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Securities
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September 04, 2024
Solana Labs Denied Arbitration In Token Crypto Fraud Suit
A California federal judge has denied a motion to compel arbitration in a suit alleging Solana Labs Inc. and its key investors promoted and sold Solana cryptocurrency tokens as unregistered securities, saying that Solana failed to prove that the lead plaintiff agreed to the terms of service that included an arbitration clause, among other things.
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September 04, 2024
SEC Fines Investor Over $7.5M In Undisclosed Affiliate Fees
The U.S. Securities and Exchange Commission has fined Florida-based investor Digital Bridge for failing to properly disclose about $7.5 million worth of payments to affiliates for services provided to a group of funds the firm manages.
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September 04, 2024
FINRA Fines Broker-Dealer $900K Over Lax AML Compliance
Broker-dealer Brex Treasury has agreed to pay $900,000 to settle the Financial Industry Regulatory Authority's claims that it overrelied on automated anti-money laundering compliance software not reasonably designed to meet its needs.
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September 04, 2024
Feds Say Litigation Funding Co. Was A $10M Ponzi Scheme
A purported investment company's owner faces criminal charges and a suit from the U.S. Securities and Exchange Commission after she allegedly made false claims to investors that she would lend their money to personal injury attorneys but instead used the money for a Ponzi-like scheme and personal expenses.
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September 04, 2024
Brazilian Oil Bribery Case Jury Warned Of 'Liar' Witness
Attorneys for a Connecticut trader accused of bribing Brazilian oil officials urged a jury on Wednesday not to trust an alleged co-conspirator scheduled to testify for the government, calling that man a "skilled and adept liar" who would "substantially assist" prosecutors in possible return for a favorable family immigration decision.
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September 11, 2024
Hausfeld Snaps Up Litigation Pro From Covington In London
Hausfeld LLP has hired a partner from Covington & Burling LLP in London to boost its profile in commercial disputes, after its office in the U.K. capital recently underwent changes in leadership.
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September 04, 2024
J&J Hit With $1B Damages In Del. Merger Milestone Fight
Johnson & Johnson owes more than $1 billion to a medical robotics developer and entrepreneur caught up in a multibillion-dollar post-acquisition dispute, a Delaware vice chancellor ruled Wednesday.
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September 04, 2024
CFTC Fines Uniswap Over Bitcoin, Ether Liquidity Pools
Decentralized finance platform Uniswap Labs has agreed to pay the U.S. Commodity Futures Trading Commission $175,000 to settle allegations that it illegally offered access to liquidity pools underpinned by bitcoin and ether, the regulator said Wednesday.
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September 03, 2024
8th Circ. Again Scraps Class Cert. For TD Ameritrade Clients
The Eighth Circuit reversed Tuesday a lower court's ruling certifying a class of TD Ameritrade clients for the second time in a lawsuit alleging the stockbroker routed orders to trading venues that didn't always provide the best execution, rejecting the named plaintiff's new class-wide damages theory based on commissions.
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September 03, 2024
Teva Investors Get Go-Ahead To Resume Kickbacks Class Suit
A shareholder's certified class action against pharmaceutical company Teva can resume after being paused for two years, as the company says it is working towards a settlement with the U.S. Department of Justice over related claims it used kickbacks to raise the price of its multiple sclerosis drug Copaxone, a Philadelphia federal judge has decided.
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September 03, 2024
2nd Circ. Backs Toss Of Ericsson Investors' ISIS Bribes Suit
The Second Circuit on Tuesday upheld a New York federal judge's decision to toss an investor class action against telecom giant Ericsson and several members of its top brass over claims that they hid knowledge of possible bribes to the Islamic State from U.S. investors and committed other violations of federal securities laws.
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September 03, 2024
Alphabet Beats Investor Suit Over Antitrust Issues, For Now
A California federal judge on Tuesday tossed a proposed securities fraud class action against Google and its parent company Alphabet Inc., saying investors failed to adequately allege that Google intended to deceive them when responding to a congressional query on concerns of anti-competitive ad tech practices.
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September 03, 2024
PE Firm Investors Say False SEC Filings Caused Big Losses
Private equity firm Migom Global Corp., its subsidiary bank and its CEO have been named in a proposed securities class action alleging they inflated financial statements filed with the U.S. Securities and Exchange Commission to conceal their diversion of tens of millions of dollars in customer deposits to personal ventures.
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September 03, 2024
Super Micro Faces Investor Suits Over Short Seller Report
Artificial intelligence server manufacturer Super Micro Computer Inc. has been hit with at least three investor lawsuits in California federal court over claims its shares fell by about 20% after a short seller report accused it of violating its previous settlement with the U.S. Securities and Exchange Commission over accounting improprieties.
