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Capital Markets
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September 10, 2024
Vorys-Led Infrastructure Biz Buys Steel Maker For $30M
Hill & Smith PLC said Tuesday that it has bought U.S. steel manufacturer Whitlow Electric Service Co. Inc. for $30.2 million, as the infrastructure products supplier continues a spending spree to expand its global operations.
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September 10, 2024
Herbert Smith Freehills Hires Private Capital Partner In Asia
Herbert Smith Freehills has hired private capital partner Anthony Vasey to help advise clients at its Hong Kong office on all aspects of the investment life cycle, including fundraising and asset management.
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September 10, 2024
Swedish Biopharma Vicore Announces Plans To Raise $75M
Vicore said Tuesday that it aims to raise approximately 782 million Swedish kronor ($75 million) to finance projects and operations by issuing shares to investors, advised by Swedish law firm Vinge, with the joint bookrunners led by Baker McKenzie.
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September 10, 2024
Paul Hastings Taps Capital Markets Pro From Davis Polk
Paul Hastings LLP has hired a prominent capital markets transactions expert as a partner at its London office as it looks to boost its global practice, which it has identified as a priority.
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September 17, 2024
Cooley Hires Team For Emerging Companies And VC Practice
Cooley LLP said Tuesday that it has recruited the head of Taylor Wessing LLP's emerging companies and venture capital practice, one of three partner hires as it seeks to boost its transactional ability in London, part of a broader plan for growth in the English capital.
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September 09, 2024
Bancor Protocol Operators Beat Investor Class Action
A Texas federal judge has dismissed a securities class action against the operators of a cryptocurrency protocol known as the Bancor, agreeing with a magistrate judge's report and recommendation that the plaintiff's challenged transactions don't meet the requirements of a domestic transaction under the so-called Morrison standard set by the U.S. Supreme Court.
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September 09, 2024
Exec Denied New Trial In 'Shadow Trading' Case, Fined $321K
A California federal judge on Monday denied a new trial request from an ex-Medivation Inc. executive found to have used the pharmaceutical company's inside information when he bought a rival's stock, and also ordered him to pay a $321,000 penalty in the U.S. Securities and Exchange Commission's "shadow trading" case.
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September 09, 2024
Coinbase Notches Some Wins In SEC Discovery Battle
A New York federal judge has granted, and tailored, the "substantial part" of the crypto exchange Coinbase's remaining discovery requests from the U.S. Securities and Exchange Commission after the firm abandoned its bid to review personal communications from the agency chair, Gary Gensler.
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September 09, 2024
Ex-Finance Exec To Pay SEC $110K In Insider Trading Action
A former finance director of pharmaceutical company Inhibrx Inc. has agreed to pay over $110,000 to resolve U.S. Securities and Exchange Commission allegations that he bought his employer's shares as it prepared to announce good news about its principal drug candidate.
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September 09, 2024
CFTC, Kalshi Duel Over Stay Of Election Betting Order
The Commodity Futures Trading Commission told a Washington, D.C., federal judge on Monday its request to stay a decision allowing KalshiEx LLC to list election contracts until the commission can weigh an appeal "is not a mere delay tactic," despite the online trading platform's protests that any further holdup to its listings would be "devastating" for business.
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September 09, 2024
FTX To Pay $14M To Access $600M Robinhood Share Cashout
Defunct cryptocurrency exchange FTX Trading Ltd. has struck a $14 million deal that will let it access more than $600 million of cash and liquidated shares in Robinhood Markets Inc., in a settlement agreement with Sam Bankman-Fried-founded Emergent Fidelity Technologies Ltd.
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September 09, 2024
Split SEC Adopts New Quality Control Standards For Auditors
A divided U.S. Securities and Exchange Commission adopted new quality control standards for public company auditors Monday, updating a 30-year-old standard that predates the creation of the Public Company Accounting Oversight Board by mandating increased oversight both internally and via the PCAOB.
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September 09, 2024
SEC Fines 7 Companies $3M Over Whistleblower Violations
The U.S. Securities and Exchange Commission on Monday announced a $3 million collective settlement with seven public companies, including TransUnion and Acadia Healthcare Co. Inc., to resolve claims that those companies used employment, separation and other agreements to impede whistleblowers from reporting potential misconduct to the SEC.
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September 09, 2024
MBX Biosciences Seeks Up To $136M In Upcoming IPO
Indiana-based clinical-stage biopharmaceutical company MBX Biosciences Inc. on Monday set the terms for its initial public offering, with plans to raise up to $136 million.
