Securities

  • September 12, 2024

    Wells Fargo Ordered To Overhaul Sanctions, AML Compliance

    Wells Fargo faces fresh restrictions on launching new products and entering new markets, and must beef up its compliance and monitoring efforts around sanctions, anti-money laundering and other international business risks, under an enforcement action announced Thursday by the Office of the Comptroller of the Currency. 

  • September 12, 2024

    Towers Watson Can't Duck Bump-Up Exclusion, 4th Circ. Told

    Towers Watson's latest effort to get its directors and officers insurers to fund a $75 million settlement in a shareholder suit over its merger with Willis should be tossed, the insurers told the Fourth Circuit, saying the bump-up exclusion unambiguously applies to bar coverage.

  • September 12, 2024

    Crypto Wallet Co. Beats Colo. Class Action Over $100M Hack

    The developers and owners of cryptocurrency application Atomic Wallet have beaten a proposed class action over a hack last year that stole roughly $100 million in customers' assets, with a Colorado federal judge saying the suit doesn't have a strong enough connection to the Centennial State to proceed there.

  • September 12, 2024

    Del. Justices Uphold Chancery Toss Of $1.2B NCino Deal Suit

    The Delaware Supreme Court on Thursday upheld the Chancery's court's decision to throw out nCino investor claims against company directors and investment firm Insight Venture Partners challenging the financial technology company's $1.2 billion acquisition of mortgage loan platform SimpleNexus.

  • September 12, 2024

    Quinn Emanuel, Cohen Milstein Get $102M In Stock Loan Case

    A judge awarded $102 million in attorney fees to Quinn Emanuel Urquhart & Sullivan LLP and Cohen Milstein Sellers & Toll PLLC for settling claims from investors that major banks colluded to avoid modernizing the stock loan market.

  • September 12, 2024

    Trading Firm EToro To Limit Crypto Sales, Pay $1.5M SEC Fine

    The U.S. Securities and Exchange Commission on Thursday ordered trading platform eToro USA LLC to pay a $1.5 million fine and stop U.S. customers from trading in all but the three largest crypto assets to settle the regulator's allegations that the firm operated as an unregistered broker and clearing agency.

  • September 12, 2024

    CFTC Can't Pause Decision To Allow Election Betting

    A D.C. federal judge on Thursday refused to stay a ruling that found the Commodity Futures Trading Commission overstepped its bounds by blocking an online trading platform from allowing users to place bets on the outcome of U.S. congressional elections.

  • September 12, 2024

    UK Watchdog Waters Down New Capital Rules For Banks

    The Prudential Regulation Authority published Thursday the second part of its rules on capital requirements for banks and has delayed their implementation by six months to the beginning of 2026.

  • September 12, 2024

    Energy Biz Bowleven Edges Closer To Quitting LSE Listing

    Bowleven said Thursday that it has now closed the window for its shareholders to sell their stock before the energy business leaves the junior market of the London Stock Exchange after it received an offer from venture capitalists Crown Ocean Capital to go private.

  • September 11, 2024

    Litigation Spending To Rise As Cases Grow More Aggressive

    A substantial number of large companies are expecting to increase their litigation spending by double digits next year in the face of more complex and hard-fought cases — and they are more open to bringing in new legal talent to navigate the matters, according to a report released Thursday. 

  • September 11, 2024

    Norfolk Southern Fires CEO, CLO Over Relationship

    Norfolk Southern Corp. fired CEO Alan Shaw and chief legal officer Nabanita Nag after it found in an investigation that they'd had a consensual relationship that violated company policy, the Atlanta-based transportation giant said Wednesday evening.

  • September 11, 2024

    Philly Loan Biz Brothers Admit To $100M Investment Scam

    The two brothers helming Philadelphia's Par Funding cash advance company admitted to reaping $100 million through an investment fraud scheme that could land them each over a decade in prison, Philadelphia's top federal prosecutor announced.

  • September 11, 2024

    Atlanta Fed Chief Violated Trading Blackout Rule, OIG Says

    The president and CEO of the Federal Reserve Bank of Atlanta, Raphael Bostic, violated internal rules and policies covering trading during blackout periods, financial disclosures, holding limits, and trading preclearances, but did not trade based on confidential information, according to a report issued by the Fed's internal watchdog.

  • September 11, 2024

    Hertz Noteholders Entitled To $270M Interest, 3rd Circ. Rules

    Unsecured noteholders from Hertz's bankruptcy are entitled to roughly $270 million in interest as a so-called make-whole payment, a Third Circuit panel decided in a split ruling overturning a bankruptcy court opinion that said it was disallowed under the Chapter 11 code.

