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Capital Markets
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June 13, 2025
Gotbit To Pay $23M For Crypto Market Scheme
Crypto trading firm Gotbit Consulting LLC was ordered to forfeit approximately $23 million in seized cryptocurrency and sentenced to a five-year probation term in the government's suit accusing it of market manipulation, while its founder received an eight-month term.
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June 13, 2025
SEC Scrubs Biden-Era Agenda To Give Atkins A 'Clean Slate'
The U.S. Securities and Exchange Commission is backing away from promised Biden-era regulations on cybersecurity risk management, environmental disclosures and equity market reform, withdrawing over a dozen rule proposals as newly appointed Chair Paul Atkins seeks to rewrite the agency's agenda.
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June 13, 2025
Ex-Vinco Ventures Chair Inks SEC Deal Over Investor Fraud
A former chairman of media and technology company Vinco Ventures Inc. who in April copped to lying about company operations and secretly ceding control of the business to his romantic partner has reached an agreement to end parallel U.S. Securities and Exchange Commission allegations.
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June 13, 2025
Quinn Emanuel Drops Binance Founder Amid $8M Fraud Suit
Quinn Emanuel Urquhart & Sullivan LLP has withdrawn as counsel for the founder of Binance amid an $8.1 million lawsuit against him, telling a Massachusetts federal judge that the former cryptocurrency exchange executive has breached an agreement with the law firm and moved for arbitration against it.
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June 13, 2025
SEC, Ripple Again Ask NY Judge To Approve Settlement
The U.S. Securities and Exchange Commission and Ripple Labs Inc. have again urged a New York federal judge to approve lower penalties against the blockchain company citing "exceptional circumstances," following the judge's previous rejection of the joint request on procedural grounds.
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June 13, 2025
Con Man Galanis Can't Get $2M Back, Despite Trump Clemency
A New York federal judge denied convicted fraudster Jason Galanis' request to halt restitution payments and recover $2.17 million in forfeited assets, ruling that President Donald Trump's reduction of his sentence applied only to future obligations.
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June 13, 2025
Ichor, Orthofix CEOs Face Suits Over 'Short-Swing' Gains
The CEOs of semiconductor manufacturing company Ichor Holdings Inc. and orthopedic solutions company Orthofix Medical Inc. were hit with suits alleging they owe "short-swing" profits to their respective companies after buying and selling company stock within a six-month period.
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June 13, 2025
SEC's Atkins Selects New Leaders Across Several Divisions
The U.S. Securities and Exchange Commission on Friday named leaders to key divisions overseeing investment funds, stock exchanges and corporate accounting practices, marking the latest wave of fresh personnel brought in by new SEC Chair Paul Atkins.
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June 13, 2025
Jefferson Capital Targets $1B Valuation With $160M IPO
Private equity-backed consumer debt purchaser and collector Jefferson Capital on Friday laid out the terms for its planned initial public offering that would target a valuation of up to approximately $1 billion.
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June 13, 2025
Cooley, Latham Lead Drone Operator Airo's $60M IPO
Drone systems developer Airo Group Holdings Inc. began trading Friday after a $60 million initial public offering priced below its targeted range and guided by Cooley LLP and underwriters' counsel Latham & Watkins LLP.
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June 12, 2025
'My Big Coin' Operators To Pay $26M To End CFTC Claims
The Commodity Futures Trading Commission announced that the alleged orchestrators of the My Big Coin digital asset fraud scheme that swindled over $6 million from 28 investors will hand over $25.7 million to end claims against them.
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June 12, 2025
JPMorgan Can't Exit Cash Sweep Rates Suit, Consumers Say
Consumers who accused JPMorgan Chase of underpaying the interest on their cash sweep accounts urged a New York federal judge on Thursday not to let the bank escape the suit, asserting several arguments, including that their contract claims are "anchored" to specific provisions in the parties' written agreement.
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June 12, 2025
Meta Eyes $14B AI Bet, Bullish Seeks IPO, And More Rumors
Facebook owner Meta is eying a $14 billion investment in Scale AI, while Bullish plans to join the recent surge in cryptocurrency-related initial public offerings and investors want to take pizza chain Papa John's private at more than $60 per share. Here, Law360 breaks down the notable deal rumors from the past week.
