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Securities
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November 28, 2023
SEC Adopts Dodd-Frank Era Securitization Conflicts Rule
The U.S. Securities and Exchange Commission adopted a rule Monday that was 12 years in the making, fulfilling a post-financial crisis congressional mandate to address conflicts of interest in the asset-backed securities industry by prohibiting investment banks from betting against some of the products they sell.
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November 28, 2023
Fund Manager Sues SBA Over PPP Forgiveness Denial
A California-based mutual fund manager has filed a lawsuit against the Small Business Administration and one of its administrators, alleging they unfairly denied forgiveness on a nearly $300,000 Paycheck Protection Program loan issued amid the COVID-19 pandemic.
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November 28, 2023
Judge Won't Quash Service In $80M Crypto-Forex Theft Suit
A Florida judge refused to quash service of an $80 million suit on the CEO of FxWinning Tuesday, but said she would hold a hearing to determine whether service on the foreign exchange-cryptocurrency investment brokerage itself was proper.
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November 28, 2023
Ex-Trader Admits Sharing Nuveen Info In Front-Running Scam
A former Nuveen trader copped to insider trading charges in New York on Tuesday, telling a Manhattan federal judge he fed details about the big asset manager's planned market moves to an accomplice in what prosecutors have called a $47 million front-running conspiracy.
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November 28, 2023
Davis Malm Misled Investors In Defunct Startup, Suit Says
A group of investors in a now-defunct Massachusetts startup who say the company's founder pocketed some of their funds and used the rest to satisfy judgments in prior court cases are accusing Davis Malm & D'Agostine PC and one of its partners of misleading them as to how their money was being used.
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November 28, 2023
Bannon Ally Says He Won't Flee If Released In $1B Fraud Case
Accused fraudster Ho Wan Kwok, who faces charges over an alleged $1 billion fraud, said his status as a political refugee means he is not a flight risk and that he needs to be let out of a Brooklyn federal prison for the sake of his health.
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November 28, 2023
Law Firm Leaders Cautiously Optimistic Heading Into 2024
Major U.S. law firms are steadfast in their commitment to the pursuit of further growth despite ongoing economic uncertainty. Here’s what the leaders of four Leaderboard firms have to say about how the legal industry is preparing for next year.
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November 28, 2023
The 2023 Law360 Pulse Leaderboard
Check out the Law360 Pulse Leaderboard to see which first-in-class firms made the list this year.
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November 28, 2023
Mich. Con Artist Gets 17 Years For Trucking Ponzi Scheme
A Manhattan federal judge sentenced a Michigan man who previously served time for fraud to over 17 years in prison Tuesday after he admitted taking $40 million from investors who thought they were backing a lucrative e-commerce trucking business.
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November 27, 2023
Commerce Dept. Wants Feedback On Draft DEI Principles
The U.S. Department of Commerce asked the public on Monday for feedback on a proposed set of principles for diversity, equity, inclusion and accessibility in the private sector and on the impact of so-called DEIA initiatives that already exist.
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November 27, 2023
SEC's High Court Opponent Is A Supreme Court Newcomer
The U.S. Securities and Exchange Commission on Wednesday will battle for the future of its administrative court with the help of a seasoned high court litigator, while the agency's challenger is placing his hopes on a loyal attorney who has yet to argue a case before the justices.
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November 27, 2023
Perkins Coie Inks Prelim. Deal In Cryptocurrency Class Action
Perkins Coie LLP and a proposed class that sued the BigLaw firm for allegedly misappropriating $10 million in cryptocurrency reached a preliminary settlement to end the case for $4.5 million, according to a filing made in Washington state federal court on Monday.
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November 27, 2023
Levi, Pomerantz Seek To Lead Insulin Pump Co. Investor Suit
Levi & Korsinsky LLP and Pomerantz LLP want to represent a proposed class of investors in a suit alleging insulin pump maker Tandem Diabetes Care Inc. and its executives misled the public about the company's growth prospects for the year amid inflation and an uptick in competition.
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November 27, 2023
Self-Driving Tech Co. Investors Sue Over Misused Image Claim
Executives and directors of self-driving car company Luminar Technologies Inc. face a shareholder derivative complaint alleging they damaged investors after a competitor accused the company of using an image of its proprietary technology in a pitch to investors.
