Securities

  • June 03, 2021

    Biden Picks Davis Polk Partner To Be Treasury Dept. GC

    President Joe Biden has picked a Davis Polk & Wardwell LLP white collar defense partner who was a U.S. attorney during the Obama administration to serve as the next general counsel of the U.S. Treasury Department.

  • June 03, 2021

    Ex-Theranos CEO Can't Have Atty Privilege Via Boies Schiller

    Former Theranos CEO Elizabeth Holmes can't claim attorney-client privilege to prevent federal prosecutors from using her communications with the company's attorneys at Boies Schiller Flexner LLP at her upcoming fraud trial, a California federal judge found Thursday.

  • June 03, 2021

    SEC's Roisman Offers Ways To Cut ESG Disclosure Costs

    Despite his "reservations" about the U.S. Securities and Exchange Commission developing a more prescriptive environmental, social and governance disclosure framework, Commissioner Elad Roisman on Thursday put his two cents in on how to minimize costs and burdens for firms if the anticipated new rules become a reality.

  • June 03, 2021

    Biden Expands Investment Ban On Chinese Military Cos.

    President Joe Biden on Thursday expanded a policy banning U.S. investments in companies affiliated with the Chinese military to include surveillance technology manufacturers, while shifting authority to make related designations from the Pentagon to the U.S. Department of the Treasury.

  • June 03, 2021

    Dolan's MSG Merger An End-Run Around Investors, Suit Says

    Madison Square Garden owner James Dolan wasn't playing fair when he and the board tried to juke a Delaware law requiring that minority investors approve the merger of his media and live-entertainment empires, according to a putative investor class action filed in Chancery Court.

  • June 03, 2021

    3rd Circ. Won't Revive Charity's Suit Over BNY Mellon Fees

    The Third Circuit on Thursday declined to revive a Pennsylvania philanthropic organization's lawsuit alleging BNY Mellon misrepresented its fees, reasoning that a district court made "exceptionally well-reasoned and thorough" decisions dismissing the case.

  • June 03, 2021

    SEC Waives Tipster Filing Deadline To Award $23M In Payouts

    The U.S. Securities and Exchange Commission waived a filing deadline to pave the way for a $10 million payout to one of two whistleblowers whose tips helped expose a "complex and fraudulent" scheme.

  • June 03, 2021

    Timber Scam Receiver Seeks $3M Following Butler Snow Deal

    A federal receiver appointed in the wake of a massive timber industry scam in Mississippi is seeking more than $3 million in fees after reaching a multimillion-dollar settlement with Butler Snow LLP, which the receiver had accused of furthering the fraud.

  • June 03, 2021

    Ill. Trader Admits He Used Investors' $750K For Himself

    An Illinois trader admitted Thursday that he defrauded people close to him out of at least $750,000 by lying about how he would spend and repay their funds while using the money to pay off personal debts and expenses.

  • June 03, 2021

    Rising Star: Jones Day's Ashley F. Heintz

    Recently minted Jones Day partner Ashley F. Heintz was instrumental in Jarden Corp.'s landmark defeat of an appraisal challenge to its $13.2 billion sale, has played key roles in defending several high-stakes securities litigations and still finds time to offer pro bono services to greater Atlanta, earning her a spot as one of seven securities attorneys under age 40 honored by Law360 as Rising Stars.

  • June 03, 2021

    Investors Sue Amazon For Docs On Market Clout, Tax Parries

    An Amazon.com Inc. pension fund investor sued the online retail conglomerate in Delaware's Chancery Court on Thursday, seeking expedited action on demands for records on director and officer handling of alleged anti-competitive conduct and tax-avoidance tactics.

  • June 03, 2021

    Dutch Class Action Against Petrobras Moves Forward

    Brazilian state-owned oil company Petrobras could be on the hook for billions of dollars after a Netherlands court gave investors permission to continue a group fraud suit, a litigation group announced on Thursday.

  • June 02, 2021

    Emergent Faces Investor Suit Over Destroyed COVID Vaccines

    Emergent Biosolutions and its top executives were hit with a proposed class action Wednesday brought by an investor alleging misrepresentations and omissions concerning quality control problems at the company's facility in Maryland culminated in the destruction of up to 100 million doses of Johnson & Johnson and AstraZeneca COVID-19 vaccines.

