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Securities
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September 02, 2025
NJ Judge Tosses REIT Shareholders' Liquidation Suit
A New Jersey federal judge has rejected a proposed class action filed by shareholders accusing several real estate investment trusts and other parties of misleading them in order to avoid liquidating the REITs, ruling the claims must be thrown out without prejudice.
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September 02, 2025
Colgate-Palmolive To Shell Out $332M In Pension Payout Fight
Colgate-Palmolive retirees asked a New York federal judge to greenlight a $332 million class action deal in their suit claiming the household products company shorted them on lump-sum retirement payouts, signaling the end of a nearly decade-old case that reached the Second Circuit in 2023.
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August 29, 2025
DC Judge Says Fed. Reserve Gov. Can't Get TRO Just Yet
Federal Reserve Board Governor Lisa Cook didn't walk away from her emergency hearing with the temporary restraining order she was looking for, but a D.C. federal judge said she was willing to expedite briefing over the president's attempt to strip Cook of her position.
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August 29, 2025
Federal Judge Blocks New Texas ESG Disclosure Law
A Texas federal judge temporarily blocked the state attorney general from enforcing a new state law that requires proxy advisory firms to disclose when their advice stems from factors such as diversity and inclusion, siding with the companies that argued the law breaches the First Amendment.
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August 29, 2025
SEC Says Crypto Project Mango Can't 'Undo' $700K Settlement
The U.S. Securities and Exchange Commission is pushing back on cryptocurrency project Mango Labs' bid to undo a nearly $700,000 settlement, saying the project's crypto policy pivot and subsequent dismissal of certain crypto enforcement actions aren't reasons to remedy its "buyers' remorse" over the deal.
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August 29, 2025
SEC Enters New Enforcement Era With Unlikely Leader
As the U.S. Securities and Exchange Commission prepares to welcome a new enforcement director after nearly a year without someone permanently in the role, securities industry insiders are waiting to see how the former military judge will leave her mark on an agency that is already in the midst of transformation.
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August 29, 2025
SEC Beats FOIA Suit Over Its Internal Breach
The U.S. Securities and Exchange Commission was not in the wrong for withholding information related to a 2022 internal information breach from a conservative civil rights organization that requested documents on the matter, a Washington, D.C., judge determined, citing the attorney work-product doctrine.
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August 29, 2025
Split 9th Circ. Revives Suit Over $2.1B Robinhood IPO
A divided Ninth Circuit on Friday revived a proposed investor class action suit accusing Robinhood Markets Inc. of failing to disclose a downturn in user interest ahead of its $2.1 billion initial public offering, ruling that corporations planning to go public have a duty to disclose material financial information even from quarters that have just ended.
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August 29, 2025
Chancery Unwinds Wireless Co. Founder's Ouster
The Delaware Court of Chancery ruled Friday that an executive's January removal from the board of kids phone company Gabb Wireless was invalid, saying the stockholder vote to strip Stephen Dalby from his position was orchestrated by obscuring that the company's early investors were behind the ouster.
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August 29, 2025
RICO, Fraud Claims Tossed In LA Real Estate Investment Suit
A Georgia federal court has determined that fraud and racketeering claims from a group of Chinese and American investors in a real estate investment suit alleging a group of fraudsters duped them out of millions of dollars with bogus representations are barred by merger clauses and federal securities regulations.
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August 29, 2025
3rd Circ. Backs Walmart In Opioid Securities Disclosure Suit
A proposed class action by Walmart investors claiming the company misled them by failing to disclose a federal opioid investigation was rejected Friday by the Third Circuit, which held the retailer's U.S. Securities and Exchange Commission filings were not false or misleading.
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August 29, 2025
7th Circ. Backs $4.5M Fraudster's 8-Year Prison Sentence
A real estate investment firm owner who transferred investor money to his friends' companies without permission and advertised to his own less-educated Amish community was properly sentenced to eight years in prison, the Seventh Circuit has ruled.
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August 29, 2025
Vanguard To Pay $19.5M Over Adviser Conflict Disclosures
Vanguard Advisers Inc. agreed to pay $19.5 million to resolve claims from the U.S. Securities and Exchange Commission that it failed to adequately disclose conflicts of interest in connection with its recommendation to clients to enroll in its managed account program.
