Securities

  • May 17, 2022

    Sen. Lummis Teases Bill Addressing Crypto And Stablecoins

    Sen. Cynthia Lummis, R-Wyo., said Tuesday she's planning to publicize a wide-ranging cryptocurrency bill for discussion next week as Congress works to create a regulatory framework for digital assets such as bitcoin and stablecoins.

  • May 17, 2022

    Aerojet Factions Battle For Position As Chancery Trial Looms

    Attorneys for Aerojet Rocketdyne Holding's fractured board battled in Delaware Chancery Court on Tuesday over jettisoning late-resurrected counterclaims and an emerging race for a ruling before a management faction convenes a special stockholder meeting in June.

  • May 17, 2022

    OCC's Hsu Urges Banks Not To Get Caught 'Swimming Naked'

    Acting Comptroller of the Currency Michael Hsu urged banks on Tuesday to tighten up their credit risk management practices and stay disciplined as economic storm clouds loom, warning that some financial institutions could be caught "swimming naked" if the financial tide goes out.

  • May 17, 2022

    Dentons-Led Cannabis Producer Soars After Direct Listing

    Shares of Bright Green Corp. more than tripled in debut trading Tuesday after the federally authorized cannabis producer entered public markets through a direct listing, steered by Dentons and financial advisers' counsel Carmel Milazzo & Feil LLP.

  • May 17, 2022

    SEC May Ink New Reg BI Guidance Amid Digital Trading Boom

    U.S. Securities and Exchange Commission staff could soon publish more guidance related to the landmark Regulation Best Interest, agency Chair Gary Gensler said Tuesday as he called for stronger investor protections around online brokerages and cryptocurrencies.

  • May 17, 2022

    'Meme Coin' Maker Wants Failed Sponsorship Lawsuit Nixed

    The creator of digital assets known as "Let's Go Brandon meme tokens," named for a phrase that went viral among detractors of President Joe Biden, filed a motion Tuesday to permanently dismiss a proposed class action accusing the project of manipulating investors, arguing the suit wasn't properly served and the plaintiff's own statements contradict his allegations.

  • May 17, 2022

    Chinese Billionaire's Media Cos. Still Owe $133M, SEC Says

    Media companies tied to Chinese billionaire Guo Wengui and former Donald Trump adviser Steve Bannon still owe $133 million after an order requiring them to pay $539 million over alleged securities violations, the U.S. Securities and Exchange Commission said.

  • May 17, 2022

    Aerojet Chair Began CEO Hunt Without Approval, Probe Finds

    Aerojet Rocketdyne Holdings Inc.'s executive chairman began looking to replace the company's CEO amid disagreements over the now-abandoned merger with Lockheed Martin Corp., despite prior instructions from the board of directors to cease such discussions, a board committee's memo reprimanding the chair said.

  • May 17, 2022

    6 Banks And Counting Settle Sibor Price-Fixing Case For $65M

    Credit Suisse, Deutsche Bank, HSBC and ING Bank have added their names to the list of major banks settling out of the recently-revived class action accusing financial institutions of conspiring to fix rates in the Singapore market, according to a filing Friday teasing a full settlement soon.

  • May 17, 2022

    Sick Juror Delays Ex-Theranos Exec's Criminal Fraud Trial

    A California federal judge adjourned former Theranos executive Ramesh "Sunny" Balwani's criminal fraud trial Tuesday after a juror informed the court he was too sick to report for jury duty, but prosecutors said they still expect to wrap their case-in-chief by the end of the week.

  • May 17, 2022

    Attys Awarded $21M In L Brands 'Toxic' Workplace Suit

    An Ohio federal judge has given his final approval to a corporate governance reform deal to end multiple derivative lawsuits over purportedly toxic workplace conditions at the multichain, specialty retailer L Brands, in a settlement that includes $21 million in attorney fees for the shareholders' counsel.

  • May 17, 2022

    Last Of LeClairRyan's Partners Battle Opaque Tax Threat

    In 2018, LeClairRyan leaders were trumpeting the tax benefits of a proposed tie-up with legal services giant UnitedLex. Today, three years after the firm was forced into Chapter 11, a "last partner standing" group of former equity shareholders wants to dodge a potentially huge — but maddeningly opaque — tax liability stemming from the deal and bankruptcy proceeding.

  • May 17, 2022

    Musk Threatens To Halt Twitter Deal Over 'Bots' Dispute

    Tesla Inc. CEO Elon Musk said Tuesday his prospective $44 billion acquisition of Twitter Inc. will not proceed unless the social media platform's CEO can prove that "bots" represent less than 5% of Twitter users.

