Capital Markets

  • April 16, 2024

    SEC Hit With Class Action Over Database Privacy Concerns

    A conservative think tank filed a lawsuit in Texas federal court Tuesday hoping to put an end to a U.S. Securities and Exchange Commission market surveillance tool known as the consolidated audit trail, arguing in the proposed class action that the database threatens to subject the personal information of tens of millions of American citizens to a possible data breach.

  • April 16, 2024

    Genesis To Return $2B Of Crypto Under Gemini Settlement

    Bankrupt crypto lender Genesis will return 97% of digital assets from a customer program with crypto platform Gemini by early May after a New York bankruptcy judge on Tuesday approved a settlement that attorneys for Genesis said closes out bitter disputes and sets it up to repay other creditors under a Chapter 11 plan.

  • April 16, 2024

    SEC Gets Partial Win In Muni Adviser Disclosure-Rule Suit

    A California federal judge has awarded a partial win to the U.S. Securities and Exchange Commission in its suit alleging a municipal adviser and one of its principals engaged in unlawful advisory activities with four charter school clients, saying "undisputed evidence" shows the defendants acted as advisers without the proper registrations, among other things.

  • April 16, 2024

    Barnes & Noble Education Reaches Deals To Reduce Debt

    Paul Hastings LLP-advised Barnes & Noble Education Inc., which provides solutions for the education industry, on Tuesday announced that it has entered into various agreements meant to significantly strengthen its long-term financial position and reduce its debt, allowing the company to continue investing in education innovation.

  • April 16, 2024

    Binance.US Adds Ex-NY Fed Compliance Chief To Board

    Binance.US announced Tuesday that it had brought aboard a seasoned compliance and regulation expert to join its board of directors, three months after the cryptocurrency platform hired a new top compliance officer amid federal regulators' ongoing scrutiny of the platform.

  • April 16, 2024

    Winston & Strawn Corporate Attorney Joins McGuireWoods

    McGuireWoods LLP has added a corporate lawyer from Winston & Strawn LLP as a partner in its securities and capital markets team in Charlotte, North Carolina, the firm said Tuesday.

  • April 16, 2024

    Latham Adds 2 Simpson Thacher Attys To Its NY Office

    Latham & Watkins LLP has added two attorneys from Simpson Thacher & Bartlett LLP for its New York office, one of whom joins as co-chair of its global hybrid capital practice.

  • April 16, 2024

    Cooley-Led Data Security Firm Rubrik Eyes $679M IPO

    Venture-backed data security firm Rubrik Inc. on Tuesday launched plans for an estimated $679 million initial public offering, hoping to capitalize on an upturn in technology listings.

  • April 15, 2024

    Trump Media Files To Register More Shares For Potential Sale

    The newly public owner of former President Trump's social media platform Truth Social filed paperwork on Monday to issue an additional 21.5 million shares and register for resale about 146 million existing shares, including a large stake owned by Trump.

  • April 15, 2024

    SEC Scores Win In $119M Rochester, NY Muni Bond Suit

    A New York federal judge on Monday granted an early win to the U.S. Securities and Exchange Commission on its claims against an advisory and its two principals who were involved in a $119 million bond offering by the city of Rochester, New York, saying the firm failed to disclose conflicts of interest present in its fee arrangements.

  • April 15, 2024

    Justices Leave Lower Courts To Parse Corporate 'Half-Truths'

    A recent U.S. Supreme Court ruling that corporate silence isn't enough to form the basis of a securities fraud suit pointedly declined to wade into the question of what counts as a "half-truth," leaving it to lower courts to wrestle with which corporate statements are blurry enough to sustain a shareholder class action.

  • April 15, 2024

    Chancery Denies Forte Biosciences' Bid To Toss Investor Suit

    Board members of a struggling clinical-stage biopharmaceutical company who allegedly took defensive measures to stay in power after activist investors pushed the company to liquidate must face a stockholder's Delaware Chancery Court derivative suit that they breached their fiduciary duties to shareholders, a vice chancellor said Monday.

  • April 15, 2024

    Barclays To Pay FINRA Fine Over Research Analysts Conflicts

    Broker-dealer Barclays Capital Inc. will pay a $700,000 fine to the Financial Industry Regulatory Authority after it self-reported two issues involving alleged conflicts of interest on the part of its research analysts, FINRA has announced.

  • April 15, 2024

    UK Trading Platform Marex Eyes US Markets For $300M IPO

    Private equity-backed U.K. trading platform Marex Group PLC launched plans Monday for an estimated $300 million initial public offering, represented by Latham & Watkins LLP and underwriters' counsel Kirkland & Ellis LLP, becoming the latest U.K.-area firm to seek capital from U.S. markets.

