Capital Markets

  • May 29, 2024

    Chancery Pins Down Musk, Tesla On Pay Bid, Del. Jurisdiction

    Delaware's chancellor has nailed Elon Musk, Tesla Inc. and their counsel to assurances that the company won't flee state corporate law jurisdiction and a potentially massive stockholder attorney fee dispute by rushing votes on a struck-down, $56 billion compensation plan for Musk and proposed reincorporation in Texas.

  • May 29, 2024

    Archegos Jury Gets Glimpse At Founder's Earlier Legal Woes

    A banker told a Manhattan jury Wednesday that Archegos founder Bill Hwang's 2012 run-in with the law at his previous hedge fund was concerning, but details were largely kept from jurors hearing charges against Hwang over Archegos's $36 billion collapse.

  • May 29, 2024

    Gemini Returns $2.2B Of Crypto From Genesis Ch. 11

    Crypto Exchange Gemini and bankrupt former crypto lender Genesis Global Holdco LLC returned $2.18 billion worth of digital assets Wednesday to 232,000 users of an interest-accruing lending program, Gemini Earn, that have been locked up since Genesis had filed for Chapter 11 protection in early 2023.

  • May 28, 2024

    Chancery Finds Ex-CEO Owed $79M For Share Lockup Losses

    The former CEO of a 3D building imaging company is owed more than $79 million in damages in his share value suit against the company, but not the more than $141 million he sought, the Delaware Chancery Court ruled Tuesday.

  • May 28, 2024

    Twitter Investors Seek Cert Over Musk's Backtrack On Buyout

    A group of Twitter investors have asked a California federal judge to certify a class over claims Elon Musk fraudulently tweeted about the social media company's alleged bot problem to get out of his $44 billion acquisition, arguing that the case is "perfectly suited for class certification."

  • May 28, 2024

    White House Looks To Boost Carbon Credit Market Integrity

    The Biden administration on Tuesday released new guidelines for voluntary carbon markets, touting the measures as a foundation for "ambitious and credible climate action" that also attempts to address questions about the integrity of credits that companies use to show a greener footprint.

  • May 28, 2024

    Chancery Tosses Some Computing Co. Deal Breach Claims

    Delaware's Court of Chancery on Tuesday thinned out the tangled technology investor brawl that emerged from Quantum Computing Inc.'s acquisition of QPhoton LLC in May 2022, dismissing individual parties from the case and narrowing claims against the two companies.

  • May 28, 2024

    RBS, Lloyds Bank, Others Ink $1.9M Libor Settlement

    A group of plaintiffs in the yearslong suit alleging several big banks manipulated the London Interbank Offered Rate, or Libor, have reached a $1.9 million settlement with the Royal Banks of Scotland, Lloyds Bank and others, bringing the total settlement recovery amount to more than $780 million.

  • May 28, 2024

    SEC Ordered To Pay $1.8M Over Crypto Case Sanctions

    The U.S. Securities and Exchange Commission is on the hook for more than $1.8 million in attorney and receiver fees arising from its allegedly ill-gotten temporary restraining order against crypto project Debt Box, though a Utah federal judge allowed the agency the opportunity to refile the enforcement case despite protests from the defendants.

  • May 28, 2024

    Block.one Investors Renew Push For $22M Deal Approval

    A class of investors has again asked the court to approve a $22 million settlement with Block.one over the cryptocurrency company's $4 billion initial coin offering, following several instances in which the court denied approval of the deal.

  • May 28, 2024

    Catching Up With Delaware's Chancery Court

    Delaware Court of Chancery watchers shifted their focus last week from the courtroom to Dover's legislative hall, as proposed amendments to Delaware's corporate code were finally introduced to state lawmakers. Hearings, decisions and reversals involved Kraft-Heinz, AMC Entertainment and the merger of cryptocurrency companies BitGo and Galaxy. In case you missed it, here's the latest from Delaware's Chancery Court.  

  • May 28, 2024

    OCC's Hsu Says More Banks May Need Crisis Playbook Rules

    The Office of the Comptroller of the Currency's acting chief Michael Hsu called for potentially subjecting more banks to recovery planning standards that currently kick in at the $250 billion asset size threshold, floating it as another possible regulatory response to last year's regional bank failures.

  • May 28, 2024

    EEX, Nasdaq Power Offer EU Fixes For Deal

    European Energy Exchange AG and Nasdaq have offered fixes for potential competition concerns raised by the planned sale of Nasdaq's European power trading and clearing business after enforcers in several European member states referred the deal for a review.

