Securities

  • November 18, 2024

    Former GE Exec Guilty Of Faking Docs In $1.1B Power Deal

    A Manhattan federal jury on Monday convicted a former GE Power executive of using forged documents, then taking a $5 million kickback, in what federal prosecutors called a corrupt effort to close a $1.1 billion energy deal in Angola.

  • November 18, 2024

    Ozy Media CEO Turns To 2nd Circ. Over Judge's Investments

    The "atypical" conflict and threat to public confidence in the judiciary created by a New York federal judge's financial investments warrant the Second Circuit stepping in to undo former Ozy Media CEO Carlos Watson's fraud and identity theft convictions sooner rather than later, Watson told the appellate court on Monday.

  • November 15, 2024

    Big Banks Still Need To Beef Up Controls, Fed Report Says

    The Federal Reserve said Friday that even as the banking system has remained "sound and resilient," large banks continue to grapple with governance and controls issues, while regional and small banks have seen increases in outstanding supervisory findings.

  • November 15, 2024

    Jordan Says DOJ, FTC, CFTC Teed Up Actions Ahead Of Trump

    House Judiciary Committee Chairman Jim Jordan, R-Ohio, lambasted three federal departments and their leaders, accusing them of either trying to push out enforcement actions or make last-minute hires during President Joe Biden's final days in office.

  • November 15, 2024

    Trump's SDNY Pick A Familiar Face In Wall Street's Legal Wing

    Jay Clayton's nomination to be the Manhattan U.S. attorney would seat a highly regarded Wall Street lawyer in one of the top law enforcement jobs in the country, but he may face headwinds over his industry relationships and lack of criminal prosecution experience.

  • November 15, 2024

    SEC-Sanctioned Accounting Firm Sued Over Pre-IPO Work

    The former public company accounting firm BF Borgers is facing a California state lawsuit by an ex-client that says it was forced to scuttle its plans for an initial public offering after the U.S. Securities and Exchange Commission accused the firm of being a "sham auditing mill."

  • November 15, 2024

    Venezuelan Lawyer Relied On Ex-Dentons Atty In $54M Swap

    A Venezuelan lawyer suing Dentons over a failed $54 million bolivar-to-dollars currency swap admitted Friday on the stand that he did not do any due diligence for the transaction but instead relied on what he called misinformation from an ex-Dentons attorney that she relayed to his representative.

  • November 15, 2024

    SEC Says Risky Bond Recommendations Violated Reg BI

    A Texas-headquartered broker-dealer has agreed to pay nearly $154,000 to resolve U.S. Securities and Exchange Commission allegations that it improperly recommended risky bonds in violation of the federal investor protection measure known as Regulation Best Interest.

  • November 15, 2024

    7th Circ. Takes Issue With Atty's Insider Trading Acquittal

    A Seventh Circuit judge signaled Friday that an Illinois attorney's insider trading acquittal may be on shaky ground, saying the trial court made a post-conviction ruling that seems "hard to defend."

  • November 15, 2024

    Kalshi Fires Back At CFTC's 'Futile' Election Betting Appeal

    The Commodity Futures Trading Commission is attempting to "rewrite" its governing statute by claiming that placing bets on the outcome of elections is a form of prohibited gaming, trading platform KalshiEx LLC told the D.C. Circuit on Friday as it fought to continue listing election contracts in the future.

  • November 15, 2024

    Healthcare Co. PACS Made False Claims Before IPO, Suit Says

    Healthcare holding company PACS Group Inc. has been hit with a proposed shareholder class action on the heels of a short seller's report that alleged the company engaged in deceptive practices to boost its value ahead of its initial public offering, including Medicare claims fraud.

  • November 15, 2024

    GOP Sens. Decry 'Lack Of Urgency' On FDIC Misconduct

    Six Republican senators wrote a letter to the Federal Deposit Insurance Corp. Inspector General Jennifer L. Fain asking for a briefing on the FDIC's progress investigating claims of widespread misconduct at the agency, asserting there has been "a shocking lack of urgency."

  • November 15, 2024

    Semiconductor Co. ASML Faces Suit Over Trade Downturn

    Semiconductor industry supplier ASML Holding NV has been hit with a shareholder class action alleging that it stunned investors as it significantly lowered its 2025 revenue forecast after earlier brushing off the potential impact of economic headwinds affecting its industry.

