NEW YORK—The creator of a marketplace for National Basketball Association Top Shot non-fungible tokens must face a lawsuit claiming that the tokens are securities, a U.S. judge ruled on Wednesday. U.S. District Judge Victor Marrero in Manhattan rejected Dapper Labs Inc.’s bid to dismiss a proposed class action by purchasers of NBA Top Shot Moments,…
US Judge Permits Lawsuit Claiming NBA Top Shot NFTs Are Securities
US Authorities Charge 8 Social Media Influencers in Securities Fraud Scheme
WASHINGTON—Prosecutors said they have charged eight individuals in a securities fraud scheme, alleging they reaped about $114 million from by using Twitter and Discord to manipulate stocks. The eight men allegedly purported to be successful traders on the social media platforms and then engaged in a so-called “pump and dump” scheme by hyping particular stocks…
Large Private Investment Funds Need Closer Oversight
June 18, 2022
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Commentary Recent news reports that the top Justice Department antitrust lawyer, Jonathan Kanter, is planning to scrutinize large private investment funds’ practice of “rolling up” competing companies to create monopolies and oligopolies. That may be a good idea on the antitrust front, but let’s take a step back and look at the risk front. In 1995,…
Ukraine’s Stock Market Regulator Stops Securities Circulation
KYIV—Ukraine’s state stock market regulator on Thursday said it had decided to stop the circulation of all securities in the country, except for operations necessary for the central bank’s monetary policy and the finance ministry’s public debt servicing. The central bank has banned foreign currency purchases on the interbank market and fixed the official hryvnia…
Goldman Sachs Moves to Full Ownership of China Securities JV
October 18, 2021
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Goldman Sachs said on Sunday it received approval from China’s securities regulator to take full control of its mainland securities business. The U.S. bank said it would buy the remainder of Goldman Sachs Gao Hua Securities Company Ltd. (GSGH), and rename it as Goldman Sachs (China) Securities Company Ltd. The migration of its onshore business…
US SEC Chair Wants Private Fund Fee Disclosures, Bond Market Transparency: Testimony
September 14, 2021
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WASHINGTON—The chair of the top U.S. securities regulator wants private funds to disclose more information to investors about potential conflicts of interest and the fees they charge, according to congressional testimony published Monday evening. Gary Gensler, chair of the Securities and Exchange Commission (SEC), also wants to impose greater transparency on the corporate bond, municipal…
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