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Securities
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February 03, 2025
Del. Justices Uphold $10.4B Anaplan Inc.'s Thoma Bravo Sale
Agreeing that a fully informed "Corwin cleansing" vote washed away stockholder objections to a post-signing $400 million trimming of a $10.7 billion deal, Delaware's Supreme Court on Monday dismissed a challenge to Thoma Bravo's acquisition of software-as-a-service company Anaplan Inc. in June 2022.
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February 03, 2025
Canadian Man Charged With $65M Crypto Hacking Scheme
A Canadian man was charged Monday in Brooklyn federal court with exploiting vulnerabilities in two cryptocurrency finance systems to steal about $65 million worth of investor funds.
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February 03, 2025
Steel Workers Seek Class Cert. In $60M Inflated Stock Suit
A Michigan federal judge has been asked to certify a class of steel company employees in a suit claiming the trustee of the company's employee stock ownership plan allowed the plan to buy $60 million in company stock at an inflated price.
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February 03, 2025
UK Citizen Moves To Be Released From Novel SEC Action
A former cryptocurrency chief executive in the United Kingdom facing civil fraud claims for his promotion of crypto projects has said the U.S. Securities and Exchange Commission tried to "overstep its bounds" by suing him in Massachusetts even though none of his alleged actions connect him to the state.
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February 03, 2025
Loan Refinancing Co. Fined $2.1M For Deceptive Ads
Massachusetts' securities enforcer hit student loan refinancing company Yrefy with a $2.1 million penalty Monday for allegedly targeting Bay State investors with misleading ads.
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January 31, 2025
$577M In Virus Fraud Cases At Risk Unless Congress Acts: IG
The federal government's top pandemic relief watchdog has issued an urgent plea for Congress to save his agency from imminent closure, warning that hundreds of millions of dollars in ongoing fraud investigations hang in the balance.
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January 31, 2025
Workers Score Class Cert. In Electric Parts Co. ESOP Suit
A Massachusetts federal judge has certified a group of employees in their class action against the owners of an electrical components company and managers of its employee stock ownership plan that claims they undervalued the plan's shares when the program was shut down.
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January 31, 2025
Bank Wants Investment Co.'s $60M RICO Suit Tossed
Western Alliance Bank is seeking the dismissal of a $60 million suit filed by an investment management firm alleging the bank played a role in a mortgage loan sale scheme to steam the firm's property rights in the loans and their proceeds, saying the complaint "attempts to recast a series of secured lending transactions as a vast racketeering conspiracy."
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January 31, 2025
Del. Justices Uphold $33M-Plus Award In Software Co. Suit
Delaware's Supreme Court shot down on Friday a higher education software company founder's appeal from a $33 million-and-growing Court of Chancery award favoring shareholders who claimed they were kept in the dark when millions in stock purchase warrants were allowed to expire without notice.
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January 31, 2025
Red States Back Trump Against 'Distracting' Truth Social Suit
Fifteen Republican-led states have joined President Donald Trump's fight against a lawsuit filed by early investors in his social media platform, with the states on Friday urging a Delaware state court to dismiss the case so as not to "distract" Trump from his presidential duties.
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January 31, 2025
Supreme Court Eyes Its 'Next Frontier' In FCC Delegation Case
A case about broadband subsidies will give the U.S. Supreme Court the chance to revive a long-dormant separation of powers principle that attorneys say could upend regulations in numerous industries and trigger a power shift that would make last term's shake-up of federal agency authority pale in comparison. And a majority of the court already appears to support its resurrection.
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January 31, 2025
Former Fed Adviser Charged With Spying For China
A former senior adviser to the Federal Reserve Board of Governors was arrested Friday on charges of stealing confidential data for the government of China, which prosecutors said could be used to conduct market manipulation.
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January 31, 2025
Court Won't Block Tempur Sealy's $4B Mattress Firm Deal
A Texas federal court on Friday denied the Federal Trade Commission's bid to put a hold on Tempur Sealy International Inc.'s planned $4 billion purchase of Mattress Firm Group Inc. over concerns about rival mattress suppliers' access to the retail chain.
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January 31, 2025
Investors Say Walgreens Misled Over Prescription Misuse
A putative class of Walgreens shareholders has sued the retail giant in Illinois federal court, claiming it made false statements about its regulatory compliance and that stock prices fell in the wake of the federal government's allegations that Walgreens knowingly filled millions of invalid prescriptions for opioids and other controlled substances.
