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Asset Management
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January 29, 2025
Binary Options Fraudsters Must Pay $451.6M To CFTC
An Illinois federal judge on Tuesday ordered three Israeli businessmen and the overseas businesses they owned or ran to pay over $451.6 million to the Commodity Futures Trading Commission, holding them liable for lying about the profitability of binary options transactions and misappropriating customer funds.
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January 29, 2025
German National Again Ordered To Pay $4.6M In Fraud
A Massachusetts federal judge on Wednesday ordered a German national to hand over $4.6 million in profits and interest from a multinational pump-and-dump scheme, money that the government says was parked overseas by his son.
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January 29, 2025
2 Blank Check Cos. Plan IPOs Totaling $325M
Two special purpose acquisition companies, Cartesian Growth III and Gesher Acquisition Corp. II, have launched plans for initial public offerings, expecting to raise a combined $325 million.
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January 29, 2025
Southwest's Plan Oversight Cost Workers Millions, Court Told
Southwest Airlines cost workers millions of dollars in retirement savings by failing to ax a costly and underperforming investment fund from its combined $14 billion retirement plans, according to a proposed class action filed in Texas federal court.
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January 29, 2025
Milbank Adds Ex-Skadden Financial Restructuring Pro In NY
Milbank LLP has added a corporate restructuring attorney previously with Skadden Arps Slate Meagher & Flom LLP as a partner in its New York office, the firm has announced.
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January 28, 2025
Judge OKs Refiling Of Suit Over $20M Austin Nightclub Deal
A Texas federal judge granted a bid to dismiss a suit claiming a title company handed over $3 million to a fraudster, saying Tuesday that she would allow the plaintiff to rework its complaint to show the defendants were indeed more heavily tied to the sham than the current complaint contended.
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January 28, 2025
Ex-SEC Enforcement Chief Says Staff Faced Uptick In Threats
The U.S. Securities and Exchange Commission's recently departed enforcement chief said Tuesday he wishes he could have done more to insulate his staff from the uptick in threats they received while he headed the program, and he urged his successor to do what they could to protect the agency's attorneys.
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January 28, 2025
Cigna Can't Escape Fight Over Prosthetic Coverage In Maine
Cigna must continue facing an Employee Retirement Income Security Act lawsuit by a man who was denied coverage of his prosthetic device, with a Maine federal judge saying she can't rule on the insurer's dismissal motion until she knows what entity funds the man's healthcare plan.
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January 28, 2025
Founder Can't Explain Hedge Fund's Filing Mismatch To Jury
A hedge fund founder told a Denver jury Tuesday that he doesn't know why some of the fund's regulatory filings don't identify it as a director for a Colorado biopharmaceutical company, in a suit brought by stockholders who claim the fund must return $11 million earned from short-swing trades.
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January 28, 2025
Citron Research Founder Slams DOJ's Fraud Suit
Citron Research's founder urged a California federal judge to throw out the federal government's securities fraud case alleging he published unfavorable reports about companies to manipulate stock prices, arguing Monday he never published false information about any public company, and prosecutors fail to allege he intended to defraud his audience.
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January 28, 2025
Drugs Made In America SPAC Nets $200M To Buy Pharma Biz
Blank-check company Drugs Made In America Acquisition Corp. began trading Tuesday after completing a downsized $200 million initial public offering with the intention of acquiring a U.S.-based pharmaceutical business, represented by Loeb & Loeb LLP and underwriter's counsel Winston & Strawn LLP.
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January 28, 2025
SEC Wells Meetings Likely Back On The Table, Official Says
The U.S. Securities and Exchange Commission's acting deputy director of enforcement said Tuesday that leadership was open to meeting more frequently with those facing SEC investigations and hinted at the possibility that it would pursue fewer industry bars against those who violate the securities laws.
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January 28, 2025
Union Worker Entitled To Higher Pension Benefits, Judge Says
A plumbing union pension plan violated federal benefits law when it refused to increase a worker's monthly payments because he opted to retire late, a Minnesota federal judge ruled, finding the plan's terms didn't prevent him from receiving a bump.
