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Securities
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June 20, 2025
Legal And Finance Influencer To Settle Over FTX Promotion
Attorney and personal finance influencer Erika Kullberg and the talent agency she founded have reached a deal with FTX investors over their alleged roles promoting the now-collapsed crypto exchange.
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June 20, 2025
8th Circ. Sends SEC's $12M Dealer Suit Back To District Court
The Eighth Circuit on Friday granted a request from the U.S. Securities and Exchange Commission to remand a $12 million unregistered dealer judgment the agency won against financial firm Carebourn Capital LP back to the district court, despite Carebourn's bid to keep the matter in the federal appeals court.
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June 20, 2025
Senate's sa¹ú¼Ê´«Ã½, PCAOB Cuts Hit Parliamentarian Roadblock
The U.S. Senate parliamentarian has thrown cold water on the Senate Banking Committee's bids to defund the Consumer Financial Protection Bureau and eliminate the Public Company Accounting Oversight Board as part of the "One Big Beautiful" budget megabill, but the panel's top Republican is vowing to keep seeking further spending cuts.
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June 20, 2025
Apple Hit With Securities Suit Over IPhone AI Feature Delays
An Apple investor hit the tech giant and its top brass with a proposed securities class action in California federal court Friday, alleging they duped investors into believing Apple would launch new artificial intelligence Siri features on the iPhone 16 and caused Apple stock to tumble after the rollout was delayed repeatedly.
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June 20, 2025
Concrete Biz Investors Sue In Del. After Book, Record Denials
Stockholders of a U.S. concrete company taken private in an $11.5 billion merger in February sued the business for books and records on Friday, arguing the company's denial of access wrongly cited the previous dismissal of a shareholder suit alleging unfair merger terms.
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June 20, 2025
SEC Weighs Settlement After 1st Circ. Pulls $93M Win
The U.S. Securities and Exchange Commission has entered settlement negotiations with Massachusetts-based financial firm Commonwealth Financial Network, two months after the First Circuit nixed the agency's $93 million win against the company, according to a court document filed Friday.
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June 20, 2025
SEC Axes 3 More Dealer Suits In Continued Policy Shift
The U.S. Securities and Exchange Commission has voluntarily dismissed three lawsuits accusing a hedge fund and two penny stock traders of operating as unregistered securities dealers, continuing the new Republican leadership's shift away from pursuing cases that defendants argued unlawfully expanded agency oversight.
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June 20, 2025
Investor Can't Get Emergency Injunction In Sinovac Battle
A New York federal judge will not grant an investor an emergency injunction to preserve the status quo as it pursues arbitration in Hong Kong or Beijing stemming from a bitter, yearslong battle for control of Chinese vaccine maker Sinovac, saying the investors have not demonstrated a likelihood of "irreparable harm."
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June 20, 2025
NJ Tech Co. Brass Face Suit Over NASA Partnership Claims
Executives and directors of Quantum Computing Inc. have been hit with a shareholder's derivative lawsuit accusing them of misleading investors on the company's dealings with NASA, its revenues and its progress on building a chip foundry.
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June 20, 2025
Chancery OKs Expedited Trial In Nielsen Co. Suit
Nielsen Holdings Ltd. won an early partial victory Friday in a suit accusing a consumer intelligence venture it spun off in 2021 of seeking to cut off access to data used by the former parent and another business Nielsen Holdings intends to sell to the spinoff's competitor, Circana LLC.
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June 20, 2025
Exxon Says Class Action Trial Should Be Pushed To 2026
Exxon Mobil told a federal court Friday that a November trial in a class action accusing the oil giant of misleading investors should be delayed, writing that the class is seeking a trial on new theories of liability that were not presented at class certification.
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June 20, 2025
Wells Fargo Escapes Ex-Worker's Suit Over 401(k) Forfeitures
Wells Fargo defeated a proposed class action claiming it unlawfully used forfeited 401(k) funds to offset its own contributions instead of covering retirement plan expenses, as a Minnesota federal judge said the plan didn't require the company to pay for elective services.
