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Securities
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June 20, 2024
Del. House Sends Controversial Corp. Law Changes To Gov.
Delaware legislation that would allow corporate boards to cede some governance rights to chosen stockholders cleared the state's House by a wide margin late Thursday, heading to Gov. John Carney after debate that saw dire predictions for either outcome.
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June 20, 2024
SEC Official Seeks To Ease Concerns Over Cybersecurity Rule
The director of the U.S. Securities and Exchange Commission's corporation finance division reassured public companies on Thursday that the agency's recently adopted rule requiring them to make certain disclosures regarding material cybersecurity incidents does not prohibit them from sharing additional details with third parties.
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June 20, 2024
Kraken Unlikely To Escape SEC's Crypto Exchange Case
A California federal judge said Thursday that he was not inclined to dismiss a U.S. Securities and Exchange Commission lawsuit claiming that cryptocurrency exchange Kraken illegally operated as an unregistered securities exchange, telling the company's lawyer, "You've got your work cut out for you" to change his mind.
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June 20, 2024
FDIC Expands Requirements For Big-Bank Resolution Plans
The Federal Deposit Insurance Corp. on Thursday adopted expanded resolution-planning requirements for large banks and approved a measure intended to cut down on delays in the agency's handling of bank merger applications.
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June 20, 2024
Ontrak Founder's Insider Trading Case Goes To Calif. Jury
Federal prosecutors delivered closing arguments Thursday in the insider trading trial of Ontrak's founder, telling jurors that he hurriedly dumped $20 million of shares in the healthcare company after discovering its biggest client was going to terminate their deal, while defense counsel argued he was simply exercising expiring warrants.
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June 20, 2024
Sunnova Execs Committed Insider Trading, Shareholder Says
A shareholder says solar energy company Sunnova Energy International Inc.'s executives lied about the company's predatory sales practices and opened the company up to securities litigation and heat from regulators, telling a Texas federal court Thursday that the executives breached their fiduciary duties.
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June 20, 2024
Oprah Special Hiked Viacom Price, Archegos Trader Concedes
An attorney for Archegos Capital Management LP founder Bill Hwang attempted Thursday to undercut testimony that the hedge fund boss had total control over his portfolio companies, getting a key cooperator to agree that ViacomCBS Inc.'s share price was at one point boosted by Oprah Winfrey's interview with Prince Harry and Meghan Markle.
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June 20, 2024
Chancery Preserves Most Of Hertz Shareholder Buyback Suit
Several Hertz directors who authorized $4 billion in stock buybacks in 2022 that vaulted a private equity-based shareholder into a controlling position will have to face claims in Delaware's Court of Chancery that they breached their fiduciary duties to the company.
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June 20, 2024
Crypto Co. Says SEC Won't Bring Case Over Ethereum
Ethereum-focused software firm Consensys won't face an action over its dealings with the cryptocurrency ether, according to a notice from the U.S. Securities and Exchange Commission, but its preemptive lawsuit against the regulator is set to continue as the agency doesn't appear to have dropped concerns over Consensys products that deal in other assets.
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June 20, 2024
SEC Says Supposed Mining Co. Lacked Any Mining Claims
The U.S. Securities and Exchange Commission has filed a suit in Colorado federal court against a purported natural resource development and mining company and its executives, accusing them of lying about acquiring mining rights in an attempt to sell its shares.
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June 20, 2024
PPG Sues Westlake In Delaware Over $707M Brazil Liability
Pittsburgh global paint supplier PPG Industries Inc. has sued chemical supplier Westlake Corp. in Delaware's Court of Chancery, accusing Westlake of breaching a 2012 agreement to accept liabilities related to a cargo ship fire that happened off the coast of Brazil in 1998.
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June 20, 2024
Dickinson Wright Brings On McDermott, Bell Nunnally Attys
Dickinson Wright PLLC added a pair of new members who include a commercial finance and real estate attorney from Bell Nunnally & Martin LLP based in Austin, Texas, and a tax and incentives attorney from McDermott Will & Emery LLP in Fort Lauderdale, Florida.
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June 18, 2024
Qualcomm Investors Ink $75M Deal Over Licensing Practices
Qualcomm Inc. investors asked a California federal judge to greenlight a $75 million settlement that would resolve their claims that the chipmaker misled the market by stating it kept its licensing and chip-supply businesses separate when it regularly bundled the two in negotiations and agreements.
