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Securities

  • July 18, 2025

    As Trump Signs Stablecoin Bill, Attorneys Talk Compliance

    President Donald Trump on Friday signed into law a bill to regulate stablecoins, known as the Genius Act, and practitioners are now turning their attention to helping firms comply with both the provisions of the statute and the coming rulemakings from regulators.

  • July 18, 2025

    Texas Panel Says RE Funds Can Bar Manager, For Now

    A Texas appellate court mostly kept intact a court order barring the former manager of multiple commercial real estate funds from interfering with the funds going forward, saying the funds had done enough to show the former manager was undercutting their financial interests.

  • July 18, 2025

    Investor Sues Biotech Capricor After Product's FDA Denial

    Biotechnology company Capricor Therapeutics Inc. faces a proposed investor class action alleging it misrepresented its lead product candidate's approval prospects before the U.S. Food and Drug Administration.

  • July 18, 2025

    Boeing Urges 4th Circ. To Decertify 737 Max Investor Class

    Boeing told the Fourth Circuit on Friday that a Virginia district court flouted U.S. Supreme Court precedent by certifying a class of investors alleging the company misrepresented the safety of its 737 Max 9 fleet after a door plug blowout, saying there's zero evidence backing the plaintiffs' damages theories.

  • July 18, 2025

    CORRECTION: FirstEnergy Investors File Unredacted Discovery Brief

    Editor's note: An article published Friday incorrectly referred to a court filing as new. The filing, which was a motion to compel discovery, was originally made in July 2023, but with redactions. It was refiled Thursday with the redactions removed. The redacted material described memoranda sought by the plaintiffs in the matter, among other things. A special master granted the motion in November 2023, and a federal judge in April 2024 overruled objections to the special master's order.

  • July 18, 2025

    Chancery Tosses Twitter Investor's $1.9M Stock Drop Suit

    A Washington state computer software engineer who sued Elon Musk and affiliated entities in Delaware's Court of Chancery hoping to recoup a $1.88 million loss on Twitter shares he sold when Musk briefly backed out of a deal for the social media company lost on all counts on Friday.

  • July 18, 2025

    CME Exec Defends Traders' Membership Values On The Stand

    CME Group CEO Terry Duffy testified on Friday that a data center the company built to accommodate electronic trading did not violate rights promised to members when they were asked to vote on a demutualization he characterized as a "windfall for every single person who owned membership on the exchange."

  • July 18, 2025

    Chancery Fast-Tracks Game Co. Suit Over $250M Earnout

    A shareholder representative for a popular video game franchise won a Delaware Chancery Court partial fast-track Friday in a suit accusing the company's South Korean buyer of scheming to sabotage the acquired company's most promising game sequel to avoid paying a $250 million deal earnout bonus.

  • July 18, 2025

    Crypto Firms' OCC Charter Bids Draw Bank Industry Scrutiny

    Major banking industry groups are warning the Office of the Comptroller of the Currency that approving pending bank charter bids from crypto-linked firms like Ripple could "represent a fundamental departure" from long-standing policy, urging the agency to delay action until more information about their plans is made public.

  • July 18, 2025

    2 Firms Score $35.5M Atty Fees In $71M Rate-Swaps Deal

    Cohen Milstein Sellers & Toll PLLC and Quinn Emanuel Urquhart & Sullivan LLP have been awarded $35.5 million for their work on scoring $71 million in settlements of multidistrict litigation with top international investment banks, ending claims they allegedly schemed to limit market competition over interest rate swaps.

  • July 18, 2025

    9th Circ. Turns Away Wells Fargo's 'Sham' Hiring Appeal

    The Ninth Circuit has said it will not hear Wells Fargo's appeal of an investor lawsuit accusing the company of conducting "sham" job interviews to meet a diversity quota, allowing thousands of shareholders to move forward with their claims as a class.

  • July 18, 2025

    Gibson Dunn Ends SEC Suit Over 'Dealer' Theory

    Gibson Dunn & Crutcher LLP has dropped a suit accusing the U.S. Securities and Exchange Commission of violating the Freedom of Information Act by not producing requested records regarding enforcement actions against investors who provided convertible loans to public companies but were not registered as dealers.

  • July 18, 2025

    Retailer At Home Gets Final OK On $600M Bankruptcy Loan

    A Delaware bankruptcy judge signed off Friday on furniture retailer At Home's request to borrow up to $600 million in Chapter 11 financing, approving the loan after the debtor resolved an objection from unsecured creditors.