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June 20, 2025
4 ERISA Cases To Watch In The 2nd Half Of 2025
The U.S. Department of Labor's challenge to a pair of injunctions blocking Biden-era regulations that broaden who qualifies as an investment advice fiduciary under federal benefits law tops the list of cases benefits attorneys will be watching in the latter half of the year.
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June 18, 2025
Rio Tinto Agrees To $139M Mongolian Mine Suit Settlement
Rio Tinto agreed to pay $139 million to resolve a putative securities class action that accused the mining giant of concealing delays and cost overruns in a $7 billion copper-gold mine development in southern Mongolia, according to a group of investment funds' Wednesday motion for the settlement's preliminary approval.
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June 18, 2025
Alphabet, Investors Face Judge's Questions Over $500M Deal
A California federal judge has questions about an investor settlement with Google's parent company, Alphabet Inc., which agreed to earmark half a billion dollars over the next 10 years to overhaul its global compliance structure to resolve claims against company leaders of anticompetitive and monopolistic practices.
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June 18, 2025
Toyota Says DOJ Has Closed Thai Bribery Probe
Toyota said Wednesday that the U.S. Department of Justice has closed a long-running Foreign Corrupt Practices Act investigation concerning allegations of bribery at its Thai subsidiary, the latest such probe to be dropped under the Trump administration.
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June 18, 2025
OCC Orders Earnings, Strategy Overhaul For 'Troubled' Carver
Carver Federal Savings Bank, one of the nation's largest Black-led banks, has agreed to undertake new strategic planning and efforts to improve its earnings in response to regulatory concerns flagged by the Office of the Comptroller of the Currency.
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June 18, 2025
NY Prosecutors Seize Crypto Linked To Social Media Scams
New York Attorney General Letitia James on Wednesday said her office and the Brooklyn District Attorney's Office collaborated to seize and freeze $440,000 worth of cryptocurrency that was stolen via Facebook scams targeting Russian-speaking communities in the city and beyond.
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June 18, 2025
Anavex Gets Suit Over Rett Syndrome Clinical Trials Nixed
A New York federal judge tossed an Anavex investor's proposed class action alleging she suffered losses from its misleading statements regarding methodologies used in neurological treatment clinical trials, ruling that stock prices rose from the day the statements were made after Anavex made corrective disclosures in a pre-market earnings call.
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June 18, 2025
Pilgrims Pride Investors Get Final OK To $41.5M Deal
Investors of poultry giant Pilgrim's Pride Corp. received the final nod for a $41.5 million deal to settle claims that trading prices for the company's shares were artificially inflated amid its participation in a broiler chicken price-fixing scheme.
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June 18, 2025
Sotera Investors Urge 6th Circ. To Reopen Toxic Gas Suit
Sotera Health investors are seeking to revive a lawsuit accusing the company of concealing the carcinogenic nature of a gas used at its sterilization plants, telling the Sixth Circuit that the company knew that its "outrageous and cynical" behavior would cost it hundreds of millions of dollars.
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June 18, 2025
AI Software Co. Cerence's Leaders Beat Shareholder Suit
A Massachusetts federal judge Wednesday tossed a consolidated derivative shareholder suit against the top brass of artificial intelligence software company Cerence Inc. over its revenue reporting, saying the plaintiffs did not make a presuit demand on the company's board and have failed to show that such a demand would have been futile.
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June 18, 2025
Spectrum Pharma Investors Get First OK For $16M Deal
A Nevada federal judge has given the first green light to a nearly $16 million settlement between a pharmaceutical company and a class of investors who claimed the company and its executives overstated the status of two of its developed drugs and withheld negative data and trial results, leading to a stock drop when the truth was revealed.
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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.
Expert Analysis
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Series
Volunteer Firefighting Makes Me A Better Lawyer
While practicing corporate law and firefighting may appear incongruous, the latter benefits my legal career by reminding me of the importance of humility, perspective and education, says Nicholas Passaro at Ford.
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Limit On SEC Enforcement Authority May Mean Fewer Actions
Following a recent U.S. Securities and Exchange Commission final rule revoking the Enforcement Division director's long-standing authority to issue formal investigation orders, it's clear the division is headed for a new era of limited autonomy, marked by a significantly slower pace of SEC investigations, say attorneys at Ballard Spahr.
