Securities

  • April 15, 2024

    Endeavor Group's $13B Take-Private Deal Challenged In Del.

    A Swedish bank has sued to block a $13 billion take-private sale of sports and entertainment conglomerate Endeavor Group Holdings Inc., branding the deal a prohibited minority stockholder squeeze-out tilted heavily toward large investors and insiders, including controller and global private equity firm Silver Lake.

  • April 15, 2024

    Republican AGs Ask 5th Circ. To Knock Out DOL Rule For ESG

    A group of Republican-led states have urged the Fifth Circuit to scrap a U.S. Department of Labor rule allowing retirement advisers to consider social and political issues when choosing investments, arguing that the agency is flouting protections set in stone by federal benefits law.

  • April 15, 2024

    Senators Demand Info On CFTC Chats With Bankman-Fried

    Two U.S. senators have asked the U.S. Commodity Futures Trading Commission's chair to detail all of his communications and meetings with convicted FTX fraudster Sam Bankman-Fried.

  • April 15, 2024

    Justices Won't Review Ex-NYC Union Head's Bribery Rap

    The U.S. Supreme Court on Monday declined to take up the appeal of a former New York City union president who was convicted of taking bribes from now-defunct hedge fund Platinum Partners, rejecting a petition that argued his attorney failed to tell him about the trial judge's conflicts of interest.

  • April 12, 2024

    Jane Street Says Millennium, Ex-Workers Stole Trade Secrets

    Trading firm Jane Street Group LLC sued rival Millennium Management LLC and two former employees in New York federal court Friday, alleging they stole a confidential trading strategy and have reaped "massive profits from this theft."

  • April 12, 2024

    Feds Rest In $110M Mango Markets Trial Of Crypto Trader

    Manhattan federal prosecutors on Friday rested their case against a crypto trader accused of stealing $110 million from Mango Markets investors by pumping the price of the exchange's native token, while the defense argued that the government had failed to show that the crypto derivatives at issue were swaps as alleged in the indictment.

  • April 12, 2024

    Crypto-Friendly Atty Reveals Backers In Bid To Unseat Warren

    The cryptocurrency-boosting attorney running in Massachusetts to unseat crypto critic Sen. Elizabeth Warren has garnered the support of notable digital asset industry leaders, according to his quarterly report to the Federal Election Commission.

  • April 12, 2024

    Chamber Defends SEC Climate Regs From Enviros' Challenge

    The U.S. Chamber of Commerce wants to help defend the U.S. Securities and Exchange Commission against legal challenges environmental groups have brought over its climate disclosure regulations, even after the business group sued the regulator in March to have the rules nixed.

  • April 12, 2024

    Ex-Biotech CEO Gets 7 Years In Fake COVID Test Case

    A former biotech CEO accused of defrauding investors by touting a phony rapid finger-prick COVID test was sentenced to seven years in prison in D.C. federal court Friday.

  • April 12, 2024

    Peru Says Gramercy's $100M Bond Arbitration Bid Too Late

    Peru is hitting back at Connecticut-based hedge fund Gramercy's bid to enforce a $100 million arbitral award that it secured over the country's valuation of old government bonds, telling a D.C. federal court that the investor had failed to bring its challenge within three years of learning of the alleged misconduct as required by a bilateral trade agreement. 

  • April 12, 2024

    SEC Fines 5 Advisers Over Alleged Marketing Rule Violations

    The U.S. Securities and Exchange Commission announced Friday that five investment advisory firms have agreed to pay $200,000 in combined penalties to settle allegations that they violated the commission's marketing rule by advertising misleading hypothetical performance.

  • April 12, 2024

    Hedge Fund Fires Back At Hotel REIT With Proxy Contest Suit

    Blackwells Capital LLC has fired back at Braemar Hotels & Resorts Inc. with a lawsuit against the hotel REIT and its board chair Monty Bennett, seeking a green light to move forward with a campaign to place its own candidates on the company's board.

  • April 12, 2024

    Ocean Energy Co. Thwarting Shareholder Vote, Investor Says

    An investor that has been trying for nearly a year to nominate an alternative slate of directors for the board of an offshore renewable energy company sued in Delaware's Court of Chancery late Thursday, alleging the company and its management have been scheming to prevent a fair stockholder vote.

  • April 12, 2024

    Capital Recruiter Awarded $7.8M In Back Fees In Breach Suit

    An Atlanta-area capital recruiting firm is owed more than $7.8 million in lost commissions from a former financial technology client that violated its agreement to pay the recruiter to connect it with investors, according to a verdict from a Georgia federal jury.

