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Capital Markets
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August 06, 2025
DOJ Wants Crypto Fraudsters To Get 10 Years For $577M Case
Two Estonian nationals say they should get no additional jail time after pleading guilty to running a $577 million crypto-focused Ponzi scheme, while prosecutors told a federal court the men each deserve 10 years in prison "to punish their massive and egregious fraud, to deter them and others from committing similar fraud in the future, and to protect the public."
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August 06, 2025
9th Circ. Backs SEC's No-Denials Settlements Rule
The Ninth Circuit on Wednesday rejected a First Amendment challenge to a decades-old U.S. Securities and Exchange Commission rule that restricts defendants who settle securities law charges from denying the claims against them, saying the law has "long regarded the voluntary relinquishment of constitutional rights as permissible" with safeguards.
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August 06, 2025
Presidio Petroleum Inks $660M SPAC Merger Deal
Fort Worth, Texas-based oil and gas operator Presidio Petroleum will go public through a merger with EQV Ventures Acquisition Corp., a special purpose acquisition company sponsored by EQV Group.
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August 06, 2025
Tornado Founder Gets Partial Mistrial, Convicted On 1 Count
A federal jury in Manhattan on Wednesday convicted Tornado Cash co-founder Roman Storm of conspiring to operate the crypto mixer as an unlicensed money transmitting business, but deadlocked on money laundering and sanctions charges.
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August 06, 2025
Glencore Shelves US Listing Plans In Favor Of London
Mining giant Glencore PLC said Wednesday that it will maintain its primary listing on the London Stock Exchange as it ditches plans for a move to New York for now.
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August 05, 2025
Tornado Cash Jury Still Out, SEC Leader Backs Privacy Tech
Jury deliberations in the money laundering and sanctions trial of Tornado Cash co-founder Roman Storm continued Tuesday with no verdict, one day after a top securities regulator championed the legitimacy of privacy-protecting technologies, much like defense claims about the cryptocurrency tumbler.
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August 05, 2025
Voyager Digital's Former Bank Escapes Fraud Suit, For NowÂ
Voyager Digital's former bank, Metropolitan Commercial Bank, has won dismissal of a 53-count suit alleging it was complicit in bad behavior by the now-defunct crypto lender and should be on the hook for repaying platform users, with the court ruling that the complaint as-is does not plausibly plead fraud or unjust enrichment.
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August 05, 2025
Coinbase Users' Hidden Fees Suit Kicked To Arbitration
Crypto traders who accused Coinbase of charging them hidden "spread fees" by deceptively inflating cryptocurrency prices and concealing the fees in the price quotes will have to resolve their dispute in arbitration, with a California federal judge ruling Tuesday that the Federal Arbitration Act supersedes the parties' arbitration agreement.
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August 05, 2025
SEC Deems 'Liquid Staking' Outside Its Crypto Purview
U.S. Securities and Exchange Commission staff said Tuesday that certain so-called liquid staking arrangements and the assets they create are beyond its jurisdiction, marking the agency's first piece of guidance since announcing a push to craft rules and establish exemptions for the digital asset industry in line with recent White House recommendations.
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August 05, 2025
SEC Fines Platform Founder $10M Over Crypto-Backed Scam
The owner of a shuttered lending platform has agreed to pay over $10 million to end a U.S. Securities and Exchange Commission case accusing him of defrauding customers by using their money to buy millions of dollars' worth of TerraUSD before the stablecoin collapsed.
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August 05, 2025
Trump-Tied SPAC Exec Rips SEC Suit After Deal Talks Fizzle
The former CEO of the special-purpose acquisition company that took President Donald Trump's social media platform public has renewed his bid to dismiss the U.S. Securities and Exchange Commission's suit alleging he failed to timely alert investors to the prospective deal after settlement talks broke down.
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August 05, 2025
Binance Founder Seeks Exit From FTX $1.76B Clawback Suit
Former Binance CEO Changpeng Zhao asked a Delaware bankruptcy judge to dismiss him from a clawback suit filed by the estate of bankrupt crypto exchange FTX seeking to recover $1.76 billion it says FTX illegally transferred before its collapse two years ago, saying the transaction was outside the court's jurisdiction.
