Welcome to A&O Shearman's Need-To-Know Litigation Weekly, which analyzes notable U.S. decisions, orders and developments each week in areas of Securities Litigation, Government/Regulatory Enforcement, M&A and Corporate Governance, Antitrust Litigation and IP Litigation. This weekly newsletter is intended to supplement our various publications and thought leadership concerning these important substantive areas.
Securities Litigation
Addressing Issue Of First Impression, Southern District Of New York Dismisses Action Seeking To Impose Short-Swing Liability Against Broker-Dealer For Packaged Securities Trades
On March 14, 2025, Judge John P. Cronan of the United States District Court for the Southern District of New York granted summary judgment in favor of defendants in an action brought under Section 16(b) of the Securities Exchange Act against a broker-dealer and its CEO. Clarus Corp. v. HAP Trading, LLC, —F. Supp. 3d—, 2025 WL 833453 (S.D.N.Y. 2025).Read More
Government/Regulatory Enforcement
Major Crypto Exchange Pleads Guilty, Agrees To $297 Million Penalty; Founders Secure DPAs
On January 27, 2025, one of the largest global cryptocurrency exchange platforms (the “Exchange”) pled guilty to one count of operating an unlicensed money transmitting business and agreed to pay $297 million in connection with a grand jury indictment (the “Indictment”) brought by the Department of Justice (“DOJ”) in the Southern District of New York in March 2024.Read More
Antitrust Litigation
California District Court Grants Software Company’s Motion To Dismiss In Algorithmic Price Fixing Case
On March 21, 2025, Judge Jeffrey S. White of the United States District Court for the Northern District of California granted defendant software company’s motion to dismiss plaintiffs’ claims of price-fixing under the Sherman Act, finding that plaintiffs failed to state a plausible claim on their alleged algorithm-based hub-and-spoke conspiracy. Hanson Dai, et al. v. SAS Inst. Inc., et al., 4:24-cv-02537-JSW, (N. D. Cal.).. Giordano v. Saks & Co. LLC, No. 23-600-CV, 2025 WL 799270 (2d Cir. Mar. 13, 2025).Read More
Intellectual Property Litigation
Federal Circuit Clarifies Requirements For A Prior Art Reference’s Entitlement To The Filing Date Of A Provisional Application To Which It Claims Priority
On March 24, 2025, the U.S. Court of Appeals for the Federal Circuit (“CAFC”) issued an opinion vacating and remanding a decision of the U.S. Patent Trial and Appeal Board (the “Board”) that a published patent application (“Lettich”) qualified as prior art to a pending application, U.S. Patent Application No. 11/005,678 (the “’168 Application”), because the Board’s analysis as to Lettich’s prior art status was incomplete. In re Riggs, No. 22-1945, __ F.4th ___ (Fed. Cir. Mar. 24, 2025).Read More