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June 18, 2024
RR Donnelley Pays $2.1M To Settle SEC Claims Over Hack
Marketing and communications giant R.R. Donnelley & Sons has reached a deal with the U.S. Securities & Exchange Commission to pay over $2.1 million to settle claims over a 2021 cybersecurity incident that stemmed from poor internal controls and disclosure failures, the agency announced Tuesday.
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June 18, 2024
9 Firms Vie To Lead Suit Over Ad Tech Co.'s Microsoft Ties
Pomerantz LLP, Levi & Korsinsky LLP and several other firms have filed competing bids to lead a proposed shareholder class action alleging that shares of ad tech company Perion Network declined nearly 40% after its strategic partner Microsoft Bing "unilaterally" changed its search advertising pricing.
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June 18, 2024
SEC's Ether Orders Spur Hope For Crypto, Caution From Attys
The crypto industry received a step toward clarity when the U.S. Securities and Exchange Commission's approval of exchange-traded products holding the token ether signified the cryptocurrency isn't a security subject to SEC regulation, but attorneys say they remain cautious when counseling clients on how to deal in the asset.
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June 18, 2024
Del. House Panel Splits On Senate-Passed Corp. Law Change
A divided Delaware House committee released on Tuesday contested amendments to the state's general corporation law, sending the measure toward a full House vote after sometimes edgy testimony that included a committee chair's shutdown of an opposing law professor's reference to HBO's seamy corporate drama series "Succession."
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June 18, 2024
CFTC Awards $8M To Whistleblower Behind Multiple Actions
The Commodity Futures Trading Commission has announced it awarded more than $8 million to an insider whistleblower who the agency said provided significant information that led to multiple enforcement actions from multiple agencies.
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June 18, 2024
Crypto Firm Latinum Can't Arbitrate Investors' Fraud Suit
A Michigan federal judge discerned that crypto firm Bitcoin Latinum can't send claims it duped investors out of promised digital assets to arbitration considering it didn't raise the issue in the two years since the suit was brought.
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June 18, 2024
Fed Should Vote Now On Basel Capital Hike Plan, Warren Says
U.S. Sen. Elizabeth Warren has accused Federal Reserve Chair Jerome Powell of "doing the bank industry's bidding" as federal regulators look to back off of significant proposed increases to big-bank capital requirements, saying he should instead put those increases to a board vote by the end of June.
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June 18, 2024
Sterling Bank Ex-CEO Won't Face Charges Over Loan Program
The founder and former CEO of Sterling Bank and Trust, who has been investigated in connection with a fraud-plagued loan program, will not face criminal charges from the U.S. Department of Justice, according to Michigan federal court documents filed Monday.
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June 18, 2024
Archegos Trader Doubles Down On Hwang Accusations
A former protégé of Archegos founder Bill Hwang told New York federal jurors Tuesday that the hedge fund boss directed manipulative and improper trading, pushing back on insinuations by Hwang's counsel that the trades were above-board.
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June 18, 2024
Social Media Stock Promoter Beats Trader's Suit For Good
A Texas federal judge has tossed a suit from a stock trader alleging a social media stock promoter artificially drove up share prices, saying the promoter did not have any duty to disclose to the trader his plans to sell the shares.
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June 18, 2024
MoFo Brings On SEC Veteran From Skadden In DC
Morrison Foerster LLP has expanded its public company advisory and governance offerings in Washington, D.C., with the addition of an attorney from Skadden Arps Slate Meagher & Flom LLP.
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June 18, 2024
Musk Pay Claims Still Alive After Texas Vote, Chancery Told
Attorneys for Tesla stockholders who won a Court of Chancery order voiding CEO Elon Musk's mammoth stock-based compensation plan in January are rejecting as having no legal effect a vote last week to ratify the same 10-year package, once valued at $56 billion.
Expert Analysis
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What DOL Fiduciary Rule Means For Private Fund Managers
Attorneys at Ropes & Gray discuss how the U.S. Department of Labor's recently released final fiduciary rule, which revises the agency's 1975 regulation, could potentially cause private fund managers' current marketing practices and communications to be considered fiduciary advice, and therefore subject them to strict prohibitions.
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Best Practices For Chemical Transparency In Supply Chains
A flurry of new and forthcoming regulations in different jurisdictions that require disclosure of potentially hazardous substances used in companies' products and processes will require businesses to take proactive steps to build chemical transparency into their supply chains, and engage robustly and systematically with vendors, says Jillian Stacy at Enhesa.
