Akin Gump Strauss Hauer & Feld LLP has achieved a notable victory by leading this week’s edition of Law360’s Legal Lions. A California federal jury exonerated Armistice Capital and two of its executives from class action allegations that involved a $250 million pump-and-dump scheme in Vaxart stock during the COVID-19 pandemic. The court decided they…
The recent surge in compensation for former Gemini Chief Legal Officer, William Pizzurro, has garnered significant attention in the legal industry. His earnings soared to $29.8 million last year, highlighting a notable trend in the heightened compensation packages for top legal executives in the cryptocurrency sector. This development is part of a broader movement wherein…
The recent clarifications by the U.S. Securities and Exchange Commission (SEC) are reshaping the regulatory environment for cryptocurrency issuers, prompting significant considerations for compliance strategies. These developments are crucial for issuers who must navigate increasingly defined boundaries to align with federal securities laws. The SEC’s adjustments, aimed at enhancing investor protection and market integrity, have…
In a significant resolution reached this week, a Florida attorney has agreed to settle charges brought by the U.S. Securities and Exchange Commission (SEC) connected to a gold and diamond investment fraud scheme. The legal practitioner will disburse $26,000 following allegations that he played a role in the scheme by managing investor funds without addressing…
OnlyFans, the content subscription service known primarily for adult content, has made a significant legal appointment amidst ongoing sales discussions by hiring a well-regarded Skadden, Arps, Slate, Meagher & Flom LLP partner as its new chief legal officer. This strategic move highlights the company’s efforts to ensure robust legal oversight as it navigates complex transactions…
In a recent judicial decision, the request for a new trial by Sam Bankman-Fried, the founder of the now-defunct cryptocurrency exchange FTX, has been dismissed by US District Judge Lewis Kaplan. He described the motion as an unnecessary use of court resources, characterizing it as an attempt to shift his legal strategy on dubious grounds….
In its recent session, the U.S. Supreme Court engaged in deliberations that could significantly impact the Securities and Exchange Commission’s (SEC) ability to execute its disgorgement authority. The case, Sripetch v. Securities and Exchange Commission, revisits the SEC’s requirement to prove economic harm to investors when reclaiming unlawful profits from wrongdoers reported by JURIST. The…
As the cryptocurrency industry continues to evolve, the need for regulatory clarity remains at the forefront of discussions among financial policymakers. U.S. Securities and Exchange Commission Chair Paul Atkins recently highlighted a critical aspect of this debate by asserting that while the SEC can be nimble in providing market clarity, true stability requires legislative action…
McGuireWoods has made significant additions to its capital markets practice by bringing on board two seasoned partners, Paul G. McBride and Benjamin A. Foxworth, to its Richmond office. Both partners join from Hunton Andrews Kurth, where they have established strong reputations in the legal field. The move is expected to enhance McGuireWoods’ capabilities in handling…
In response to the Securities and Exchange Commission’s (SEC) recent amendments to the Electronic Data Gathering, Analysis, and Retrieval (EDGAR) system, a coalition of shareholders has initiated the Public Ownership Exchange (POE). This platform aims to enhance transparency and streamline the reporting process for publicly traded companies. In September 2023, the SEC proposed significant changes…
The Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) have jointly proposed amendments to Form PF, aiming to reduce reporting burdens for private fund advisers while maintaining oversight of systemic risk. ([sec.gov](https://www.sec.gov/newsroom/press-releases/2026-40-sec-cftc-jointly-propose-amendments-reduce-private-fund-reporting-burdens?utm_source=openai)) Key aspects of the proposal include: Increased Reporting Thresholds: The minimum threshold for reporting would rise from $150 million…
Amidst the rising challenges of confidentiality breaches, the Supreme Court is pressing forward, tackling significant legal arguments and upcoming cases. Recently, the court was rocked by a leak of confidential memos, raising concerns over internal security and transparency. This development casts a shadow as the justices prepare to address a series of pivotal issues that…
