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Securities
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May 02, 2024
Ex-FTX Boss Ryan Salame To Give Up $5.9M Bahamas House
Ryan Salame, the former co-chief executive of FTX Digital Markets, an affiliate of bankrupt cryptocurrency exchange FTX Trading Ltd., has agreed to transfer a $5.9 million house he owns in the Bahamas to FTX in lieu of paying the firm restitution over fraudulent political donations, according to a Wednesday motion.
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May 02, 2024
Discover Ups Liability Costs For Card Pricing Issue To $1.2B
Discover Financial Services has put a $1.2 billion price tag on remediation for its previously disclosed credit card pricing misclassification, which is now the subject of a U.S. Securities and Exchange Commission investigation, representing an increase of nearly 230% from the $365 million liability it recorded nearly a year ago.
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May 02, 2024
Securities Firm Must Face Ex-Worker's Age Bias Suit
A Colorado federal judge refused to throw out a lawsuit a former securities sales representative lodged against a firm accusing it of firing him and replacing him with two younger workers, saying he put forward enough detail to keep his suit afloat.
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May 02, 2024
Davis Wright Brings On MoFo Appellate Litigator In San Fran
Davis Wright Tremaine LLP has brought on a former Morrison Foerster LLP partner in San Francisco, strengthening its appellate practice with an experienced appellate litigator who clerked for a U.S. Supreme Court justice, a California Supreme Court justice and other judges, the firm announced Thursday.
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May 02, 2024
Snell & Wilmer Adds Armstrong Teasdale Tech Pro In Denver
Snell & Wilmer LLP's Denver outpost has added a new transactional partner to its corporate and securities team, bringing with him 18 years of experience including co-founding the technology transactions group for Armstrong Teasdale LLP and leading its technology industry group.
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May 02, 2024
Sullivan & Cromwell Creates National Security Practice Group
Sullivan & Cromwell LLP has launched a national security practice to help clients with matters stemming from the increased use of economic sanctions, anti-money laundering laws, the Foreign Corrupt Practices Act, foreign investment regulations, export controls and import restrictions, the firm said Thursday.
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May 01, 2024
Autonomy CEO's Atty Says Judge 'One-Sided' Against Client
A Steptoe LLP partner representing former Autonomy CEO Michael Lynch in his criminal fraud jury trial accused the judge overseeing the case of making comments to the jury that are "one-sided" in a way that prejudices the defense.
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May 01, 2024
Republicans Say Bank Merger Reviews 'Need A Shot Clock'
House Republicans on Wednesday raised concerns with federal banking officials about how long it can take their agencies to sign off on proposed bank mergers, a long-standing industry complaint that the lawmakers say a tight "shot clock" could help address.
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May 01, 2024
Dental Supply Co. Must Face Suit Over COVID-Era Woes
Dental health products supplier Dentsply Sirona Inc. failed to get a suit dismissed accusing it of misleading investors about the extent of its pandemic-era woes, with a New York federal judge finding the suit identifies dozens of actionable misleading statements and plausibly pleads knowledge of wrongdoing by Dentsply's former executives.
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May 01, 2024
Forex Fraudsters Hid Losses From Investors, Jury Hears
Federal prosecutors told a Colorado jury Wednesday that two men helping run a foreign exchange investment company sold investors on a supposedly successful trading algorithm that ended up being nothing more than a multimillion-dollar fraud.
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May 01, 2024
JPMorgan Says It's Paying $100M More In Trade Penalties
JPMorgan Chase & Co. said Wednesday that it expects to pay $100 million to yet another U.S. regulator to resolve alleged deficiencies with its program for monitoring employee and client trading activities, a fine that comes on the heels of an additional $350 million in penalties stemming from its trade surveillance.
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May 01, 2024
Chancery Nixes Amazon.com Investor's Antitrust Docs Probe
An Amazon.com stockholder on Wednesday lost a Delaware Court of Chancery suit seeking court-ordered access to company records to probe claims that the online retailing giant engages in anti-competitive practices, with a court magistrate finding the evidence insufficient to justify the demand.
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May 01, 2024
PayPal Won't Face CFPB Enforcement Over Venmo Probe
Payments giant PayPal is not expecting any enforcement action from the Consumer Financial Protection Bureau after the agency told the firm it was closing its inquiry into social payment subsidiary Venmo, the company disclosed in a securities filing.