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September 03, 2024
SEC Fines Adviser That Lost Clients' Crypto In FTX Collapse
An investment adviser that lost client funds in the collapse of FTX found itself on the receiving end of a U.S. Securities and Exchange Commission enforcement action on Tuesday, with Galois Capital Management LLC settling allegations that it failed to find a proper custodian for those crypto assets.
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September 03, 2024
5th Circ. Hesitant To Call Tornado Cash 'Entity'
A Fifth Circuit panel prodded the U.S. Department of the Treasury's argument that Tornado Cash counts as a corporation-like organization, telling the agency that its reasoning for calling the sanctioned crypto mixer an entity was "slippery" during oral arguments Tuesday.
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September 03, 2024
SEC Fines 6 Credit Rating Firms $49M Over Texting Records
The U.S. Securities and Exchange Commission announced Tuesday that six nationally recognized statistical rating organizations agreed to pay a combined $49 million for failing to preserve electronic communications, the latest wave of settlements in an ongoing crackdown that has yielded billions in fines.
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September 03, 2024
Trustee, Trader Culled From Jury In $1M Brazilian Bribery Trial
A bankruptcy trustee and a commodities trader were among the potential jurors weeded out Tuesday ahead of Wednesday's opening statements in the criminal trial of a Connecticut oil trader accused of bribing officials with Brazil's state-owned oil giant Petróleo Brasileiro SA and its U.S. subsidiaries.
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September 03, 2024
Adviser Lied About Wall Street Skyscraper Digs, SEC Says
A purported $10 million private fund investment adviser faces U.S. Securities and Exchange Commission allegations that it lied about being a public company with an office on Manhattan's Wall Street as part of a filing in which it claimed registration exemption.
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September 03, 2024
Kirkland Brings On Ex-Goldman Sachs Debt Finance Pro In NY
Kirkland & Ellis LLP said Tuesday it has added an experienced debt finance partner in New York who most recently worked as a managing director for Goldman Sachs, in the firm's latest move to bulk up its structured finance and structured private credit practice.
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September 03, 2024
$15M Class Atty Fee Sought In Microsoft-Activision Suit
Attorneys for Sweden's state pension fund manager have proposed a $15 million attorney fee for their investigation and intervention in a suit seeking Delaware Court of Chancery fixes for defects in some terms of Activision Blizzard Inc.'s $68.7 billion acquisition by Microsoft Corp. last year.
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September 03, 2024
Catching Up With Delaware's Chancery Court
Last week in Delaware's court of equity, an iconic rock band got a new member, former President Donald Trump's social media company escaped a contempt ruling, and litigation grew over Illumina Inc.'s $8 billion reacquisition of cancer-testing company Grail Inc. New cases touched on intellectual property, mergers, share transfers and dump trucks. In case you missed it, here's the latest from Delaware's Court of Chancery.
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September 03, 2024
$2.2M Bowling Co. Investor Settlement Gets Initial Green Light
A Maryland federal judge has preliminarily approved a nearly $2.2 million settlement ending a class action that alleged Bowl America's board of directors acted in bad faith when approving a merger with Bowlero Corp.
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August 30, 2024
Chancery Prunes $2.1M From Atty Fee Bid In Sculptor Merger
Class attorneys who helped secure a 14.4%, or $80.8 million, improvement in proceeds from Sculptor Capital Management's sale to Rithm Capital Corp. — plus a $6.5 million common fund — saw their $5.75 million fee proposal cut to $3.6 million in Delaware's Court of Chancery Friday.
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August 30, 2024
Semiconductor Co. Beats Investor Suit Over Failed $8B Merger
A California federal judge has dismissed a proposed investor class action filed over semiconductor company MaxLinear Inc.'s decision to cancel a planned $8 billion merger with Silicon Motion Technology Corp., finding investors' claims against the former can't stand because they held shares in the latter.
Expert Analysis
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CFTC Action Highlights Necessity Of Whistleblower Carveouts
The U.S. Commodity Futures Trading Commission's novel settlement with a trading firm over allegations of manipulating the market and failing to create contract carveouts for employees to freely communicate with investigators serves as a beacon for further enforcement activity from the CFTC and other regulators, say attorneys at Davis Wright.
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Series
Being A Luthier Makes Me A Better Lawyer
When I’m not working as an appellate lawyer, I spend my spare time building guitars — a craft known as luthiery — which has helped to enhance the discipline, patience and resilience needed to write better briefs, says Rob Carty at Nichols Brar.
