Securities

  • May 01, 2025

    2 Firms To Co-Lead Block Investor Suit Over Cash App

    Cohen Milstein Sellers & Toll PLLC and Lieff Cabraser Heimann & Bernstein LLP will represent a proposed class of investors in a suit alleging Jack Dorsey's fintech company Block Inc. created a "haven for criminal and illicit activities" on its Cash App and Square payment platforms despite touting its anti-money laundering protocols.

  • May 01, 2025

    SEC Drops Case Against Crypto Promoter Ian Balina

    The U.S. Securities and Exchange Commission moved Thursday to drop its suit over cryptocurrency influencer Ian Balina's alleged promotion of so-called SPRK tokens, about a month after Balina's attorneys said the federal regulator planned to walk away from the case.

  • May 01, 2025

    FINRA Fines Interactive Brokers Over Complaint Reporting

    The Financial Industry Regulatory Authority announced online broker-dealer Interactive Brokers LLC will pay $400,0000 to settle claims it failed to report regulatory complaints and customer grievances regarding the functionality of its virtual platform to FINRA over an 11-year period.

  • May 01, 2025

    Fla. Panel Reverses Default Judgment In Prized Horses Suit

    A Florida appeals court Wednesday reversed a default judgment against a show horse owner in a dispute with investors, ruling that the court jumped the gun on the judgment after learning the owner faked brain cancer treatment to get preferred hearing dates.

  • May 01, 2025

    Ex-FirstEnergy Execs Object To Possible Sanctions Order

    Two former FirstEnergy Corp. executives indicted over their alleged roles in a $1 billion bribery scandal objected Thursday to the possibility they could be sanctioned for failing to produce certain information in a civil suit brought by FirstEnergy investors, calling language in a special master's report "inappropriate" and potentially prejudicial.

  • May 01, 2025

    Chancery Finds Contract Bars Appeal In Med Co. Merger

    Private equity-tilted limited liability company contract terms beat minority investor challenges to the fairness of the $8.9 billion merger in January 2023 that joined Summit Health-CityMD and VillageMD, a Delaware vice chancellor ruled late Wednesday.

  • May 01, 2025

    High Court Urged To Skip $272M Hertz 'Solvent Debtor' Appeal

    Wells Fargo has urged the U.S. Supreme Court to reject Hertz's appeal of a Third Circuit ruling that the car rental giant owes $272 million in make-whole payments and interest to noteholders following a Chapter 11 case it launched in 2020.

  • May 01, 2025

    Generator Co. Wants Plug Pulled On COVID-Era Investor Suit

    Power generator maker Generac Holdings Inc. asked a Wisconsin federal judge to permanently toss an investor suit over the company's alleged failure to keep up with a surge in business during the COVID-19 pandemic, arguing the proposed class repeats arguments about Generac's sales disclosures that were previously dismissed.

  • May 01, 2025

    PetroSaudi Insists Pause Not Warranted In $380M Award Suit

    A PetroSaudi unit continues fighting the Trump administration's bid to pause litigation to seize a $380 million arbitral award while related proceedings in Switzerland play out, saying a California federal judge has already denied its stay request once before.

  • May 01, 2025

    Del. Justices OK Mid-Case Appeal In Paramount Doc Suit

    Delaware's Supreme Court on Wednesday approved a mid-case review for a Paramount Global stockholder suit seeking books and records on the company's proposed $8 billion tie-up with Skydance Media.

  • May 01, 2025

    AT&T Win Is FDIC's Loss On In-House Cases, 5th Circ. Told

    A banker challenging the Federal Deposit Insurance Corp.'s use of in-house proceedings to level a fraud judgment against him told the Fifth Circuit that its recent decision overturning a $57 million Federal Communications Commission fine against AT&T confirms that the FDIC cannot rely on a "public rights" exemption to impose fines without a jury trial.

  • May 01, 2025

    4th Circ. Affirms Ex-Crypto COO's Fraud Conviction

    The Fourth Circuit found no error in a former cryptocurrency executive's conviction for fraud and conspiracy related to his time working at a foreign currency and cryptocurrency trading investment firm that the panel said was actually just a Ponzi scheme that never made any trades.

  • April 30, 2025

    House GOP Bill To Cut CFPB Budget, Audit Board Clears Panel

    The U.S. House Financial Services Committee on Wednesday approved Republican budget legislation that would strip most funding from the Consumer Financial Protection Bureau and wind down an independent audit regulator for public companies.  

