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Securities
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June 09, 2025
Del. Justices Reverse Chancery On Insider Trade Claims
Citing lower court errors, Delaware's Supreme Court revived on Monday two counts in a Court of Chancery suit alleging that Kraft Heinz Co. insiders with ties to a Brazilian controlling investor sold $1.2 billion worth of shares based on nonpublic information.
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June 09, 2025
Treasury Warns Of Iranian 'Shadow Banking,' Oil Smuggling
The Treasury Department has laid out red flags that financial institutions should monitor for identifying and reporting possible sanctions evasion schemes and other suspicious activity tied to the Islamic Republic of Iran, including illicit oil smuggling and the use of "shadow banking" networks.
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June 09, 2025
Vicor Short Sellers Lose Shareholder Suit Over AI Chip Deal
A California federal judge has dismissed a proposed class action brought by short sellers, who alleged power systems manufacturer Vicor misled investors about an anticipated artificial intelligence chip deal, ruling the company's statements were forward-looking projections and potentially not false when made.
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June 09, 2025
Carebourn Opposes SEC's Bid To Remand 'Dealer' Case
Financial firm Carebourn Capital LP on Monday urged the Eighth Circuit to reject the U.S. Securities and Exchange Commission's bid to remand a $12 million unregistered dealer judgment the agency won, arguing the SEC is trying to skirt the case's liability issues.
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June 09, 2025
Mediation Fails To End 'Sham' Hiring Suit Against Wells Fargo
Wells Fargo and a class of investors accusing the bank of conducting "sham" job interviews to meet diversity targets that later triggered a stock price drop have told a California federal judge that the mediation they attempted last month did not result in a settlement.
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June 09, 2025
Bitcoin Platform Parataxis Eyes Public Listing Via SPAC Deal
Bitcoin-focused investment startup Parataxis Holdings LLC plans to go public through a merger with special purpose acquisition company SilverBox Corp IV, both parties announced Monday, marking the latest crypto-related foray into public markets.
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June 09, 2025
Chancery Tosses Suit For $7.2B Squarespace Sale Docs
Shareholders of website builder Squarespace Inc. lost a suit Monday seeking more records on events leading up to the company's $7.2 billion take-private deal with private equity giant Permira Advisors LLC, despite an acknowledged "proper purpose" for the inquiry.
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June 09, 2025
Warner Bros To Split Up Streaming, Networks Businesses
Television and film giant Warner Bros. Discovery, advised by Kirkland & Ellis LLP, on Monday unveiled plans to split into two separately traded public companies, allowing its Streaming & Studios and Global Networks companies to take advantage of their specific strengths and financial profiles.
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June 09, 2025
Investment Firm Lead Admits To Insider Trading Biotech Stock
The former head of equity trading at Denver-based capital markets firm Irving Investors LLC admitted to receiving insider information on multiple companies and using that nonpublic knowledge to guide trading decisions to make an unlawful $220,912 profit, Connecticut U.S. Attorney David X. Sullivan announced.
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June 09, 2025
Vice Chancellor Wants Clarity On Del. Corporate Law Change
Citing "an important and urgent" need, a Delaware vice chancellor has asked the state supreme court to rule on the constitutionality of recent corporate law amendments providing conflicted directors or controlling investors expanded "safe harbor" liability shields for contested actions.
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June 06, 2025
Senate Banking Bill Would Zero Out ÃÛÌÒÊÓÆµ's Fed Funding
U.S. Senate Banking Committee Republicans called Friday for eliminating the Consumer Financial Protection Bureau's Federal Reserve funding as part of their proposal package for the "One Big Beautiful" budget bill, a move that could effectively restructure the agency.
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June 06, 2025
Crypto Holding Co. Can Pursue Counterclaim Against Ex-Exec.
A Puerto Rico-based crypto holding company can pursue a counterclaim against its former president who alleged the company's CEO fraudulently recruited him to the venture and then fired him, a Delaware vice chancellor ruled Friday, finding legal expenses the company incurred are recoverable.
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June 06, 2025
Masimo Fights Ex-CEO's Bid To Ax Suit Over $450M Demand
Masimo Corp. fought back against founder Joe Kiani's motion to dismiss the company's Delaware Chancery Court suit seeking a declaration that he's not due a $450 million payout after his ouster as CEO, arguing that bid is an "improper attempt to evade" the Delaware court's jurisdiction.