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As SEC, CFTC Retreat, Who Will Police The Crypto Markets?
As the U.S. Securities and Exchange Commission and U.S. Commodity Futures Trading Commission pull back from policing the crypto markets, the Federal Trade Commission and Consumer Financial Protection Bureau have the authority to pick up the slack — although recent events raise doubts that they will do so, say attorneys at Skadden.
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Calif. May Pick Up The Slack On Foreign Bribery Enforcement
The California attorney general recently expressed an interest in targeting foreign bribery amid a federal pause in Foreign Corrupt Practices Act enforcement, so companies should calibrate their compliance programs to mitigate against changing risks, especially as other states could follow California’s lead, say attorneys at Gibson Dunn.
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E-Discovery Quarterly: The Perils Of Digital Data Protocols
Though stipulated protocols governing the treatment of electronically stored information in litigation are meant to streamline discovery, recent disputes demonstrate that certain missteps in the process can lead to significant inefficiencies, say attorneys at Sidley.
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A Look At M&A Trends In An Uncertain Deal Environment
Dealmakers are adopting more cautious and deliberate merger and acquisition practices, such as earnout agreements, joint ventures and strategic partnerships that mitigate risk and bridge valuation gaps, amid the slower pace so far in 2025, says Louis Lehot at Foley & Lardner.
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Opinion
Ripple Settlement Offers Hope For Better Regulatory Future
The recent settlement between the U.S. Securities and Exchange Commission and Ripple — in which the agency agreed to return $75 million of a $125 million fine — vindicates criticisms of the SEC and highlights the urgent need for a complete overhaul of its crypto regulation, says J.W. Verret at George Mason University.
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Series
Law School's Missed Lessons: Preparing For Corporate Work
Law school often doesn't cover the business strategy, financial fluency and negotiation skills needed for a successful corporate or transactional law practice, but there are practical ways to gain relevant experience and achieve the mindset shifts critical to a thriving career in this space, says Dakota Forsyth at Olshan Frome.
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FDIC Shift On ALJs May Show Agencies Meeting New Norms
The Federal Deposit Insurance Corp.’s recent reversal, deciding to not fight a Kansas bank’s claim that the FDIC's administrative law judge removal process is unconstitutional, shows that independent agencies may be preemptively reconsidering their enforcement and adjudication authority amid executive and judicial actions curtailing their operations, say attorneys at Snell & Wilmer.
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Opinion
The SEC Must Protect Its Best Tool For Discovering Fraud
By eliminating the consolidated audit trail's collection of most retail customer information, the U.S. Securities and Exchange Commission may squander a once-in-a-generation opportunity to deter securities market fraud and abuse, something new Chair Paul Atkins must ensure doesn't happen, says former SEC data strategist Hugh Beck.
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Meta Case Brings Customer-Facing Statements Issue To Fore
Now that Facebook v. Amalgamated Bank has returned to California federal court after the U.S. Supreme Court in November found it improvidently granted certiorari, it will be worth watching whether customer-facing communications, such as Facebook's privacy policies, are found to be made in connection with the sale of a security, says Samuel Groner at Fried Frank.
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A Cold War-Era History Lesson On Due Process
The landmark Harry Bridges case from the mid-20th century Red Scare offers important insights on why lawyers must be free of government reprisal, no matter who their client is, says Peter Afrasiabi at One LLP.
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How Latin American Finance Markets May Shift Under Trump
Changes in the federal government are bringing profound implications for Latin American financial institutions and cross-border financing, including increased competition from U.S. banks, volatility in equity markets and stable green investor demand despite deregulation in the U.S., says David Contreiras Tyler at Womble Bond.
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Series
Improv Makes Me A Better Lawyer
Improv keeps me grounded and connected to what matters most, including in my legal career where it has helped me to maintain a balance between being analytical, precise and professional, and creative, authentic and open-minded, says Justine Gottshall at InfoLawGroup.
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How BigLaw Executive Orders May Affect Smaller Firms
Because of the types of cases they take on, solo practitioners, small law firms and public interest attorneys may find themselves more dramatically affected by the collective impact of recent government action involving the legal industry than even the BigLaw firms named in the executive orders, says Reuben Guttman at Guttman Buschner.