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Federal Judge Allows SEC to Proceed on “Shadow Trading” Theory

USA - January 19 2022 A federal district judge permitted the Securities and Exchange Commission to pursue claims alleging that an executive had improperly traded in the…

Udi Grofman, Susanna M. Buergel, Geoffrey R. Chepiga, Michael E. Donohue, Andrew J. Ehrlich, Roberto Finzi, Daniel J. Kramer, Gregory F. Laufer, Lorin L. Reisner, Raphael M. Russo, Daniel S. Sinnreich, Audra J. Soloway, Richard C. Tarlowe

LIBOR Transition Efforts Continue in the U.S. with SOFR as the Leading Recommended Alternative Reference Rate

USA - December 22 2021 As previously reported, the LIBOR settings for one-week and two-month USD LIBOR tenors will cease being representative after December 31, 2021.[1]…

Amy L. Barton, Joseph J. Bial, Susanna M. Buergel, Jessica S. Carey, Hilary Christian, Rajdeep S. Dhaliwal, Manuel S. Frey, Brad S. Karp, O'Ryan H. Moore, Charles F. (Rick) Rule, GIORGIO O. TRAINI, John J. Donnelly V

Second Circuit Rejects Antitrust Standing for Plaintiffs Alleging “Umbrella” Harm

USA - December 6 2021 In its recent decision in In re American Express Anti-Steering Rules Antitrust Litigation, No. 20-1766, the Second Circuit, affirming the district…

Justin Anderson, Joseph J. Bial, Andrew C. Finch, William B. Michael, Charles F. (Rick) Rule, Aidan Synnott

Federal Jury Finds Cryptocurrency Products Not Securities in Landmark Verdict

USA - November 18 2021 On November 2, 2021, a federal jury in Audet v. Fraser found that four cryptocurrency-related products were not securities under the Securities…

Robin Linsenmayer, Jonathan Ashtor, Susanna M. Buergel, Kristina Bunting, Jessica S. Carey, Geoffrey R. Chepiga, Meredith Dearborn, Andrew J. Ehrlich, Michael E. Gertzman, EMILY M. GLAVIN, Roberto J. Gonzalez, Carly Lagrotteria, Raphael M. Russo, Daniel S. Sinnreich, Audra J. Soloway

SEC Enforcement Director Announces “Aggressive” Policy Shifts, Including Requiring Admissions of Wrongdoing

USA - October 18 2021 On October 13, 2021, Gurbir Grewal, the SEC’s new Director of Enforcement, announced in a speech that he intends to recommend “aggressive” use of…

Susanna M. Buergel, Jessica S. Carey, Geoffrey R. Chepiga, Andrew J. Ehrlich, Roberto Finzi, Harris Fischman, Brad S. Karp, Daniel J. Kramer, Gregory F. Laufer, Lorin L. Reisner, Briana Sheridan, Daniel S. Sinnreich, Audra J. Soloway, Richard C. Tarlowe