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Capital Markets
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April 20, 2026
Providence Health's Sour Investment Cost $70M, Retirees Say
Retirement plan participants have hit hospital system Providence Health & Services with a proposed class action accusing the Washington-based nonprofit of losing nearly $70 million in assets by sticking with an underperforming mutual fund that lagged behind similar investment options.
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April 20, 2026
SEC Says Adviser Traded On Firm Clients' Confidential Info
The U.S. Securities and Exchange Commission has sued an ex-investment advisory firm associate in Manhattan federal court on Monday, accusing him of using a close relative's brokerage account to trade ahead of market-moving announcements by three biopharmaceutical and biotechnology companies that his firm was researching.
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April 20, 2026
SEC, CFTC Propose Rules To Relax Private Fund Reporting
The U.S. Securities and Exchange Commission on Monday proposed relaxing certain reporting requirements for hedge funds and other private fund advisers by allowing smaller firms to forego filing a disclosure used to monitor systemic risk and nixing some of its questions around volatility, event reporting and indirect exposure altogether.
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April 20, 2026
Swim Training Co.'s IPO Was Pump-And-Dump, Suit Says
Singapore swim-school operator Fitness Champs Holdings Ltd. was hit with a proposed class action accusing it of concealing a social media-driven "pump-and-dump" scheme in which stock promoters posed as financial advisers to hype the stock through online forums, destroying the company's market capitalization after the shares were dumped.
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April 20, 2026
SEC Says Trader Ran $5M Market Manipulation Scheme
The U.S. Securities and Exchange Commission on Monday filed suit against a trader based in Puerto Rico who allegedly manipulated the prices of hundreds of securities and deceived investors into buying them at artificially inflated prices, netting him more than $5 million in illicit profits.
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April 20, 2026
Insurer Intentionally Avoiding $200M Loan Claim, Court Told
A litigation funding firm has accused its insurer of wrongfully refusing to pay out its policy's guaranteed $200 million in coverage for an unpaid loan, saying the insurer buried it in duplicative and burdensome information requests to avoid paying a valid claim.
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April 20, 2026
Credit Agricole's Hedging Strategy Cost Investors, Suit Says
Credit Agricole Group has been hit with a suit in New York federal court alleging that the French bank engaged in a yearslong scheme to fraudulently induce two clients into a trading strategy it deemed the "perfect hedge" against certain market risks, when in reality, the strategy created hidden liabilities, forced liquidations and tens of millions of dollars in damages.Â
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April 20, 2026
3 Firms Steer USA Rare Earth's $2.8B Serra Verde Buy
Mining company USA Rare Earth on Monday announced plans to acquire magnetic rare earth producer Serra Verde Group in a roughly $2.8 billion cash-and-stock deal that was built by three law firms.
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April 20, 2026
Feds Get SEC Suit Paused Against Corporate Raider Bilzerian
Prosecutors can pause U.S. Securities and Exchange Commission fraud claims in New York federal court against convicted corporate raider Paul Bilzerian and his associates as the government's own charges against him, his accountant and a vape company head for an October trial.
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April 20, 2026
Catching Up With Delaware's Chancery Court
The Delaware Chancery Court this past week delivered another mix of procedural rulings, fiduciary duty disputes and deal litigation, highlighting both the court's gatekeeping role and its continued focus on stockholder rights and transactional fairness.
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April 20, 2026
Justices Cast Doubt On Effort To Limit SEC Disgorgement
The U.S. Supreme Court on Monday questioned an attempt to limit the U.S. Securities and Exchange Commission's disgorgement powers, with conservative and liberal justices alike seemingly skeptical of the argument that the agency has to identify victims before it can demand the return of ill-gotten gains.
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April 17, 2026
Rocket Lab Beats Investor Suit Over Launch Timeline For Good
A California federal judge has permanently tossed a proposed shareholder class action alleging that Rocket Lab USA Inc. and its top brass intentionally concealed issues that would delay the test and commercial launches of a vehicle it developed, finding that the suit did not adequately allege a motive for fraud by the defendants.
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April 17, 2026
Drone Co. Aevex Joins Defense-Related IPOs, Raising $320M
Drone-maker Aevex Corp. began trading Friday after raising $320 million in its initial public ‌offering, steered by a Kirkland & Ellis LLP team and with Latham & Watkins LLP advising the underwriters.
