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Capital Markets
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June 17, 2025
Utah Man Can't Escape SEC's Microcap Stock Scheme Suit
A Utah bookkeeper can't escape U.S. Securities and Exchange Commission allegations he served as a middleman in a penny stock pump-and-dump scheme because the SEC's complaint appropriately details its assertion that he was, at least, reckless, in connection with the matter, a federal judge has determined.
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June 17, 2025
Beverage Co.'s Rihanna Rum Claims Were Bunk, SEC Says
A purported beverage company and its founder face Securities and Exchange Commission claims they defrauded would-be investors out of $3.6 million by misrepresenting how they aimed to use funds they raised and inaccurately suggesting the company was poised to collaborate with pop star Rihanna.
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June 17, 2025
Venezuela Oil Co. PDVSA Must Face $258M Default Ruling
Spanish company Elecnor SA has achieved a green light from a New York state judge to pursue enforcement of a nearly $258 million default judgment against Venezuela's state-owned oil and natural gas company over unpaid debt.
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June 17, 2025
Del. Justices Undo $200M Award In TransCanada Case
Pointing in part to an earlier appellate ruling, Delaware's highest court on Tuesday reversed a Court of Chancery decision that ordered the former TransCanada Corp. to pay $199 million to former Columbia Pipeline Group Inc. shareholders allegedly shorted in a 2016 merger.
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June 17, 2025
Canadian Banks Decry BioPharma's 'Abusive' Spoofing Suit
The brokerage arms of the Royal Bank of Canada and the Canadian Imperial Bank of Commerce are fighting a lawsuit accusing them of spoofing the stock of a biopharmaceutical company, arguing that the "abusive litigation" does not belong in a U.S. courtroom.
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June 17, 2025
Cannabis REIT Reckless To Claim Due Diligence, 3rd Circ. Told
Investors in a cannabis-focused real estate investment trust urged the Third Circuit on Tuesday to revive their proposed class action alleging it violated securities laws by ignoring information about a tenant, saying it was reckless to have claimed it conducted due diligence when it knew it did not.
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June 17, 2025
Gemini Says CFTC Enforcement Went 'Trophy-Hunting' In Suit
The crypto exchange Gemini on Tuesday slammed the U.S. Commodity Futures Trading Commission's Enforcement Division and the attorneys who pursued a now-settled case against the firm, calling the division "out of control" and accusing its attorneys of engaging in "trophy-hunting lawfare."
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June 17, 2025
Autodoc To Raise Up To €464M In Frankfurt IPO
German online car parts store Autodoc SE said Tuesday that it plans to raise up to €463.6 million ($535.8 million) in its planned flotation in Frankfurt.
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June 16, 2025
Maryland, Kalshi Clash Over Sports Contract Oversight
Maryland regulators and KalshiEx are dueling over whether the trading platform's past battle with the U.S. Commodity Futures Trading Commission to list its election contracts complicates its current bid to block Maryland regulators from taking action over contracts that allow traders to wager on the outcome of sporting events.
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June 16, 2025
Consolidated SVB Class Action Survives 3 Dismissal Bids
A California federal judge has rejected three bids to dismiss a proposed shareholder class action against Silicon Valley Bank's brass, underwriters and auditor stemming from the bank's 2023 failure, finding the plaintiffs' "well-pleaded" allegations can continue.
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June 16, 2025
Telecoms Shareholder Gets Sanctions Lifted In Control Fight
A New York federal judge has vacated his order sanctioning an investor in telecommunications infrastructure firm Continental Towers LATAM Holdings Ltd. for ignoring arbitral awards issued in a bitter, yearslong dispute over control of the company, saying the man wasn't properly served.
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June 16, 2025
Catching Up With Delaware's Chancery Court
Delaware's Court of Chancery this past week sought answers in the high-stakes battle over the constitutionality of newly enacted Delaware corporation law amendments, which will hitch a ride to the state's Supreme Court via a suit contesting a $117 million acquisition of Clearway Energy Inc. by its majority shareholder.
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June 16, 2025
CFTC Founding Chair Bagley Dies At 96
The U.S. Commodity Futures Trading Commission's first chair, William T. Bagley, has died at the age of 96.
