News & Analysis as of

Class Action Securities and Exchange Commission (SEC) Enforcement Actions

A class action is a type of legal action where a representative individual or group of individuals can bring a claim on behalf of a larger group or class who share a common legal interest.
Robinson+Cole Data Privacy + Security Insider

What is AI Washing and Why are Companies Getting Sued?

With the proliferation of artificial intelligence (AI) usage over the last two years, companies are developing AI tools at an astonishing rate. When pitching their AI tools, these companies claim that their products can do...more

Vedder Price

SEC Settles Enforcement Proceedings Against Investment Adviser Regarding Alleged Misleading Disclosure Concerning Capital Gains...

Vedder Price on

On January 17, 2025, the SEC announced the settlement of administrative proceedings brought against a registered investment adviser for allegedly making materially misleading statements relating to capital gains distributions...more

Bennett Jones LLP

It All Comes Out in the Wash: Regulatory Action on AI Washing Ramps Up

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Securities-related regulatory action regarding “AI washing” has been increasing in the United States, serving as a warning of potential future developments in Canada. AI washing, as defined by the Canadian Securities...more

DLA Piper

Meme Coins Alleged to be Securities in Two New Class Actions

DLA Piper on

On January 16 and January 30, two related class actions were filed in the US District Court for the Southern District of New York against Baton Corporation LTD (Pump.Fun) and its founders. The complaints allege that Pump.Fun...more

Cornerstone Research

Securities Class Action Filings Increase for Second Consecutive Year in 2024

Cornerstone Research on

AI-related filings more than double and 1933 Act filings continue to decline. The number of securities class action filings increased for the second consecutive year in 2024, with artificial intelligence (AI)-related...more

Cooley LLP

Don’t Celebrate Just Yet – Potential Litigation Risks Under the Trump Administration

Cooley LLP on

The inauguration of President Donald J. Trump has been widely celebrated as the dawn of the first pro-crypto presidential administration – a dramatic shift from the Biden administration’s antagonistic stance on crypto. But...more

BCLP

U.S. Supreme Court Changes Its Mind, Will Not Decide Facebook Dispute Concerning Public Companies’ Risk-Factor Disclosures

BCLP on

After hearing argument earlier this month in a widely followed securities law case concerning risk-factor disclosures of public companies, the U.S. Supreme Court last week decided it should not have agreed to hear the case...more

Alston & Bird

Shareholders Sharpen Focus on AI-Related Securities Disclosures

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What Happened? As Alston & Bird’s Securities Litigation Group reported, the number of securities class actions based on AI-related allegations is rising. With six new filings in the first half of 2024 and at least five more...more

Polsinelli

Blockchain+ Bi-Weekly: June 2024 #2

Polsinelli on

On June 15, 2023, the Polsinelli Blockchain+ team put out our first Bi-Weekly rundown of some of the key stories in the Web3, blockchain, and crypto ecosystems curated by Polsinelli attorneys navigating the intersections of...more

A&O Shearman

New law expands Belgian "class actions" framework

A&O Shearman on

On 31 May 2024, a new Belgian law was published transposing the EU Collective Redress Directive into national law. The new Belgian law does not introduce an entirely new framework to allow so-called class actions as, unlike...more

Goodwin

2023 Year in Review: Data Privacy and Cybersecurity

Goodwin on

Welcome to the Data Privacy and Cybersecurity chapter of our annual report Consumer Financial Services 2023 Year in Review. Looking Ahead to 2024 - Amendments to key rules and regulations will take effect in 2024,...more

Akin Gump Strauss Hauer & Feld LLP

CryptoLink - December 2023 Updates

On the one hand, the year ended where it began. The legislation on stabelecoins and market structure that would provide a regulatory framework for digital assets has still not been enacted into law. And Securities and...more

Saul Ewing LLP

Public Companies Quarterly Update (Q3 2023)

Saul Ewing LLP on

Welcome to Saul Ewing’s Public Companies Quarterly Update series. Our intent is to, on a quarterly basis, highlight important legal developments of which we think public companies should be aware. This edition is related to...more

