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Securities
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May 06, 2025
PennyMac Wins Quick 9th Circ. Appeal Of Libor-Rate Ruling
A California federal judge on Monday allowed PennyMac entities to pursue their quick appeal in a proposed class action alleging they illegally imposed a lower fixed interest rate instead of a variable rate on preferred-stock dividends, asking the Ninth Circuit to clarify whether the Libor Act bars such fixed rates.
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May 06, 2025
VIX Note Investors Can't Revise Revived Suit, Judge Finds
Investors who claimed Credit Suisse manipulated the market for a certain exchange-traded note it issued can't revise their suit to add claims about the bank's lending practices and internal calculations, a New York federal judge has determined.
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May 06, 2025
SDNY Taps Sullivan & Cromwell Atty To Lead Criminal Division
A former Sullivan & Cromwell LLP partner has been selected to lead the U.S. Attorney's Office for the Southern District of New York's criminal division, according to an announcement made Tuesday.
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May 06, 2025
Medical Device Co. SeaStar Seeks Toss Of Shareholder Suit
SeaStar Medical Inc. has urged a Colorado federal judge to toss a proposed class action alleging the healthcare company misled investors about potential regulatory risks and compliance deficiencies, arguing the amended complaint "attempts to create the illusion of factual particularity through a façade of prolixity."
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May 06, 2025
Judge Scolds US Over 'Vague' Bid To Stay $380M Award Row
A California federal judge has scolded the Trump administration as it tries to seize part of a $380 million arbitral award purportedly tied to embezzled Malaysian funds, saying it has not constructively engaged in the discovery process while seeking a stay during related criminal proceedings.
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May 06, 2025
NC Staffing Biz Hits Ch. 11 After Scuttled Merger And Delisting
Five affiliates of a North Carolina staffing company have filed for Chapter 11 bankruptcy protection, listing debts of up to $100 million after a planned merger fell through and its stock was delisted.
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May 06, 2025
Golf Gear Co. Sued In Del. Over Controller Share Sales
A pension fund stockholder of golf gear maker and distributor Acushnet Holdings Corp. sued its controlling stockholders and directors on Monday for purportedly lining up hundreds of millions in company share repurchases that preserved the controllers' status despite repeated stock sales.
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May 06, 2025
SEC Panel Says Easier Trading Would Rev Up 'Reg A'
A small business-focused committee advising the Securities and Exchange Commission expressed renewed support on Tuesday for easing secondary trading in connection with Regulation A, hoping to broaden the appeal of this lightly used alternative to an initial public offering.
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May 06, 2025
B. Riley Escapes Investor Suit Over National Holdings Buyout
Delaware's Chancery Court has dismissed B. Riley Financial Inc. from a suit challenging its 2021 acquisition of National Holdings Corp., rejecting a former National stockholder's claim that B. Riley controlled the negotiations in the shadow of its significant stake in National.
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May 06, 2025
SEC Asks High Court To Skip $22.7M Disgorgement Case
The U.S. Securities and Exchange Commission responded to an investment advisory firm's request for the U.S. Supreme Court to review a First Circuit ruling upholding an order for the firm to pay $22.7 million in disgorgement, arguing that investor losses are not necessary for disgorgement orders.
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May 06, 2025
Ex-CEO Can't Shake Conviction In COVID Test Kit Fraud Case
The former chief executive of a healthcare software company who touted a $670 million COVID test kit deal that collapsed was denied acquittal Monday by a Newark federal judge who ruled the evidence was sufficient for a reasonable juror to find beyond a reasonable doubt that he had engaged in securities fraud.
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May 06, 2025
Morgan Stanley Says SEC Has Closed Cash Sweep Probe
The U.S. Securities and Exchange Commission has ended an investigation into Morgan Stanley's cash sweep program without recommending an enforcement action, the bank told investors.
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May 06, 2025
Investors Sue West Pharma Over Post-COVID Stock Losses
The New England Teamsters Pension Fund has sued West Pharmaceutical Services Inc. and its top brass, alleging they misled investors by overstating demand for the company's high-margin products and hiding the loss of contracts after the COVID-19 pandemic, causing a stock price drop when the truth was finally revealed.