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November 27, 2023
FTX Investors Sue MLB, F1 Team Over Crypto Promotions
A group of FTX investors launched three proposed class actions in Florida federal court Monday against Major League Baseball, Mercedes-Benz's Formula One racing team, and a global sports and media talent company over their previous involvement with and promotion of the now-defunct cryptocurrency exchange.
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November 27, 2023
Amicus Groups Tell High Court To End Chevron Deference
Six groups, including the Ohio Chamber of Commerce and several former state supreme court judges, filed friend-of-the-court briefs on Monday urging the U.S. Supreme Court to overturn a decades-old legal doctrine stating that courts must defer to federal agencies' interpretation of ambiguous laws.
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November 27, 2023
Celsius Creditors Balk At $281K In Bidder's Ch. 11 Fees
The official committee of unsecured creditors in the Chapter 11 case of cryptocurrency lending platform Celsius Network opposed the payment of $281,000 in fees requested by a bidder that lost an auction for the reorganized debtor's assets, saying the code doesn't cover such expenses from a debtor's estate.
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November 27, 2023
Investors In Sensing-Tech Co. Sue In Del. To Block Share Sale
Stockholders of sensing-tech company Aeva Technologies sued its directors and officers in Delaware's Court of Chancery on Monday for a preliminary injunction to block a potentially "massively" dilutive stock sale allegedly lined up without clear impact estimates.
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November 27, 2023
Judge OKs Investor Attys' $19.2M Fee For Libor-Rigging Deals
A New York federal judge on Monday approved a $19.2 million award for attorneys representing investors in a Libor-rigging case against several financial institutions for their role in securing multiple settlements totaling over $74 million.
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November 27, 2023
Del. Vice Chancellor Calls Ex-AG Barr 'Doubly Wrong' On ESG
Delaware Vice Chancellor J. Travis Laster has called out as "profoundly misguided" published comments by former U.S. Attorney General William P. Barr criticizing the state's top corporate law courts for "flirtation" with environmental, social and governance principles.
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November 27, 2023
Ex-JPMorgan Traders Want CFTC Spoofing Case Kept On Ice
A convicted pair of former JPMorgan Chase precious metals traders have asked an Illinois federal judge to continue a stay on a parallel Commodity Futures Trading Commission action against them, arguing that the CFTC is trying to rush judgments before appeals on their criminal convictions can be heard.
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November 27, 2023
Investment Co. Can't Send Coverage Suit Back To State Court
A Connecticut federal court refused to send an investment firm's suit seeking coverage for an employment discrimination action back to state court, finding that the firm's insurer satisfied the requirements for removal.
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November 27, 2023
SEC Can't Get More Time To Fix 'Defects' In Buyback Rules
A panel of the Fifth Circuit has denied the U.S. Securities and Exchange Commission's bid for additional time to rework its share-repurchase rules, meaning the agency's new disclosure requirements will remain suspended unless regulators craft a solution by a Thursday deadline.
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November 27, 2023
Fla. Judge Delays Contempt Ruling Against Loan Co. Owner
A Florida federal judge on Monday delayed a contempt ruling against the owner of a merchant loan business accused of fraud and denied her request to use funds to pay attorneys, saying he's not convinced there has been a change in circumstances to modify an order freezing her assets.
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November 27, 2023
Horizon Bank Says Investor Suit Omits Relevant Market Info
Horizon Bancorp Inc. wants to dismiss a suit accusing it of artificially inflating its shares by making false and misleading representations about its financial controls, saying among other things the plaintiff omits key information about market conditions during the suit's relevant period, which overlaps with the collapse of Silicon Valley Bank.
Expert Analysis
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Chancery's 'Unfair Deal, Fair Price' Ruling Part Of A Trend
The Delaware Court of Chancery's recent decision in In re: Straight Path Communications is the latest in a line of recent post-trial rulings by the court that seem to prioritize a fair price in determining damage awards — even when a transaction has been clouded by an unfair process, say attorneys at V&E.
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5 Steps To Meet CFTC Remediation Expectations
After the U.S. Commodity Futures Trading Commission recently updated its enforcement policies, organizations should implement elements of effective remediation — from root-cause analyses to design effectiveness tests — to mitigate the risk of penalties and third-party oversight, say Jonny Frank and Chris Hoyle at StoneTurn Group.
