The Winklevoss-led crypto exchange Gemini on Friday resolved the New York attorney general's claims it had a hand in defrauding users of its lending program with a settlement that the attorney general's office said would recover $50 million for the platform's users and require the firm's cooperation as it takes on the remaining defendants.
Law360
Capital Markets
MONDAY, JUNE 17, 2024 Law360 iOS App Law360 Android App Follow Law360 on Facebook Follow Law360 on LinkedIn Follow Law360 on Twitter

TOP NEWS

Gemini, NYAG Settle Crypto Lending Fraud Case

By Aislinn Keely

The Winklevoss-led crypto exchange Gemini on Friday resolved the New York attorney general's claims it had a hand in defrauding users of its lending program with a settlement that the attorney general's office said would recover $50 million for the platform's users and require the firm's cooperation as it takes on the remaining defendants.

1 document attached | Read full article » | Save to favorites »

Australian Biotech Firm Telix Pharmaceuticals Pulls US IPO

By Tom Zanki

Australian biotechnology firm Telix Pharmaceuticals Ltd., whose U.S. shares were set to debut trading on Friday, canceled plans for an estimated $202 million U.S. initial public offering, citing unfavorable market conditions.

Read full article » | Save to favorites »

SEC Says Bahamas Firm Was Set Up To Skirt Day Trading Rules

By Carolina Bolado

The U.S. Securities and Exchange Commission opened its case Friday against high-frequency trading expert — and former government informant — Guy Gentile, telling jurors in Florida federal court that he set up a broker-dealer in the Bahamas specifically to evade U.S. day trading regulations designed to protect American investors.

Read full article » | Save to favorites »

2nd Circ. Releases Citi From Order To Freeze Assets In Gabon

By Sydney Price

The Second Circuit vacated a protective injunction requiring Citibank to freeze more than $151 million at its Gabon branch amid a shareholder battle for control of a Cameroonian oil pipeline company, saying the New York district court exceeded its jurisdiction by ordering the freeze.

Opinion attached | Read full article » | Save to favorites »

EQUITY

Chinese Delivery Co. To Settle IPO Class Action For $4.9M

By Sydney Price

Chinese grocery vendor Missfresh Ltd. has agreed to settle an investor class action accusing it of making several misleading statements in the months leading up to its initial public offering, including in regulatory filings and to the media, for $4.9 million.

Memorandum attached | Read full article » | Save to favorites »

Ripple Cites Terraform Fine In Call To Limit SEC Penalty

By Jessica Corso

Ripple Labs Inc. says the U.S. Securities and Exchange Commission's recent settlement with fellow crypto firm Terraform Labs, with the company agreeing to pay a $420 million civil penalty, is further proof of the "unreasonableness" of the agency's request that it be made to pay a much larger fine for activities that did not amount to fraud.

Letter attached | Read full article » | Save to favorites »

NEWS IN BRIEF

Brief

Judge Declines To Decide Whether Gemini Misled CFTC

By Aislinn Keely

A Manhattan federal judge declined to decide whether crypto exchange Gemini is responsible for alleged misstatements made to the U.S. Commodity Futures Trading Commission through the listing exchange of a proposed bitcoin futures contract.

Read full article » | Save to favorites »

EXPERT ANALYSIS

Expected Developments From Upcoming Basel Capital Rules

With U.S. federal banking regulators preparing to finalize the Basel IV regulatory framework as early as this fall, banks and private investment funds are expected to look to uncommitted facilities as one method to address key changes, including tighter capital requirements, say attorneys at Mayer Brown.

Read full article » | Save to favorites »

Deciphering SEC Disgorgement 4 Years After Liu

Since the U.S. Supreme Court’s 2020 decision in Liu v. U.S. Securities and Exchange Commission to preserve SEC disgorgement with limits, courts have continued to rule largely in the agency’s favor, but a recent circuit split over the National Defense Authorization Act's import may create hurdles for the SEC, say attorneys at Ropes & Gray.

Read full article » | Save to favorites »

LEGAL INDUSTRY

All The World's A Stage For Tony-Nominated Dechert Co-Chair

By Tracey Read

Mark Thierfelder is not only a Dechert LLP co-chair and partner; he’s also a Tony-nominated Broadway producer up for an award this June 16. Here, Law360 Pulse talks to Thierfelder on how he balances his legal work with his creative pursuits.

Read full article » | Save to favorites »

Littler Aims To End Theft Suit After $1M Deal With Ex-Firm Atty

By Lynn LaRowe

Littler Mendelson PC this week moved to drop a lawsuit accusing a former associate of stealing confidential documents following a settlement in which the firm agreed to pay her nearly $1 million, though a separate, newer case in which the lawyer accuses Littler of violating that deal remains open.

2 documents attached | Read full article » | Save to favorites »

McDermott Says Financial Firm Owes $800K In Atty Fees

By Madison Arnold

McDermott Will & Emery LLP says it is owed more than $800,000 in legal fees for representing a financial firm's employee in a U.S. Securities and Exchange Commission investigation and a lawsuit by his former employer.

