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Securities
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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.
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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.
Expert Analysis
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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.
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Opinion
Lawsuits Shouldn't Be Shadow Assets For Foreign Capital
Third-party litigation financing amplifies inefficiencies from litigation and facilitates national exposure to foreign influence in the U.S. justice system, so full disclosure of financing arrangements should be required as a matter of institutional integrity, says Roland Eisenhuth at the American Property Casualty Insurance Association.
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2 Del. Rulings Reinforce Proof Needed For Records Demands
Two recent Delaware Court of Chancery decisions involving Amazon and Paramount Global illustrate the significance of the credible basis standard on books and records requests, underscoring that stockholders seeking to investigate wrongdoing must come forward with actual evidence of misconduct — not mere allegations, say attorneys at Cleary.
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How To Accelerate Your Post-Attorney Career Transition
Professionals seeking to transition to nonattorney careers may encounter skepticism as nontraditional candidates, but there are opportunities for thought leadership and to leverage speaking and writing to accelerate a post-attorney career transition, say Janet Falk at Falk Communications and Evgeny Efremkin at Toronto Metropolitan University.
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3 Action Items For Innovators Amid Fintech Regulatory Pivot
As the federal banking agencies seek to smooth the way for banks to engage in crypto-related activities, banks and technology companies should take note of this new chapter in payments services, especially as leadership in digital financial technology becomes a national priority, says Jess Cheng at Wilson Sonsini.
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How Tariffs May Affect Proxy Contests This Season
While global tariffs imposed by the Trump administration will certainly chill at least some activity this proxy season, and make defending contests significantly easier, there will likely be many new activist investments once there is more economic certainty, meaning more proxy fights this fall, say attorneys at Sidley.
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A Closer Look At New NYSE, Nasdaq Listing Rule Changes
The U.S. Securities and Exchange Commission has recently approved changes to the New York Stock Exchange's and the Nasdaq's listing rules on reverse stock splits, minimum share price requirements and required liquidity for initial listings, meaning listed companies facing delisting will have fewer means to regain compliance, say attorneys at Cahill Gordon.
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Opinion
GENIUS Act Can Bring Harmony To Crypto-Banking Discord
​​​​​​​By embracing crypto innovation while establishing appropriate guardrails, the so-called GENIUS Act charts a path forward that promotes financial inclusion and technological advancement without compromising stability or constitutional rights, says J.W. Verret at George Mason University's Antonin Scalia Law School.
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Series
Law School's Missed Lessons: Be An Indispensable Associate
While law school teaches you to research, write and think critically, it often overlooks the professional skills you will need to make yourself an essential team player when transitioning from a summer to full-time associate, say attorneys at Stinson.
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SEC Confidential Review Process Provides Issuers Flexibility
The U.S. Securities and Exchange Commission's recently announced enhancements to the process for confidentially submitting draft registration statements will be immediately impactful for issuers seeking to access the public capital markets, and should provide more grounds to explore and plan public offerings, say attorneys at Lowenstein Sandler.
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Series
Birding Makes Me A Better Lawyer
Observing and documenting birds in their natural habitats fosters patience, sharpens observational skills and provides moments of pure wonder — qualities that foster personal growth and enrich my legal career, says Allison Raley at Arnall Golden.
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How Del. Law Rework Limits Corporate Records Requests
Newly enacted amendments to a section of the Delaware General Corporation Law that allows stockholders and beneficial owners to demand inspection of Delaware corporations' books and records likely curtails the scope of such inspections and aids defendants in framing motions to dismiss at the pleading stage, says Jonathan Richman at Brown Rudnick.