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Securities
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May 22, 2025
Lottery.com Execs Cop To Securities Fraud In SPAC Case
Two former Lottery.com executives pled guilty Thursday to their role in a scheme to fraudulently inflate reported revenues in a 2021 take-public deal involving the mobile and online lottery gaming platform company.
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May 22, 2025
EV Carmaker Lucid Gets Inflated Biz Suit Trimmed, Again
A California federal judge on Thursday again trimmed a proposed investor class action that alleges electric carmaker Lucid made misleading production forecasts, finding that the latest complaint still doesn't adequately allege the defendants knew some of the challenged statements were false when they were issued.
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May 22, 2025
Chegg Investors Get Final OK In $55M Student Cheating Deal
A California federal judge on Wednesday gave his blessing to a $55 million settlement resolving investor claims that educational technology company Chegg Inc. falsely attributed its "dramatic growth" during the COVID-19 pandemic to its sustainable business model, rather than to students using the platform to cheat.
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May 22, 2025
Fiber Optics Co.'s Leaders Sued Over Financial Restatements
Officers and directors of fiber optics technology company Luna Innovations Inc. are facing a shareholder derivative complaint after the company announced it would revise certain financial statements after prematurely recognizing certain revenue it hadn't actually earned yet.
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May 22, 2025
Proxy Proposal Omissions Rose Post-SEC Bulletin, Study Finds
There was a sharp drop in the total number of shareholder proxy proposals submitted this year and a rise in the number of submitted proposals that were omitted from corporate ballots following the U.S. Securities and Exchange Commission's rescission of past guidance, ISS Corporate Solutions Inc. said Thursday.
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May 22, 2025
7th Circ. Wary Of Crypto Fund Owner's Appeal Of $231M Fine
A Seventh Circuit panel on Thursday pressed counsel for a cryptocurrency fund operator challenging a $231 million judgment for running a Ponzi scheme to address whether he'd waived his argument that the digital tokens his funds invested in aren't "commodities" subject to regulation by the Commodity Futures Trading Commission by not raising it in the lower court.
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May 22, 2025
Gov't Presses High Court To Hear Activist Investor Suit
The federal government Thursday urged the U.S. Supreme Court to hear a case accusing a series of closed-end funds of shutting an activist investor out of its voting rights, arguing that the investor's lawsuit threatens to have an "unpredictable impact" on the private fund industry.
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May 22, 2025
Federal Gov't Backs States' BlackRock Coal Investments Suit
The federal government on Thursday threw its support behind a case from Texas and several other states that accuses investment groups including BlackRock Inc. of using their energy holdings to drive up coal prices under the guise of environmental concerns.
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May 22, 2025
Justices Allow Trump To Fire NLRB, MSPB Members, For Now
The U.S. Supreme Court on Thursday ruled two fired members of the National Labor Relations Board and the Merit Systems Protection Board cannot return to work while they challenge President Donald Trump's authority to fire them without cause, handing the president a win in his crusade against a 90-year-old precedent limiting his power to fire employees at independent agencies.
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May 22, 2025
Nuclear Power Co. Dodges Suit Over Contract Disclosures
Nuclear power company NuScale Power Corp. and its top brass have escaped, for now, a proposed investor class action alleging the company failed to disclose certain issues affecting two purportedly lucrative contracts it touted to shareholders, including one tied to crypto mining, with an Oregon federal judge finding the investors failed to plead any actionable misleading statements, among other things.
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May 22, 2025
Chancellor Wants Del. High Court To Review 'DExit' Corp. Law
Delaware's chancellor wants the state's high court to weigh in on a constitutional challenge of the controversial corporate law overhaul signed into law in March in an attempt to stave off more corporate charter relocations and protect the state's legal industry and $2 billion in annual corporate franchise fees.
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May 22, 2025
Silvergate Estate To Chip In For $37.5M Investor Settlement
Silvergate Capital and investors suing over its collapse have reached a $37.5 million deal with a "rare" source of partial funding to resolve claims that the failed crypto-focused bank misrepresented its safeguards against onboarding customers like FTX, the fraud-ridden crypto exchange that made up roughly a sixth of the bank's deposit base.
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May 21, 2025
Tech CEO Duped Investors, Faked Blockchain Deals, Feds Say
The co-founder and CEO of Amalgam Capital Ventures on Wednesday was charged with defrauding investors in the purported blockchain-based software startup by lying about sky-high revenue projections and partnerships with well-known businesses, including major league sports teams and top payment processing platforms.
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May 21, 2025
Fox Accuses Smartmatic Of Destroying 'Critical' Evidence
Fox News on Wednesday called for Smartmatic to be sanctioned, claiming that nearly two-dozen executives and other employees at the voting tech company destroyed "critical" evidence related to the company's defamation case against the television network, an accusation that comes a week after Smartmatic said Fox deleted relevant texts.
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May 21, 2025
CFTC Member Says Enforcement Needs More Transparency
The U.S. Commodity Futures Trading Commission's Christy Goldsmith Romero on Wednesday called on the agency to be more transparent about its enforcement decisions, while laying out the factors she weighs in crediting firms for self-reporting and cooperation.
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May 21, 2025
House Panel Advances Bills Easing Securities, Banking Regs
The U.S. House of Representatives Financial Services Committee this week approved 25 bills largely aimed at reducing capital markets and banking regulations, moving the deregulatory proposals forward for consideration by the full House.
