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Securities
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September 17, 2024
FDIC Proposes Rule On Bank-Fintech Partnership Risks
The Federal Deposit Insurance Corp.'s rulemaking board on Tuesday proposed new recordkeeping rules aimed at both shoring up consumer protections as more fintech firms enter the banking space, and preventing a repeat of account freezes that have occurred after fintech service provider Synapse entered into bankruptcy earlier this year.
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September 17, 2024
Brooklyn Feds Unveil Whistleblower Nonprosecution Plan
The Brooklyn U.S. Attorney's Office on Tuesday announced an initiative to reward corporate whistleblowers with nonprosecution deals amid a broader effort by federal prosecutors to encourage voluntary disclosure of criminal activity.
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September 17, 2024
GC Base Salaries At Big Companies On The Rise
General counsel base salaries at companies making $5 billion or more in revenue has increased from last year, while their total compensation has decreased, according to a report released Tuesday by the Association of Corporate Counsel and Empsight International LLC.
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September 17, 2024
SEC Fines 12 Muni Advisers $1.3M In Texting Probe Actions
The U.S. Securities and Exchange Commission on Tuesday fined 12 municipal advisory firms a combined $1.3 million over their failure to keep records of employees' use of text messages and other so-called off-channel communication methods to conduct business.
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September 17, 2024
Euronext Buys UK Stock Market Research, Data Software Biz
Euronext NV said Tuesday that it has bought Substantive Research Ltd., a British provider of investment research and market data, as the stock exchange aims to bolster its analysis service for investors.
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September 17, 2024
Top UK Banks Push Payments Infrastructure Reform Plan
The trade body for financial institutions urged U.K. regulators and companies on Tuesday to engage with a new infrastructure for digital payments that is backed by major banks and card providers.
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September 16, 2024
Ex-MoviePass CEO Admits $9.95 Plan Too Good To Be True
Former MoviePass CEO J. Mitchell Lowe pleaded guilty in Florida federal court on Monday to conspiracy to commit securities fraud, admitting that he and another executive hyped the illusion that their $9.95-a-month unlimited movie watching plan would be profitable while knowing it was merely a gimmick to defraud investors.
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September 16, 2024
CEO's AI Fraud Detection Tool Contract Was Fraud, Feds Say
A former technology company CEO has pled guilty to a charge that he cooked his company's books and raised tens of millions of dollars from investors off phony claims that an artificial intelligence program his firm developed was being used to spot digital ad fraud, the Manhattan U.S. Attorney's Office said Monday.
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September 16, 2024
Icahn Enterprises Beats Investor Suit Over Dividend Program
Icahn Enterprises has beaten a proposed investor class action accusing it of propping up its stock price with unsustainably high dividends in order to support founder Carl Icahn's loans and financial interests, with a Florida federal judge saying the plaintiffs hadn't shown any misstatements the company made about the "true motivation" for its dividend program.
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September 16, 2024
Pot Co. Execs Go To 9th Circ. In Investment Scam Case
A California cannabis company and its co-founders on Monday appealed a federal court decision booting them from the securities industry and holding them liable for roughly $6 million tied to a medical marijuana investment scam, the same day that the U.S. Securities and Exchange Commission asked the court to order a third individual to pay up for his part in the alleged scam.
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September 16, 2024
Four Fla. Residents Charged In Insider Trading Scheme
A Miami-based financial consultant, his father and two friends were criminally charged with securities fraud violations in connection to an insider trading scheme after they used non-public information about a proposed merger to buy stocks, then sold them at a profit when the deal went through, according to federal prosecutors.
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September 16, 2024
Michael Best Absorbs 6-Atty Great Plains Startup Boutique
Michael Best & Friedrich LLP announced Monday it had expanded into the Great Plains region of the U.S. as it combines with a six-attorney Nebraska-based boutique helmed by a former Wilson Sonsini Goodrich & Rosati PC attorney.
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September 16, 2024
Milbank Taps SEC Chief Litigation Counsel As DC Partner
Milbank LLP said Monday it has hired the U.S. Securities and Exchange Commission's chief litigation counsel as a new partner in Washington, D.C.
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September 16, 2024
Ex-Cadwalader Litigation Co-Head Among Duo Added By V&E
Cadwalader Wickersham & Taft LLP's former global litigation group co-chair is one of two ex-partners in New York bringing their practices to Vinson & Elkins LLP, according to a Monday announcement.
