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Securities
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June 10, 2025
Catching Up With Delaware's Chancery Court
Delaware's Court of Chancery showed new resistance to suits alleging corporate weaponizing of advance notice bylaws, and a new report highlighted the high fees that attorneys are cashing in on in Delaware courts compared to the federal court system. Several new suits were also filed concerning allegedly under- or overvalued sales and acquisitions being pushed through.
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June 09, 2025
Battery Startup, CEO To Pay $300K Over SEC Fraud Claims
Battery developer NDB Inc. and its CEO have agreed to pay $300,000 in civil penalties to settle allegations by the U.S. Securities and Exchange Commission that they raised $1.2 million from about 70 investors on misleading claims about a "nano diamond battery" NDB aimed to make.
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June 09, 2025
Boeing Investors Want Class Cert. In 737 Max Fraud Suit
Investors suing Boeing over claims that the company harmed them by misrepresenting the 737 Max's safety have urged an Illinois federal judge to certify their proposed class, arguing that the case has common enough allegations and a sufficient damages model to warrant the judge's sign-off.
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June 09, 2025
Texas, BlackRock Face Judge's Questions Over Coal Suit
A Texas federal judge on Monday questioned BlackRock Inc. and a Republican-led coalition over claims that the asset manager conspired with others in the industry to drive down coal production through its investment in publicly traded energy companies, wondering whether pressure placed on the companies to provide more detailed climate disclosures was enough to move the lawsuit forward.
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June 09, 2025
Russian Crypto CEO, Charged With $530M Fraud, Can't Get Bail
The Russian CEO of Miami-based cryptocurrency firm Evita was arrested and charged Monday with 22 criminal counts for allegedly orchestrating a $530 million scheme to dodge U.S. sanctions and export controls and launder funds, prompting a New York federal judge to deny him bail given his incentive to flee.
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June 09, 2025
BiT Global Drops Antitrust Suit Against Coinbase
Digital asset custodian BiT Global has ended its antitrust suit accusing cryptocurrency exchange Coinbase of delisting its "wrapped" bitcoin product to promote its own, ending an antitrust suit a federal judge said she was inclined to dismiss last month.
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June 09, 2025
SEC's Atkins Floats 'Innovation Exemption' For Crypto
U.S. Securities and Exchange Commission Chair Paul Atkins said Monday that he's directed agency staff to mull rulemaking that would protect developers of decentralized finance platforms and enable registered firms to interact with their "DeFi" systems, including through a potential "innovation exemption" framework.
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June 09, 2025
Del. Justices Reverse Chancery On Insider Trade Claims
Citing lower court errors, Delaware's Supreme Court revived on Monday two counts in a Court of Chancery suit alleging that Kraft Heinz Co. insiders with ties to a Brazilian controlling investor sold $1.2 billion worth of shares based on nonpublic information.
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June 09, 2025
Treasury Warns Of Iranian 'Shadow Banking,' Oil Smuggling
The Treasury Department has laid out red flags that financial institutions should monitor for identifying and reporting possible sanctions evasion schemes and other suspicious activity tied to the Islamic Republic of Iran, including illicit oil smuggling and the use of "shadow banking" networks.
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June 09, 2025
Vicor Short Sellers Lose Shareholder Suit Over AI Chip Deal
A California federal judge has dismissed a proposed class action brought by short sellers, who alleged power systems manufacturer Vicor misled investors about an anticipated artificial intelligence chip deal, ruling the company's statements were forward-looking projections and potentially not false when made.
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June 09, 2025
Carebourn Opposes SEC's Bid To Remand 'Dealer' Case
Financial firm Carebourn Capital LP on Monday urged the Eighth Circuit to reject the U.S. Securities and Exchange Commission's bid to remand a $12 million unregistered dealer judgment the agency won, arguing the SEC is trying to skirt the case's liability issues.
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June 09, 2025
Mediation Fails To End 'Sham' Hiring Suit Against Wells Fargo
Wells Fargo and a class of investors accusing the bank of conducting "sham" job interviews to meet diversity targets that later triggered a stock price drop have told a California federal judge that the mediation they attempted last month did not result in a settlement.
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June 09, 2025
Bitcoin Platform Parataxis Eyes Public Listing Via SPAC Deal
Bitcoin-focused investment startup Parataxis Holdings LLC plans to go public through a merger with special purpose acquisition company SilverBox Corp IV, both parties announced Monday, marking the latest crypto-related foray into public markets.
