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Securities
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June 03, 2025
Chancery Tosses 'Generic' Advance Notice Bylaw Suit
Citing the absence of any specific damage claims, a Delaware vice chancellor on Monday dismissed an Owens Corning Inc. shareholder suit challenging company bylaws obliging advance notice of board seat proxy contests.
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June 03, 2025
2 Texans, Firm Owe $5.3M In SEC House-Flipping Fraud Suit
A pair of Texas men and their investment company must give the U.S. Securities and Exchange Commission nearly $5.3 million to resolve claims they defrauded investors in a house-flipping scheme, misappropriating $2.9 million and misrepresenting that certain property interests would secure certain investor funds.
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June 03, 2025
Wash. Judge Clears The Way For Redfin Merger Vote
A Washington federal judge on Tuesday refused to stop Redfin shareholders from voting Wednesday on a $1.75 billion merger with Rocket Cos., finding that with new disclosures made by the company, investors have enough information to make an informed decision.
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June 03, 2025
Calif. Startup's Lender Gets Prison For Investor Fraud
A Greenwich, Connecticut, hard-money lender was sentenced to nearly three and a half years in prison and must pay $9.4 million in restitution to investors in loans he made to the failed California tech startup Bitwise Industries, which operated as a $115 million Ponzi scheme, federal prosecutors said.
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June 03, 2025
InnovAge To Pay $27M To Resolve IPO Investors' Suit
InnovAge Holding Corp. and a class of stockholders have agreed to a $27 million settlement to resolve claims that the senior-health care company made misleading statements in an initial public offering that later caused stock prices to tank after a government audit exposed the falsehoods.
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June 03, 2025
Rosen, Pomerantz To Lead Seattle Biotech Class Action
The Rosen Law Firm PA and Pomerantz LLP will serve as co-lead counsel for shareholders accusing Seattle-based Sana Biotechnology Inc. of misleading investors about its ability to develop certain genetic therapy treatments.
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June 03, 2025
Lovesac Settles Conn. Shareholder Suits With Corp. Reforms
The Lovesac Co. has agreed to implement new corporate reforms and pay $335,000 to reimburse its stockholders' legal fees in a derivative lawsuit accusing company directors of filing misleading financial reports, according to a deal advanced Tuesday by a Connecticut federal judge.
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June 03, 2025
Citi's Global Sanctions Head Tapped For Treasury Role
President Donald Trump has nominated Citigroup's global head of banking sanctions compliance to serve as the U.S. Department of the Treasury's assistant secretary for terrorist financing, according to congressional records, in a move that would mark his return to the department after years in the private sector.
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June 03, 2025
Coinbase Says Ore. Enforcement Action Belongs In Fed Court
Crypto exchange Coinbase told an Oregon federal judge that a securities enforcement suit from the state's attorney general belongs in federal court since the action amounts to an "attempt to invade the province of federal law" in the wake of federal regulators' pivot away from enforcement against digital asset firms.
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June 03, 2025
Wells Fargo Free To Grow After Fed Ends $2T Asset Cap
The Federal Reserve announced Tuesday that it has lifted the $2 trillion asset cap it imposed on Wells Fargo & Co. as part of a 2018 enforcement action stemming from the so-called fake accounts scandal, finding the bank has met all conditions required by the regulator.
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June 03, 2025
NJ Fights Investment Fund's Push To DQ Connell Foley
New Jersey told a federal judge Monday that he was correct in rejecting a Black-owned investment fund's bid to disqualify Connell Foley LLP from representing the state in its bias suit, saying there was no previous attorney-client relationship.
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June 03, 2025
NJ Securities Enforcer Elevated To Interim Chief
A former attorney at the New York Stock Exchange and the Financial Industry Regulatory Authority has been tapped to lead the Garden State's securities enforcement division, New Jersey Attorney General Matthew J. Platkin has announced.
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June 03, 2025
The Law360 400: A Look At The Top 100 Firms
A rebound in client work sent the nation’s largest law firms into growth mode last year, driving a wave of hiring, mergers and strategic moves that reshaped the top tier of the Law360 400. Here's a preview of the 100 firms with the largest U.S. attorney headcounts.
