Securities

  • May 13, 2021

    US Trustee Asks For Hold On Ascena Ch. 11 Plan

    The U.S. Trustee's Office asked a Virginia bankruptcy judge Thursday to put a portion of the already-approved Chapter 11 plan of former Ann Taylor owner Ascena Retail Group on hold while it appeals the plan's litigation releases.

  • May 13, 2021

    Eckert Hit With Suit From Financial Advisor Targeted By SEC

    A Philadelphia-based financial adviser has slapped Eckert Seamans Cherin & Mellott LLC with a lawsuit alleging that a firm attorney's "amateurish" due diligence left him open to claims from securities regulators and investors after he partnered with a cash advance business that has come to face allegations of fraud.

  • May 13, 2021

    Grayscale Pushes To Register $630M Crypto Fund With SEC

    Digital asset manager Grayscale said Thursday it has filed to register a $630 million investment fund focused on top cryptocurrencies with the U.S. Securities and Exchange Commission.

  • May 12, 2021

    Ericsson To Pay Nokia €80M To Nix FCPA Probe-Related Claim

    Ericsson has agreed to pay Nokia €80 million ($97 million) to end a damages claim related to the 2019 resolution of allegations by U.S. agencies that the Stockholm-based telecom giant violated the U.S. Foreign Corrupt Practices Act, it was announced Wednesday.

  • May 12, 2021

    SEC Fines Broker $1.5M For Failure To Report Cybercrimes

    A broker-dealer of Empower Retirement must pay $1.5 million to the U.S. Securities and Exchange Commission for failing to file hundreds of suspicious-activity reports despite knowing that bad actors were hacking, or attempting to hack, customer accounts, the agency announced Wednesday.

  • May 12, 2021

    Trulieve Says Investors' Moldy Pot Suit Doesn't Pass Muster

    Florida's largest medical cannabis company has asked a federal judge to toss a consolidated securities suit once and for all, saying the investors had failed to allege that the company misled anyone about the risks of crop contamination.

  • May 12, 2021

    Feds Say Private Equity CEO Forged Docs To Get $95M Loan

    The CEO of a private equity fund lied about his investors and used bogus financial documents to obtain a $95 million loan from a California bank, according to an indictment handed up in Manhattan federal court Wednesday.

  • May 12, 2021

    Investors Seek $6M Win In Suit Over Failed Hotel Project

    A group of investors has asked a New York federal court for a judgment of more than $6 million in its suit accusing hotel developers of stealing funds for a project in Colombia that never happened, saying the developers breached their obligation to repay the money that was loaned.

  • May 12, 2021

    Yahoo Sale Spurs New Patent Holder Bid For $749M Reserve

    A patent holder that lost a bid this month to force former Yahoo owner Altaba to establish a $749 million infringement reserve asked the Delaware Chancery Court on Tuesday to reconsider in light of Verizon's recently revealed plans to sell Yahoo to Apollo Global Management.

  • May 12, 2021

    Pentagon Removing Chinese Co. Xiaomi From Trump Blacklist

    The U.S. Department of Defense told a D.C. federal judge Tuesday it will soon reverse a Trump administration order placing Chinese electronics company Xiaomi Corp. on a blacklist over alleged military ties, a move that would allow U.S. investment in the firm to resume.

  • May 12, 2021

    Figure Gets Nod For Blockchain-Based Securities Trading

    Figure Securities said Wednesday it had received regulatory approval for broker-dealer status and registered a blockchain-based trading system for digital securities.

  • May 12, 2021

    Dyal Tells Del. Justices Sixth Street Seeks A 'Lowball Buyback'

    An attorney for Dyal Capital Partners told Delaware's Supreme Court Wednesday that Sixth Street Partners was maneuvering for a "lowball buyback" when it launched a failed fast-track Chancery Court bid to block a $12.5 billion Dyal-Owl Rock Capital Corp. merger earlier this year.

  • May 12, 2021

    2 Charged For Roles In $650M Weed, Cattle Ponzi Scheme

    An indictment unsealed Tuesday in Colorado federal court charged an Illinois woman and a Georgia man over their roles in a Ponzi scheme involving cannabis and cattle that raised around $650 million from investors nationwide, the U.S. Department of Justice said Wednesday.

  • May 12, 2021

    PureCycle Allegedly Misled Investors Ahead Of SPAC Tie-Up

    A proposed class of investors is accusing Florida plastic recycling company PureCycle of misleading them about its technology and financial projections, as well as its access to raw materials, as it went public through a merger with a blank-check company earlier this year.