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September 16, 2024
IRS Cancels Hearing On 'Basket Contract' Transactions Rule
The Internal Revenue Service canceled a hearing on proposed rules that would flag what are known as basket option contracts as potentially abusive listed transactions, according to a notice released Monday.
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September 13, 2024
The 2024 Regional Powerhouses
The law firms on Law360's list of 2024 Regional Powerhouses reflected the local peculiarities of their states while often representing clients in deals and cases that captured national attention.
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September 13, 2024
Wells Fargo Unit To Pay $3M Over Unsuitable Trading Claims
The Financial Industry Regulatory Authority has ordered Wells Fargo Clearing Services to pay roughly $3 million to settle allegations that the firm failed to adequately supervise how its registered representatives were selling certain securities that are subject to potential abuse because of the concessions they pay.
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September 13, 2024
Bankman-Fried Lays Blame On Trial Judge In 2nd Circ. Appeal
FTX founder Sam Bankman-Fried on Friday launched an appeal of his fraud conviction over the cryptocurrency exchange's historic collapse, issuing a broadside against the judge who oversaw his trial and saying FTX's debtor counsel Sullivan & Cromwell LLP acted as an arm of the prosecution.
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September 13, 2024
Truth Social Founders Take Trump Fight To Fed Court
A co-founder of Donald Trump's Truth Social website has brought the fight over taking the company public to Florida federal court after several adverse events in state court actions, including the company filing an amended complaint to incorporate securities fraud that the U.S. government alleges.
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September 13, 2024
SEC Inks $100M Deal With FirstEnergy, Sues Ex-CEO
The U.S. Securities and Exchange Commission reached a $100 million settlement with FirstEnergy Corp. over its role in a $60 million corruption scandal Thursday, the same day the agency sued a former executive who collected tens of millions of dollars in executive perks while the wrongdoing unfolded.
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September 13, 2024
SEC Fines Zymergen $30M Over Misleading Pre-IPO Claims
Now-shuttered biotechnology company Zymergen Inc. has agreed to pay a $30 million fine to settle U.S. Securities and Exchange Commission allegations that it misled investors in its initial public offering when it used "unsupported hype" about the market potential for its technology for foldable touch screens.
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September 13, 2024
Trio Of BigLaw Mergers Expected To Drive More Deal Talks
After months of a relatively steady pace of law firm mergers and acquisitions, the trio of proposed BigLaw tie-ups announced in recent days will likely spur more firms toward entertaining similar deal talks, experts say. Here, Law360 offers a snapshot of the proposed deals.
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September 13, 2024
Emergent BioSolutions Pays $40M To Settle COVID Vax Suit
Emergent BioSolutions has agreed to pay $40 million to settle a consolidated class action alleging it misled investors about how prepared it was to handle two high-profile deals to manufacture COVID-19 vaccines.
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September 13, 2024
Dentons Taps Norton Rose For 3 Disputes Pros In Hong Kong
Dentons has recruited a team of three disputes lawyers from Norton Rose Fulbright in Hong Kong to boost its capabilities representing clients in international construction cases and other high-stakes matters.
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September 13, 2024
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen a football agent sue Chelsea FC after being cleared of allegations he threatened the club’s former director, an ongoing patent dispute between Amgen and Regeneron Pharmaceuticals, and a private school in Edinburgh suing Riverstone Insurance over compensation claims tied to historical abuse allegations made by former pupils. Here, Law360 looks at these and other new claims in the U.K.
Expert Analysis
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Series
After Chevron: Don't Let Loper Lead To Bank Compliance Lull
Banking organizations are staring down a period of greater uncertainty over the next few years as the banking agencies and industry navigate the post-Chevron world, but banks must continue to have effective compliance programs in place even in the face of this unpredictability, say Lee Meyerson and Amanda Allexon at Simpson Thacher.
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E-Discovery Quarterly: Rulings On Hyperlinked Documents
Recent rulings show that counsel should engage in early discussions with clients regarding the potential of hyperlinked documents in electronically stored information, which will allow for more deliberate negotiation of any agreements regarding the scope of discovery, say attorneys at Sidley.
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Loper Bright Limits Federal Agencies' Ability To Alter Course
The U.S. Supreme Court's recent decision to dismantle Chevron deference also effectively overrules its 2005 decision in National Cable & Telecommunications Association v. Brand X, greatly diminishing agencies' ability to change regulatory course from one administration to the next, says Steven Gordon at Holland & Knight.
