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Securities
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December 12, 2025
Chancery Issues Rare Redemption Order In Congo Dispute
A rare Court of Chancery battle over control of a sprawling palm oil plantation enterprise along Africa's Congo River has produced an equally rare court order for "redemptions in kind," or an unwinding and separation from an investor who led what the court described as a multi-faceted enterprise "coup."
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December 12, 2025
Betting, Trading Platforms Form Prediction Market Alliance
A group of betting and trading platforms said they've created a new organization to advance the interests of prediction markets as betting challenges from states intensify and Congress starts to formally structure the cryptocurrency market writ large.
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December 12, 2025
Bogus AI Hedge Fund Chief Finalizes $4.1M SEC Deal
A self-styled hedge fund CEO who pled guilty to scamming investors with claims that his firm used artificial intelligence for its high-frequency trading strategy has finalized a parallel $4.1 million settlement with the U.S. Securities and Exchange Commission, though the debts would be considered satisfied by his criminal restitution, a Brooklyn federal judge said Friday.
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December 12, 2025
Chancery Lets Nextdoor Argue De-SPAC Suit Filed Too Late
The Delaware Chancery Court on Friday let Nextdoor Inc. and related defendants argue that investors waited too long to sue over the company's de-SPAC merger, while pausing discovery as the court considers motions that could end the case.
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December 12, 2025
Molina Investor Sues Board Over Insurer's Guidance Cuts
Executives and directors of health insurance provider Molina Healthcare were hit with a shareholder's derivative suit Friday accusing them of misleading investors about medical cost trends and internal controls before repeatedly slashing the company's 2025 earnings guidance.
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December 12, 2025
Nasdaq Seeks Power To Block IPOs Over Manipulation Risks
Nasdaq proposed a rule change on Friday that would give the exchange new discretion to block initial public offerings even when companies meet all quantitative listing requirements, citing concerns that certain stocks could be vulnerable to manipulation once they begin trading.
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December 12, 2025
Higgs Fletcher Forms White Collar, Regs Enforcement Team
San Diego-based law firm Higgs Fletcher & Mack LLP has launched a white collar crime and regulatory enforcement defense practice group, citing heightened regulatory scrutiny in the financial and healthcare sectors and rising enforcement risks for licensed professionals and institutions.
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December 12, 2025
ArentFox Adds Cross-Border Corporate Atty From Reed Smith
ArentFox Schiff LLP announced Wednesday that it has added a Los Angeles-based partner from Reed Smith LLP to its corporate and securities practice, calling her "one of the most prominent Chinese-speaking corporate lawyers in the US."
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December 11, 2025
Trump Orders Review Of Proxy Advisers' 'Substantial Power'
President Donald Trump on Thursday issued an executive order that aims to scrutinize the influence that proxy adviser firms like Institutional Shareholder Services Inc. and Glass Lewis & Co. LLC have, including in relation to diversity, equity and inclusion agendas.
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December 11, 2025
FSOC To Tack Toward Deregulation For Growth, Bessent Says
U.S. Treasury Secretary Scott Bessent said Thursday that the Financial Stability Oversight Council will pivot toward a focus on promoting economic growth through deregulation, charting a new course for the panel that mirrors shifts underway at its member agencies.
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December 11, 2025
House Passes Bill To Rev Up Investment, Biz Opportunities
The U.S. House of Representatives on Thursday passed bipartisan legislation that would revamp securities law by making it easier for entrepreneurs and small businesses to access capital and by expanding investment opportunities in private markets.
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December 11, 2025
Gemini To Offer Prediction Markets With CFTC License
Winklevoss-led crypto firm Gemini plans to soon offer prediction markets to customers now that it's won a designated contract market license from the U.S. Commodity Futures Trading Commission.
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December 11, 2025
House Weighs CFTC's Future As Admin Looks To Fill Positions
The White House said Thursday that it will soon fill some of the open leadership positions at the U.S. Commodity Futures Trading Commission, as industry experts and former CFTC insiders told Congress that the agency will need more funding and additional personnel if it's to properly police the cryptocurrency and prediction markets.
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December 11, 2025
SEC Gets Amended $32M Win In Real Estate Fraud Suit
A Florida federal judge on Dec. 11 granted the U.S. Securities and Exchange Commission's bid for an amended $32 million default judgment against three companies owned by two French half-brothers accused of misappropriating $40 million from investors in a real estate investment fraud scheme, and entered a final judgment against one of the brothers.
