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Securities
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April 29, 2024
Catching Up With Delaware's Chancery Court
A multibillion-dollar Tesla trust proposal, a Truth Social bond, power plays over Prince's estate, and three in the ring for World Wrestling Entertainment. All of this and much more came up in Delaware Chancery Court dockets last week.
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April 29, 2024
AI Pharma Co. Sued By Investor Over Handling Of Fired CEO
Artificial intelligence-driven pharmaceutical company Exscientia PLC has been hit with a proposed class action alleging its former CEO engaged in inappropriate personal relationships with employees, and that the company's chairman knew but concealed it.
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April 29, 2024
Protein Co. Nutriati Insiders Rushed $10M Sale, Del. Suit Says
Stockholders of Nutriati Inc. have sued the plant-based protein producer's directors and officers and others in Delaware's Chancery Court, alleging that insider breaches of fiduciary duty resulted in a hasty, low-ball sale of the business in 2022 to one of its major investors.
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April 29, 2024
Excess Insurer Seeks Inclusion In OpenText Merger Row
Allied World National Assurance asked a Michigan federal court to allow it to join a coverage dispute against its excess insured OpenText, maintaining that the software company's primary insurer will soon reach its limits on defense costs in the underlying class action over OpenText's merger with Covisint.
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April 29, 2024
Venezuela Says It Has Proof Of Special Master Improprieties
Venezuela has asked a Delaware federal judge to disqualify the special master overseeing the sale of Citgo Petroleum Corp.'s parent company to repay billions of dollars in Venezuelan debt, saying it now has proof he engaged in improper advocacy before the Biden administration.
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April 29, 2024
Titan Of The Plaintiffs Bar: Robbins Geller's Spencer Burkholz
Robbins Geller Rudman & Dowd LLP's Spencer A. Burkholz is quick to downplay his accomplishments litigating major securities cases during his lengthy career, saying effective teamwork has been the key to those successes.
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April 29, 2024
Orrick Adds Morgan Lewis Securities Regulatory Atty In DC
Orrick Herrington & Sutcliffe LLP has hired a longtime Morgan Lewis & Bockius LLP partner who focuses his practice on helping clients understand a myriad of securities regulations and financial laws, the firm announced Monday.
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April 29, 2024
Feds Accused Of 'Outrageous' Misconduct In Ozy Media Case
Ozy Media and the defunct startup's founder want a New York federal judge to toss a criminal fraud case against them, accusing the government of prosecutorial misconduct and violating attorney-client privilege protections.
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April 29, 2024
Justices Won't Hear Musk's Case Against SEC Gag Order
The U.S. Supreme Court on Monday said it will not review the terms of a settlement Elon Musk entered into with the U.S. Securities and Exchange Commission six years ago, keeping intact a Second Circuit decision that upheld the terms of a deal that said the Tesla CEO must receive preauthorization before making certain social media posts about the car manufacturer.
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April 26, 2024
Law360 Reveals Titans Of The Plaintiffs Bar
In the past year, plaintiffs have won settlements and judgments for millions and billions of dollars from companies such as Wells Fargo, Goldman Sachs, Facebook and Fox News, with many high-profile cases finally wrapping up after years of fighting. Such cases — involving over-the-top compensation packages, chemical contamination, gender discrimination and data mining — were led by attorneys whose accomplishments earned them recognition as Law360's Titans of the Plaintiffs Bar for 2024.
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April 26, 2024
Mineral Co. Faces Investor Suit Over Gov't Contract Loss
Mineral producer Compass Minerals International Inc. has been hit with a putative investor class action alleging the company failed to properly apprise investors about the likelihood that it would not secure a fire retardant supplier contract with the U.S. Forest Service ahead of 2024's fire season.
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April 26, 2024
Binance Can Arbitrate Suit Over Terra Stablecoin Collapse
A California federal judge ruled Friday that Binance can arbitrate a proposed class action alleging the company misrepresented the stability of "algorithmic stablecoin" TerraUSD, rejecting the plaintiff's argument he is an "unsophisticated consumer" who could not "clearly and unmistakably" delegate the question of arbitrability to the arbitrator and not the court.
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April 26, 2024
CFTC Receives Competing Visions For AI's Regulatory Future
Business lobbyists have urged the U.S. Commodity Futures Trading Commission to lean on existing regulations to address the financial industry's use of artificial intelligence, while skeptics say those regulations don't go far enough to guard against the technology's potential to spur market crashes and data breaches.
