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Musk Loses Bid To Ship SEC's Twitter Suit To Texas

By Jessica Corso

A U.S. Securities and Exchange Commission lawsuit accusing Elon Musk of failing to timely disclose his ownership shares in Twitter will proceed in a Washington, D.C., federal court after a judge there said on Thursday that Musk's preferred forum in Texas was too backed up to take the case.

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7th Circ. Bucks SEC Request To Pause Cboe Case

By Jessica Corso

The Seventh Circuit has rejected a bid by the U.S. Securities and Exchange Commission and Cboe Exchange Inc. to postpone upcoming oral arguments in a case challenging the SEC's ability to regulate certain Cboe software, telling the parties the arguments will go forward as planned while they discuss a possible deal to end the suit. 

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Bored Ape NFTs Aren't Securities, Judge Holds

By Aislinn Keely

A California federal judge tossed a proposed securities class action against the firm behind the popular Bored Ape non-fungible token collection and its celebrity promoters, saying the token sales didn't amount to securities transactions.

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Ex-Silvergate CFO Must Face SEC Fraud Claims, Judge Rules

By Katryna Perera

A New York federal judge has ruled that the former chief financial officer of defunct crypto-focused bank Silvergate Capital cannot escape a suit from the U.S. Securities and Exchange Commission alleging he hid the bank's rocky financial condition, finding that the regulator has adequately alleged that he had access to information that contradicted his public statements.

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Switzerland Dodges $372M Credit Suisse Collapse Suit

By Joyce Hanson

A New York federal judge has granted Switzerland's bid to throw out a $372 million suit against the country stemming from the 2023 collapse of Credit Suisse and the reduction in value of about $17 billion of debt securities, ruling that it has sovereign immunity in the dispute.

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2nd Circ. Says Co. Can't Stop NY Property Sale In SEC Suit

By Isaac Monterose

The Second Circuit tossed a company's appeals Thursday over a Sag Harbor, New York, property linked to the U.S. Securities and Exchange Commission's $26 million investment fraud suit against an alternative investment principal.

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Many Cos. Not Ready For National Security Risks, Report Says

By Sarah Jarvis

At least a third of U.S. companies aren't fully prepared to address key national security compliance risks they face, and the C-suite often isn't aligned with its in-house counsel as to who is primarily responsible for those efforts, according to a new survey from Eversheds Sutherland.

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FINRA Fines Broker-Dealer $1M On Lax-Surveillance Claims

By Sydney Price

The Financial Industry Regulatory Authority is requiring New Jersey-based broker-dealer Velocity Clearing LLC to hire an independent consultant and pay a $1 million fine to settle the regulator's claims that Velocity has failed to take reasonable measures to prevent manipulative trading.

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FINRA Fines CashApp Unit $375K Over Data Protection Lapse

By Emilie Ruscoe

The brokerage unit of payments giant Cash App will pay a $375,000 fine to the Financial Industry Regulatory Authority to resolve claims it failed to keep user data safe after a former employee downloaded reports containing personal information on millions of the firm's customers. 

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NC Insurance Agent Ordered To Pay $1.7M In SEC Fraud Suit

By Sydney Price

The U.S. Securities and Exchange Commission Thursday was granted its request for over $1.7 million in disgorgement, interest and penalties to end its suit accusing a previously convicted North Carolina insurance agent and his company of defrauding seven investors out of over $1 million.

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Florida Man Gets 19 Years For Running $36M Ponzi Scheme

By Carolina Bolado

A Florida federal judge sentenced a Miami man to more than 19 years in prison for running a $36 million Ponzi scheme through a company that purported to make money through quick loans to small businesses.

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Del. Chancellor Advances Pruned $75B Activision Merger Suit

By Jeff Montgomery

Delaware's chancellor kept in play late Thursday much of an Activision Blizzard stockholder suit challenging the company's $75.4 billion merger with Microsoft, rejecting multiple dismissal motions, approving others and writing that a "slimmed-down" version of the complaint can go forward — adding, "Game on."

