News & Analysis as of

Settlement Securities

Proskauer - Whistleblower Defense

SEC Announces Slew of Enforcement Actions Regarding Whistleblower Protection Rule

The SEC recently announced the settlement of multiple enforcement actions for violations of its whistleblower protection rule, which prohibits “any action to impede an individual from communicating directly with the...more

Seward & Kissel LLP

SEC Settles Charges with a Publicly Traded Company and its Controlling Shareholder for Not Disclosing Pledge of Company’s...

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Who may be interested: Board of Directors; Registered Investment Advisers; Registered Investment Companies; Broker-Dealers; Transfer Agents; Compliance Staff - Quick Take: The SEC announced that it settled charges against...more

Seward & Kissel LLP

SEC Gets in Line at the Genesis Bankruptcy

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On January 31, 2024, bankrupt Genesis Global Holdco, LLC, on behalf of its subsidiary Genesis Global Capital, LLC1 asked the United States Bankruptcy Court for the Southern District of New York to approve a settlement reached...more

WilmerHale

SEC Adopts New Requirements for US Treasuries Clearing and Risk Management

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On December 13, 2023, the Securities and Exchange Commission (SEC) voted (4-1) to adopt new requirements under the Securities Exchange Act of 1934 (Exchange Act), which will restructure the clearance and settlement of...more

Cornerstone Research

Opt-Outs in Securities Class Action Settlements More Likely in Recent Years, Especially for Large and Complex Cases

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The percentage of securities class action settlements with at least one putative class member opting out has increased in recent years, according to a new report by Cornerstone Research in conjunction with Latham & Watkins...more

ArentFox Schiff

NFT Cat Fight: SEC Offensive Against NFTs Continues with Stoner Cats 2, LLC

ArentFox Schiff on

This public offering purportedly raised approximately $8.2 million from investors to finance Stoner Cats, an adult animated television show featuring house cats that gain sentience after exposure to their owner’s medical...more

Dechert LLP

Securities and Derivative Litigation: Quarterly Update - May 2023

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In this edition of Dechert’s Securities & Derivative Litigation Quarterly Update, we: Examine the first criminal insider trading prosecution based on a 10b5-1 trading plan;...more

Husch Blackwell LLP

The Justice Insiders Podcast: Feds Danske to a New Tune

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Host Gregg N. Sofer is joined by Salvador Hernandez, former senior FBI official and private-sector compliance officer and current senior compliance and ethics advisor at Husch Blackwell, to discuss the recent U.S. Department...more

Foley & Lardner LLP

Kraken Settles SEC Charge That Its SAAS Model Was an Illegal Securities Offering

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On February 9, 2023, the SEC announced that Kraken had settled charges alleging that it violated securities laws by failing to register the offer and sale of its “crypto asset staking-as-a-service program.” To settle the...more

Skadden, Arps, Slate, Meagher & Flom LLP

SEC Adopts T+1 Settlement Cycle for Most Securities Transactions but Permits T+2 for Firm Commitment Offerings

On February 15, 2023, the Securities and Exchange Commission (SEC) adopted final rule amendments that will shorten the standard settlement cycle for most broker-dealer securities transactions from two business days after the...more

Shipkevich PLLC

Kraken Agrees to Settlement with SEC Including $30 Million Penalty

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As of February 9, 2023, the Securities and Exchange Commission (SEC) has accused Payward Ventures, Inc. and Payward Trading Ltd, better known as Kraken, of failing to register the sale of their cryptocurrency...more

Dechert LLP

Securities and Derivative Litigation: Quarter 4 Update

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In 2022, there were 197 federal securities class actions filed, which is a 6.6% drop from the 211 filings in 2021, and a significant drop from the over 400 filings in 2017, 2018, and 2019, and over 300 in 2020. Despite a...more

Nutter McClennen & Fish LLP

Nutter Securities Enforcement Update: October 1, 2022

The Nutter Securities Enforcement Update is a periodic summary of noteworthy recent securities enforcement activity, settlements, decisions, and charges. ...more

Skadden, Arps, Slate, Meagher & Flom LLP

The Distributed Ledger: Blockchain, Digital Assets and Smart Contracts - April 2019

In this issue, we examine the release of the much-anticipated Strategic Hub for Innovation and Financial Technology (FinHub) guidance for analyzing how U.S. federal securities laws apply to initial coin offerings, the...more

A&O Shearman

Tesla, Musk Settle Tweet-Related SEC Charges

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On September 27, 2018, the United States Securities and Exchange Commission (“SEC”) charged Elon Musk, the Chairman and CEO of Tesla, Inc., a publically-traded California-based technology company that specializes in electric...more

A&O Shearman

Final EU Guidelines on Internalized Settlement Reporting Under the Central Securities Depositories Regulation

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The European Securities and Markets Authority has published final Guidelines on Internalized Settlement Reporting under the Central Securities Depositories Regulation. The CSDR, which introduces common standards for...more

Stinson - Corporate & Securities Law Blog

SEC Targets Lapses in Ownership Reporting in Battles for Corporate Control

The SEC has recently announced settlement of enforcement actions targeting violations of beneficial reporting requirements under Section 13(d) of the Act. In one of the most recent actions (available here), the SEC’s...more

Burr & Forman

Moody’s Settles RMBS/CDO Ratings Claims with DOJ, States

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After markets closed on Friday the 13th, the U.S. Department of Justice (“DOJ”) announced an $864 million settlement regarding Moody’s credit ratings of residential mortgage-backed securities (“RMBS”) and collateralized debt...more

Orrick, Herrington & Sutcliffe LLP

Orrick's Financial Industry Week In Review

Financial Industry Developments - CTFC Approves Re-Proposal of Position Limits Regulation - On December 5, 2016, the U.S. Commodity Futures Trading Commission ("CFTC") unanimously approved to re-propose rules that...more

Robins Kaplan LLP

Your Daily Dose of Financial News

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Even as auto lending continues at near break-neck pace, regulators are expressing concerns about the rise (again) of subprime delinquencies from borrowers. The trend, at a time when the US economy is doing relatively well,...more

Proskauer - Corporate Defense and Disputes

Dutch Collective Actions vs. Collective Settlements

As U.S. law has become less willing to entertain certain types of lawsuits on behalf of worldwide classes of plaintiffs, litigants have looked for other forums that might allow the prosecution – or at least the resolution –...more

Stinson LLP

SEC Proposes Shortening Broker-Dealer Settlement Cycle to T+2

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On September 28, 2016, the U.S. Securities and Exchange Commission (SEC) submitted a proposal to shorten the settlement cycle for broker-dealer transactions to two days after the trade date (T+2). The proposal would amend...more

Sullivan & Worcester

SEC Proposes T+2 for Settling Securities Transactions

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The SEC has proposed a rule amendment to shorten the standard settlement cycle for most broker-dealer securities transactions from three business days after the trade date (T+3) to two business days after the trade date...more

Stinson - Corporate & Securities Law Blog

SEC’s Proposed Rules for Expedited Settlement May Impact Long-Standing Exception for Firm Commitment Offerings

The SEC has agreed to propose rules that would shorten the standard settlement cycle for most broker-dealer transactions from three business days after the trade date (also known as T+3 settlement) to two business days after...more

Carlton Fields

Cy Pres Standard Dispute Settled With Reasonable Approximation

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The District Court for the Southern District of New York recently addressed whether the “next best” or “reasonable approximation” standard should apply when the court evaluates proposed cy pres designations in class action...more

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