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Securities
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June 06, 2025
Truist's Negligence Led To Hackers Hijacking Deal, Firm Says
Delaware-based Rhodunda Williams & Kondraschow LLC is claiming in a new lawsuit that hackers used the law firm's email to hijack a real estate transaction and have funds wired to their account at Truist Financial Corp., which lacked the needed security measures to prevent the alleged fraud.
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June 06, 2025
Chancery Pauses Meta Privacy Suit For EU, Ireland Actions
A Delaware court on Friday paused a pension fund stockholder suit seeking documents on data privacy violations made by Meta Platforms Inc. that led to a €1.2 billion ($1.4 billion) fine from European authorities.
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June 06, 2025
Fox Stockholders Press For Election Suit Docs In Chancery
Attorneys for Fox Corp. shareholders are accusing the company of unjustifiably withholding documents sought in Delaware's Court of Chancery related to a derivative suit over the alleged defamation of vote tabulation companies in the midst of the 2020 election.
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June 06, 2025
Feds Seek 15 Months For Russian Crypto Market Manipulator
A Russian national who pled guilty to manipulating crypto markets through his market-making service says the time he has already served is sufficient punishment, but the government is seeking 15 months in addition to his company's $23 million forfeiture.
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June 06, 2025
Justices Skip Investment Adviser's Appeal Of $32M SEC Win
The U.S. Supreme Court on Friday declined to hear a lawsuit challenging the U.S. Securities and Exchange Commission's disgorgement powers, turning away an appeal brought by an investment adviser who was ordered to pay $32 million after a lower court found that he and his firm defrauded clients.
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June 06, 2025
Execs Hid Jewelry Co. Accounting Issues, Suit Says
Executives of Compass Diversified Holdings have been hit with a derivative shareholder suit in a California federal court for allegedly making misleading statements about the investment firm's financial condition, stemming from accounting irregularities at a jewelry company the firm acquired.
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June 06, 2025
Crypto Groups Want Protections For Developers In House Bill
A coalition of crypto industry groups urged lawmakers and courts to shield developers from certain legal liabilities if their creations do not take hold of customer funds, including by enshrining protections in a proposal to regulate crypto markets that lawmakers continue to debate.
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June 06, 2025
Argentina Tells DC Circ. $391M Award OK Must Be Nixed
Argentina has asked the D.C. Circuit to overturn a lower court decision ordering it to pay a $391 million arbitral award issued following a 15-year-old dispute over the renationalization of the country's state-owned airline.
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June 06, 2025
Buchalter Lands Duane Morris Securities Litigator In SF
Buchalter PC is expanding its litigation team, bringing in a Duane Morris LLP securities litigation ace as a shareholder in its San Francisco office.
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June 06, 2025
Dems Urge FHFA To Halt Trump's Fannie, Freddie Plans
A group of 13 Democratic U.S. senators, along with Sen. Bernie Sanders, urged the Federal Housing Finance Agency to put on hold efforts from President Donald Trump to end government conservatorship for Fannie Mae and Freddie Mac, stating in a letter that reprivatizing the entities "could dramatically increase costs for families seeking to purchase a home."
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June 06, 2025
Gemini Confidentially Files For IPO Amid Crypto Listings Buzz
Crypto exchange Gemini Space Station Inc. said Friday it confidentially filed for an initial public offering, marking a first step toward going public amid growing enthusiasm for crypto-related listings following stablecoin issuer Circle Internet Group Inc.'s blockbuster IPO.
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June 06, 2025
Strategy Raises Nearly $1B In Preferred Stock To Buy Bitcoin
Michael Saylor's Strategy Inc. said Friday it priced an estimated $1 billion initial public offering of preferred stock to bolster its growing stockpile of bitcoin, in a deal represented by Latham & Watkins LLP and placement agents' counsel Davis Polk & Wardwell LLP.
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June 06, 2025
Ex-SDNY Prosecutor Exits Paul Weiss For Jenner & Block
Just months after rejoining Paul Weiss Rifkind Wharton & Garrison LLP, the former U.S. attorney for the Southern District of New York is leaving the firm to join Jenner & Block LLP.
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June 06, 2025
Mayer Brown Adds Partner To NY Corporate, Securities Team
Aideen Brennan, a former mergers and acquisitions and private equity senior managing associate at Sidley Austin, has joined Mayer Brown's global corporate and securities practice as a partner in New York.
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June 05, 2025
'Sparse' OPM Record On Mass Firings Backs Win, Unions Say
A "sparse and self-serving" record provided by the U.S. Office of Personnel Management still shows the agency unlawfully directed federal agencies to fire probationary employees en masse, so a California federal court can reach a final decision now and "unwind" those terminations, a coalition including unions and advocacy groups said Thursday.
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June 05, 2025
FINRA Panel Awards More Than $2M Over Mismanaged Stocks
U.S. Capital Wealth Advisors and two representatives must pay more than $2 million and rescind the sale of thousands of shares of Microsoft and Google over claims that they sold off a client's blue-chip investments and told her to invest heavily in an allegedly fraudulent Indian media company, a Financial Industry Regulatory Authority arbitration panel has held.
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June 05, 2025
Calif. Adviser, CEO To Pay $21M To End SEC Theft Claims
A California investment adviser and its CEO have agreed to pay over $21 million to end U.S. Securities and Exchange Commission claims they misappropriated over $15.3 million from a cannabis industry client — including $4.6 million used to buy a home — and overstated its assets under management in regulatory filings.
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June 05, 2025
SEC Wants 8th Circ. To Remand 'Dealer' Suit After Dismissals
The U.S. Securities and Exchange Commission asked the Eighth Circuit on Thursday to send a $12 million case it won against Carebourn Capital back to the district court in light of its recent decision to take a less expansive approach to the definition of "securities dealer."