  • April 15, 2024

    Catching Up With Delaware's Chancery Court

    Last week, Delaware justices mulled whether one Chancery Court vice chancellor properly voided four company bylaws — just as another vice chancellor voided one more. Fights among Truth Social investors continued, and shareholders launched new cases involving Macy's, United Airlines, and Clayton Dubilier & Rice LLC and Stone Point Capital LLC.

  • April 15, 2024

    Senators Demand Info On CFTC Chats With Bankman-Fried

    Two U.S. senators have asked the U.S. Commodity Futures Trading Commission's chair to detail all of his communications and meetings with convicted FTX fraudster Sam Bankman-Fried.

  • April 15, 2024

    Freshfields-Led CVC Plans €1.25B IPO In Amsterdam

    Private equity giant CVC said Monday that it is planning to list its shares in Amsterdam and raise at least €1.25 billion ($1.3 billion) in a widely anticipated initial public offering guided by Freshfields Bruckhaus Deringer LLP.

  • April 15, 2024

    Justices Won't Review Ex-NYC Union Head's Bribery Rap

    The U.S. Supreme Court on Monday declined to take up the appeal of a former New York City union president who was convicted of taking bribes from now-defunct hedge fund Platinum Partners, rejecting a petition that argued his attorney failed to tell him about the trial judge's conflicts of interest.

  • April 12, 2024

    Feds Rest In $110M Mango Markets Trial Of Crypto Trader

    Manhattan federal prosecutors on Friday rested their case against a crypto trader accused of stealing $110 million from Mango Markets investors by pumping the price of the exchange's native token, while the defense argued that the government had failed to show that the crypto derivatives at issue were swaps as alleged in the indictment.

  • April 12, 2024

    Crypto-Friendly Atty Reveals Backers In Bid To Unseat Warren

    The cryptocurrency-boosting attorney running in Massachusetts to unseat crypto critic Sen. Elizabeth Warren has garnered the support of notable digital asset industry leaders, according to his quarterly report to the Federal Election Commission.

  • April 12, 2024

    Chamber Defends SEC Climate Regs From Enviros' Challenge

    The U.S. Chamber of Commerce wants to help defend the U.S. Securities and Exchange Commission against legal challenges environmental groups have brought over its climate disclosure regulations, even after the business group sued the regulator in March to have the rules nixed.

  • April 12, 2024

    Peru Says Gramercy's $100M Bond Arbitration Bid Too Late

    Peru is hitting back at Connecticut-based hedge fund Gramercy's bid to enforce a $100 million arbitral award that it secured over the country's valuation of old government bonds, telling a D.C. federal court that the investor had failed to bring its challenge within three years of learning of the alleged misconduct as required by a bilateral trade agreement. 

  • April 12, 2024

    Capital Recruiter Awarded $7.8M In Back Fees In Breach Suit

    An Atlanta-area capital recruiting firm is owed more than $7.8 million in lost commissions from a former financial technology client that violated its agreement to pay the recruiter to connect it with investors, according to a verdict from a Georgia federal jury.

  • April 12, 2024

    KB Home's 'Emeritus' Director Bylaw Invalid, Chancery Rules

    A KB Home bylaw that allowed the homebuilder's board to unilaterally shift an acting director into a non-functioning "emeritus" role without conducting a stockholder vote is invalid under Delaware law, a Delaware Chancery Court judge said Friday, siding with a shareholder who challenged the rule.

  • April 12, 2024

    Lionsgate Ups PIPE To $225M Before $4.6B SPAC Merger

    Entertainment and production giant Lionsgate on Friday is raising the amount of its private investment in public equity related to its planned $4.6 billion merger with special purpose acquisition company Screaming Eagle Acquisition Corp. to $225 million, according to a filing with the U.S. Securities and Exchange Commission.

Expert Analysis

  • CFTC Moves May Boost Interest In Voluntary Carbon Markets

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    As companies try to reduce their net greenhouse gas emissions, many have been cautious about embracing voluntary carbon credit markets — but recent moves by the U.S. Commodity Futures Trading Commission to regulate this sector may address some of its well-known challenges, say Deborah North and Laura Daugherty at Cleary.

  • 3 Strategies For Aggressive Judgment Enforcement

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    As illustrated by the many creditors of Citgo Petroleum Corp. who may walk away empty-handed — despite the company's court-ordered sale — it is important to start investigating counterparty assets and planning for enforcement even before obtaining a judgment, says Brian Asher at Asher Research.