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December 11, 2025
SEC Must Provide Names To Compliance Chief In Fraud Suit
An Illinois federal judge on Thursday ordered the U.S. Securities and Exchange Commission to comply with a chief compliance officer's request for the names of agency staffers familiar with his whistleblower claims as he defends allegations that he played a role in a purportedly fraudulent stock offering by a "sham" energy company.
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December 11, 2025
Smartsheet Investor Sues Over Blackstone, Vista Buyout
A stockholder in a proposed class action against enterprise software maker Smartsheet Inc. accused the company and its former CEO of underselling the company's performance in the lead-up to its $8.4 billion acquisition this year by Blackstone and Vista Equity Partners, allowing the sale to move forward at an unfairly low share price.
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December 11, 2025
Visa Escapes Investor Suit Over DOJ Claims
A California federal judge has released Visa from a securities fraud suit accusing it of concealing anticompetitive debit practices that are the subject of a lawsuit filed by the U.S. Department of Justice, saying the plaintiffs did not show that Visa's alleged omissions caused investors losses.
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December 11, 2025
SEC Gives DTCC Nod To Offer Tokenization Service
The U.S. Securities and Exchange Commission on Thursday issued a no-action letter clearing the way for The Depository Trust & Clearing Corp. to launch a service tokenizing certain securities.
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December 11, 2025
Chancery OKs $13M Concord SPAC Deal, Delays Fee Ruling
Delaware Vice Chancellor Paul A. Fioravanti Jr. on Thursday approved a $13.08 million settlement resolving claims that Concord Acquisition Corp.'s insiders tried to divert a $20 million breakup fee to themselves after the SPAC's failed merger with cryptocurrency company Circle, but he deferred ruling on attorney fees until plaintiffs supply additional time records.
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December 11, 2025
Del. Court Mulls Mootness Fee Options In Bolt Suit Settlement
A Delaware vice chancellor indicated Thursday that he was leaning toward awarding 10% to 15% of the benefit secured by attorneys who battled for cancellation of $37.5 million in Bolt Financial Group stock used by company controller Ryan Breslow to secure a later defaulted-upon personal loan.
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December 11, 2025
Fed Terminates 3 Actions Against Credit Suisse, JPMorgan
The Federal Reserve said Thursday that it has terminated a trio of enforcement actions against Credit Suisse Group AG and JPMorgan Chase & Co., lifting consent orders that were tied to alleged illicit finance practices and trade surveillance failures.
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December 11, 2025
Terraform Founder Gets 15 Years For 'Epic' $40B Crypto Scam
A Manhattan federal judge hit Terraform founder Do Kwon with a 15-year prison sentence Thursday, saying he caused "real people to lose $40 billion in real money" as he orchestrated a massive fraud that sunk the once high-flying crypto concern.
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December 11, 2025
Mass. Lawyer Accused Of Misusing Pot Shop Investor Funds
A Massachusetts lawyer took a 50.1% stake in a cannabis startup in exchange for what he said was a discount on fees for legal work he would perform, then botched the license application and misused investor funds, a lawsuit filed in state court alleges.
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December 11, 2025
Solaris Energy Top Brass Sued Over Turbine Co. Acquisition
The top brass of Solaris Energy Infrastructure have been hit with an investor derivative suit in Texas federal court alleging they failed to disclose that a turbine leasing company Solaris acquired lacked the "track record" that it was touted to have, had only one client, and that its owner had a history of "turbine-related fraud," among other things.
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December 11, 2025
Chancery Skeptical Of B. Riley Investors' Investment Loss Suit
A vice chancellor in the Delaware Chancery Court on Thursday pressed the lawyer for a B. Riley Financial Inc. stockholder to justify Caremark oversight claims tied to the investment firm's failed bets on the Franchise Group Inc., repeatedly questioning whether the complaint plausibly alleged bad faith board inaction rather than business judgment disagreements.

Expert Analysis
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Series
Practicing Stoicism Makes Me A Better Lawyer
Practicing Stoicism, by applying reason to ignore my emotions and govern my decisions, has enabled me to approach challenging situations in a structured way, ultimately providing advice singularly devoted to a client's interest, says John Baranello at Moses & Singer.
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How Courts Treat Nonservice Clauses For Financial Advisers
Financial advisers considering a job change should carefully consider recent cases that examine controlling state law for nonservice and nonacceptance provisions to prepare for potential legal challenges from former firms, says Andrew Shedlock at Kutak Rock.
