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Securities
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December 22, 2025
Catching Up With Delaware's Chancery Court
Delaware's justices threw the Court of Chancery in reverse big time last week, rescinding a decision by the state's chancellor that last year effectively canceled tech tycoon Elon Musk's multi-year, then-$56 billion stock-based compensation package. It was a decision that lit up the court's relatively low-key, pre-holiday wind-up. It also highlighted the endless, 3D tug of war over Delaware-chartered companies and the interests of boards, officers, controllers, stockholders and the corporate bar.
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December 22, 2025
DOJ, SEC Charge 6 In $41M Insider Trading Scheme
Federal prosecutors in New Jersey have charged six people in connection with what the government is alleging are securities fraud schemes that led to at least $41 million in illicit profits from insider trading, as well as gains from manipulating the stock prices of biopharmaceutical companies.
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December 22, 2025
PayPal Pares Bias Suit Over Minority-Focused Economic Fund
A New York federal judge trimmed down a venture capital firm CEO's lawsuit accusing PayPal of discriminating against Asian Americans in a $500 million economic opportunity fund for Black- and minority-led businesses in 2020, allowing two claims against the financial technology company to go forward while tossing a couple of others.
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December 22, 2025
Rivian Shareholder Sues Top Brass Over Post-IPO Pricing
Executives and directors of Rivian Automotive Inc. were hit with an investor's derivative suit accusing them of damaging the company by hiding that its flagship electric vehicles were far more expensive to build than advertised, making price hikes after its initial public offering inevitable.
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December 22, 2025
CFTC Acting Chair Departs As New Leader Sworn In
The U.S. Commodity Futures Trading Commission's acting chair said Monday she would leave the agency at the end of the day, an announcement that followed the approval of her successor and her previous announcement that she is taking a role at a cryptocurrency company.
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December 22, 2025
SEC Accuses 7 Cos. Of Crypto 'Confidence Scam'
The U.S. Securities and Exchange Commission sued a group of companies Monday in Colorado federal court, aiming to reclaim $14 million that it is alleging the firms stole from U.S. investors in a cryptocurrency "confidence scam" and funneled abroad.
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December 22, 2025
$14.8M Deal Proposed In Genius Sports SPAC Chancery Case
Stockholders and defendants in a Delaware Chancery Court lawsuit challenging the merger that took sports data company Genius Sports Ltd. public through a special purpose acquisition company have reached a proposed $14.8 million cash settlement, according to a release by plaintiffs' counsel Monday.
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December 22, 2025
CFTC Suit Adds To Convicted Crypto Fraudster's Woes
The CEO of a collapsed cryptocurrency commodity pool who earlier admitted to a wire fraud conspiracy charge now faces U.S. Commodity Futures Trading Commission civil claims over what prosecutors say was a $10 million Ponzi scheme.
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December 22, 2025
Chipotle Dodges Investor Claims Over Portion Cuts
Chipotle Mexican Grill Inc. has escaped a proposed shareholder class action accusing it and its executives of downplaying concerns about meager portion sizes, an issue the company later acknowledged it would correct, with a California federal judge's ruling that the allegations are insufficient to establish that Chipotle's statements were false or misleading.
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December 22, 2025
Draft House Bill Would Clarify Tax Rules For Digital Assets
A bipartisan draft bill in the U.S. House would modernize the federal tax code for digital assets, its backers said, by establishing a "commonsense tax treatment" for regulated payment stablecoins, clarifying source-of-income rules for trading and extending existing securities-lending rules to digital assets.
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December 22, 2025
Sallie Mae Investor Sues Over Late Student Loan Payments
Sallie Mae is facing a possible class action in New Jersey that accuses the company and its top executives of committing securities fraud by underselling an increase in student loan delinquencies.
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December 22, 2025
Ex-NBA Players' Adviser Can't Break Out Of Fraud Case
A former Morgan Stanley financial adviser will still have to face charges of defrauding three NBA players of more than $5 million in schemes involving three former co-defendants, a New York federal judge has ordered.
