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Capital Markets
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July 10, 2024
BofA Trims But Can't Beat Autopay Cancellation Suit
A California federal judge trimmed a proposed class action against Bank of America, alleging it failed to tell consumers their autopay settings would be canceled if they did not continuously use their credit cards, agreeing with the bank that the Consumers Legal Remedies Act does not apply to credit cards.
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July 10, 2024
Deutsche Bank Settles Ex-Trader's Malicious Prosecution Suit
Deutsche Bank has settled a lawsuit brought by a former trader who claimed the bank scapegoated him when the U.S. Department of Justice began an investigation into suspected interest rate rigging, according to a Wednesday filing in New York federal court.
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July 10, 2024
AdaptHealth Investor Attys Get 25% Of $51M Deal, With Caveat
A Pennsylvania federal judge on Wednesday granted final approval to a $51 million settlement between AdaptHealth and investors over allegations tied to its merger with a blank check company, but the plaintiffs' counsel must wait for certain shares to be sold before they can collect their $12.8 million fee.
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July 10, 2024
Ellenoff-Led SPAC Raises $200M To Pursue Healthcare Merger
SIM Acquisition Corp. I, a special-purpose acquisition company formed to pursue a healthcare merger, began trading Wednesday after pricing a $200 million initial public offering, represented by Ellenoff Grossman & Schole LLP and underwriters counsel Kirkland & Ellis LLP.
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July 10, 2024
Thoma Bravo's Qualtrics Bid Fell Short, SAP Tells Chancery
Thoma Bravo LP may have offered $1.2 billion more than Silver Lake Management to buy Qualtrics International Inc. from software company SAP SE in 2023, but other aspects of the bid were less attractive than Silver Lake's $12.5 billion offer, an attorney for SAP directors told Delaware's Court of Chancery on Wednesday.
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July 10, 2024
Behnam Tells Senate CFTC Is Ready To Be Retail Crypto Cop
U.S. Commodity Futures Trading Commission Chair Rostin Behnam sought to assure lawmakers that his agency is ready to protect retail investors if it is given oversight of digital asset markets during a Wednesday Senate hearing setting the stage for a coming legislative proposal on the future of cryptocurrency regulation.
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July 10, 2024
Archegos Founder Convicted Of $100B Fraud On Wall Street
A Manhattan federal jury on Wednesday convicted Archegos founder Bill Hwang of illegally injecting over $100 billion into Wall Street markets with lies to banks that ballooned stocks and his assets, before running his family-office hedge fund into the ground.
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July 10, 2024
SEC Probes NYSE's Bid To Extend SPAC Merger Deadlines
The U.S. Securities and Exchange Commision wants more time to investigate a New York Stock Exchange proposal that would lengthen deadlines to complete certain mergers involving special purpose acquisition companies to 42 months, saying NYSE's proposal departs from typical time limits intended to protect investors.
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July 10, 2024
Shein Investors Could Have Recourse If ESG Abuses Exposed
Expectations that the Shein fast-fashion group will float on the London Stock Exchange have raised questions over what recourse investors have to recoup losses in the English courts if a future emergence of human rights abuses in a company's supply chain triggers a drop in its share price.
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July 09, 2024
FINRA Fines UBS For Missing Rep's $7.2M Sell-Away Scheme
The Financial Industry Regulatory Authority has fined UBS Financial Services Inc. $850,000 as part of a deal to resolve allegations that the firm failed to detect for more than two decades one of its representative's outside sales of mismarketed securities to his UBS clients.
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July 09, 2024
Private Funds Say 5th Circ. Ruling Sinks SEC's AI, Cyber Bids
Several trade groups for the private fund industry urged the U.S. Securities and Exchange Commission on Tuesday to withdraw rule proposals on artificial intelligence and investment adviser outsourcing and cybersecurity risk management, in light of a Fifth Circuit ruling that dealt a blow to the agency's private fund oversight.
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July 09, 2024
Slam By CFTC Member Backs Sanctions Bid, Forex Firm Says
A foreign exchange firm that accused the U.S. Commodity Futures Trading Commission of misconduct in bringing an action against it has cited recent criticism of the agency's enforcement division by one of its commissioners in support of its bid to toss the case and sanction the regulator.
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July 09, 2024
3rd Circ. Says Creditor Can't Get Privileges In Citgo Sale
The Third Circuit on Tuesday nixed a bid by a creditor owed some $260 million by Venezuela's state-owned oil company for special participation privileges as an auction looms for Citgo's parent company to satisfy billions of dollars in Venezuelan debt.