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April 26, 2024
Ex-BP Manager Charged With TravelCenters Insider Trading
A former senior manager at BP PLC on Friday became the second person accused by the U.S. Department of Justice and the U.S. Securities and Exchange Commission of engaging in insider trading over the British oil and gas company's $1.3 billion planned acquisition of TravelCenters of America Inc.
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April 26, 2024
Crypto Mining Co. Execs Face Suit Over Merger Shortcomings
Executives and directors of crypto mining company Hut 8 have been hit with a shareholder derivative suit claiming they failed to disclose the severe financial and operational issues of a company Hut 8 merged with last year, later revealed in a short-seller's report.
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April 26, 2024
Crypto Atty's Senate Bid Takes Detour For SEC-Coinbase Suit
The pro-cryptocurrency attorney vying to unseat Sen. Elizabeth Warren of Massachusetts added to his pro bono work in the digital asset space on Friday by taking up the mantle for Coinbase users in the crypto exchange's ongoing battle with the U.S. Securities and Exchange Commission.
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April 26, 2024
Custodia Balks At KC Fed's $25K Legal Bill After Account Suit
Custodia Bank on Friday urged a Wyoming federal judge not to award the Federal Reserve Bank of Kansas City's request for roughly $25,000 in attorney fees and litigation costs in a suit that the cryptocurrency-focused bank recently lost, saying the payout could deter others from pursuing "David and Goliath" lawsuits against the government.
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April 26, 2024
Soccer Star Says Binance Is Target Of $1B Fla. Suit, Not Him
Portuguese soccer star Cristiano Ronaldo has urged a Florida federal judge to dismiss a $1 billion proposed class action lawsuit against him over promoting Binance.US, saying the embattled cryptocurrency exchange is listed as the target of the suit — in an "apparent Freudian slip" — instead of him.
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April 26, 2024
Willkie Attys Turned An SEC 'Twist' Into A Win For A Client
Attorneys from Willkie Farr & Gallagher LLP knew they were up against the clock after the U.S. Securities and Exchange Commission launched an investigation into their client Rumble Inc. last year. What they didn't expect, however, was the "big shocking twist" that would send their race against time into overdrive.
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April 26, 2024
Umpqua Bank Seeks Win On Investors' Ponzi Aiding Claims
Oregon-based Umpqua Bank has asked a San Francisco federal judge to toss claims that it aided and abetted a $250 million real estate Ponzi scheme, arguing the investors who brought the suit saw that their funds were put into "legitimate" investments.
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April 26, 2024
Republic First Bank Fails In Biggest Bust Since 2023 Turmoil
Republic First Bank, a roughly $6 billion bank based in Philadelphia, was shuttered Friday by Pennsylvania state banking regulators and sold to Fulton Bank NA, capping off a prolonged decline that only worsened in the wake of last spring's regional bank failures.
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April 26, 2024
Storm Clouds Gather Over Delaware's Business Haven Rep
Storm clouds have closed around Delaware's often staid annual corporation law update, with one prominent firm publicly citing this week a perception that Delaware judges have adopted an "increasingly suspicious or negative tone" toward boards, management and the corporate bar, potentially jeopardizing the state's business haven status.
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April 26, 2024
Investors Ask 3rd Circ. To Revive Row With Maiden Holdings
Investors urged the Third Circuit to revive their suit claiming that reinsurance company Maiden Holdings Ltd. misrepresented its underwriting and risk management practices, saying the lower court's erroneous discovery restriction prevented them from proving their case.
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April 26, 2024
Under Armour Investor Urges 4th Circ. To Revive Suit
An Under Armour Inc. shareholder has urged the Fourth Circuit to resurrect his lawsuit that alleges company executives artificially inflated Under Armour's share price and cashed out before the stock plummeted, arguing the lower court erred in ruling that it did not have the power to hear the case.
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April 26, 2024
Sonus $4.5M Settlement With Investors Gets Final OK
A Massachusetts federal judge has granted final approval to a $4.5 million settlement, including $1.5 million in fees for class counsel, to resolve a securities class action between the former Sonus Networks Inc. and investors over a 2015 stock price decline tied to the communications company's revenue forecasting.
Expert Analysis
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ESG Concerns Can No Longer Be Ignored In 2024
While the long wait for the U.S. Securities and Exchange Commission's ESG rule continues, government attention to regulations, increased litigation efforts and shareholder resolutions seeking transparency highlight the importance of placing an emphasis on ESG considerations, say attorneys at Wollmuth Maher.