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June 12, 2025
Conn. Adviser Banned After $9.2M Fraud, Prison Sentence
The Connecticut Department of Banking banned an investment adviser from practicing his craft in the Constitution State following his sentence to 87 months in prison and a $9.2 million restitution payment for a Georgia fraud case.
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June 12, 2025
Deal Ends Freedom Mortgage's Appeal Of $23M Verdict
Freedom Mortgage and a Virginia mortgage subservicer have reached a deal to resolve the mortgage company's appeal of a $23 million verdict over a subservicing agreement gone wrong, according to a Thursday filing in the Third Circuit.
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June 12, 2025
Brokers Provide FINRA With Regulatory Wish List
The brokerage industry is calling for the Financial Industry Regulatory Authority to change the way it conducts arbitration, to loosen rules on customer communication and to limit which firm employees must register with the financial regulator as it considers modernizing its rules and regulations.
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June 12, 2025
Ex-JPM Trader Warns Of 'Pressing Need' For DOJ Records
A former U.K.-based JPMorgan trader has urged a Washington, D.C., federal judge to rule on his bid for access to investigative records from a U.S. market manipulation case that he beat in 2018, saying continued delays could hurt him in a fast-approaching related proceeding in Brazil.
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June 12, 2025
Reed Smith Pushes For 2nd Circ. Stay In $102M Award Fight
Still seeking to represent prebankruptcy owners of international shipping company Eletson Holdings Inc., Reed Smith LLP has asked the Second Circuit to stay a bankruptcy proceeding and a district court action, arguing the reorganized Eletson, now allegedly under common control with a former adversary, has launched a "calculated effort" to seize the company's privileged client information.
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June 12, 2025
Kirkland & Ellis Adds Former Ropes & Gray Deals Atty In NY
Kirkland & Ellis LLP said Wednesday it has welcomed a corporate partner from Ropes & Gray LLP to its New York office, touting her experience with major deals in sectors such as financial services, software, healthcare, industrials, consumer products and retail.
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June 11, 2025
Senate Dems Probe Meta, Trump Stablecoin Plans And Deals
U.S. Sens. Elizabeth Warren and Richard Blumenthal sent a pair of letters this week asking for more information on Meta's renewed plans to launch its own stablecoin as well as details on MGX's decision to use Donald Trump's World Liberty stablecoin to make a $2 billion investment in the cryptocurrency exchange Binance.
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June 11, 2025
Link Motion Investor's Suit Should Be Trimmed, Judge Says
A New York federal judge should trim some but not all common law fraud claims from an investor's lawsuit against China-based software company Link Motion Inc. over allegations its chairman fleeced the company, a magistrate judge has recommended.
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June 11, 2025
Glass Lewis To GOP: No 'Ideological Agenda' In Proxy Advice
The head of the proxy advisory firm Glass Lewis & Co. has pushed back against allegations from the Senate Banking Committee concerning the firm's "expansive, opaque, and ideologically driven influence" on U.S. companies, saying it evaluates all shareholder proposals on a case-by-case basis.
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June 11, 2025
SEC Asks To Pause CAT Suit As It Weighs Audit Trail Rework
The U.S. Securities and Exchange Commission called Wednesday for the temporary suspension of a class action lawsuit accusing it of illegally collecting the private information of millions of American investors, arguing that potential changes to the way that its market surveillance tool operates could moot the case.
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June 11, 2025
Regulators Delay Compliance On Private Fund Disclosures
A divided U.S. Securities and Exchange Commission agreed on Wednesday to extend compliance dates for new Form PF rules that require additional disclosure from private funds, overcoming objections from one dissenting commissioner who feared the "11th-hour" extension could lead to abandoning the rules altogether.
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June 11, 2025
CarLotz's $13M Investor Settlement Headed To Final Approval
A New York federal judge said Wednesday that he intends to grant final approval to a $13 million settlement between CarLotz and its investors who accused it and a special purpose acquisition company of misleading statements about CarLotz's profitability before it went public via merger.
Expert Analysis
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How Latin American Finance Markets May Shift Under Trump
Changes in the federal government are bringing profound implications for Latin American financial institutions and cross-border financing, including increased competition from U.S. banks, volatility in equity markets and stable green investor demand despite deregulation in the U.S., says David Contreiras Tyler at Womble Bond.