  • July 18, 2025

    Fashion-Tech Biz Founder Charged With $300M Investor Fraud

    The founder of bankrupt apparel technology company CaaStle Inc. defrauded investors out of $300 million, federal prosecutors in Manhattan said Friday, unsealing an indictment charging her with using sham documents to falsely promote a "rapidly growing business" supposedly worth $1.4 billion.

  • July 17, 2025

    Bitcoin Treasury Firm To Go Public Via $1.5B SPAC Deal

    Bitcoin investment company BSTR Holdings Inc. announced on Thursday that special purpose acquisition company Cantor Equity Partners I Inc. will provide it with up to $1.5 billion in financing in a go-public deal, guided by Ellenoff Grossman & Schole LLP and Skadden Arps Slate Meagher & Flom LLP.

  • July 17, 2025

    Thrivent Challenges SEC Over FINRA Arbitration Rules

    Financial services giant Thrivent has filed a petition in the D.C. Circuit Court of Appeals seeking to force the U.S. Securities and Exchange Commission to review three rules adopted by the Financial Industry Regulatory Authority that give the agency exclusive jurisdiction over arbitration disputes between brokers and their customers.

  • July 17, 2025

    Circle's Bank Plans Include Regulatory Vets At Helm

    Stablecoin giant Circle has tapped Heath Tarbert, its president and former top derivatives regulator, as well as a former Office of the Comptroller of the Currency chief counsel to help oversee its proposed national trust bank, according to application materials made public Thursday.

  • July 17, 2025

    SEC Fraud Suit Against Ex-Online Pharmacy Execs Advances

    A New York federal judge has declined to dismiss a majority of the U.S. Securities and Exchange Commission's claims against former executives of a now-defunct online pharmacy called Medly, finding the agency adequately pleaded that the executives made false statements or acted recklessly, among other misconduct.

  • July 17, 2025

    Accolade Faces $4.8M Suit Over Pre-Merger Profit Claims

    Personalized healthcare solutions company Accolade Inc. was hit with an investor suit Thursday accusing it and its CEO of making false statements about its profitability to prop up share prices before announcing its plan to go private via a merger with healthcare company Transcarent Inc.

  • July 17, 2025

    3 Crypto Bills Pass House, With Stablecoins Headed To Trump

    The House of Representatives on Thursday agreed to send a bill to regulate stable-value tokens to the president's desk, in addition to advancing proposals to regulate crypto markets and ban the government from exploring the issuance of a digital dollar onto the Senate.

  • July 17, 2025

    2 Firms To Lead Target Shareholder Suit Over DEI Initiatives

    Rigrodsky Law PA and Levi & Korsinsky LLP will lead a now-consolidated shareholder derivative action accusing Target Corp.'s executives and directors of harming investors by greenlighting the company's diversity, equity and inclusion initiatives and its offerings of LGBTQ-related merchandise.

  • July 17, 2025

    SEC Atty Exits After Hiding Revoked License, OIG Says

    A longstanding employee of the U.S. Securities and Exchange Commission resigned after it was discovered that they had falsely reported being in good standing with a state bar association, according to the regulator's inspector general.

  • July 17, 2025

    Musk, SEC Seek More Time For Response In Twitter Case

    Elon Musk and the U.S. Securities and Exchange Commission on Thursday jointly asked a D.C. federal court to allow the billionaire more time to respond to the agency's complaint that he failed to timely report his Twitter purchases before buying the platform and renaming it X.

  • July 17, 2025

    Former Club Rugby Champ Jailed For Crypto Ponzi Scheme

    A Seattle federal judge on Wednesday sentenced a former national champion club rugby player to 30 months in prison for wire fraud after he defrauded investors with promises of building a new cryptocurrency mining operation.

  • July 17, 2025

    Robotics Co. Investors Settle De-SPAC Suit For $7.5M In Del.

    Investors in a special purpose acquisition company that took artificial intelligence company Berkshire Grey Inc. public for $2.25 billion in mid-2021 have reported a $7.5 million proposed settlement intended to end a breach of fiduciary duty suit in Delaware's Court of Chancery.

Expert Analysis

  • Chancery Ruling Raises Bar For Advance Notice Bylaws Suits

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    The Delaware Court of Chancery's recent ruling in Siegel v. Morse will make it more difficult for plaintiffs to successfully challenge advance notice bylaws before the emergence of an actual or threatened proxy contest, presumably reducing the occurrence of such challenges, say attorneys at Venable.

  • DOJ Memo Raises Bar For Imposition Of Corporate Monitors

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    A recently released U.S. Department of Justice memo, outlining guidance on the imposition of compliance monitors in corporate criminal cases, reflects DOJ leadership’s concerns about scope creep and business costs, but the strategies for companies to avoid a monitorship haven't changed much compared to the Biden era, says James Koukios at MoFo.

