Securities

  • May 31, 2024

    Thrivent Unit To Pay FINRA $325K Over Lax Forgery Controls

    Financial services company Thrivent Investment Management Inc. has agreed to pay $325,000 to resolve Financial Industry Regulatory Authority allegations that it failed to have adequate controls in place to prevent its registered representatives from forging customer signatures over a seven-year period.

  • May 31, 2024

    WWE Investor Attys Enter Battle Royal To Lead Merger Suit

    Two groups of shareholders have filed competing pitches for the lead plaintiff role in a consolidated class suit seeking damages from World Wrestling Entertainment founder Vincent McMahon and others in connection with WWE's $21 billion merger with Endeavor Group, both arguing they have most successfully pursued the suit's claims.

  • May 31, 2024

    Nigerian Fintech's Execs Sued Over Alleged Company Fraud

    The current and former top brass of Nigerian fintech company Tingo Group Inc. have been hit with a derivative suit in New Jersey federal court over revelations of fraud at the company, which has led to other litigation, including actions launched by the U.S. Securities and Exchange Commission and the U.S. Department of Justice.

  • May 31, 2024

    Biden Vetoes Bid To Nix SEC Crypto Accounting Guidance

    President Joe Biden on Friday blocked a Congressional resolution to overturn the U.S. Securities and Exchange Commission's controversial crypto accounting guidance, saying the measure would "inappropriately constrain" the agency's ability to address future issues.

  • May 31, 2024

    Frank Execs Must Keep Fighting JPMorgan Fraud Indictment

    A New York federal judge has refused to throw out an indictment accusing two former executives of a student financial aid startup of tricking JPMorgan Chase & Co. into a buyout, according to an order filed Friday.

  • May 31, 2024

    T-Mobile Gets Investor Data Consolidation Suit Tossed In Del.

    T-Mobile US Inc. has escaped a shareholder suit claiming its board centralized customer data to enrich its corporate parent, which resulted in compromised data security and cyberattacks, with a Delaware vice chancellor saying the suit only shows that T-Mobile and its parent company centralized the data to make it easier to access and nothing more.

  • May 31, 2024

    Coinbase Says 'Unworkable' Crypto Enforcement Needs Rules

    Crypto exchange Coinbase told the Third Circuit on Friday that anything less than ordering the U.S. Securities and Exchange Commission to write rules for digital assets will "abet the dithering and delay" tactics that the regulator is using to "bludgeon" and "cripple" the industry with enforcement cases.

  • May 31, 2024

    Venezuela Can't DQ Special Master As Citgo Auction Looms

    Venezuela has again fallen short in its efforts to disqualify the special master overseeing the auction of Citgo's parent company to satisfy billions of dollars worth of the country's debt, after a Delaware judge ruled on Friday afternoon that its motivations behind the motion are "suspect."

  • May 31, 2024

    Musk, Tesla Board Face Suit Over Insider Trades, SEC Order

    A Tesla stockholder has launched a derivative lawsuit in Delaware's Chancery Court seeking damages from co-founder Elon Musk and seven company directors over Musk's sales of more than $7.5 million in shares in late 2022, accusing the billionaire of leveraging insider information and flouting a six-year-old federal consent agreement.

  • May 31, 2024

    Fla. Judge Won't Nix SEC Suit Over $112M Ponzi Scheme

    A Florida federal judge declined on Friday to let the owner of a Florida trucking and logistics company escape allegations by the U.S. Securities and Exchange Commission that he scammed more than 1,500 investors out of about $112 million in a Ponzi scheme aimed at Haitian Americans.

  • May 31, 2024

    Jilted FTX Claim Buyer Sues Crypto Trader In Chancery

    An affiliate of Connecticut hedge fund Silver Point Capital has sued a crypto trading firm and a buyer of FTX bankruptcy claims in Delaware Chancery Court, alleging that they breached a sale agreement for "a highly unique and lucrative customer claim" with a face value of $10 million in the FTX bankruptcy case.

  • May 31, 2024

    Investor To Admit Goosing Getty Stock With Sham Offer

    A former corporate executive has agreed to plead guilty to floating a sham deal to buy Seattle-based Getty Images Holdings so that he and a friend could profit off the company's inflated share price, federal prosecutors and securities enforcers said Friday.

  • May 31, 2024

    Snell & Wilmer Hires 2 Armstrong Teasdale Attys In Denver

    Snell & Wilmer announced Friday it expanded its team in Denver with the addition of a pair of lawyers from Armstrong Teasdale LLP, one a litigator and the other a corporate attorney.

  • May 31, 2024

    Robins Kaplan Can't Escape Sanction Over Dropbox Access

    A New York state appeals court has upheld the $156,000 sanction on litigation funding firm KrunchCash and its counsel Robins Kaplan LLP for poking through an opposing party's Dropbox database that was accidentally shared in a $10 million suit, finding that they knew or should have known it was privileged information.