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June 03, 2025
Willkie Hires Asset Management Partner In DC
Willkie Farr & Gallagher LLP has hired an asset management partner in Washington, D.C., who was once the law clerk of the former Commodity Futures Trading Commission chairman who now co-leads the firm's digital works practice.
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June 03, 2025
Pot Co. Says Investor Threatened Suit After Share Buyout Deal
A Canadian cannabis company seeks an injunction against an investor who allegedly violated an agreement to not disparage or bring claims against entities and individuals who signed an option to buy out the remainder of his shares in the company.
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June 02, 2025
5th Circ. Will Mull In-House Banking Cases In Jarkesy's Wake
A Fifth Circuit panel is set to scrutinize in-house proceedings at the Federal Deposit Insurance Corp. and other banking agencies on Tuesday in a trio of appeals with the potential to upend the regulators' primary mode of enforcement.
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June 02, 2025
Hatteras Hedge Fund Looks To Take Investor Suit Federal
Hedge fund Hatteras Investment Partners LP and its CEO on Friday sought to remove to Delaware federal court allegations that a $300 million asset swap wiped out shareholder value, arguing the size of the alleged damages and other factors all satisfy federal jurisdiction.
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June 02, 2025
Ex-NFL Player Jack Brewer Traded On Insider Info, Court Says
NFL player turned investment adviser Jack Brewer used nonpublic information he obtained from a client of his financial consulting business to sell shares before the company made an announcement that caused the stock price to plummet, a New York federal judge ruled Friday.
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June 02, 2025
Rocket Cos. Board Beats Investor's $500M Insider Trading Suit
Delaware's Court of Chancery on Monday dismissed a derivative shareholder suit accusing Rocket Companies Inc.'s board, chairman and controlling stockholder of breaching their fiduciary duties by liquidating $500 million worth of stock allegedly based on material nonpublic information, saying the plaintiffs have failed to show a motive.
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June 02, 2025
Alphabet Pledges $500M To Boost Compliance In Investor Suit
Google's parent company, Alphabet Inc., has agreed to earmark half a billion dollars over the next 10 years to overhaul the tech giant's global compliance structure, according to two institutional investors that sued the company's leaders over allegations of anticompetitive and monopolistic business practices.
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June 02, 2025
Milei-Promoted Crypto Token Buyers Get $57.6M Freeze
A New York federal judge has ordered the freeze of more than $57 million in proceeds from the crypto project Libra, as a proposed class presses claims that the alleged operators misled them into buying up the token with the help of an endorsement from Argentine President Javier Milei just before it tanked.
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June 02, 2025
Airbnb Nixed Conservative Shareholder Proposals, Suit Says
Two institutional Airbnb shareholders that promote conservative values have sued the vacation property rental company, saying it wrongfully excluded their shareholder proposals from its 2025 proxy materials while allowing the inclusion of a proposal submitted by a "liberal-leaning" state pension fund.
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June 02, 2025
Nevada Resorts Can Intervene In Kalshi Sports Betting Suit
A Nevada federal judge Monday allowed a trade group representing the state's gaming and resort industries to intervene in KalshiEx LLC's ongoing dispute with state regulators over demands the trading platform remove its sports and events contracts.
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June 02, 2025
RBC Client Claims Billions Swept Into Low-Yield Accounts
A new suit filed in New York federal court has alleged the Royal Bank of Canada and RBC Capital Markets ran a cash-sweep program that funneled billions of dollars into affiliated banks while paying clients as little as 0.01% interest.
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June 02, 2025
CFTC Announces 2nd Enforcement Head In 4 Months
The U.S. Commodity Futures Trading Commission on Monday named a new head of enforcement for the second time in four months, appointing its longtime deputy director to head the division.
Expert Analysis
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3 Ways Civil Plaintiffs Could Fill An FCPA Enforcement Gap
While the Department of Justice recently announced it would deprioritize Foreign Corrupt Practices Act investigations into U.S. businesses without obvious ties to international crime, companies should stay alert to private plaintiffs, who could fill this enforcement void — and win significant civil damages — through several legal channels, says Eric Nitz at MoloLamken.
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Examining Trump Meme Coin And SEC's Crypto Changes
While the previous U.S. Securities and Exchange Commission tended to view most crypto-assets as securities, the tide is rapidly changing, and hopefully the long-needed reevaluation of this regulatory framework is not tarnished by an arguable conflict of interest due to President Donald Trump's affiliation with the $Trump meme coin, say attorneys at Thompson Coburn.