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August 05, 2025
Lottery.com SPAC Exec Wants Info From California Fraud Case
A Manhattan federal judge said Tuesday that he will weigh a request by a special purpose acquisition company CEO accused of fraud in a merger involving Lottery.com Inc. to have New York prosecutors provide discovery from a California criminal case.
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August 05, 2025
Housing Builder Boxabl Goes Public Via $3.5B SPAC Deal
Housing solutions company Boxabl Inc., advised by Winston & Strawn LLP, announced plans on Tuesday to go public via a merger with Loeb & Loeb LLP-led special purpose acquisition company FG Merger II Corp. in a deal that values the business at $3.5 billion.
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August 04, 2025
Vestis Shareholder Drops Suit Over Growth Plan Statements
A Vestis Corp. shareholder on Monday dropped his latest attempt to hold current and former executives and board members liable for allegedly breaching their fiduciary duties by making false and misleading statements about the uniform and workplace supply provider's financial condition and growth prospects.
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August 04, 2025
Trump's Sons Back 'New America' SPAC's $300M IPO Filing
Donald Trump Jr. and Eric Trump are backing a new special-purpose acquisition company that, with guidance from Paul Hastings LLP and Holland & Knight LLP, plans to raise $300 million and will target the technology, healthcare and logistics sectors, according to a Securities and Exchange Commission filing on Monday.
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August 04, 2025
4 Firms Build $558M Crypto Treasury With Telegram Token
Guided by Perkins Coie LLP and Brownstein Hyatt Farber Schreck, Verb Technology Co. Inc. announced Monday a $558 million private placement deal to stockpile the Telegram-afflilated TONcoin token.
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August 04, 2025
Kalshi Incurs 1st Loss In Quest To Avoid State Scrutiny
A Maryland federal judge won't bar the state's gaming regulators from taking action over Kalshi's sports event contracts for the time being, finding the trading platform hasn't shown that Congress specifically intended to preempt state gambling laws when it passed federal derivatives regulation.
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August 04, 2025
Rocket Cos. Investor Drops Mich. Derivative Suit
An investor in the parent company of online mortgage lender Rocket Mortgage has dropped derivative allegations that the company's brass concealed a loan demand downturn a week after a proposed shareholder class action making similar claims was voluntarily tossed.
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August 04, 2025
Chancery Spreading Workload, Automating Case Assignments
Citing in part efforts to balance jurist workloads, Delaware's ever-slammed Court of Chancery reported plans on Monday to field a new, automated case assignment regime in September that will pull more factors into the mix when distributing new cases.
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August 04, 2025
Coinbase Moves To End Oregon's Post-SEC Enforcement Suit
Coinbase Inc. is asking a federal judge to throw out a lawsuit accusing the company of putting Oregonians at financial risk through the operation of an unregistered securities platform, arguing that the state's attorney general is not the proper authority to bring such a lawsuit.
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August 04, 2025
Hair Care Brand Olaplex Settles IPO Investors' Suit For $47.5M
Olaplex Holdings Inc. has reached a $47.5 million settlement with investors to resolve a proposed class action alleging that the hair care brand's initial public offering documents did not disclose that the European Union had banned a controversial ingredient called lilial, which would affect Olaplex's main product offering.
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August 04, 2025
Crypto Exchange Bullish Launches Plans For $599M IPO
Venture-backed crypto exchange Bullish plans to raise roughly $599 million in an upcoming initial public offering, according to a Monday statement indicating that it intends to offer 20.3 million shares priced between $28 and $31 per share.
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August 04, 2025
Plaintiff Bar Urges FINRA To Reject Industry's Arbitration Recs
The Public Investors Advocate Bar Association on Monday urged the Financial Industry Regulatory Authority to reject industry recommendations to loosen its arbitration rules, calling on the brokerage industry regulator to "resist pressure from industry groups seeking to dilute hard-won safeguards."
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August 04, 2025
Investors Say Novo Nordisk Misled Them Over Drug Demand
Novo Nordisk was hit with a proposed securities class action in New Jersey federal court alleging the company misled investors over its revenue outlook for 2025 by allegedly overstating the likelihood patients would switch to its branded diabetes and weight loss drugs.
Expert Analysis
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A Deep Dive Into 14 Nixed Gensler-Era SEC Rule Proposals
The U.S. Securities and Exchange Commission last month formally withdrew 14 notices of proposed rulemaking, including several significant and widely criticized proposals that had been issued under former Chair Gary Gensler's leadership, signaling a clear and definitive shift away from the previous administration, say attorneys at Dechert.