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June 16, 2025
Canadian Atty Must Pay SEC $323K Over Stock Promotion
A Canadian securities attorney will pay over $323,000 to resolve U.S. Securities and Exchange Commission allegations that he drafted and executed sham consulting agreements at the heart of a scheme to conceal pay-for-play promotion of two so-called Regulation A offerings.
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June 16, 2025
Trump Media Seeks To Launch Bitcoin And Ethereum ETF
Trump Media and Technology Group Corp., the owner of President Donald Trump's platform Truth Social, on Monday said it filed paperwork to launch an exchange-traded fund that will invest in bitcoin and ethereum, marking its latest push into digital assets.
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June 16, 2025
Opendoor Investors Score $39M Deal In Hyped Algorithm Suit
Real estate firm Opendoor Technologies Inc. has agreed to pay $39 million as part of an investor settlement presented to an Arizona federal court for preliminary approval to resolve litigation accusing the company of overhyping its pricing algorithm software.
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June 16, 2025
Crypto Platform Tron Eyes Public Listing Via Reverse Merger
China-based cryptocurrency platform Tron plans to go public through a reverse merger with Nasdaq-listed toy manufacturer SRM Entertainment Inc., both parties announced on Monday, supported by a $100 million investment arranged by a bank linked to President Donald Trump's family.
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June 13, 2025
More IPO Prospects Ready To Test Market After Chime's Debut
A venture-backed cancer diagnostics firm and a home insurer are preparing two initial public offerings that could raise $720 million combined next week, joining an energized IPO market following fintech startup Chime Financial Inc.'s debut.
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June 13, 2025
Gotbit To Pay $23M For Crypto Market Scheme
Crypto trading firm Gotbit Consulting LLC was ordered to forfeit approximately $23 million in seized cryptocurrency and sentenced to a five-year probation term in the government's suit accusing it of market manipulation, while its founder received an eight-month term.
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June 13, 2025
SEC Scrubs Biden-Era Agenda To Give Atkins A 'Clean Slate'
The U.S. Securities and Exchange Commission is backing away from promised Biden-era regulations on cybersecurity risk management, environmental disclosures and equity market reform, withdrawing over a dozen rule proposals as newly appointed Chair Paul Atkins seeks to rewrite the agency's agenda.
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June 13, 2025
Ex-Vinco Ventures Chair Inks SEC Deal Over Investor Fraud
A former chairman of media and technology company Vinco Ventures Inc. who in April copped to lying about company operations and secretly ceding control of the business to his romantic partner has reached an agreement to end parallel U.S. Securities and Exchange Commission allegations.
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June 13, 2025
Quinn Emanuel Drops Binance Founder Amid $8M Fraud Suit
Quinn Emanuel Urquhart & Sullivan LLP has withdrawn as counsel for the founder of Binance amid an $8.1 million lawsuit against him, telling a Massachusetts federal judge that the former cryptocurrency exchange executive has breached an agreement with the law firm and moved for arbitration against it.
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June 13, 2025
SEC, Ripple Again Ask NY Judge To Approve Settlement
The U.S. Securities and Exchange Commission and Ripple Labs Inc. have again urged a New York federal judge to approve lower penalties against the blockchain company citing "exceptional circumstances," following the judge's previous rejection of the joint request on procedural grounds.
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June 13, 2025
Con Man Galanis Can't Get $2M Back, Despite Trump Clemency
A New York federal judge denied convicted fraudster Jason Galanis' request to halt restitution payments and recover $2.17 million in forfeited assets, ruling that President Donald Trump's reduction of his sentence applied only to future obligations.
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June 13, 2025
Ichor, Orthofix CEOs Face Suits Over 'Short-Swing' Gains
The CEOs of semiconductor manufacturing company Ichor Holdings Inc. and orthopedic solutions company Orthofix Medical Inc. were hit with suits alleging they owe "short-swing" profits to their respective companies after buying and selling company stock within a six-month period.
Expert Analysis
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Series
Adapting To Private Practice: From US Attorney To BigLaw
When I transitioned to private practice after government service — most recently as the U.S. attorney for the Eastern District of Virginia — I learned there are more similarities between the two jobs than many realize, with both disciplines requiring resourcefulness, zealous advocacy and foresight, says Zach Terwilliger at V&E.