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July 09, 2024
3rd Circ. Rips 2nd Circ. In Asset Freeze Ruling For SEC
The Third Circuit is standing by a lower court's decision to freeze a private equity executive's assets as he fights insider trading claims brought by the U.S. Securities and Exchange Commission, criticizing its sister circuit's approach to handling such issues in a precedential ruling Tuesday.
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July 09, 2024
Glocal Says UpHealth Coerced Acquisition In Ch. 11 Suit
Indian healthcare network Glocal said its majority owner, bankrupt telemedicine tech company UpHealth, lied about business delays and exaggerated its finances as leverage in a 2020 acquisition, alleging in a Delaware bankruptcy court lawsuit that UpHealth and its executives eroded $200 million in value and failed to uphold their end of a share purchase agreement.
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July 09, 2024
2 Cooperators In Bankman-Fried Case To Be Sentenced In Fall
Two former FTX executives who pled guilty and testified for the government at the trial of Sam Bankman-Fried, the collapsed cryptocurrency exchange's founder, will be sentenced this fall, a New York federal judge said Tuesday.
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July 09, 2024
Hospital Operator Leads 2 IPOs Ready To Raise $465M Total
Hospital operator Ardent Health and insurance distributor TWFG Inc. unveiled price ranges this week on initial public offerings that are expected to raise about $465 million combined under guidance by four law firms, adding life to the summer IPO market.
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July 09, 2024
Ackman's Pershing Square USA Kicks Off IPO Roadshow
Pershing Square USA Ltd., a closed-end fund backed by hedge-fund giant Bill Ackman, on Tuesday said it has launched a marketing roadshow for an initial public offering that could enable retail investors to own part of one of the U.S.'s largest listed funds.
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July 09, 2024
Chancery OKs $22M Golden Nugget Deal, Trims Fee To $4M
Former stockholders of Golden Nugget Online Gaming Inc. who challenged the venture's $1.56 billion all-stock sale in May 2022 to DraftKings Inc. got approval Tuesday to settle their Delaware Chancery Court class action for $22 million cash, with $4 million of it going to class attorneys.
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July 09, 2024
Fed's Powell Backs Do-Over For Basel Bank Capital Plan
Federal Reserve Chair Jerome Powell told senators on Tuesday that he supports a reproposal of federal regulators' Basel III endgame overhaul to big-bank capital requirements, suggesting the package is being rethought significantly enough to merit a whole new draft before it can be finalized.
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July 08, 2024
2nd Circ. Lets Rail Co. Retool Suit Against Big Banks
The Second Circuit on Monday restored Eddystone Rail Co. LLC's lawsuit targeting Bank of America NA and other banks for their alleged roles helping an oil transportation and logistics company evade liability in a roughly $140 million contract dispute, reasoning that the rail company still has time to amend its complaint.
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July 08, 2024
Blank Check Co. Sagaliam Gets Shareholder Suit Trimmed
A Delaware federal judge on Monday trimmed a shareholder suit brought against blank check company Sagaliam Acquisition Corp. over its planned tie-up with biotech company Enzolytics Inc., saying the plaintiffs failed to adequately plead a breach of fiduciary duty claim.
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July 08, 2024
Full 2nd Circ. Urged To 'Correct' Panel's Insider Trading Ruling
A hedge fund accused of taking advantage of its corporate insider status to profit off swing trading in 1-800-Flowers' stock is urging the full bench of the Second Circuit to reconsider a decision to revive the lawsuit against it, arguing in a Monday petition to the court that the ruling clashes with both U.S. Supreme Court precedent and with controlling Second Circuit precedent on standing.
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July 08, 2024
3rd Truth Social Complaint Gets OK, Contempt Hearing Axed
Two former "Apprentice" contestants who claim to have created Donald Trump's social media app and are now alleging they are being cheated out of their Truth Social equity got Delaware Chancery Court's permission Monday to revise their complaint for a third time against the former president and his media company.
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July 08, 2024
3rd Circ. Doubts SEC Properly Served Ponzi Scheme Suspect
The Third Circuit on Monday appeared skeptical of the U.S. Securities and Exchange Commission's bid to maintain a default judgment against a Swiss resident accused of operating a $1.4 million Ponzi scheme, peppering the agency with questions about how the complaint was served.
Expert Analysis
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A Look At Recent Challenges To SEC's Settlement 'Gag Rule'
Though they have been unsuccessful so far, opponents of the U.S. Securities and Exchange Commission's so-called gag rule, which prevents defendants from denying allegations when settling with the SEC, are becoming increasingly vocal and filing more challenges in recent years, say Mike Blankenship and Regina Maze at Winston & Strawn.