  • How Biotech Cos. Can Utilize Synthetic Royalty Financing

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    Synthetic royalty transactions have been on the rise as a funding structure for biotechnology companies, but questions have arisen surrounding how such transactions work, and structuring them correctly requires a nuanced understanding, say Todd Trattner and Ryan Murr at Gibson Dunn.

  • The Legal Industry Needs A Cybersecurity Paradigm Shift

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    As law firms face ever-increasing risks of cyberattacks and ransomware incidents, the legal industry must implement robust cybersecurity measures and privacy-centric practices to preserve attorney-client privilege, safeguard client trust and uphold the profession’s integrity, says Ryan Paterson at Unplugged.

  • As Promised, IRS Is Coming For Crypto Tax Evaders

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    The IRS is fulfilling its promise to crack down on those who have neglected to pay taxes on cryptocurrency earnings, as demonstrated by recently imposed prison sentences, enforcement initiatives and meetings with international counterparts — suggesting a few key takeaways for taxpayer compliance, say attorneys at BakerHostetler.

  • 5 Reasons Associates Shouldn't Take A Job Just For Money

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    As a number of BigLaw firms increase salary scales for early-career attorneys, law students and lateral associates considering new job offers should weigh several key factors that may matter more than financial compensation, say Albert Tawil at Lateral Hub and Ruvin Levavi at Power Forward.

  • Series

    Playing Competitive Tennis Makes Me A Better Lawyer

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    My experience playing competitive tennis has highlighted why prioritizing exercise and stress relief, maintaining perspective under pressure, and supporting colleagues in pursuit of a common goal are all key aspects of championing a successful legal career, says Madhumita Datta at Lowenstein Sandler.

  • The Questions Around Prometheum's SEC-Compliant Strategy

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    While the rest of the crypto industry has been engaged in a long-running battle to escape the U.S. Securities and Exchange Commission's jurisdiction, a once-obscure startup called Prometheum has instead embraced the SEC's view to become the first crypto special-purpose broker-dealer, but it's unclear whether it can turn its favored status into a workable business, says Keith Blackman at Bracewell.

  • Series

    The Pop Culture Docket: Judge Djerassi On Super Bowl 52

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    Philadelphia Court of Common Pleas Judge Ramy Djerassi discusses how Super Bowl 52, in which the Philadelphia Eagles prevailed over the New England Patriots, provides an apt metaphor for alternative dispute resolution processes in commercial business cases.

  • Reverse Merger Tips For Biotechs After SEC's Recent Actions

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    Several recent U.S. Securities and Exchange Commission developments could limit the viability of reverse mergers for biotech companies, and will require additional creativity and analysis for private companies looking to go public, say attorneys at Orrick.

  • Black-Led VC Fund Case Could Hinge On Nature Of Grants

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    Organizations whose missions involve any manner of race-conscious funding should closely monitor arguments this week in American Alliance v. Fearless Fund, a case filed against a grant program that seeks to address the gap in venture capital funding for Black women-led businesses, which will examine whether grants are charitable under Civil Rights Act Section 1981 liability, say Kali Schellenberg and John Stapleton at LeVan Stapleton, and Kenneth Trujillo at Chamberlain Hrdlicka.

  • Ex-OpenSea Staffer Case May Clarify When Info Is Property

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    In considering the appeal of a former OpenSea manager’s wire fraud conviction in U.S. v. Chastain, the Second Circuit may soon provide guidance about whether economic information is traditional property in certain insider trading prosecutions — a theory of fraud that the U.S. Supreme Court has repeatedly narrowed, say attorneys at Debevoise.

  • Takeaways From SEC's Aggressive Cybersecurity Moves

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    The U.S. Securities and Exchange Commission's intensifying policy on cybersecurity and securities violations in the wake of a data breach — like its enforcement action against SolarWinds and its security officer — has emboldened shareholders to file related suits, creating a heightened threat to public companies, say attorneys at Baker McKenzie.

  • Considerations For Lawyer Witnesses After FTX Trial

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    Sam Bankman-Fried's recent trial testimony about his lawyers' involvement in FTX's business highlights the need for attorney-witnesses to understand privilege issues in order to avoid costly discovery disputes and, potentially, uncover critical evidence an adversary might seek to conceal, says Lawrence Bluestone at Genova Burns.

  • How Merck Settlement Can Inform Cyberinsurance Approach

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    This month's settlement in Merck v. ACE spotlights how cyber exclusions have evolved since the significant decision in the case — allowing for insurance coverage despite the presence of a policy war exclusion — and where else corporate risk managers may look for coverage in case of a cyberattack, say attorneys at McGuireWoods.

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