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Securities
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May 08, 2024
FTX Says Full Recovery Coming Based On 2022 Crypto Price
Bankrupt cryptocurrency exchange FTX Trading Ltd. has claimed its proposed Chapter 11 plan would be able to pay creditors in full with a $13 billion distribution that exceeds the estimated allowable $11.2 billion in claims, but the payout is based on the value of cryptocurrency in November 2022, when the exchange filed for bankruptcy protection.
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May 08, 2024
Bill To Undo SEC Crypto Accounting Bulletin Passes House
Lawmakers in the U.S. House of Representatives on Wednesday voted to overturn the U.S. Securities and Exchange Commission's controversial cryptocurrency accounting guidance despite protests from Democrats to take a more targeted approach to amend the directive and a White House pledge to veto the bill.
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May 08, 2024
Truth Social Backer's Insider Trading Alibi In Jury's Hands
A Manhattan federal jury weighed charges Wednesday against a Florida investor accused of fueling a $23 million insider trading scheme that exploited confidential plans to take Truth Social public, after the defense argued it was someone else who tipped speculators.
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May 08, 2024
SEC Doubles Down On $2B Ripple Labs Sanction Bid
The U.S. Securities and Exchange Commission is standing by its call for crypto platform Ripple Labs to pay $2 billion as punishment for selling unregistered securities, telling a New York federal judge that a lower penalty would send the wrong message to the industry at large.
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May 08, 2024
AMC Objector Says Chancery Settlement Lacked Due Process
An AMC Entertainment Inc. stockholder who opposed a class settlement that the company reached with other shareholders to end Chancery Court litigation over a controversial share conversion told Delaware's Supreme Court Wednesday that the deal should be unwound for lack of due process.
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May 08, 2024
SEC Says Startup Founder Siphoned $10.8M In Investor Funds
The U.S. Securities and Exchange Commission has filed suit against the CEO of a chemical coatings startup, alleging that over roughly four years, the executive "siphoned off" $10.8 million, or roughly a third of the $32.5 million his company raised from investors and spent it on extravagances including a private jet.
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May 08, 2024
Labaton, Boston Pension Win Bid to Lead NYCB Investor Suit
A New York magistrate judge appointed Boston's municipal pension plan and its attorneys from Labaton Keller Sucharow LLP to lead a proposed securities class action against New York Community Bancorp Inc. after the pension plan successfully showed that the plaintiff with the greatest losses bought their shares too late.
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May 08, 2024
Prison Officer Gets 2 Years For Bribes Linked To Rajaratnam
A former federal corrections officer in Massachusetts who accepted bribes and a loan from a billionaire inmate, reportedly the convicted insider trader Raj Rajaratnam, was sentenced Wednesday to two years in prison for engaging in what a Boston federal judge called "corruption of the most dangerous sort."
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May 08, 2024
Robins Kaplan File Flub Bad Look For Both Sides, Panel Says
A Manhattan appeals panel expressed concern Wednesday that Robins Kaplan LLP had poked through an opposing party's Dropbox database that was accidentally shared in investor litigation, while also criticizing the other side for failing to catch the error.
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May 08, 2024
SEC Fines Real Estate Developer Over Unregistered Offering
A real estate development company and its owner will pay $250,000 to settle the U.S. Securities and Exchange Commission's claims they sold investors $1.4 million in promissory notes in an unregistered offering.
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May 08, 2024
Scooter Co.'s Mismanagement Cost ESOP Millions, Suit Says
A scooter company violated federal benefits law by putting too much of workers' retirement funds into investments that produced meager returns and causing its employee stock ownership plan to lose out on about $3.3 million since 2018, a proposed class action filed in Pennsylvania federal court said.
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May 08, 2024
Shockwave Medical Investor Challenges $13B Deal With J&J
A shareholder of cardiovascular treatment company Shockwave Medical Inc. is attempting to halt the company's "unfair" $13 billion proposed transaction with Johnson & Johnson by filing a securities suit, saying the transaction will only benefit company insiders and damage public shareholders.
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May 08, 2024
Icahn, Xerox Investors Settle Nixed HP Merger Suit For $2.2M
Carl Icahn will pay $2.2 million to Xerox under an agreement reached with a pair of the company's stockholders, who accused the billionaire investor in a consolidated shareholder derivative lawsuit of trading on non-public information regarding Xerox's now-doomed bid to acquire HP Inc. for $33 billion.