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August 29, 2025
Banks Ignored Pig Butchering Scheme's Red Flags, Suit Says
A California couple who say they lost $600,000 in a so-called pig butchering investing scam have sued several financial institutions, including three banks and two fintech payment platforms, alleging the banks chose to "bury their heads in the sand" as the purported scammers took advantage of their targets.
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August 29, 2025
SEC, Musk File Competing Bids To End Twitter Buy-Up Suit
The U.S. Securities and Exchange Commission and Elon Musk have both moved for early victories in a lawsuit accusing Musk of failing to timely disclose a beneficial ownership stake in Twitter, with the billionaire owner of the social media site calling the case one of "gross governmental overreach."
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August 29, 2025
Concrete Co. Challenges Stockholder's Second Books Suit
Attorneys for a concrete company taken private in an $11.5 billion merger in February have called for dismissal of a stockholder's document suit, saying he lost standing to sue for deal-related books and records when he dropped an earlier books demand and challenged the merger outright.
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August 29, 2025
4 Firms Advise As PepsiCo Adds $585M Celsius Stake
PepsiCo Inc. said on Friday it has acquired $585 million of newly issued 5% convertible preferred stock in Celsius Holdings Inc., part of a broader effort to fine-tune its presence in the U.S. and Canadian energy drink markets, in a deal guided by four law firms.
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August 29, 2025
Strathcona Upping MEG Stake, Against $5.7B Cenovus Deal
North American oil producer Strathcona Resources Ltd. has unveiled plans to up its stake in Canadian oil sands producer MEG Energy by 5%, a move that marks an attempt to block Cenovus Energy's planned CA$7.9 billion ($5.7 billion) takeover of MEG.
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August 29, 2025
SEC Says Luxury Car Export Biz Was $30M Scam
A Turkish national and his Massachusetts-based company conned investors out of $30 million through a fake business venture that claimed to export luxury cars from the U.S., the U.S. Securities and Exchange Commission said.
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August 28, 2025
2nd Circ. Affirms Hedge Fund Win In $87M Short-Swing Suit
A unanimous Second Circuit panel on Thursday upheld a summary judgment win for hedge fund Armistice Capital LLC and its managing member in a derivative suit brought by a shareholder of biotechnology company Vaxart Inc., which sought disgorgement of $87 million in short-swing profits that allegedly were wrongfully obtained by the investment adviser.
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August 28, 2025
Ex-Fugees Rapper Ordered To Pay $6.5M In Loan Dispute
A Georgia federal judge has ruled that former Fugees rapper Prakazrel Samuel "Pras" Michel must repay $6.5 million to a lender that accused him of fraudulently selling his music catalog while it was being held as collateral.
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August 28, 2025
CFTC Clears Registration Path For Offshore Crypto Cos.
The U.S. Commodity Futures Trading Commission on Thursday made clear that certain offshore cryptocurrency entities can use its foreign board of trade registration framework to serve U.S. customers.
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August 28, 2025
Unicoin Says SEC's $100M Fraud Suit 'Twists' Its Disclosures
Crypto firm Unicoin told a New York federal judge that the U.S. Securities and Exchange Commission's claim that it ran a $100 million fraud is based on "cherry-picked" statements taken out of context and "ignores" the firm's warnings to investors within its own disclosures with the agency.
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August 28, 2025
Justices Asked To Limit Private Investment Fund Suits
A group of investment funds seeking to fend off a challenge from an activist investor are urging the U.S. Supreme Court to issue a ruling in the case that would end the ability of private parties to file contractual disputes under the Investment Company Act.
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August 28, 2025
ATM Network Investment Was $700M Ponzi Scheme, Suit Says
Four individuals have been hit with a proposed class action from an investment advisory firm, accusing them of using purported investments in ATM networks to run a $700 million Ponzi scheme.
Expert Analysis
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Parsing The SEC's New Increased Co-Investment Flexibility
The U.S. Securities and Exchange Commission's new co-investment exemptive orders simplify processes and reduce barriers for regulated funds — and rulemaking may evolve further to allow investors access to additional investment opportunities and increase available capital for issuers seeking to raise money from fund complexes, say attorneys at Simpson Thacher.
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Cos. Must Assess And Prepare For Cartel-Related FCPA Risks
Given the Trump administration’s strong signaling that it will focus on drug cartels and transnational criminal organizations when it resumes Foreign Corrupt Practices Act enforcement, global businesses should refresh their risk assessments and conduct enhanced due diligence to account for these shifting priorities, say attorneys at Morgan Lewis.
