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Asset Management
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March 25, 2025
FINRA President Hints At Offloading Arbitration Oversight
The president of the Financial Industry Regulatory Authority said Tuesday that he's considering whether another entity should take up the brokerage regulator's arbitration oversight, questioning whether it's an appropriate function for FINRA to continue running.
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March 25, 2025
Hershey Escapes Ex-Production Worker's Leave Bias Suit
Hershey defeated a former production operator's lawsuit claiming he was fired for taking time off to assist his wife with fertility treatments, a Pennsylvania federal judge ruled, saying there was nothing wrong with an internal investigation that found he was misusing the leave he'd been given.
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March 25, 2025
McGuireWoods-Led Falfurrias Wraps $1.35B PE Fund
McGuireWoods LLP-advised private equity shop Falfurrias Management Partners on Tuesday revealed that it closed its sixth middle-market private equity fund with $1.35 billion in investor commitments.
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March 24, 2025
Google Pares Back Investors' Suit Over Antitrust Probe
A California federal judge Monday allowed investors to move forward with a securities fraud claim against Google, its CEO Sundar Pichai and parent company Alphabet Inc. over an allegedly false statement to Congress in 2020 about the fairness of ad auctions, but tossed the rest of the suit for good.
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March 24, 2025
Wells Fargo Loses Bid To Toss Suit Over $300M Ponzi Scheme
A Florida federal judge on Monday adopted a magistrate judge's recommendation to deny Wells Fargo's bid to toss two retirees' putative class action accusing the bank of aiding and abetting a $300 million Ponzi scheme that deceived more than 1,000 investors, mostly elderly investors.
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March 24, 2025
Live Nation Inks $20M Deal Over Swift Tour-Tied Investor Suit
Investors suing Live Nation Entertainment Inc. have asked a California federal judge to approve a $20 million deal ending claims that the company made misleading statements about its operations when news of alleged anticompetitive practices with Ticketmaster caused stock prices to drop following the tickets sales debacle for Taylor Swift's The Eras Tour.
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March 24, 2025
FINRA Fines Pa. Broker-Dealer $1M Over Muni Bond Sales
A Pittsburgh-based brokerage has agreed to penalties and disgorgement totaling over $1 million to resolve Financial Industry Regulatory Authority claims it got undue order priority for certain new municipal bond orders by failing to mention those orders were for its own dealer account.
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March 24, 2025
Skadden, Latham Lead Crypto Platform EToro's IPO Filing
Crypto-friendly trading platform eToro Group Ltd. on Monday publicly filed its long-awaited plans for an initial public offering, represented by Skadden Arps Slate Meagher & Flom LLP and underwriters' counsel Latham & Watkins LLP.
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March 24, 2025
Mass. Wants Info On Robinhood's March Madness Contracts
Massachusetts' secretary of state has issued a subpoena to Robinhood Markets Inc. related to the trading platform's sporting event contracts tied to this year's March Madness tournaments, officials said Monday.
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March 24, 2025
Kirkland-Led Pike Street Clinches $199M Continuation Fund
Kirkland & Ellis LLP-led private equity shop Pike Street Capital LLC said on Monday that it closed its latest single-asset continuation vehicle after securing $199 million from investors.
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March 24, 2025
Ga. Clinic Hit With Retaliation, Confidentiality Allegations
A former employee of a Georgia sexual assault survivors' clinic filed a whistleblower lawsuit against the organization Friday claiming that she was forced out of her position after refusing to help cover up allegations that the clinic was violating victim confidentiality laws.
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March 24, 2025
SEC, FINRA Enforcement Heads Say Crypto Still A Focus
Heads of enforcement at the U.S. Securities and Exchange Commission and the Financial Industry Regulatory Authority indicated Monday the agencies are keeping their eyes on cryptocurrency, even as the former has backed off of various cases and investigations involving crypto.
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March 24, 2025
SmartStop REIT Plans $864M IPO Amid US-Canada Trade Row
SmartStop Self Storage REIT Inc., a real estate investment trust managing U.S. and Canadian properties, unveiled plans on Monday for an estimated $864 million initial public offering amid trade disputes rippling across North America, represented by Nelson Mullins Riley & Scarborough LLP and underwriters' counsel Latham & Watkins LLP.