  • May 12, 2021

    Del. Justices Warned Of 'Frankenstein' Risk In Appraisal Fight

    An attorney for stockholders fighting a Delaware Chancery Court finding that they signed away rights to a post-merger stock appraisal before an allegedly lowball sale told Delaware's Supreme Court on Wednesday that failure to reverse the decision could lead to the creation of "Frankenstein corporations."

  • May 12, 2021

    Citi Denied $500M Freeze Extension In Revlon Transfer Fight

    A New York federal judge ruled Wednesday that a group of Revlon lenders that were accidentally wired more than $500 million by Citibank NA last summer should be able to have access to that money while the bank takes its clawback effort to the Second Circuit, though he won't be unfreezing the funds just yet.

  • May 12, 2021

    Father-Son Investment Duo Can't Duck SEC's Fraud Claims

    A California federal judge on Tuesday refused to dismiss U.S. Securities and Exchange Commission claims that a dad impersonated his son in order to give professional financial advice to clients when he was unable to access brokerage platforms himself.

  • May 12, 2021

    Buyback Padded Founders' Pockets, Travel Co. Workers Say

    A proposed class of World Travel Inc. employees has accused Prudent Fiduciary Services and its owner of overpaying for a $200 million stock buyback from the company's founders by saddling the employee ownership plan with "tens of millions" of dollars in debt.

  • May 12, 2021

    Rosen Law Will Lead Walmart Investor Suit In Delaware

    The Rosen Law Firm PA has been appointed to lead a consolidated securities suit in Delaware federal court claiming Walmart misled investors about its part in the opioid epidemic, with Farnan LLP to serve as liaison counsel in the proposed class action.

  • May 12, 2021

    DC Judge Sanctions Paul Weiss, Alex Oh In Exxon Case

    A D.C. federal judge opted Wednesday to admonish Paul Weiss Rifkind Wharton & Garrison LLP and former firm partner Alex Oh in connection with the Exxon human rights case that appears to have led Oh to resign prematurely from her new post as enforcement head of the U.S. Securities and Exchange Commission.

  • May 12, 2021

    Holland & Knight Snaps Up Former SoftBank Deputy GC

    Holland & Knight announced on Wednesday it has added the former deputy general counsel of SoftBank's Latin American Fund to its Miami office.

  • May 12, 2021

    Hertz Ch. 11 Auction Ends With $6B Knighthead Winning Bid

    Bankrupt car rental giant Hertz Global Holdings announced Wednesday that an investment group led by Knighthead Capital Management and Certares Opportunities won a Chapter 11 auction to fund the debtor's reorganization, ending a weekslong competition among eager funding sources.

  • May 12, 2021

    Biden's 3rd Wave Of Judicial Picks Has 3 For Circuit Courts

    President Joe Biden tapped six women and lawyers of color for judicial spots Wednesday, including two for the Second and Tenth circuits who would become the only judges on those courts with experience as federal public defenders.

  • May 11, 2021

    Elizabeth Holmes' Mystique Unlikely To Survive Looming Trial

    Before Theranos founder Elizabeth Holmes and her ex-boyfriend were charged with deceiving investors and patients about their blood-testing technology's efficacy, the pair exchanged voluminous text messages that now threaten to provide jurors at Holmes' criminal trial this summer a rare window into her psyche.

  • May 11, 2021

    Tesaro Directors Slam 'Innuendo' In Del. Suit Over $5.1B Sale

    A class of Tesaro stockholders seeking damages for an allegedly underpriced $5.1 billion sale of the cancer drugmaker in 2018 came to Chancery Court with a suit "heavy on innuendo and speculation" but short of facts, an attorney for the company's board told a Delaware vice chancellor Tuesday.

Expert Analysis

  • Assessing SPAC Risk After SEC Pumps Brakes On Market

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    The current lull in special purpose acquisition company activity following the U.S. Securities and Exchange Commission's recent risk advisories offers SPAC parties an opportunity to ramp up due diligence on targets and to evaluate prior accounting of warrants to ensure regulatory compliance, say Julie Copeland and Ellen Graper at StoneTurn.

  • Virus-Related Chancery Rulings Show High Bar For M&A Exits

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    Two recent Delaware Chancery Court decisions concerning attempts to cancel acquisitions amid COVID-19 show the importance of deal language in the pandemic era, particularly where material adverse effect and ordinary course covenants are concerned, say attorneys at Fried Frank.