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June 09, 2025
Chancery Tosses Suit For $7.2B Squarespace Sale Docs
Shareholders of website builder Squarespace Inc. lost a suit Monday seeking more records on events leading up to the company's $7.2 billion take-private deal with private equity giant Permira Advisors LLC, despite an acknowledged "proper purpose" for the inquiry.
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June 09, 2025
Warner Bros To Split Up Streaming, Networks Businesses
Television and film giant Warner Bros. Discovery, advised by Kirkland & Ellis LLP, on Monday unveiled plans to split into two separately traded public companies, allowing its Streaming & Studios and Global Networks companies to take advantage of their specific strengths and financial profiles.
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June 09, 2025
Investment Firm Lead Admits To Insider Trading Biotech Stock
The former head of equity trading at Denver-based capital markets firm Irving Investors LLC admitted to receiving insider information on multiple companies and using that nonpublic knowledge to guide trading decisions to make an unlawful $220,912 profit, Connecticut U.S. Attorney David X. Sullivan announced.
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June 09, 2025
Vice Chancellor Wants Clarity On Del. Corporate Law Change
Citing "an important and urgent" need, a Delaware vice chancellor has asked the state supreme court to rule on the constitutionality of recent corporate law amendments providing conflicted directors or controlling investors expanded "safe harbor" liability shields for contested actions.
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June 06, 2025
Senate Banking Bill Would Zero Out CFPB's Fed Funding
U.S. Senate Banking Committee Republicans called Friday for eliminating the Consumer Financial Protection Bureau's Federal Reserve funding as part of their proposal package for the "One Big Beautiful" budget bill, a move that could effectively restructure the agency.
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June 06, 2025
Crypto Holding Co. Can Pursue Counterclaim Against Ex-Exec.
A Puerto Rico-based crypto holding company can pursue a counterclaim against its former president who alleged the company's CEO fraudulently recruited him to the venture and then fired him, a Delaware vice chancellor ruled Friday, finding legal expenses the company incurred are recoverable.
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June 06, 2025
Masimo Fights Ex-CEO's Bid To Ax Suit Over $450M Demand
Masimo Corp. fought back against founder Joe Kiani's motion to dismiss the company's Delaware Chancery Court suit seeking a declaration that he's not due a $450 million payout after his ouster as CEO, arguing that bid is an "improper attempt to evade" the Delaware court's jurisdiction.
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June 06, 2025
Judge Signs Off On SEC Dismissal Of Crypto Promoter Suit
A Texas federal judge signed off on the end of the U.S. Securities and Exchange Commission's case against crypto promoter Ian Balina, resolving the dispute over Balina's promotion of so-called SPRK tokens amid the agency's policy pivot on digital assets.
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June 06, 2025
Fed's Bowman Calls For Oversight Built On 'Pragmatism'
Federal Reserve Vice Chair for Supervision Michelle Bowman on Friday previewed a sweeping industry-friendly agenda to ease burdens on smaller lenders, overhaul supervisory ratings and reevaluate capital rules as the central bank's new top regulator, drawing immediate praise from banking industry groups.
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June 06, 2025
Circle's Smash IPO Could Pave Way For More Crypto Listings
Stablecoin issuer Circle's explosive debut will likely stimulate more crypto listings and possibly jolt the broader pipeline of initial public offerings, capital markets attorneys say.
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June 06, 2025
Truist's Negligence Led To Hackers Hijacking Deal, Firm Says
Delaware-based Rhodunda Williams & Kondraschow LLC is claiming in a new lawsuit that hackers used the law firm's email to hijack a real estate transaction and have funds wired to their account at Truist Financial Corp., which lacked the needed security measures to prevent the alleged fraud.
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June 06, 2025
Chancery Pauses Meta Privacy Suit For EU, Ireland Actions
A Delaware court on Friday paused a pension fund stockholder suit seeking documents on data privacy violations made by Meta Platforms Inc. that led to a €1.2 billion ($1.4 billion) fine from European authorities.
Expert Analysis
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What Del. Corporate Law Rework Means For Founder-Led Cos.
Although the amendments to the Delaware General Corporation Law have proven somewhat divisive, they will provide greater clarity and predictability in the rules that apply to founder-led companies navigating transactions concerning controlling stockholders and responding to books-and-records requests, say attorneys at Munger Tolles.
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Series
Baseball Fantasy Camp Makes Me A Better Lawyer
With six baseball fantasy experiences under my belt, I've learned time and again that I didn't make the wrong career choice, but I've also learned that baseball lessons are life lessons, and I'm a better lawyer for my time at St. Louis Cardinals fantasy camp, says Scott Felder at Wiley.
