Securities

The court was not persuaded by subsequent shifts in enforcement priorities. The Southern District of New York denied a motion brought jointly by Gemini Trust Company, LLC and the CFTC to vacate a January 2025 consent order carrying continuing injunct...

A New Mexico state court today imposed a $25 billion penalty on Meta Platforms, Inc., after finding that the social media giant misrepresented its privacy practices in violation of the state’s Unfair Practices Act. Meta said it would appeal. “Faceboo...

Utah has strong prohibitions against betting that its attorney general says Kalshi is violating by offering prediction market trading on event outcomes including sports, politics, and culture. In a new lawsuit, the Utah Attorney General seeks an inju...

Plaintiffs adequately pleaded that the consumer products company misrepresented weakening customer demand for its ready-to-drink protein shakes. The district court for the Southern District of New York granted in part and denied in part defendants’ m...

The panel, titled “The SEC and AI: Playing offense,” examined legal, investigative, governance and litigation risks arising from AI use in securities enforcement. More resources are being marshaled and traditional hurdles of technology adoption are b...

Much of the group’s comments focus on notice to issuers, the lack of a searchable portal, and concerns about whether TSVs observe certain investor protections. The Securities Industry and Financial Markets Association (SIFMA) submitted a comment lett...

Private emails, WhatsApp messages, and oral statements about the proposed restructuring were not prospectus communications, and group reliance allegations could not support the Section 10(b) claim. The U.S. District Court for the Southern District of...

Broad business statements did not mislead investors about alleged manufacturing problems. The U.S. District Court for the Southern District of New York dismissed the plaintiff pension fund's securities fraud class action against the defendant company...

Former executives allegedly raised $13 million while relying on outdated revenue forecasts and misrepresenting how investor funds would be used. The SEC filed settled charges against two former executives of a now-defunct Florida photonics company. T...

Panels will explore how market participants are using AI and machine understandable data, the associated risks and costs, and ways the SEC can further support and enhance the use of these technologies. The SEC on November 9 will host a roundtable to ...

A related class action failed to find a securities law violation, and its pre-judgment settlement discharged the defendants from contribution claims. The U.S. District Court for the Southern District of New York granted a motion to dismiss an Axsome ...

Tens of thousands lost hundreds of millions in the scheme, for which the company and its owner were found liable in August of last year. The CFTC announced October 19 that a final judgment was entered in the Southern District of New York against Eddy...

Despite ruling against the defendants, the court extended their time to surrender from October to December 2026 to facilitate further appeal. Three persons convicted of securities fraud, investment adviser fraud, and, in two instances, convicted of o...

The district court also allowed a scheme liability claim against defendants to go forward. The district court for the Southern District of New York denied, in part, defendants’ motion to dismiss securities fraud claims in a class action brought again...

A snapshot of the week’s IPO activity, including completed deals, new preliminary filings and IPO withdrawals. The week’s five new issuers included Tennessee-based Amaero, a maker of titanium alloy spherical metal powders for manufacturing, including...

Jackson Walker partner Byron F. Egan offers a comparative look at board duties regarding business combinations. Texas corporation law expert Byron Egan continues a series of articles comparing key governance principles and selected statutory differen...

Sanchez urged municipal entities to ensure that state and federal laws are followed regarding bonds issued by joint government entities of which they are a member. The SEC is concerned about relatively high default rates in certain bonds issued by Jo...

The three-part initiative pairs modernized regulated-fund access with position-level transparency, fiduciary safeguards, and proposed performance-fee incentives for retail alternative investments. SEC Division of Investment Management Director Brian ...

A table of proposed rule comment dates and final rule effective and compliance dates for SEC and CFTC rulemaking. Recent SEC activity includes the following: Cross trading. The SEC proposed to expand the group of securities eligible to be cross-trade...

The court dismissed the complaint without prejudice but noted that FINRA’s immunity makes amendment futile. The Northern District of Illinois dismissed broker-dealers’ claims that FINRA’s involvement in the plaintiffs’ applications to be Nasdaq and N...

The certified class consists of all importers of record who paid duties imposed by challenged tariff orders between February 1, 2025 and February 19, 2026, except for those entities that have filed separate recovery actions under IEEPA. In this editi...

Wells Fargo and Merrill Lynch charged unreasonable commissions on more than 256,000 equity transactions and trades nationwide over the past five years. NASAA has announced that Wells Fargo Clearing Services, LLC, Wells Fargo Advisors Financial Networ...

A weekly roundup of items of interest to the securities, derivatives and corporate governance communities. BROKER-DEALERS — FINRA obtained SEC approval for a rule change that combines the old rules governing outside business activities of registered ...

I. Introduction On September 17, 2026, the Securities and Exchange Commission (the "SEC") issued an order designed to facilitate onchain trading of tokenized National Market System ("NMS") stocks through a new category of trading venue, a Tokenized S...