  • May 28, 2024

    Exxon Investor Broadens Promise To Nix Climate Proxy Bid

    An activist investor sued by Exxon Mobil Corp. over a now-withdrawn shareholder proposal concerning climate change has again called on the oil giant to withdraw its suit after broadening its previous promise not to resubmit the proposal in the future.

  • May 28, 2024

    5 Firms To Steer Pair Of Large IPOs That Could Net $1.8B Total

    Private-equity backed hospital billing firm Waystar Holding Corp. and aluminum recycling giant Novelis Inc. on Tuesday launched plans for two initial public offerings that could raise an estimated $1.8 billion combined, guided by five law firms, potentially testing the strength of the IPO market's recovery.

  • May 28, 2024

    Deutsche Bank Wins Conn. Appeal In Battle With Billionaire

    Deutsche Bank AG can continue to fight one prong of its sprawling, decade-long legal battle against billionaire Alexander Vik and his daughter as it seeks to satisfy a $243 million judgment rendered in the United Kingdom, the Connecticut Supreme Court ruled Tuesday.

  • May 28, 2024

    FTX Exec Who Acted As Bankman-Fried 'Tool' Gets 7½ Years

    A Manhattan federal judge hit cryptocurrency finance expert and former FTX executive Ryan Salame with a 7½-year sentence Tuesday for duping a bank to authorize $1.5 billion of illegal transfers and making fraudulent campaign contributions for the exchange's convicted founder, Sam Bankman-Fried.

  • May 24, 2024

    SEC Hits Back At SolarWinds' 'Distortion' Allegations

    The U.S. Securities and Exchange Commission sent a letter to a New York federal judge Friday pushing back on SolarWinds Corp.'s accusations that it was overstating and distorting its case against the government contractor over a data hack, saying its complaint is "well-grounded in facts" uncovered during its investigation.

  • May 24, 2024

    OCC Orders Controls Improvements At Comerica

    The Office of the Comptroller of the Currency has ordered a Comerica unit to strengthen its asset management controls and address other "unsafe or unsound practices," according to a newly released consent order.

  • May 24, 2024

    House Lawmakers Want New Hearing With FDIC's Gruenberg

    Federal Deposit Insurance Corp. Chair Martin Gruenberg is scheduled to appear before the U.S. House Financial Services Committee to answer questions about the damning findings of a probe of the FDIC's workplace culture.

  • May 24, 2024

    Xponential Fitness Sues Ex-CEO In Del. To Avoid Calif. Court

    Fitness brand franchiser Xponential Fitness Inc. sued its recently resigned CEO in Delaware Chancery Court Friday, asking the court to find that the First State's laws, not California's, govern a dispute over the former CEO's right to inspect the company's books and records.

  • May 24, 2024

    CFTC's Johnson Is Under Consideration For FDIC Top Job

    The Biden administration is considering Kristin Johnson, a Democratic member of the U.S. Commodity Futures Trading Commission, as a possible candidate to replace Martin Gruenberg at the helm of the Federal Deposit Insurance Corp., Law360 has learned.

  • May 24, 2024

    Biden's Judicial Impact And What's Left On The Wish List

    President Joe Biden secured confirmation of his 200th federal judge Wednesday and has transformed the judiciary by picking more women and people of color than any other president. But the upcoming election season could derail his hopes of confirming many more judges.

  • May 24, 2024

    NYSE Companies Could Face Heat If Business Focus Changes

    A New York Stock Exchange proposal seeking additional authority to delist companies that enact wholesale business changes after going public could subject certain companies to more scrutiny, attorneys say, though such drastic actions are expected to be rare.

  • May 24, 2024

    Coinbase Says Crypto Securities Question Is Ripe For Review

    Crypto exchange Coinbase again urged a Manhattan federal judge to send to the Second Circuit the question of whether digital assets meet the definition of investment contracts, saying the question could "shape or distort a multitrillion-dollar industry."

Expert Analysis

  • ESG Concerns Can No Longer Be Ignored In 2024

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    While the long wait for the U.S. Securities and Exchange Commission's ESG rule continues, government attention to regulations, increased litigation efforts and shareholder resolutions seeking transparency highlight the importance of placing an emphasis on ESG considerations, say attorneys at Wollmuth Maher.