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Veteran Services Co. Must Face Chancery Self-Dealing Claims

By Jarek Rutz

A Delaware Chancery judge refused to dismiss fiduciary duty claims against a veterans services company's top executives, ruling that a shareholder who sued over the company's 2023 merger into a limited liability company adequately alleged that it may have been structured to shield its leaders from accountability.

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Bain Inside Trade Claims Advance In Del. Cerevel Sale Suit

By Jeff Montgomery

Delaware's Court of Chancery on Thursday kept alive a pension funds suit alleging that private equity firm Bain Capital Investors LLC and others traded on inside information in the run-up to a secondary sale ahead of biopharmaceutical venture Cerevel Therapeutics Holdings Inc.'s $8.7 billion acquisition by AbbVie.

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Ex-NFL Player Claims Signature Forged In Arbitration Clause

By Hayley Fowler

A North Carolina Business Court judge was befuddled Thursday by an arbitration clause that retired NFL defensive lineman Mike Rucker says he has no memory of signing, stopping short arguments on its enforceability to instead give the parties time to dig into its authenticity.

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Aramark, Vestis Can't Nix Investor Suit Over Spinoff's Woes

By Emilie Ruscoe

Uniform supplier Vestis Corp. and food and facilities services giant Aramark can't shed proposed shareholder class action claims that they misled investors about Vestis' operations and customer relationships prior to its 2023 spinoff from Aramark.

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Judge Nixes Pegasystems Shareholder Suits Over $2B Verdict

By Julie Manganis

A Massachusetts state court has dismissed a pair of investor lawsuits against Pegasystems officials that had sought to hold them responsible for a $2 billion verdict in a trade secrets case, finding no evidence of bad faith on the part of the software company's board.

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Investors Claim $1.7M Stolen In Colorado Pot Co. Fraud

By Jonathan Capriel

The partial owner of a now-defunct marijuana company in Boulder, Colorado, has been accused in a state court lawsuit of conning investors out of more than $1.7 million by claiming they were buying into a grow and dispensary operation while actually pocketing "some or all" of the money.

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Merrill Lynch Raid Suit Paused For FINRA Arbitration

By Kelcey Caulder

A Georgia federal judge stayed Merrill Lynch's case alleging Dynasty Financial Partners, Charles Schwab and a dozen former employees conspired to start a new firm with Merrill's staff and confidential information one day after denying the company's bid for an injunction.

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Gauging SEC Short-Sale Rules' Future After 5th Circ. Remand

Though the Fifth Circuit recently remanded to the U.S. Securities and Exchange Commission two Biden-era rules requiring disclosure of securities lending and short-sale activity in order to consider the rules' cumulative economic impact, it's possible they will get reproposed, meaning compliance timelines could change, says Scott Budlong at Barnes & Thornburg.

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Series

NY Banking Brief: All The Notable Legal Updates In Q3

Of note in the third quarter of the year, New York state regulators moved forward on their agendas to limit abuse of electronic banking, including via a settlement with stablecoin issuer Paxos and a lawsuit against Zelle alleging insufficient security measures, says Chris Bonner at Barclay Damon.

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Series

Judging Figure Skating Makes Me A Better Lawyer

Judging figure skating competitions helps me hone the focus, decisiveness and ability to process complex real-time information I need in court, but more importantly, it makes me reengage with a community and my identity outside of law, which, paradoxically, always brings me back to work feeling restored, says Megan Raymond at Groombridge Wu.

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Analysis

Justices To Confront Divisive Cases On Rights, Power, Liberty

By Marco Poggio

The U.S. Supreme Court is poised to confront a slate of divisive issues in its upcoming term that begins Monday, with voting rights, transgender equality, religious freedom, immigration detention, and criminal procedure all on the docket.

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Judge Halts Searches On Phone Seized From Immigration Atty

By Julie Manganis

A Massachusetts federal judge on Friday ordered the U.S. Department of Homeland Security and Customs and Border Protection not to conduct or continue any searches on a phone seized from an immigration lawyer at Logan International Airport last Sunday.