Goodwin

SEC Brings Suit Against Owner of BitTorrent, Inc., and Settles Claims With Celebrity Endorsers of Certain Crypto Tokens

Goodwin on

On March 22, 2023, the US Securities and Exchange Commission (SEC) filed a complaint in US District Court for the Southern District of New York against Justin Sun, the owner of BitTorrent, Inc., a file-sharing platform; three...more

Goodwin

Appeal of Certification of Nationwide Class in ERISA Lawsuit

Goodwin on

On December 1, 2022, the U.S. Court of Appeals for the Second Circuit vacated and remanded a district court’s decision to certify a class of more than 200,000 retirees alleging that collateralized loans serviced by the...more

Skadden, Arps, Slate, Meagher & Flom LLP

Inside the Courts – An Update From Skadden Securities Litigators - December 2022

Cornerstone Research reports that during the first six months of 2022, plaintiffs filed 110 securities class actions, a pace that is generally in line — 2.8% higher — with what we saw in the second half of 2021. Looking...more

Mintz - Securities Litigation Viewpoints

“We lost. Sorry everyone”: The Implications of a District Court Finding Digital Token, LBC, Is a Security

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...more

Holland & Knight LLP

COVID-Related SEC Enforcement Actions Not a Thing of the Past

Holland & Knight LLP on

The sun is shining, children are out of school, families are headed off on summer vacations, and the SEC is … bringing enforcement actions against companies for 2020 fraud related to COVID-19 products. One such action was...more

Wiley Rein LLP

ESG and SEC Enforcement: Securities & Exchange Commission v. Vale S.A and its Corporate Takeaways

Wiley Rein LLP on

On the second episode of this series, Kevin Muhlendorf and Holly Wilson provide updates from the first quarter of 2022. The pair covers the SEC’s recent aggressive approach to Environmental, Social, and Governance (ESG)...more

Bracewell LLP

SEC Brings First Major ESG Enforcement Action

Bracewell LLP on

More than a year after creating its Climate and ESG Task Force in March 2021, the Securities and Exchange Commission’s ESG-related enforcement goals are finally being realized. The SEC recently brought a fraud action against...more

Butler Snow LLP

The SEC – It Just Means More

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The Securities and Exchange Commission (“SEC”) was established by the passage of the Securities and Exchange Act of 1934 following the stock market crash of 1929.sec The Act gave the newly formed SEC power to regulate the...more

Goodwin

Eleventh Circuit Overturns Dismissal of Cryptocurrency Ponzi Scheme Class Action Suit

Goodwin on

IN THIS ISSUE - Eleventh Circuit Overturns Dismissal of Cryptocurrency Ponzi Scheme Class Action Suit; Federal Court of Appeals Dismisses Leading Fannie Mae and Freddie Mac Shareholder Lawsuits; NY Seeks Blockchain...more

ArentFox Schiff

Privacy Update: FCC Seeks Public Comment on the Current and Future Regulation of the "Internet of Things"

ArentFox Schiff on

FCC Seeks Public Comment on the Current and Future Regulation of the “Internet of Things” - The FCC is requesting public comment in a proceeding that will help determine the scope and nature of regulation of the “Internet of...more

Goodwin

Delaware Court of Chancery Finds that Director’s Email on Outside Email System Remains Confidential

Goodwin on

Delaware Court of Chancery Finds that Director’s Email on Outside Email System Remains Confidential; Delaware Supreme Court Overrules Longstanding Precedent Regarding Derivative Versus Direct Standing; SEC Files Crowdfunding...more

ArentFox Schiff

Federal Judge Concludes Entity Subject to CCPA Despite Assertion It Is Not a “Business”

ArentFox Schiff on

In Blackbaud Inc. Customer Data Security Breach Litigation, No. 3:20-mn-02972 (D.S.C. Aug. 12, 2021), a federal judge found that defendant, Blackbaud Inc. was subject to the CCPA despite its motion to dismiss asserting that...more

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