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April 17, 2026
4 Firms Lead Kraken's $550M Buy Of Crypto Derivatives Biz
Four firms including Haynes Boone and Jones Day guided Kraken's $550 million acquisition of regulated crypto derivatives exchange Bitnomial, according to a Friday announcement from Kraken.
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April 17, 2026
Tycoon's 'Unclean Hands' Defense Fails In $5.4M Foreclosure
A Connecticut state judge has ordered the strict foreclosure of a Greenwich mansion that exiled Russian media tycoon Vladimir Gusinski purchased through an arm of his company, New Media Holdings LLC, capping a six-year-old lawsuit by a bank and its successor surrounding $4.94 million loans.
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April 17, 2026
SEC Brings Fraud Suit Over Bitcoin Latinum Crypto Offering
The U.S. Securities and Exchange Commission on Friday brought a fraud suit over a crypto project known as Bitcoin Latinum, accusing its founder and affiliated business entities of bilking investors out of $16 million with false claims that the token would be insured and "asset-backed."
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April 17, 2026
AI Co. Execs Faked Customers For Fraud Scheme, Feds Say
The former chief executive officer and former chief financial officer of a bankrupt artificial intelligence firm were indicted in Brooklyn Friday on charges that they defrauded investors and banks by lying about having customers in order to inflate company earnings to the tune of hundreds of millions of dollars.
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April 17, 2026
NorthStar Inks $300M SPAC Deal As Space Debris Risk Rises
NorthStar Earth & Space said Friday it will merge with a blank-check company in a deal valuing NorthStar at $300 million, as the Canadian company bets that increasingly congested orbits will require continuous monitoring to avoid collisions and service disruptions.
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April 17, 2026
Up Next At High Court: SEC And FCC Enforcement Authority
The U.S. Supreme Court's final argument session of this term kicks off Monday, when the justices will consider the U.S. Securities and Exchange Commission's authority to seek disgorgement orders against alleged wrongdoers without proving investors were harmed. Here, Law360 breaks down the week's oral arguments.
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April 17, 2026
GMO Trust To Pay $6.8M In Yen Stablecoin Loss Settlement
GMO-Z.com Trust has agreed to pay $6.8 million to end a class action from buyers of the GYEN stablecoin who say they suffered losses when the coin was "de-pegged" from the Japanese yen, according to a motion for final settlement approval.
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April 17, 2026
Caitlyn Jenner's Crypto Token Isn't A Security, Judge Says
A California federal judge has permanently tossed a proposed class action against Caitlyn Jenner over the $JENNER cryptocurrency token she created and promoted, finding that the digital assets in question are not securities.
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April 17, 2026
Latham Leads Kailera's $625M IPO In Obesity Drug Push
Obesity biotech Kailera Therapeutics made its public debut Friday, raising $625 million in an upsized initial public offering that represents one of the largest biotech IPOs in recent years.
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April 17, 2026
DC Circ. Orders SEC Rethink Of Whistleblower Claim
The D.C. Circuit on Friday ordered the U.S. Securities and Exchange Commission to better explain why it denied a whistleblower award to an anonymous individual who brought forth information that led to a successful enforcement action, ruling that the agency needs to reconsider the alleged whistleblower's petition.
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April 17, 2026
Fintech Founder Can't Stay SEC Fraud Case Amid Countersuit
A fintech founder can't hit pause on U.S. Securities and Exchange Commission claims he defrauded investors in a special purpose acquisition company as another court weighs whether to toss his claims that the regulator sued him improperly during last year's government shutdown.
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April 17, 2026
Sumitomo's $4.5B Tri Pointe Deal Clears Antitrust Review
Japanese logging company Sumitomo Forestry Co.'s $4.5 billion all-cash acquisition of U.S. homebuilder Tri Pointe Homes has met an antitrust review requirement for closing the merger, Tri Pointe said in a securities filing.
Expert Analysis
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2nd Circ. Ruling Reinforces Securities Act Limits Post-Slack
The Second Circuit's recent decision to limit treatment of mandatory reverse splits as actionable sales in Knapp v. Barclays is narrow but important, offering issuers a stronger basis to challenge expansive Securities Act theories and reinforcing the post-Slack v. Pirani discipline of tracing, says Elisha Kobre at Sheppard.
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A Data-Driven Guide For Navigating The 2026 Oil Price Shock
With the Iran war disrupting tanker traffic through the Strait of Hormuz, oil price volatility has soared, and this extreme price dislocation is likely to generate complex legal disputes — but companies can protect themselves by preserving every scrap of market data available, say Peter Niculescu and Leslie Rahl at Capital Market Risk Advisors.
