Expert Analysis

• Parsing FTC's Intercontinental-Black Knight Merger Challenge

  

  The Federal Trade Commission's recent Article III case challenging a merger between Intercontinental Exchange and Black Knight suggests the agency is using a structuralist approach to evaluate the merger's potential anti-competitive harm, says David Evans at Kelley Drye.

• Perspectives

  Mallory Gives Plaintiffs A Better Shot At Justice

  

  Critics of the U.S. Supreme Court's recent decision in Mallory v. Norfolk Southern claim it opens the door to litigation tourism, but the ruling simply gives plaintiffs more options — enabling them to seek justice against major corporations in the best possible court, say Rayna Kessler and Ethan Seidenberg at Robins Kaplan.

• FERC Order Affirms Increased Scrutiny Of Investor-Utility Ties

  

  A recent Federal Energy Regulatory Commission order confirming more aggressive scrutiny of investors' exercise of control over public utilities through representation on their boards or the boards of companies holding interests in them means that both investors and utilities face significantly heightened compliance obligations, say attorneys at Akin.

• 9th Circ. Gap Ruling Creates Split On Forum Selection Clause

  

  The Ninth Circuit recently held in Lee v. Fisher that a forum selection clause in Gap's bylaws requiring all derivative claims to be brought in Delaware state court is enforceable, but since the Seventh Circuit struck down a similar clause in Boeing's bylaws last year, Supreme Court review may be on the horizon, say attorneys at Davis Polk.

• Legislation Before Congress Could Reshape Crypto's Future

  

  Several pieces of recently introduced legislation have the potential to dramatically change the crypto industry and create realistic pathways for legal compliance, but questions remain concerning whether Congress has sufficient energy to do so in the coming year, says Emily Garnett at Brownstein Hyatt.

• DC Circ. Ruling Could Mean FINRA Hearings Are On Thin Ice

  

  An order recently issued by the D.C. Circuit in Alpine Securities v. Financial Industry Regulatory Authority may indicate that FINRA enforcement proceedings suffer from the same constitutional defects that the U.S. Supreme Court has identified in certain federal agency administrative hearings — thus presenting an existential threat to the organization's enforcement regime, say attorneys at Debevoise.

• Opinion

  When Corporate Self-Disclosure Threatens Individuals' Rights

  

  The prosecution of former Cognizant executives in New Jersey federal court demonstrates how the U.S. Department of Justice’s corporate enforcement policy can contravene the constitutional rights of individual defendants who are employed by cooperating companies, says Gideon Mark at the University of Maryland.

• To Survive Scrutiny, Banks Should Craft Careful D&O Policies

  

  With banks and their boards facing intensified — and potentially costly — scrutiny after this spring’s bank failures, risk managers can prepare for potential shareholder demands, lawsuits or regulatory probes by designing a robust and targeted directors and officers coverage program, say Jose Lua-Valencia and Jesse Vazquez at Pillsbury.

• IRS Announcement Will Aid Cos. In Buyback Tax Planning

  

  Recent IRS transitional guidance regarding current requirements for reporting and payment of the stock repurchase excise tax will help corporate taxpayers make decisions about records retention and establishing reserves for future tax payments, say Xenia Garofalo and Kyle Colonna at Eversheds Sutherland.

• SEC v. Ripple Labs Decision Could Change Crypto Regulation

  

  The distinction drawn by federal securities laws between a transaction and an asset is key to understanding the remarkable recent decision from a New York federal court in SEC v. Ripple Labs — a ruling that could mark a turning point in the nation's fraught regulatory relationship with cryptocurrency, says Joseph Hall at Davis Polk.

• Insurance Insights From 5th Circ. Blue Bell Coverage Ruling

  

  The Fifth Circuit's recent ruling that denied Blue Bell insurance coverage for the defense costs incurred from a shareholder lawsuit underscores the importance of coordination of different coverages and policies across programs, and the potential perils of seeking recovery for losses under nontraditional policies, say Geoffrey Fehling and Casey Coffey at Hunton.

• Blockchain Utopia Dream Fades Following Gemini Fraud Suit

  

  Cryptocurrency exchange Gemini’s recent filing of a fraud suit against Digital Currency Group, coupled with industrywide bankruptcy complications and regulatory scandals, may signal the end of the dream of a utopian, decentralized financial future, says Christopher Ott at Loeb & Loeb.

• Courts Can Overturn Deficient State Regulations, Too

  

  While suits challenging federal regulations have become commonplace, such cases against state agencies are virtually nonexistent, but many states have provisions that allow litigants to bring suit for regulations with inadequate cost-benefit analyses, says Reeve Bull at the Virginia Office of Regulatory Management.

• 'Entire Fairness' Takeaways From Tesla-SolarCity Ruling

  

  In its recent decision affirming dismissal of stockholder claims against Elon Musk in connection with Tesla's $2.6 billion acquisition of SolarCity, the Delaware Supreme Court indicated how an entire fairness analysis is best presented, say attorneys at Fried Frank.

• Ripple Ruling Is A Critical Win For Crypto Industry

  

  A New York federal court's recent ruling in U.S. Securities and Exchange Commission v. Ripple Labs — that cryptocurrencies are not inherently securities when sold on public exchanges — deals a massive blow to the SEC's efforts to regulate digital assets and forms a solid basis for the programmatic sale of tokens, say Eric Martin and Ashley Spechler at BCLP.