On June 27, the Supreme Court issued its decision in the closely-watched SEC v. Jarkesy, holding that the SEC could no longer seek civil monetary penalties for fraud in its in-house courts consistent with the Seventh Amendment,…
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/ Administrative Law, Constitutional Law, Securities Law
On August 10, 2023, the U.S. Court of Appeals for the Second Circuit took an important step in Arkansas Teacher Retirement System v. Goldman Sachs Group toward clarifying the circumstances in which federal class action…
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/ Civil Procedure, Securities Law
Just barely two weeks ago, we wrote about the half-victory for Ripple Labs in its ongoing litigation with the Securities and Exchange Commission (“SEC”), in which Judge Analisa Torres granted partial summary judgment in favor of…
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/ Civil Procedure, Finance & Banking, Securities Law
In the ever-changing and divisive political climate facing our nation today, boards of directors and the companies they oversee face myriad pressures from numerous stakeholders to weigh in on specific political, cultural, and…
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/ Business Organizations
On July 13, 2023, a New York federal judge issued a landmark split decision in the SEC v. Ripple Labs case that takes a step toward answering one of the biggest questions in the digital asset space: whether cryptocurrency…
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/ Finance & Banking, Science, Computers, & Technology
Last week, the U.S. Supreme Court solidified the “tracing” requirement for private plaintiffs to be able to assert Section 11 claims pursuant to the Securities Act of 1933, holding that plaintiffs asserting such securities fraud…
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/ Civil Procedure, Securities Law
Last week, the U.S. Supreme Court paved a path for petitioners to assert constitutional challenges to the structure of U.S. Securities and Exchange Commission (“SEC”) and U.S. Federal Trade Commission (“FTC”) administrative…
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/ Civil Procedure, Constitutional Law, Securities Law
On October 26, 2022, the Securities and Exchange Commission, in a 3-2 vote, adopted a new rule, Exchange Act Rule 10D-1. Rule 10D-1 directs national securities exchanges adopt listing standards to require all issuers establish…
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/ Business Organizations, Labor & Employment Law
Crypto litigation, fueled by a surge of investors and market volatility, has ballooned in recent years. For example, numerous securities class actions and government subpoenas followed the May 2022 collapse of the $60 billion…
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/ Civil Procedure, Science, Computers, & Technology
On July 21, 2022, the U.S. Attorney for the Southern District of New York announced charges against three men in the "first ever cryptocurrency insider trader tipping scheme." The Indictment charged Ishan Wahi, a former product…
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/ Finance & Banking
In a long-anticipated decision, the Delaware Court of Chancery answered several pending questions regarding the treatment of special purpose acquisition company (“SPAC”) sponsors and directors under Delaware corporate law. In In…
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/ Business Organizations
On March 31, the Securities and Exchange Commission’s Division of Corporation Finance published a staff statement which outlines accounting, financial reporting, and governance issues that private companies should consider…
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/ Business Organizations, Finance & Banking, Mergers & Acquisitions, Securities Law
In a scathing decision by the United States District Court for the Southern District of New York, the Court denied class certification of the Allergan securities class action (“Allergan”). See In re Allergan PLC Sec. Litig.,…
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/ Civil Procedure, Finance & Banking, Securities Law
It is not uncommon for various government agencies and offices to investigate the same company, particularly following a major scandal. We have grown accustomed to seeing simultaneous investigations by the U.S. Department of…
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/ Administrative Law, Civil Remedies, Securities Law
On September 1, 2020, the Massachusetts Securities Division (“MSD”) began enforcing a new state regulation that holds all broker-dealers and their agents to a fiduciary conduct standard requiring them to “make recommendations…
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/ Securities Law
