MoFo Perspectives Podcast

The legal framework on AI in the UK is in a state of flux, with the UK government’s desire to be a “pro-innovation” hub for AI businesses yet to be underpinned by a clear legal framework. Join AI and Technology partner Charlotte Walker-Osborn and IP partner Steven James to discover some of the areas you need to be thinking about when developing, deploying or using AI systems.

AI is rapidly changing the way we do business. AI presents exciting opportunities for founders and emerging companies but the laws governing AI in the UK are in a state of flux. There are many different laws and guidance to understand and contend with, which can be challenging for emerging businesses. Join AI and Technology partner Charlotte Walker-Osborn and IP partner Steven James to hear about some of the areas you need to be thinking about as a founder, investor or advisor and when to start having those discussions.

The 14th episode in this series focused on “Business Leadership in the Context of 2024’s Elections,” with Aron Cramer, President and CEO of BSR, interviewing Daniella Ballou-Aares, Founder and CEO of the Leadership Now Project. Daniella started the Leadership Now Project in 2017 to focus business leaders on the critical actions required to renew American democracy. Daniella began her career at Bain & Company, working across the firm’s offices in the United States, South Africa, and the United Kingdom. From there she became a founding partner at Dalberg, where she led the Americas business and transformed the startup into the largest social impact strategy firm, with 25 offices worldwide. She spent five years in the Obama administration as the Senior Advisor for Development to the Secretary of State, serving under Secretaries Clinton and Kerry. Daniella’s perspectives have been featured in publications such as the Harvard Business Review, New York Times, Fast Company, and POLITICO, and at the World Economic Forum. Daniella is a member of the Council on Foreign Relations and was a 2014 World Economic Forum Young Global Leader. She holds an M.B.A. from Harvard Business School, an M.P.A. from the Kennedy School, and a B.S. cum laude in operations research and industrial engineering from Cornell. The Leadership Now Project is a membership organization of business and thought leaders taking action to protect and renew American democracy. The organization mobilizes its members’ influence, expertise, and investment for high-impact solutions for American democracy. Leadership Now members are the foundation of the organization, driving action and enabling impact. Founded in 2017 by a group of Harvard Business School alumni, the Leadership Now Project today has members across more than 25 states and collaborates with faculty at 15+ colleges and universities.

More than a quarter of respondents (26%) in our survey say they have left sustainability policies unchanged because of concerns raised by principals or investment professionals; almost as many (24%) cite the concerns of their limited partners (LPs). In this podcast, we discuss the backlash against ESG in the US and how it impacts Asia-headquartered GPs. Should GPs tweak their ESG policies or their implementation to ensure they are acceptable to all LPs? Is it possible to please all LPs?

The thirteenth episode in this series focused on “ESG: Looking Back and Ahead,” with Aron Cramer, president and CEO at BSR, and Susan H. Mac Cormac, co-chair of the ESG + Sustainability and Social Enterprise + Impact Investing practices at MoFo. The ESG and impact space witnessed interesting developments in 2023, ranging from new regulations to anti-ESG legislation, litigation, and enforcements. This discussion provided insights and reviewed key events that took place in the ESG and impact space last year, as well as highlighted trends and predictions for 2024 and beyond.

In certain states in the US, the EU and the UK, there is a growing expectation for companies and funds to extend sustainability due diligence throughout their global supply chains. Companies and funds are also facing increasing customer demands with respect to sustainability. In this podcast, we discuss how companies and funds can think holistically about third-party risks, compliance, and sustainability-related subject matters—including steps they can take to balance local compliance requirements with global sustainability requirements applicable in jurisdictions within their supply chain, navigate business relationships in high-risk areas, and partner with subject matter experts on supply chain diligence to provide guidance on redirecting and diversifying their supply chains in new markets.

MoFounders Podcast: How to Disrupt an Outmoded Industry and Scale an App Nationwide by Morrison & Foerster LLP (MoFo)

The vast majority (80% ) of tech and tech-focused respondents to our survey responded that they have adopted or require their portfolio companies to adopt responsible tech policies. Data privacy and cybersecurity appear to be the top concerns of our respondents, particularly as data becomes more and more valuable. However, the risks involved with AI did not seem to be top of their agendas. In this podcast, we discuss what PE funds need to know about: Using personal data in datasets for training generative AI and the impact of new regulations in Asia; and issues related to transferring and using datasets across borders.