  • May 17, 2022

    Bain Capital Crypto Names Ex-SEC Atty As Regulatory Head

    Bain Capital Crypto, a dedicated crypto investing fund, has hired veteran U.S. Securities and Exchange Commission attorney TuongVy Le as a partner and head of regulatory and policy to advise companies on regulatory issues, assess potential investments, engage in research and advocate for policies.

  • May 17, 2022

    Calif. Atty Paying $41K To End SEC's Shell Co. Fraud Suit

    A California attorney has agreed to pay nearly $41,000 as part of an agreement to end U.S. Securities and Exchange Commission claims she helped a shell company sell its shares.

  • May 17, 2022

    Atty Asks New Judge For SEC Trial Redo After Polling Blunder

    A Connecticut attorney argued that a judge's admittedly "inexcusable" error in not polling the jury following a verdict in his U.S. Securities and Exchange Commission fraud trial should result in the verdict being tossed, making his case to a new jurist Tuesday after the first recused himself.

  • May 17, 2022

    GreatBanc, Homebuilder Strike $16.5M Deal To End ESOP Suit

    A Missouri-based homebuilder and employee stock ownership plan trustee GreatBanc Trust have struck a $16.5 million deal to end a class action from ex-workers who said the homebuilder raided the plan to line the pockets of two executives.

  • May 17, 2022

    Allianz Unit Pleads Guilty In $6B Investor Fraud Settlement

    Germany's Allianz will pay more than $6 billion in restitution, penalties and disgorgement for a fraudulent options trading strategy that went south amid the pandemic, and the firm's U.S. asset management unit has pled guilty to a federal fraud charge, the U.S. Securities and Exchange Commission and the U.S. Department of Justice announced Tuesday.

  • May 16, 2022

    Fracking Co. To Settle Investor Fraud Suit For $3.9M

    Liberty Oilfield Services Inc. has reached a $3.9 million deal to settle a suit brought by investors who accused the fracking company of producing false financial statements ahead of a $220 million initial public offering, according to a motion seeking initial approval of the settlement.

  • May 16, 2022

    New CFTC Commissioner Taps Ex-BigLaw Attys As Counsel

    Newly appointed U.S. Commodity Futures Trading Commission member Summer K. Mersinger has hired a trio of lawyers to head up her office's legal affairs, including two attorneys who have deep roots at the financial regulator and worked closely with her in the past.

  • May 16, 2022

    SEC Can't Shield Ex-Official's Speech Drafts, Ripple Says

    The U.S. Securities and Exchange Commission can't use attorney-client privilege to shield early drafts of former official Bill Hinman's speech about cryptocurrencies, since Hinman gave the speech in his personal capacity, Ripple Labs told a New York federal court.

  • May 16, 2022

    Truist Can't Ax Investor's Claims Over COVID-Era Losses

    A Pennsylvania federal judge has said that Truist Financial Corp. and others must face a breach of contract suit from a physician who claims the firm and its affiliates failed to provide during the first half of 2020 the investment management services they had promised to perform, which allegedly caused him huge losses as the world reeled from the early stages of the pandemic.

  • May 16, 2022

    SEC Probe Lingers As Trump's Social Media SPAC Eyes Deal

    The special purpose acquisition company acquiring former President Donald Trump's social media platform said Monday it expects to complete its merger in the second half of 2022, assuming a regulatory investigation into the transaction doesn't derail the deal.

  • May 16, 2022

    Chancery OKs Small Investor For $1B Straight Path Class Suit

    A retail investor with shares worth less than $600 emerged Monday as class representative for a Delaware Chancery Court suit asserting as much as $1 billion in damages to stockholders in an allegedly unfair sale of Straight Path Communications in 2017, while a $1.6 billion fund failed to secure court approval as co-lead plaintiff.

  • May 16, 2022

    SEC Sues Florida Investment Firm For $410M Fraud Scheme

    The U.S. Securities and Exchange Commission sued Florida-based StraightPath Venture Partners on Friday seeking to halt an alleged fraud that raised at least $410 million from investors by falsely promising potentially lucrative pre-IPO shares in companies.

Expert Analysis

  • Global Tax Chiefs Should Look To US Whistleblower Programs

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    As the Joint Chiefs of Global Tax Enforcement develops its international whistleblower program to address tax evasion and money laundering schemes in new areas like cryptocurrency, it should take lessons from highly successful U.S. programs on which features to include and pitfalls to avoid, say Neil Getnick and Nico Gurian at Getnick & Getnick.

