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Capital Markets
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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.
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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."
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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."
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May 24, 2024
Ace Global Nixes $150M Greenhouse Farming Services Merger
Special-purpose acquisition company Ace Global Business Acquisition Ltd. on Friday announced that its planned merger with Chinese LED company LE Worldwide Ltd. has been canceled due to "significant" declines in LE Worldwide's revenues.
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May 24, 2024
CFPB Seeks $20M Penalty For Inaccurate Loan Data
The Consumer Financial Protection Bureau has urged a Florida federal court to hit Freedom Mortgage with a $20 million civil penalty for allegedly submitting error-filled government mortgage loan data.
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May 24, 2024
Investor CriteriaCaixa Buys Construction Biz Stake For €983M
Spanish investor CriteriaCaixa said on Friday that it has purchased a 9.4% stake in construction and infrastructure firm ACS for €983 million ($1.1 billion), boosting its portfolio of investments.
Expert Analysis
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SEC Case May Expand Scope Of Insider Trading Liability
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.
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Securities Question Stands After Contradicting Crypto Rulings
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.
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What The Law Firm Of The Future Will Look Like
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.
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The Year Ahead In Foreign Investment And National Security
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.
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4 PR Pointers When Your Case Is In The News
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.
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Compliance Risk After SEC Warning Against 'AI Washing'
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.
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Sale-Leasebacks May Provide A Safe Financing Alternative
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.
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5 Recent Developments Family Offices Are Watching In 2024
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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How State AGs Process And Prioritize Consumer Complaints
Recent state attorneys general actions illustrate how their offices triage, monitor and respond to consumer complaints — and why businesses need to be proactive in addressing these issues as they arise, say Meghan Stoppel and Hannah Cornett Land at Cozen O'Connor.
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Charting The Course For Digital Assets In 2024
Although 2023 was a tough year for the digital asset industry, upcoming court decisions, legislation and regulatory action will bring clarity, allowing the industry to expand and evolve, and the government will decide what innovation it will allow without challenge, says Joshua Smeltzer at Gray Reed.
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Law Firm Strategies For Successfully Navigating 2024 Trends
Though law firms face the dual challenge of external and internal pressures as they enter 2024, firms willing to pivot will be able to stand out by adapting to stakeholder needs and reimagining their infrastructure, says Shireen Hilal at Maior Consultants.
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The Most-Read Legal Industry Law360 Guest Articles Of 2023
A range of legal industry topics drew readers' attention in Law360's Expert Analysis section this year, from associate retention strategies to ethical billing practices.
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What The 2023 Bank Failures Taught Us, And What's To Come
As 2023 draws to a close, it's apparent that the bank failures this past spring sparked a seismic shift in the regulatory and supervisory landscape for banking organizations, and the consequences are still continuing to be felt throughout the financial sector as we head into 2024, say attorneys at Morgan Lewis.
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How SEC And NY Cyber Reporting Rules Affect Key Industries
The new U.S. Securities and Exchange Commission and New York State Department of Financial Services cybersecurity disclosure requirements, and their competing obligations, reveal the increasing complexity for organizations evaluating and reacting to cybersecurity incidents — particularly those in the healthcare and financial services industries, say attorneys at Manatt.
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Attorneys' Busiest Times Can Be Business Opportunities
Attorneys who resolve to grow their revenue and client base in 2024 should be careful not to abandon their goals when they get too busy with client work, because these periods of zero bandwidth can actually be a catalyst for future growth, says Amy Drysdale at Alchemy Consulting.