Securities

  • April 28, 2025

    Chancery OKs Shortcut For Derivative Fox Suit

    A Delaware vice chancellor late Monday approved an unprecedented Fox Corp. call for a targeted summary judgment proceeding focused on a single Fox director's independence after a different jurist rejected, in November, dismissal of the suit, which seeks hundreds of millions of dollars in defamation damages in connection with broadcasts of bogus 2020 election claims.

  • April 28, 2025

    Wells Fargo Exits CFPB's Mortgage, Auto Loan Consent Order

    Wells Fargo & Co. announced Monday it has exited a consent order it inked with the Consumer Financial Protection Bureau in a 2018 settlement that stemmed from allegations of improper practices in the bank's auto lending and mortgage divisions.

  • April 28, 2025

    Wells Fargo Investors Win Class Cert. In 'Sham' Hiring Case

    A California federal judge has certified a class of thousands of Wells Fargo & Co. investors in litigation over the bank's alleged practice of conducting "sham" job interviews to meet diversity targets, a strategy investors say led to stock prices dropping when the truth came to light, according to an order issued Friday.

  • April 28, 2025

    UScellular, Investors Ink $7.7M Deal In Postpaid Biz Suit

    UScellular and the investors who sued the company over its representations about the health of its postpaid mobile phone outfit have agreed to settle their differences for $7.7 million and are asking an Illinois federal judge to sign off on the deal.

  • April 28, 2025

    Feds Urged To Drop Crypto Mixer Charges After DOJ Memo

    Federal prosecutors are weighing whether to continue pursuing a criminal case against two executives of crypto mixing service Samourai Wallet in light of a recent U.S. Department of Justice memo limiting certain digital asset prosecutions.

  • April 28, 2025

    SolarWinds Seeks Final Win Over SEC's 'Face-Saving' Case

    SolarWinds Corp. has asked a New York federal judge to grant it an early win in a suit brought by the U.S. Securities and Exchange Commission accusing the software developer of hiding cybersecurity vulnerabilities that led to the 2020 Sunburst attack, saying the SEC's suit has "devolved into a face-saving exercise."

  • April 28, 2025

    Boeing Rips Investors' Class Cert. Bid In 737 Max Fraud Suit

    Boeing has told an Illinois federal judge that pension funds and private investors cannot certify a sweeping class action seeking a "jaw-dropping" $15 billion in damages by alleging Boeing repeatedly misrepresented the overall safety and certification process for the 737 Max 8 jets after two deadly crashes in 2018 and 2019.

  • April 28, 2025

    Napco Faces Investor Suit Over Sales Downturn

    Security device maker Napco Security Technologies Inc. faces a proposed investor class action alleging that the company overpromised on a long-term earnings margin goal, hurting investors when trading prices fell as its sales and progress toward that target stalled in February.

  • April 28, 2025

    Wells Fargo Tells Judge Cash Sweep 'Conflict' Was Disclosed

    Wells Fargo said it should be allowed to escape customers' proposed class action alleging the bank's cash sweep investment program disproportionately benefits the bank, arguing it disclosed in its signed agreements with customers the bank's intentions to secure financial gains for itself through the program.

  • April 28, 2025

    Tax Services Provider Andersen Files Confidential IPO Plans

    Tax and legal services provider Andersen Group Inc. said Monday it confidentially filed for an initial public offering, marking a first step toward going public amid market volatility that has largely frozen IPOs in recent weeks.

  • April 28, 2025

    Wells Fargo Says Atty Is To Blame For SEC's EB-5 Fraud Suit

    An immigration attorney claiming a Wells Fargo adviser led her astray has no one to blame but herself for being sued by the U.S. Securities and Exchange Commission for EB-5 investment fraud, the company told a Nevada federal court.

  • April 28, 2025

    5th Circ. Grants DOL 30-Day Stay In States' ESG Rule Appeal

    The Fifth Circuit on Monday granted the U.S. Department of Labor's request to stay an appeal from Republican-led states in a suit challenging the agency's rule that allows retirement fiduciaries to consider issues like climate change and social justice when choosing investments, but limited the pause to 30 days.

  • April 28, 2025

    Nasdaq Presses SEC To Enact Clearer Digital Asset Rules

    Nasdaq is urging the U.S. Securities and Exchange Commission and its sister agency that regulates derivatives to adopt clearer rules governing digital assets, calling for a system that classifies such products into four categories.