  • June 02, 2021

    OCC's Hsu Says Crypto Charters 'On The Table' In Review

    The Office of the Comptroller of the Currency's acting chief told reporters on Wednesday his agency will be taking another look at its recent decisions to greenlight several cryptocurrency companies for federal banking charters, saying "everything's on the table" as part of a broad review.

  • June 02, 2021

    NYC Bar Floats Framework For SEC Penalties Against CCOs

    The New York City Bar Association floated a new framework Wednesday that it wants financial regulators including the U.S. Securities and Exchange Commission to follow when weighing enforcement actions against chief compliance officers.

  • June 02, 2021

    Adviser Takes Plea Deal In $3M Scheme, Faces SEC Action

    A Massachusetts-based investment adviser has pled guilty to federal criminal charges in a nearly $3 million scheme to defraud investors, taking a deal with prosecutors that requires up to 7½ years in prison, restitution and a fine, according to authorities and federal court filings.

  • June 02, 2021

    Late Real Estate Investment Manager Stole $10.3M, SEC Says

    A California real estate investment manager allegedly misappropriated more than $10.3 million from clients before his death last year, the U.S. Securities and Exchange Commission said Wednesday, hitting the manager's estate with a civil suit in federal court.

  • June 02, 2021

    Del. Judge Sets Jail-Risk Deadline For Crypto Firm Ex-CFO

    The former chief financial officer of bankrupt cryptocurrency venture Cred Inc. has one more chance to disclose the amounts and whereabouts of cash and virtual currency under his control before facing possible arrest, a federal judge in Delaware warned Wednesday.

  • June 02, 2021

    Bursor & Fisher Eyes Lead In Ripple Investors' XRP Row

    Bursor & Fisher PA is seeking the lead counsel spot in a proposed class action against blockchain payment system Ripple Labs in Florida federal court, saying the firm is more than qualified to represent investors accusing the company of fraudulently selling more than 14 billion unregistered XRP tokens.

  • June 02, 2021

    Misleading Disclosures Spoil Grubhub Merger, Investor Claims

    Grubhub failed to deliver a full view of its finances to investors before asking them to approve a multibillion-dollar acquisition by European peer Just Eat Takeaway, a stockholder claims in a New York federal lawsuit filed Wednesday that seeks to halt the sale.

  • June 02, 2021

    Rising Star: Bernstein Litowitz's Abe Alexander

    Recently minted Bernstein Litowitz Berger & Grossmann LLP partner Abe Alexander has been involved in some of the biggest-ever securities class action settlements against pharmaceutical companies, and negotiated a landmark deal in 2020 over one of the largest data breaches in history, landing him a spot as one of seven securities attorneys under age 40 honored by Law360 as Rising Stars.

  • June 02, 2021

    John Hancock Inks $14M Deal In 401(k) Self-Dealing Suit

    John Hancock will pay $14 million to settle a class action claiming it cost investors in its 401(k) plan tens of millions of dollars through bad management and the selection of high-fee, underperforming funds, according to a Tuesday court filing.

  • June 01, 2021

    Senate OKs More Funding For CFTC Whistleblower Program

    The U.S. Senate on Friday gave the green light to the creation of a temporary second account to house funds for the Commodities Futures Trading Commission's whistleblower program, a move that would allow it to continue operating at a financially precarious time for the office.

  • June 01, 2021

    Judge Rips Apple, Investors Over 'Ridiculous' Discovery Row

    A California federal magistrate judge slammed counsel for Apple and a proposed class of shareholders Tuesday for not reaching compromises over discovery disputes concerning Apple's statements about iPhone sales, saying their disputes have been "absolutely ridiculous" and telling a plaintiff's attorney, "Boy, you're a pain in the butt."

  • June 01, 2021

    Del. Chancery Keeps Alive Suit Over Tilray's PE Insider Deals

    Minority stockholders of Canadian cannabis venture Tilray Inc. on Monday beat arguments for dismissal of a suit accusing controlling investors and three company directors of lining up a merger that unfairly tilted benefits toward the company's private equity founders.

Expert Analysis

  • What To Expect From FinCEN's Beneficial Ownership Rules

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    The Financial Crimes Enforcement Network's recent request for input on the Corporate Transparency Act's beneficial ownership reporting obligations offers insight into FinCEN's thinking on how to implement them, and suggests the regulator may be considering some unexpected requirements, say attorneys at Morgan Lewis.

