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Securities
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August 08, 2025
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen the U.S. Securities and Exchange Commission target a British investor over a $10 million microcap fraud scheme, Merck Sharp & Dohme move against Halozyme Inc. following a recent clash over its patented cancer medicine, and Birmingham City Council sue a school minibus operator years after ending its contract over DBS check failures. Here, Law360 looks at these and other new claims in the U.K.Â
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August 07, 2025
Crypto Buyers Win Class Cert. Against Kardashian, Celebs
EthereumMax buyers accusing celebrities of promoting the cryptocurrency allegedly used in a pump-and-dump scheme can certify subclasses in four states, but not their nationwide class, a federal judge ruled, agreeing with famed boxer Floyd Mayweather Jr. that there's a risk of California and Florida securities laws being inappropriately applied outside those states.
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August 07, 2025
Student Loan Co. Sued In Chancery Over 'Unfair' Lender Deal
Stockholders of international student loan provider MPower Financing PBC have filed a lawsuit in Delaware's Court of Chancery to block new "highly dilutive" borrowing from the company's top lenders and stockholders, alleging unfair terms that could hand control to two hedge funds.
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August 07, 2025
6th Circ. Halts FirstEnergy Production Of Bribery Probe Docs
The Sixth Circuit on Thursday prevented shareholders of FirstEnergy Corp. from immediately accessing investigative documents prepared by BigLaw firms in the wake of a $1 billion bribery scandal, ruling that the utility company was likely to succeed in its claims that the disclosures were protected by attorney-client privilege.
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August 07, 2025
BioPharma Co.'s $15M Deal Over Ruined J&J Vaccines OK'd
A Maryland federal judge on Thursday granted final approval to a $15 million settlement to close out a stockholder derivative suit claiming Emergent BioSolutions Inc. and its top brass made a mint selling stock before their allegedly lax oversight led to the contamination of over 15 million Johnson & Johnson COVID-19 vaccine doses.
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August 07, 2025
Trump Taps Economic Adviser Miran For Fed Board Vacancy
President Donald Trump said Thursday that he has chosen Stephen Miran, the chairman of his Council of Economic Advisers, to fill a vacancy on the Federal Reserve's Board of Governors until early 2026 while continuing to search for a permanent replacement.
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August 07, 2025
Del. Court Weighs Final Leads For $13B Endeavor Stock Suit
In a rare battle of extremes, attorneys for a single Endeavor Group investor urged a Delaware vice chancellor on Thursday to accept their suit challenging the company's $13 billion take-private deal in March over a suit filed by investment giant Icahn Enterprises LP and a multinational bank based in Sweden.
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August 07, 2025
Novartis Faces $291M Trade Secrets Suit From Hedge Fund
A hedge fund on Thursday accused Novartis, a former investment executive and the executive's longtime friend and business partner of scheming to steal its "innovative hedge fund strategy" after an investment deal between the biotech giant and the hedge fund went south.Â
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August 07, 2025
Binance Partner To Pay $48.5M For Compliance Failure Claims
Cryptocurrency trust Paxos Trust Co. has agreed to pay a $26.5 million fine and place $22 million into beefing up its compliance program in a settlement with a New York regulator over its anti-money laundering policies and other alleged due diligence failures related to its stablecoin partnership with crypto exchange Binance.
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August 07, 2025
Trump 'Debanking' Order Calls For Scrutiny Of Bank Practices
President Donald Trump on Thursday directed federal regulators to investigate and potentially punish banks if they have turned away customers based on their political or religious beliefs, escalating his administration's crackdown on so-called debanking.
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August 07, 2025
Fugitive Trader's Wife Can't Pause Liquidation In $67M Fraud
The wife of a fugitive Oak Management Corp. trader cannot temporarily block a receiver's plan to liquidate frozen assets and reimburse victims who lost $67 million to her husband's fraud scheme, a Connecticut federal judge has ruled.
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August 07, 2025
Trump Greenlights Private Equity, Crypto 401(k) Investing
President Donald Trump signed an executive order Thursday that aims to make it easier for retirement plans to invest in a wider range of assets, including cryptocurrency, private equity and real estate.