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January 31, 2025
Chancery Pushes Air Transport SPAC Suit Toward Trial
Stockholders who sued for damages after the take-public merger of an air taxi and medical transport company on Friday beat a dismissal motion filed by the company's principals in Delaware's Court of Chancery, sending the case to discovery and toward trial.
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February 07, 2025
Law360 Seeks Members For Its 2025 Editorial Boards
Law360 is looking for avid readers of our publications to serve as members of our 2025 editorial advisory boards.
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January 31, 2025
Ex-BigLaw Atty Can't Escape OneCoin Conviction At 2nd Circ.
The Second Circuit on Friday upheld a former Locke Lord LLP partner's conviction and 10-year sentence for helping launder roughly $400 million in proceeds from the multibillion-dollar OneCoin cryptocurrency scheme, rejecting the attorney's contention that a sole cooperating government witness' perjury and other purported errors warranted reversing his punishment.
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January 31, 2025
Goldstein Case Raises The Stakes For A DOJ Office In Tumult
The bombshell tax-crimes case of U.S. Supreme Court lawyer Tom Goldstein landed at a U.S. Department of Justice outpost in Maryland that has been plagued in recent years by botched cases and internal strife — pitting a beleaguered U.S. attorney against a pair of former Donald Trump attorneys itching for a fight.
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January 30, 2025
SEC's Trial Win In VistaPrint Insider Trading Case Stands
A Massachusetts federal judge on Thursday rejected a Lexington man's contention that his conviction for trading VistaPrint options off of nonpublic information resulted from an inconsistent jury verdict, but said the U.S. Securities and Exchange Commission's request he pay $1.8 million in civil penalties for the insider trading was too much.
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January 30, 2025
Grocery Chain Investor Sues Over Systems Upgrade Claims
Discount grocery operator Grocery Outlet Holding Corp. and two of its executives face a proposed investor class action alleging they failed to offer realistic forecasts for the company's internal systems upgrade process, hurting investors after they were forced to acknowledge systems transition issues had hurt profits.
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January 30, 2025
R. Allen Stanford's $6.8B SEC Bill In Ponzi Suit Finalized
A Texas federal court on Wednesday entered a judgment finalizing a 2013 order requiring convicted Ponzi schemer Robert Allen Stanford to fork over $6.76 billion in the U.S. Securities and Exchange Commission's nearly 16-year-old suit over the $7 billion fraud scheme.
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January 30, 2025
2nd Circ. Voices Unease Over Ex-Iconix CEO's Fraud Retrial
The Second Circuit on Thursday expressed doubt regarding the conviction of Iconix Brand Group founder Neil Cole, who was found guilty of fraudulently booking $11 million of revenue to hit earnings targets, and appeared open to the argument that his retrial violated the double jeopardy clause of the Fifth Amendment.
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January 30, 2025
2nd Circ. Sees No Skadden Conflict In Pharma Merger Work
The Second Circuit on Thursday declined to revive an investor suit alleging a merger between Sumitomo Pharma America Inc. and Myovant Sciences Ltd. was undervalued because the lawyers from Skadden Arps Slate Meagher & Flom LLP who helped negotiate the deal had undisclosed conflicts of interest.
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January 30, 2025
PNC Units Face Investor Suit Over 'Cash Sweep' Program
PNC Financial and its investment unit are the latest to face a proposed class action alleging their cash sweep program funneled customer funds into low interest-bearing accounts, hurting investors who should have seen their money earn a reasonable market interest rate.
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January 30, 2025
PayPal Beats Investor Suit Over Inflated User Metrics Claims
A New Jersey federal court has dismissed a proposed class action that accused PayPal of misleading investors with user metrics inflated by a scam that took advantage of a PayPal promotion that paid people to set up new accounts, saying the investors did not show PayPal knew of the alleged scam when certain statements were made.
Expert Analysis
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How DOGE's Bite Can Live Up To Its Bark
All signs suggest that the Department of Government Efficiency will be an important part of the new Trump administration, with ample tools at its disposal to effectuate change, particularly with an attentive Republican-controlled Congress, say attorneys at K&L Gates.
