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Capital Markets
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February 13, 2025
GOP Rep. Moves To Nix SEC's Enhanced Fund Disclosures
A Republican congressman has introduced a resolution that would repeal a recently adopted U.S. Securities and Exchange Commission regulation requiring more detailed and frequent disclosures from mutual funds.
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February 13, 2025
Willkie-Led Defense Firm Karman Prices Upsized $506M IPO
Shares of Karman Holdings Inc. soared in debut trading Thursday after the defense and space systems firm priced an upsized $506 million above its marketed range, raising money for Karman and its private equity shareholders, represented by Willkie Farr & Gallagher LLP and underwriters' counsel Latham & Watkins LLP.
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February 13, 2025
Paul Hastings, Cooley Lead Obesity-Focused Aardvark's IPO
Obesity-focused Aardvark Therapeutics Inc. began trading Thursday after pricing a $94 million initial public offering at the bottom of its range, represented by Paul Hastings LLP and underwriters' counsel Cooley LLP, joining a string of biotechnology firms to go public recently.
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February 13, 2025
Kirkland, Davis Polk Steer SailPoint's Upsized $1.38B IPO
Private equity-backed cybersecurity firm SailPoint began trading Thursday following an upsized $1.38 billion initial public offering that priced at the top of its range, represented by Kirkland & Ellis LLP and underwriters' counsel Davis Polk & Wardwell LLP, marking its return to public markets three years after being taken private.
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February 13, 2025
Logistics Co. Ferrari Eyes €785M Market Cap In Dutch IPO
Ferrari Group PLC confirmed Thursday it has floated on the Euronext Amsterdam stock exchange, with the shipping and logistics business pricing its initial stock offering at €8.6 ($9) per share.
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February 12, 2025
Wells Fargo Cheated Seminole Trust Out Of $800M, Jury Hears
Wells Fargo and its predecessor Wachovia cheated minors of the Seminole Tribe of Florida out of $818 million by secretly hiking fees and mismanaging investments in a multibillion-dollar gambling trust, a Florida jury heard Wednesday in opening statements for a multiweek trial in litigation involving more than 2,000 minors.
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February 12, 2025
EthereumMax Buyers Seek Cert. In Celeb Crypto Promos Suit
A group of investors in crypto product EthereumMax have asked a federal judge in California to certify a class action accusing Floyd Mayweather Jr., Kim Kardashian and other celebrities of promoting the token, which allegedly was used in a pump-and-dump scheme.
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February 12, 2025
Crypto CEO Made $425K Disappear, Investor Tearfully Testifies
A former business partner of a Texas man accused of running a $5 million fraud centered on a new "anti-money laundering" cryptocurrency testified tearfully before a California federal jury on Wednesday that her family invested about $425,000 in the defendant's previous cryptocurrency venture and lost every penny.
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February 12, 2025
SEC Rescinds Stricter Gensler-Era Proxy Exclusion Guidance
The U.S. Securities and Exchange Commission on Wednesday rescinded Biden-era guidelines around excluding certain shareholder proposals from proxy statements, reverting the agency's posture to an era that was generally more receptive to companies seeking such exclusions.
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February 12, 2025
Aurion Tells Del. Justices IPO Delayed Amid Investor Battle
Cell therapy venture Aurion Biotech told Delaware's Supreme Court on Wednesday that it has delayed a planned initial public offering now at the center of an appeal from a January Court of Chancery ruling that rejected a top investor's challenge to a reverse stock split.
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February 12, 2025
Crypto Operator Seeks No Prison Time For $1M Fraud Plea
The founder of a cryptocurrency project who copped to wire fraud after gambling with over $1 million from investors wants to avoid a custodial sentence, though prosecutors have asked to see him serve just over two years.
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February 12, 2025
Judge Partially Certifies Credit Suisse XIV Notes Class Action
A New York federal judge has granted class certification to investors alleging that Credit Suisse manipulated the market for its XIV notes, while denying certification for those claiming losses from misrepresentations, finding that the suggested class failed to resolve previous deficiencies in its proposal.
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February 12, 2025
OCC Departs International Network Focused On Climate Risks
The Office of the Comptroller of the Currency on Tuesday became the latest U.S. government entity to withdraw from the Network of Central Banks and Supervisors for Greening the Financial System, an international consortium focused on the financial sector's responses and resilience to climate change.
