Securities

  • April 11, 2024

    3 Firms Vie To Lead RTX Stockholder Suit Over Engine Cracks

    Saxena White PA and Labaton Keller Sucharow LLP on Thursday sought appointments as co-lead counsel in pension fund lawsuits alleging RTX Corp.'s stock fell when it revealed that cracks in a subsidiary's jet engines cost billions to repair, with Kaplan Fox & Kilsheimer LLP also seeking to lead the case for an individual investor.

  • April 11, 2024

    FTX Brass, Investors Can't Move Bankruptcy Suit To MDL

    The Judicial Panel on Multidistrict Litigation on Thursday denied a bid to move a Delaware bankruptcy proceeding regarding the collapse of cryptocurrency exchange FTX Trading Ltd. to an ongoing multidistrict litigation brought by the company's investors seeking to recoup their losses.

  • April 10, 2024

    Push For Bank Capital Hike Has 'Damaged' Fed, Quarles Says

    Federal regulators' Basel III endgame proposal to raise big-bank capital requirements has "damaged" the reputation of the Federal Reserve and cannot be salvaged just by watering it down, the central bank's former bank regulatory chief said Wednesday.

  • April 10, 2024

    GOP Rep. Calls On SEC To Delay Climate Rule Compliance

    A Republican congressman said Wednesday that he plans to ask the U.S. Securities and Exchange Commission to push back the compliance timeline for controversial rules governing corporate climate disclosures, indicating that the agency's agreement to temporarily stay the rules' implementation during the course of a legal challenge is not enough.

  • April 10, 2024

    SEC Says Crypto Firm Kraken Can't 'Subvert' Securities Test

    The U.S. Securities and Exchange Commission has told a California federal judge that crypto exchange Kraken is asking the court to adopt a "perversion" of the long-standing U.S. Supreme Court precedent for what constitutes an investment contract.

  • April 10, 2024

    BDO Fights SEC's 'Misdirected' Call For 2nd Circ. Rehearing

    BDO USA LLP is urging the Second Circuit not to reconsider a decision that freed the firm from private litigation over AmTrust Financial Services Inc.'s financial restatements, saying the court should not heed "misdirected concerns" from the U.S. Securities and Exchange Commission about the ruling's supposed impact on shareholders' ability to sue public company auditors.

  • April 10, 2024

    Del. Justices Probe Validity Of Advance Notice Bylaws

    The appeal of a Delaware Chancery Court decision voiding a biopharmaceutical company's "onerous" advance notice requirements for director nominations while upholding the rejection of an activist shareholder's nominees boiled down to one basic legal question at Delaware's Supreme Court Wednesday: Is this a facial or an as-applied challenge?

  • April 10, 2024

    Former SEC Small Business Office Chief Joins Mayer Brown

    The former chief of the U.S. Securities and Exchange Commission's Office of Small Business Policy has joined Mayer Brown LLP as a partner in the firm's public companies and corporate governance practice, where she will counsel startups and established public companies on their obligations under federal securities laws and related corporate governance requirements.

  • April 10, 2024

    United Airlines Hit With Chancery Suit Over Poison Pill

    A United Airlines Holdings Inc. stockholder sued the carrier and its directors in Delaware Chancery Court on Wednesday, accusing the airline of lining up a vote to preserve a prohibited, board-entrenching poison pill while publicly linking the measure to allowable protection of tax-advantaged net operating loss claims.

  • April 10, 2024

    CFTC Names New Watchdog After Whistleblower Allegations

    The Commodity Futures Trading Commission announced Wednesday that it has appointed the Federal Election Commission's inspector general to head its own independent watchdog office, following allegations his CFTC predecessor failed to protect whistleblowers within the agency.

  • April 10, 2024

    Ex-CBD Exec Says He Was Duped Into Investment

    The former chief operating officer of health goods supplier and CBD seller Premier Beauty and Health LLC told jurors Wednesday that he was misled by the company's executives — who were also his family members — into investing in a company that was less profitable and stable than he had been told.

  • April 10, 2024

    FDIC Details Prep For Winding Down Failing Financial Giants

    The Federal Deposit Insurance Corp. on Wednesday laid out its most comprehensive overview to date of how it would seek to resolve a failing U.S. banking giant, a scenario that would make use of as-yet untested authorities put in place after the 2008 financial crisis.