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September 09, 2024
Clifford Chance Adds Latham Capital Markets Atty In Houston
Clifford Chance LLP is expanding its capital markets team, announcing Monday it is bringing in a Latham & Watkins LLP energy and infrastructure expert as a partner in its Houston office.
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September 09, 2024
Bradley Arant Adds Katten Partner In Dallas
Bradley Arant has hired a six-and-a-half-year veteran of Katten Muchin Rosenman LLP who is joining the firm's corporate and securities practice in Dallas as a partner.
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September 09, 2024
Catching Up With Delaware's Chancery Court
Delaware's Court of Chancery made some expensive decisions last week, ranging from a $130 million stockholder award and a freeze on $450 million in equity financing to a whopping $1 billion bill for fraud and breach of contract damages. New cases aimed at Virgin Galactic, settlements pulled in Hemisphere Media Group Inc. and court hearings involving Apollo Global Management heated up. In case you missed it, here's the roundup of news from Delaware's Court of Chancery.
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September 06, 2024
Covington Owes $100M For Malpractice, Ex-Client Claims
A blockchain entrepreneur and attorney is seeking at least $100 million from Covington, claiming in a legal malpractice suit filed Friday in New York state court that he could have avoided years of fighting a federal extortion case if firm partners hadn't advised against handing prosecutors "clearly exculpatory evidence."
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September 06, 2024
ZoomInfo Sued By Investor Over Post-Lockdown Biz Pressure
Software company ZoomInfo Technologies Inc. has been hit with an investor proposed class action in Washington federal court alleging it hurt investors and its own reputation as it took desperate measures to maintain an early-pandemic customer boom and ultimately wrote down $33 million because of improperly recognized revenue.
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September 06, 2024
Earthlink Investors Accept $85M Deal To End Merger Suit
Earthlink investors who say they were duped into approving a $1.1 billion merger with failing telecommunications company Windstream Holdings Inc. told an Arkansas federal judge Friday that they've reached an $85 million deal to end the lawsuit two months before the case was scheduled to go to trial.
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September 06, 2024
SEC Wins Suit Against Trader Who Reaped 'Maker-Taker' Fees
The U.S. Securities and Exchange Commission on Friday won summary judgment against a stock trader it accused of illegal wash trading when he traded to profit off so-called maker-taker fees paid out by major exchanges, with a New Jersey federal judge ruling that there are no issues of material fact in the suit, among other things.
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September 06, 2024
7th Circ. Backs Bulk Of CFTC's Fraud Claim Win Against CEO
The Seventh Circuit has largely upheld a win for the Commodity Futures Trading Commission, finding that the head of a Chicago-based brokerage conducted a multimillion-dollar options fraud scheme, but remanded on two claims related to whether the company was required to register as a commodity trading adviser.
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September 06, 2024
Crypto Project Finds Shkreli's Wu-Tang Claims 'Dubious'
The crypto project suing Martin Shkreli for allegedly harming the value of a one-of-a-kind Wu-Tang Clan album on Friday urged a federal judge to ensure Shkreli "fully" complies with an order directing him to surrender all copies of the album after the project found his recent submission lacking.
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September 06, 2024
Fed's Barr To Give Sneak Peek Of Revised Basel III Plan
The Federal Reserve's vice chair for supervision will preview revisions to a scaled-back version of the controversial Basel III endgame plan to toughen big-bank capital requirements at a Brookings Institution event on Tuesday.
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September 06, 2024
CFTC Loses Court Battle Over Election Betting Contracts
A Washington, D.C., federal judge ruled against the U.S. Commodity Futures Trading Commission on Friday in a case that challenged an agency ban on the use of the derivatives markets to place bets on the outcome of U.S. elections, granting victory to trading platform KalshiEx LLC.
Expert Analysis
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Using A Children's Book Approach In Firm Marketing Content
From “The Giving Tree” to “Where the Wild Things Are,” most children’s books are easy to remember because they use simple words and numbers to tell stories with a human impact — a formula law firms should emulate in their marketing content to stay front of mind for potential clients, says Seema Desai Maglio at The Found Word.
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The State Of Play In DEI And ESG 1 Year After Harvard Ruling
Almost a year after the U.S. Supreme Court decided Students for Fair Admissions v. Harvard, attorney general scrutiny of environmental, social and governance-related efforts indicates a potential path for corporate diversity, equity and inclusion initiatives to be targeted, say attorneys at Crowell & Moring.