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February 12, 2025
Power Generation Co. Going Public Via $770M SPAC Deal
Energy solutions company e2Companies LLC, led by Haynes Boone, on Wednesday unveiled plans to go public via a merger with Vinson & Elkins LLP-advised special purpose acquisition company Nabors Energy Transition Corp. II in a deal that holds a pro forma enterprise value of $770 million for the combined company.
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February 12, 2025
NYSE Plans To Launch New Exchange In Texas
The New York Stock Exchange on Wednesday announced plans to launch a new exchange in Texas, as competition for listed companies in that region intensifies.
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February 12, 2025
Crypto Platform EToro Confidentially Files IPO Proposal
Crypto platform eToro Group on Wednesday announced that it has confidentially submitted plans to U.S. regulators regarding a proposed initial public offering, marking the latest development in the trading and investment platform's yearslong attempt to go public.
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February 12, 2025
Trump's Picks For CFPB, OCC Chiefs Hailed By Industry
President Donald Trump has tapped Jonathan McKernan, formerly of the Federal Deposit Insurance Corp., to lead the Consumer Financial Protection Bureau full time, part of a slate of top financial regulatory nominees that has many in industry breathing a sigh of relief.
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February 12, 2025
Trump Picks Crypto Policy Advocate Quintenz To Lead CFTC
President Donald Trump has nominated Brian Quintenz, a former member of the U.S. Commodity Futures Trading Commission and current head of policy for venture capital firm a16z's crypto fund, to lead the derivatives market regulator.
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February 11, 2025
DOGE, Treasury Accused Of 'Largest' US Data Breach
Elon Musk's Department of Government Efficiency, the U.S. Department of the Treasury and the U.S. Office of Personnel Management conducted the "largest" data and IT security breaches in U.S. history, illegally exposing millions of people's sensitive information, a data privacy watchdog and group of federal employees alleged this week.
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February 11, 2025
Quantum Computing Secures TRO In Battle With Investor
New Jersey-headquartered Quantum Computing Inc. won continuation of a Delaware Court of Chancery temporary restraining order Tuesday against a former consultant and advisory firm, barring their alleged use of trade secrets and other confidential information pending a preliminary injunction hearing or trial.
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February 11, 2025
'Fraudster' Or 'Fool'? Jury Gets 2 Takes On Exec's Crypto Flop
The criminal case against a cryptocurrency company CEO accused of defrauding investors of $5 million is about "greed," a prosecutor told a California federal jury during opening arguments Tuesday while a defense lawyer characterized his client as a "fool" who floundered while "swimming with sharks," including disgraced ex-lobbyist Jack Abramoff.
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February 11, 2025
Crypto Bills A 'Test Case' For AI Regs, GOP Senator Says
A Republican U.S. senator who is leading the push for crypto industry regulation said Tuesday that Congress' actions in the digital asset space could determine whether there is a path forward for writing regulations governing the artificial intelligence industry.
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February 11, 2025
Brokerage Exec Can Be Sued Over Fraud Claims, Judge Says
An Illinois magistrate judge told the former owner of Center Street Securities on Tuesday that he cannot escape claims he concealed regulatory issues before his company was acquired by financial services company Arete Wealth, ruling that the stock purchase agreement's broad definition of liabilities could include the allegedly undisclosed violations at issue in the suit.
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February 11, 2025
Labaton Keller Appointed Lead In Healthcare Co. IPO Suit
A New York federal judge on Tuesday appointed Labaton Keller Sucharow LLP as lead counsel in a securities class action accusing nursing-care provider PACS Group Inc. of misleading investors about false Medicare claims and regulatory investigations tied to its initial public offering.
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February 11, 2025
SEC Stays Binance Case Amid Other Crypto Case Extensions
The U.S. Securities and Exchange Commission and crypto exchange Binance have asked a Washington federal judge overseeing their enforcement suit to pause the case for two months as the agency pivots its approach to digital assets, adding to the list of extensions in the agency's cryptocurrency cases.
Expert Analysis
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How Methods Are Evolving In Textualist Interpretations
Textualists at the U.S. Supreme Court are increasingly considering new methods such as corpus linguistics and surveys to evaluate what a statute's text communicates to an ordinary reader, while lower courts even mull large language models like ChatGPT as supplements, says Kevin Tobia at Georgetown Law.
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What's Next For Federal Preemption In Financial Services
The Office of the Comptroller of the Currency's review of its preemption interpretations and growing pressure from state regulators signal potential changes ahead for preemption in U.S. financial services, and the path forward will likely involve a reevaluation of the entire framework, say attorneys at Clark Hill.