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March 21, 2025
Only FDIC Can Sue Over Signature Bank Collapse, Judge Says
A New York federal judge on Friday tossed a shareholder lawsuit over alleged misstatements about Signature Bank's health ahead of its 2023 collapse, saying shareholders lacked standing to sue in light of the FDIC being a receiver of both the failed bank's assets and rights of the bank's stockholders.
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March 21, 2025
Latham-Led Online Ticket Giant StubHub Files IPO
Private equity- and venture-backed online ticket reseller StubHub Holdings Inc. on Friday filed its long-awaited initial public offering plans, represented by Latham & Waktins LLP and underwriters counsel Cooley LLP.
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March 21, 2025
SEC Guidance Moves Needle In Favor Of Private Fundraising
The U.S. Securities and Exchange Commission's recent guidance on how accredited investors can self-certify when participating in broadly publicized private placements simplifies legal compliance for issuers, according to attorneys, though the jury is still out on whether market participants will embrace the new framework.
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March 21, 2025
Ex-Jefferies Employee Says Age Bias Led To Termination
Investment bank Jefferies LLC has been sued by a former assistant vice president who alleged he was fired under the pretext of working from home too much and that he was actually a victim of age discrimination.
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March 21, 2025
Chicago Feds Charge 7 Over Alleged $214M Pump-And-Dump
Federal prosecutors on Friday charged seven foreign nationals over a "pump and dump" scheme in which they allegedly posed as U.S.-based investment advisers online and artificially raised the stock price of a company purporting to provide educational services in China, raking in more than $200 million when they sold their shares.
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March 21, 2025
Israel-Focused SPAC Raises $125M To Pursue Merger
Shares of Gesher Acquisition Corp. II began trading on the Nasdaq on Friday after the blank-check company detailed plans to raise $125 million in its initial public offering with the goal of merging with an Israeli company.
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March 21, 2025
Credit Unions Denied Class Cert. In NY Rate Cut Suit
A trio of Western New York credit unions can't get certification for a class of state court consumer debt judgment holders after a lengthy "abusive and tactical" delay in filing their certification bid in a suit over a state law aimed at decreasing the default interest rate for such judgments, a Manhattan federal judge found.
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March 20, 2025
OCC Says It Will Stop Examining Banks For Reputation Risk
The Office of the Comptroller of the Currency said Thursday that it will no longer examine banks for reputation risk, adopting a policy change that some Republican lawmakers want to require for all federal banking regulators to help curb so-called debanking.
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March 20, 2025
Iowa Adviser To Pay $15M Over SEC Conflict Claims
An Iowa-based adviser has been ordered to pay $15 million over claims from the U.S. Securities and Exchange Commission that it invested client assets in funds that benefited an affiliated broker-dealer instead of lower-cost alternatives, without disclosing its conflicts of interest.
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March 20, 2025
Fla. Fund Sued In Del. After Denying Investor Redemptions
Investors in Florida-based limited partnership P and J Titan Fund LP sued the fund, its general partner, sole director and investment manager in Delaware's Court of Chancery on Tuesday, alleging improper redemption refusals and diversions of funds.
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March 20, 2025
Bitcoin Rival Can't Reargue $2M Suit Against Grayscale
Cryptocurrency firm Osprey Funds LLC can't reargue claims that the Connecticut Unfair Trade Practices Act governs its bitcoin feud with digital asset management firm Grayscale Investments LLC, a Connecticut state judge has ruled.
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March 20, 2025
South Korea Can't Nix $32M Award To US Hedge Fund
South Korea on Thursday lost its bid to set aside an arbitral award ordering it to pay some $32 million to a U.S. hedge fund following a dispute over a government bribery scandal that allegedly underpinned the $8 billion merger of two Samsung affiliates in 2015.
Expert Analysis
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The Securities Litigation Trends That Will Matter Most In 2025
2025 is shaping up to be a significant year for securities litigation, as plaintiffs and defendants alike navigate shifting standards for omission theories of liability, class certification, risk disclosure claims and more, say attorneys at Willkie.
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What To Watch For In The 2025 Benefits Landscape
While planning for 2025, retirement plan sponsors and service providers should set their focus on phased implementation deadlines under both Secure 1.0 and 2.0, an upcoming U.S. Supreme Court ruling, and the fate of several U.S. Department of Labor regulations, says Allie Itami at Lathrop GPM.
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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.