  • April 28, 2025

    Class Attys Seek $6.5M Cut In $29.5M Plantronics Settlement

    Lead counsel for Plantronics investors who secured a $29.5 million deal resolving claims the company used "channel stuffing" tactics to bolster revenue are seeking $6.5 million in fees, telling a California federal judge Friday the request is reasonable, given the strong recovery and their track record successfully prosecuting similar securities cases.

  • April 28, 2025

    Ex-Deutsche Bank GC Is Coinbase's Next Compliance Chief

    A former general counsel at Deutsche Bank AG, who most recently led the anti-financial crime unit, is joining Coinbase Global Inc. as chief compliance officer, he said in a LinkedIn post Monday, a move that comes as policymakers work to set rules of the road for cryptocurrency.

  • April 28, 2025

    Chancery Tosses Palantir Suit Targeting Direct Sale Gains

    Observing that corporate insiders can't be penalized for profiting from public information, a Delaware vice chancellor has thrown out a derivative suit filed by Palantir Technologies stockholders accusing the private company's directors and officers of unfairly profiting from direct-to-market stock sales without taking the company public.

  • April 28, 2025

    Ohio Man Gets 17½ Years For $7M Stock Fraud Conspiracy

    An Ohio federal judge sentenced the majority owner and chief executive officer of a commercial lighting and automotive company to 17½ years in prison for conspiring with others to artificially inflate his company's stock price by using aliases to operate as unlicensed stockbrokers.

  • April 25, 2025

    Nike Investors Say 'Brazen' NFT Rug Pull 'Decimated' Them

    Nike was hit with a proposed securities class action on Friday accusing the athletic apparel giant of touting its nonfungible tokens before abruptly abandoning that business, in a "brazen rug pull" that left purchasers of Nike's NFTs "decimated."

  • April 25, 2025

    OCC Slashes Fines In Deals With Ex-Wells Fargo Auditors

    The Office of the Comptroller of the Currency has settled with two former Wells Fargo executives who were fighting seven-figure penalty orders for their alleged roles in the bank's fake accounts scandal, agreeing to accept greatly reduced fines totaling $150,000.

  • April 25, 2025

    CFPB Abandons $2.25M Student Loan Trust Deal, Drops Case

    The Consumer Financial Protection Bureau on Friday voluntarily dismissed its long-running debt collection practices suit against the National Collegiate Student Loan Trusts, abandoning a $2.25 million proposed settlement that had been held up by objectors.

  • April 25, 2025

    FINRA Urges Justices To Reject Constitutional Challenge

    The Financial Industry Regulatory Authority on Friday called on the U.S. Supreme Court to turn away a case claiming that the regulator's in-house disciplinary process is unconstitutional, saying that there is no circuit split at issue and that the petition is "plagued with vehicle problems."

  • April 25, 2025

    Judge Orders Atlas Co. To Arbitrate $3.1M Fraud Suit

    A Colorado federal judge on Thursday ordered an Australian online atlas startup to arbitrate its $3.14 million dispute with a consultant it hired for guidance while looking to gain access to U.S. capital markets, ruling that an arbitration clause in the underlying contract was applicable despite the company's fraud allegations.

  • April 25, 2025

    FDIC Defends In-House Enforcement For Banking At 7th Circ.

    The Federal Deposit Insurance Corp. has pushed back against a former Illinois community bank chairman's argument that the U.S. Supreme Court's recent Jarkesy decision prohibits the FDIC from using in-house proceedings to bring enforcement claims that seek civil penalties, saying that banking-related actions, like the one at issue, are "different" from what Jarkesy involved.

  • April 25, 2025

    Texas High Court Keeps Alive REIT's 'Short And Distort' Suit

    The Texas Supreme Court found that a farmland-centered real estate investment trust's suit against a Dallas-based hedge fund could continue, but in a Friday opinion it also said a bid to dismiss the suit under the state's anti-SLAPP law could proceed on the merits.

  • April 25, 2025

    Judge Keeps Boeing Fraud Case In Chicago

    An Illinois federal judge said Friday that equity funds accusing Boeing of defrauding investors by downplaying the 737 Max jets' safety flaws after a pair of deadly crashes in 2018 and 2019 must continue to litigate their claims in Chicago instead of having them heard in Virginia.

Expert Analysis

  • Explaining CFPB's Legal Duties Under The Dodd-Frank Act

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    While only Congress can actually eradicate the Consumer Financial Protection Bureau, the Trump administration has sought to significantly alter the agency's operations, so it's an apt time to review the minimum baseline of activities that Congress requires of the CFPB in Title X of the Dodd-Frank Act, say attorneys at Bradley Arant.