  • November 15, 2024

    EV Carmaker Lucid Sued In Del. For Inflated Biz Claims

    A stockholder who bought electric-car maker Lucid Group shares sued in Delaware's Chancery Court on Friday to recover derivative damages for the company tied to claims that the business raised billions on knowingly inflated production outlooks only to later drastically downsize its forecast.

  • November 15, 2024

    Dogecoin Buyers Drop Bid To Revive Suit Against Musk

    Dogecoin cryptocurrency investors have agreed to drop their appellate bid to revive a two-year-old proposed securities class action accusing Elon Musk and Tesla Inc. of using the CEO's celebrity to target unsophisticated investors and gain a profit on the memecoin, according to a stipulation filed in New York federal court.

  • November 15, 2024

    SEC's Top Cop Says Election Hasn't Slowed Enforcers Down

    The U.S. Securities and Exchange Commission's enforcement attorneys continue to work with "urgency" in the waning months of the Biden administration, the acting leader of the enforcement division said Friday at an event where he also spoke about a shuttered task force and the agency's approach to pursuing cases involving cybersecurity breaches.

  • November 15, 2024

    Hedge Fund Group Urges Trump To Reject 'Punitive' Policies

    A leading industry group representing hedge funds and other alternative asset managers is urging President-elect Donald Trump to abandon "punitive" economic policies and instead propose tax and regulatory relief, including business-friendly priorities at the U.S. Securities and Exchange Commission.

  • November 15, 2024

    Now 'Back To Stability,' Mass. US Atty Office Set To Ramp Up

    The incoming Trump administration's pick for Massachusetts U.S. attorney has a chance to revive the productivity of an office known for bringing complex and often high-profile cases, veterans of the district say, but new leadership and priorities at the Justice Department leave looming uncertainties.

  • November 15, 2024

    Investor Drops Stock Pumping Suit Against UPS

    One of several investors suing shipping and logistics giant UPS in recent months over a share price tumble caused by disappointing earnings numbers this summer said Thursday that he plans to drop his claims against the company.

  • November 15, 2024

    Secure Software Co. Investor Sues In Del. For Deal Docs

    An investor in a "public benefit" company that provides sensitive software to government agencies and allies sued the business Friday in Delaware Chancery Court, seeking documents on a stock purchase agreement and other moves purportedly made without required consents.

  • November 15, 2024

    Chinese Self-Driving Startup Pony Revs Up $180M IPO

    Chinese autonomous-driver technology provider Pony AI Inc. has launched plans for an estimated $180 million initial public offering, represented by Davis Polk & Wardwell LLP and underwriters' counsel Cleary Gottlieb Steen & Hamilton LLP, marking the latest self-driving startup to seek U.S. capital in order to fund its growth ambitions.

  • November 14, 2024

    Bitfinex Hacker Gets 5 Years For Laundering Stolen Crypto

    A hacker was sentenced in Washington, D.C., federal court on Thursday to five years in prison for laundering hundreds of thousands of bitcoins now worth more than $10 billion that he stole from cryptocurrency exchange Bitfinex.

  • November 14, 2024

    Pinterest Investor Attys Get $2.5M More After Deal Monitoring

    A California federal judge on Thursday awarded an additional $2.5 million in fees to attorneys who've been monitoring Pinterest's compliance with a deal that ended investors' claims the company fostered a culture of race and sex discrimination, ruling that he's "satisfied" with both parties' efforts in the wake of the settlement.

  • November 14, 2024

    Student Loan Servicer Wants CFPB Deal Paused Amid Appeal

    The Pennsylvania Higher Education Assistance Agency has asked a Pennsylvania federal judge to pause its obligation to pay more than $3.2 million as a part of a settlement with the Consumer Financial Protection Bureau that is being challenged in the Third Circuit by a third party.

  • November 14, 2024

    Ex-JP Morgan Rep To Stop Soliciting Clients Amid Arbitration

    A former J.P. Morgan Securities LLC employee who left to work for Morgan Stanley has agreed not to solicit customers from her former employer while the parties arbitrate the broker-dealer's claims she lured clients with more than $12 million in assets away to its rival.

Expert Analysis

  • Increased IPOs In '24 Shows Importance Of Strategic Planning

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    Initial public offerings, debt issuances and M&A activity so far in 2024 have shown substantial increases over comparable periods in 2023, highlighting why counsel should educate clients on market trends and financing alternatives to proactively prepare them to be ready to take advantage of opportunities, say attorneys at Skadden.