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May 21, 2025
Title Insurance Co. Fights Treasury All-Cash Resi Deals Rule
A title insurance company and a subsidiary have filed suit in Florida federal court challenging new reporting requirements for all-cash real estate closings, saying the rule exceeds the U.S. Department of the Treasury's Financial Crimes Enforcement Network's authority.
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May 21, 2025
AbbVie Gets Victory In Allergan Shareholder Suit Upheld
An Illinois state appellate panel said Wednesday that a trial court properly dismissed a shareholder class action against biopharmaceutical company AbbVie Inc. that accused the drugmaker of issuing unregistered shares to investors after acquiring Irish pharmaceutical company Allergan.
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May 21, 2025
Chancery Orders Nominating Do-Over For Ionic Board Vote
Citing overwhelming trial evidence, a Delaware vice chancellor on Wednesday told bankrupt Celsius Network's Ionic Digital successor to reopen a board nomination window after finding that the company wrongly eliminated one of two director seats ahead of an election in a defensive move targeting dissident candidates.
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May 21, 2025
Intel Investors Say They Fixed Suit Over Chipmaking Woes
Intel Corp. investors say a California federal judge should reject the company's bid to dismiss a suit claiming it concealed problems in its domestic computer chipmaking business, arguing they have fixed all potential deficiencies in the suit that previously led to its dismissal.
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May 21, 2025
NY Firm To Repay $1M, Avoids Fine Over Illiquid Investments
New York-based broker-dealer David Lerner Associates Inc. has agreed to pay more than $1 million in restitution to end the Financial Industry Regulatory Authority's allegations that the firm's inadequate supervisory system failed to flag representatives' recommendation of illiquid limited partnerships to thousands of customers, in a settlement that includes no fine against the firm.
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May 21, 2025
Payday Lender's Ex-CEO Pleads Guilty In $66M Ponzi Scheme
The former CEO of a Miami payday loan company pled guilty Wednesday to operating a Ponzi scheme that prosecutors say fraudulently raised $66 million from more than 500 investors.
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May 21, 2025
Kronos Bio Shareholder Says Sale Unfairly Benefits Execs
Kronos Bio is facing a new shareholder suit claiming its plan to be acquired by another biopharmaceutical company will unfairly entitle Kronos executives to "lucrative" benefits unavailable to public shareholders.
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May 21, 2025
SafeMoon CEO Convicted Of Looting Crypto Company
A Brooklyn federal jury on Wednesday quickly found the former CEO of SafeMoon guilty of conspiring to loot over $40 million from the cryptocurrency firm, making him the second former top leader of the once-hot company to be convicted while its founder remains a fugitive.
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May 21, 2025
Sheppard Mullin Lands Alston & Bird, Dechert Attys
Sheppard Mullin Richter & Hampton LLP has brought on a former Alston & Bird LLP partner in its Dallas office and a former Dechert LLP partner in its San Francisco office, strengthening the firm's finance and bankruptcy practice and business trial practice.
Expert Analysis
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What Rodney Hood's OCC Stint Could Mean For Banking
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.
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Opinion
We Must Allow Judges To Use Their Independent Judgment
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.
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4 Actions For Cos. As SEC Rebrands Cyber Enforcement Units
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.
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New SEC Guidance May Change How Investors, Cos. Talk
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.
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4 Key Payments Trends For White Collar Attys
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.
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Series
Performing Stand-Up Comedy Makes Me A Better Lawyer
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.
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Series
Adapting To Private Practice: From SEC To BigLaw
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.
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What's Old And New In The CFTC's Self-Reporting Advisory
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.
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How Trump's Crypto Embrace Is Spurring Enforcement Reset
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.
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Making The Case For Rest In The Legal Profession
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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During Financial Regulatory Uncertainty, Slow Down And Wait
Amid the upheaval at the Consumer Financial Protection Bureau and the slowdown in activity at the prudential agencies, banks must exercise patience before adopting strategic and tactical plans, as well as closely monitor legal and regulatory developments concerning all the federal financial regulators, say attorneys at Dorsey.
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Opinion
It's Time To Fix The SEC's Pay-To-Play Rule
Nearly 15 years after its adoption, the U.S. Securities and Exchange Commission's pay-to-play rule is not working as intended — a notion recently echoed by SEC Commissioner Hester Peirce — and the commission should reconsider the strict liability standard, raise the campaign contribution limits and remove the look-back provision, say attorneys at WilmerHale.
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4 Ways Women Attorneys Can Build A Legal Legacy
This Women’s History Month, women attorneys should consider what small, day-to-day actions they can take to help leave a lasting impact for future generations, even if it means mentoring one person or taking 10 minutes to make a plan, says Jackie Prester, a former shareholder at Baker Donelson.
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Why A Rare SEC Dismissal May Not Reflect A New Approach
While the U.S. Securities and Exchange Commission's pending dismissal of its case against Silver Point is remarkable to the extent that it reflects a novel repudiation of a decision made during the prior commission, a deeper look suggests it may not represent a shift in policy approach, say attorneys at Weil.
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Deficiency Trends In National Futures Association Exams
A recent notice from the National Futures Association outlining the most common deficiencies uncovered during exams gives member firms an opportunity to review prior guidance, particularly regarding the hot topic of implementing procedures governing the use of outsourced service providers, say attorneys at Akin.