Securities

  • June 17, 2022

    TransPerfect Seeks $3.2M Fee Award Reargument

    TransPerfect Global urged the Delaware Supreme Court to reargue the recent $3.2 million Chancery Court fee award ruling that affirmed a contempt finding against the company.

  • June 17, 2022

    5th Circ. Denies Atty's Request For More Fees In Settled Suit

    A three-judge panel of the Fifth Circuit ruled Wednesday that one of the attorneys who worked on the suit against energy reseller Stream Energy over an alleged pyramid scheme cannot walk away with more money than a lower court already awarded him for his involvement in the case.

  • June 17, 2022

    UK Litigation Roundup: Here's What You Missed In London

    This week in London has seen Uber take an English local authority for a ride over licensing agreements, the secretary of state for justice sued by convicted fraudster Giovanni Di Stefano, and the BBC put in the spotlight over the rights to an episode from its hit TV crime drama "Silent Witness."

  • June 16, 2022

    Aerojet Chair Largely Wins Chancery Suit In CEO Proxy Battle

    Aerojet Rocketdyne Holdings Inc.'s CEO and her allies violated a Delaware Chancery Court temporary restraining order by using the company's resources in a contentious board election, a vice chancellor ruled Thursday, handing a win to the board's chairman, the CEO's rival in the race.

  • June 16, 2022

    Tesla Investor Hits Musk With Suit Over 'Toxic' Workplace

    A Tesla Inc. investor hit CEO Elon Musk and the company's board with a derivative complaint in Texas federal court Thursday that alleges a "toxic" workplace culture is exposing the business to "enormous" liability, citing several high-profile civil lawsuits filled by current and former workers.

  • June 16, 2022

    Chevron Deference Still Feels Heat After High Court Reprieve

    The U.S. Supreme Court's landmark doctrine requiring judicial deference to federal regulators survived a major health care case at the high court Wednesday, but the controversial bedrock of administrative law barely escaped the conservative justices' frying pan and is heading right back into their fire, experts say.

  • June 16, 2022

    Del. Justices Uphold Toss Of Zimmer Biomet Stockholder Suit

    Delaware's Supreme Court upheld without elaboration on Thursday the Chancery Court's dismissal of a stockholder suit seeking damages from medical device company Zimmer Biomet Holdings Inc. for alleged failures to disclose regulatory compliance problems.

  • June 16, 2022

    Tesla Can't Get Speedy Appeal Over Musk Take-Private Tweets

    A California federal judge ruled Thursday that Tesla can't immediately appeal a summary judgment decision in consolidated securities litigation that found Tesla CEO Elon Musk's 2018 take-private tweets were false and inaccurate, telling Tesla's counsel there was no basis for allowing the carmaker to appeal the decision before trial.

  • June 16, 2022

    Lyft Inks $25M Deal To End Investor Suit Over Post-IPO Drop

    A class of investors in ride-hailing company Lyft Inc. asked a California federal judge for preliminary approval of a $25 million settlement that will resolve claims the company concealed sexual assault allegations against drivers ahead of its 2019 initial public offering.

  • June 16, 2022

    UK Man Selling Whiskey Part Of $13M Scam, Feds Say

    A U.K. man charged in federal court in northern Ohio is accused of participating in a scam where at least 150 investors lost more than $13 million after being told they were putting money toward expensive whiskeys and wines.

  • June 16, 2022

    Claims Termed Stale In Del. Battle Over Riviera Estate

    An attorney for the widow of a wealthy international businessman and convicted fraudster argued in Delaware's Chancery Court on Thursday that time had run out on counterclaims filed by entities battling the widow's claims to control of a $25 million French Riviera estate and other assets.

  • June 16, 2022

    Senate Confirms Biden's 2 Nominees To Fill Out SEC

    Senators on Thursday confirmed in a voice vote President Joe Biden's nominations of Jaime E. Lizárraga and Mark Toshiro Uyeda to serve as the latest U.S. Securities and Exchange Commission members, bringing the agency's five-member panel to full strength.

  • June 16, 2022

    Icahn-Related Funds Say Servicer Hid $62M Trust Losses

    Two funds affiliated with activist investor Carl Icahn accused the servicer of a trust that owned a Nevada mall of manipulating appraisals to obscure losses and keep the investors from gaining control, eventually leaving the trust short $62.2 million.