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December 22, 2025
4 Robbins Geller Attys To Join New Securities Boutique
The managing partner of the New York City office of midsized law firm Robbins Geller Rudman & Dowd LLP is leaving with three other securities partners to join a new securities boutique that was launched by a lawyer who recently left Bernstein Litowitz Berger & Grossmann LLP in a contentious exit.
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December 22, 2025
Advocacy Groups Warn Against Kalshi's Gambling Push
A trio of nonprofits that advocate against gambling are fighting betting company Kalshi's efforts to curb Maryland gaming regulators' oversight, telling the Fourth Circuit that health consequences and threats to elections and youth sports would be significant if Kalshi succeeds.
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December 22, 2025
New Class Action Claims CIBC, RBC Rigged Quantum Shares
A Quantum Biopharma investor has filed a proposed class action against several major Canadian banks, accusing them of running a spoofing scheme for years that artificially drove down Quantum's stock price — flooding exchanges with fake sell orders to mislead the market and buy shares at deflated prices, costing ordinary shareholders millions.
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December 19, 2025
Fed Seeks Input On Limited Master Accounts For Fintechs
The Federal Reserve Board on Friday took another step toward rolling out what are known as skinny master accounts for fintech firms, requesting public feedback on a special purpose Reserve Bank account prototype "tailored to the risks and needs of institutions focused on payments innovation."
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December 19, 2025
Iowa Appeals Schwab Antitrust Deal After Objections
Iowa's attorney general has appealed to the Fifth Circuit a Texas federal judge's final approval of a settlement ending an antitrust class action suit over The Charles Schwab Corp.'s merger with TD Ameritrade, following the Hawkeye State's previous objection claiming the deal offered class members insufficient relief.
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December 19, 2025
CFTC Seeks Input On Prediction Market Regs
The U.S. Commodity Futures Trading Commission is asking the public what steps it should take to protect customers trading on increasingly popular prediction markets, saying it might have to update its regulations "to consider the risk profiles and loss events unique" to the space.
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December 19, 2025
FINRA Fines BofA Unit Over Order Routing Disclosures
Bank of America's securities unit will pay $225,000 to the Financial Industry Regulatory Authority to end claims it published error-filled reports about how it handled customer securities orders, FINRA has announced.
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December 19, 2025
NC Panel Denies Lindberg's Bid To Broaden Receivership
Convicted insurance mogul Greg Lindberg couldn't convince a North Carolina state appeals court to either loosen the strictures on a receivership or free certain of his affiliates from a temporary restraining order connected to his $1.2 billion insurance scheme from the mid-2010s.
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December 19, 2025
F5 Faces Securities Class Action Over 'False' Security Claims
Seattle tech company F5 Inc. boasted to investors about its cybersecurity offerings while at the same time hiding a long-term data breach that targeted the company's highest-revenue product, an investor claimed Friday in a proposed class action filed in Washington federal court.
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December 19, 2025
Coinbase Sues 3 States Over Event Contract Regulation
Illinois, Connecticut and Michigan have been sued by cryptocurrency exchange Coinbase over their attempts to regulate the trading platform's prediction market offerings, with the firm arguing that the states are trying to unlawfully apply their gambling laws to federally regulated transactions that are under the jurisdiction of the Commodity Futures Trading Commission.
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December 19, 2025
Coal Exec Calls Out Feds' 'Secrecy' In FCPA Trial Delay Bid
A coal executive facing Foreign Corrupt Practices Act charges has asked a Pennsylvania federal judge to delay his trial, pointing to what he called "secrecy" surrounding the government's review of his case when federal authorities have retreated from bribery prosecutions.
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December 19, 2025
SEC Enters Non-Monetary Settlements With FTX Trio
Three co-conspirators in the $11 billion FTX fraud settled with the U.S. Securities and Exchange Commission on Friday, entering into agreements in which they will be handed temporary industry bars while not having to pay anything in disgorgement or penalties.
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December 19, 2025
Conn. Investment Adviser Admits To Tax Evasion
A Connecticut man pled guilty to tax evasion after using $5.2 million of his private equity fund's money to pay personal expenses and causing a criminal tax loss of nearly $2.2 million, federal prosecutors said.
