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Securities
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July 11, 2025
Coinbase Sues Oregon For Records Amid Enforcement Suit
Coinbase sued the office of Oregon Gov. Tina Kotek Friday for failing to fulfill a public records request for information on the state's approach to crypto policy and use of outside counsel as the crypto exchange defends a securities enforcement action from the Oregon attorney general.
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July 11, 2025
SEC Says $140M Ponzi Funded Lifestyle, Campaign Donations
The U.S. Securities & Exchange Commission sued First Liberty Building & Loan LLC and owner Edwin Brant Frost IV in Georgia federal court Thursday, alleging Frost defrauded 300 investors out of $140 million in a Ponzi scheme that fueled Frost's lavish lifestyle and his donations to Republican campaigns totaling six figures.
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July 11, 2025
AbbVie Defeats Investor Class Suit Alleging Humira Kickbacks
AbbVie on Thursday defeated a certified securities class action that accused it of giving healthcare providers unlawful kickbacks in exchange for prescribing its flagship arthritis drug Humira when an Illinois federal judge ruled that AbbVie provided legitimate services that were "integrally tied" to the drug itself.
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July 11, 2025
SEC Fines Adviser $1.75M For Hiding Conflicts Of Interest
American Portfolios Advisors Inc. on Friday agreed to pay a $1.75 million fine to end allegations from the U.S. Securities and Exchange Commission that the investment adviser failed to properly disclose conflicts of interest with an affiliated broker-dealer.
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July 11, 2025
Wine Exec Extradited From UK Denies $99M Fraud Scheme
One of two executives of a United Kingdom wine company was extradited to the U.S. and pled not guilty on Friday in Brooklyn federal court to charges that he conned investors into making loans using wine collections as collateral, cheating them out of $99 million.
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July 11, 2025
Grayscale Tells SEC 'End-Run' Shouldn't Delay Crypto ETP
Digital asset management firm Grayscale Investments LLC has challenged a decision by the U.S. Securities and Exchange Commission to hold back the launch of its multi-crypto exchange-traded fund, arguing in a letter to the agency that the stay violates the Exchange Act's rules on approval timelines.
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July 11, 2025
Slack Investor Wants 2nd Shot Before High Court
An investor leading a proposed class action against Slack Technologies LLC is asking the U.S. Supreme Court to finish what it started, petitioning the justices to clarify a point they declined to rule on two years ago when they limited investors' ability to sue newly public companies.
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July 11, 2025
Courts Face Early Push To Expand Justices' Injunction Ruling
In the two weeks since the U.S. Supreme Court curtailed federal judges' ability to issue universal injunctions, Trump administration attorneys have begun pushing to expand the decision's limits to other forms of relief used in regulatory challenges and class actions. So far, judges don't appear receptive to those efforts.Â
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July 11, 2025
US Arm Of Dolce & Gabbana Freed From NFT Outfit Suit
The U.S. division of Italian luxury fashion brand Dolce & Gabbana was dismissed on Friday from a proposed investor class action accusing it of abandoning a nonfungible tokens project while retaining more than $25 million of funds, with the court agreeing that it is not liable for the actions of the larger company.
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July 11, 2025
FTX Trust Says Blockchain Co. Hasn't Delivered $1.3M Coins
A recovery trust for the bankrupt cryptocurrency exchange FTX filed a Chapter 11 adversary proceeding in Delaware bankruptcy court seeking turnover of $1.3 million worth of $XION digital tokens that the debtor's subsidiaries purchased prior to the bankruptcy filing.
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July 11, 2025
AT&T Can't Escape Suit Over Pension Plan's Mortality Data
AT&T must face a proposed class action claiming it miscalculated married couples' pension benefits, a California federal judge ruled, saying workers leading the suit provided evidence that the telecommunications company's use of decades-old mortality data and interest rates was unreasonable.
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July 11, 2025
Better Therapeutics Settles SPAC Suit In Del. For $1M
Defunct telehealth provider Better Therapeutics Inc. has reached a roughly $1 million settlement with a shareholder to end a Delaware Chancery Court suit challenging its take-public merger, according to court filings.