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AT&T Decision May Establish Framework To Block FCC Fines
The Fifth Circuit's recent decision in AT&T v. FCC upends the commission's authority to impose certain civil penalties, reinforcing constitutional safeguards against administrative overreach, and opening avenues for telecommunications and technology providers to challenge forfeiture orders, say attorneys at HWG.
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Reassessing Corporate Separateness After Explosion Of LLCs
Following the dramatic increase of limited liability companies in the U.S., the Corporate Transparency Act's enactment and the Trump administration's subsequent narrowing of that law, it's worth revisiting the underlying legal principles that govern shell companies in order to remedy the problems that initially motivated the CTA, says Jeff Newton at Omni Bridgeway.
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Series
Playing Guitar Makes Me A Better Lawyer
Being a lawyer not only requires logic and hard work, but also belief, emotion, situational awareness and lots of natural energy — playing guitar enhances all of these qualities, increasing my capacity to do my best work, says Kosta Stojilkovic at Wilkinson Stekloff.
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Addressing PFAS Risks In Public Company Disclosures
As individual lawsuits and class actions over PFAS risks spanning multiple sectors and products increase, and rapidly evolving and often unclear regulatory initiatives on both the federal and state levels proliferate, it's more important than ever for companies to know how and when to complete PFAS-related disclosures, say attorneys at Venable.
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Crisis Management Lessons From The Parenting Playbook
The parenting skills we use to help our kids through challenges — like rehearsing for stressful situations, modeling confidence and taking time to reset our emotions — can also teach us the fundamentals of leading clients through a corporate crisis, say Deborah Solmor at the Wisconsin Alumni Research Foundation and Cara Peterman at Alston & Bird.
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The Potential Efficiencies, Risks Of Folding PCAOB Into SEC
Integrating the Public Company Accounting Oversight Board into the U.S. Securities and Exchange Commission offers the potential for regulatory efficiencies, as well as a more streamlined and consistent enforcement approach, but it also presents constitutional and operational uncertainties, say attorneys at Hilgers Graben.
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Series
Adapting To Private Practice: From NY Fed To BigLaw
While the move to private practice brings a learning curve, it also brings chances to learn new skills and grow your network, requiring a clear understanding of how your skills can complement and contribute to a firm's existing practice, and where you can add new value, says Meghann Donahue at Covington.
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Reviewing Trump Admin's Rapid Pro-Crypto Regulatory Pivot
The digital asset industry has received a boost from the explicitly pro-crypto Trump administration, which in its first few months reversed Biden-era rules and installed industry proponents at regulatory agencies, marking one of the biggest regulatory about-faces by a government in recent memory, says Robert Appleton at Olshan Frome.
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Top 3 Litigation Finance Deal-Killers, And How To Avoid Them
Like all transactions, litigation finance deals can sometimes collapse, but understanding the most common reasons for failure, including a lack of trust or a misunderstanding of deal terms, can help both parties avoid problems, say Rebecca Berrebi at Avenue 33 and Boris Ziser at Schulte Roth.
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A 2-Step System For Choosing A Digital Asset Reporting Path
Under the Internal Revenue Service's new digital asset reporting regulation, each type of asset may have three potential reporting destinations, so a detailed testing framework can help to determine the appropriate path, says Keval Sonecha at Sonecha & Amlani.
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Foreign Countries Have Strong Foundation To Fill FCPA Void
Though the U.S. has paused enforcement of the Foreign Corrupt Practices Act, liberal democracies across the globe are well equipped to reverse any setback in anti-corruption enforcement, potentially heightening prosecution risk for companies headquartered in the U.S., says Stephen Kohn at Kohn Kohn.
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How Attys Can Use A Therapy Model To Help Triggered Clients
Attorneys can lean on key principles from a psychotherapeutic paradigm known as the "Internal Family Systems" model to help manage triggered clients and get settlement negotiations back on track, says Jennifer Gibbs at Zelle.
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A Tale Of Two Admins: Parsing 1st Half Of SEC's FY 2025
The first half of the U.S. Securities and Exchange Commission's fiscal year 2025, which ended March 31, was unusually eventful, marked by a flurry of enforcement actions in the last three months of former Chair Gary Gensler's tenure and a prompt pivot after Inauguration Day, say attorneys at Jones Day.