ABA Journal

Securities Law

1362 ABA Journal Securities Law articles.

McDonald’s investor suit alleges Morgan Lewis rushed probe of then-CEO

A lawsuit filed by a McDonald’s investor alleges Morgan, Lewis & Bockius conducted a “grossly inadequate” investigation of inappropriate relationships by the company’s then-CEO, leading to his unwarranted “lavish severance…

US sells one-of-a-kind Wu-Tang Clan album to satisfy forfeiture judgment of ‘Pharma Bro’

Federal prosecutors in New York have sold a one-of-a-kind Wu-Tang Clan album to help satisfy a forfeiture judgment against “Pharma Bro” Martin Shkreli, a former drug company CEO convicted of securities fraud.

Is it a 3-3-3 Supreme Court? Barrett opinion gives Goldman Sachs partial win in class-action case

In another case with an unusual lineup, the U.S. Supreme Court partly ruled for Goldman Sachs on Monday in a securities class action alleging the investment bank made generic statements that maintained its inflated stock prices.

Afternoon Briefs: New York City law department hacked; Stanford Law wasn’t involved in fake flyer fracas

New York City law department is hacked

Lawyers in New York City’s law department have no remote access to the the computer system after a computer hack, a spokesperson said…

BigLaw partner is charged with securities fraud in connection with alleged Ponzi scheme

Baker, Donelson, Bearman, Caldwell & Berkowitz health care partner Jon Darrell Seawright has been charged along with a former lobbyist at the firm for their roles in an alleged Ponzi scheme involving fake timber purchases.

Plaintiffs law firm kicked off securities class action for failing to disclose client’s investment in short position

Plaintiffs law firm Robbins Geller Rudman & Dowd has been kicked off a securities class action alleging that investors lost money when a Mexico-based media company concealed a scheme to bribe soccer officials for broadcasting rights.

Legal malpractice payouts are the highest on record, insurance broker reports

Payouts for legal malpractice claims are at an all-time high, according to a new survey by insurance broker Ames & Gough. Ames & Gough surveyed 11 leading legal malpractice insurers about claims paid from 2019 to the middle of 2020.

Afternoon Briefs: Judge denies QAnon connection; investors sue over ‘Voltswagen’ prank press release

Pennsylvania judge denies any QAnon connection

A Philadelphia judge running for the Pennsylvania Supreme Court is denying any connection to QAnon and its conspiracy theories. Judge Paula Patrick told the…

New SEC enforcement chief abruptly resigns after judge questions ‘unhinged’ claim in BigLaw case

The U.S. Securities and Exchange Commission’s new enforcement chief, Alex Oh, abruptly resigned Wednesday after a federal judge said he was considering sanctions for a claim that she made about her opposing counsel's demeanor before she left her BigLaw firm.

Tesla’s board failed to appoint general counsel who could keep Elon Musk in line, unsealed suit alleges

Tesla’s board of directors failed to secure a general counsel who could curtail “erratic” tweeting Tesla CEO Elon Musk, according to a shareholders’ derivative lawsuit unsealed Friday.

Afternoon Briefs: Law dean Chemerinsky opposes Trump Twitter ban; safe injection site shot down

Law dean Erwin Chemerinsky opposes Trump Twitter ban

Twitter and Facebook had the right to remove posts by President Donald Trump that amounted to incitement, but a total ban on…

Supreme Court will consider Goldman Sachs case that could limit shareholder suits

The U.S. Supreme Court on Friday accepted a case that could limit securities class actions against companies that make generic statements about integrity before a drop in stock prices.

Florida lawyer and disbarred New York attorney are indicted in alleged opinion letter scheme

Florida lawyer Thomas Craft and disbarred New York attorney Richard Rubin have been indicted in an alleged scheme to produce fraudulent opinion letters that allowed sales of microcap stock to the investing public.

Afternoon Briefs: These BigLaw firms get ‘A’ ratings on climate change; lawyer settles athlete fraud claims

Only 4 BigLaw firms get ‘A’ ratings in climate change fight

A group called Law Students for Climate Accountability is giving an ‘A’ grade to only four large law firms…

Receiver’s lawsuit alleges 2 BigLaw firms turned a blind eye to Ponzi scheme

The receiver for investment funds accused of operating as a Ponzi scheme has sued DLA Piper and Fox Rothschild for allegedly facilitating the wrongdoing.

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