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May 01, 2024
5 Benefits Appellate Arguments To Watch In May
The Second Circuit will be asked to revive a 401(k) mismanagement suit against Deloitte, the Sixth Circuit will consider whether to force arbitration of a 401(k) fee suit against two automotive companies, and the Seventh Circuit will review the U.S. Department of Labor's court-ordered takeover of a multiemployer benefit fund. Here, Law360 looks at five appellate arguments benefits attorneys will want to keep an eye on this month.
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May 01, 2024
Ex-Execs End Fight Over Syska Hennessy Stock Buyback Deal
A former associate vice president and a managing director at engineering firm Syska Hennessy have ended their lawsuit alleging that the company made up a story about the pair soliciting employees to get out of buying back company stock.
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May 01, 2024
No Relief For Fla. Adviser Convicted In $80M Trading Scam
The Eleventh Circuit on Wednesday affirmed the conviction of a Florida investment adviser who bilked more than $80 million from the hundreds of people he persuaded to invest in a fraudulent company, after concluding he was not in custody when he made statements to the police.
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May 01, 2024
Ex-Cybersecurity Firm CEO Settles SEC Fraud Claims
A former executive for a cybersecurity firm has agreed to settle regulators' allegations that he lied to investors about the firm's success in selling a new product and that he fabricated aspects of his background and experience, according to filings in Texas federal court.
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May 01, 2024
Split 2nd Circ. Backs Arbitration Denial In ERISA Suit
A divided Second Circuit panel ruled Wednesday that a group of financial services companies can't compel individual arbitration of a proposed class action accusing them of overcharging an employee stock ownership plan, saying that doing so would prevent a plan participant from seeking planwide remedies authorized by federal benefits law.
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May 01, 2024
NY Man Charged With $43M Hospitality Ponzi Scheme
A Manhattan resident was charged Wednesday with soliciting $43 million in investments through a Ponzi scheme that peddled false claims about his company's business interests in cryptocurrency, Las Vegas sports stadiums and hospitality.
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May 01, 2024
'Foul' BioVentrix Cash-Out Gets Extra Scrutiny, Chancery Says
A medical device company's decision to suddenly and without explanation cash out its common stockholders for less than a penny just two months before the company raised $48.5 million in new capital creates such a "foul flavor" that it deserves extra scrutiny, a Delaware Chancery Court judge said Wednesday.
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May 01, 2024
Del. Justices Reverse Toss Of $7.3B Inovalon Deal Challenge
Delaware's top court on Wednesday reversed a Chancery Court dismissal of stockholder challenges to the $7.3 billion go-private sale of Inovalon Holdings Inc. to Nordic Capital, saying that the lower court wrongly concluded that minority investors were adequately informed about the deal and special committee conflicts of interest.
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May 01, 2024
Paramount Faces Chancery Suit Over Skydance Merger Moves
The general treasurer of Rhode Island has sued Paramount Global in Delaware's Chancery Court for access to records regarding efforts to merge the mass media giant with Skydance Media, accusing Paramount's billionaire controller, Shari Redstone, of usurping company opportunities and tilting the terms and processes toward her own benefit.
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May 01, 2024
Globe Life Hid Toxic Culture And Policy Fraud, Investors Say
Life insurance company Globe Life Inc. has been hit with a proposed class action alleging investors were damaged when a short-seller report revealed that the company had been ignoring rampant sexual harassment among its employees and participating in fraudulent underwriting practices.
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May 01, 2024
Conn. Attorney Scores Default $85K Win In Legal Bill Feud
A federal judge has ordered two Colorado companies, one of which claimed to be working on a cryptocurrency exchange, to pay a default judgment of $85,456 after failing to answer a Connecticut firm's claims that they failed to pay nearly $107,000 in legal fees.
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May 01, 2024
Insulin Pump Maker Wins Toss of Investor Suit For Now
A California federal judge has sided with an insulin pump maker and tossed a suit alleging it misled investors about the potential growth of the company amid inflation and an uptick in competition, saying the suing investors have failed to plead any false or misleading statements or knowledge of wrongdoing by the defendants.
Expert Analysis
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Don't Use The Same Template For Every Client Alert
As the old marketing adage goes, consistency is key, but law firm style guides need consistency that contemplates variety when it comes to client alert formats, allowing attorneys to tailor alerts to best fit the audience and subject matter, says Jessica Kaplan at Legally Penned.
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10b-5 Litigation Questions Follow Justices' Macquarie Ruling
Last month, the U.S. Supreme Court held in Macquarie v. Moab that pure omissions are not actionable under U.S. Securities and Exchange Commission Rule 10b–5(b), creating a slightly higher bar for plaintiffs and setting the stage for further litigation over several issues, say Steve Quinlivan and Sean Colligan at Stinson.