  • September 11, 2024

    Split 6th Circ. Backs SEC Win In Proxy Adviser Rule Change

    A divided Sixth Circuit has upheld the U.S. Securities and Exchange Commission's decision to partially undo Trump-era rules governing proxy advisers, creating an apparent split with the Fifth Circuit on whether the agency's regulatory actions violated the Administrative Procedure Act.

  • September 11, 2024

    Ipsen Exec Made Illegal Trades Before Merger, Feds Say

    An Ipsen Biopharmaceuticals executive has been charged with allegedly amassing roughly $260,000 in ill-gotten gains through insider trading on the stock of a smaller rival that Ipsen purchased in 2022, federal prosecutors announced Tuesday.

  • September 11, 2024

    Star Witness In Bankman-Fried Trial Seeks No Prison Time

    Former FTX insider Caroline Ellison urged a Manhattan federal judge not to sentence her to prison for her part in the crypto exchange's massive fraud scheme, citing her remorse and the "devastating" trial testimony she gave against onetime romantic partner and company founder Sam Bankman-Fried.

  • September 11, 2024

    Jones Day Litigators Jump To Holland & Knight In Mexico City

    Holland & Knight LLP has hired two lawyers from Jones Day for its Mexico City office, where they will handle a sharp increase in litigation and arbitration cases in the country.

  • September 10, 2024

    SEC Files New Insider Case Tied To Stolen Covington Info

    The U.S. Securities and Exchange Commission on Tuesday brought a new insider trading case tied to the theft of confidential merger information from a Covington & Burling LLP lawyer, suing the cousin of a former FBI trainee who was sentenced to prison for filching the Merck & Co. deal info at the heart of the case and then tipping off others.

  • September 10, 2024

    Fed Official Previews 'Broad' Changes To Bank Capital Plans

    A top Federal Reserve official on Tuesday revealed plans to sharply revise draft bank capital rules proposed last year, including cutting in half the amount of additional capital the largest banks would have to hold while largely sparing midsize lenders from the proposed new requirements.

  • September 10, 2024

    Truth Social Founder Ordered To Disclose Investor Details

    A Florida state court judge on Tuesday ordered the founder of former President Donald Trump's Truth Social to turn over investor material in a suit accusing the founder of interfering with the process of taking the company public, holding it's "likely to lead to discovery of relevant and discoverable information."

  • September 10, 2024

    John Deere Will Pay SEC $10M To End Thai Bribes Probe

    Deere & Co. has agreed to pay nearly $10 million to end an investigation by the U.S. Securities and Exchange Commission into bribes paid by executives at a Thai subsidiary that netted the heavy equipment maker millions in contracts with the Thai government and at least one private company.

  • September 10, 2024

    Keurig To Pay SEC $1.5M Over K-Cup Recyclability Claims

    The U.S. Securities and Exchange Commission on Tuesday ordered Keurig Dr. Pepper to pay a $1.5 million penalty and refrain from filing inaccurate information in its annual reports to settle allegations that it inaccurately claimed that its K-Cup coffee and tea pods were effectively recyclable.

  • September 10, 2024

    McGuireWoods Adds Ex-Prosecutor, Former Fintech GC In SF

    McGuireWoods LLP continues to bolster its West Coast presence, announcing Tuesday that it has added a former federal prosecutor and the former general counsel for a fintech company as partners at its San Francisco office.

  • September 10, 2024

    Investors Sue Broker For Assisting $129M Forex Fraud

    A group of investors who lost tens of millions of dollars in a fraudulent foreign exchange scheme have sued a London broker for approximately $43 million for allegedly providing credit for the company to trade through brokerage accounts which perpetuated the fraud.

Expert Analysis

  • Whistleblowers Must Note 5 Key Differences Of DOJ Program

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    The U.S. Department of Justice’s recently unveiled whistleblower awards program diverges in key ways from similar programs at other agencies, and individuals must weigh these differences and look first to programs with stronger, proven protections before blowing the whistle, say Stephen Kohn and Geoff Schweller at Kohn Kohn.

  • What NFL Draft Picks Have In Common With Lateral Law Hires

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    Nearly half of law firm lateral hires leave within a few years — a failure rate that is strikingly similar to the performance of NFL quarterbacks drafted in the first round — in part because evaluators focus too heavily on quantifiable metrics and not enough on a prospect's character traits, says Howard Rosenberg at Baretz+Brunelle.

