Throughout the latter half of 2017, the SEC became increasingly focused on regulating securities law violations involving blockchain technology and initial coin offerings. A blockchain is an electronic distributed ledger maintained and broadcast by a network of computers utilizing cryptology to process and verify transactions such that all computers in the network have the same…

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FOR THE FIRST TIME SEC CHARGES PERSONS FOR HACKING INTO LAW FIRM COMPUTER NETWORKS On December 27, 2016, the Securities and Exchange Commission announced charges against three Chinese nationals for trading on the basis of material nonpublic information. According to the SEC’s complaint filed in the United States District Court for the Southern District of…

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SEC CONTINUES BRINGING ENFORCEMENT ACTIONS AGAINST COMPANIES FOR RESTRICTIVE LANGUAGE IN CONFIDENTIALITY AND SEVERANCE AGREEMENTS THAT COULD STIFLE WHISTLEBLOWERS In separate actions on August 10, 2016 and August 16, 2016, the Securities and Exchange Commission (“Commission”) has again brought enforcement actions against companies for having confidentiality provisions in their agreements that in the Commission’s view…

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CALIFORNIA COURT REFUSES TO ENFORCE BYLAW AMENDMENT COMPELLING ARBITRATION BY THE MEMBERS OF THE CORPORATION There have been several recent Delaware court decisions and much commentary regarding the enforceability of bylaw provisions that establish rules governing stockholder litigation, including fee-shifting provisions and forum selection clauses, and several Maryland court decisions concerning bylaw provisions mandating arbitration…

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Recently, the U.S. Court of Appeals for the Seventh Circuit, in a decision authored by Judge Richard Posner, Teed v. Thomas & Betts Power Solutions, L.L.C., held that federal common law and not state law applied to the determination of successor liability for a Federal Labor Standards Act judgment. The case involved a claim for…

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