“Responsible tech” is a hotly debated topic in the US and Europe, but less so in Asia. Our annual survey of Asia headquartered PE Funds reveals that many require their portfolio companies to apply responsible tech, but also that for many respondents “responsible tech” is synonymous with data privacy and cybersecurity. This narrow approach misses one of the key benefits of the concept of responsible tech—the ability to mitigate business risk in novel areas where regulatory approaches have not yet coalesced. In this podcast, we discuss the concept of responsible tech and illustrate this with practical examples already implemented by Asian companies. We discuss how PE funds can factor responsible tech into their investment decisions and the management of their portfolio companies.

The twelfth episode in this series focuses on “Climate Disclosure Rules: Preparing For Regulatory Oversight,” with Kristina Wyatt, Deputy General Counsel and Chief Sustainability Officer at Persefoni, and Neil Stewart, Director of Corporate Outreach at the International Sustainability Standards Board (ISSB). The discussion was led by Jackie Liu. This year witnessed an unprecedented increase in climate disclosure rules – mandatory and voluntary. The regulations and standards follow increased demands for standardization and reliance on climate-related disclosures by stakeholders, including investors and consumers. As regulations such as California’s Climate Accountability (CCA) package proliferate and the industry coalesces around voluntary standards such as the ISSB’s IFRS S1 and IFRS S2 standards, the importance of preparing and positioning for alignment is apparent. The discussion will provide a comprehensive overview of climate disclosure regulations in the U.S. and EU, specifically the EU’s CSRD, CCA, and the ISSB Standards, along with insights on what is on the horizon and how companies can sufficiently prepare for reporting requirements in this everchanging landscape.

One of the most important issues Entrepreneurs want to know about, is how to make their business more investable to investors. It can sometimes seem a bit of a mystery: why does one business skyrocket and another in the same sector struggles to take off? How do you put your business in the best possible position to secure investment? To find out about this and more join Michanne Steenbergen, an investor in B2B and B2C Tech, and Stuart Alford, Corporate Partner at MoFo, on our first MoFounders podcast.

In our 2022 report, we concluded that sustainability work had become a clear priority for GPs headquartered in Asia, with most organizations devoting increasingly significant resources to this area. However, we also noted that work was at an early stage for many in the region. One year later, this year’s research reveals that further progress has been made. But there is also evidence of concern about the pace of change—many GPs in our research feel uncomfortable with the rapid evolution of sustainability policies. Listen to this podcast to understand the key findings of Asia Funds ESG Survey 2023 in just over eight minutes.

The eleventh episode in this series focuses on “Just Transition: How Companies and Investors Can Ensure an Equitable and Sustainable Future,” with Aron Cramer, President and CEO of BSR, interviewing Kate Gordon, Former Senior Advisor to Energy Secretary Jennifer Granholm at the U.S. Department of Energy (DOE). It is increasingly clear that the energy transition needs to be inclusive, not only to advance equity, but also to bolster the political will to take action. Increasingly, companies are devising just transition strategies to ensure that the energy transition considers questions such as access to clean energy, employment transition for those displaced from the fossil fuel economy, supply chain questions related to resources needed for the clean energy economy, and the means of addressing the economic and environmental harms related to fossil fuel development and deployment. Kate Gordon will join us to share her perspective and expertise based on her experience as a leading climate advisor.

In this episode of the Above Board podcast, Morrison Foerster partner and host Dave Lynn speaks with Edward Imperatore, a partner in Morrison Foerster’s Investigations + White Collar Defense practice group and former Assistant United States Attorney for the Southern District of New York, about the increasing securities enforcement focus on the life sciences and healthcare industry by the Securities and Exchange Commission and Department of Justice. The discussion includes trends and novel theories in the areas of insider trading and accounting and disclosure fraud, with takeaways from recent cases. Also discussed are best practices for public life sciences and healthcare companies to enhance internal controls and mitigate potential risks.

The tenth episode in this series focuses on “How Large Financial Institutions Are Integrating Climate Strategies,” with Suz Mac Cormac, Global Co-chair of the Environmental, Social, and Governance (ESG) and Social Enterprise + Impact Investing practices at MoFo, interviewing Rama Variankaval, Global Head of Corporate Advisory & Sustainable Solutions at J.P. Morgan.