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How 3 Recent High Court Rulings Could Shape Fintech Policy
The U.S. Supreme Court's recent decisions in Jarkesy, Loper Bright and Corner Post provide fintech companies with new legal strategies to challenge regulatory actions, but agency reactions to these rulings and inconsistent judicial interpretations could bring compliance challenges and uncertainties, says Amy Whitsel at FS Vector.
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2nd Circ. Case Reinforces Need For Advance Notice Bylaws
The Second Circuit's recent decision in Nano Dimension v. Murchinson illustrates that Section 13(d) of the Exchange Act is a square peg for a round hole, and that advance notice bylaws are far better at protecting against undisclosed coordination among activist shareholders, say attorneys at Morgan Lewis.
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What Cos. Should Note In DOJ's New Whistleblower Pilot
After the U.S. Department of Justice unveiled a new whistleblower pilot program last week — continuing its efforts to incentivize individual reporting of misconduct — companies should review the eligibility criteria, update their compliance programs and consider the risks and benefits of making their own self-disclosures, say attorneys at Skadden.
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Autonomy Execs' Acquittal Highlights Good Faith Instruction
The recent acquittal of two former Autonomy executives demonstrates that a good faith jury instruction can be the cornerstone of an effective defense strategy in white collar criminal cases, in part because the concept of good faith is a human experience every juror can relate to, says Sara Kropf at Kropf Moseley.
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Series
Teaching Scuba Diving Makes Me A Better Lawyer
As a master scuba instructor, I’ve learned how to prepare for the unexpected, overcome fears and practice patience, and each of these skills – among the many others I’ve developed – has profoundly enhanced my work as a lawyer, says Ron Raether at Troutman Pepper.
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SolarWinds Ruling Offers Cyber Incident Response Takeaways
The New York federal court's dismissal of all charges related to the 2019 Sunburst cyberattack is a devastating blow to the U.S. Securities and Exchange Commission's cybersecurity case against SolarWinds, but the well-reasoned opinion provides valuable lessons that may improve companies' defensive posture in the wake of a major cybersecurity incident, say attorneys at Troutman Pepper.
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3 Ways To Lower Insider Trading Risk After First 10b5-1 Case
In light of the U.S. Department of Justice's insider trading prosecution against the former CEO of Ontrack based on alleged abuse of a Rule 10b5-1 safe harbor plan — designed to allow executives to sell their companies' securities without liability — companies and individuals should take steps to avoid enacting similar plans in bad faith, say attorneys at Jenner & Block.
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Lawyers Can Take Action To Honor The Voting Rights Act
As the Voting Rights Act reaches its 59th anniversary Tuesday, it must urgently be reinforced against recent efforts to dismantle voter protections, and lawyers can pitch in immediately by volunteering and taking on pro bono work to directly help safeguard the right to vote, says Anna Chu at We The Action.
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Evolving Regulatory Oversight For AI And Asset Management
Attorneys at K&L Gates discuss the evolving regulatory and legislative landscape for artificial intelligence in the asset management industry, as the U.S. Securities and Exchange Commission, the Commodity Futures Trading Commission and Congress consider how to address potential investor protection and systemic risks associated with AI.
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3rd Circ. Ruling Shows Benefits Of IP Licenses In Bankruptcy
The Third Circuit’s recent ruling in Mallinckrodt’s Chapter 11 filing, which held that Mallinckrodt could sever its obligations to pay Sanofi royalties on sales of an autoimmune disease drug, highlights the advantages of structuring transactions as nonexclusive licenses for developers of intellectual property, say Gregory Hesse and Kaleb Bailey at Hunton.
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Series
A Day In The In-House Life: Block CLO Talks Problem-Solving
Amid the busy summer months, Block Inc. Chief Legal Officer Chrysty Esperanza chronicles a typical Wednesday where she conquered everything from unexpected fintech regulatory issues and team building to Bay Area commutes and school drop-off.
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Analyzing Advance Notice Bylaws On 'Clear' Or 'Cloudy' Days
In Kellner v. AIM ImmunoTech, the Delaware Supreme Court recently clarified the framework for judicial review of advance notice bylaws adopted, amended or enforced on "clear" or "cloudy" days, underscoring the responsibility of boards to ensure that their scope does not overreach or prevent the possibility of a contested election, say attorneys at Venable.