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Paul Atkins' Past Speeches Offer A Glimpse Into SEC's Future
Following Paul Atkins' Thursday Senate confirmation hearing, a look at his public remarks while serving as a commissioner at the U.S. Securities and Exchange Commission between 2002 and 2008 reveals eight possible structural and procedural changes the SEC may see once he likely takes over as chair, say attorneys at Covington.
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Series
Adapting To Private Practice: From Fed. Prosecutor To BigLaw
Making the jump from government to private practice is no small feat, but, based on my experience transitioning to a business-driven environment after 15 years as an assistant U.S. attorney, it can be incredibly rewarding and help you become a more versatile lawyer, says Michael Beckwith at Dickinson Wright.
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The Fund Finance Market Is In Its Transformative Era
The fund finance market is experiencing explosive growth as it develops into a mature and sophisticated industry, with several recent developments – such as an increase in net asset value lending and a shift toward borrower-friendly terms – reshaping the landscape of this rapidly evolving sector, say attorneys at Fried Frank.
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How Del. Supreme Court, Legislature Have Clarified 'Control'
The Delaware Supreme Court's January decision in In re: Oracle and the General Assembly's passage of amendments to the Delaware General Corporation Law this week, when taken together, help make the controlling-stockholder analysis clearer and more predictable for companies with large stockholders, say attorneys at Baker Botts.
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Service By Token Is Transforming Crypto Litigation Landscape
As the Trump administration advocates a new course of cryptocurrency regulation, courts in the U.S. and abroad are authorizing innovative methods of process service, including via nonfungible tokens and blockchain messaging, offering practical solutions for litigators grappling with the anonymity of cyber defendants, says Jose Ceide at Salazar Law.
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Opinion
SEC Shouldn't Complicate Broker-Dealers' AML Compliance
Recent U.S. Securities and Exchange Commission anti-money laundering enforcement actions show that regulators should not second-guess broker-dealers' reasonable judgment, or stretch the law or their jurisdiction to regulate through enforcement, lest they expect broker-dealers to vigorously defend their AML programs, say attorneys at WilmerHale.
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Executive Orders Paving Way For New Era Of Crypto Banking
Recent executive orders have already significantly affected the day-to-day operations of financial institutions that have an interest in engaging with digital assets, and creating informed strategies now can support institutions as the crypto gates continue to open to the banking industry, say attorneys at Spencer Fane.
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Retirement Plan Suits Show Value Of Cybersecurity Policies
Several data breach class actions that were recently filed against retirement plan administrator The Pension Specialists in Illinois federal court are a reminder that developing and following a good written cybersecurity policy provides a blueprint for compliance and may prevent lawsuits, says Carol Buckmann at Cohen & Buckmann.
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Explaining CFPB's Legal Duties Under The Dodd-Frank Act
While only Congress can actually eradicate the Consumer Financial Protection Bureau, the Trump administration has sought to significantly alter the agency's operations, so it's an apt time to review the minimum baseline of activities that Congress requires of the CFPB in Title X of the Dodd-Frank Act, say attorneys at Bradley Arant.
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State Securities Enforcers May Fill A Federal Enforcement Gap
The U.S. Securities and Exchange Commission appears poised to take a lighter touch under the new administration, but state enforcement efforts are likely to continue unabated, and potentially even increase, particularly with regard to digital assets and ESG disclosures, say attorneys at Ropes & Gray.
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Perfecting Security Interests In Renewable Energy Tax Credits
The ability to transfer renewable energy tax credits has created new opportunities for developers, investors and lenders, but it also raises important questions regarding when and how the security interests in these credits are perfected — questions that must be answered definitively to protect credit claims and transactions, says Harry Teichman at Stinson.
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Firms Still Have Lateral Market Advantage, But Risks Persist
Partner and associate mobility data from the fourth quarter of 2024 shows that we’re in a new, stable era of lateral hiring where firms have the edge, but leaders should proceed cautiously, looking beyond expected revenue and compensation analyses for potential risks, say Julie Henson and Greg Hamman at Decipher Investigative Intelligence.
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Recent Cases Highlight Latest AI-Related Civil Litigation Risks
Ongoing lawsuits in federal district courts reveal potential risks that companies using artificial intelligence may face from civil litigants, including health insurance coverage cases involving contractual and equitable claims, and myriad cases concerning securities disclosure claims, say attorneys at Katten.