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Securities
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April 18, 2024
Crowell & Moring Adds Corporate Partners From Neal Gerber
Crowell & Moring LLP has added two longtime partners and practice group leaders from Chicago-based firm Neal Gerber & Eisenberg LLP to help bolster its corporate, mergers and acquisitions and capital markets services and expand its services in the Windy City.
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April 17, 2024
Ex-JPMorgan Analyst Liked 'Winding Up' Autonomy CEO, Jury Told
A former JPMorgan stock analyst testifying Wednesday in the criminal fraud trial of former Autonomy CEO Michael Lynch said that he "took pleasure in winding up Lynch" and once even used a Hitler analogy to describe his performance, but said his critical coverage was never personal.
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April 17, 2024
Walgreens Investors' $36M Deal In Opioid Suit Gets First OK
An Illinois federal judge on Wednesday granted his initial approval of a $36 million settlement to end a stockholder's derivative suit accusing Walgreens and its leadership of failing to limit retail pharmacies from dispensing unreasonable amounts of opioids.
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April 17, 2024
SEC Urged To Rethink Whistleblower Awards To Short-Sellers
A University of Kansas law professor has released research showing that a growing number of corporate outsiders, including short-sellers, are receiving whistleblower rewards from the U.S. Securities and Exchange Commission, and he told Law360 on Wednesday the agency should reconsider giving money to those who also seek to profit from trading on the tips they call in.
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April 17, 2024
SEC Says Sports Media Tech Co. Fraudulently Raised $22M
The U.S. Securities and Exchange Commission filed a suit on Wednesday accusing media technology company Icaro Media Group Inc. and its CEO of raising more than $22 million from investors on fake claims that it was about to launch a sports content application in partnership with major telecommunications companies.
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April 17, 2024
RTX Investor Sues Brass In Del. For Better Antitrust Oversight
A shareholder of RTX has sued the aerospace and defense giant's current and former officers and directors in Delaware's Court of Chancery, accusing them of failing over a period of at least eight years to prevent antitrust violations in the company's hiring practices.
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April 17, 2024
2nd Circ. Won't Revive Investor Fight Over Honeywell Spinoff
The Second Circuit affirmed Wednesday the dismissal of a proposed securities class action accusing a bankrupt Honeywell transportation business spinoff of misleading investors about significant risks it faced under its asbestos-liability indemnity deal with Honeywell, finding that the spinoff was frank about the uncertainty of its financial future.
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April 17, 2024
Karuna Investor Ends Suit After Bristol-Myers Seals $14B Deal
A Karuna Therapeutics shareholder has dropped her proposed class action after Bristol-Myers Squibb Co. completed its $14 billion purchase of the biotechology company, a deal the suit alleged was brought about by misrepresentations to investors to gain their support.
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April 17, 2024
Wells Fargo Headed To Trial In Ex-Exec's COVID-Era ADA Suit
Wells Fargo is headed to trial over a former investment director's Americans with Disabilities Act claim in a suit alleging he lost his job following an accommodation request after his employer prepared to mandate a return to office, with a North Carolina federal judge also trimming the former employee's age discrimination suit.
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April 17, 2024
New Stablecoin Bill Eyes Investor Protections, AML Regime
Sens. Cynthia Lummis, R.-Wyo., and Kirsten Gillibrand, D.-N.Y., have unveiled their long-awaited proposal to regulate stablecoins, which would require issuers to hold full reserves, ban algorithmic stablecoins and define the authority that state and federal banking regulators will have over the tokens.
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April 17, 2024
Judge Won't Toss Any Expert In Under Armour Securities Suit
The opposing parties in a suit related to Under Armour Inc.'s allegedly inflated stock prices can keep their expert witnesses, a Maryland federal judge ruled Tuesday, saying he was mostly unswayed by the arguments from both sides.
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April 17, 2024
Judge Says Ex-Bank Rep Worse Than Robber For Film Fraud
An Illinois federal judge handed down a 2½-year prison sentence Wednesday for a former Citigroup and Wells Fargo financial adviser who admitted to swindling clients out of nearly $1.5 million by soliciting them to invest in purported movie productions, saying the only difference between her and a bank robber is that "she didn't have a mask and a gun."
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April 17, 2024
SEC Has Careful Eye On Disclosures Amid Israel-Hamas War
Against the backdrop of protracted war, the U.S. securities watchdog is urging U.S.-listed Israeli companies to disclose more details describing how the Israel-Hamas conflict is affecting their operations in order to keep investors apprised of risks, lawyers say.
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April 17, 2024
Trader's Alleged $110M Mango Markets Fraud In Jury's Hands
A Manhattan federal jury weighed charges Wednesday against a cryptocurrency trader accused of illegally squeezing $110 million out of Mango Markets by inflating the finance platform's tokens, then borrowing against them, allegedly taking "supply and demand into his own hands."
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April 17, 2024
Bankman-Fried Appeal May Cite Unusual Preview Testimony
Sam Bankman-Fried's appeal of his conviction and 25-year prison sentence may cite a "rather unprecedented" trial procedure in which the FTX founder gave provisional testimony before officially taking the witness stand last year, one of his attorneys said Wednesday.
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April 17, 2024
Panel Agrees Pot Investor's Deal In 2017 Suit Nixes 2019 Suit
A Washington state appeals court has thrown out an investor's suit alleging that a cannabis venture failed to follow through on a deal to acquire ownership interest in exchange for a $650,000 investment, finding his settlement of a prior suit block his claims.
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April 17, 2024
Ex-Pharma Exec's Contempt Plea Rejected By Judge
A Massachusetts federal judge on Wednesday rejected a former pharmaceutical executive's agreement to plead guilty to contempt for using an alias to get around a consent judgment in a U.S. Securities and Exchange Commission fraud case, saying both the former executive and the government knew he'd view the sentence as too low.
