The U.S. Securities and Exchange Commission (SEC) has experienced a 15% reduction in its workforce since October 1. This change results from voluntary separations, early retirements, and the administration’s Fork in the Road deferred resignation program. Despite these staffing changes, SEC Chair Paul Atkins has expressed confidence that the agency can maintain robust oversight of…
In the wake of a significant cyberattack affecting Coinbase, a prominent cryptocurrency exchange, there has been a marked increase in the number of class action lawsuits filed against the company. Following Coinbase’s disclosure of the breach, which involved a threatening email from an unidentified actor claiming to possess customer account information, the company anticipated substantial…
MicroStrategy Inc., a company that has prominently invested in Bitcoin, is confronted by a securities class action lawsuit filed in a federal district court in Virginia. The litigation alleges that the company and three of its executives misled investors regarding the financial risks tied to the adoption of fair value accounting for its cryptocurrency holdings….
In the competitive financial technology sector, two prominent players, Coinbase Global Inc. and Robinhood Markets Inc., have recognized their top legal executives with substantial compensation packages. The disclosure of these remuneration figures in recent securities filings highlights the significant earnings for the companies’ legal chiefs in 2024. Paul Grewal, who has served as Coinbase’s chief…
In a significant addition to its corporate and securities team, Mayer Brown has announced the hiring of Daniel Serota as a partner specializing in mergers and acquisitions (M&A) as well as private equity. Serota will be based in the firm’s New York office, where he is expected to bolster the practice’s capabilities in handling high-stakes…
As companies increasingly face litigation over their claims related to artificial intelligence, the risks for officers and directors are becoming more pronounced. This trend is exemplified by a derivative suit filed by a shareholder of Sprinklr, a company known for its customer engagement software. The lawsuit underscores the rising threat of personal liability for corporate…
New Jersey’s securities enforcement chief is currently stepping in as the temporary head of the state’s consumer protection unit. This shift in leadership follows the departure of the previous consumer watchdog, who had taken on the role a mere seven months prior. The announcement was made by Attorney General Matt Platkin, highlighting the transition amidst…
In a recent development, several significant institutional investors holding Greek GDP-linked warrants have organized into an ad hoc group, seeking legal counsel from prominent law firm White & Case. This action comes in response to a contentious decision by the Greek government, which has taken the matter to a UK court. The Greek government’s move…
In a recent development within the legal sector, Troutman Pepper Locke has expanded its team by appointing Christopher Fernandez as a partner. Fernandez will play a key role in the firm’s bankruptcy and restructuring practice group, operating from their Charlotte, N.C. office. With a robust background in advising and representing commercial mortgage-backed securities (CMBS) special…
Frost Brown Todd has announced a strategic expansion of its business and commercial litigation prowess with the hiring of Simon Levy as a partner in its San Francisco office. Levy’s appointment was made public on May 12 and marks a significant addition to the firm’s capabilities in handling complex civil litigation cases. Simon Levy is…
Mary Jo White, former U.S. Attorney and Securities and Exchange Commission Chair, emphasized the importance of maintaining independence from Main Justice at a recent reception. Her discussion with Danielle Sassoon, former acting U.S. Attorney for the Southern District of New York, opened the New York City Bar’s White Collar Crime Institute. White noted that while…
PierFerd has announced the addition of Julian Hammar as a corporate partner across its New York and Washington, D.C. offices, marking a strategic strengthening of the firm’s expertise in financial regulation and commodities law. Hammar is recognized for his role in futures, derivatives, and commodities, focusing on areas such as energy regulation, blockchain, and securities…
Milbank LLP has bolstered its corporate finance and securities group by appointing Adam Brenneman as a partner, based in New York. This strategic move is aimed at strengthening the firm’s reach and expertise across diversified capital markets and finance matters. Brenneman is transitioning from his previous role at Cleary Gottlieb. His extensive practice encompasses an…
Marc Taxay, who previously served as General Counsel at Arista Networks Inc. for over a decade, has been appointed as the new Chief Legal Officer at Cadence Design Systems Inc. Cadence, known for providing design tools essential for developing semiconductor technology used in applications like generative artificial intelligence, made the announcement shortly after Taxay’s resignation…
Milbank has strengthened its Latin America practice with the unusual addition of a New York-based partner. Adam Brenneman, a seasoned banking and finance professional, has departed Cleary, Gottlieb, Steen & Hamilton after nearly 20 years to join Milbank. Brenneman is recognized for his expertise in corporate finance and securities. For further details, please visit the…
In the ongoing debate about the utility of cryptocurrencies, a critical question emerges: Can crypto address persistent inefficiencies in traditional securities markets? Tuongvy Le, a former senior SEC attorney, argues that crypto offers a rare chance to modernize capital markets, challenging the lengthy and complex intermediary processes that currently govern securities transactions. This perspective is…
Amid a notable trend of senior regulatory figures transitioning into private practice, Michael Hershan, formerly litigation counsel at the Australian Securities & Investments Commission (ASIC), has joined MinterEllison’s dispute resolution practice in Melbourne. Hershan’s move highlights the increasing migration of talent from regulatory bodies to law firms. With 15 years of experience in regulatory and…
The U.S. District Court for the Southern District of New York has sentenced Alexander Mashinsky, the former CEO of Celsius Network LLC, to 12 years in prison following his guilty plea. Mashinsky was convicted of commodities and securities fraud tied to his role in the collapse of Celsius Network, a once-prominent crypto asset platform that…
In what is becoming a contentious topic within regulatory bodies, U.S. Securities and Exchange Commission (SEC) Commissioner Caroline A. Crenshaw has voiced strong opposition to a recent settlement with Ripple Labs Inc. This disagreement highlights growing internal divisions within the SEC over enforcement strategies in the cryptocurrency domain. Crenshaw expressed concerns regarding the withdrawal of…
Elon Musk has raised objections to Bernstein Litowitz Berger & Grossmann LLP’s decision to hire the former chief litigation counsel of the U.S. Securities and Exchange Commission (SEC). Musk argues that this attorney had a direct and significant involvement in litigation against him while at the SEC. He articulated his concerns in a recent court…
The Delaware Supreme Court has upheld the dismissal of insider trading claims against Carvana, marking a significant step in the company’s ongoing legal battles. Despite this decision, Carvana is not entirely free from legal challenges. It continues to defend itself against a securities class action in Arizona federal court, where shareholders allege they were misled…
In the latest high-profile lateral move within the legal industry, McDermott Will & Emery has successfully recruited a prominent attorney specializing in capital markets transactions and securities. The lawyer, who previously spent over four and a half years at Kirkland & Ellis, will be bringing his expertise to McDermott’s Chicago office. This strategic appointment underscores…
Louise Pentland is stepping down as general counsel of Roku after a brief tenure of just 10 months. Pentland, who has previously held legal leadership roles at high-profile corporations like Nokia and PayPal, has decided to leave the company to pursue another opportunity, as disclosed in a Securities and Exchange Commission filing. Her exit is…
In a significant development for those following cryptocurrency litigation, U.S. District Judge K. Michael Moore has ruled that the lawsuit involving FTX’s collapse can move forward. The case, which is being heard in the U.S. District Court for the Southern District of Florida, accuses a range of celebrities and YouTube influencers of having promoted unregistered…
In a significant lateral move, Neel Chopra has joined Steptoe & Johnson LLP as a partner in their investigations and white-collar defense practice in New York. The firm announced this development on Wednesday, adding to its roster a legal expert with extensive experience in handling complex legal issues in the fintech sector. Chopra transitions from…