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Small Biz Caught In Corporate Transparency Act Crossfire
Despite compliance being put on hold due to a nationwide preliminary injunction, small businesses have been caught in the middle of the legal battle over the Corporate Transparency Act — and confusion over the law's requirements could result in major penalties, say attorneys at Snell & Wilmer.
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5 Notable Information Security Events In 2024
B. Stephanie Siegmann at Hinckley Allen discusses 2024's largest and most destructive data breaches seen yet, ranging from ransomware disrupting U.S. healthcare systems on a massive scale, to tensions increasing between the U.S. and China over cyberespionage and the control of U.S. data.
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Series
Playing Rugby Makes Me A Better Lawyer
My experience playing rugby, including a near-fatal accident, has influenced my legal practice on a professional, organizational and personal level by showing me the importance of maintaining empathy, fostering team empowerment and embracing the art of preparation, says James Gillenwater at Greenberg Traurig.
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What Broker-Dealers Must Know Before Selling Bitcoin ETPs
Interest in bitcoin exchange-traded products is already high, and only expected to grow in light of the incoming Trump administration's pro-crypto stance, but broker-dealers must still consider numerous regulatory requirements before recommending a bitcoin ETP to a client, say Frank Weigand and Justine Woods at Cahill Gordon.
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Series
Texas Banking Brief: All The Notable Legal Updates In Q4
The fourth quarter of 2024 brought noteworthy developments to the Texas financial services sector, particularly a new state artificial intelligence bill and a Consumer Financial Protection Bureau rule that will affect an outsize number of Texas community banks, says Tyler George at Naman Howell.
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Cyber Disclosure Is A Mainstay In 2025 SEC Exam Priorities
Despite a new administration and a new U.S. Securities and Exchange Commission chair incoming, the SEC's 2025 examination priorities signal that cybersecurity disclosures and risk management practices will remain important due to the growing threat of cyberattacks, says Anjali Das at Wilson Elser.
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Opinion
No, Litigation Funders Are Not 'Fleeing' The District Of Del.
A recent study claimed that litigation funders have “fled” Delaware federal court due to a standing order requiring disclosure of third-party financing, but responsible funders have no problem litigating in this jurisdiction, and many other factors could explain the decline in filings, say Will Freeman and Sarah Tsou at Omni Bridgeway.
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The Compliance Trends And Imperatives On Tap In 2025
The corporate ethics and compliance landscape is rapidly evolving, posing challenges from conflicting stakeholder expectations to technological disruptions, and businesses will need to explore human-centered, data-driven and evidence-based practices, says Hui Chen at CDE Advisors.
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5 E-Discovery Predictions For 2025 And Beyond
In the year to come, e-discovery will be shaped by new and emerging trends, from the adoption of artificial intelligence provisions in protective orders, to the proliferation of emojis as a source of evidence in contemporary litigation, say attorneys at Littler.
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Best Practices To Find Del. Earnout Provisions That Hold Up
Recent Delaware earnout litigation illustrates the need for careful drafting and proactive planning to avoid later divergent interpretations of the signed contract, and a series of drafting tips can help, say attorneys at Cozen O'Connor.
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Climate Disclosure Spotlight Shifts To 2 Calif. Laws
With Donald Trump's election spelling the all-but-certain demise of the proposed federal climate disclosure rules, new laws in California currently stand as the nation's only broadly applicable climate disclosure requirements — and their brevity is both a blessing and a curse, say attorneys at Davis Polk.
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What's Ahead As Transparency Act Comes To A Crossroads
Synthesizing the contrasting federal district and appellate court rulings on the Corporate Transparency Act’s validity reveals several main areas of debate that will likely remain at issue as challenges to the law continue winding through the courts, say attorneys at Farella Braun.
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UBS Ruling Shows SDNY's Pro-Award Confirmation Stance
A New York federal court's recent ruling upholding an arbitration award in Lakah v. UBS, a long-running dispute over a bond debt default, serves as a reminder that New York courts carry a strong presumption toward binding parties to arbitration agreements and enforcing arbitral awards, say attorneys at Mayer Brown.
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Where Payments Law And Regulation Are Headed In 2025
The Trump administration will likely bring significant changes to payments regulations in 2025, but maintaining internal compliance efforts in the absence of robust federal oversight will remain key as state authorities and private plaintiffs step into the breach, say attorneys at Stinson.