  • April 12, 2024

    IoT Co. Execs Sued Over Projected Revenue Shortfall

    Executives and directors of Internet of Things services company Lantronix Inc. have been hit with a shareholder derivative suit accusing them of misleading investors about its revenue prospects for nearly a year.

  • April 12, 2024

    Ex-Pfizer Worker's Pal Avoids Prison In Insider Trading Case

    An electrical engineer was sentenced to probation Friday for trading Pfizer Inc.'s stock using confidential tips about the efficacy of its COVID-19 drug, after a Manhattan federal court recognized his decision to voluntarily assist prosecutors with the trial conviction of his friend, a former Pfizer employee who leaked insider information.

  • April 12, 2024

    KB Home's 'Emeritus' Director Bylaw Invalid, Chancery Rules

    A KB Home bylaw that allowed the homebuilder's board to unilaterally shift an acting director into a non-functioning "emeritus" role without conducting a stockholder vote is invalid under Delaware law, a Delaware Chancery Court judge said Friday, siding with a shareholder who challenged the rule.

  • April 12, 2024

    SEC Says Developer Pulled EB-5 Funds From Nursing Homes

    The U.S. Securities and Exchange Commission accused a Las Vegas developer of using $10 million raised by overseas investors hoping to immigrate to the U.S. to pay down a loan for a project unconnected to their immigration applications.

  • April 12, 2024

    Trump Media Attys Flag Co-Founders' Del. Suit Expansion

    Attorneys for Trump Media & Technology Group and its insiders have objected to what they say is an attempt by two co-founders to secure fast-tracking of an expanded but still-sealed Chancery Court lawsuit initially focused on share-dilution claims against company insiders.

  • April 12, 2024

    Fraudster Gets 2 Years For African Sports Ponzi Scheme

    A federal judge has sentenced a Massachusetts fraudster to 27 months in prison and ordered him to pay more than $625,000 in restitution for a Ponzi scheme involving African youth sports, according to a Thursday statement.

  • April 12, 2024

    Credit Suisse, Lloyds, Others Ink $3.5M Libor Deal

    Plaintiffs in the yearslong suit alleging various big banks manipulated the London Interbank Offered Rate, or Libor, have reached a $3.45 million settlement with Credit Suisse AG, Lloyds Bank and others, bringing the total settlement recovery amount to more than $780 million.

  • April 12, 2024

    Off The Bench: Ohtani 'Victim' In Theft, Arbitration Nod To NFL

    In this week's Off The Bench, Shohei Ohtani looks to get off the hook on sports-betting allegations while his former interpreter faces charges, the NFL wins a critical court victory in the Brian Flores lawsuit, and troubled WWE founder Vince McMahon cuts even more financial ties with the company.

  • April 12, 2024

    Ex-Amazon Engineer Gets 3 Years For $12M Crypto Hacks

    The former technical lead of Amazon's "bug bounty" program was sentenced in Manhattan federal court Friday to three years in prison for using his specialized computer engineering skills to steal more than $12 million from two decentralized cryptocurrency exchanges.

  • April 12, 2024

    HomeStreet Hit With Shareholders Suit Over FirstSun Merger

    Banking company HomeStreet Inc. has been hit with a proposed class action alleging that it failed to disclose details about the sale process of its merger with FirstSun Capital Bancorp., saying that the company entered into the agreement with "little to no consideration" to any of its shareholders.

  • April 12, 2024

    Justices Limit Shareholder Suits Over Corporate Disclosures

    A unanimous U.S. Supreme Court on Friday ruled that a corporation's failure to disclose certain information about its future business risks, absent any affirmative statement that would make such silence misleading, cannot itself be the basis of a private securities fraud claim.

Expert Analysis

  • Calif. Verdict Showcases SEC's New 'Shadow Trading' Theory

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    Last week's insider trading verdict, delivered against biopharmaceutical executive Matthew Panuwat by a California federal jury, signals open season on a new area of regulatory enforcement enabled by the U.S. Securities and Exchange Commission's shadow trading theory, say Perrie Weiner and Aaron Goodman at Baker McKenzie.

  • Climate Disclosure Mandates Demand A Big-Picture Approach

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    As carbon emissions disclosure requirements from the European Union, California and the U.S. Securities and Exchange Commission take effect, the best practice for companies is not targeted compliance with a given reporting regime, but rather a comprehensive approach to systems assessment and management, says David Smith at Manatt.