  • May 31, 2024

    Del. Chancellor Questions 'Rush' To Amend Corporation Law

    Weeks before the Delaware State Bar Association sent state lawmakers a draft bill explicitly allowing corporations to broadly cede some governance rights to chosen stockholders, Chancellor Kathaleen St. J. McCormick of Delaware Chancery Court made an unprecedented, direct appeal to think twice.

  • May 31, 2024

    2 Estonians Charged In $575M Crypto, Laundering Schemes

    Two Estonian nationals have been extradited to Seattle to face charges that they operated a pair of schemes that brought in $575 million, including a fraud on investors that touted fake cryptocurrency mining capacity.

  • May 31, 2024

    Tether Investment In Crypto Miner Bitdeer Worth Up To $150M

    Singapore-based cryptocurrency miner Bitdeer Technologies Group said in a statement Friday it has completed a private placement deal with Tether International Ltd. that could bring proceeds of $150 million.

  • May 31, 2024

    In Rarity, 1 Party's Judges Gain 100% Control Of Circuit Bench

    At the First Circuit, the judges' robes are all black, but the judges are all blue. It's a new and unusual instance of one political party's judicial picks controlling each active seat on a federal appeals court, and the Democratic dominance could prove magnetic for ideologically charged litigation.

  • May 30, 2024

    FTC, SEC Urged To Probe UnitedHealth's 'Negligent' Security

    The chair of the U.S. Senate finance committee on Thursday pressed the Federal Trade Commission and the U.S. Securities and Exchange Commission to hold UnitedHealth Group and its top executives liable for "numerous" cybersecurity failings that fueled a debilitating cyberattack on its Change Healthcare unit. 

  • May 30, 2024

    Kalshi Says Elections Aren't Games In Voting Wager Hearing

    A D.C. federal judge on Thursday tried to weigh whether gambling on elections can be considered "gaming" in predictions market Kalshi's challenge to a U.S. Commodity Futures Trading Commission order blocking it from offering election-based futures contracts.

  • May 30, 2024

    Exec Found Liable For 'Shadow Trading' Seeks New Trial

    A former executive of biopharmaceutical company Medivation Inc. whom a jury found liable for using inside information from his company when he purchased stock in a rival pharmaceutical maker has moved for a new trial in the U.S. Securities and Exchange Commission's novel "shadow trading" case.

  • May 30, 2024

    Morgan Stanley Helped Musk's Stealth Twitter Buys, Suit Says​​​​​​​

    Elon Musk and his wealth manager tapped Morgan Stanley to help the Tesla CEO quietly acquire billions of dollars in Twitter securities without tipping off the market before he announced plans to take over the social media company, according to an amended complaint filed in New York federal court.

  • May 30, 2024

    Ex-FTX Auditor Must Face SEC's Independence Rules Suit

    The former auditor of Sam Bankman-Fried's defunct cryptocurrency exchange FTX must face the U.S. Securities and Exchange Commission's claims it violated auditor independence rules while collecting $3 million in fees from clients, a Florida federal judge has ruled, finding the agency's allegations establish severe recklessness.

  • May 30, 2024

    Musk Won't Appeal Deposition Order In SEC's Twitter Case

    Elon Musk has agreed to waive his right to appeal a California federal judge's order forcing him to testify again in the U.S. Securities and Exchange Commission's suit over his $44 billion acquisition of Twitter, now known as X, according to a stipulation filed Thursday.

  • May 30, 2024

    Veradigm Execs Sued Over Company's Nasdaq Delisting

    Current and former members of healthcare technology company Veradigm Inc.'s top brass were sued in Illinois federal court by shareholders alleging that the company suffered stock drops following a string of financial reporting blunders starting in 2021, which caused it to overstate roughly $40 million in revenue before facing a delisting notice from Nasdaq.

Expert Analysis

  • Discord Stock Case Toss Means Little For Fraud Defendants

    Author Photo

    A Texas federal court’s recent dismissal of fraud charges related to a "pump and dump" scheme on Discord is an outlier after the U.S. Supreme Court scrapped the right-to-control theory of fraud last year, and ultimately won't deter the government from pursuing routine securities prosecutions, says William Johnston at Bird Marella.

  • Opinion

    Post-Moelis Del. Corp. Law Proposal Would Hurt Stockholders

    Author Photo

    The proposed Delaware General Corporation Law amendment in response to the Court of Chancery's recent opinion in West Palm Beach Firefighters' Pension Fund v. Moelis would upend the foundational principle of corporate law holding that directors govern corporations in the interest of stockholders — and the potential harm would be substantial, say attorneys at Block & Leviton.