  • April 30, 2025

    SEC Says $2.7M Ponzi-Like Scheme Targeted Elderly Koreans

    The U.S. Securities and Exchange Commission has sued a Washington woman and a company she controls, alleging she fraudulently raised $2.7 million from at least 33 investors, including elderly Korean-Americans, gaining their trust by using her family relationships and affiliation as a member of their community, and then gambling some of those funds away.

  • April 30, 2025

    Tariffs, FCPA Enforcement Pause Heighten Bribery Risk

    President Donald Trump's decision to ratchet up tariffs and lower the guard on antibribery enforcement creates heightened risks for multinational companies, as employees potentially face pressure to avoid costly tariffs while conceiving there are fewer risks in going around the law to do so.

  • April 30, 2025

    Del. Justices Mull 'Deemed' Phrase In AMC Stock Dilution Suit

    The meaning of "deemed to be issued" was the focus of a Wednesday hearing before the Delaware Supreme Court in a case involving AMC and preferred stockholders who say their shares' value was wrongly reduced last year in a deal that settled a hotly contested share conversion and reverse split.

  • April 30, 2025

    Trade Desk Sued In Del. For Docs On Nevada Move

    A stockholder of formerly Delaware-chartered branding and marketing venture The Trade Desk Inc. sued on Wednesday in the First State's Court of Chancery for access to company records, citing concerns that the business rechartered in Nevada to derail challenges to its dual-class share structure.

  • April 30, 2025

    Cos. Must Plan For China-Taiwan Risks, Ex-Trump Official Says

    A former U.S. Treasury Department official warned Wednesday that U.S. firms should take a serious look at their business exposure to China and develop contingency plans in the event the country invades Taiwan, saying an escalation in the conflict between the U.S. and China would have devastating effects globally.

  • April 30, 2025

    SEC Says Bond Trade Business Was $91M Ponzi Scheme

    The U.S. Securities and Exchange Commission has accused three Texas residents of operating a Ponzi-like scheme that raised at least $91 million from over 200 investors disguised as an international bond-trading business.

  • April 30, 2025

    Citadel Securities Gives SEC Regulatory Wish List

    Citadel Securities LLC released a white paper Wednesday that lays out policy recommendations for the U.S. Securities and Exchange Commission and the exchanges it regulates, calling on the agency to address concerns tied to secretive trading rooms as well as 24-hour buying and selling.

  • April 30, 2025

    Activant Unit Seeks $7.5M Fee After $37M Bolt Suit Win

    An Activant Capital Group fund has petitioned Delaware's Court of Chancery to approve a $7.5 million company-paid corporate benefit fee, citing a successful battle for cancellation of more than $37 million in Bolt Financial Group shares held by a controller who defaulted on a more-than $30 million company-guaranteed loan.

  • April 30, 2025

    6 Legal Teams Launch Bids To Lead Rocket Co. Investor Suit

    Six legal teams have submitted bids to represent a proposed class of investors in a suit alleging aerospace company Rocket Lab USA Inc. concealed issues that might affect its timeline for test-launching its Neutron Launch Vehicle.

  • April 30, 2025

    Feds Barred From Reviving 'Unlawful' Tornado Cash Sanctions

    A Texas federal judge has permanently barred the U.S. Department of the Treasury from enforcing its now-dissolved sanctions on crypto mixer Tornado Cash after the advocates who challenged the designation argued the government's removal of the sanctions wasn't enough.

  • April 30, 2025

    Extradited Fund Manager Admits To $3.4M Fraud Scheme

    The former manager of a Connecticut investment fund, who spent almost a year in custody in South America, pled guilty to wire fraud and money laundering charges in a scheme prosecutors say swindled $3.4 million from investors who thought he was running a conservative hedge fund with consistent returns.

  • April 29, 2025

    Acadia Investors Seek Partial Win, Sanction In Healthcare Suit

    Investors suing behavioral health care provider Acadia Healthcare Co. have asked a federal judge to find that they relied on certain alleged misrepresentations before investing in the company after previously moving for sanctions over allegations that the company systematically destroyed pertinent records to stymie their understaffing claims.

Expert Analysis

  • Series

    Coaching Little League Makes Me A Better Lawyer

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    While coaching poorly played Little League Baseball early in the morning doesn't sound like a good time, I love it — and the experience has taught me valuable lessons about imperfection, compassion and acceptance that have helped me grow as a person and as a lawyer, says Alex Barnett at DiCello Levitt.