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CFPB Poised To Up The Ante After Supreme Court Victory
When the U.S. Supreme Court emphatically ruled last week that the Consumer Financial Protection Bureau's funding structure did not violate the Constitution, the agency boasted that it was "here to stay," signaling that it is moving full steam ahead with its regulatory, enforcement and supervisory agenda, says Jim Sandy at McGlinchey Stafford.
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2 Oil Trader FCPA Pleas Highlight Fine-Reduction Factors
Recent Foreign Corrupt Practices Act settlements with Gunvor and Trafigura — the latest actions in a yearslong sweep of the commodities trading industry — reveal useful data points related to U.S. Department of Justice policies on cooperation credit and past misconduct, say Michael DeBernardis and Laura Perkins at Hughes Hubbard.
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Influencer Considerations As FINRA Initiates Crackdown
To avert risks when evaluating influencer and referral programs, firms should assess the Financial Industry Regulatory Authority's recent settlements involving the supervision of social media tastemakers, as well as recent FINRA guidance in this area, say attorneys at Troutman Pepper.
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New Crypto Reporting Will Require Rigorous Recordkeeping
The release of a form for reporting digital asset transactions is a pivotal moment in the Internal Revenue Service's efforts to track cryptocurrency activities that increases oversight by requiring brokers to report investor sales and exchanges, say Shaina Kamen and Max Angel at Holland & Knight.
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A Comparison Of FDIC, OCC Proposed Merger Approaches
Max Bonici and Connor Webb at Venable take a closer look at the Federal Deposit Insurance Corp.'s and Office of the Comptroller of the Currency's respective bank merger proposals and highlight certain common themes and important differences, in light of regulators continually rethinking their approaches to bank mergers.
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Crypto Mixer Laundering Case Provides Evidentiary Road Map
A Washington, D.C., federal court’s recent decision to allow expert testimony on blockchain analysis software in a bitcoin mixer money laundering case — which ultimately ended in conviction — establishes a precedent for the admissibility of similar software-derived evidence, say Peter Hardy and Kelly Lenahan-Pfahlert at Ballard Spahr.
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Series
Being An EMT Makes Me A Better Lawyer
While some of my experiences as an emergency medical technician have been unusually painful and searing, the skills I’ve learned — such as triage, empathy and preparedness — are just as useful in my work as a restructuring lawyer, says Marshall Huebner at Davis Polk.
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5 Lessons From Ex-Vitol Trader's FCPA Conviction
The recent Foreign Corrupt Practices Act and money laundering conviction of former Vitol oil trader Javier Aguilar in a New York federal court provides defense takeaways on issues ranging from the definition of “domestic concern” to jury instruction strategy, says attorney Andrew Feldman.
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SEC Amendments May Launch New Execution Disclosure Era
The U.S. Securities and Exchange Commission's recently adopted amendments to Rule 605 of Regulation NMS for executions on covered orders in national market system stocks modernize and enhance execution quality reporting, but serious guidance is still needed to make the reports useful for the public investor, say attorneys at Sidley.
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Tiny Tweaks To Bank Merger Forms May Have Big Impact
The impact of proposed changes to the Federal Reserve Board's and Federal Deposit Insurance Corp.'s bank merger review forms would be significant, resulting in hundreds of additional burden hours for bank merger applicants and signaling a further shift by the prudential bank regulators toward more rigorous scrutiny of mergers, say attorneys at Debevoise.
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How CFPB Credit Card Rules Slot Into Broader Considerations
Swirling legal challenges against the Consumer Financial Protection Bureau's recent rulemaking concerning credit card late fees raise questions about how regulated entities should respond to the bureau's rules — and how quickly they should act, say Caitlin Mandel and Elizabeth Ireland at Winston & Strawn.
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4 Takeaways From Biden's Crypto Mining Divestment Order
A May 13 executive order prohibiting the acquisition of real estate by a foreign investor on national security grounds — an enforcement first — shows the importance of understanding how the Committee on Foreign Investment in the United States might profile cross-border transactions, even those that are non-notified, say attorneys at Kirkland.
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Novel Applications May Fizzle After Fed Master Account Wins
Two recent federal court rulings that upheld decisions denying master account applications from two fintech-focused banks are noteworthy for depository institutions with novel charters that wish to have direct access to the Federal Reserve's payment channels and settle transactions in central bank money, say attorneys at Davis Polk.