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What 11th Circ. Fearless Fund Ruling Means For DEI In Courts
The Eleventh Circuit's recent backing of a freeze on the Fearless Fund's grants to women of color building new companies marks the latest major development in litigation related to diversity, equity and inclusion and may be used to question other DEI programs targeted at providing opportunities to certain classes of individuals, say attorneys at Simpson Thacher.
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Money, Money, Money: Limiting White Collar Wealth Evidence
As courts increasingly recognize that allowing unfettered evidence of wealth could prejudice a jury against a defendant, white collar defense counsel should consider several avenues for excluding visual evidence of a lavish lifestyle at trial, says Jonathan Porter at Husch Blackwell.
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Unpacking The Latest Tranche Of Sanctions Targeting Russia
Hundreds of new U.S. sanctions and export-control measures targeting trade with Russia, issued last week in connection with the G7 summit, illustrate the fluidity of trade-focused restrictions and the need to constantly refresh compliance analyses, say attorneys at Ropes & Gray.
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How Associates Can Build A Professional Image
As hybrid work arrangements become the norm in the legal industry, early-career attorneys must be proactive in building and maintaining a professional presence in both physical and digital settings, ensuring that their image aligns with their long-term career goals, say Lana Manganiello at Equinox Strategy Partners and Estelle Winsett at Estelle Winsett Professional Image Consulting.
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How Cooperation Contracts Can Ease Disorder In Loan Trades
Significant challenges to settling trades can arise when lenders of syndicated bank loans enter into defense-oriented cooperation agreements, which are growing in popularity, but working through these issues on the front end of a trade can save hours down the road, says Robert Waldner at Crowell & Moring.
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Emerging Trends In ESG-Focused Securities Litigation
Based on a combination of shareholder pressure, increasing regulatory scrutiny and proposed rulemaking, there has been a proliferation of litigation over public company disclosures and actions regarding environmental, social, and governance factors — and the overall volume of such class actions will likely increase in the coming years, say attorneys at Mintz.
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Firms Must Rethink How They Train New Lawyers In AI Age
As law firms begin to use generative artificial intelligence to complete lower-level legal tasks, they’ll need to consider new ways to train summer associates and early-career attorneys, keeping in mind the five stages of skill acquisition, says Liisa Thomas at Sheppard Mullin.
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Next Steps After 5th Circ. Nixes Private Fund Adviser Rules
The Fifth Circuit's recent toss of key U.S. Securities and Exchange Commission rules regarding private fund advisers represents a setback for the regulator, but open questions, including the possibility of an SEC petition to the U.S. Supreme Court, mean it's still too early to consider the matter closed, say attorneys at Debevoise.
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Think Like A Lawyer: Always Be Closing
When a lawyer presents their case with the right propulsive structure throughout trial, there is little need for further argument after the close of evidence — and in fact, rehashing it all may test jurors’ patience — so attorneys should consider other strategies for closing arguments, says Luke Andrews at Poole Huffman.
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Takeaways From Nat'l Security Division's Historic Declination
The Justice Department National Security Division's recent decision not to prosecute a biochemical company for an employee's export control violation marks its first declination under a new corporate enforcement policy, sending a clear message to companies that self-disclosure of misconduct may confer material benefits, say attorneys at Perkins Coie.
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Deciphering SEC Disgorgement 4 Years After Liu
Since the U.S. Supreme Court’s 2020 decision in Liu v. U.S. Securities and Exchange Commission to preserve SEC disgorgement with limits, courts have continued to rule largely in the agency’s favor, but a recent circuit split over the National Defense Authorization Act's import may create hurdles for the SEC, say attorneys at Ropes & Gray.
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Updates To CFTC Large Trader Report Rules Leave Questions
The U.S. Commodity Futures Trading Commission's updated large trader position reporting rules for futures and options is a much-needed change that modernizes a rule that had gone largely untouched since the 1980s, but the updates leave important questions unanswered, say Katherine Cooper and Maggie DePoy at BCLP.
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Risks And Promises Of AI In The Financial Services Industry
Generative artificial intelligence has immense potential to revolutionize the financial services industry, but firms considering its use should first prepare to show their customers and the increasingly divided international regulatory community that they can manage the risks inherent to the new technology, say attorneys at Gibson Dunn.