  • Series

    Law School's Missed Lessons: Becoming A Firmwide MVP

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    Though lawyers don't have a neat metric like baseball players for measuring the value they contribute to their organizations, the sooner new attorneys learn skills frequently skipped in law school — like networking, marketing, client development and case evaluation — the more valuable, and less replaceable, they will be, says Alex Barnett at DiCello Levitt.

  • 9th Circ. Ruling Clarifies Derivative Suit Representation Test

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    The Ninth Circuit's recent ruling in Bigfoot Ventures v. Knighton clarifies the test used to assess the adequacy of a plaintiff's representation in a shareholder derivative action, and will likely prove useful to litigants by ensuring that courts can fully examine all relevant circumstances, say attorneys at Simpson Thacher.

  • What We Lost After SEC Eliminated Regional Director Role

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    Former U.S. Securities and Exchange Commission Regional Director Marc Fagel discusses the recent wholesale elimination of the regional director position, the responsibilities of the job itself and why discarding this role highlights how the appearance of creating a more efficient agency may limit the SEC's effectiveness.

  • 4th Circ. Latest To Curb Short-Seller Usage In Securities Suits

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    The Fourth Circuit's recent decision in Defeo v. IonQ will serve as a powerful and persuasive new precedent for corporate defendants as courts continue curtailing securities class action plaintiffs' use of short-seller reports to plead federal securities law claims, say attorneys at Alston & Bird.

  • $38M Law Firm Settlement Highlights 'Unworthy Client' Perils

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    A recent settlement of claims against law firm Eckert Seamans for allegedly abetting a Ponzi scheme underscores the continuing threat of clients who seek to exploit their lawyers in perpetrating fraud, and the critical importance of preemptive measures to avoid these clients, say attorneys at Lockton Companies.

  • Series

    Teaching Business Law Makes Me A Better Lawyer

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    Teaching business law to college students has rekindled my sense of purpose as a lawyer — I am more mindful of the importance of the rule of law and the benefits of our common law system, which helps me maintain a clearer perspective on work, says David Feldman at Feldman Legal Advisors.

  • SEC's Crypto Statement Offers Clarity On Disclosures

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    While the crypto industry awaits a definitive rule from the U.S. Securities and Exchange Commission on whether a crypto-asset is a security, its recent guidance provides a road map for registrants seeking to comply with current disclosure requirements and shows the commission is working toward a comprehensive regulatory framework, say attorneys at Debevoise.

  • Evolving Federal Rules Pose Further Obstacles To NY LLC Act

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    Following the Financial Crimes Enforcement Network's recent changes to beneficial ownership information reporting under the federal Corporate Transparency Act — dramatically reducing the number of companies required to make disclosures — the utility of New York's LLC Transparency Act becomes less apparent, say attorneys at Pillsbury.

  • Deregulation Memo Presents Risks, Opportunities For Cos.

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    A recent Trump administration memo providing direction to agencies tasked with rescinding regulations under an earlier executive order — without undergoing the typical notice-and-review process — will likely create much uncertainty for businesses, though they may be able to engage with agencies to shape the regulatory agenda, say attorneys at Blank Rome.

  • Series

    Law School's Missed Lessons: Mastering Discovery

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    The discovery process and the rules that govern it are often absent from law school curricula, but developing a solid grasp of the particulars can give any new attorney a leg up in their practice, says Jordan Davies at Knowles Gallant.

  • DOJ Signals Major Shift In White Collar Enforcement Priorities

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    In a speech on Monday, an official outlined key revisions to the U.S. Department of Justice’s voluntary self-disclosure, corporate monitorship and whistleblower program policies, marking a meaningful change in the white collar enforcement landscape, and offering companies clearer incentives and guardrails, say attorneys at McGuireWoods.

  • Strategies To Limit Inherent Damage Of Multidefendant Trials

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    As shown by the recent fraud convictions of two executives at the now-shuttered education startup Frank, multidefendant criminal trials pose unique obstacles, but with some planning, defense counsel can mitigate the harm and maximize the chances of a good outcome, says Kenneth Notter at MoloLamken.

  • Parsing The SEC's New Increased Co-Investment Flexibility

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    The U.S. Securities and Exchange Commission's new co-investment exemptive orders simplify processes and reduce barriers for regulated funds — and rulemaking may evolve further to allow investors access to additional investment opportunities and increase available capital for issuers seeking to raise money from fund complexes, say attorneys at Simpson Thacher.

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