Complaint attached | Read full article » | Save to favorites »

Real Estate Broker Claims Lewis Brisbois Breached Deal

By Madison Arnold

A real estate broker who had exclusive rights to represent Lewis Brisbois Bisgaard & Smith LLP has slammed the firm with a breach of contract suit in California state court, alleging its abrupt termination of their deal will cost him millions in commissions.

1 document attached | Read full article » | Save to favorites »

Goetz Fitzpatrick To Merge With Platzer Swergold Next Year

By Tracey Read

Goetz Fitzpatrick LLP and Platzer Swergold Goldberg Katz & Jaslow LLP will combine forces next year to create a single New York City firm.

Read full article » | Save to favorites »

Update On Ex-George Mason Prof's Suits Over Sex Allegations

By Aebra Coe

After two women came forward last August accusing former BigLaw partner, FTC commissioner and George Mason University law professor Joshua D. Wright of sexual improprieties with students and direct reports, a number of additional accusations and lawsuits followed. Here are updates on the litigation and everything else surrounding the allegations.

Read full article » | Save to favorites »

Analysis

Blistering Dissents Belie Justices' Penchant For Consensus

By Katie Buehler

Thirteen days into June, the U.S. Supreme Court had recorded one of the highest rates of unanimous decisions in the past four decades. But the era of historic consensus was tarnished a bit Friday when the court issued three split decisions and two scathing dissents highlighting how much the nine justices differ.

2 documents attached | Read full article » | Save to favorites »

DOJ Declines To Prosecute AG Garland For Contempt

By Courtney Bublé

The U.S. Department of Justice is declining to prosecute Attorney General Merrick Garland after the House voted earlier this week to hold him in contempt for not turning over audio recordings of the president and his ghostwriter speaking with special counsel Robert Hur for his investigation into President Joe Biden's handling of classified documents.

Letter attached | Read full article » | Save to favorites »

Senate Passes Bill For State, Local Judge Security

By Courtney Bublé

The U.S. Senate has passed a bill unanimously to better protect state and local judges from threats amid "unacceptable attacks" on the judiciary.

Bill attached | Read full article » | Save to favorites »

Hunter Biden Axes Data Privacy Suit Against Giuliani, For Now

By Emily Sawicki

Hunter Biden has tentatively agreed to drop a federal computer fraud and digital privacy suit against Rudy Giuliani and various other defendants relating to alleged data theft from his infamous laptop, after the case was partially stalled due to Chapter 11 bankruptcy proceedings Giuliani commenced in December.

3 documents attached | Read full article » | Save to favorites »

Mistrial Declared In Florida Student Debtor Lawsuit

By David Minsky

A Florida federal judge on Friday declared a mistrial in the lawsuit against a Boca Raton-based law firm accused of falsely promising to eliminate student loan debts in exchange for a fee following testimony from a former client.

Read full article » | Save to favorites »

Burford Bound To Sysco And Pilgrim's Unsigned Chicken Deal

By Lauraann Wood

An Illinois federal judge on Friday rejected a Burford subsidiary's bid to block a global protein price-fixing settlement that Pilgrim's Pride and Sysco memorialized through email but never signed on paper, saying it's clear the parties reached a material agreement.

Order attached | Read full article » | Save to favorites »

Law360's Legal Lions Of The Week

By Kevin Penton

Williams & Connolly LLP and Littler Mendelson PC lead this week's edition of Law360's Legal Lions, after the U.S. Supreme Court made it tougher for the National Labor Relations Board to win injunctions against employers.

Read full article » | Save to favorites »

GC Cheat Sheet: The Hottest Corporate News Of The Week

By Michele Gorman

The governor of Vermont vetoed a legislative proposal that would have given consumers not only new data privacy rights but also the rare opportunity to sue large businesses for certain violations, and a multipart Delaware General Corporation Law amendment that would let boards cede some governance rights to big stockholders sailed through the state's Senate without debate or an opposing vote. These are among the stories in corporate legal news you may have missed in the past week.

Read full article » | Save to favorites »

UK Litigation Roundup: Here's What You Missed In London

By Laura Stewart Liberty

This past week in London has seen toy company Jellycat hit supermarket Aldi with an intellectual property claim, AIG start proceedings against firefighting foam company Angus International Safety Group, and the Solicitors Regulation Authority file a legal claim against the Post Office amid the ongoing Horizon IT scandal. Here, Law360 looks at these and other new claims in the U.K.

Read full article » | Save to favorites »

In Case You Missed It: Hottest Firms And Stories On Law360

For those who missed out, here's a look back at the law firms, stories and expert analyses that generated the most buzz on Law360 last week.