  • June 16, 2022

    Trading Firm Loses 2nd Circ. Appeal To Dodge $7.5M SEC Fine

    The Second Circuit has affirmed a lower court's order for day-trading firm Avalon FA Ltd. and two of its traders to each pay $7.5 million in civil penalties to the U.S. Securities and Exchange Commission after they were previously found liable for defrauding investors.

  • June 16, 2022

    $60M Catalyst Sale Gutted Company, Del. Investor Suit Says

    A Catalyst Biosciences Inc. stockholder group has sued the company's directors for selling all its viable assets and keeping investors in the dark about plans for the $60 million in proceeds, claiming in a Delaware Chancery Court suit the board repeatedly breached its fiduciary duty.

  • June 16, 2022

    SEC Takes First 'Reg BI' Action Against Calif. Broker-Dealer

    The U.S. Securities and Exchange Commission said Thursday that California-based broker-dealer Western International Securities Inc. sold more than $13 million in high-risk debt securities to retirees and others whose risk profiles didn't match the investments, a first-of-its kind enforcement action claiming violations of Regulation Best Interest.

  • June 16, 2022

    Dogecoin Buyer Accuses Musk Of Fraud In $258B Suit

    A dogecoin buyer sued Elon Musk, Tesla and SpaceX for $258 billion on Thursday, saying they orchestrated a pyramid scheme by hyping the joke cryptocurrency, which has since plunged in value.

  • June 16, 2022

    McDermott Adds Litigators From MoFo, King & Spalding

    McDermott Will & Emery LLP has added two new litigators from Morrison Foerster and King & Spalding to its New York and Washington, D.C., offices, respectively.

  • June 16, 2022

    AAA Units Ink Deal To End Workers' 401(k) Plan Suit

    Two American Automobile Association subsidiaries reached a settlement to resolve a proposed class action accusing the car insurance and roadside assistance organizations of saddling their 401(k) plan with excessive fees, according to a filing in North Carolina federal court.

  • June 15, 2022

    BitMEX Co-Founder Avoids Prison In Bank Secrecy Act Case

    BitMEX co-founder Benjamin Delo on Wednesday was sentenced to probation for his role in operating the offshore cryptocurrency derivatives exchange without an effective anti-money laundering program, and is expected to soon leave the U.S.

  • June 15, 2022

    BlockFi Can't Move Crypto Loan Suit Out Of Calif., Panel Says

    A California appellate panel has reversed a lower court's order enforcing a Delaware forum selection clause in a borrower's suit against BlockFi Lending LLC, finding the borrower's unwaivable right to a jury trial could be violated if the case went forward in Delaware.

  • June 15, 2022

    Unilever Faces Investor Suit Over Ben & Jerry's Israel Stance

    Global consumer goods company Unilever was hit with a proposed securities class action in New York federal court on Wednesday over claims that the company and its top leadership lied to investors to cover up a move by subsidiary Ben & Jerry's Ice Cream to boycott Israeli-occupied Palestinian territory.

  • June 15, 2022

    'Whiff' Of Corruption Too Little To Trigger Banks' Fraud Duty

    An English judge has refused to extend the duty bankers owe clients to protect them against fraud in Nigeria's $1.7 billion case against JPMorgan, bucking a recent trend in the courts toward applying a more expansive reading of the requirement.

  • June 15, 2022

    Musk Appeals Judge's Decision To Keep SEC Tweet Deal Alive

    Tesla CEO Elon Musk gave notice on Wednesday that he will appeal a New York federal judge's denial of Musk's attempts to scrap 2018 agreements with the U.S. Securities and Exchange Commission requiring that the company preapprove his tweets.

  • June 15, 2022

    FinCEN No-Action Plan May Spur Crypto Innovation, In Theory

    A proposal this month from the Financial Crimes Enforcement Network to implement a no-action letter process could be a potential boon for purveyors of digital assets seeking more regulatory clarity, but there are plenty of hurdles that could dampen its effectiveness, industry attorneys said.

Expert Analysis

  • Takeaways On Fed's Central Bank Digital Currency Proposal

    Excerpt from Practical Guidance
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    Nicole DeSantis at PSC Partners takes a close look at the Federal Reserve Board's paper on the potential application of a central bank digital currency, why CBDC may be a viable alternative to cryptocurrency, and the potential impact on the future of money and payment systems.

  • Opinion

    SEC's Climate Rules Promote Compliance, Not Real Change

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    Compliance with the U.S. Securities and Exchange Commission’s proposed new rules requiring corporate disclosures of activities and risks associated with climate change will be performative, and the flawed rules will fail at their primary purpose — giving investors and stakeholders actionable information, say Nir Kossovsky and Denise Williamee at Steel City Re.