  • State Securities Enforcers May Fill A Federal Enforcement Gap

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    The U.S. Securities and Exchange Commission appears poised to take a lighter touch under the new administration, but state enforcement efforts are likely to continue unabated, and potentially even increase, particularly with regard to digital assets and ESG disclosures, say attorneys at Ropes & Gray.

  • Perfecting Security Interests In Renewable Energy Tax Credits

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    The ability to transfer renewable energy tax credits has created new opportunities for developers, investors and lenders, but it also raises important questions regarding when and how the security interests in these credits are perfected — questions that must be answered definitively to protect credit claims and transactions, says Harry Teichman at Stinson.

  • Firms Still Have Lateral Market Advantage, But Risks Persist

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    Partner and associate mobility data from the fourth quarter of 2024 shows that we’re in a new, stable era of lateral hiring where firms have the edge, but leaders should proceed cautiously, looking beyond expected revenue and compensation analyses for potential risks, say Julie Henson and Greg Hamman at Decipher Investigative Intelligence.

  • Recent Cases Highlight Latest AI-Related Civil Litigation Risks

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    Ongoing lawsuits in federal district courts reveal potential risks that companies using artificial intelligence may face from civil litigants, including health insurance coverage cases involving contractual and equitable claims, and myriad cases concerning securities disclosure claims, say attorneys at Katten.

  • What Rodney Hood's OCC Stint Could Mean For Banking

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    Acting Comptroller of the Currency Rodney Hood's time at the helm of the OCC, while temporary, is likely to feature clarity for financial institutions navigating regulations, the development of fintech innovation, and clearer expectations for counsel advising on related matters, say attorneys at Vedder Price.

  • Opinion

    We Must Allow Judges To Use Their Independent Judgment

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    As two recent cases show, the ability of judges to access their independent judgment crucially enables courts to exercise the discretion needed to reach the right outcome based on the unique facts within the law, says John Siffert at Lankler Siffert & Wohl.

  • 4 Actions For Cos. As SEC Rebrands Cyber Enforcement Units

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    As the U.S. Securities and Exchange Commission signals its changing enforcement priorities by retooling a Biden-era crypto-asset and cybersecurity enforcement unit into a task force against artificial-intelligence-powered hacks and online investing fraud, financial institutions and technology companies should adapt by considering four key points, say attorneys at Troutman.

  • New SEC Guidance May Change How Investors, Cos. Talk

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    The U.S. Securities and Exchange Commission's recent updates to the Schedules 13D and G compliance and disclosure interpretations may mean large institutional investors substantially curtail the feedback they provide companies about their voting intentions in connection with shareholder meetings, which could result in negative voting outcomes for companies, say attorneys at Cleary.

  • 4 Key Payments Trends For White Collar Attys

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    As the payments landscape continues to innovate and the new administration looks to expand the role of digital currency in the American economy, white collar practitioners should be aware of several key issues in this space, say attorneys at Jenner & Block.

  • Series

    Performing Stand-Up Comedy Makes Me A Better Lawyer

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    Whether I’m delivering a punchline on stage or a closing argument in court, balancing stand-up comedy performances and my legal career has demonstrated that the keys to success in both endeavors include reading the room, landing the right timing and making an impact, says attorney Rebecca Palmer.

  • Series

    Adapting To Private Practice: From SEC To BigLaw

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    As I adjusted to the multifaceted workflow of a BigLaw firm after leaving the U.S. Securities and Exchange Commission, working side by side with new colleagues on complex matters proved the fastest way to build a deep rapport and demonstrate my value, says Jennifer Lee at Jenner & Block.

  • What's Old And New In The CFTC's Self-Reporting Advisory

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    Attorneys at Blank Rome analyze the U.S. Commodity Futures Trading Commission's recent advisory that aims to provide clarity on self-reporting violations of the Commodity Exchange Act, and review whether market participants should shift their thinking — or not — when it comes to cooperation with the CFTC.

  • How Trump's Crypto Embrace Is Spurring Enforcement Reset

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    The U.S. Securities and Exchange Commission's recent willingness to step away from ongoing enforcement investigations and actions underscores the changing regulatory landscape for crypto under the new administration, which now appears committed to working with stakeholders to develop a clearer regulatory framework, say attorneys at Sheppard Mullin.

  • Making The Case For Rest In The Legal Profession

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    For too long, a culture of overwork has plagued the legal profession, but research shows that attorneys need rest to perform optimally and sustainably, so legal organizations and individuals must implement strategies that allow for restoration, says Marissa Alert at MDA Wellness, Carol Ross-Burnett at CRB Global, and Denise Robinson at The Still Center.

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