  • April 10, 2024

    Beer Biz Investors Beg NC Justices To Clear Legal Haze

    Former shareholders looking to revive their fraud suit against the CEO of a beverage company and his wife asked the North Carolina Supreme Court on Wednesday to tie up an unsettled area of fiduciary law, saying a lower court's disparate jurisprudence "cries out" for clarity.

  • April 10, 2024

    6th Circ. Says Firm Owes Insurer Part Of Defense Bill

    A financial advisory firm's professional liability insurer had no duty to defend the company in underlying securities suits after underlying plaintiffs removed their common law violations, the Sixth Circuit ruled, further allowing the insurer to be reimbursed for some of its defense costs.

  • April 10, 2024

    DeFi Platform Uniswap Discloses SEC Enforcement Notice

    The firm behind decentralized crypto exchange Uniswap said on Wednesday that the U.S. Securities and Exchange Commission had notified the firm that it may soon face an enforcement case.

  • April 10, 2024

    NYSE Seeks To Provide SPACs More Time To Close Mergers

    A New York Stock Exchange proposal would provide special-purpose acquisition companies with six more months to complete mergers while remaining listed — assuming relevant parties have signed a definitive agreement before a three-year deadline — potentially providing market participants more flexibility to close deals.

  • April 10, 2024

    Class Attys Seek Big Payday For $100M Pattern Energy Deal

    Class attorneys are urging the Delaware Chancery Court to approve a $100 million settlement to end state and federal court litigation over Pattern Energy Group Inc.'s $6.1 billion go-private sale in 2020 and award them $26 million in fees for a deal they say is the largest of its kind in the Chancery's history.

  • April 10, 2024

    1st Circ. Says Appellant's Death Erases Conviction

    The First Circuit has vacated the stock fraud conviction of a biotech executive who died in prison, aligning itself with all the other federal circuits in adopting the longstanding principle that a defendant's death during a direct appeal of a conviction wipes out all the criminal proceedings from their inception.

  • April 10, 2024

    'Smart' Glass Maker View Escapes SPAC Merger Suit For Good

    "Smart" glass manufacturer View Inc. has permanently beaten a proposed investor class action over an internal probe it announced following its go-public merger with a special purpose acquisition company, with a California federal judge ruling that the lead plaintiff did not own View stock when the identified corrective disclosures occurred.

  • April 10, 2024

    Ex-BigLaw Atty In OneCoin Scam A Flight Risk, Feds Say

    A former Locke Lord LLP partner who was convicted of laundering proceeds from the OneCoin cryptocurrency scam has "every incentive" to flee the country, prosecutors told a New York federal judge, arguing he shouldn't be allowed to stay out on bail while his appeal is pending.

  • April 10, 2024

    Ginkgo Bioworks SPAC Investors Sue In Del. After Stock Drop

    Investors in the blank check company that took biotech firm Ginkgo Bioworks Inc. public in September 2021 have sued the venture's founders and insiders for unjust enrichment and fiduciary breaches in Delaware's Court of Chancery, alleging that the deal was propped up by false and misleading claims.

  • April 10, 2024

    PCAOB Fines KPMG, Deloitte Units $27M For Cheating Claims

    KPMG Netherlands and two Deloitte units will pay a combined $27 million to settle allegations from the Public Company Accounting Oversight Board of widespread answer sharing in their internal training programs, with KPMG's $25 million penalty marking the largest fine PCAOB has ever imposed.

  • April 09, 2024

    Six Firms Vie To Lead NY Community Bank Losses Suit

    Six firms seek to represent a proposed class of investors in a consolidated proposed class action alleging New York Community Bank misled investors about its struggles following its 2022 acquisition of Flagstar Bank and its 2023 acquisition of certain Signature Bank assets.

  • April 09, 2024

    Crypto Booster Says $1B SEC Fraud Suit Offends Free Speech

    The crypto founder known as Richard Heart told a federal judge in Brooklyn on Tuesday that the U.S. Securities and Exchange Commission violated his and others' free speech rights when it brought a case accusing him of selling $1 billion worth of unregistered digital asset securities across his projects and misappropriating customer assets.

  • April 09, 2024

    Crypto Trader Says $110M Mango Markets Trades Were Legit

    An attorney for a crypto trader accused of stealing $110 million from investors on the Mango Markets exchange through a market manipulation scheme told a Manhattan federal jury on Tuesday that his client was executing a legitimate trading strategy and had no intent to defraud anyone.

Expert Analysis

  • Perspectives

    6 Practice Pointers For Pro Bono Immigration Practice

    Author Photo

    An attorney taking on their first pro bono immigration matter may find the law and procedures beguiling, but understanding key deadlines, the significance of individual immigration judges' rules and specialized aspects of the practice can help avoid common missteps, says Steven Malm at Haynes Boone.