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June 05, 2025
Crypto.com Says Nevada Can't Sue Over Sports Contracts
The derivatives platform owned by Crypto.com on Thursday urged a Nevada federal judge to block the state's gaming regulators from taking action over its sports event contracts, arguing the federal court has already granted similar relief to trading platform Kalshi.
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June 05, 2025
SEC Seeks To Cut Enforcement Staff To 2010 Levels
The U.S. Securities and Exchange Commission could see its lowest level of enforcement attorneys since the first Obama administration if Congress approves the agency's requested budget, with the proposal indicating that even more workers could leave the SEC in the next fiscal year.Â
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June 05, 2025
Fed, OCC Face Bipartisan Call For Leverage Ratio Reform
Republican and Democratic lawmakers teamed up Thursday to urge federal banking regulators to revisit their bank leverage rules "with haste," pointing to U.S. Treasury market liquidity concerns and asking for details about potential adjustments under consideration.
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June 05, 2025
Crypto Co. Bitmain Seeks Court OK Of $11.3M Miner Award
The Georgia unit of Chinese cryptocurrency mining business Bitmain Technologies Ltd. has asked a Texas federal judge to enforce an approximately $11.3 million arbitral award in a breach of contract dispute against a company that failed to appear at the arbitration hearing.
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June 05, 2025
SEC Beats Challenge To Stricter Shareholder Proposal Rule
A Washington, D.C., federal judge Thursday upheld the U.S. Securities and Exchange Commission's rule that raises eligibility requirements for submitting shareholder proposals, disagreeing with investor advocacy groups that the requirements "severely impair" investors' input on corporate policies.
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June 05, 2025
Del. Court Scuttles Salvage Co. Investor's Doc Suit Appeal
An ocean salvage company stockholder's attempt to refloat a rejected Delaware Court of Chancery suit for documents on a more than decade-long treasure hunt off Cape Cod, Massachusetts, sank again Thursday after a vice chancellor found that a magistrate in chancery made the right call.
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June 05, 2025
NJ Judge Trims Pool Equipment Maker Shareholder Suit
A New Jersey federal judge has dismissed some claims in a proposed investor class action alleging pool supply company Hayward Holdings Inc. concealed it was struggling with ballooning inventory and lowered demand, but ruled that some of the claims, including the claims against the company's consortium, can continue.
Expert Analysis
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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.
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Series
Calif. Banking Brief: All The Notable Legal Updates In Q1
Among the most notable developments in California banking in the first quarter of the year, regulators and legislators issued regulations interpreting debt collection laws, stepped up enforcement actions, and expanded consumer protections for those affected by wildfires, says Stephen Britt at Severson & Werson.
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How The ESG Investing Rule Survived Loper Bright, For Now
A Texas federal court's recent decision in Utah v. Micone upholding the U.S. Department of Labor's 2022 ESG investing rule highlights how regulations can withstand the post-Loper Bright landscape when an agency's interpretation of its statutorily determined boundaries is not granted deference, say attorneys at Miller & Chevalier.
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Series
Adapting To Private Practice: From DOJ Leadership To BigLaw
The move from government service to private practice can feel like changing one’s identity, but as someone who has left the U.S. Department of Justice twice, I’ve learned that a successful transition requires patience, effort and the realization that the rewards of practicing law don’t come from one particular position, says Richard Donoghue at Pillsbury.
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SEC Crypto Mining Statement Delivers Regulatory Clarity
The U.S. Securities and Exchange Commission's March 20 statement clarifying that certain crypto mining activities do not constitute the offer and sale of securities marks the end of the SEC's enforcement-first approach and ushers in a more predictable environment for blockchain innovation and investment, says Jeonghoon Ha at Ha Law.
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Nev. Fraud Ruling Raises Stakes For Proxy Battles
Though a Nevada federal court’s recent U.S. v. Boruchowitz decision involved unusual facts, the court's ruling that board members can be defrauded of their seat through misrepresentations increases fraud risks in more typical circumstances involving board elections, especially proxy fights, say attorneys at ArentFox Schiff.
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Law Firm Executive Orders Create A Legal Ethics Minefield
Recent executive orders targeting BigLaw firms create ethical dilemmas — and raise the specter of civil or criminal liability — for the government attorneys tasked with implementing them and for the law firms that choose to make agreements with the administration, say attorneys at Buchalter.
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The OCC's Newly Relaxed Approach To Bank Crypto Activity
With the early March rescission of Biden-era interpretive guidance, the Office of the Comptroller of the Currency has loosened its approach to regulating national banks and federal savings associations' crypto-asset activities, possibly removing one barrier to banks engaging in such activities, say attorneys at Debevoise.
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Firms Must Embrace Alternative Billing Models Or Fall Behind
As artificial intelligence tools eliminate inefficiencies and the Big Four accounting firms enter the legal market, law firms that pivot from the entrenched billable hour model to outcomes-based pricing will see a distinct competitive advantage, says attorney William Brewer.
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Opinion
7 Ways CFTC Should Nix Unnecessary Regulatory Burdens
Several U.S. Commodity Futures Trading Commission regulations do not work efficiently in practice, all of which can be abolished or improved in order to comply with a recent executive order requiring the elimination of 10 regulations for every new one implemented, say attorneys at K&L Gates.
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How Attorneys Can Master The Art Of On-Camera Presence
As attorneys are increasingly presented with on-camera opportunities, they can adapt their traditional legal skills for video contexts — such as virtual client meetings, marketing content or media interviews — by understanding the medium and making intentional adjustments, says Kerry Barrett.