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Asserting 'Presence-Of-Counsel' Defense In Securities Trials
As illustrated by the fraud trial of FTX founder Sam Bankman-Fried, defense attorneys in securities trials might consider arguing that counsel had some involvement in the conduct at issue — if the more formal advice-of-counsel defense is unavailable and circumstances allow for a privilege waiver, say Joseph Dever and Matthew Elkin at Cozen O'Connor.
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Series
ESG Around The World: Mexico
ESG has yet to become part of the DNA of the Mexican business model, but huge strides are being made in that direction, as more stakeholders demand that companies adopt, at the least, a modicum of sustainability commitments and demonstrate how they will meet them, says Carlos Escoto at Galicia Abogados.
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The Case For Post-Bar Clerk Training Programs At Law Firms
In today's competitive legal hiring market, an intentionally designed training program for law school graduates awaiting bar admission can be an effective way of creating a pipeline of qualified candidates, says Brent Daub at Gilson Daub.
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What SEC Retreat In Ripple Case Means For Crypto Regulation
The U.S. Securities and Exchange Commission has chosen a regulation-by-enforcement approach to cryptocurrency policy rather than through rulemaking, but the agency's recently aborted enforcement action against two Ripple Labs executives for alleged securities law violations demonstrates the limits of this piecemeal tactic, says Keith Blackman at Bracewell.
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SEC Whistleblower Action Spotlights Risks For Private Cos.
The U.S. Securities and Exchange Commission’s recent whistleblower action against Monolith Resources holds important implications for private companies, who could face unprecedented regulatory scrutiny amid the agency's efforts to beef up environmental, social and governance reporting and enforcement, say attorneys at Wiley.
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Attorneys Have An Ethical Duty To Protect The Judiciary
The tenor of public disagreement and debate has become increasingly hostile against judges, and though the legislative branch is trying to ameliorate this safety gap, lawyers have a moral imperative and professional requirement to stand with judges in defusing attacks against them and their rulings, says Deborah Winokur at Cozen O'Connor.
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Questions Linger Over Texas Business Court's Jurisdiction
If parties to a case in Texas' new business court do not agree on whether the court has supplemental jurisdiction over their claims, then those claims may proceed concurrently in another court — creating significant challenges for litigants, and raising questions that have yet to be answered, says Ryan Sullivan at Reichman Jorgensen.
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DOL's Retirement Security Rule Muddies Definitional Waters
The latest proposal changing how the Employee Retirement Income Security Act defines "investment advice," which the White House framed as a narrowly tailored regulation, would implement a sweeping regulatory overhaul that changes how the retirement services industry interacts with plans, participants and account owners, says Michael Kreps at Groom Law Group.
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When Courts Engage In Fact-Finding At The Pleading Stage
It remains to be seen whether the Ninth Circuit's pleading-stage factual determination in a securities class action against Nvidia was sui generis or part of a trend, but the court has created a template for district courts to follow, says Jared Kopel at Alto Litigation.
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A Deep Dive Into FSOC's Expansion Of Nonbank Oversight
The Financial Stability Oversight Council's new nonbank guidance, designed to provide the council with added flexibility in risk response, not only modifies the process for designating nonbanks as systemically important institutions, but also sends a clear signal that the FSOC may assume a more active role in addressing financial stability risks across the economy, say attorneys at Simpson Thacher.
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9th Circ. ERISA Ruling Informs DOL's New Fiduciary Proposal
The Ninth Circuit's reasoning in its recent Bugielski v. AT&T decision illustrates the importance of the U.S. Department of Labor's proposals to expand the reach of Employee Retirement Income Security Act third-party compensation disclosure rules and their effect on investment adviser fiduciaries, says Jeff Mamorsky at Cohen & Buckmann.
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AI Can Help Lawyers Overcome The Programming Barrier
Legal professionals without programming expertise can use generative artificial intelligence to harness the power of automation and other technology solutions to streamline their work, without the steep learning curve traditionally associated with coding, says George Zalepa at Greenberg Traurig.
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Are CCOs Really In The SEC's Crosshairs?
U.S. Securities and Exchange Commission Enforcement Director Gurbir Grewal recently gave a speech to address the concerns of chief compliance officers in light of recent enforcement actions taken against them, but CCOs need to understand when to push back against management, quit, or report issues to the board or to regulators, say Brian Rubin and Adam Pollet at Eversheds Sutherland.