Read full article » | Save to favorites »

Promo that reads Law360 Pulse Summer Associates Survey Promo that reads Law360 400

LAW FIRMS IN TODAY'S NEWS

Arnold & Porter

Baughman Kroup

Baute Crochetiere

Binnall Law Group

Brown Rudnick

Capsticks Solicitors LLP

Clifford Chance

Cohen Milstein

Conrad & Scherer

Covington & Burling

Cravath Swaine

Davidoff Hutcher

Davis Wright Tremaine LLP

Debevoise & Plimpton

Dechert LLP

Dhillon Law Group

Early Sullivan Wright Gizer & McRae

Freshfields

GM Law Firm LLC

Gibson Dunn

Goetz Fitzpatrick

Gordee Nowicki

Hamlins LLP

Hancock Daniel

Herbert Smith Freehills

Hilgers Graben

Hill Dickinson

Hirschler

Hogan Lovells

Jones Day

Joshua S. Horton Law Firm

K&L Gates

Kellogg Hansen

King & Spalding

Kirkland & Ellis

Kramer Levin

Labaton Keller

Latham & Watkins

Law Office of Macy D. Hanson

Lewis Brisbois

Littler Mendelson

Loeb & Loeb

Lynn Pinker

Mayer Brown

McDermott Will & Emery

Morgan Lewis

Morrison Cohen

Motley Rice

Napoli Shkolnik

O'Melveny & Myers

Paul Weiss

Pearson Warshaw

Pillsbury & Coleman

Pinsent Masons

Platzer Swergold

Quinn Emanuel

Reed Smith

Robinson Bradshaw

Ropes & Gray

Rosen Law Firm PA

Ryan Law Partners

Schall Law

Searcy Denney

Seeger Weiss

Simmons Hanly

Simpson Thacher & Bartlett LLP

Skadden Arps

St John & St John

Vasseghi Law

Williams & Connolly

Willkie Farr

WilmerHale

Wilson Browne Solicitors

Wilson Sonsini

Winston & Strawn

Womble Bond

Zaiwalla & Co

gunnercooke LLP

COMPANIES IN TODAY'S NEWS

Aldi GmbH & Co. KG

Amazon.com Inc.

American International Group Inc.

Australian Securities Exchange

Bloomberg Industry Group

Bregal Investments Inc.

Citigroup Inc.

Delaware State Bar Association

Delta Air Lines Inc.

Digital Currency Group Inc.

Ferrari SpA

Gemini Trust Co. LLC

Harvard University

Heathrow Airport Holdings Ltd.

Jaguar Land Rover Ltd.

Janus Henderson Group PLC

Jefferies Financial Group Inc.

Johnson & Johnson

Johnson Controls International PLC

Kuwait Finance House KSC

Lambda Legal Defense & Educational Fund

London Stock Exchange Group PLC

Major League Soccer LLC

Marks & Spencer

Mercedes-Benz USA LLC

Meta Platforms Inc.

Morgan Stanley

NASDAQ Inc.

National Collegiate Athletic Association

National District Attorneys Association

National Rifle Association of America

New York University

Novelis Inc.

OSI Systems Inc.

Organization for Economic Cooperation and Development

Pearson PLC

Pilgrim's Pride Corp.

PowerSchool Group LLC

Princeton University

Rapiscan Systems Inc.

RealPage Inc.

RedRidge Finance Group LLC

Ripple Labs Inc.

Rolls-Royce Motor Cars

Sanderson Farms Inc.

Solicitors Regulation Authority Ltd.

Southwest Airlines Co.

Starbucks Corp.

Sysco Corp.

The Procter & Gamble Co.

TransPerfect Global Inc.

Twitter Inc.

Volkswagen AG

William Blair & Co. LLC

YouTube Inc.

Yves Saint Laurent SAS

GOVERNMENT AGENCIES IN TODAY'S NEWS

California Labor Commissioner's Office

Commodity Futures Trading Commission

Consumer Financial Protection Bureau

Dallas County, Texas

Delaware Court of Chancery

European Union

Federal Bureau of Investigation

Federal Deposit Insurance Corp.

Federal Reserve System

Federal Trade Commission

Food and Drug Administration

National Labor Relations Board

New York Attorney General's Office

Office of the Comptroller of the Currency

State Justice Institute

U.S. Court of Appeals for the Eleventh Circuit

U.S. Court of Appeals for the Fifth Circuit

U.S. Court of Appeals for the Ninth Circuit

U.S. Court of Appeals for the Second Circuit

U.S. Department of Commerce

U.S. Department of Justice

U.S. District Court for the Central District of California

U.S. District Court for the District of Massachusetts

U.S. District Court for the District of New Jersey

U.S. District Court for the Eastern District of Michigan

U.S. District Court for the Eastern District of Virginia

U.S. District Court for the Northern District of California

U.S. District Court for the Northern District of Illinois

U.S. District Court for the Southern District of Florida

U.S. District Court for the Southern District of New York

U.S. District Court for the Western District of Washington

U.S. Patent and Trademark Office

U.S. Securities and Exchange Commission

U.S. Senate

U.S. Supreme Court