In this episode of the Above Board podcast, Morrison Foerster partner and host Dave Lynn speaks with Linda Clark, partner in Morrison Foerster’s market-leading global Privacy + Data Security Group and former Chief Data Security Counsel for RELX, about the roles of GCs and directors in protecting and maintaining their companies’ cybersecurity and mitigating the damage caused by cybersecurity incidents. In her role at RELX, Linda led the data security legal compliance efforts in over 40 countries and across four different market segments worldwide.

In this episode of the Above Board podcast, Morrison Foerster partner and host Dave Lynn discusses recent developments at the DOJ, the SEC, and the U.S. Attorneys’ Offices regarding a variety of matters that are important for boards of directors and companies to consider when they approach corporate compliance issues with Morrison Foerster Securities Litigation, Enforcement, and White Collar + Investigations partners Adam Braverman, Jina Choi, and Christine Wong, each of whom has previously served in senior positions at either the DOJ or SEC. Topics of discussion include voluntary self-disclosure policies, the preservation of electronic communications, and corporate compensation and clawbacks.

The ninth episode in this series focuses on “Responsible Innovation: Ensuring Ethics in Emerging Technologies,” with Aron Cramer, President and CEO at BSR, interviewing Paula Goldman, Chief Ethical and Humane Use Officer at Salesforce, and Lokke Moerel, Senior Of Counsel, Privacy + Data Security practice and ESG Steering Committee member, at MoFo.

The eighth episode in this series focuses on the “Business Implications of the Supreme Court's Ruling on Affirmative Action” with Michael McAfee, President and CEO at PolicyLink, and Jarrid Green, Co-Director, Center for Business and Social Justice, at BSR. The discussion will be led by Mark L. Whitaker, Co-chair of the Intellectual Property Litigation Practice, and Co-chair of the Diversity Strategy Committee, at MoFo.

In this episode of the Above Board podcast, Morrison Foerster partner and host Dave Lynn discusses shareholder activism with the firm's global Mergers & Acquisitions Group co-chairs, Spencer Klein and Brandon Parris. They discuss the key shareholder activism developments that boards of directors should be considering in 2023, including the latest developments with proxy contests and M&A activism, the rise of the “occasional activist,” the use of ESG considerations in advancing campaigns and the recent implications of the SEC’s universal proxy rule.

In this episode of the Above Board podcast, Morrison Foerster partner and host Dave Lynn discusses the U.S. DOJ’s new corporate voluntary self-disclosure policy with Nate Mendell, the former Acting U.S. Attorney for the U.S. Attorney’s Office for the District of Massachusetts and partner in the firm’s Investigations + White Collar Defense practice, and James Koukios, co-chair of the firm’s Securities Litigation, Enforcement, and White Collar Defense group and co-head of the FCPA + Global Anti-Corruption practice. The new policy is intended to incentivize companies to voluntarily self-disclose misconduct to U.S. Attorney’s Offices and remediate misconduct by providing standardized benefits for doing so. The discussion outlines the essential components of the new voluntary self-disclosure policy and the pros and cons to be evaluated in a company’s potential decision to self-disclose.

The seventh episode in this series focuses on the “Net Zero Transition – Opportunities and Headwinds” with Aron Cramer, President and CEO, BSR, interviewing Curtis Ravenel, Senior Advisor to the Co-chairs and Vice Chair, Glasgow Financial Alliance for Net Zero (GFANZ).

In this episode of the Above Board podcast, Morrison Foerster partner and host Dave Lynn discusses recent legal developments in human rights that are of concern to the boards of directors of public companies in the US and Europe with attorneys in the firm's Global Ethics + Compliance and FCPA + Global Anti-Corruption practices: San Francisco partner Stacey Sprenkel, London partner Gareth Rees KC, and Berlin partner Patrick Spaeth. In discussing corporate responsibility and risk related to human rights, topics for consideration include: preventing modern slavery, human trafficking, and unsafe working conditions; protecting freedom of association, free expression of faith, and personal data; and the impact of business activities on local communities and environments.