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Series
The Biz Court Digest: Texas, One Year In
A year after the Texas Business Court's first decision, it's clear that Texas didn't just copy Delaware and instead built something uniquely its own, combining specialization with constitutional accountability and creating a model that looks forward without losing touch with the state's democratic and statutory roots, says Chris Bankler at Jackson Walker.
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Series
Law School's Missed Lessons: Educating Your Community
Nearly two decades prosecuting scammers and elder fraud taught me that proactively educating the public about the risks they face and the rights they possess is essential to building trust within our communities, empowering otherwise vulnerable citizens and preventing wrongdoers from gaining a foothold, says Roger Handberg at GrayRobinson.
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Shifting Crypto Landscape Complicates Tornado Cash Verdict
Amid shifts in the decentralized finance regulatory landscape, the mixed verdict in the prosecution of Tornado Cash’s founder may represent the high-water mark in a cryptocurrency enforcement strategy from which the U.S. Department of Justice has begun to retreat, say attorneys at Venable.
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5 Crisis Lawyering Skills For An Age Of Uncertainty
As attorneys increasingly face unprecedented and pervasive situations — from prosecutions of law enforcement officials to executive orders targeting law firms — they must develop several essential competencies of effective crisis lawyering, says Ray Brescia at Albany Law School.
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Blockchain May Offer The Investor Protection SEC Seeks
As the U.S. Securities and Exchange Commission moves to control the ballooning costs of the consolidated audit trail and attempts to finally give regulators a unified, real-time picture of trading, blockchain demonstrates what it looks like when that kind of transparency is a baseline feature, not an aspirational overlay, says Tuongvy Le at Veda Tech Labs.
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$2B PDVSA Ruling Offers Insight Into Foreign-Issued Debt
A New York federal court's recent decision denying a request by PDVSA, Venezuela's state-owned oil company, to refuse enforcement of $2 billion in defaulted bonds serves as a guide for the scope of review required in assessing the validity of foreign-issued securities with New York choice-of-law provisions, say attorneys at Cleary.
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Del. Dispatch: Chancery Expands On Caremark Red Flags
The Delaware Court of Chancery’s recent Brewer v. Turner decision, allowing a shareholder derivative suit against the board of Regions Bank to proceed, takes a more expansive view as to what constitutes red flags, bad faith and corporate trauma in Caremark claims, say attorneys at Fried Frank.
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Opinion
It's Time For The Judiciary To Fix Its Cybersecurity Problem
After recent reports that hackers have once again infiltrated federal courts’ electronic case management systems, the judiciary should strengthen its cybersecurity practices in line with executive branch standards, outlining clear roles and responsibilities for execution, says Ilona Cohen at HackerOne.
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Who Will Regulate Insider Trading In Prediction Markets?
The possibilities for insider trading have greatly expanded in the brave new world of prediction markets, and both the U.S. Commodity Futures Trading Commission and U.S. Department of Justice could bring enforcement actions in the space, so businesses should revisit their insider trading and confidential information policies, say attorneys at Fenwick.
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Opinion
Crypto Bills' Narrow Scope Guarantees Continued Uncertainty
The Digital Asset Market Clarity Act and Responsible Financial Innovation Act aim to make the $4 trillion crypto market more transparent and less susceptible to fraud, but their focus on digital assets sold in investment contract transactions promises continued uncertainty for the industry, says Joe Hall at Davis Polk.
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Parody Defendants Are Finding Success Post-Jack Daniel's
Recent decisions demonstrate that, although the U.S. Supreme Court's decision in Jack Daniel's v. VIP Products did benefit trademark plaintiffs by significantly limiting the First Amendment expressive use defense, courts also now appear to be less likely to find a parodic work likely to cause confusion, says Andrew Michaels at University of Houston Law Center.
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Series
Writing Novels Makes Me A Better Lawyer
Writing my debut novel taught me to appreciate the value of critique and to never give up, no matter how long or tedious the journey, providing me with valuable skills that I now emphasize in my practice, says Daniel Buzzetta at BakerHostetler.
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SEC's No-Action Relief Could Dramatically Alter Retail Voting
The U.S. Securities and Exchange Commission recently cleared the way for ExxonMobil to institute a novel change in retail shareholder voting that could greatly increase voter turnout, granting no-action relief that represents an effective and meaningful step toward modernizing the shareholder voting process and the much-needed democratization of retail investors, say attorneys at Cozen.