  • 5 Litigation Funding Trends To Note In 2025

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    Lawyers and their clients must be prepared to navigate an evolving litigation funding market in 2025, made more complicated by a new administration and the increasing overall cost of litigation, says Jeffery Lula at GLS Capital.

  • For Accounting Integrity, Start With The Rank-And-File

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    Macy's acknowledgment of an employee's accounting mistake underscores a valuable lesson for company leaders in fostering compliance with the Sarbanes-Oxley Act by cultivating a culture committed to strong accounting integrity and robust oversight, say Keerthika Subramanian and Jon Mantis at Winston & Strawn.

  • Managing Litigation Side-Switching During 2nd Trump Admin

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    Now that the new presidential administration is in place, the government will likely switch positions in a number of pending cases, and stakeholders should employ strategies to protect their interests, say attorneys at Covington.

  • Chancery May Have Raised Bar For Books, Records Requests

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    The Delaware Court of Chancery recently approved the denial of a books and records demand against Amazon, raising important questions about what evidence and purpose a stockholder is required to show to succeed on such a request, say attorneys at Selendy Gay.

  • The Blueprint For A National Bitcoin Reserve

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    The new administration has the opportunity to pave the way for a U.S.-backed crypto reserve, which could conceptually function as a strategic asset akin to traditional reserves like gold markets, hedge against economic instability, and influence global crypto adoption, say attorneys at Duane Morris.

  • Rethinking Litigation Risk And What It Really Means To Win

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    Attorneys have a tendency to overestimate litigation risk before summary judgment and underestimate risk after it, but an eight-stage litigation framework can clarify risk at different points and help litigators reassess what true success looks like in any particular case, says Joshua Libling at Arcadia Finance.

  • Takeaways From SEC's Registered Investment Cos. Risk Alert

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    The U.S. Securities and Exchange Commission's Division of Examinations' recent risk alert pertaining to registered investment companies provides a high-level overview of its risk-based approach to selecting RICs for examination — a potential hint that the division is investigating some of the covered topics, say attorneys at Simpson Thacher.

  • How DOGE's Bite Can Live Up To Its Bark

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    All signs suggest that the Department of Government Efficiency will be an important part of the new Trump administration, with ample tools at its disposal to effectuate change, particularly with an attentive Republican-controlled Congress, say attorneys at K&L Gates.

  • Small Biz Caught In Corporate Transparency Act Crossfire

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    Despite compliance being put on hold due to a nationwide preliminary injunction, small businesses have been caught in the middle of the legal battle over the Corporate Transparency Act — and confusion over the law's requirements could result in major penalties, say attorneys at Snell & Wilmer.

  • 5 Notable Information Security Events In 2024

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    B. Stephanie Siegmann at Hinckley Allen discusses 2024's largest and most destructive data breaches seen yet, ranging from ransomware disrupting U.S. healthcare systems on a massive scale, to tensions increasing between the U.S. and China over cyberespionage and the control of U.S. data.

  • Series

    Playing Rugby Makes Me A Better Lawyer

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    My experience playing rugby, including a near-fatal accident, has influenced my legal practice on a professional, organizational and personal level by showing me the importance of maintaining empathy, fostering team empowerment and embracing the art of preparation, says James Gillenwater at Greenberg Traurig.

  • What Broker-Dealers Must Know Before Selling Bitcoin ETPs

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    Interest in bitcoin exchange-traded products is already high, and only expected to grow in light of the incoming Trump administration's pro-crypto stance, but broker-dealers must still consider numerous regulatory requirements before recommending a bitcoin ETP to a client, say Frank Weigand and Justine Woods at Cahill Gordon.

  • Series

    Texas Banking Brief: All The Notable Legal Updates In Q4

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    The fourth quarter of 2024 brought noteworthy developments to the Texas financial services sector, particularly a new state artificial intelligence bill and a Consumer Financial Protection Bureau rule that will affect an outsize number of Texas community banks, says Tyler George at Naman Howell.

  • Cyber Disclosure Is A Mainstay In 2025 SEC Exam Priorities

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    Despite a new administration and a new U.S. Securities and Exchange Commission chair incoming, the SEC's 2025 examination priorities signal that cybersecurity disclosures and risk management practices will remain important due to the growing threat of cyberattacks, says Anjali Das at Wilson Elser.

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