  • Series

    Playing Hockey Makes Me A Better Lawyer

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    Nearly a lifetime of playing hockey taught me the importance of avoiding burnout in all aspects of life, and the game ultimately ended up providing me with the balance I needed to maintain success in my legal career, says John Riccione at Taft.

  • ESG Challenges In Focus After Sierra Club Opposes SEC Rule

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    The Sierra Club's recent objection to the U.S. Securities and Exchange Commission's climate-related disclosures for investors presents an unusual — pro-disclosure — legal challenge and an opportunity to take a close look at the varying critiques of ESG regulations, say Colin Pohlman, and Jane Luxton and Paul Kisslinger at Lewis Brisbois.

  • Opinion

    High Court Should Settle Circuit Split On Risk Disclosures

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    The U.S. Supreme Court should grant the petition for writ of certiorari in the Facebook case to resolve a growing circuit split concerning when risk disclosures can be misleading under federal securities laws, and its decision should align with the intent of Congress and the U.S. Securities and Exchange Commission, says Richard Zelichov at DLA Piper.

  • For Lawyers, Pessimism Should Be A Job Skill, Not A Life Skill

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    A pessimistic mindset allows attorneys to be effective advocates for their clients, but it can come with serious costs for their personal well-being, so it’s crucial to exercise strategies that produce flexible optimism and connect lawyers with their core values, says Krista Larson at Stinson.

  • Bankruptcy Courts' Role In Shaping Crypto's Legal Framework

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    Massive financial and criminal liability has led to the recent collapse of major cryptocurrency companies and put bankruptcy courts in the spotlight, underscoring the urgent need for a comprehensive regulatory framework, say Tara Pakrouh and Eric Monzo at Morris James.

  • Private Capital Considerations Amid Market Revival

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    As improved market conditions position traditional financing to regain lost market share, it's also worth considering the pace and structure of private credit and other forms of private capital, especially when seeking to set unique terms or build new corporate relationships, say attorneys at Skadden.

  • Trump's NY Civil Fraud Trial Spotlights Long-Criticized Law

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    A New York court’s recent decision holding former President Donald Trump liable for fraud brought old criticisms of the state law used against him back into the limelight — including its strikingly broad scope and its major departures from the traditional elements of common law fraud, say Mark Kelley and Lois Ahn at MoloLamken.

  • Intent-Based Theory Of Liability In Hwang Creates Ambiguity

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    A case against Archegos Capital founder Bill Hwang alleging that he participated in a securities manipulation scheme, which goes to trial next month in New York federal court, highlights the need for courts to clarify the legal standard defining "market manipulation," says Edward Imperatore at MoFo.

  • Opinion

    Requiring Leave To File Amicus Briefs Is A Bad Idea

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    A proposal to amend the Federal Rules of Appellate Procedure that would require parties to get court permission before filing federal amicus briefs would eliminate the long-standing practice of consent filing and thereby make the process less open and democratic, says Lawrence Ebner at the Atlantic Legal Foundation and DRI Center.

  • 4 Ways To Motivate Junior Attorneys To Bring Their Best

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    As Gen Z and younger millennial attorneys increasingly express dissatisfaction with their work and head for the exits, the lawyers who manage them must understand and attend to their needs and priorities to boost engagement and increase retention, says Stacey Schwartz at Katten.

  • A Look At Recent Challenges To SEC's Settlement 'Gag Rule'

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    Though they have been unsuccessful so far, opponents of the U.S. Securities and Exchange Commission's so-called gag rule, which prevents defendants from denying allegations when settling with the SEC, are becoming increasingly vocal and filing more challenges in recent years, say Mike Blankenship and Regina Maze at Winston & Strawn.

  • How American Airlines ESG Case Could Alter ERISA Liability

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    Spence v. American Airlines, a Texas federal case over the airline's selection of multiple investment funds in its retirement plan, threatens to upend the Employee Retirement Income Security Act's legal framework for fiduciary liability in the name of curtailing environmental, social and governance-related activities, say attorneys at Mayer Brown.

  • Defense Attys Must Prep For Imminent AI Crime Enforcement

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    Given recent statements by U.S. Department of Justice officials, white collar practitioners should expect to encounter artificial intelligence in federal criminal enforcement in the near term, even in pending cases, say Jarrod Schaeffer and Scott Glicksman at Abell Eskew.

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