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May 08, 2024
Gibson Dunn Adds Ex-Wachtell, Paul Weiss Attys As Partners
Gibson Dunn & Crutcher LLP has added a former Wachtell Lipton Rosen & Katz corporate attorney and a former Paul Weiss Rifkind Wharton & Garrison LLP lawyer who specializes in liability management as partners in New York, the firm has announced.
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May 08, 2024
Skadden Taps SoFi Bank, Shearman Attys For Co-Lead Roles
Skadden Arps Slate Meagher & Flom LLP has hired two new co-leaders of its financial institutions regulatory group to advise banks, financial institutions and other market participants on regulatory and legislative developments, the firm announced Wednesday.
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May 08, 2024
A Foley Hoag Co-Chair Joins Litigation Firm As Name Partner
Litigation and dispute resolution firm Elliott Kwok Levine & Jaroslaw LLP will operate under a new name after welcoming as its newest name partner a former federal prosecutor who most recently co-chaired Foley Hoag LLP's white-collar crime and government investigations practice.
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May 07, 2024
Apple's $490M Investor Deal Needs 'A Little Bit More Work'
A California federal judge refused Tuesday to preliminarily approve Apple's $490 million deal to end investors' class action alleging they were misled about iPhone sales in China, saying that while key terms are "satisfactory," the plan needs "a little bit more work," like fixing a "convoluted" notice to investors.
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May 07, 2024
Astec Inks $13.7M Investor Deal Over Wood Pellet Plant Woes
An investor in manufacturer Astec Industries Inc. has asked a Tennessee federal judge for an initial green light on a $13.7 million deal to end claims the company misrepresented business prospects for its wood pellet plants.
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May 07, 2024
5th Circ. Urged To Reject Challenge To Board Diversity Rule
The NAACP Legal Defense and Educational Fund urged the Fifth Circuit not to upend a Nasdaq Stock Market rule meant to encourage corporate board diversity, saying in a brief Monday that the rule's opponents have staked out a "radical" position on the equal protection clause of the U.S. Constitution that threatens to "entrench ... barriers to opportunity."
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May 07, 2024
SEC Says Morrison Can't Save Terraform From Disgorgement
The U.S. Securities and Exchange Commission said bankrupt crypto firm Terraform Labs should remain on the hook for potentially $3.6 billion in disgorgement over its fraud trial loss, saying any claims that its unregistered transactions took place beyond the court's reach are undermined by the agency's congressional authority.
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May 07, 2024
Pharma Co. Falsely Touted Obesity Drug Results, Suit Claims
Biopharmaceutical company Altimmune Inc. and three of its executives were hit with a proposed class action alleging they overstated the clinical trial results and prospects of its obesity drug and its ability to compete with other weight loss medications like Ozempic.
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May 07, 2024
FINRA Fines Broker M1 Over Short Sale Identification Errors
Financial services provider M1 Finance has agreed to pay $400,000 to the Financial Industry Regulatory Authority to settle claims that it failed to correctly identify 12 million short sales, inaccurately marking those orders as "long."
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May 07, 2024
Bloom Energy Gets Final OK For $3M Settlement Over IPO
A California federal judge has granted final approval to a $3 million settlement between Bloom Energy Corp. and investors to resolve claims that the company, its leadership and underwriters for its initial public offering misrepresented or omitted key information in the IPO registration statement.
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May 07, 2024
Trump Media Co-Founders Seek Chancery Contempt Order
Two early investors in Trump Media & Technology Group have called for a Delaware Court of Chancery contempt ruling against Donald Trump's Truth Social media company, saying its attempt to claim their shares in a Florida lawsuit contradicted earlier representations in Delaware.
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May 07, 2024
Cashless Pay Co., Axis Toss Securities Action Coverage Row
An electronic payments company and Axis Insurance Co. voluntarily tossed their dispute Tuesday over coverage for a consolidated securities action and other claims alleging that certain company executives breached their fiduciary duties through financial reporting and accounting failures.
Expert Analysis
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How Advance Notice Bylaws Are Faring In Del. Courts
Recent decisions make it clear that the Delaware Chancery Court is carefully reviewing public companies' amended advance notice bylaws in order to balance the competing interests of boards and shareholders, and will likely strike down bylaws that improperly interfere with stockholder franchises, say attorneys at Olshan Frome.
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Employers, Prep For Shorter Stock Awards Settlement Cycle
Companies that provide equity compensation in the form of publicly traded stock will soon have one less day to complete such transactions under U.S. Securities and Exchange Commission and Nasdaq rules — so employers should implement expedited equity compensation stock settlement and payroll tax deposit procedures now, say attorneys at Morgan Lewis.