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June 06, 2025
Judge Signs Off On SEC Dismissal Of Crypto Promoter Suit
A Texas federal judge signed off on the end of the U.S. Securities and Exchange Commission's case against crypto promoter Ian Balina, resolving the dispute over Balina's promotion of so-called SPRK tokens amid the agency's policy pivot on digital assets.
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June 06, 2025
Fed's Bowman Calls For Oversight Built On 'Pragmatism'
Federal Reserve Vice Chair for Supervision Michelle Bowman on Friday previewed a sweeping industry-friendly agenda to ease burdens on smaller lenders, overhaul supervisory ratings and reevaluate capital rules as the central bank's new top regulator, drawing immediate praise from banking industry groups.
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June 06, 2025
Circle's Smash IPO Could Pave Way For More Crypto Listings
Stablecoin issuer Circle's explosive debut will likely stimulate more crypto listings and possibly jolt the broader pipeline of initial public offerings, capital markets attorneys say.
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June 06, 2025
Truist's Negligence Led To Hackers Hijacking Deal, Firm Says
Delaware-based Rhodunda Williams & Kondraschow LLC is claiming in a new lawsuit that hackers used the law firm's email to hijack a real estate transaction and have funds wired to their account at Truist Financial Corp., which lacked the needed security measures to prevent the alleged fraud.
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June 06, 2025
Chancery Pauses Meta Privacy Suit For EU, Ireland Actions
A Delaware court on Friday paused a pension fund stockholder suit seeking documents on data privacy violations made by Meta Platforms Inc. that led to a €1.2 billion ($1.4 billion) fine from European authorities.
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June 06, 2025
Fox Stockholders Press For Election Suit Docs In Chancery
Attorneys for Fox Corp. shareholders are accusing the company of unjustifiably withholding documents sought in Delaware's Court of Chancery related to a derivative suit over the alleged defamation of vote tabulation companies in the midst of the 2020 election.
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June 06, 2025
Feds Seek 15 Months For Russian Crypto Market Manipulator
A Russian national who pled guilty to manipulating crypto markets through his market-making service says the time he has already served is sufficient punishment, but the government is seeking 15 months in addition to his company's $23 million forfeiture.
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June 06, 2025
Justices Skip Investment Adviser's Appeal Of $32M SEC Win
The U.S. Supreme Court on Friday declined to hear a lawsuit challenging the U.S. Securities and Exchange Commission's disgorgement powers, turning away an appeal brought by an investment adviser who was ordered to pay $32 million after a lower court found that he and his firm defrauded clients.
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June 06, 2025
Execs Hid Jewelry Co. Accounting Issues, Suit Says
Executives of Compass Diversified Holdings have been hit with a derivative shareholder suit in a California federal court for allegedly making misleading statements about the investment firm's financial condition, stemming from accounting irregularities at a jewelry company the firm acquired.
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June 06, 2025
Crypto Groups Want Protections For Developers In House Bill
A coalition of crypto industry groups urged lawmakers and courts to shield developers from certain legal liabilities if their creations do not take hold of customer funds, including by enshrining protections in a proposal to regulate crypto markets that lawmakers continue to debate.
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June 06, 2025
Argentina Tells DC Circ. $391M Award OK Must Be Nixed
Argentina has asked the D.C. Circuit to overturn a lower court decision ordering it to pay a $391 million arbitral award issued following a 15-year-old dispute over the renationalization of the country's state-owned airline.
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June 06, 2025
Buchalter Lands Duane Morris Securities Litigator In SF
Buchalter PC is expanding its litigation team, bringing in a Duane Morris LLP securities litigation ace as a shareholder in its San Francisco office.
Expert Analysis
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SEC Crypto Mining Statement Delivers Regulatory Clarity
The U.S. Securities and Exchange Commission's March 20 statement clarifying that certain crypto mining activities do not constitute the offer and sale of securities marks the end of the SEC's enforcement-first approach and ushers in a more predictable environment for blockchain innovation and investment, says Jeonghoon Ha at Ha Law.
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Nev. Fraud Ruling Raises Stakes For Proxy Battles
Though a Nevada federal court’s recent U.S. v. Boruchowitz decision involved unusual facts, the court's ruling that board members can be defrauded of their seat through misrepresentations increases fraud risks in more typical circumstances involving board elections, especially proxy fights, say attorneys at ArentFox Schiff.
