jurisdiction

    The U.S. Supreme Court said Monday that it wouldn't be hearing an appeal brought by Lloyds Bank, the Royal Bank of Scotland and other banks challenging a Second Circuit decision allowing antitrust claims to proceed against them in litigation over their alleged manipulation of the London Interbank Offered Rate.

  • October 03, 2022

    FSOC Urges Legislation To Curb Crypto's Systemic Risks

    The Financial Stability Oversight Council is calling for Congress to equip federal regulators with explicit authority to oversee stablecoin issuers and rein in the spot market for cryptocurrencies like bitcoin as part of a package of recommendations aimed at curtailing digital asset risks to the financial system.

  • October 03, 2022

    'Uniquely Stupid' Roche Comments Leave Bitfinex Judge Torn

    A Manhattan federal judge blasted Roche Freedman LLP founding partner Kyle Roche's "uniquely stupid" comments about a supposed plan to take down blockchain companies, but seemed uncertain Monday about the law firm's future role in a market manipulation suit against cryptocurrency exchange Bitfinex and the stablecoin tether.

Expert Analysis

  • Fine Over Bank Texts Signals Books, Records Crackdown

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    Federal securities regulators' recent $1.8 billion settlement with 15 broker-dealers and an investment adviser for failing to preserve employees' communications on unauthorized messaging apps demonstrates heightened regulatory focus on books and records requirements, and highlights compliance considerations for financial institutions, say attorneys at Ropes & Gray.

  • Company Considerations For Cash Award Incentives: Part 2

    Excerpt from Practical Guidance
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    Cash awards can help companies address some issues associated with equity awards to compensate employees, but due to potential downsides, they should be treated as a tool in a long-term incentive program rather than a panacea, say Denise Glagau and Kela Shang at Baker McKenzie.

  • Attys Shouldn't Assume Judicial Critique Is Protected Speech

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    As it becomes more commonplace to see criticism of the judiciary in the media, licensed attorneys are well advised to remember that they may have less freedom than nonlawyers to make protected speech critical of the judiciary, says Mark Hinderks at Stinson.

  • Company Considerations For Cash Award Incentives: Part 1

    Excerpt from Practical Guidance
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    Denise Glagau and Kela Shang at Baker McKenzie discuss what companies must consider when offering cash awards outside of U.S. jurisdictions, and explain how some challenges associated with equity awards may be addressed with cash awards.

  • Implications Of SEC's Latest Insider Trading Charges

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    The U.S. Securities and Exchange Commission's recently settled insider trading charges against officers of a mobile internet company highlights the danger of setting up Rule 10b5-1 plans while even arguably in possession of material nonpublic information, and provides some clues about proposed changes to the rules governing such plans, say attorneys at Cleary.

  • How Crypto Miners Can Support A Cleaner Energy System

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    While cryptocurrency mining uses enormous amounts of energy, the industry is aware of the need to reduce its carbon footprint — and positive practices such as decarbonizing power grids and supporting dispatchable supply can allow it to do so, say Dennis Elsenbeck and David Flynn at Phillips Lytle.

  • Series

    Keys To A 9-0 High Court Win: Practicality Over Perfection

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    When I argued for the petitioner in Wooden v. U.S. last year, I discovered that preparation is key, but so is the right kind of preparation — in giving decisive answers to the U.S. Supreme Court justices' hypothetical questions I was not aiming for perfection, just the best response available, says Allon Kedem at Arnold & Porter.

  • What New Bar Exam Means For Law Students And Schools

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    Stephanie Acosta at UWorld discusses how law students and law schools can start preparing now for the new bar exam launching in 2026, which is expected to emphasize real-world lawyering skills-based tasks over rote memorization.

  • Apple's New Messaging Features Will Complicate E-Discovery

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    Apple's newest mobile operating system allows users to edit and recall messages and recover deleted messages, which could significantly increase the time, burden and expense of processing and analyzing cellphones if messages or their associated metadata become an area of scrutiny in a case, says Jarrett Coco at Nelson Mullins.

  • Civil Suit Trends Cos. Can Expect From State AG Enforcement

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    Companies can prepare for possible future claims from private plaintiffs and manage litigation risks by understanding the priorities and enforcement trends of state attorneys general — from greenwashing to missed commitments on diversity, equity and inclusion, say attorneys at Covington.

  • Meme Stock Buyers Must Heed Bankruptcy Code Provisions

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    As Bed Bath & Beyond faces private securities lawsuits and teeters toward a Chapter 11 filing, it highlights why meme stock buyers must understand Bankruptcy Code provisions such as claim subordination under Section 510(b), and how they may affect recoveries in distressed companies, say Michael Handler and Andrew Michaelson at King & Spalding.

  • Twitter Whistleblower Claim Is Cautionary Tale For Employers

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    A former Twitter executive's recent whistleblower complaint should serve as a wake-up call for organizations employing cybersecurity professionals to respond quickly when concerns over security practices are raised, lest they face litigation, regulatory activity and reputational harm, say attorneys at Epstein Becker.

  • Law Firm Inclusion Efforts Often Overlook Business Staff

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    Law firms committed to a culture of universal inclusion can take steps to foster a sense of belonging in their business services teams, says Jennifer Johnson at Calibrate Consulting.

  • SEC Rules Amplify Proxy Contest Threats For Cos.

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    New U.S. Securities and Exchange Commission rules requiring the use of universal proxy cards in director election contests at publicly traded companies, which became effective this month, may open floodgates for special interest groups and shareholder activism efforts, say attorneys at Sidley.

  • What's At Stake In Court Split Over Foreign Bribery Charges

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    Texas and Florida federal courts recently reached opposite conclusions on the extraterritorial application of U.S. money laundering laws in foreign bribery prosecutions, and if the Fifth Circuit upholds the Texas court’s reasoning, the U.S. Department of Justice could lose a significant enforcement tool, say James Koukios and Heather Han at MoFo.

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