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New FinCEN Guide Provides Useful BOI Context For Banks
Financial institutions should review a new Financial Crimes Enforcement Network compliance guide for helpful details about how the agency's beneficial ownership information database should be used, though questions remain about the access rule and whether it will truly streamline bank borrowers' Corporate Transparency Act due diligence, says George Singer at Holland & Hart.
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Strategies For Single-Member Special Litigation Committees
The Delaware Supreme Court's recent order in the Baker Hughes derivative litigation allowing testimony from a single-member special litigation committee highlights the fact that, while single-member SLCs are subject to heightened scrutiny, they can also provide unique opportunities, says Josh Bloom at MoloLamken.
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Lessons For D&O Policyholders From Pharma Co. Ruling
A California federal court's recent decision in AmTrust v. 180 Life Sciences, requiring insurers to advance defense costs for a potentially covered claim, provides a valuable road map for directors and officers insurance policyholders, rebutting the common presumption that a D&O insurer's duty to advance costs is more limited than under other policies, say attorneys at Pasich.
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How Firms Can Ensure Associate Gender Parity Lasts
Among associates, women now outnumber men for the first time, but progress toward gender equality at the top of the legal profession remains glacially slow, and firms must implement time-tested solutions to ensure associates’ gender parity lasts throughout their careers, say Kelly Culhane and Nicole Joseph at Culhane Meadows.
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7 Common Myths About Lateral Partner Moves
As lateral recruiting remains a key factor for law firm growth, partners considering a lateral move should be aware of a few commonly held myths — some of which contain a kernel of truth, and some of which are flat out wrong, says Dave Maurer at Major Lindsey.
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Basics Of Bank Regulators' Push For Discount Window Use
As the Federal Reserve and Office of the Comptroller of the Currency emphasize short-term liquidity risk management as central to preventing spring 2023-style bank collapses, banks should carefully tune into regulators’ remarks encouraging use of the Fed’s discount window, which some policymakers identify as a key component in the evolution of liquidity regulation and backstop lending, say attorneys at Arnold & Porter.
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How Broker-Dealers Can Prepare For New Remote Work Rules
Securities regulators recently expanded broker-dealers' ability to permit flexible remote working arrangements through the introduction of residential supervisory locations, a welcome change that better allows broker-dealers to attract and retain talent, say attorneys at King & Spalding.
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Series
Cheering In The NFL Makes Me A Better Lawyer
Balancing my time between a BigLaw career and my role as an NFL cheerleader has taught me that pursuing your passions outside of work is not a distraction, but rather an opportunity to harness important skills that can positively affect how you approach work and view success in your career, says Rachel Schuster at Sheppard Mullin.
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Considerations For Disclosing AI Use In SEC Filings
Recent remarks from U.S. Securities and Exchange Commission Chair Gary Gensler should be heard as a clarion call for public companies to disclose artificial intelligence use, with four takeaways on what companies should disclose, says Richard Hong at Morrison Cohen.
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Unpacking The New Russia Sanctions And Export Controls
Although geographically broad new prohibitions the U.S., U.K. and EU issued last week are somewhat underwhelming in their efforts to target third-country facilitators of Russia sanctions evasion, companies with exposure to noncompliant jurisdictions should pay close attention to their potential impacts, say attorneys at Shearman.
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Args In APA Case Amplify Justices' Focus On Agency Power
In arguments last week in Corner Post v. Federal Reserve, the U.S. Supreme Court justices paid particular importance to the possible ripple effects of their decision, which will address when a facial challenge to long-standing federal rules under the Administrative Procedure Act first accrues and could thus unleash a flood of new lawsuits, say attorneys at Snell & Wilmer.
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Mitigating Whistleblower Risks After High Court UBS Ruling
While it is always good practice for companies to periodically review whistleblower trainings, policies and procedures, the U.S. Supreme Court’s recent whistleblower-friendly ruling in Murray v. UBS Securities helps demonstrate their importance in reducing litigation risk, say attorneys at Arnold & Porter.
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Series
ESG Around The World: Gulf Cooperation Council
The Gulf Cooperation Council is in the early stages of ESG policy implementation, but recent commitments by both states and corporations — including increases in sustainable finance transactions, environmental commitments, female representation on boards and human rights enforcement — show continuing progress toward broader ESG goals, say attorneys at Cleary.