The development of tokenized securities has been a topic of interest for both investors and regulators alike. However, the trajectory of these digital assets may be more influenced by investor behavior than regulatory frameworks. This perspective challenges the notion that regulatory bodies alone can guide the evolution of market practices. Tokenized securities, which represent traditional…
Womble Bond Dickinson has bolstered its corporate and securities practice in Washington, D.C., with the addition of a seasoned attorney specializing in data privacy, cybersecurity, and artificial intelligence governance. This strategic move is anticipated to enhance the firm’s capabilities in guiding technology companies through increasingly complex regulatory landscapes. The attorney joining Womble Bond Dickinson brings…
In a recent decision, a California federal judge approved $19.5 million in attorney fees for counsel involved in a $65 million securities class action settlement with Snap. This decision came after the judge had initially signaled a reduction in fees, warning the attorneys of his reputation for being “notoriously cheap.” Despite his preliminary draft suggesting…
StoneTurn has announced the appointment of a new partner, who brings with her an invaluable 15 years of experience from the U.S. Securities and Exchange Commission (SEC). This strategic hire underscores StoneTurn’s commitment to bolstering its forensic accounting and compliance capabilities. During her tenure at the SEC, the new partner played a crucial role as…
Robinhood Markets Inc.’s recently filed financial disclosures reveal a substantial rise in compensation for its Chief Legal Officer, Dan Gallagher. The former Securities and Exchange Commission official saw his pay package for 2022 reach nearly $11 million, highlighting the competitive compensation landscape in the financial technology sector. Gallagher’s earnings significantly increased from the previous year’s…
The upcoming legal confrontation before the Supreme Court concerning the right to a jury trial within Federal Communications Commission (FCC) proceedings could have lasting implications for administrative law and corporate accountability. As of April 21st, the justices will engage in oral arguments that bear substantial weight on both future FCC actions and broader interpretations of…
The ongoing scrutiny of the Securities and Exchange Commission’s (SEC) enforcement strategies continues as the U.S. Supreme Court prepares to hear Sripetch v SEC. This case marks yet another occasion for the court to address the bounds of the SEC’s use of disgorgement, a remedy that compels violators to relinquish any profits from illicit activities,…
The legal sector is witnessing yet another strategic maneuver as Foley & Lardner LLP announces the addition of James Sinclair from Kirkland & Ellis LLP to its roster. Sinclair will be joining Foley as a partner in the firm’s capital markets practice, a move that underscores Foley’s sustained expansion in this crucial area. The decision…
Holtzman Vogel, a law firm with specializations in political law, government investigations, and litigation, has recently expanded its team by hiring experienced litigator Ben Shapiro from Gibson, Dunn & Crutcher LLP. Shapiro joins Holtzman Vogel’s New York office, bringing his extensive expertise in securities litigation and business disputes to the firm’s expanding footprint in the…
In a recent Supreme Court session, justices deliberated on a case critical to the Securities and Exchange Commission’s (SEC) authority to wield “disgorgement” as a remedial measure. The case in question, Sripetch v SEC, examines whether the SEC can compel a wrongdoer to surrender profits sans evidence of harm to consumers. Ongkaruck Sripetch, who pleaded…
The Supreme Court recently considered the constitutionality of fines imposed on AT&T and Verizon by the Federal Communications Commission (FCC), brought about through a challenge questioning the companies’ Seventh Amendment right to a jury trial in such administrative proceedings. This case, FCC v. AT&T, raises significant questions following a previous verdict in SEC v. Jarkesy,…
The Supreme Court appears poised to uphold the Securities and Exchange Commission’s (SEC) authority to employ disgorgement without demonstrating direct harm to investors. This was evident during recent oral arguments in Sripetch v. SEC, a case which scrutinizes whether the SEC can compel wrongdoers to surrender profits acquired through unlawful conduct. Ongkaruck Sripetch, the petitioner,…
The U.S. Supreme Court is grappling with a challenge presented by telecommunications giants AT&T and Verizon, which questions the constitutionality of fines imposed by the Federal Communications Commission (FCC). AT&T and Verizon argue that these penalties, exceeding $100 million collectively, breach their Seventh Amendment right to a jury trial. The crux of the matter centers…