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Securities
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June 18, 2025
US Seizes $225M In Crypto Tied To 'Pig Butchering' Schemes
Law enforcement on Wednesday asked a Washington, D.C., federal judge to help it return more than $225.3 million worth of stolen digital assets to victims of phony crypto investment schemes, including to a small Kansas bank that failed after its CEO got entangled in a so-called pig butchering scheme, as part of what the U.S. Department of Justice called its largest ever seizure connected with such scams.
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June 18, 2025
Dealmakers Eye More Crypto-Targeted SPAC Mergers
More special purpose acquisition companies plan to seize upon the revival of cryptocurrencies under a second Trump administration and take cryptocurrency-related ventures public in the coming months, an attorney told a gathering of dealmakers on Wednesday.
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June 18, 2025
Online Bookstore Investors Seek Del. Sale Suit Revival
Stockholders of an online "virtual" bookstore that lost money for years urged Delaware's Supreme Court Wednesday to reverse a Court of Chancery decision upholding a $12.5 million sale to the company's preferred shareholders under a disputed liquidation preference.
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June 18, 2025
Chicago Trading Firm Accuses Rival Of Trademark Infringment
A Chicago-based futures prop trading firm filed a trademark infringement lawsuit against a competitor in Illinois federal court Tuesday, claiming its rival has adopted a nearly identical name and has used it to advertise very similar services "with the intention of deceiving and misleading the public."
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June 18, 2025
Reddit Execs Downplayed Google AI's Impact, Investors Say
Reddit and its top brass downplayed the impact Google's artificial intelligence-generated search results had on the forum website's traffic and ad revenues, causing stocks to drop when the truth emerged about weakening revenues, according to an investor's proposed class action filed Wednesday in California federal court.
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June 18, 2025
£20M Buybacks Weren't Mainly For Tax Benefit, UK Court Says
Obtaining a tax advantage wasn't the main purpose of two businessmen arranging £20 million ($26.8 million) in share buybacks, despite that being the effect, so they aren't liable for an anti-avoidance action by HM Revenue & Customs, the U.K. Upper Tribunal said in overturning a lower court's ruling.
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June 18, 2025
Former Holland & Knight Partner Joins Husch Blackwell
Husch Blackwell has announced that former Holland & Knight LLP partner Bruce Toppin has joined the Kansas City, Missouri-headquartered law firm as a partner in its financial services and capital markets industry group.
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June 18, 2025
AGs Tell 3rd Circ. To Close 'Loophole' In Kalshi Betting Case
A bipartisan group of attorneys general co-led by Ohio Attorney General Dave Yost, a Republican, pressed the Third Circuit to prevent trading platform Kalshi's "broad preemptive coup," urging the appellate court to allow New Jersey to regulate the company.
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June 18, 2025
InnovAge IPO Investors Get Initial OK Of $27M Settlement
A Colorado federal judge has preliminarily approved a $27 million settlement between InnovAge Holding Corp., its underwriters and a class of stockholders accusing the senior-health care company of making misleading statements in an initial public offering that later caused stock prices to tank after a government audit exposed the falsehoods.
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June 17, 2025
Senate Passes Stablecoin Legislation With Bipartisan Support
The Senate's proposal to regulate stablecoins passed the chamber on Tuesday with support from both parties, sending it on to the House where lawmakers are still working on their own proposal.
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June 17, 2025
Crypto Co. Says Meme-Coin Creating Atty Can't Rep Theft Suit
Cryptocurrency wallet provider Phantom Technologies has asked a New York federal judge to disqualify an attorney from representing a group of plaintiffs, including himself, in a suit he filed over the alleged theft of half-a-million dollars worth of a meme coin he created in honor of his pet dachshund.
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June 17, 2025
Decarb Investors Reach $8.8M Deal In Hyzon Motors SPAC Suit
An investor who challenged a $2.1 billion take-public merger for Hyzon Motors Inc. in 2021 that he says deprived them of the opportunity to make an informed choice between sticking with the deal or cashing out told a Delaware vice chancellor Monday they've settled the case for $8.8 million.
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June 17, 2025
Utah Man Can't Escape SEC's Microcap Stock Scheme Suit
A Utah bookkeeper can't escape U.S. Securities and Exchange Commission allegations he served as a middleman in a penny stock pump-and-dump scheme because the SEC's complaint appropriately details its assertion that he was, at least, reckless, in connection with the matter, a federal judge has determined.
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June 17, 2025
Beverage Co.'s Rihanna Rum Claims Were Bunk, SEC Says
A purported beverage company and its founder face Securities and Exchange Commission claims they defrauded would-be investors out of $3.6 million by misrepresenting how they aimed to use funds they raised and inaccurately suggesting the company was poised to collaborate with pop star Rihanna.
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June 17, 2025
ImmunityBio's $10.5M Investor Deal Gets Final OK
A California federal judge has granted final approval to a $10.5 million settlement between oncology drug company ImmunityBio Inc. and investors who claim they were misled over the likelihood the U.S. Food and Drug Administration would approve the company's bladder cancer drug.