  • Judge's Rebuke Of Mass. AG Has Lessons For All Attorneys

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    A Massachusetts federal judge’s recent rebuke of the state Attorney General’s Office for refusing to respond to discovery requests in Alliance for Automotive Innovation v. Healey highlights six important considerations for attorneys who want to avoid the dreaded benchslap, say Alison Eggers and Dallin Wilson at Seyfarth.  

  • Font Considerations To Give Your Legal Briefs An Edge

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    Following the D.C. Circuit’s recent notice discouraging use of the font Garamond in legal briefs, Jason Steed at Kilpatrick looks at typeface requirements and preferences in appellate courts across the country, and how practitioners can score a few extra brief-writing points with typography.

  • Make Profitability Management Part Of Your Law Firm Culture

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    As the legal industry continues to change in the post-pandemic world, law firms should adapt to client demands by constantly measuring and managing the profitability of their services, says Joseph Altonji at LawVision.

  • Outsourcing Proxy Voting Is Still A Concern After SEC Rule

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    Although robo-voting has modestly declined since the U.S. Securities and Exchange Commission finalized its proxy voting rule last summer, the SEC should ensure asset managers don’t wholly outsource their voting responsibilities to proxy advisers, and should consider disabling the practice outright, says Tim Doyle at Guidepost Strategies.

  • How D&O Coverage Fits Into Diversity Claim Mitigation

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    As companies face a shift in the directors and officers insurance market following a spate of recent shareholder suits over lack of diversity in corporate leadership, executive teams should review D&O policy coverage while implementing diversity initiatives that will effect meaningful, long-term change, say Natasha Romagnoli and Hannah Ahn at Blank Rome.

  • Eaton Vance Fund Ruling Shows Perils Of Defensive Bylaws

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    In light of a Massachusetts court's recent ruling in Eaton Vance Senior Income Trust v. Saba Capital Master Fund, reaffirming fund shareholders' voting rights, trustees and advisers should proceed cautiously when implementing bylaws that make it harder for shareholders to exercise those rights, says Aaron Morris at Barr Law.

  • 4 Trends In Discoverability Of Litigation Funding Documents

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    Recent rulings shed light on how courts and international arbitration tribunals decide if litigation funding materials are discoverable and reaffirm best practices that attorneys should follow when communicating with funders, say Justin Maleson at Longford Capital and Michele Slachetka and Christian Plummer at Jenner & Block.

  • W.Va. Consumer Law Changes Offer Help For Finance Cos.

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    New amendments to the West Virginia Consumer Credit and Protection Act will help businesses in the state, particularly in the financial services industry, by better defining the process for presuit notice and opportunity to cure, and by making it easier to recover attorney fees, say Andrew Narod and Jared Searls at Bradley Arant.

  • Opinion

    SEC Should Drop Litigation Over Ripple's XRP Token

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    The U.S. Securities and Exchange Commission should settle or withdraw its allegations that Ripple Labs' XRP is an unregistered security, and focus on creating new rules for securities registration that account for the unique dynamics of digital assets, says J.W. Verret at George Mason University.

  • D&O Insurance Implications From Tesla's Stock Drop Suit

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    A recent shareholder stock drop lawsuit against Tesla showcases the legal perils that can follow companies' social media missteps, and highlights the importance of directors and officers liability insurance in the current age of political polarization, says Tae Andrews at Miller Friel.

  • Enabling Nonsecurity Fractional Ownership Of NFTs

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    Distributed ledger and smart contracts may make fractional ownership of nonfungible tokens possible without the complications of traditional securities sales, and market participants stand to benefit from the associated innovation and efficiencies, say Mack Legal principal Thomas Mack and Google product counsel Richard Widmann.

  • 7 Lessons For Young Lawyers Starting Their Careers

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    This year's law graduates and other young attorneys must recognize that the practice of law tests and rewards different skills and characteristics than law school, and that what makes a lawyer valuable changes over time, says Vernon Winters, retired partner at Sidley.

  • Archegos Fallout Is A Wake-Up Call For Banks

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    Billions in bank losses related to the recent collapse of Archegos Capital Management point to bank risk management and compliance deficiencies, and highlight several steps brokerages should take to avoid exposure next time a family office customer blows up, say consultants at StoneTurn.

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