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When Reincorporation Out Of Del. Isn't A Good Idea
While recent high-profile corporate moves out of Delaware have prompted discussion about the benefits of incorporation elsewhere, for many, remaining in the First State may be the right decision due to its deep body of business law, tradition of nonjury trials and other factors, say attorneys at Goodwin.
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Opinion
SEC Defense Bar Should Pursue Sanctions Flexibility Now
The U.S. Securities and Exchange Commission defense bar has an opening under the new administration to propose flexible, tailored sanctions that can substantially remediate misconduct and prevent future wrongdoing instead of onerous penalties, which could set sanctions precedent for years to come, says Josh Hess at BCLP.
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7 Tips For Associates To Thrive In Hybrid Work Environments
Excerpt from Practical Guidance
As the vast majority of law firms have embraced some type of hybrid work policy, associates should consider a few strategies to get the most out of both their in-person and remote workdays, says James Argionis at Cozen O’Connor.
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White Collar Archetypes: Wrangling The Shape-Shifter
In white collar criminal trials, certain pieces of evidence can shape-shift in the jury’s eyes, presenting both challenges and opportunities for defense counsel, says Jack Sharman at Lightfoot Franklin.
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Series
Playing Beach Volleyball Makes Me A Better Lawyer
My commitment to beach volleyball has become integral to my performance as an attorney, with the sport continually reminding me that teamwork, perseverance, professionalism and stress management are essential to both undertakings, says Amy Drushal at Trenam.
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30 Years Later: How PSLRA Has Improved Securities Litigation
In the 30 years since the Private Securities Litigation Reform Act's passage, the statute has achieved its purpose of shifting securities class actions to investors most capable of monitoring the litigation, selecting competent counsel at competitive rates and maximizing recoveries for the investor classes they represent, say attorneys at Bernstein Litowitz.
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Terraform Case May Be Bellwether For Crypto Enforcement
The prosecution of crypto company Terraform Labs and its CEO, Do Kwon, offers a unique test of the line between lawful and unlawful conduct in digital transactions, and the Trump administration’s posture toward the case will provide clues about its cryptocurrency enforcement agenda in the years to come, say attorneys at Brooks Pierce.
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Texas Banking Dept. Memo Demystifies Crypto Classifications
A recent memorandum from the Texas Department of Banking provides clarity with respect to the classification of both stablecoins and nonstablecoin virtual currencies under the state's Money Services Modernization Act, flagging for firms that stablecoins may be scrutinized more closely as money transmission, say attorneys at Lowenstein Sandler.
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How Law Firms Can Counteract The Loneliness Epidemic
The legal industry is facing an urgent epidemic of loneliness, affecting lawyer well-being, productivity, retention and profitability, and law firm leaders should take concrete steps to encourage the development of genuine workplace connections, says Michelle Gomez at Littler and Gwen Mellor Romans at Herald Talent.
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What Remedies Under New Admin's SEC Could Look Like
The U.S. Securities and Exchange Commission is likely to substantially narrow the remedies it pursues over the next few years, driven by the mounting challenges it faces in court, as well as the views of its incoming chair and fellow Republican commissioners on injunctions, penalties and disgorgement, say attorneys at Milbank.
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Texas Fraud Case Shows Dangers Of Faulty Crypto Reporting
The recent sentencing of a man who failed to properly report capital gains from bitcoin sales is a reminder that special attention must be given to the IRS' reporting requirements in order to stay out of the government's crosshairs, says Saverio Romeo at Fox Rothschild.
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5 Keys To Building Stronger Attorney-Client Relationships
Attorneys are often focused on being seen as the expert, but bonding with clients and prospects by sharing a few key personal details provides the basis for a caring, trusted and profoundly deeper business relationship, says Deb Feder at Feder Development.
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BlackRock Suit Highlights Antitrust Risks Of ESG
In Texas v. BlackRock, pending in Texas federal court, 13 state attorneys general are suing large institutional investors in the coal business, underscoring key reasons companies may want to alter their approach to developing and implementing policies related to environmental, social, and governance factors, especially if coordination with competitors is involved, say attorneys at Manatt.