Each month, we publish a roundup of the most important SEC enforcement developments for busy in-house lawyers and compliance professionals. This month we examine: • Fraud and internal control failure charges against...more
On March 23, 2023, the U.S. Bankruptcy Court for the Southern District of Florida partially denied summary judgment to Deutsche Bank on, among others, claims for aiding and abetting conversion and breach of fiduciary duty,...more
In a recent post-trial decision, Delaware Chancellor Kathaleen St. J. McCormick found a CEO personally liable for breaching his fiduciary duties for tilting the company’s sale to his preferred acquiror. The court further held...more
While a conclusion to the much-hyped case may be approaching, market participants should be wary of doomsday prognostications. As a new year begins, the digital assets industry is still enduring a deep and widespread crypto...more
JASTA's stated intention is to provide litigants "with the broadest possible basis" for relief against entities that have "provided material support, directly or indirectly, to foreign organizations or persons that engage in...more
The SEC's Enforcement Action Against Ripple - In December 2020, the SEC commenced an enforcement action against Ripple and two of its senior executives alleging that the defendants violated Section 5 of the Securities Act of...more
In December 2020, the Securities and Exchange Commission (SEC) filed an action against Ripple Labs, Inc. and two of its executives, alleging they raised over $1.3 billion through an unregistered ongoing securities offering of...more
A key question for any company considering the issuance of cryptocurrency is whether that digital asset will be treated by regulators as a security, like BP stock, or a commodity, like Bitcoin. In 2019, the Securities and...more
SEC Settles First-Of-Its-Kind $13m DeFi Tech Action; NASDAQ Board Diversity Rules Challenged in Fifth Circuit; Delaware Court of Chancery Declines to Enforce Contractual Limitations on Liability to Bar Contractual Fraud...more
Key Takeaways - Slave, forced, and child labor is a modern-day reality impacting some 40 million people throughout the world, by some estimates. Such practices are—and have always been—repugnant, and certainly have no place...more
On June 1, the Delaware Chancery Court (the “Court”) in Morrison v. Berry allowed an aiding and abetting breach of fiduciary claim to proceed against financial advisor J.P. Morgan Securities, LLC (“JPMorgan”) for its role in...more
In re Oracle Corp. Derivative Litigation considered whether a fiduciary for an acquired entity can aid and abet breaches of duty by a fiduciary for the buyer. Theoretically yes, almost anything is possible. But what if the...more
In the last 30 years, the U.S. Congress has enacted several laws enabling victims of terrorism to seek damages in U.S. federal courts. The central piece of legislation in this regard, the Antiterrorism Act of 1990 (ATA), has...more
On February 25, 2020, the Tenth Circuit Court of Appeals upheld the dismissal of shareholders’ securities-fraud class action against the Western Union Company (“Western Union”) and several of its current and former executive...more
On May 3, 2019, following a jury verdict rendered last November, a Santa Clara, California court entered a final judgment for $845 million in favor of semiconductor maker, ASML, in its suit against rival, XTAL, for stealing...more
In a recent landmark decision, the Ohio Supreme Court declared that R.C. 1707.43 does not impose joint and several liability on a custodian of a self-directed individual retirement account (IRA) that purchased illegal...more
This quarter’s issue includes summaries and associated court opinions of selected cases principally decided between September 2018 and October 2018. ...more
Over the last few years, significant developments in Delaware law and practice have changed the traditional M&A litigation landscape. These developments resulted in a dramatic reduction in pre-closing applications for...more
Week of October 15-19, 2018 - SEC Launches FinHub to Facilitate Public Engagement on FinTech Issues - On October 18, the SEC launched FinHub, a new “Strategic Hub for Innovation and Financial Technology.” The SEC...more
The United States Court of Appeals for the Second Circuit dealt a blow to the U.S. government’s extraterritorial enforcement power on Friday, August 24, 2018, in prosecuting alleged violations of the Foreign Corrupt Practices...more
On August 24, 2018, the United States Court of Appeals for the Second Circuit issued a significant ruling regarding the reach of the U.S. Foreign Corrupt Practices Act (FCPA) over foreign companies and individuals in United...more
On August 24, 2018, in a rare appellate decision interpreting the U.S. Foreign Corrupt Practices Act (the FCPA), a three-judge panel for the U.S. Court of Appeals for the Second Circuit issued a long-awaited decision in U.S....more
The United States Department of Justice (“DOJ”) recently indicted thirty-six individuals leading a global cybercrime ring for allegedly trafficking in stolen personal and financial information....more
Out-of-state entities with the power to dictate a New York employer’s hiring and retention policies take notice: you can be subject to liability under the New York Human Rights Law (“NYHRL”) if you “aid and abet”...more
While the UK Court of Appeal has opened the door for broadband ISP blocking to combat trademark or copyright-infringing activities, the picture in the United States, China and Hong Kong is more complex. ...more