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Rapid SEC Action Against AriseBank Reveals New Playbook For Allegedly Fraudulent ICOs

On January 25, 2018, the SEC filed a sealed civil Complaint in federal court in Dallas against AriseBank and its founders. The Complaint alleged that the defendants had committed securities fraud in raising more than $600 million in an initial coin offering ("ICO") of AriseCoin, starting in December 2017. The SEC immediately made a series of rapid legal moves designed to gain control of AriseBank and its assets.

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TAGS: AriseBank, Initial Coin Offering, SEC, Securities Law

Watching Halliburton

While most ERISA litigators are anxiously awaiting the Supreme Court’s decision in Fifth Third Bancorp v. Dudenhoeffer, (Sup. Ct. Dkt. 12-741), they should also be paying close attention to the Supreme Court’s upcoming decision in Halliburton v. Erica P. John Fund, Inc. (Sup. Dkt. 13-317). 

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TAGS: Class Action Litigation, ERISA, Securities Law, Stock Drop

New Standard for Section 11 Liability in the Sixth Circuit

Last week, the Sixth Circuit issued a ruling which defined the standard in the Sixth Circuit for liability under Section 11 of the Securities Act of 1933, created a circuit split, and likely garnered the attention of the Supreme Court. 

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TAGS: Class Action Litigation, Litigation, Securities Law

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