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May 06, 2025
TV Producer Gets 18 Months For Embezzlement, Fraud
The producer of a yet-to-be-released thriller television series was sentenced to 18 months in prison Tuesday after pleading guilty to defrauding the show's main financial backer.
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May 06, 2025
SafeMoon CEO Tells Jury Founder To Blame For Investor Fib
Counsel for a U.S. Army veteran in Utah who served as CEO of SafeMoon told a Brooklyn, New York, federal jury Tuesday that he did not conspire to loot the crypto company's assets, implying its fugitive founder is to blame for a key misrepresentation.
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May 06, 2025
Ex-Investor In Cannabis-Infused Water Wants Charges Tossed
A former shareholder of American Premium Water Corp. is urging an Ohio federal judge to throw out the charges against him alleging that he participated in a $10 million pump-and-dump scheme, saying the indictment doesn't properly allege his wrongdoing.
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May 06, 2025
Senate Panel Advances Bowman For Fed Supervision Chief
The U.S. Senate Banking Committee on Tuesday endorsed President Donald Trump's selection of Federal Reserve Gov. Michelle Bowman to be the top bank regulatory official at the central bank, advancing her as part of his latest slate of financial nominees.
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May 05, 2025
Calif. Atty Gets 21 Months In Prison For $8.8M Investor Scam
An Orange County lawyer who purported to provide short-term high-interest loans to the rich and famous but used the funds to gamble away about $8.8 million at Las Vegas casinos and live a lavish lifestyle was sentenced to 21 months in prison on Monday in California federal court.
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May 05, 2025
Long Island Judge Installed As Interim EDNY US Atty
Long Island state court Judge Joseph Nocella Jr. was sworn in Monday as the interim U.S. attorney for the Eastern District of New York, a post he will hold for 120 days, or until the U.S. Senate confirms his nomination by President Donald Trump, the attorney's office announced.
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May 05, 2025
CFTC Drops DC Circ. Appeal Over Kalshi's Election Contracts
The U.S. Commodity Futures Trading Commission moved Monday to voluntarily drop its D.C. Circuit challenge over trading platform Kalshi's election contracts, which allow users to trade on the outcome of U.S. elections.
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May 05, 2025
Skadden-Led Crypto Platform EToro Eyes $480M IPO
Crypto-friendly trading platform eToro Group Ltd. on Monday launched plans for an initial public offering that could raise $480 million for the company and its shareholders, marking another sign that the IPO market's recent cold spell is beginning to thaw.
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May 05, 2025
Crypto Exec Says Feds Failed To Disclose Key Evidence
An indicted co-founder of crypto mixing service Samourai Wallet told a New York federal judge on Monday about prosecutors' alleged "shocking" failure to disclose evidence that calls into question the criminal charges brought against him and asked for a hearing into the alleged slip-up.
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May 05, 2025
Pharma Co. Escapes Investor Liver Drug Trial Suit, For Now
Biopharmaceutical company Akero Therapeutics Inc. and its executives have escaped, for now, a proposed class action alleging they misled investors about the patient population in a clinical trial for Akero's liver disease treatment, with a California federal judge on Monday rejecting the suit's theory of motive for the defendants.
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May 05, 2025
Celsius Exec Decries 'Venom-Laced' Gov't Sentencing Memo
The founder of defunct cryptocurrency platform Celsius told a Manhattan federal judge that a sentencing memorandum in which prosecutors asked for a 20-year prison sentence was a "venom-laced" attempt to paint him as a "fiend" and ignore his prior law-abiding business ventures and status as a Soviet Jewish refugee.
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May 05, 2025
Crypto Miner Objects To Celsius Sanctions Try In Ch. 11 Case
Crypto mining company Mawson Infrastructure Group Inc. asked a Delaware bankruptcy judge to throw out an attempt by Celsius Network to impose sanctions on Mawson in the company's involuntary Chapter 11 case, saying its failed bid to extend an automatic stay to its subsidiaries was performed in good faith.
Expert Analysis
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What Broker-Dealers Must Know Before Selling Bitcoin ETPs
Interest in bitcoin exchange-traded products is already high, and only expected to grow in light of the incoming Trump administration's pro-crypto stance, but broker-dealers must still consider numerous regulatory requirements before recommending a bitcoin ETP to a client, say Frank Weigand and Justine Woods at Cahill Gordon.