  • Strategies For Navigating Compliance Monitorships

    Author Photo

    As independent compliance monitorships continue to be a favored tool of the government in resolving corporate enforcement matters, counsel should have a firm grasp on best practices for selecting a monitor, preparing the company and ensuring a productive relationship between the parties, say attorneys at WilmerHale.

  • An Energy Industry Case Study In Expropriation Risk

    Author Photo

    Andrés Chambouleyron at Berkeley Research breaks down how expropriation risk and damage mitigation calculations vary considerably by different energy sources, and uses Argentina as a case study for how energy investors might protect their interests.

  • At 'SEC Speaks,' A Focus On Rebuilding Trust Amid Criticism

    Author Photo

    At the Practising Law Institute's SEC Speaks conference last week, U.S. Securities and Exchange Commission leadership highlighted efforts to rebuild and restore trust in the U.S. capital markets by addressing investor concerns through regulatory measures and enforcement actions, emphasizing the need for cooperation from market participants, say attorneys at Perkins Coie.

  • Series

    Fla. Banking Brief: All The Notable Legal Updates In Q1

    Author Photo

    Early 2024 developments that could have a notable impact on Florida's finance community include progress on a bill that would substantially revise the state Securities and Investor Protection Act, and the Consumer Financial Protection Bureau's final rule capping late fees for larger credit card issuers, say Benjamin Weinberg and Megan Riley at Leon Cosgrove.

  • Comparing Corporate Law In Delaware, Texas And Nevada

    Author Photo

    With Elon Musk's recent decision to reincorporate his companies outside of Delaware, and with more businesses increasingly considering Nevada and Texas as corporate homes, attorneys at Baker Botts look at each jurisdiction's foundation of corporate law, and how the differences can make each more or less appealing based on a corporation's needs.

  • Management Incentives May Be Revisited After PE Investment

    Author Photo

    As the economic climate shifts, key parties in private equity investment transactions may become misaligned, and management incentive plans could become ineffective — so attentive boards may wish to caucus with management to evaluate continued alignment, say Austin Lilling and Nida Javaid at Morgan Lewis.

  • Practicing Law With Parkinson's Disease

    Author Photo

    This Parkinson’s Awareness Month, Adam Siegler at Greenberg Traurig discusses his experience working as a lawyer with Parkinson’s disease, sharing both lessons on how to cope with a diagnosis and advice for supporting colleagues who live with the disease.

  • Calif. Verdict Showcases SEC's New 'Shadow Trading' Theory

    Author Photo

    Last week's insider trading verdict, delivered against biopharmaceutical executive Matthew Panuwat by a California federal jury, signals open season on a new area of regulatory enforcement enabled by the U.S. Securities and Exchange Commission's shadow trading theory, say Perrie Weiner and Aaron Goodman at Baker McKenzie.

  • Climate Disclosure Mandates Demand A Big-Picture Approach

    Author Photo

    As carbon emissions disclosure requirements from the European Union, California and the U.S. Securities and Exchange Commission take effect, the best practice for companies is not targeted compliance with a given reporting regime, but rather a comprehensive approach to systems assessment and management, says David Smith at Manatt.

  • Series

    Playing Hockey Makes Me A Better Lawyer

    Author Photo

    Nearly a lifetime of playing hockey taught me the importance of avoiding burnout in all aspects of life, and the game ultimately ended up providing me with the balance I needed to maintain success in my legal career, says John Riccione at Taft.

  • ESG Challenges In Focus After Sierra Club Opposes SEC Rule

    Author Photo

    The Sierra Club's recent objection to the U.S. Securities and Exchange Commission's climate-related disclosures for investors presents an unusual — pro-disclosure — legal challenge and an opportunity to take a close look at the varying critiques of ESG regulations, say Colin Pohlman, and Jane Luxton and Paul Kisslinger at Lewis Brisbois.

  • Opinion

    High Court Should Settle Circuit Split On Risk Disclosures

    Author Photo

    The U.S. Supreme Court should grant the petition for writ of certiorari in the Facebook case to resolve a growing circuit split concerning when risk disclosures can be misleading under federal securities laws, and its decision should align with the intent of Congress and the U.S. Securities and Exchange Commission, says Richard Zelichov at DLA Piper.

  • For Lawyers, Pessimism Should Be A Job Skill, Not A Life Skill

    Author Photo

    A pessimistic mindset allows attorneys to be effective advocates for their clients, but it can come with serious costs for their personal well-being, so it’s crucial to exercise strategies that produce flexible optimism and connect lawyers with their core values, says Krista Larson at Stinson.

Want to publish in Law360?


Submit an idea

Have a news tip?


Contact us here
Can't find the article you're looking for? Click here to search the Securities archive.
Hello! I'm Law360's automated support bot.

How can I help you today?

For example, you can type:
  • I forgot my password
  • I took a free trial but didn't get a verification email
  • How do I sign up for a newsletter?
Ask a question!