I suspect that many readers of this blog have read any number of blog posts, articles, and other materials on the SEC’s proposal to make quarterly reporting optional. (I myself have previously written two posts – here and here – on the subject.) Many of these materials point out the potential benefits and risks of
Securities
Judge In Adani Case Says Not So Fast
By Mike Koehler
In 2024, the DOJ criminally charged various individuals in connection with an alleged Indian bribery scheme. (See here for the prior post).
Gautam Adani (a citizen of India and founder of the Adani Group which includes numerous portfolio companies including Adani Green Energy – and Indian energy company) was charged with securities fraud conspiracy and…
DOJ Seeking Trial Attorneys For FCPA Unit
By Mike Koehler
According to some false narratives, the DOJ is no longer prosecuting FCPA cases.
However, the DOJ is actively seeking trial attorneys for its FCPA Unit.
As stated in this recent DOJ job posting: “The Fraud Section is seeking qualified, experienced attorneys for Trial Attorney positions in the Market, Government, and Consumer Fraud Unit…
Facts, Not Labels: The Limits of Delaware Notice Pleading
In Caerus Group, LLC v. Chemicar Europe NV, No. 2025-0393-BWD, 2026 WL 668208 (Del. Ch. Mar. 10, 2026), the Delaware Court of Chancery issued a strong reminder that notice pleading does not mean no pleading. Vice Chancellor David dismissed claims arising out of a failed automotive-products joint venture because the pleadings substituted conclusions and speculations…
Supreme Court Holds That Investment Company Act Does Not Authorize Lawsuits by Private Parties to Rescind Contracts That Allegedly Violate It
By David Breyer
On June 11, 2026, the Supreme Court held in a 6-3 decision that Section 47(b) of the Investment Company Act of 1940, as amended (the “Act”) does not create a cause of action allowing private parties to sue for rescission of contracts that allegedly violate the Act.
For a detailed summary of the ruling, see…
US Regulators Finalize Data Standards to Implement the Financial Data Transparency Act
Several federal financial regulators (the “Agencies”) have approved an interagency final rule to establish data standards that promote interoperability of financial regulatory data (the “Final Rule”). The Final Rule finalizes an interagency proposal that was issued in 2024. The Agencies received over 150 unique comments on the proposal from a wide range of stakeholders, including…
The Odds Are In: CFTC Proposes Framework for Event Contracts and Prediction Markets
On June 10, 2026, the Commodity Futures Trading Commission (the “CFTC” or the “Commission”) published a notice of proposed rulemaking (the “Proposal”) suggesting comprehensive amendments to CFTC Regulation 40.11 and adding a new Appendix F to Part 40 concerning event contracts traded on prediction markets. The Proposal would further specify the types of event contracts…
The Attempted Murder of the SpaceX IPO
The SpaceX IPO is now history, but Senator Elizabeth Warren may not be happy about it. A few days before the IPO was completed, Senator Warren sent a letter to SEC Chair Paul Atkins about the IPO. The letter is full of impassioned (some might say melodramatic) prose about the horrors that await those who…
A Look At The FCPA’s Facilitation Payments Exception
By Mike Koehler
The FCPA’s legislative history teaches that in passing the FCPA Congress intended to capture only a narrow category of payments and chose not to capture so-called facilitating payments given the difficult and complex business conditions encountered in many foreign countries.
Congressional leaders spearheading enactment of the FCPA were clear as to the scope of the…
Delaware Court of Chancery Dismisses Stockholder Claims as Derivative, Unripe, and Untimely
On April 13, 2026, the Delaware Court of Chancery dismissed all 12 claims asserted in The Gregory M. Raiff 2000 Trust v. Jenzabar, Inc., 2026 WL 992587 (Del. Ch. Apr. 13, 2026). Some claims were exclusively derivative, some were unripe, some were time-barred, and some were deficient for a combination of these reasons. The court…