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Series
Texas Banking Brief: All The Notable Legal Updates In Q4
The fourth quarter of 2024 brought noteworthy developments to the Texas financial services sector, particularly a new state artificial intelligence bill and a Consumer Financial Protection Bureau rule that will affect an outsize number of Texas community banks, says Tyler George at Naman Howell.
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Cyber Disclosure Is A Mainstay In 2025 SEC Exam Priorities
Despite a new administration and a new U.S. Securities and Exchange Commission chair incoming, the SEC's 2025 examination priorities signal that cybersecurity disclosures and risk management practices will remain important due to the growing threat of cyberattacks, says Anjali Das at Wilson Elser.
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Opinion
No, Litigation Funders Are Not 'Fleeing' The District Of Del.
A recent study claimed that litigation funders have “fled” Delaware federal court due to a standing order requiring disclosure of third-party financing, but responsible funders have no problem litigating in this jurisdiction, and many other factors could explain the decline in filings, say Will Freeman and Sarah Tsou at Omni Bridgeway.
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The Compliance Trends And Imperatives On Tap In 2025
The corporate ethics and compliance landscape is rapidly evolving, posing challenges from conflicting stakeholder expectations to technological disruptions, and businesses will need to explore human-centered, data-driven and evidence-based practices, says Hui Chen at CDE Advisors.
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5 E-Discovery Predictions For 2025 And Beyond
In the year to come, e-discovery will be shaped by new and emerging trends, from the adoption of artificial intelligence provisions in protective orders, to the proliferation of emojis as a source of evidence in contemporary litigation, say attorneys at Littler.
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Best Practices To Find Del. Earnout Provisions That Hold Up
Recent Delaware earnout litigation illustrates the need for careful drafting and proactive planning to avoid later divergent interpretations of the signed contract, and a series of drafting tips can help, say attorneys at Cozen O'Connor.
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Climate Disclosure Spotlight Shifts To 2 Calif. Laws
With Donald Trump's election spelling the all-but-certain demise of the proposed federal climate disclosure rules, new laws in California currently stand as the nation's only broadly applicable climate disclosure requirements — and their brevity is both a blessing and a curse, say attorneys at Davis Polk.
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What's Ahead As Transparency Act Comes To A Crossroads
Synthesizing the contrasting federal district and appellate court rulings on the Corporate Transparency Act’s validity reveals several main areas of debate that will likely remain at issue as challenges to the law continue winding through the courts, say attorneys at Farella Braun.
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UBS Ruling Shows SDNY's Pro-Award Confirmation Stance
A New York federal court's recent ruling upholding an arbitration award in Lakah v. UBS, a long-running dispute over a bond debt default, serves as a reminder that New York courts carry a strong presumption toward binding parties to arbitration agreements and enforcing arbitral awards, say attorneys at Mayer Brown.
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Where Payments Law And Regulation Are Headed In 2025
The Trump administration will likely bring significant changes to payments regulations in 2025, but maintaining internal compliance efforts in the absence of robust federal oversight will remain key as state authorities and private plaintiffs step into the breach, say attorneys at Stinson.
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How Decline Of Deference Will Affect Trump Policymaking
An administrative law regime without Chevron deference may limit the Trump administration’s ability to implement new policies in the short term, but ultimately help it in the long term, and all parties with an interest in regulatory changes will have to take a fresh approach to litigation, say attorneys at Covington.
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5 Evolving Concerns For Family Offices In 2025
Complex regulatory changes and emerging operational risks will force family offices to stay on their toes in 2025, with timely action particularly necessary to address several tax and reporting developments that may affect their investments and business operations, say attorneys at Morgan Lewis.
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Series
Ohio Banking Brief: All The Notable Legal Updates In Q4
Ohio's banking and financial services sector saw several significant developments in the fourth quarter of 2024, including a landmark Uniform Commercial Code ruling, adjustments to the state's Homebuyer Plus Program and the launch of the state's first women-led bank, says attorney Alex Durst.
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2024 Was A Banner Year For Shareholder Activism
Shareholder activism campaigns in 2024 continued at an elevated pace globally, with activist investors exploiting valuation gaps and pushing aggressively for corporate governance reforms, including the ouster of many companies' chief executives, a trend that could continue once President-elect Donald Trump takes office, say attorneys at Sidley.