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How Banks Can React To Risks In FinCEN Whistleblower Rule
Financial institutions should reassess and, if necessary, strengthen existing policies, procedures and other frameworks related to whistleblowers and internal reporting in light of the Financial Crimes Enforcement Network's recent proposal to formalize a whistleblower award program, say attorneys at Arnold & Porter.
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2 Discovery Rulings Break With Heppner On AI Privilege Issue
While a New York federal court’s recent ruling in U.S. v. Heppner suggests that some litigants’ communications with AI tools are discoverable, two other recent federal court decisions demonstrate that such interactions generally qualify for work-product protection under the Federal Rules of Civil Procedure, says Joshua Dunn at Brown Rudnick.
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Series
Isshin-Ryu Karate Makes Me A Better Lawyer
My involvement in martial arts, specifically Isshin-ryu, which has principles rooted in the eight codes of karate, has been one of the most foundational in the development of my personality, and particularly my approach to challenges — including in my practice of law, says Kaitlyn Stone at Barnes & Thornburg.
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CFTC Chair's Speech Hints At Innovation-Friendly Policies
Remarks made by Commodity Futures Trading Commission Chair Michael Selig at the Futures Industry Association's conference last month provided the most comprehensive articulation of his regulatory agenda and signaled a shift in the CFTC's regulatory posture, including a rare focus on agency coordination and support for digital asset innovation, say attorneys at Willkie.
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CFTC Actions Show Prediction Market Insider Trading Risks
It is a myth that insider trading law does not apply in prediction markets, as the U.S. Commodity Futures Trading Commission's recent enforcement actions illustrate that it has full authority to pursue such cases federally — and intends to, says attorney Gregg Goldfarb.
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How Securities Litigation Risks Materialized In The 1st Quarter
The securities litigation landscape in 2026's first quarter was defined by higher filing frequency and increased litigation exposure with rising average settlement values, meaning issuers should maximize data-driven legal defenses early to disqualify alleged fraud-revealing stock drops, say Nessim Mezrahi and Stephen Sigrist at SAR.
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5 Takeaways From Capital Proposals For Community Banks
While much commentary has centered on how federal regulators' proposed capital overhaul would affect the biggest banks, there are several aspects that regional and community institutions should note too, including the potential benefits of the expanded risk-based approach and reduced capital requirements for mortgage origination, say attorneys at Covington.
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Opinion
State Bars Need To Get Specific About AI Confidentiality
Lawyers need to put actual client information into artificial intelligence tools to get their full value, but they cannot confidently do so until state bars offer clear, formal authority on which plan tiers of the three most popular generative AI tools are safe to use when sharing specific client details, says attorney Nick Berk.
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Recent Bank Resolution Filings Stress Readiness Over Docs
Against the backdrop of banking regulators' recent emphasis on institutional readiness in the event of a bank failure, a review of more than a dozen public resolution plan submissions points to an immediate future in which regulators and banks alike prioritize operational preparedness over extensive documentation, say attorneys at Moore & Van Allen.
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Series
Alpine Skiing Makes Me A Better Lawyer
Skiing has shaped habits I rely on daily as an attorney — focus, resilience and the ability to remain steady when circumstances shift rapidly — and influences the way I approach legal strategy, client counseling and teamwork, says Isaku Begert at Marshall Gerstein.
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Understanding The SEC's Consequential Crypto Guidance
The U.S. Securities and Exchange Commission's recent interpretive release — its most comprehensive statement ever on the application of the federal securities laws to crypto-assets — reimagines the Howey test to resolve long-standing questions over what is a security, but leaves many issues unresolved, say attorneys at Cahill.
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Seeking A Policy Fix As Merger Reporting Fight Continues
A recently announced request by the Federal Trade Commission and U.S. Department of Justice for public comment on the Hart-Scott-Rodino premerger reporting requirements, as litigation challenging the commission's updated requirements continues, suggests the government's willingness to address how best to support modern merger enforcement without unduly burdening filing parties, say attorneys at Baker Botts.
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Axed Trade Secret Award Cautions Against Bundling Damages
The Fifth Circuit's recent ruling in Trinseo v. Harper, vacating a $75 million jury verdict for trade secret misappropriation due to a bundled damages model, offers a strong reminder to apportion damages so a jury can award a nonspeculative figure when it credits only some alleged secrets, say attorneys at Seyfarth.