  • Unpacking OFAC's New Russian Accounting Services Ban

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    New determinations issued by the Office of Foreign Assets Control put a broad swath of accounting, trust and corporate formation, management consulting, legal service providers, and others at heightened risk for strict liability sanctions violations for dealings with Russia, requiring affected entities to update their procedures, say Cari Stinebower and Dainia Jabaji at Winston & Strawn.

  • Calif. Charts Regulatory Path For NFTs In Campaign Finance

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    In light of California’s recent advisory opinion addressing the use of nonfungible tokens for political fundraising — and amid the lack of other state or federal guidance — NFT creators, digital asset exchanges and campaigns should keep several considerations in mind to avoid running afoul of campaign finance laws, say attorneys at Nossaman.

  • The Fastest Federal Trial Courts: A Look At Virginia, Florida

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    The Eastern District of Virginia rocket docket and the Northern District of Florida were last year’s fastest civil trial courts in the nation, and interviews with two of their judges reveal they have some of the same practices to keep litigation moving efficiently, says Robert Tata at Hunton.

  • Considerations For A Rarely Used Exit Provision In JV Deals

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    Relatively few joint venture legal agreements contain buy-sell provisions, but it's worth thinking through the subtle implications of structuring such exit terms to determine whether to include them, say consultants at Ankura.

  • Tips For Evaluating Machine Learning For Contracts Review

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    Law firms considering machine learning and natural language processing to aid in contract reviews should keep several best practices in mind when procuring and deploying this nascent technology, starting with identifying their organization's needs and key requirements, says Ned Gannon at eBrevia.

  • Opinion

    Courts Must Tackle Lack Of Diversity In Class Counsel

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    When federal courts appoint lead lawyers in federal class actions, the counsel chosen are almost always white and male — but if courts adopt a broader view of what kind of experience is relevant for class counsel appointments, the class action bar can be diversified, says Alissa Del Riego at Podhurst Orseck.

  • What SEC Proposal On SPACs Means For Projection Defenses

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    Following the U.S. Securities and Exchange Commission’s recent proposal to enhance special-purpose acquisition company disclosures, SPAC participants should consider the implications for two key forward-looking statement defenses, say Scott Mascianica and Landon Mignardi at Holland & Knight.

  • In Del. Chancery, A Cautionary Tale Of Hacked M&A Payouts

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    A recent Delaware Chancery Court decision in Sorenson v. Continental provides guidance on who is liable when legal counsel's emails are hacked and a stockholder's merger consideration is paid to the hackers, say attorneys at Fried Frank.

  • How To Efficiently Deploy Your Professional Growth Strategy

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    Lana Manganiello at Equinox Strategy Partners discusses how time-strapped legal professionals can efficiently implement a professional growth framework by focusing on only the most effective actions to build the reputation and relationships key to their ideal practice.

  • Nonpublic Info Compliance After SEC's Fund Manager Alert

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    A recent U.S. Securities and Exchange Commission risk alert shows heightened scrutiny of investment advisers' material nonpublic information compliance, so firms should pay attention to four key points that could influence their MNPI-related policies, say attorneys at Simpson Thacher.

  • How The Tribune Cases Will Affect Fraudulent Transfer Claims

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    Although the U.S. Supreme Court declined to review the Tribune bankruptcy cases, the Second Circuit's decisions leave behind a lasting precedential legacy — especially regarding Bankruptcy Code Sections 546(e) and 548(a)(1)(A) — that will play an important role in future fraudulent transfer cases, say attorneys at Seward & Kissel.

  • A 6-Step Framework For Legal Industry Professional Growth

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    Lana Manganiello at Equinox Strategy Partners discusses how implementing a professional growth framework will help legal professionals gain expertise in a relevant niche to build credibility, focus marketing efforts and build an ideal practice.

  • Why Contempt May Be Apt Punishment For High Court Leaker

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    Contempt of court is an overlooked but potentially effective tool to punish whoever leaked the draft opinion overruling Roe v. Wade and protect the integrity of the U.S. Supreme Court, says Michael Zuckerman at Zuckerman Dispute Resolution.

  • Crypto Investors May Face Increasing State FCA Tax Liability

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    Cryptocurrency investors who fail to report the state tax consequences of transactions are poised to encounter increased civil or criminal legal exposure as a growing number of states bring tax fraud under the purview of their whistleblower statutes, say attorneys at Brownstein Hyatt.

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