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How The DOJ Is Redesigning Its Approach To Digital Assets
Two key digital asset enforcement policy pronouncements narrow the Justice Department's focus on threats like fraud, terrorism, trafficking and sanctions evasion and dial back so-called regulation by prosecution, but institutions prioritizing compliance must remember that the underlying statutory framework hasn't changed, say attorneys at Blank Rome.
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At 'SEC Speaks,' Leaders Frame New Views
At the Practising Law Institute's recent SEC Speaks conference, U.S. Securities and Exchange Commission leadership highlighted the agency's significant priority changes, including in enforcement, crypto and artificial intelligence, say attorneys at Perkins Coie.
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The Ins And Outs Of Consensual Judicial References
As parties consider the possibility of judicial reference to resolve complex disputes, it is critical to understand how the process works, why it's gaining traction, and why carefully crafted agreements make all the difference, say attorneys at Pillsbury.
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Opinion
The BigLaw Settlements Are About Risk, Not Profit
The nine Am Law 100 firms that settled with the Trump administration likely did so because of the personal risk faced by equity partners in today's billion‑dollar national practices, enabled by an ethics rule primed for modernization, says Adam Forest at Scale.
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Series
Brazilian Jiujitsu Makes Me A Better Lawyer
Competing in Brazilian jiujitsu – often against opponents who are much larger and younger than me – has allowed me to develop a handful of useful skills that foster the resilience and adaptability necessary for a successful legal career, says Tina Dorr of Barnes & Thornburg.
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Opportunities And Challenges For The Texas Stock Exchange
While the new Texas Stock Exchange could be an interesting alternative to the NYSE and the Nasdaq due to the state’s robust economy and the TXSE’s high-profile leadership and publicity opportunities for listings, its success as a national securities exchange may hinge on resolving questions about its regulatory and cost advantages, say attorneys at Norton Rose.
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Review Risk Is Increasing For Foreign Real Estate Developers
Federal and state government efforts have been expanding oversight of foreign investment in U.S. real estate, necessitating careful assessment of risk and of the benefits of notifying the Committee on Foreign Investment in the United States, say attorneys at Troutman.
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Series
Power To The Paralegals: An Untapped Source For Biz Roles
Law firms looking to recruit legal business talent should consider turning to paralegals, who practice several key skills every day that prepare them to thrive in marketing and client development roles, says Vanessa Torres at Lowenstein Sandler.
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The Legal Risks Of US Restrictions On Investments In China
The second Trump administration has continued to embrace a more restrictive economic policy toward China, including an ongoing review of further restrictions on the flow of U.S. capital to China, so early planning and enhanced diligence can reduce exposure to the challenges resulting from further restrictions, say attorneys at Cleary.
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Using Federal Forum Provisions To Nix State Securities Cases
A California appeals court's recent decision in Bullock v. Rivian clarifies that underwriters may enforce federal forum provisions to escape state court Securities Act claims, marking progress in restoring such lawsuits to federal court and reducing the litigation costs arising from duplicative state court litigation, say attorneys at Paul Weiss.
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Series
Playing Poker Makes Me A Better Lawyer
Poker is a master class in psychology, risk management and strategic thinking, and I’m a better attorney because it has taught me to read my opponents, adapt when I’m dealt the unexpected and stay patient until I'm ready to reveal my hand, says Casey Kingsley at McCreadyLaw.
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Does R-Squared Have A Role In Event Study Analysis?
With 2024 marking the second consecutive year to experience an increase in securities class action filings, determining the reliability of event study models is of utmost importance, but it's time to reconsider the traditional method of doing so, say analysts at StoneTurn Group.
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Opinion
Why It's Time To Retire The Efficient Market Hypothesis
As agentic artificial intelligence systems increasingly affect financial markets, the efficient market hypothesis no longer offers a viable foundation for legal and regulatory engagement, and a new theoretical foundation is needed, say Zachary Brenner, a student at California Western School of Law, and attorney Gary Brenner.
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Key Aspects Of FDIC's Resolution Planning FAQ
The Federal Deposit Insurance Corp.'s recent FAQ on changes to its resolution plan rule ease burdensome requirements for some large institutions and exempt others from discussion of franchise components, making it easier for banks to finalize submissions before the July 1 deadline, say attorneys at Moore & Van Allen.