Daily Archives: May 17, 2022, 4:35 pm

Terraform Labs’ legal team resigns after UST collapse

A person familiar with the matter told The Block that legal operations are now being handled by outside counsel. The LinkedIn profiles of Terraform Labs’ general counsel Marc Goldich, chief corporate counsel Lawrence Florio, and chief litigation and regulatory counsel Noah Axler show that all three stopped working for the company in May — all after less than a year at…

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Gibson Dunn Nabs ‘Next-Generation’ Partner, Securities Litigator in Northern California | The American Lawyer

Gibson, Dunn & Crutcher has hired Cooley partner Jessica Valenzuela, as the firm continues to expand its tech litigation practice in Northern California. Valenzuela, based in Palo Alto, recently represented Overstock, Stitch Fix and cloud platform Fastly in securities class action lawsuits, all of which were dismissed in 2021. Her clients include a range of companies, directors and boards and special committees…

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SEC Charges Allianz Global Investors and Three Former Senior Portfolio Managers with Multibillion Dollar Securities Fraud

The Securities and Exchange Commission (SEC) today charged Allianz Global Investors U.S. LLC (AGI US) and three former senior portfolio managers with a massive fraudulent scheme that concealed the immense downside risks of a complex options trading strategy they called “Structured Alpha.” AGI US marketed and sold the strategy to approximately 114 institutional investors, including pension funds for teachers, clergy,…

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Fight Brews Over Cost of SEC Climate-Change Rules – WSJ

The cost of proposed rules on climate disclosure is emerging as a key battleground as businesses and politicians fight over a plan to require companies to tally their impact on the environment and the risks they face from climate change. The Securities and Exchange Commission estimates the plan will raise the cost to businesses to comply with its disclosure rules…

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SEC Official Decries Delay Tactics Used by Some Defense Lawyers – WSJ

Although Mr. Grewal said he welcomed zealous advocacy, he added that he was frequently hearing from SEC staff about behavior that crossed the line to what he called “gamesmanship.” “Too often, we see defense counsel—sometimes even including [SEC enforcement division] alums—engage in conduct that seems to have little purpose other than to delay our investigations,” Mr. Grewal said Thursday at…

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California law requiring women on corporate boards struck down – Los Angeles Times

A California law that required companies primarily based in the state to have women on their corporate boards has been ruled unconstitutional by a Los Angeles County Superior Court judge. In a 23-page ruling filed Friday, Judge Maureen Duffy-Lewis found the state could not prove that the “use of a gender-based classification was necessary to boost California’s economy, improve opportunities…

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Binance Bulks Up on Lawyers Amid Crypto Market Meltdown

Binance Holdings Ltd., the world’s largest cryptocurrency exchange by trading volume, is looking to hire more than 30 lawyers as the industry is in flux and its billionaire founder’s fortune shrinks. Most of the in-house legal and compliance counsel positions are listed on an online jobs board for Binance, which operates a remote workforce. The openings are predominantly regional data…

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