  • Opinion

    Conflicts Abound When Activist Short-Sellers Publish Reports

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    The self-serving relationship between activist short-sellers and plaintiff-side litigators is conflict-ridden and hinders the fact finder's impartiality when a short report forms the basis for lead plaintiffs' allegations, say Nessim Mezrahi and Stephen Sigrist at SAR.

  • 5 Litigation Funding Trends To Note In 2024

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    Over the next year and beyond, litigation funding will continue to evolve in ways that affect attorneys and the larger litigation landscape, from the growth of a secondary market for funded claims, to rising interest rates restricting the availability of capital, says Jeffery Lula at GLS Capital.

  • 5 Securities Litigation Issues To Watch In 2024

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    There is yet another exciting year ahead for securities litigation, starting with the U.S. Supreme Court hearing argument next week in a case presenting a key securities class action question that has eluded review for the last eight years, say attorneys at Willkie.

  • A Look At Consumer Reporting In 2023, And What's To Come

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    The legal landscape of consumer reporting is evolving as courts, federal regulators and state legislatures continue to weigh in — and while last year may have seen a slight downtick in the overall volume of Fair Credit Reporting Act litigation, 2024 is set to be a watershed year for this area of the law, say attorneys at Troutman Pepper.

  • Securing Financial Transparency In Chapter 11 Reporting

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    As we enter the new year, restructuring professionals would be wise to review Chapter 11 public reporting requirements to navigate what debtors may do to try to minimize public reporting, and what creditors can do to get the public reporting they deserve by striking a balance between financial transparency requirements and tactical moves, say Thomas Moers Mayer and Nancy Bello at Kramer Levin.

  • 4 Legal Ethics Considerations For The New Year

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    As attorneys and clients reset for a new year, now is a good time to take a step back and review some core ethical issues that attorneys should keep front of mind in 2024, including approaching generative artificial intelligence with caution and care, and avoiding pitfalls in outside counsel guidelines, say attorneys at HWG.

  • SEC Case May Expand Scope Of Insider Trading Liability

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    The U.S. Securities and Exchange Commission's first-of-its-kind enforcement action against an individual in a case involving "shadow trading" demarcates an expansion of insider trading liability to circumstances in which there is a market connection between the source of information and the issuer of the securities traded, say attorneys at Steptoe.

  • Securities Question Stands After Contradicting Crypto Rulings

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    The debate about the regulation of crypto-assets came to a head in 2023 when two New York federal judges came to opposite conclusions about whether crypto-assets were securities by using the Howey test, highlighting the uncertainty facing the crypto industry as it seeks to resolve definitional questions, say attorneys at Ballard Spahr.

  • What The Law Firm Of The Future Will Look Like

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    As the legal landscape shifts, it’s become increasingly clear that the BigLaw business model must adapt in four key ways to remain viable, from fostering workplace flexibility to embracing technology, say Kevin Henderson and Eric Pacifici at SMB Law Group.

  • The Year Ahead In Foreign Investment And National Security

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    In 2024, expect the Committee on Foreign Investment in the United States, already at the forefront of addressing national security threats, to increase monitoring and enforcement related to outbound investment, focus on supply chain resilience in nondefense sectors, and heighten oversight of agricultural transactions, say attorneys at Holland & Knight.

  • 4 PR Pointers When Your Case Is In The News

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    Media coverage of new lawsuits exploded last year, demonstrating why defense attorneys should devise a public relations plan that complements their legal strategy, incorporating several objectives to balance ethical obligations and advocacy, say Nathan Burchfiel at Pinkston and Ryan June at Castañeda + Heidelman.

  • Compliance Risk After SEC Warning Against 'AI Washing'

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    The U.S. Securities and Exchange Commission has begun looking into the way public companies disclose how they use artificial intelligence to investors and it is likely to become an enforcement priority, meaning companies and their compliance programs should take steps now to avoid regulatory sanctions and shareholder lawsuits, say attorneys at Bracewell.

  • Sale-Leasebacks May Provide A Safe Financing Alternative

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    Amid rising interest rates and unpredictable market conditions, sale-leasebacks can be a useful investment option for both buyers and sellers, though their potential drawbacks demand careful consideration, says Chanel Di Blasi at Crosbie Gliner.

  • 5 Recent Developments Family Offices Are Watching In 2024

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    Although family offices have long been exempt from many of the more onerous regulations and reporting requirements governing U.S. investment advisers and asset managers, recent amendments to federal rules will have an impact on how family offices invest and operate in 2024, say attorneys at Morgan Lewis.

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