Dismissals Archives - Securities Docket

SEC Ends Case Against Crypto Billionaire Justin Sun – Bloomberg

March 7, 2026, 10:38 am SEC, Top

The US Securities and Exchange Commission said it will end its lawsuit against crypto billionaire Justin Sun and a firm affiliated with him will pay $10 million, as the regulator continues to resolve the spate of digital asset enforcement cases brought during the Biden administration.

The SEC sued Sun in 2023, alleging he committed securities fraud and bilked investors by working with companies he owned and controlled — the Tron Foundation, BitTorrent Foundation Ltd., and Rainberry Inc. — to sell unregistered securities.

The regulator said at the time that Sun artificially boosted the trading volume of Tronix, the native cryptocurrency of the Tron network, by directing employees to conduct more than 600,000 so-called “wash trades” of the token between crypto accounts he controlled.

The SEC said it would drop all claims against Sun under the settlement plan. A lawyer for the agency called the proposal “fair and reasonable” in a letter.

Source: SEC Ends Case Against Crypto Billionaire Justin Sun – Bloomberg

The Gap beats shareholder lawsuit over commitment to diversity | Reuters

June 2, 2023, 8:12 am Class Actions, Top

The Gap Inc on Thursday beat a shareholder lawsuit claiming the company’s directors breached their duties by making misleading statements in securities filings about the retailer’s commitment to racial diversity in its leadership ranks. An en banc panel of the 9th U.S. Circuit Court of Appeals in a 6-5 ruling said The Gap can enforce a corporate bylaw requiring shareholder…

Judge nixes Block shareholder suit over online music deal | AP News

May 10, 2023, 8:27 am Class Actions, Top

A Delaware judge has dismissed a shareholder lawsuit against financial technology company Block Inc. over its 2021 acquisition of majority ownership in Tidal, the music streaming service partly owned by rapper Jay-Z. A pension fund shareholder alleged that Block founder and CEO Jack Dorsey and the company’s board of directors breached their fiduciary duties in agreeing to pay roughly $300…

Judge axes Biogen class action, rips shareholder lawyers for ‘constant misrepresentation’ | Reuters

March 31, 2023, 8:21 am Class Actions, Top

But few dismissal decisions, at least in my experience, castigate plaintiffs’ lawyers for trying to do just that – which is why a ruling on Wednesday from U.S. District Judge William Young caught my eye. *** Young concluded that none of the 25 allegedly false statements was actually false and that the complaint failed to show Biogen’s fraudulent intent. But…

Motion to Dismiss Granted in SPAC-Related Securities Suit Against Gaming Company | The D&O Diary

July 7, 2022, 7:58 am Class Actions, Top

As readers of this blog know, as a follow-on effect to the massive wave of SPAC activity in the U.S., there has also been a surge of securities class action lawsuits involving companies that engaged in SPAC transactions. Many of these suits have only just been filed, so it is too early to tell how they will fare. But some…

Order of Dismissal: SEC v. Clark

December 14, 2021, 11:03 am SEC, Top

Hot off the presses and under the radar: E.D.Va. Judge Claude M. Hilton yesterday ordered a rare (perhaps unprecedented) directed verdict against the SEC in favor of an insider trading tippee defendant. (The tippee, though he never traded or profited, settled with the SEC a month before trial, neither admitting nor denying wrongdoing.) Yes, you read that right – after…

Ex-SAC Trader Lee Wins Insider-Case Dismissal After Plea (2)

November 8, 2019, 9:19 am Criminal, Top

A former trader at SAC Capital Advisors LP who admitted to making illegal insider trades, cooperated with the government, and later sought to withdraw his guilty plea has prevailed in his years-long fight to clear his name. Federal prosecutors on Thursday dismissed their case against Richard S. Lee, who was the center of a prosecution the U.S. brought against the…

SEC drops Onyx insider trading lawsuit against Dubai men | Reuters

September 16, 2015, 6:08 pm SEC, Top

Without explanation, the SEC asked U.S. District Judge Paul Oetken in Manhattan to dismiss its case against Dhia Jafar and Omar Nabulsi without prejudice, and lift a $2.55 million asset freeze on two accounts they held at Citigroup, according to a Tuesday court filing. via SEC drops Onyx insider trading lawsuit against Dubai men | Reuters

U.S. court faults SEC trial strategy against broker, tosses verdict | Reuters

May 19, 2014, 3:16 pm SEC, Top

Faulting the U.S. Securities and Exchange Commission’s trial strategy, a federal appeals court on Monday overturned a jury’s finding that a former Prudential Securities broker committed civil fraud by rapidly trading mutual funds. The 2nd U.S. Circuit Court of Appeals in Manhattan said the evidence did not support a December 2011 negligence verdict against Frederick O’Meally, and that the case…

Judge recommends dismissal of US suit against BofA — Reuters

March 28, 2014, 7:58 am Class Actions, Top

A U.S. magistrate judge recommended dismissal of a lawsuit against over $850 million in mortgage debt, according to a court filing. A federal judge has recommended dismissal of a U.S. government lawsuit accusing Bank of America of defrauding investors into buying about $855 million of mortgage securities that soured during the global financial crisis. via Judge recommends dismissal of US…