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August 07, 2025
Kids Cartoon Co. Gets Investor Suit Trimmed
A California federal judge issued a mixed ruling in a securities class action alleging that kids cartoon company Genius Brands International Inc. and its CEO engaged in a pump-and-dump scheme, finding that the third version of the complaint only plausibly pleads that investors relied on misstatements related to the airing frequency of the show "Rainbow Rangers."
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August 07, 2025
Ex-Data Co. Execs Charged With $25M 'Round Tripping' Scam
Two executives from bankrupt California data company Near Intelligence Inc. fraudulently inflated the company's revenues by $25 million in a conspiracy that involved a third executive from advertising company MobileFuse LLC, according to a Manhattan federal court indictment unsealed Thursday.
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August 07, 2025
NC Biz Court Bulletin: Divorce Dust-Ups And Judicial Rebukes
Litigation in the North Carolina Business Court is heating up this summer with new complaints centered on fears a former state politician's divorce proceedings will impede his companies' operations and accusations that a climate technology company has failed to pay out a former engineer's ownership interest.
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August 06, 2025
Masimo Drops Founder Joe Kiani From 'Empty Voting' Suit
Masimo Corp. has agreed to free its founder, Joe Kiani, from the medical technology company's suit alleging he manipulated a shareholder vote through an "empty voting" scheme, pointing to "the interest of judicial efficiency and economy."
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August 06, 2025
Pomerantz Tapped To Lead MicroStrategy Securities Suit
Pomerantz LLP will serve as lead counsel and Cohen Milstein Sellers & Toll PLLC as liaison counsel for the proposed class of investors in a suit in Virginia federal court alleging that analytics software company MicroStrategy downplayed the risk of major financial losses that followed an update to its crypto accounting methodology.
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August 06, 2025
Womble Bond Adds Hill Dickinson Atty As Disputes Partner
Womble Bond Dickinson has appointed a new London-based partner for its commercial disputes team, saying he will help strengthen the law firm's international arbitration practice following his move from Hill Dickinson LLP.
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August 06, 2025
Indivior Beats Investor Suit Over Opioid Drug Sales Forecasts
A Virginia federal judge Wednesday tossed an investor class action accusing drugmaker Indivior PLC of overstating the financial prospects of its drugs used to treat opioid use disorders and its ability to forecast such financial projections, finding, among other things, that the complaint's challenged statements are inactionable.
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August 06, 2025
Fox Corp. Seeks Del. Court Ruling On Class Suit Discovery
Fox Corp. attorneys asked a Delaware vice chancellor Wednesday to set boundaries for summary judgment discovery in a derivative suit linking Fox's board and officers to defamation of 2020 election vote tabulation companies, arguing that counsel for stockholders want an "overbroad" probe.
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August 06, 2025
Crypto.com Seeks Win Over Nev. Regulators In Betting Brawl
The derivatives platform owned by Crypto.com asked a Nevada federal judge to permanently block the state's gambling regulators from taking action over its sports event contracts, which it argues are exclusively overseen by the U.S. Commodity Futures Trading Commission.
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August 06, 2025
Wells Fargo Worker To Pay $3M To Settle ESOP Class Claims
A Wells Fargo employee will pay $3 million to resolve claims against her in a class action alleging owners of an electrical component company and managers of its employee stock ownership plan undervalued the plan's shares when the program shut down, according to a filing in Massachusetts federal court.
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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
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
Thompson Hine Adds Trio In Key Markets In 3 States
The former branch chief of a U.S. Securities and Exchange Commission office in D.C. dedicated in part to reviewing mutual fund filings, a former Latham & Watkins LLP associate based in Chicago, and a securities lawyer from an Orange County boutique all have joined Thompson Hine LLP.
Expert Analysis
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SEC Proposal Could Hurt Foreign Issuers' US Market Access
The U.S. Securities and Exchange Commission’s June call for feedback on potentially narrowing how it designates foreign private issuers of securities could ultimately result in significant new barriers for traders that rely on FPI accommodations to participate in U.S. markets, say attorneys at Gibson Dunn.
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DOJ's 1st M&A Declination Shows Value Of Self-Disclosures
The U.S. Department of Justice's recent decision not to charge private equity firm White Deer Management — the first such declination under an M&A safe harbor policy announced last year — signals that even in high-priority national security matters, the DOJ looks highly upon voluntary self-disclosures, say attorneys at Perkins Coie.