  • How Methods Are Evolving In Textualist Interpretations

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    Textualists at the U.S. Supreme Court are increasingly considering new methods such as corpus linguistics and surveys to evaluate what a statute's text communicates to an ordinary reader, while lower courts even mull large language models like ChatGPT as supplements, says Kevin Tobia at Georgetown Law.

  • Navigating New Enforcement Scrutiny Of 'AI Washing'

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    The U.S. Securities and Exchange Commission's recent lawsuit against Joonko Diversity, its first public AI-focused enforcement action against a private company, underscores the importance of applying the same internal legal and compliance rigor to AI-related claims as other market-facing statements, say attorneys at Fried Frank.

  • How Fund Advisers Can Limit Election Year Pay-To-Play Risks

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    With Minnesota Gov. Tim Walz now the Democratic candidate for vice president, politically active investment advisers should take practical steps to avoid triggering strict pay-to-play rules that can lead to fund managers facing mutli-year timeouts from working with public funds after contributing to sitting officials, say attorneys at Dechert.

  • Why Attorneys Should Consider Community Leadership Roles

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    Volunteering and nonprofit board service are complementary to, but distinct from, traditional pro bono work, and taking on these community leadership roles can produce dividends for lawyers, their firms and the nonprofit causes they support, says Katie Beacham at Kilpatrick.

  • 'Pig Butchering': The Scam That Exploits Crypto Confusion

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    Certain red flags can tip off banks to possible "pig-butchering," and with the scam's increasing popularity, financial institutions need to take action to monitor entry points into the crypto space, detect suspicious activity and provide a necessary backstop to protect customers, say Brandon Essig and Mary Parrish McCracken at Lightfoot Franklin.

  • Opinion

    Agencies Should Reward Corporate Cyber Victim Cooperation

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    The increased regulatory scrutiny on corporate victims of cyberattacks — exemplified by the U.S. Securities and Exchange Commission's case against SolarWinds — should be replaced with a new model that provides adequate incentives for companies to come forward proactively and collaborate with law enforcement, say attorneys at McDermott.

  • 9 Liability Management Tips As Debt Maturity Cliff Looms

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    As the debt maturity cliff swiftly approaches in this challenging environment, attorneys at Winston & Strawn highlight the top considerations for boards of directors and finance professionals to think about when structuring and executing liability management transactions, including reviewing capital structure, evaluating debt covenants, and more.

  • How Transaction Lookbacks Can Guide Fintech Companies

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    As transaction lookbacks continue to be a key focus of enforcement actions, newer financial institutions like fintech companies should know they can benefit from proactively investigating their potential failure to identify suspicious activity, creating a compliance road map and building trust with regulators in the process, say attorneys at Jenner & Block.

  • Firms Must Offer A Trifecta Of Services In Post-Chevron World

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    After the U.S. Supreme Court’s Loper Bright Enterprises v. Raimondo decision overturning Chevron deference, law firms will need to integrate litigation, lobbying and communications functions to keep up with the ramifications of the ruling and provide adequate counsel quickly, says Neil Hare at Dentons.

  • 5 Ways Life Sciences Cos. Can Manage Insider Trading Risk

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    In light of two high-profile insider trading jury decisions against life sciences executives this year, public companies in the sector should revise their policies to account for regulators' new and more expansive theories of liability, says Amy Walsh at Orrick.

  • Series

    A Day In The In-House Life: Narmi GC Talks Peak Productivity

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    On a work-from-home day in August, Narmi general counsel Amy Pardee chronicles a typical day in her life in which she organizes her time to tackle everything from advising on products and contract negotiations to volunteering and catching up on the New York Times crossword.

  • How Ripple Final Judgment Fits In Broader Crypto Landscape

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    The Southern District of New York's recent $125 million civil penalty levied in U.S. Securities and Exchange Commission v. Ripple will have a broad impact on the crypto industry as it was the first to hold that blind sales of digital assets are not securities, even if deemed securities in other circumstances, say attorneys at BakerHostetler.

  • 5 Tips To Succeed In A Master Of Laws Program And Beyond

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    As lawyers and recent law school graduates begin their Master of Laws coursework across the country, they should keep a few pointers in mind to get the most out of their programs and kick-start successful careers in their practice areas, says Kelley Miller at Reed Smith.

  • Series

    After Chevron: SEC Climate And ESG Rules Likely Doomed

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    Under the U.S. Supreme Court's recent decision in Loper Bright, without agency deference, the U.S. Securities and Exchange Commission's climate disclosure and environmental, social and governance rules would likely be found lacking in statutory support and vacated by the courts, says Justin Chretien at Carlton Fields.

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