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July 11, 2025
SEC Quietly Drops First-Ever Liquidity Rule Suit
The U.S. Securities and Exchange Commission on Friday agreed to dismiss its first-ever case accusing an investment adviser of violating a rule that limits the amount of illiquid investments a mutual fund can hold.
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July 11, 2025
Charter's Cox Acquisition Vote Should Be Blocked, Suit Says
A Charter Communications Inc. shareholder has asked a Connecticut state court judge to block a July 31 vote on the Stamford-based company's proposed $37.9 billion acquisition of Cox Communications Inc., claiming the deal will enrich executives and their financial advisers but provide few benefits to shareholders.
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July 11, 2025
2 Firms Tapped To Lead Regeneron Investor Suit
Labaton Keller Sucharow LLP and Motley Rice LLC have been named lead counsel in a proposed securities class action accusing Regeneron Pharmaceuticals Inc. and its executives of misleading investors about its revenue prospects for its vision loss drug and inflating reimbursements.
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July 11, 2025
Taxation With Representation: Davis Polk, Kirkland, Cassels
In this week's Taxation With Representation, Merck buys U.K. drugmaker Verona Pharma, CoreWeave acquires fellow data center company Core Scientific, Royal Gold acquires Sandstorm Gold and Horizon Copper, and Italian food company Ferrero buys WK Kellogg.
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July 11, 2025
Drugmaker Fights Claims Over 'Misleading' IPO Statements
Investors in biopharmaceutical company BioAge Labs Inc. mischaracterized certain statements the company made in an effort to allege securities fraud after the company hit the brakes on a clinical trial for its lead product candidate, the company has argued.
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July 10, 2025
VC Giant Andreessen Rips Del. Courts, Plans Move To Nev.
Venture capital giant Andreessen Horowitz on Wednesday announced plans to reincorporate in Nevada, saying that it was no longer a "no-brainer" to launch a company and incorporate in the historically corporate-friendly state of Delaware.
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July 10, 2025
Crypto Exec Fights NY Suit, Cites Due Process Violation
The CEO of a venture capital firm accused of misleading investors into buying up a crypto token with the help of an endorsement from Argentine President Javier Milei just before it tanked said an attempt by New York to exercise jurisdiction over him would be unconstitutional.
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July 10, 2025
Univ. of Rochester Sued For 'Excessive' Retirement Plan Fees
The University of Rochester was hit with a proposed class action Wednesday in New York federal court over allegations it caused its $7.2 billion employee retirement program to pay millions in excessive administrative fees.
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July 10, 2025
Execs Of Device Co. Made $6M From Insider Trading, Suit Says
Five executives for electrotherapy device maker Zynex Inc. were hit with a derivative suit Wednesday in Colorado federal court saying they inflated the company's stock price to cash out on shares valued at more than $6 million.
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July 10, 2025
Dentsply Investors Win Class Cert. Over Pandemic Issues
A New York federal judge on Thursday certified a class of Dentsply Sirona Inc. investors who claim the dental health products supplier misled them about the extent of its pandemic-era woes.
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July 10, 2025
Fed Floats Revision Of Large Bank Rating Framework
The Federal Reserve on Thursday floated a proposed revision to its supervisory rating framework that would allow large bank holding companies to retain a certain stamp of regulatory approval even if they receive a low rating in one area of assessment.
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July 10, 2025
SEC's Peirce Says Tokenized Security Issuers Must Heed Law
The U.S. Securities and Exchange Commission's Hester Peirce is cautioning market participants that issuers of digital versions of securities, often described as tokenized securities, must comply with federal laws even as they pursue innovation.
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July 10, 2025
NJ Developer Charged With Fraud, Bribing Local Official
A New Jersey real estate investor and developer has been indicted on a raft of charges for allegedly running a Ponzi-like investment fraud scheme, conspiring to launder drug proceeds, laundering money represented to be drug proceeds as part of a sting operation and bribing a New Jersey politician.
Expert Analysis
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Opinion
GENIUS Act Could Muck Up Insolvency Proceedings
While some of the so-called GENIUS Act's insolvency provisions are straightforward, others run the risk of jeopardizing the success of stablecoin issuers' insolvency proceedings and warrant another look from Congress, say attorneys at Morgan Lewis.