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Flexibility Is Key In Hybrid Capital Investment Strategies
Flexible or hybrid capital funds have become a solution for some owners adverse to private debt or requiring short-term capital support not otherwise available in the market, but the complexity and possible range of structures available means that principals need to consider how they may work in different scenarios and outcomes, says Daniel Mathias at Cohen Gresser.
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How American Airlines ESG Case Could Alter ERISA Liability
Spence v. American Airlines, a Texas federal case over the airline's selection of multiple investment funds in its retirement plan, threatens to upend the Employee Retirement Income Security Act's legal framework for fiduciary liability in the name of curtailing environmental, social and governance-related activities, say attorneys at Mayer Brown.
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Defense Attys Must Prep For Imminent AI Crime Enforcement
Given recent statements by U.S. Department of Justice officials, white collar practitioners should expect to encounter artificial intelligence in federal criminal enforcement in the near term, even in pending cases, say Jarrod Schaeffer and Scott Glicksman at Abell Eskew.
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Tipsters May Be Key To Financial Regulators' ESG Efforts
The U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission are looking to whistleblowers to assist their climate and ESG task forces, suggesting insider information could be central to the agencies' enforcement efforts against corporate greenwashing, false investment claims and climate disclosure violations, says John Crutchlow at Youman & Caputo.
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Series
Serving As A Sheriff's Deputy Made Me A Better Lawyer
Skills developed during my work as a reserve deputy — where there was a need to always be prepared, decisive and articulate — transferred to my practice as an intellectual property litigator, and my experience taught me that clients often appreciate and relate to the desire to participate in extracurricular activities, says Michael Friedland at Friedland Cianfrani.
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Opinion
The SEC Is Engaging In Regulation By Destruction
The U.S. Securities and Exchange Commission's recent use of regulation by enforcement against digital assets indicates it's more interested in causing harm to crypto companies than providing guidance to the markets or protecting investors, says J.W. Verret at George Mason University.
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Former Minn. Chief Justice Instructs On Writing Better Briefs
Former Minnesota Supreme Court Chief Justice Lorie Gildea, now at Greenberg Traurig, offers strategies on writing more effective appellate briefs from her time on the bench.
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A 5th Circ. Lesson On Preserving Indemnification Rights
The Fifth Circuit's recent decision in Raymond James & Associates v. Jalbert offers an important lesson for creditors and parties to indemnification agreements: If a debtor has indemnified a creditor, the creditor should consider participating in the bankruptcy case to avoid being deemed to have forfeited its indemnification rights, say Dania Slim and Alana Lyman at Pillsbury.
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ShapeShift Fine Epitomizes SEC's Crypto Policy, And Its Flaws
A recent U.S. Securities and Exchange Commission order imposing a fine on former cryptocurrency exchange ShapeShift for failing to register as a securities dealer showcases the SEC's regulation-by-enforcement approach, but the dissent by two commissioners raises valid concerns that the agency's embrace of ambiguity over clarity risks hampering the growth of the crypto economy, says Keith Blackman at Bracewell.
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2nd Circ. Adviser Liability Ruling May Shape SEC Enforcement
The Second Circuit’s recent decision in U.S. Securities and Exchange Commission v. Rashid, applying basic negligence principles to reverse a finding of investment adviser liability, provides a road map for future fraud enforcement proceedings, says Elisha Kobre at Bradley Arant.
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Stay Interviews Are Key To Retaining Legal Talent
Even as the economy shifts and layoffs continue, law firms still want to retain their top attorneys, and so-called stay interviews — informal conversations with employees to identify potential issues before they lead to turnover — can be a crucial tool for improving retention and morale, say Tina Cohen Nicol and Kate Reder Sheikh at Major Lindsey.
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New Concerns, Same Tune At This Year's SIFMA Conference
At this year's Securities Industry and Financial Markets Association conference on legal developments affecting the financial services industry, government regulators’ emphasis on whistleblowing and AI washing represented a new refrain in an increasingly familiar chorus calling for prompt and thorough corporate cooperation, say attorneys at Fried Frank.
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8 Tips As GCs Prep For New SEC Climate Disclosure Rules
The U.S. Securities and Exchange Commission's recently adopted rules governing climate-related disclosures represent a major change to the existing public company disclosure regime, so in-house counsel should begin to evaluate existing systems and resources related to emissions data, and identify the changes that will need to be made, say attorneys at Bracewell.
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Series
Spray Painting Makes Me A Better Lawyer
My experiences as an abstract spray paint artist have made me a better litigator, demonstrating — in more ways than one — how fluidity and flexibility are necessary parts of a successful legal practice, says Erick Sandlin at Bracewell.