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Half-Truths Vs. Omissions: Slicing Justices' Macquarie Cake
The U.S. Supreme Court's recent ruling in Macquarie v. Moab provides a road map for determining whether corporate reports that omit information should be considered misleading — and the court baked it into a dessert analogy that is key to understanding the guidelines, say Daniel Levy and Pavithra Kumar at Advanced Analytical Consulting Group.
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Lead Like 'Ted Lasso' By Embracing Cognitive Diversity
The Apple TV+ series “Ted Lasso” aptly illustrates how embracing cognitive diversity can be a winning strategy for teams, providing a useful lesson for law firms, which can benefit significantly from fresh, diverse perspectives and collaborative problem-solving, says Paul Manuele at PR Manuele Consulting.
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3 Areas Of Enforcement Risk Facing The EV Industry
Companies in the EV manufacturing ecosystem are experiencing a boom in business, but with this boom comes increased regulatory and enforcement risks, from the corruption issues that have historically pervaded the extractive sector to newer risks posed by artificial intelligence, say attorneys at MoFo.
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American Airlines ESG Ruling Could Alter ERISA Landscape
The Spence v. American Airlines ESG trial, speeding toward a conclusion in a Texas federal court, could foretell a dramatic expansion in ERISA liability, with plan sponsors vulnerable to claims that they didn't foresee short-term dips in stock prices, say attorneys at Mayer Brown.
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SVB Ch. 11 Shows Importance Of Filing Proof Of Claim Early
After a New York bankruptcy court’s recent ruling in SVB’s Chapter 11 case denied late claims filing requests related to post-bar date events, parties with potential claims against a debtor may need to seriously consider filing protective proofs of claim, says Kyle Arendsen at Squire Patton.
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Del. Dispatch: 27.6% Stockholder Not A Controller
The Delaware Court of Chancery's recent decision in Sciannella v. AstraZeneca — which found that the pharma giant, a 26.7% stockholder of Viela Bio Inc., was not a controller of Viela, despite having management control — shows that overall context matters when challenging transactions on breach of fiduciary duty grounds, say attorneys at Fried Frank.
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Cyber Incident Response Checklist For SEC Compliance
In light of recent guidance from the U.S. Securities and Exchange Commission, which clarified the distinction between two types of cybersecurity incident disclosures, companies should align their materiality assessment, incident response and disclosure control processes to bolster compliance and provide a measure of protection, say attorneys at Troutman Pepper.
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Loss Causation Ruling Departs From Usual Securities Cases
A California federal court recently dismissed Ramos v. Comerica, finding that the allegations failed to establish loss causation, but the reasoning is in tension with the pleading-stage approaches generally followed by both courts and economists in securities fraud litigation, say Jesse Jensen and Aasiya Glover at Bernstein Litowitz.
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A Simple Proposal For Improving E-Discovery In MDLs
Given the importance of e-discovery in multidistrict litigation, courts, parties and counsel shouldn't have to reinvent the wheel in each newly consolidated case — and a simple process for sharing e-discovery lessons and knowledge across MDLs could benefit everyone involved, particularly clients, say Benjamin Barnett and Shauna Itri at Seeger Weiss.
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Opinion
Now More Than Ever, Lawyers Must Exhibit Professionalism
As society becomes increasingly fractured and workplace incivility is on the rise, attorneys must champion professionalism and lead by example, demonstrating how lawyers can respectfully disagree without being disagreeable, says Edward Casmere at Norton Rose.
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What FTX Case Taught Us About Digital Asset Recoverability
FTX's Chapter 11 plan has drawn lots of attention, but the focus should be on the anticipated outcome for investors, which counters several myths about digital currencies, innovation and recoverability, says Kyla Curley at StoneTurn.
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How To Survive Shareholder Activism
In an era where shareholder activism is on the rise, companies must identify weaknesses, clearly communicate strategies, update board composition and engage with shareholders consistently in order to avoid disruptive shareholder activism and safeguard the interests of both the company and its shareholders, say J.T. Ho at Orrick and Greg Taxin at Spotlight Advisors.
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'Outsourcing' Ruling, 5 Years On: A Warning, Not A Watershed
A New York federal court’s 2019 ruling in U.S. v. Connolly, holding that the government improperly outsourced an investigation to Deutsche Bank, has not undercut corporate cooperation incentives as feared — but companies should not completely ignore the lessons of the case, say Temidayo Aganga-Williams and Anna Nabutovsky at Selendy Gay.