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Series
Law School's Missed Lessons: Practicing Self-Care
Law schools don’t teach the mental, physical and emotional health maintenance tools necessary to deal with the profession's many demands, but practicing self-care is an important key to success that can help to improve focus, manage stress and reduce burnout, says Rachel Leonard​​​​​​​ at MG+M.
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Nev. Steps Up Efforts To Attract Incorporations With New Law
Recent amendments to Nevada corporate law, which will narrow controlling stockholders’ liability, streamline mergers and allow companies to opt out of jury trials, show the interstate competition to attract new and reincorporating companies is still heating up, say attorneys at Simpson Thacher.
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ABA Opinion Makes It A Bit Easier To Drop A 'Hot Potato'
The American Bar Association's recent ethics opinion clarifies when attorneys may terminate clients without good cause, though courts may still disqualify a lawyer who drops a client like a hot potato, so sending a closeout letter is always a best practice, say attorneys at Thompson Hine.
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3rd-Party Audit Tactics To Improve Export Control Compliance
Companies should take a strategic approach to third-party audits in response to the Trump administration's ramp-up of export control enforcement with steps that strengthen their ability to identify the control weaknesses of distributors, dealers and resellers, say Michael Huneke at Hughes Hubbard, and John Rademacher and Abby Williams at Secretariat Advisors.
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Can Companies Add Tariffs Back To Earnings Calculations?
With the recent and continually evolving tariffs announced by the Trump administration, John Ryan at King & Spalding takes a detailed look at whether those new tariffs can be added back in calculating earnings before interest, taxes, depreciation and amortization — an important question that may greatly affect a company's compliance with its financial covenants.
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Series
My Opera And Baseball Careers Make Me A Better Lawyer
Though participating in opera and the world of professional baseball often pulls me away from the office, my avocations improve my legal career by helping me perform under scrutiny, prioritize team success, and maintain joy and perspective at work, says Adam Unger at Herrick Feinstein.
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A Look At DOJ's Dropped Case Against Early Crypto Operator
The prosecution of an early crypto exchange operator over alleged unlicensed money transmission was recently dropped in Indiana federal court, showcasing that the U.S. Justice Department may be limiting the types of enforcement cases it will bring against digital asset firms, say attorneys at Greenberg Traurig.
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Policy Shifts Bring New Anti-Money Laundering Challenges
In the second half of 2025, the U.S. anti-money laundering regulatory landscape is poised for decisive shifts in enforcement priorities, compliance expectations and legislative developments — so investment advisers and other financial institutions should take steps to prepare for potential new obligations and areas of risk, say attorneys at Linklaters.
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8 Ways Lawyers Can Protect The Rule Of Law In Their Work
Whether they are concerned with judicial independence, regulatory predictability or client confidence, lawyers can take specific meaningful actions on their own when traditional structures are too slow or too compromised to respond, says Angeli Patel at the Berkeley Center of Law and Business.
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Assessing New Changes To Texas Officer Exculpation Law
Consistent with Texas' recent modernization of its corporate law, the recently passed S.B. 2411 allows officer exculpation, streamlines certificate of formation amendments, authorizes representatives to act on shareholders' behalf in mergers and makes other changes aimed toward companies seeking a more codified, statutory model of corporate governance, say attorneys at Bracewell.
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Is SEC Moving Away From Parallel Insider Trading Cases?
The U.S. Securities and Exchange Commission's apparent lack of follow-up in four recent criminal cases of insider trading brought by the Justice Department suggests the SEC may be reconsidering the expense and effort of bringing parallel civil charges for insider trading, say attorneys at Dentons.
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Series
Law School's Missed Lessons: Communicating With Clients
Law school curricula often overlook client communication procedures, and those who actively teach this crucial facet of the practice can create exceptional client satisfaction and success, says Patrick Hanson at Wiggam Law.
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Prepping For SEC's Changing Life Sciences Enforcement
By proactively addressing several risk areas, companies in the life sciences sector can position themselves to minimize potential exposure under the U.S. Securities and Exchange Commission's return to back-to-basics enforcement focused on insider trading and fraud, say attorneys at Morgan Lewis.