Daily Archives: November 11, 2022, 9:54 am

SEC Charges Pharmaceutical Co. Chief Information Officer in $8 Million Insider Trading Scheme

The Securities and Exchange Commission today announced insider trading charges against Ramkumar Rayapureddy, Chief Information Officer of pharmaceutical company Viatris Inc., which was formerly known as Mylan N.V. The SEC’s complaint, filed in the United States District Court for the Western District of Pennsylvania, alleges that, from at least September 2017 through July 2019, Rayapureddy, a resident of Pennsylvania, tipped…

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W. Anders Folk and Kristin Berger Parker join Jones Day as partners in Minneapolis | Jones Day

The global law firm Jones Day announced today that W. Anders Folk and Kristin Berger Parker have joined the Firm as partners in the Minneapolis Office. Mr. Folk joins Jones Day’s Investigations & White Collar Defense Practice, and Ms. Parker joins the Firm’s Labor & Employment Practice. Mr. Folk spent the last four years at the Department of Justice, initially…

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Citigroup, funds in talks to end lawsuit over errant $500 mln Revlon payment | Reuters

Citigroup Inc is in talks to end litigation against hedge funds and investment firms that it mistakenly paid about $500 million on a loan owed by Revlon Inc (REVRQ.PK), billionaire Ronald Perelman’s now-bankrupt cosmetics company. Both sides had been expected to apprise U.S. District Judge Jesse Furman in Manhattan on their next steps in the case by Nov. 10. In…

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Sam Bankman-Fried’s Net Worth Goes From $16 Billion to Zero After FTX Collapse – Bloomberg

The entire $16 billion fortune of FTX co-founder Sam Bankman-Fried has now been wiped out, one of history’s greatest-ever destructions of wealth. The downfall of his crypto exchange and its trading house, Alameda Research, means assets owned by the mogul once likened to John Pierpont Morgan have become worthless. At the peak, the 30-year-old was worth $26 billion, and he…

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After Binance deal fails, FTX cryptocurrency investors’ money in limbo – The Washington Post

Since 1990, the Ontario Teachers Pension Plan has managed hundreds of billions of dollars in assets for nearly 200,000 education workers, holding stakes in traditional investments from airports to shopping centers. But on Thursday the Canadian pension fund warned in a statement it had suffered a hit from a more alternative gamble: The fund had sunk as much as $75…

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PLUS Panelists: New SEC Disclosure Rules May Drive Up D&O Claims

New rules proposed by the US Securities and Exchange Commission on cybersecurity and climate impact disclosures may generate more lawsuits that will generate claims against directors & officers policies, panelists said Wednesday during the Professional Liability Underwriting Society’s conference. “More disclosure, more securities litigation,” said attorney Noelle M. Reed, a partner with the Skadden law firm in Houston. “Any time…

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SEC Wins Motion for Summary Judgement In SEC v. LBRY

Finally, the court dispensed with LBRY’s argument that it had been deprived of “fair notice” that its offerings were subject to the securities laws. In rejecting LBRY’s contention that the SEC’s suit constituted a “substantial change in its enforcement policy that was not reasonably communicated to the public” because LBRY did not conduct an ICO, the court held that the…

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Top FTX Lawyer Orders Documents Preserved as Investigations Ramp Up

The top lawyer at FTX US has instructed all FTX employees to preserve their work-related documents, the latest sign of possible legal exposure for Sam Bankman-Fried’s troubled crypto empire. On Wednesday, FTX US General Counsel Ryne Miller ordered all staff to retain their emails, messages, notes and documents stemming from their work at FTX, FTX US, Alameda and affiliated companies,…

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SEC Announces Additional Charges in Scheme to Trade Ahead of Pharma Tender Offer

According to the SEC’s complaint, filed in federal district court in Manhattan, Brian Wong made approximately $400,000 from illegally trading ahead of a February 2021 announcement of a tender offer by Merck & Co., Inc. to acquire Pandion Therapeutics, Inc. The SEC’s complaint alleges that Brian Wong’s brother, Brandon Wong, unlawfully communicated material nonpublic information about Merck’s impending acquisition of…

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