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Series
Improv Makes Me A Better Lawyer
Improv keeps me grounded and connected to what matters most, including in my legal career where it has helped me to maintain a balance between being analytical, precise and professional, and creative, authentic and open-minded, says Justine Gottshall at InfoLawGroup.
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How BigLaw Executive Orders May Affect Smaller Firms
Because of the types of cases they take on, solo practitioners, small law firms and public interest attorneys may find themselves more dramatically affected by the collective impact of recent government action involving the legal industry than even the BigLaw firms named in the executive orders, says Reuben Guttman at Guttman Buschner.
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Opinion
Lawsuits Shouldn't Be Shadow Assets For Foreign Capital
Third-party litigation financing amplifies inefficiencies from litigation and facilitates national exposure to foreign influence in the U.S. justice system, so full disclosure of financing arrangements should be required as a matter of institutional integrity, says Roland Eisenhuth at the American Property Casualty Insurance Association.
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How To Accelerate Your Post-Attorney Career Transition
Professionals seeking to transition to nonattorney careers may encounter skepticism as nontraditional candidates, but there are opportunities for thought leadership and to leverage speaking and writing to accelerate a post-attorney career transition, say Janet Falk at Falk Communications and Evgeny Efremkin at Toronto Metropolitan University.
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3 Action Items For Innovators Amid Fintech Regulatory Pivot
As the federal banking agencies seek to smooth the way for banks to engage in crypto-related activities, banks and technology companies should take note of this new chapter in payments services, especially as leadership in digital financial technology becomes a national priority, says Jess Cheng at Wilson Sonsini.
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How Tariffs May Affect Proxy Contests This Season
While global tariffs imposed by the Trump administration will certainly chill at least some activity this proxy season, and make defending contests significantly easier, there will likely be many new activist investments once there is more economic certainty, meaning more proxy fights this fall, say attorneys at Sidley.
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A Closer Look At New NYSE, Nasdaq Listing Rule Changes
The U.S. Securities and Exchange Commission has recently approved changes to the New York Stock Exchange's and the Nasdaq's listing rules on reverse stock splits, minimum share price requirements and required liquidity for initial listings, meaning listed companies facing delisting will have fewer means to regain compliance, say attorneys at Cahill Gordon.
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Opinion
GENIUS Act Can Bring Harmony To Crypto-Banking Discord
By embracing crypto innovation while establishing appropriate guardrails, the so-called GENIUS Act charts a path forward that promotes financial inclusion and technological advancement without compromising stability or constitutional rights, says J.W. Verret at George Mason University's Antonin Scalia Law School.
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Series
Law School's Missed Lessons: Be An Indispensable Associate
While law school teaches you to research, write and think critically, it often overlooks the professional skills you will need to make yourself an essential team player when transitioning from a summer to full-time associate, say attorneys at Stinson.
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SEC Confidential Review Process Provides Issuers Flexibility
The U.S. Securities and Exchange Commission's recently announced enhancements to the process for confidentially submitting draft registration statements will be immediately impactful for issuers seeking to access the public capital markets, and should provide more grounds to explore and plan public offerings, say attorneys at Lowenstein Sandler.
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Series
Birding Makes Me A Better Lawyer
Observing and documenting birds in their natural habitats fosters patience, sharpens observational skills and provides moments of pure wonder — qualities that foster personal growth and enrich my legal career, says Allison Raley at Arnall Golden.
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Series
Adapting To Private Practice: From DOJ Leadership To BigLaw
The move from government service to private practice can feel like changing one’s identity, but as someone who has left the U.S. Department of Justice twice, I’ve learned that a successful transition requires patience, effort and the realization that the rewards of practicing law don’t come from one particular position, says Richard Donoghue at Pillsbury.
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SEC Crypto Mining Statement Delivers Regulatory Clarity
The U.S. Securities and Exchange Commission's March 20 statement clarifying that certain crypto mining activities do not constitute the offer and sale of securities marks the end of the SEC's enforcement-first approach and ushers in a more predictable environment for blockchain innovation and investment, says Jeonghoon Ha at Ha Law.
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Law Firm Executive Orders Create A Legal Ethics Minefield
Recent executive orders targeting BigLaw firms create ethical dilemmas — and raise the specter of civil or criminal liability — for the government attorneys tasked with implementing them and for the law firms that choose to make agreements with the administration, say attorneys at Buchalter.