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2 FCPA Settlements Illuminate Self-Disclosure, Disgorgement
Two of last year’s Foreign Corrupt Practices Act settlements — with biomedical company Lifecore and mining company Corsa Coal — suggest that the government will be much more flexible in negotiating disgorgement amounts if an entity voluntarily self-discloses misconduct, say Michael Gilbert and Lucas Amodio at Sheppard Mullin.
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Opinion
Conflicts Abound When Activist Short-Sellers Publish Reports
The self-serving relationship between activist short-sellers and plaintiff-side litigators is conflict-ridden and hinders the fact finder's impartiality when a short report forms the basis for lead plaintiffs' allegations, say Nessim Mezrahi and Stephen Sigrist at SAR.
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5 Litigation Funding Trends To Note In 2024
Over the next year and beyond, litigation funding will continue to evolve in ways that affect attorneys and the larger litigation landscape, from the growth of a secondary market for funded claims, to rising interest rates restricting the availability of capital, says Jeffery Lula at GLS Capital.
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Bank-Fintech Partnerships Can Thrive Despite A Tough 2023
Many banking-as-a-service players experienced regulatory enforcement activities in 2023, including consent orders and more targeted, detailed guidance aimed at bank-fintech partnerships, and while it seems this trend will continue in 2024, savvy banks can use the turmoil of last year as a guide for how to better manage the risks inherent in partnerships, says Justin Steffen at Barack Ferrazzano.
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5 Securities Litigation Issues To Watch In 2024
There is yet another exciting year ahead for securities litigation, starting with the U.S. Supreme Court hearing argument next week in a case presenting a key securities class action question that has eluded review for the last eight years, say attorneys at Willkie.
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Antitrust And ESG: Maximizing Targets, Ensuring Compliance
Jennifer McAlpin at Verizon and Michaela Spero at Amadeus consider the convergence of antitrust and environmental, social and corporate governance factors, providing an executive overview of areas to watch, including mergers and acquisitions, as well as practical implementation tips for general counsel.
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Series
ESG Around The World: South Africa
While South Africa has yet to mandate the reporting of nonfinancial and environmental, social, and corporate governance issues, policy documents and recent legislative developments are likely to have a material impact in the country's transition to a low-carbon economy and in meeting its international obligations, say Glynn Kent at Eversheds Sutherland.
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Securing Financial Transparency In Chapter 11 Reporting
As we enter the new year, restructuring professionals would be wise to review Chapter 11 public reporting requirements to navigate what debtors may do to try to minimize public reporting, and what creditors can do to get the public reporting they deserve by striking a balance between financial transparency requirements and tactical moves, say Thomas Moers Mayer and Nancy Bello at Kramer Levin.
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4 Legal Ethics Considerations For The New Year
As attorneys and clients reset for a new year, now is a good time to take a step back and review some core ethical issues that attorneys should keep front of mind in 2024, including approaching generative artificial intelligence with caution and care, and avoiding pitfalls in outside counsel guidelines, say attorneys at HWG.
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Corporate Transparency Act Takeaways For Banking Industry
As of Jan. 1, the Corporate Transparency Act requires millions of companies to report the identities of their beneficial owners and applicants to the Financial Crimes Enforcement Network, and this groundbreaking change adds compliance obligations and complexity for lenders, borrowers and investors, says George Singer at Holland & Hart.
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Bribery Settlement Gives Insight On DOJ Policies
Chemical company Albemarle’s recent $218 million settlement with the government to resolve foreign bribery claims provides valuable data points for companies on the U.S. Department of Justice’s voluntary self-disclosure policy and its clawback pilot program, say Michael DeBernardis and Tiauna Mathieu at Hughes Hubbard.
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SEC Case May Expand Scope Of Insider Trading Liability
The U.S. Securities and Exchange Commission's first-of-its-kind enforcement action against an individual in a case involving "shadow trading" demarcates an expansion of insider trading liability to circumstances in which there is a market connection between the source of information and the issuer of the securities traded, say attorneys at Steptoe.
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Securities Question Stands After Contradicting Crypto Rulings
The debate about the regulation of crypto-assets came to a head in 2023 when two New York federal judges came to opposite conclusions about whether crypto-assets were securities by using the Howey test, highlighting the uncertainty facing the crypto industry as it seeks to resolve definitional questions, say attorneys at Ballard Spahr.
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What The Law Firm Of The Future Will Look Like
As the legal landscape shifts, it’s become increasingly clear that the BigLaw business model must adapt in four key ways to remain viable, from fostering workplace flexibility to embracing technology, say Kevin Henderson and Eric Pacifici at SMB Law Group.