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April 17, 2024
Tesla To Vote On Reviving Musk's $55B Pay, Moving To Texas
Attorneys for Tesla Inc. notified Delaware's chancellor Wednesday that the company will seek stockholder approval June 13 for the same $55.8 billion Elon Musk compensation plan voided by Chancery Court on Jan. 30, along with reincorporation of Tesla as a Texas company.
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April 17, 2024
Elliott Waives BioMarin Board Deal, Moots Del. Suit
Elliott Investment Management LP has waived an agreement with BioMarin Pharmaceutical Inc. that gave the activist investor three new seats on the biopharmaceutical company's board, mooting a Delaware Chancery Court lawsuit that a BioMarin shareholder filed earlier this month.
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April 16, 2024
Autonomy CEO Pressured JPMorgan Over Analyst, Jury Told
An ex-JPMorgan stock analyst testifying Tuesday in the criminal fraud trial of former Autonomy CEO Michael Lynch told jurors that the software company founder responded with hostility when his research reports questioned its growth, and that Lynch offered JPMorgan millions in business if he were taken off the Autonomy beat.
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April 16, 2024
Split 5th Circ. Won't Rehear Case Over Agency Protections
A divided Fifth Circuit on Tuesday denied en banc rehearing of a panel decision that likely sets up a U.S. Supreme Court challenge of long-standing limits to the president's power to fire executive branch subordinates.
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April 16, 2024
Crypto Co. Can't Be Sued Over 'Scam Token,' 2nd Circ. Hears
The business, founder and venture capital backers behind decentralized cryptocurrency exchange Uniswap Labs told the Second Circuit that a New York federal judge was right to dismiss a suit from investors who claimed they bought scam tokens on the platform since the business didn't enter into any contract with buyers.
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April 16, 2024
Israeli Ad Tech Co. Overhyped Microsoft Ties, Investor Claims
Ad tech company Perion Network and some of its current and former executives face a proposed class action alleging its investors were damaged after its strategic partner Microsoft Bing "unilaterally" changed its search advertising pricing.
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April 16, 2024
'Wide As The Ocean': Apple Judge Pans Investor Deal Release
A California federal judge declined Monday to preliminarily approve Apple's nonmonetary settlement in a derivative-shareholder suit over claims it secretly slowed iPhones, criticizing the deal's release of claims that "relate" to the case as overbroad and noting that, "in practice, lawyers argue that 'relate' is as wide as the ocean."
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April 16, 2024
Businessman Urges Calif. Court To Refuse $4.4M Award
A businessman who signed agreements with a Chinese energy management company on behalf of two different investment funds has told a California federal court that he never received proper notice about an arbitration that resulted in a $4.4 million award against him.
Expert Analysis
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Series
Baking Bread Makes Me A Better Lawyer
After many years practicing law, and a few years baking bread, I have learned that there are a few keys to success in both endeavors, including the assembly of a nourishing and resilient culture, and the ability to learn from failure and exercise patience, says Rick Robinson at Reed Smith.
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Federal Courts And AI Standing Orders: Safety Or Overkill?
Several district court judges have issued standing orders regulating the use of artificial intelligence in their courts, but courts should consider following ordinary notice and comment procedures before implementing sweeping mandates that could be unnecessarily burdensome and counterproductive, say attorneys at Curtis.
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Series
NY Banking Brief: All The Notable Legal Updates In Q4
New York's banking and financial sector saw a number of notable regulatory and legislative changes in the final quarter of 2023, including guidance on climate risks and heightened cybersecurity protocols issued by the New York State Department of Financial Services, as well as final revisions to virtual currency listings in the state, say attorneys at WilmerHale.
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4 Questions On Groundbreaking New Foreign Bribery Law
The recently enacted Foreign Extortion Prevention Act will significantly alter the anti-corruption landscape under U.S. law by allowing prosecutors to pursue foreign officials for soliciting or accepting bribes, but it’s not yet clear how the statute will be used and by whom, say attorneys at K&L Gates.
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Why CFTC Whistleblowers Are Crucial To Crypto Regulation
The U.S. Commodity Futures Trading Commission's whistleblower program has proven to be a key tool in the U.S.' efforts to police cryptocurrency, but a funding issue shows that it has become a victim of its own success, says Stephen Kohn at Kohn Kohn.
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Wachtell-X Ruling Highlights Trend On Arbitrability Question
A growing body of case law, including a California state court's recent decision in X Corp. v. Wachtell, holds that incorporation of specific arbitral body rules in an arbitration provision may in and of itself constitute clear and unmistakable evidence of delegation of arbitrability to an arbitrator, and thus such clauses should be drafted carefully, say attorneys at Norton Rose.
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7 E-Discovery Predictions For 2024 And Beyond
The legal and technical issues of e-discovery now affect virtually every lawsuit, and in the year to come, practitioners can expect practices and policies to evolve in a number of ways, from the expanded use of relevancy redactions to mandated information security provisions in protective orders, say attorneys at Littler.
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Securities Class Actions Show No Signs of Slowing In 2024
Plaintiffs asserted securities class actions at elevated levels in 2023 — a sign that filings will remain high in the year ahead — as they switched gears to target companies that allegedly have failed to anticipate supply chain disruptions, persistent inflation, rising interest rates and other macroeconomic headwinds, say attorneys at Skadden.
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How Corp. Transparency Act Can Unmask Crypto Owners
With the federal Corporate Transparency Act in effect as of Jan. 1, litigants may now have a less burdensome path toward determining the identities of owners behind convoluted corporate entities, and, by extension, any digital assets they own that could be subject to a potential judgment, says Brett Sager at Ehrenstein Sager.
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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.