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Jackson Walker, Ex-Insurer Settle Judge Romance Claims

By Adrian Cruz

In the latest settlement with Jackson Walker over a former partner's secret romance with an ex-bankruptcy judge, the litigation trustee for defunct life insurance bond settler GWG Holdings Inc. reached a $405,000 deal Friday to settle its claims against the law firm.

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2nd Circ. Says Exxon Must Pay Atty Fees For 'Absurd' Args

By Juan-Carlos Rodriguez

The Second Circuit on Friday said energy giants including Exxon Mobil Corp. must pay attorney fees to New York City, which is suing them for deceptive practices around climate change, for advancing "absurd" arguments in remand proceedings.

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Reed Smith Blasts DQ Attempt As 'Litigation Gamesmanship'

By Madison Arnold

A shareholder of the Venezuelan airline Avior Airlines has urged a Florida federal judge to reject a bid to disqualify his counsel at Reed Smith LLP and attorney Ana R. Ulseth, arguing that the push to disqualify the firm is not about ethics but rather "litigation gamesmanship."

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DOJ Wants Atty Jailed For Blogging After Cyberstalking Arrest

By Ryan Boysen

Federal prosecutors want to detain a Texas attorney who is accused of cyberstalking two other lawyers, claiming she violated the terms of her pretrial release by posting personal information about her alleged victims on her website.

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Brief

Calif. Bar Launches Randomized Client Trust Fund Audits

By Emily Sawicki

Attorneys in California should be on the lookout for notifications from the state bar regarding client trust fund compliance reviews, as the organization kicks off a five-week mandatory review program during which a small cross-sample of Golden State lawyers will be asked to open their books.

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Newman Opposes Fed. Circ.'s Stay Bid Amid Shutdown

By Emily Sawicki

The government shutdown is no excuse to halt proceedings in Judge Pauline Newman's case for reinstatement to the Federal Circuit, the judge said in an opposition, noting in a Friday filing that the Federal Circuit was seeking to delay its own litigation while pledging to deny similar motions that come before it.

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Trump Election Case Could Be Axed Without New Prosecutor

By Hailey Konnath

A Georgia state judge on Friday said a new prosecutor must be appointed within two weeks in Fulton County's 2020 election interference case against President Donald Trump and his co-defendants or the case will be dismissed.

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Mass. Justices Say Pandemic Delay Not Speedy Trial Violation

By Julie Manganis

Massachusetts' highest court ruled Friday that pandemic-related delays in bringing a defendant to trial did not violate his right to a speedy trial under the state and U.S. constitutions.

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Would-Be Kavanaugh Assassin Gets 8 Years In Prison

By Hailey Konnath

A Maryland federal judge on Friday handed an eight-year prison sentence plus a lifetime of supervised release to a Californian accused of trying to kill U.S. Supreme Court Justice Brett Kavanaugh, rejecting prosecutors' request that the defendant spend at least 30 years behind bars.

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Roundup

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

By Max Austin

This past week in London has seen billionaire Michael Platt sue his former tax lawyer, five former Deutsche Bank staffers file claims against the German bank and an Italian financier issue a commercial fraud claim against the Vatican and UBS.

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GC Cheat Sheet: The Hottest Corporate News Of The Week

By Michele Gorman

A new survey found that many U.S. companies aren't fully prepared to address key national security compliance risks, as most corporate decision-makers prioritize audits and incident response plans for addressing risk mitigation. Meanwhile, a senior legal adviser for Dell sued the company for firing her in the midst of her maternity leave. These are some of the stories in corporate legal news you may have missed in the past week.

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Law360's Legal Lions Of The Week

By Kevin Penton

Williams & Connolly LLP and Skaggs Faucette LLP lead this week's edition of Law360 Legal Lions, after a California federal judge issued a rare post-mistrial verdict arrangement that ordered Biogen to pay Genentech Inc. more than $88 million in royalties.

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In Case You Missed It: Hottest Firms And Stories On Law360

For those who missed out, here's a look back at the law firms, stories and expert analyses that generated the most buzz on Law360 last week.

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