  • Lessons On Avoiding E-Discovery Violations And Sanctions

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    Michael Fox and David Cohen at Reed Smith discuss how counsel can assist their clients in meeting preservation obligations for electronically stored information in light of recent federal rulings on spoliation sanctions motions for possible violations of this duty.

  • A Guide To Web3 Applications In The Cannabis Industry

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    Jonathan Bench at Harris Bricken lays out how cannabis companies can use blockchain technology, such as nonfungible tokens and smart contracts, in licensing, financing and running their operations, and explains how lawyers and businesses in the space must navigate unsettled law and regulatory uncertainty.

  • Collaborative Tech Will Dictate Future Law Firm Success

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    Law firms need to shift their focus from solving the needs of their lawyers with siloed solutions to implementing collaboration technology, thereby enabling more seamless workflows and team experiences amid widespread embrace of hybrid and remote work models, says Kate Jasaitis at HBR Consulting.

  • Why The Metaverse Matters For Real Estate Attorneys

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    With real estate investments in the metaverse rapidly increasing, real estate attorneys can and should weigh in on the governance structures and contracts being developed in the realm of virtual property, says Jenny Forgey at Winstead.

  • How To Effectively Prepare A Witness For Remote Testimony

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    Many of the lessons taught in an introductory theater performance class can provide foundational guidelines for virtual witness preparation, including the importance of props, proper lighting and wardrobe decisions, and of acknowledging that the star of your show is not a Zoom expert, say Hailey Drescher at Trask Consulting and Michael Thomas at Foley & Lardner.

  • As Cyber Risks Surge, Remember Attorneys' Ethical Duties

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    The prevalence of remote work and a greater threat of Russian cyberattacks should serve as a stark reminder of a lawyer's professional obligations to guard against unauthorized disclosure of client information and to protect client interests in the event of a cyberattack, says Alvin Mathews at Ulmer & Berne.

  • ESG Regs Abroad Offer Road Map For US Multinational Cos.

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    Recent regulations in the European Union and United Kingdom mandate certain companies to disclose climate-related and other environmental, social and governance information to investors, serving as a harbinger of things to come in the U.S., say Petrina McDaniel and Shing Tse at Squire Patton, and Kimberly Chainey at AptarGroup.

  • Rethinking E-Discovery Readiness Amid Rise Of Collab Tools

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    Online collaboration platforms and instant messaging tools are quickly becoming the primary mode of internal business communications, leading to disputes around discoverability of data on these platforms and underscoring the need for new preservation processes to ensure compliance with discovery obligations, say Jay Carle and Ryan Tilot at Seyfarth.

  • Opinion

    Supply Chain Info Will Strengthen SEC's Climate Rule

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    The U.S. Securities and Exchange Commission's pending climate disclosure rule should require information on supply chain emissions in companies' reports to investors in order to ensure an end to muddy risk reporting, and a clearer financial road map for companies and money managers, says Mona Dajani at Pillsbury.

  • 3 Jurisdictional Questions After High Court Arbitration Ruling

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    The U.S. Supreme Court's recent decision in Badgerow v. Walters narrows federal courts' jurisdiction over post-arbitration disputes, but leaves unresolved jurisdictional issues, including its applicability to other Federal Arbitration Act sections, its effect on federal question analysis, and its influence on arbitration disputes properly venued in federal court, say Michael Gill and Andrew Spadafora at Mayer Brown.

  • Series

    Embracing ESG: Uber Counsel Talks Safety Standards

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    Katie Waitzman at Uber discusses how in-house counsel can use environmental, social and corporate governance principles to bridge risk and innovation, as exemplified by the company’s recent women’s safety initiatives.

  • Opinion

    Prospectively Appointing Jackson To High Court Is Unlawful

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    President Joe Biden should rescind his prospective appointment of Judge Ketanji Brown Jackson to the U.S. Supreme Court as the decision contradicts the court's reasoning in Marbury v. Madison, raises gravely troubling issues regarding presidential discretion and brings a serious question about her legitimacy as a justice, says attorney John Reeves.

  • Proposed SEC Restrictions Stand To Add SPACs Risk

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    The U.S. Securities and Exchange Commission's proposed rules for special purpose acquisition companies are more far-reaching than was expected, and likely to accelerate the SPAC market's current receding trend by making the process more complicated and more expensive, as well as imposing a greater liability risk, say attorneys at Fried Frank.

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