Expert Analysis
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Revisiting Jury Trial Right May Upend State Regulatory Power
Justice Neil Gorsuch’s recent use of a denial of certiorari to call for the U.S. Supreme Court to revisit whether the Seventh Amendment jury trial right extends to states, building off last year's Jarkesy ruling, could foretell a profound change in state regulators' ability to enforce penalties against regulated companies, say attorneys at Sidley.
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How Nasdaq, SEC Proposals May Transform Listing Standards
Both Nasdaq and the U.S. Securities and Exchange Commission have increasingly focused their recent regulatory efforts on small and foreign issuers, particularly those from China, reflecting an intention to strengthen the overall quality of companies accessing U.S. markets, but also potentially introducing a chilling effect on certain issuers, say attorneys at Norton Rose.
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Series
Building With Lego Makes Me A Better Lawyer
Building with Lego has taught me to follow directions and adapt to unexpected challenges, and in pairing discipline with imagination, allows me to stay grounded while finding new ways to make complex deals come together, says Paul Levin at Venable.
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How Banks Can Safely Handle Payments For Gambling Biz
As the betting market continues to expand, it's crucial for banks and fintechs to track historical developments in wagering and ongoing prediction markets litigation that can factor into a risk analysis for payment processing with respect to gambling operators, says Laura D'Angelo at Jones Walker.
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SEC Focused On Fraud As Actions Markedly Declined In 2025
The U.S. Securities and Exchange Commission's enforcement activity in its fiscal year 2025 was its lowest in 10 years, reflecting not only a significant decline in the commission's workforce, but also Chairman Paul Atkins' stated focus on fraud and individual wrongdoing and a new approach to crypto regulation, say attorneys at Covington.
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Series
Law School's Missed Lessons: Networking 101
Cultivating a network isn't part of the law school curriculum, but learning the soft skills needed to do so may be the key to establishing a solid professional reputation, nurturing client relationships and building business, says Sharon Crane at Practising Law Institute.
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Defeating Estoppel-Based Claims In Legal Malpractice Actions
State supreme court cases from recent years have addressed whether positions taken by attorneys in an underlying lawsuit can be used against them in a subsequent legal malpractice action, providing a foundation to defeat ex-clients’ estoppel claims, says Christopher Blazejewski at Sherin and Lodgen.
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How Cos. Can Prep For Tightened Calif. Data Breach Notices
Amid California's recent enactment of S.B. 446, which significantly amends the state's data breach notification laws, companies should review and update their incident response plans by establishing processes to document and support any delayed notification, and ensure the notifications' accuracy, say Mark Krotoski and Alexandria Marx at Pillsbury.
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Digital Asset Treasury Trend Signals Wider Crypto Embrace
While digital asset treasuries are not new for U.S. public companies, the recent velocity of capital deployment in such investments has been notable, signaling a transformation in corporate treasury management that blurs the lines between traditional finance and the broader crypto ecosystem, say attorneys at DLA Piper.
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Series
The Biz Court Digest: How It Works In Massachusetts
Since its founding in 2000, the Massachusetts Business Litigation Session's expertise, procedural flexibility and litigant-friendly case management practices have contributed to the development of a robust body of commercial jurisprudence, say James Donnelly at Mirick O’Connell, Felicia Ellsworth at WilmerHale and Lisa Wood at Foley Hoag.
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How The SEC May Overhaul Its Order Protection Rule
Attorneys at Skadden trace the evolution of the controversial Rule 611 of Regulation National Market System, examine the current debate surrounding its effectiveness, and consider how the U.S. Securities and Exchange Commission's emerging Project Crypto initiative could reshape Regulation NMS for a tokenized, on-chain market environment.
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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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2nd Circ. Peloton Ruling Emphasizes Disclosure Context
The Second Circuit’s recent decision to revive shareholders’ suit alleging that Peloton made materially misleading statements makes clear that public companies must continually review risk disclosures to determine if previous hypotheticals have materialized, say attorneys at Baker Botts.
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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.