The sixth episode in this series focuses on “Embedding Impact in Mainstream Investments – Risks and Opportunities” with Suz Mac Cormac, Global Chair of the Environmental, Social, and Governance (ESG), Social Enterprise + Impact Investing, and Energy practices at MoFo, interviewing Kyung-Ah Park, Managing Director, ESG Investment Management at Temasek. Kyung-Ah will provide insights on how Temasek is harnessing ESG across investment teams and the institution to strengthen portfolio resiliency and drive long-term sustainable value creation. From integrating ESG across the investment process to ESG-related investment strategies and partnerships, Kyung-Ah will discuss how investors can embed ESG in mainstream investments and across markets to help address the global climate challenge and drive inclusive growth.

There is a growing interest in ESG-driven investments amongst Asia fund managers, with every respondent to Our Asia Funds ESG Survey 2022 stating that they take ESG criteria into account on investment decisions. However, there is a mismatch between ESG words and deeds in Asia, with many fund managers having investment policies in place that do not necessarily translate into action. This mismatch between ESG words and deeds runs a clear risk of reputational damage, compliance failure, or value decline if fund managers invest in businesses with a weak or overstated ESG record. The responsibility of GPs to get this right for their LPs is very real, and some LPs are starting to demand more reporting on how fund managers are applying ESG in practice. A number of fund managers have already responded by instigating systematic investor reporting on ESG performance, but our survey shows that these are few and far between; there’s some way to go for others to catch up. In this podcast, we explore what ESG expectations LPs have of their GPs on ESG, and how GPs are responding to increasing demands from their LPs.

It has been just over two years since the UK officially exited the EU and we are beginning to see how the UK and the UK Information Commissioner’s Office (ICO) intend to differentiate themselves from the EU approach to restricted transfers (i.e., transfers of personal information to countries that are not recognized as “adequate” for data protection purposes). The changes do not indicate a giant leap away from the EU approach (at least not yet), but the changes are significant enough for companies operating in the UK to take note.

In the first episode of this two-part MoFo Perspectives podcast, MoFo Global Antitrust co-chair Lisa Phelan and of counsel Rob Manoso speak with Employment & Labor partner Andrew Turnbull, along with special guest Matt Bester, Director of Competition Law at Accenture, to discuss the current and emerging trends between antitrust and employment law. Our panel of experts will explore the major developments from 2022, insights toward the coming year, and how companies can mitigate throughout this very uncertain climate.

In the second episode of this two-part MoFo Perspectives podcast, MoFo Global Antitrust co-chair Lisa Phelan and of counsel Rob Manoso speak with Employment & Labor partner Andrew Turnbull, along with special guest Matt Bester, Director of Competition Law at Accenture, to discuss the current and emerging trends between antitrust and employment law. In this part, you can look forward to a deeper dive into the FTC’s recently announced plan to ban all non-compete agreements between companies and employees in any context. Our panel discusses what to expect from both state and federal jurisdictions and how companies can best prepare.

In this episode of the Above Board podcast, partner and host Dave Lynn speaks with Miriam Wugmeister, partner and co-chair of Morrison Foerster’s Global Privacy and Data Security Group, and Jackie Liu, a partner in Morrison Foerster’s Corporate Governance practice and a member of the Board of Directors of public company CEVA, Inc. They address the questions that a board should ask after a data breach has occurred, the implications for a company’s corporate governance and key SEC disclosure considerations.

The fifth episode in this series focuses on “navigating crosswinds while continuing to advance sustainability,” with Aron Cramer, President and CEO of BSR, interviewing Ken Mehlman, Partner, Global Head of Public Affairs and Co-Head of KKR Global Impact. Ken will provide insights on how businesses are navigating the current economic and political crosswinds and staying focused on the fundamental reasons sustainability is essential to business success and economic vitality. From concerns regarding the scope of environmental, social, and governance (ESG) to woke capitalism and the culture wars that have ignited ESG political pushback, Ken will discuss how companies and investors can stay the course to ensure they are solving critical problems to drive financial returns and create a more equitable and livable world for future generations.

Diversity, equity and inclusion (DE&I) is gaining traction, but for now, only a minority of GPs seem to be taking genuine action on DE&I concerns. Our Asia Funds ESG Survey 2022 shows that 88% of funds communicate DE&I policies internally, but only 33% have made a financial commitment to DE&I and with only 50% saying they are committed to diverse representation among their leaders. In some cases firms in the region are conscious of the increasing regulatory focus on DE&I issues - in areas such as female board representation, for example - and are eager to be seen to be responding. But GPs must be careful they are not simply paying lip service to these ideas. In this podcast we explore the maze of DE&I opportunities and challenges that Asia-headquartered funds are navigating in order to convert policy into action and we hear from Anjali Johannessen, Partner and Chief Talent Officer at PAG, who has led PAG’s women initiative which helped turn DE&I policy into action.