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A Look At Florida's New Protected Series LLC Legislation
A new law in Florida enhances the flexibility of using limited liability companies as the entities of choice for most privately held businesses, moving Florida into a small group of states with reliable uniform protected series legislation for series LLCs, says Louis Conti at Holland & Knight.
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Capital One Deal Approval Lights Up Path For Bank M&A
The federal banking regulators' recent approval of Capital One's acquisition of Discover signals the agencies' willingness to approve large transactions and a more favorable environment generally for bank mergers under the Trump administration, say attorneys at Arnold & Porter.
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Gauging The Risky Business Of Business Risk Disclosures
With the recent rise of securities fraud actions based on external events — like a data breach or environmental disaster — that drive down stock prices, risk disclosures have become more of a sword for the plaintiffs bar than a shield for public companies, now the subject of a growing circuit split, say attorneys at A&O Shearman.
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New FCPA Guidance Creates 5 Compliance Imperatives
In light of new Foreign Corrupt Practices Act guidelines that mark a fundamental shift in enforcement priorities, companies should consider several specific steps to ensure compliance, from enhanced due diligence to robust whistleblower protections, says Andrew Wirmani at Reese Marketos.
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Series
Playing The Violin Makes Me A Better Lawyer
Playing violin in a string quartet reminds me that flexibility, ambition, strong listening skills, thoughtful leadership and intentional collaboration are all keys to a successful legal practice, says Julie Park at MoFo.
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SEC Proposal Could Hurt Foreign Issuers' US Market Access
The U.S. Securities and Exchange Commission’s June call for feedback on potentially narrowing how it designates foreign private issuers of securities could ultimately result in significant new barriers for traders that rely on FPI accommodations to participate in U.S. markets, say attorneys at Gibson Dunn.
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DOJ's 1st M&A Declination Shows Value Of Self-Disclosures
The U.S. Department of Justice's recent decision not to charge private equity firm White Deer Management — the first such declination under an M&A safe harbor policy announced last year — signals that even in high-priority national security matters, the DOJ looks highly upon voluntary self-disclosures, say attorneys at Perkins Coie.
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Series
Law School's Missed Lessons: Practicing Self-Care
Law schools don’t teach the mental, physical and emotional health maintenance tools necessary to deal with the profession's many demands, but practicing self-care is an important key to success that can help to improve focus, manage stress and reduce burnout, says Rachel Leonard​​​​​​​ at MG+M.
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Nev. Steps Up Efforts To Attract Incorporations With New Law
Recent amendments to Nevada corporate law, which will narrow controlling stockholders’ liability, streamline mergers and allow companies to opt out of jury trials, show the interstate competition to attract new and reincorporating companies is still heating up, say attorneys at Simpson Thacher.
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ABA Opinion Makes It A Bit Easier To Drop A 'Hot Potato'
The American Bar Association's recent ethics opinion clarifies when attorneys may terminate clients without good cause, though courts may still disqualify a lawyer who drops a client like a hot potato, so sending a closeout letter is always a best practice, say attorneys at Thompson Hine.
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3rd-Party Audit Tactics To Improve Export Control Compliance
Companies should take a strategic approach to third-party audits in response to the Trump administration's ramp-up of export control enforcement with steps that strengthen their ability to identify the control weaknesses of distributors, dealers and resellers, say Michael Huneke at Hughes Hubbard, and John Rademacher and Abby Williams at Secretariat Advisors.
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Can Companies Add Tariffs Back To Earnings Calculations?
With the recent and continually evolving tariffs announced by the Trump administration, John Ryan at King & Spalding takes a detailed look at whether those new tariffs can be added back in calculating earnings before interest, taxes, depreciation and amortization — an important question that may greatly affect a company's compliance with its financial covenants.
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Series
My Opera And Baseball Careers Make Me A Better Lawyer
Though participating in opera and the world of professional baseball often pulls me away from the office, my avocations improve my legal career by helping me perform under scrutiny, prioritize team success, and maintain joy and perspective at work, says Adam Unger at Herrick Feinstein.
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A Look At DOJ's Dropped Case Against Early Crypto Operator
The prosecution of an early crypto exchange operator over alleged unlicensed money transmission was recently dropped in Indiana federal court, showcasing that the U.S. Justice Department may be limiting the types of enforcement cases it will bring against digital asset firms, say attorneys at Greenberg Traurig.