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January 28, 2025
Trader Joe's Accused Of Badly Stocked 401(k), High Fees
Grocery chain Trader Joe's mismanaged its retirement plan for employees to the tune of tens of millions of dollars, according to a potential class action filed Tuesday in Massachusetts federal court.
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January 28, 2025
Cement Maker Carve-Out Titan America Plans For $396M IPO
The U.S. business of worldwide cement producer Titan Cement Group on Tuesday announced the terms for its initial public offering, planning to raise $396 million.
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January 28, 2025
Paul Hastings, Cravath Lead Smithfield's Reduced $522M IPO
Shares of pork producer Smithfield Foods Inc., which has spun off from China's WH Group, began trading Tuesday after the company priced a downsized $522 million initial public offering below its initial range, with Paul Hastings LLP advising Smithfield in the offering and Cravath Swaine & Moore LLP representing its underwriters.
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January 28, 2025
Chancery Bars More Disclosures In Sage-Biogen Fight
A Delaware vice chancellor on Tuesday prohibited Biogen Inc. and its human therapeutics product subsidiary from making public statements regarding a potential buyout of Sage Therapeutics Inc. after Sage sued for enforcement of a standstill provision in an earlier Biogen deal for Sage stock.
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January 28, 2025
Holland & Knight Adds Financial Services Partner In New York
Holland & Knight LLP has brought on a former Mayer Brown LLP partner who specializes in asset securitization and structured finance to its growing financial services team.
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January 27, 2025
Virtu, Insiders Sued In Del. Over Stock Buybacks
Stockholders of Virtu Inc. have sued the global financial services venture's top brass in Delaware's Court of Chancery, alleging they diverted roughly $400 million from public stockholders through share repurchases that took advantage of the company's two-tiered corporate structure.
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January 27, 2025
Fund Tells Jury No Need To Return $11M Short-Swing Profits
A hedge fund told a Denver federal jury Monday that the $11 million it earned from the short-swing sales of a biopharmaceutical company's stock doesn't need to be returned because the transactions fall under an exception to securities law on insider trading.
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January 27, 2025
Civil Liberties Org. Says FDIC's Court 'Eviscerates' Civil Rights
The New Civil Liberties Alliance told the Fifth Circuit on Monday to spurn the Federal Deposit Insurance Corp.'s attempt to level a fraud judgment against a banker, saying the agency's in-house court sidesteps the constitutional right to a jury trial.
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January 27, 2025
Allstate Beats Plan Participants' $70M Poor-Performance Suit
An Illinois federal judge handed Allstate a pretrial win Monday over retirement plan participants' claim that the insurer cost them nearly $70 million by holding on to poor-performing funds, saying the plaintiffs' "apples and oranges" comparisons will not sway a jury in their favor.
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January 27, 2025
HSBC Bankers Fall Short Of Pay Class Cert., Judge Suggests
A New York federal magistrate judge recommended that proposed classes of HSBC Bank personal bankers be denied class certification for allegations that the company shortchanged them on pay in various ways, finding the evidence presented to establish commonality of the claims is full of hearsay.
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January 27, 2025
Perella Weinberg Had $47M Motive To Ax Partners, Judge Told
Counsel for former partners of investment banking firm Perella Weinberg on Monday signaled to a New York state trial judge that the firm had a financial motive to fire them and pointed to emails calling one a "destructive influence."
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January 27, 2025
Archegos CFO Gets 8 Years For $100M Stock Fraud Ploy
The former chief financial officer of defunct hedge fund Archegos on Monday was sentenced in New York federal court to eight years in prison for his role in a $100 billion scheme to manipulate the market and defraud banks.
Expert Analysis
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How White Collar Enforcement May Shift In Trump's 2nd Term
After President-elect Donald Trump returns to the White House next month, the administration’s emphasis on immigration laws, drug offenses and violent crime will likely reduce the focus on white collar crime overall, but certain areas within the white collar world may see increased activity, say attorneys at Keker Van Nest.
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The Justices' Securities Rulings, Dismissals That Defined '24
The U.S. Supreme Court's 2024 securities rulings led to increased success for defendants' price impact arguments, but the justices' decisions not to weigh in on important issues relating to the Private Securities Litigation Reform Act's pleading requirements may be just as significant, say attorneys at Skadden.