The fourth episode in our series focused on “implementation of sustainability-related disclosure standards” with Suz Mac Cormac interviewing Janine Guillot, Special Advisor to the International Sustainability Standards Board (ISSB) at the International Financial Reporting Standards (IFRS) Foundation.

As firms increasingly embrace ESG parameters as part of investment considerations, the importance of investment professional alignment with ESG objectives is featuring prominently in ESG conversations. One of the ways to ensure alignment is by linking compensation to ESG KPIs. Based on our survey findings, only 14% of the funds surveyed tied investment team compensation to ESG performance and 12% tied executive compensation to ESG performance. Incentives are one of the many ways to signal a firm commitment to ESG alignment across the investment lifecycle, and tying compensation to performance on ESG goals is a proven incentive that has bolstered alignment and performance across investment lifecycles. In this podcast, we explore the importance of tying executive compensation to ESG performance, as well as some innovative strategies and models for achieving this. We explore goal setting, ESG focus areas, and the levels of compensation that should be tied to ESG performance.

Our survey findings reveal that many Asia-based fund managers are at an early stage of their ESG journey. Many have policies in place, but these may not be embedded in operations and decision‑making. This is potentially dangerous as Asia fund managers will increasingly be at risk of accusations of “greenwashing,” the same criticism applied to many businesses and investors in Europe and the United States, where regulators are now working hard to tackle such concerns.

In the U.S., EU, and UK, there is a growing expectation for companies and funds to extend ESG due diligence throughout their global supply chains.

Recent extreme weather events have further raised global awareness of climate and environmental issues, concerns that will top the agenda at COP27 and other upcoming climate summits.

The third episode in our series focused on “delivering an authentic approach to sustainability” with Aron Cramer, President and CEO of BSR, interviewing Rose Stuckey Kirk, the Chief Corporate Social Responsibility Officer at Verizon. Rose provided insights on how she provides values-based leadership to address social needs in a way that enhances and leverages Verizon’s business. She spoke about her experience engaging and activating Verizon’s leadership, setting a strategy for achieving genuine impact, and ensuring authentic approaches that resonate with customers, investors, employees, and society. Rose also discussed how Verizon’s efforts take into account the current environment, with economic volatility, a polarized public, and a changing public policy environment.

In this episode of MoFo Perspectives, Morrison Foerster partner and co-chair of the firm’s Global Privacy & Data Security practice Alex van der Wolk speaks with associate Whitney Lee about her pro bono work with CYREIN, The Cyberstalking Resource Initiative. Whitney founded CYREIN in 2018 to support victims of cyberstalking and cyber harassment after graduating from law school.

After several years of negotiation following the invalidation of the Privacy Shield by the European Court of Justice (CJEU), on October 7, the president signed an Executive Order, and the attorney general issued regulations, implementing the agreement between the U.S. and the EU announced earlier this year to replace the Privacy Shield framework. The European Commission (EC) has issued a statement that these actions will “address the concerns raised by the Court of Justice of the European Union in the Schrems II decision.” The EC is expected to make this framework the basis of an adequacy finding that the U.S. provides privacy protections that are essentially equivalent to European law.

In this episode of the Above Board podcast, partner and host Dave Lynn speaks with Miriam Wugmeister, partner and co-chair of Morrison Foerster’s Global Privacy and Data Security Group, and Alex Iftimie, partner and co-chair of the firm’s Global Risk and Crisis Management Group, on cybersecurity exposure preparedness for board members.

The second episode in our series focused on “climate beyond compliance” with Suz Mac Cormac, interviewing Tim Mohin, a globally recognized sustainability and ESG executive. The discussion focused on the coming obligations for ESG (specifically climate) disclosures and how companies can prepare. As companies and investors consider how to measure, benchmark, and report on their ESG initiatives on a global scale – having the correct data, structures, and management systems in place to capture, aggregate, and disseminate this information is more crucial than ever. Tim provided insights from his experience leading sustainability strategies for some of the largest tech companies and offered perspectives on future challenges.