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Increased Scrutiny Raises Int'l Real Estate Transaction Risks
Recently proposed regulations expanding the Committee on Foreign Investment in the United States' oversight, a White House divestment order and state-level legislative efforts signal increasing scrutiny of real estate transactions that may trigger national security concerns, say Luciano Racco and Aleksis Fernández Caballero at Foley Hoag.
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Why Attorneys Should Consider Community Leadership Roles
Volunteering and nonprofit board service are complementary to, but distinct from, traditional pro bono work, and taking on these community leadership roles can produce dividends for lawyers, their firms and the nonprofit causes they support, says Katie Beacham at Kilpatrick.
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'Pig Butchering': The Scam That Exploits Crypto Confusion
Certain red flags can tip off banks to possible "pig-butchering," and with the scam's increasing popularity, financial institutions need to take action to monitor entry points into the crypto space, detect suspicious activity and provide a necessary backstop to protect customers, say Brandon Essig and Mary Parrish McCracken at Lightfoot Franklin.
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9 Liability Management Tips As Debt Maturity Cliff Looms
As the debt maturity cliff swiftly approaches in this challenging environment, attorneys at Winston & Strawn highlight the top considerations for boards of directors and finance professionals to think about when structuring and executing liability management transactions, including reviewing capital structure, evaluating debt covenants, and more.
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How Transaction Lookbacks Can Guide Fintech Companies
As transaction lookbacks continue to be a key focus of enforcement actions, newer financial institutions like fintech companies should know they can benefit from proactively investigating their potential failure to identify suspicious activity, creating a compliance road map and building trust with regulators in the process, say attorneys at Jenner & Block.
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Firms Must Offer A Trifecta Of Services In Post-Chevron World
After the U.S. Supreme Court’s Loper Bright Enterprises v. Raimondo decision overturning Chevron deference, law firms will need to integrate litigation, lobbying and communications functions to keep up with the ramifications of the ruling and provide adequate counsel quickly, says Neil Hare at Dentons.
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Series
A Day In The In-House Life: Narmi GC Talks Peak Productivity
On a work-from-home day in August, Narmi general counsel Amy Pardee chronicles a typical day in her life in which she organizes her time to tackle everything from advising on products and contract negotiations to volunteering and catching up on the New York Times crossword.
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How Ripple Final Judgment Fits In Broader Crypto Landscape
The Southern District of New York's recent $125 million civil penalty levied in U.S. Securities and Exchange Commission v. Ripple will have a broad impact on the crypto industry as it was the first to hold that blind sales of digital assets are not securities, even if deemed securities in other circumstances, say attorneys at BakerHostetler.
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5 Tips To Succeed In A Master Of Laws Program And Beyond
As lawyers and recent law school graduates begin their Master of Laws coursework across the country, they should keep a few pointers in mind to get the most out of their programs and kick-start successful careers in their practice areas, says Kelley Miller at Reed Smith.
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Series
After Chevron: SEC Climate And ESG Rules Likely Doomed
Under the U.S. Supreme Court's recent decision in Loper Bright, without agency deference, the U.S. Securities and Exchange Commission's climate disclosure and environmental, social and governance rules would likely be found lacking in statutory support and vacated by the courts, says Justin Chretien at Carlton Fields.
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Assessing Whether Jarkesy May Limit FINRA Prosecutions
The U.S. Supreme Court’s recent decision in Jarkesy v. U.S. Securities and Exchange Commission, holding that civil securities fraud defendants are entitled to jury trials, may cause unpredictable results when applied to Financial Industry Regulatory Authority prosecutions, say Barry Temkin and Kate DiGeronimo at Mound Cotton.
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Series
Being An Opera Singer Made Me A Better Lawyer
My journey from the stage to the courtroom has shown that the skills I honed as an opera singer – punctuality, memorization, creativity and more – have all played a vital role in my success as an attorney, says Gerard D'Emilio at GableGotwals.
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Amid SEC Rule Limbo, US Cos. Subject To ESG Regs In EU
Though the U.S. Securities and Exchange Commission is facing legal challenges to its climate-disclosure rulemaking, the implementation of the Corporate Sustainability Reporting Directive in the European Union will force U.S. companies to comply with exactly the kinds of ESG disclosures that are not yet mandated in the U.S., say attorneys at Squire Patton.