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10 Noteworthy CFPB Developments From 2024
In a banner year for consumer finance regulation, the Consumer Financial Protection Bureau made significant strides in its efforts to rein in Big Tech and nonbank financial firms, including via rules regarding open banking, credit card late fees, and buy now, pay later products, say attorneys at Wiley.
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Series
Fixing Up Cars Makes Me A Better Lawyer
From problem-solving to patience and adaptability to organization, the skills developed working under the hood of a car directly translate to being a more effective lawyer, says Christopher Mdeway at Kaufman Dolowich.
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2024 Has Been A Momentous Year For ESG
Significant developments in the environmental, social and governance landscape this year include new legislation, evolving global frameworks, continued litigation and enforcement actions, and a U.S. Supreme Court decision that has already affected how lower courts have viewed some ESG challenges, say attorneys at Katten.
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Making The Pitch To Grow Your Company's Legal Team
In a compressed economy, convincing the C-suite to invest in additional legal talent can be a herculean task, but a convincing pitch — supported by metrics and cost analyses — may help in-house counsel justify the growth of their team, say Elizabeth Smith and Roger Garceau at Major Lindsey.
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The Story Of 2024's Biggest Bank Regs, And Their Fate In 2025
U.S. federal bank regulators were very active in 2024 with initiatives ranging from antitrust and capital to proposals regarding controlling shareholders and incentive-based compensation, but many regulations face an uncertain future under the new administration, say attorneys at Latham.
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Opinion
Justices Rightly Corrected Course In Nvidia And Facebook
By dismissing both the Nvidia and Facebook class actions, over investors' ability to hold corporations accountable for fraud, the U.S. Supreme Court was right in refusing to favor corporations over transparency, and reaffirmed its commitment to corporate accountability, investor protection and the rule of law, says Laura Posner at Cohen Milstein.
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Gov't Scrutiny Of Workplace Chat Apps Set To Keep Growing
The incoming Trump administration and Republican majorities in Congress are poised to open numerous investigations that include increasing demands for entities to produce communications from workplace chat apps, so companies must evaluate their usage and retention policies, say attorneys at Orrick.
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Del. Dispatch: The 2024 Corporate Cases You Need To Know
The Delaware Court of Chancery in 2024 issued several decisions that some viewed as upending long-standing corporate practices, leading to the amendment of the Delaware General Corporation Law and debates at some Delaware corporations about potentially reincorporating to another state, say attorneys at Fried Frank.
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Top 10 Whistleblowing And Retaliation Events Of 2024
From a Florida federal court’s ruling that the False Claims Act’s qui tam provision is unconstitutional to a record-breaking number of whistleblower tips filed with the U.S. Commodity Futures Trading Commission, employers saw significant developments in the federal and state whistleblower landscapes this year, say attorneys at Proskauer.
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When US Privilege Law Applies To Docs Made Outside The US
As globalization manifests itself in disputes over foreign-created documents, a California federal court’s recent trademark decision illustrates nuances of both U.S. privilege frameworks and foreign evidentiary protections that attorneys must increasingly bear in mind, say attorneys at Hunton.
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Changes To Expect From SEC Under Trump Nominee
President-elect Donald Trump's nomination of Paul Atkins for U.S. Securities and Exchange Commission chair will likely lead to significant shifts in the Division of Enforcement's priorities, likely focused on protecting retail investors and the stability of the capital markets, say attorneys at Morrison Foerster.
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Executive Orders That Could Affect Financial Services In 2025
The incoming Trump administration is likely to quickly revive or update a number of prior executive orders, and possibly issue new ones, that could affect financial services by emphasizing market discipline rather than regulatory initiatives to drive change in the industry, say attorneys at Davis Wright.
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'Minimal Participant' Bar Is Tough To Clear For Whistleblowers
Under the U.S. Department of Justice’s corporate whistleblower pilot program, would-be whistleblowers will find it tough to show that they only minimally participated in criminal misconduct while still providing material information, but sentencing precedent shows how they might prove their eligibility for an award, say attorneys at MoloLamken.