  • Using Cryptocurrency To Evade Sanctions Creates New Risks

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    As sanctioned countries and individuals increasingly use cryptocurrency to circumvent restrictions on their access to mainstream international financial markets, companies providing digital currency services need to step up efforts to identify illegal transactions undertaken using their services, say attorneys at Freshfields.

  • 1st Fla. Climate Change Suit May Be Just The Beginning

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    Reynolds v. Florida, the first significant climate change case in the Sunshine State, is still winding its way through the judicial system, but is likely just the first in a wave of coming climate change litigation facing the state's municipalities, businesses and investors, says Kyle Robisch at Bradley Arant.

  • Asset Management Takeaways From SEC Risk Alert On ESG

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    Kelley Howes and Kaela Colwell at MoFo highlight key asset management industry considerations following the U.S. Securities and Exchange Commission’s recent risk alert on environmental, social and governance investing — the latest of several developments demonstrating the SEC’s increasing focus on investor protection in this area.

  • Prepare For Global Collaboration In Crypto Tax Enforcement

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    Recent Internal Revenue Service victories involving John Doe summonses served on cryptocurrency exchanges — and statements by the Joint Chiefs of Global Tax Enforcement about global collaboration in cryptocurrency-related tax investigations — should prompt assessment of prior virtual currency transactions and remediation before an enforcement agency shows up at the door, say attorneys at McDermott.

  • Lessons From Federal Fraud Charges Against UBiome

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    The U.S. Department of Justice's and U.S. Securities and Exchange Commission's recent fraud allegations against uBiome executives illustrate the challenges of navigating interactions between clinical testing companies, health insurers and government oversight efforts, say attorneys at Debevoise.

  • Why The Future Law Firm Model Is Industry-Based Offerings

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    Multidisciplinary, industry-based groups at law firms allow for more holistic legal advice, lead to sustainable client relationships, and are likely to replace practice group monoliths at many firms, say Jennifer Simpson Carr at Furia Rubel, Timothy Corcoran at Corcoran Consulting and Mike Mellor at Pryor Cashman.

  • 6 D&O Provisions To Consider When Buying SPAC Insurance

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    As directors and officers insurance strives to keep up with the unique risk profiles of special purpose acquisition companies, D&O policy language distinctions can make a critical difference in whether claims against SPACs are covered, says Stephen Raptis at Haynes and Boone.

  • Are Nonfungible Tokens Securities?

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    The recent explosion of interest in nonfungible tokens has led to questions about their status under federal securities law, but whether an NFT's uniqueness is enough to mean it's not a security is a complicated question that may hinge on the particular facts and circumstances of each transaction, says Joseph Hall at Davis Polk.

  • Thought Leadership's Critical Role In Law Firm Diversity

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    Minority attorneys are often underrepresented in conferences, media interviews and other law firm thought leadership campaigns, which affects their visibility with potential clients and their ability to advance at their firms, says John Hellerman at Hellerman Communications.

  • Structural Shift In ESG-Linked Debt May Make Issuance Easier

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    Traditional one-off green bond structures are giving way to frameworks for issuing environmental, social and governance-focused debt that make it easier to bring successive offerings to market and secure outside verification of their alignment with established ESG principles, say attorneys at Hunton.

  • Opinion

    Growth Cos. Should Disclose Projections In IPO Prospectuses

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    It's time for the U.S. Securities and Exchange Commission to encourage smaller and emerging companies to demonstrate their prospective growth to investors by providing reasonable financial projections in their initial public offering prospectuses for a greater chance of success, says Spencer Feldman at Olshan Frome.

  • Del. Rulings Guide On D&O Insurance For Corporate Fraud

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    Two recent Delaware decisions chart a helpful path for policyholders seeking directors and officers coverage for incidents involving fraudulent conduct, and also demonstrate the flexibility afforded by choice-of-law clauses, say Brian Scarbrough and Eric Fleddermann at Jenner & Block.

  • What Associates Should Consider Before Switching Practices

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    The current high demand for midlevel associates provides them a rare opportunity to potentially explore new practice areas, but associates should first ask themselves six questions to begin figuring out why a change sounds appealing, says Stephanie Biderman at Major Lindsey.

  • 3 Reasons Securities Fraud Litigation Exposure Fell In Q1

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    Nessim Mezrahi and Stephen Sigrist at SAR analyze data on securities class actions filed against public companies in the first quarter of 2021, and explore factors that may have contributed to issuers facing their lowest exposure to such claims in years.

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