In this episode of the Above Board podcast, Morrison Foerster partner and host Dave Lynn speaks with partners James Koukios, former DOJ prosecutor and Senior Deputy Chief of the Criminal Division’s Fraud Section in Washington, D.C., and Stacey Sprenkel, a skilled investigations attorney with decades of experience conducting corporate internal investigations and global risk assessments, on the importance of an effective ethics and compliance program for corporations and how the board of directors plays a critical role in that area. The board's role in overseeing the ethics and compliance function at companies is discussed, with a particular focus on the reporting structure from a Chief Compliance Officer to the board, how the board can assure itself that it is getting the right information at the right time, and how the board can positively impact compliance function. The speakers also share their top compliance tips and takeaways for board members.

The first episode in our series focused on how companies and investors can distinguish between “ESG activities and true impact” with MoFo and BSR in a discussion on the importance of building real business solutions that offer the biggest opportunities for meaningful change. The discussion offered insights on how companies can act holistically to create change, not just on their own but also by working with value chain partners, markets, policymakers, and systems – and how these ambitious and comprehensive approaches can achieve both more impact and more value for a company.

In this episode of MoFo Perspectives, MoFo Antitrust partners Megan Gerking and David Shaw speak with MoFo ESG Practice Group chair Susan Mac Cormac and UC Davis Acting Professor Amelia Miazad to discuss the strong movement toward increased corporate social responsibilities—with a specific focus on environmental, social, and corporate governance (ESG) issues. Our panel of experts examines the current state of ESG efforts, explores areas of tension with antitrust principles, and identifies practice tips for ensuring that compliance with antitrust laws does not get in the way of achieving companies’ important ESG goals.

In the first episode of this two-part MoFo Perspectives podcast, Morrison Foerster Global Antitrust attorneys Bonnie Lau and Joseph Charles Folio speak with Kevin Mullen of the Government Contracts and Public Procurement group, to discuss the DOJ’s new enforcement initiative surrounding government procurement – and share the types of red flag conduct you and your company need to know.

In the second episode of this two-part MoFo Perspectives podcast, Morrison Foerster Global Antitrust attorneys Bonnie Lau and Joseph Charles Folio and Kevin Mullen of the Government Contracts & Public Procurement Group discuss potential criminal and civil penalties and exposure that contractors could face for antitrust violations. Our attorneys provide proactive steps you can take to improve compliance and protect you and your company.

In this episode of the Above Board podcast, Morrison & Foerster partner and host Dave Lynn speaks with Fredo Silva, San Francisco-based partner and co-chair of the firm’s Social Enterprise and Impact Investing practice, about the latest developments with regard to ESG disclosures for public companies, including voluntary disclosure developments and the SEC’s proposed disclosure requirements for climate change and human capital matters.

In this episode of the Above Board podcast, Morrison & Foerster partner and host Dave Lynn speaks with partners Alex Iftimie and Haima Marlier, who formerly served in senior counsel roles at the U.S. DOJ and SEC, respectively, on new initiatives to require disclosure and reporting of cybersecurity incidents against the backdrop of a heightened threat environment for cybersecurity risks. The discussion addresses the SEC’s recently proposed amendments to require real-time incident reporting and detailed disclosures regarding cybersecurity risk management, strategy, governance, as well as new legislation which will impose new cybersecurity incident reporting requirements for critical infrastructure entities.

In this episode of the Above Board podcast, Morrison & Foerster partner and host Dave Lynn speaks with John E. Smith, Washington, D.C.-based co-head of Morrison & Foerster’s National Security practice and former Director of the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC), about what boards of directors and companies should be focused on as the U.S. and other nations announce Russian sanctions in response to the war in Ukraine.

In this episode of the Above Board podcast, Morrison & Foerster partner and host Dave Lynn speaks with Judson Lobdell, San Francisco-based partner and former Assistant U.S. Attorney, about securities class action litigation, which often arises following a significant decline in a company’s stock price. Judson provides an overview of the securities class action litigation environment, offers practical guidance on the risk factors that directors and management should consider, and provides tips on preparing for and responding to securities class action lawsuits. Read more on this topic: https://www.mofo.com/resources/insights/211117-a-summary-guide-securities-class-action-litigation.html