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Law Firm Executive Orders Create A Legal Ethics Minefield
Recent executive orders targeting BigLaw firms create ethical dilemmas — and raise the specter of civil or criminal liability — for the government attorneys tasked with implementing them and for the law firms that choose to make agreements with the administration, say attorneys at Buchalter.
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The OCC's Newly Relaxed Approach To Bank Crypto Activity
With the early March rescission of Biden-era interpretive guidance, the Office of the Comptroller of the Currency has loosened its approach to regulating national banks and federal savings associations' crypto-asset activities, possibly removing one barrier to banks engaging in such activities, say attorneys at Debevoise.
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Firms Must Embrace Alternative Billing Models Or Fall Behind
As artificial intelligence tools eliminate inefficiencies and the Big Four accounting firms enter the legal market, law firms that pivot from the entrenched billable hour model to outcomes-based pricing will see a distinct competitive advantage, says attorney William Brewer.
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Opinion
7 Ways CFTC Should Nix Unnecessary Regulatory Burdens
Several U.S. Commodity Futures Trading Commission regulations do not work efficiently in practice, all of which can be abolished or improved in order to comply with a recent executive order requiring the elimination of 10 regulations for every new one implemented, say attorneys at K&L Gates.
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How Attorneys Can Master The Art Of On-Camera Presence
As attorneys are increasingly presented with on-camera opportunities, they can adapt their traditional legal skills for video contexts — such as virtual client meetings, marketing content or media interviews — by understanding the medium and making intentional adjustments, says Kerry Barrett.
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What Del. Corporate Law Rework Means For Founder-Led Cos.
Although the amendments to the Delaware General Corporation Law have proven somewhat divisive, they will provide greater clarity and predictability in the rules that apply to founder-led companies navigating transactions concerning controlling stockholders and responding to books-and-records requests, say attorneys at Munger Tolles.
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Series
Baseball Fantasy Camp Makes Me A Better Lawyer
With six baseball fantasy experiences under my belt, I've learned time and again that I didn't make the wrong career choice, but I've also learned that baseball lessons are life lessons, and I'm a better lawyer for my time at St. Louis Cardinals fantasy camp, says Scott Felder at Wiley.
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Paul Atkins' Past Speeches Offer A Glimpse Into SEC's Future
Following Paul Atkins' Thursday Senate confirmation hearing, a look at his public remarks while serving as a commissioner at the U.S. Securities and Exchange Commission between 2002 and 2008 reveals eight possible structural and procedural changes the SEC may see once he likely takes over as chair, say attorneys at Covington.
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Series
Adapting To Private Practice: From Fed. Prosecutor To BigLaw
Making the jump from government to private practice is no small feat, but, based on my experience transitioning to a business-driven environment after 15 years as an assistant U.S. attorney, it can be incredibly rewarding and help you become a more versatile lawyer, says Michael Beckwith at Dickinson Wright.
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The Fund Finance Market Is In Its Transformative Era
The fund finance market is experiencing explosive growth as it develops into a mature and sophisticated industry, with several recent developments – such as an increase in net asset value lending and a shift toward borrower-friendly terms – reshaping the landscape of this rapidly evolving sector, say attorneys at Fried Frank.
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How Del. Supreme Court, Legislature Have Clarified 'Control'
The Delaware Supreme Court's January decision in In re: Oracle and the General Assembly's passage of amendments to the Delaware General Corporation Law this week, when taken together, help make the controlling-stockholder analysis clearer and more predictable for companies with large stockholders, say attorneys at Baker Botts.
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Service By Token Is Transforming Crypto Litigation Landscape
As the Trump administration advocates a new course of cryptocurrency regulation, courts in the U.S. and abroad are authorizing innovative methods of process service, including via nonfungible tokens and blockchain messaging, offering practical solutions for litigators grappling with the anonymity of cyber defendants, says Jose Ceide at Salazar Law.
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Opinion
SEC Shouldn't Complicate Broker-Dealers' AML Compliance
Recent U.S. Securities and Exchange Commission anti-money laundering enforcement actions show that regulators should not second-guess broker-dealers' reasonable judgment, or stretch the law or their jurisdiction to regulate through enforcement, lest they expect broker-dealers to vigorously defend their AML programs, say attorneys at WilmerHale.