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Series
Walking With My Dog Makes Me A Better Lawyer
Thanks to my dog Birdie, I've learned that carving out an activity different from the practice of law — like daily outdoor walks that allow you to interact with new people — can contribute to professional success by boosting creativity and mental acuity, as well as expanding your social network, says Sarah Petrie at the Massachusetts Attorney General’s Office.
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Navigating SPAC Market Challenges For Microcap Issuers
For microcap issuers, the special-purpose acquisition vehicle market tells a cautionary tale in which few targets attain the advantages they seek, and important considerations for companies with market capitalization of under $300 million include negotiating costs and expenses upfront to avoid becoming saddled with debt, say attorneys at Lucosky Brookman.
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Think Like A Lawyer: Follow The Iron Rule Of Trial Logic
Many diligent and eager attorneys include every good fact, point and rule in their trial narratives — spurred by the gnawing fear they’ll be second-guessed for leaving something out — but this approach ignores a fundamental principle of successful trial lawyering, says Luke Andrews at Poole Huffman.
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Circuit Split Brews Over Who's A Securities Seller Under Act
A Securities Act section that creates private liability for the sale of an unregistered security is rapidly becoming a favored statute for plaintiffs to wield against participants in both the digital asset and traditional securities markets, but the circuit courts have diverged on who may be held liable for these violations, say Jeffrey L. Steinfeld and Daniel Aronsohn at Winston & Strawn.
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Banks Have Won Syndicated Loan Battle, But Not The War
Though the U.S. Supreme Court's recent denial of certiorari in Kirschner v. JPMorgan preserves the status quo that syndicated loans are not securities, the U.S. Securities and Exchange Commission's discomfort suggests that the underlying issues have not been fully resolved, say attorneys at Crowell & Moring.
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The Art Of Asking: Leveraging Your Contacts For Referrals
Though attorneys may hesitate to ask for referral recommendations to generate new business, research shows that people want to help others they know, like and trust, so consider who in your network you should approach and how to make the ask, says Rebecca Hnatowski at Edwards Advisory.
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Compliance Strategies To Mitigate 3 New Areas Of AI Risk
The era of artificial intelligence-assisted corporate crime is here, but several concrete mitigation strategies can allow companies to address the new, rapidly evolving threats posed by deepfakes, information barrier evasion and AI model manipulation, say attorneys at Debevoise.
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SEC Off-Channel Comms Action Hints At Future Enforcement
Although the U.S. Securities and Exchange Commission’s recent enforcement action against Senvest does not shed light on how the agency will calibrate penalties related to off-channel communications violations, it does suggest that we may see more cases against standalone investment advisers, say attorneys at Sidley.
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Chancery's Carvana Suit Toss Shows Special Committee Value
The Delaware Chancery Court’s recent dismissal of a stockholder complaint against Carvana illustrates how special litigation committees can be a powerful tool for boards to regain control after litigation alleging a breach of fiduciary duty, say attorneys at Morgan Lewis.
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Series
Being An Equestrian Makes Me A Better Lawyer
Beyond getting experience thinking on my feet and tackling stressful situations, the skills I've gained from horseback riding have considerable overlap with the skills used to practice law, particularly in terms of team building, continuing education, and making an effort to reset and recharge, says Kerry Irwin at Moore & Van Allen.
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7th Circ. Mootness Fee Case May Curb Frivolous Merger Suits
On April 15, the Seventh Circuit in Jorge Alcarez v. Akorn Inc. mapped out a framework for courts to consider mootness fees paid to individual shareholders after the voluntary dismissal of a challenge to a public company merger, which could encourage objections to mootness fees and reduce the number of frivolous merger challenges filed, say attorneys at Skadden.
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4 Ways To Refresh Your Law Firm's Marketing Strategy
With many BigLaw firms relying on an increasingly obsolete marketing approach that prioritizes stiff professionalism over authentic connection, adopting a few key communications strategies to better connect with today's clients and prospects can make all the difference, say Eric Pacifici and Kevin Henderson at SMB Law.
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What 3rd Circ. Trust Ruling Means For Securitization Market
Mercedes Tunstall and Michael Gambro at Cadwalader break down the Third Circuit's March decision in Consumer Financial Protection Bureau v. National Collegiate Master Student Loan Trust, as well as predict next steps in the litigation and the implications of the decision for servicers and the securitization industry as a whole.