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Series
Law School's Missed Lessons: Skillful Persuasion
In many ways, law school teaches us how to argue, but when the ultimate goal is to get your client what they want, being persuasive through preparation and humility is the more likely key to success, says Michael Friedland at Friedland Cianfrani.
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How Real Estate Funds Can Leverage Del. Statutory Trusts
Over the last two years, traditional real estate fund sponsors have begun to more frequently adopt Delaware Statutory Trust programs, which can help diversify capital-raising strategies and access to new sources of capital, among other benefits, say attorneys at Polsinelli.
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Litigation Inspiration: How To Respond After A Loss
Every litigator loses a case now and then, and the sting of that loss can become a medicine that strengthens or a poison that corrodes, depending on how the attorney responds, says Bennett Rawicki at Hilgers Graben.
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DOJ Crypto Enforcement Is Shifting To Target Willfulness
Three pending criminal prosecutions could be an indication of how the U.S. Department of Justice's recent digital assets memo is shaping enforcement of the area, and show a growing focus on executives who knowingly allow their platforms to be used for criminal conduct involving sanctions offenses, say attorneys at Gibson Dunn.
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Why SEC Abandoned Microcap Convertible Debt Crackdown
The U.S. Securities and Exchange Commission has recently dismissed several cases targeting microcap convertible debt lenders, a significant disavowal of what was a controversial enforcement initiative under the Biden administration and a message that the new administration will focus on clear fraud, say attorneys at O'Melveny.
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The Metamorphosis Of The Major Questions Doctrine
The so-called major questions doctrine arose as a counterweight to Chevron deference over the past few decades, but invocations of the doctrine have persisted in the year since Chevron was overturned, suggesting it still has a role to play in reining in agency overreach, say attorneys at Crowell & Moring.
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What 9th Circ. Ruling Shows About Rebutting SEC Comments
The Ninth Circuit's June opinion in Pino v. Cardone Capital suggests that a company's lack of pushback to a U.S. Securities and Exchange Commission comment may be evidence of its state of mind for evaluating potential liability, meaning companies should consider including additional disclosure in SEC response letters, say attorneys at Barnes & Thornburg.
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GENIUS Act Creates 'Commodity' Uncertainty For Stablecoins
Half a century ago, Congress made trading in onion futures on commodity exchanges unlawful, and payment stablecoins could soon face a similarly unstable fate in the markets as the GENIUS Act heads to the president's desk for signature, says Peter Malyshev at Cadwalader.
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Feds' Shift On Reputational Risk Raises Questions For Banks
While banking regulators' recent retreat from reputational risk narrows the scope of federal oversight in some respects, it also raises practical questions about consistency, reputational management and the evolving political landscape surrounding financial services, say attorneys at Smith Anderson.
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Defense Lessons From Freshworks' Win In Post-IPO Case
A California federal court’s recent decision to grant Freshworks’ summary judgment bid in a proposed investor class action helpfully clarifies two important points for defendants facing postoffering securities claims under Section 11 of the Securities Act, say attorneys at Paul Weiss.
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'Loss' Policy Definition Is Key For Noncash Settlements
A recent Delaware decision in AMC Entertainment v. XL Specialty Insurance, holding that the definition of loss includes noncash settlement payments, is important to note for policyholders considering other settlement options — like two other class actions that recently settled for vouchers, say attorneys at Reed Smith.
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Series
Playing Mah-Jongg Makes Me A Better Mediator
Mah-jongg rewards patience, pattern recognition, adaptability and keen observation, all skills that are invaluable to my role as a mediator, and to all mediating parties, says Marina Corodemus.
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Business Court Bill Furthers Texas' Pro-Corporate Strategy
The Texas Legislature's recent bill to enhance corporate protections and expand access to the Texas Business Court by refining its jurisdictional standards is just the latest step in the state's playbook for becoming the new center of corporate America, say attorneys at Katten.
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Series
Law School's Missed Lessons: Navigating Client Trauma
Law schools don't train students to handle repeated exposure to clients' traumatic experiences, but for litigators practicing in areas like civil rights and personal injury, success depends on the ability to view cases clinically and to recognize when you may need to seek help, says Katie Bennett at Robins Kaplan.