  • Foreign Threat Actors Pose Novel Risks To US Tech Cos.

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    A recent bulletin jointly issued by several U.S. intelligence agencies warns technology startups and the venture capital community about national security risks posed by foreign threat actors, so companies interested in raising foreign capital should watch for several red flags, say Robert Friedman and Jacob Marco at Holland & Knight.

  • Open Questions 3 Years After 2nd Circ.'s Fugitive Ruling

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    The Second Circuit’s 2021 decision in U.S. v. Bescond, holding that a French resident indicted abroad did not meet the legal definition of a fugitive, deepened a circuit split on the fugitive disentitlement doctrine, and courts continue to grapple with the doctrine’s reach and applicability, say attorneys at Lankler Siffert.

  • Replacing The Stigma Of Menopause With Law Firm Support

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    A large proportion of the workforce is forced to pull the brakes on their career aspirations because of the taboo surrounding menopause and a lack of consistent support, but law firms can initiate the cultural shift needed by formulating thoughtful workplace policies, says Barbara Hamilton-Bruce at Simmons & Simmons.

  • Class Actions At The Circuit Courts: August Lessons

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    In this month's review of class action appeals, Mitchell Engel at Shook Hardy considers certification cases touching on classwide evidence of injury from debt collection practices, defining coupon settlements under the Class Action Fairness Act, proper approaches for evaluating attorney fee awards in class action settlements, and more.

  • Crypto Regs Could See A Reset Under The Next President

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    Donald Trump has taken a permissive policy stance favoring crypto, while Kamala Harris has been silent on the issue, but no matter who wins the presidential election, we may see a more lenient regulatory climate toward the digital currency than from the Biden administration, says Liam Murphy at McKool Smith.

  • Planning Law Firm Content Calendars: What, When, Where

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    During the slower month of August, law firms should begin working on their 2025 content calendars, planning out a content creation and distribution framework that aligns with the firm’s objectives and maintains audience engagement throughout the year, says Jessica Kaplan at Legally Penned.

  • Key Concerns To Confront In FDIC Brokered Deposit Proposal

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    Banks and fintech companies should note several fundamental issues with the Federal Deposit Insurance Corp.'s recent proposal to widen how it classifies brokered deposits, an attempt to limit prudential risk that could expose the industry and underbanked consumers who rely on bank-fintech apps to widespread unintended consequences, say attorneys at Gibson Dunn.

  • Crypto Gatekeepers May Be The Next Front Of Enforcement

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    Lawyers and other professionals who advise cryptocurrency companies should beware regulators' increasing focus on gatekeeper accountability, and should take several measures to fulfill their ethical and legal obligations, including implementing a robust vetting mechanism when representing crypto clients, say Temidayo Aganga-Williams and Xinchen Li at Selendy Gay.

  • Series

    Playing Golf Makes Me A Better Lawyer

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    Golf can positively affect your personal and professional life well beyond the final putt, and it’s helped enrich my legal practice by improving my ability to build lasting relationships, study and apply the rules, face adversity with grace, and maintain my mental and physical well-being, says Adam Kelly at Venable.

  • Law Firms Should Move From Reactive To Proactive Marketing

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    Most law firm marketing and business development teams operate in silos, leading to an ad hoc, reactive approach, but shifting to a culture of proactive planning — beginning with comprehensive campaigns — can help firms effectively execute their broader business strategy, says Paul Manuele at PR Manuele Consulting.

  • 3 Ways To Limit Risks Of Black-Box AI In Financial Services

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    As regulators increasingly highlight the potential for artificial intelligence to make unfair consumer credit decisions, and require financial institutions to explain how these so-called black-box algorithms arrive at conclusions, companies should consider three key questions to reduce their regulatory risks from these tools, say Jeffrey Naimon and Caroline Stapleton at Orrick.

  • 3 High Court Rulings May Shape Health Org. Litigation Tactics

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    Three separate decisions from the U.S. Supreme Court's most recent term — Loper Bright, Corner Post and Jarkesy — will likely strengthen healthcare organizations' ability to affirmatively sue executive agencies to challenge regulations governing operations and enforcement actions, say attorneys at McDermott.

  • Opinion

    The Big Issues A BigLaw Associates' Union Could Address

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    A BigLaw associates’ union could address a number of issues that have the potential to meaningfully improve working conditions, diversity and attorney well-being — from restructured billable hour requirements to origination credit allocation, return-to-office mandates and more, says Tara Rhoades at The Sanity Plea.

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