  • Series

    ESG Around The World: Canada

    Author Photo

    In Canada, multiple statutes, regulations, common law and industry guidance address environmental, social and governance considerations, with debate over ESG in the business realm potentially growing on the horizon, say attorneys at Blakes.

  • Lessons From Country Singer's Personal Service Saga

    Author Photo

    Recent reports that country singer Luke Combs won a judgment against a Florida woman who didn’t receive notice of the counterfeit suit against her should serve as a reminder for attorneys on best practices for effectuating service by electronic means, say attorneys at Jenner & Block.

  • How US Companies Can Wield The New Foreign Bribery Law

    Author Photo

    U.S. companies operating in high-risk markets can use the Foreign Extortion Prevention Act that passed last month to their advantage both in preventing bribe demands and in negotiating with the Justice Department to prevent prosecution or to receive cooperation credit, say attorneys at Squire Patton.

  • What To Expect From High Court In Corp. Disclosure Case

    Author Photo

    Oral argument in Macquarie v. Moab Partners — a case with the potential to significantly alter corporate disclosures and private securities litigation liability — suggests that the U.S. Supreme Court is focused on answering the narrow question presented, say Elizabeth Gingold Clark and Madeleine Juszynski Davidson at Alston & Bird.

  • New Tech, Old Tricks: How GCs Can Fight White Collar Crime

    Author Photo

    As emerging technologies like artificial intelligence and cryptocurrency provide bad actors with new avenues to commit classic crimes, general counsel should develop a strategy to future-proof their organizations against such threats and prepare for regulatory scrutiny, say directors at FTI Consulting.

  • Unpacking PCAOB's Sanctions Against China-Based Auditors

    Author Photo

    Following the Public Company Accounting Oversight Board's first major enforcement actions against audit firms located in China and Hong Kong for violating quality control standards, China-based U.S. issuers should be prepared for more rigorous audits in the upcoming cycle, and for continuing strict scrutiny from the regulator, say attorneys at Debevoise.

  • FERC Actions Signal Concern Over Investors' Utility Stakes

    Author Photo

    Two recent orders and a notice of inquiry from the Federal Energy Regulatory Commission on the subject of whether large investors are asserting control of public utilities signal increasing regulatory scrutiny of the investment community's influence over the electric power industry, say attorneys at Day Pitney.

  • 10 Global Antitrust Trends To Anticipate In 2024

    Author Photo

    Proactive navigation of the antitrust enforcement environment remains crucial this year as legal policy and tools evolve to meet intensifying global economic complexity, including geopolitical tensions, trade realignment, market volatility and inflation, say attorneys at Freshfields.

  • NY CRE Lenders Need Clarity On Foreclosure Standing

    Author Photo

    Recent contradictory New York case law regarding issues of standing in commercial real estate litigation creates confusion for borrowers and lenders alike, and should be addressed by courts in advance of the anticipated onslaught of commercial mortgage-backed securities foreclosures, say Christopher Gorman and John Muldoon at Rosenberg & Estis.

  • ERISA Litigation Faces New Frontiers In 2024

    Author Photo

    As plaintiffs firms explore novel theories for recovery and the Department of Labor attempts to broaden the definition of an investment advice fiduciary, 2024 could see new types of Employee Retirement Income Security Act litigation after just 100 class actions were filed last year, say attorneys at Groom Law.

  • Del. Ruling Guides On Advance Notice Bylaw Amendments

    Author Photo

    The Delaware Chancery's Court's recent denial of investment fund Paragon Technologies' injunction motion against Ocean Power Technologies underscores the importance of carefully crafting and enforcing corporate advance notice bylaw amendments, especially in light of universal proxy rules, say attorneys at Venable.

  • Series

    Baking Bread Makes Me A Better Lawyer

    Author Photo

    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.

  • Federal Courts And AI Standing Orders: Safety Or Overkill?

    Author Photo

    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.

  • Series

    NY Banking Brief: All The Notable Legal Updates In Q4

    Author Photo

    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.

Want to publish in Law360?


Submit an idea

Have a news tip?


Contact us here
Can't find the article you're looking for? Click here to search the Securities archive.
Hello! I'm Law360's automated support bot.

How can I help you today?

For example, you can type:
  • I forgot my password
  • I took a free trial but didn't get a verification email
  • How do I sign up for a newsletter?
Ask a question!