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June 17, 2025
Energy Co. Brass Faces Investor Suit Over LNG Project Delays
Executives and directors of New Fortress Energy Inc. have been hit with a shareholder's derivative suit accusing them of misleading investors about the company's timeline for completing a liquefied natural gas facility off the coast of Mexico.
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June 17, 2025
Del. Justices Undo $200M Award In TransCanada Case
Pointing in part to an earlier appellate ruling, Delaware's highest court on Tuesday reversed a Court of Chancery decision that ordered the former TransCanada Corp. to pay $199 million to former Columbia Pipeline Group Inc. shareholders allegedly shorted in a 2016 merger.
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June 17, 2025
Canadian Banks Decry BioPharma's 'Abusive' Spoofing Suit
The brokerage arms of the Royal Bank of Canada and the Canadian Imperial Bank of Commerce are fighting a lawsuit accusing them of spoofing the stock of a biopharmaceutical company, arguing that the "abusive litigation" does not belong in a U.S. courtroom.
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June 17, 2025
Cannabis REIT Reckless To Claim Due Diligence, 3rd Circ. Told
Investors in a cannabis-focused real estate investment trust urged the Third Circuit on Tuesday to revive their proposed class action alleging it violated securities laws by ignoring information about a tenant, saying it was reckless to have claimed it conducted due diligence when it knew it did not.
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June 17, 2025
GOP Lawmaker Praises DOL IG's Law Firm Agreements Audit
The chair of the Republican-led U.S. House Committee on Education and the Workforce on Tuesday praised a U.S. Department of Labor watchdog for investigating the agency over allegations it shared confidential information with plaintiffs attorneys, which comes after the panel called for an investigation in November.
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June 17, 2025
Investors Say Exxon Trial Should Remain On Schedule
A class of investors has told a Texas federal judge that Exxon Mobil has no basis to ask the court to stall a November trial for a suit accusing the oil giant of misleading investors, saying Exxon didn't point out any factors that would merit a delay.
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June 17, 2025
AT&T Beats Investor Suit Over Lead-Lined Cables, For Now
A Texas federal judge has tossed a securities class action against AT&T and several of its executives alleging they misled investors about removing lead-covered copper cables from the company's network, finding that the plaintiffs have failed to meet the heightened pleading bar for securities fraud.
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June 17, 2025
Commodities Scheme Operator Gets 65 Years, Owes $75M
The operator of a commodities scheme who evaded taxes and stole precious metals from his clients was sentenced to 65 years in prison and ordered to pay more than $75 million in restitution Tuesday by a Delaware federal court that also denied his request for a new trial.
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June 17, 2025
FINRA Fines Ex-Canaccord Compliance Head Over Monitoring
The Financial Industry Regulatory Authority has suspended Canaccord Genuity LLC's former chief compliance officer and the former head of its trading compliance group, and fined them a combined $15,000 for alleged surveillance lapses.
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June 17, 2025
Gemini Says CFTC Enforcement Went 'Trophy-Hunting' In Suit
The crypto exchange Gemini on Tuesday slammed the U.S. Commodity Futures Trading Commission's Enforcement Division and the attorneys who pursued a now-settled case against the firm, calling the division "out of control" and accusing its attorneys of engaging in "trophy-hunting lawfare."
Expert Analysis
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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.
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A Judge's Pointers For Adding Spice To Dry Legal Writing
U.S. District Judge Fred Biery shares a few key lessons about how to go against the grain of the legal writing tradition by adding color to bland judicial opinions, such as by telling a human story and injecting literary devices where possible.
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Mastering The Fundamentals Of Life Sciences Due Diligence
As life sciences transactions continue to gain tremendous momentum, companies participating in these transactions must conduct effective and strategic regulatory due diligence, which involves extensive amounts of information and varies by manifold factors, says Anna Zhao at GunnerCooke.
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Lessons Learned From SAS' Flight Through Chapter 11
Scandinavia's SAS is the first European airline to find its wings through the U.S. Chapter 11 process since COVID-19 rocked the aviation industry — and while the process involved some familiar steps, certain complex jurisdictional issues and non-U.S. stakeholders required the carrier to venture into uncharted airspace, says Emily Hong at Norton Rose.
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Why NY May Want To Reconsider Its LLC Transparency Law
Against the backdrop of the myriad challenges to the federal Corporate Transparency Act, it may be prudent for New York to reconsider its adoption of the LLC Transparency Act, since it's unclear whether the Empire State's "baby-CTA" statute is still necessary or was passed prematurely, say attorneys at Pillsbury.
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Expectations For SEC Exams As Private Credit Market Grows
The U.S. Securities and Exchange Commission may rely heavily on its Division of Examinations for regulating private credit markets amid their expansion into the retail investor space, so investment advisers should be prepared to address several likely areas of focus when confronted with an exam, say attorneys at Dechert.