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Capital Markets
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June 21, 2024
Pierson Ferdinand Picks Up Manatt Blockchain Atty
Pierson Ferdinand LLP on Thursday announced the hiring of a former partner and blockchain attorney at Manatt Phelps & Phillips LLP for its corporate department in New York.
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June 20, 2024
SEC Official Seeks To Ease Concerns Over Cybersecurity Rule
The director of the U.S. Securities and Exchange Commission's corporation finance division reassured public companies on Thursday that the agency's recently adopted rule requiring them to make certain disclosures regarding material cybersecurity incidents does not prohibit them from sharing additional details with third parties.
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June 20, 2024
FDIC Expands Requirements For Big-Bank Resolution Plans
The Federal Deposit Insurance Corp. on Thursday adopted expanded resolution-planning requirements for large banks and approved a measure intended to cut down on delays in the agency's handling of bank merger applications.
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June 20, 2024
Colo.'s Opt-Out Interest Rate Law Halted In Trade Group Suit
A Colorado federal judge has temporarily barred the state from imposing more restrictive interest rate caps on consumer loans made by banks located outside of Colorado, siding with a coalition of lending groups seeking to invalidate a 2023 law aimed at reining in high-cost online loans.
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June 20, 2024
Oprah Special Hiked Viacom Price, Archegos Trader Concedes
An attorney for Archegos Capital Management LP founder Bill Hwang attempted Thursday to undercut testimony that the hedge fund boss had total control over his portfolio companies, getting a key cooperator to agree that ViacomCBS Inc.'s share price was at one point boosted by Oprah Winfrey's interview with Prince Harry and Meghan Markle.
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June 20, 2024
Ex-ITT Students Net $12M Win In Predatory Lending Scheme
A California federal judge has ordered loan servicer Vervent Inc. to pay $12 million to ex-students of bankrupt for-profit college ITT Education Services Inc. for Vervent's role in an alleged predatory lending scheme for ITT's benefit, finding it was appropriate to triple a $4 million jury award.
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June 20, 2024
6 Firms Build Hydrogen Developer's $1.6B SPAC Merger
Chinese hydrogen solutions company United Hydrogen Group Inc. on Thursday announced plans to go public through a merger with special-purpose acquisition company Aimei Health Technology Co. Ltd. in a deal that values the combined business at roughly $1.6 billion on a pro forma basis and was built by six law firms.
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June 20, 2024
Crypto Co. Says SEC Won't Bring Case Over Ethereum
Ethereum-focused software firm Consensys won't face an action over its dealings with the cryptocurrency ether, according to a notice from the U.S. Securities and Exchange Commission, but its preemptive lawsuit against the regulator is set to continue as the agency doesn't appear to have dropped concerns over Consensys products that deal in other assets.
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June 20, 2024
Walmart, Capital One Settle Credit Card Agreement Spat
Capital One NA has reached a settlement with Walmart Inc. resolving the retailer's claims that its credit card partner wasn't meeting the customer service standards laid out in their agreement, according to a joint letter filed in New York federal court.
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June 20, 2024
Ex-Popular Bank VP Convicted Of COVID Aid Fraud
A former vice president and manager of a New York branch of Popular Bank was convicted by a Brooklyn federal jury of fraudulently obtaining money from two pandemic-era aid programs.
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June 20, 2024
Deals Rumor Mill: Carlyle-KKR, Didi IPO, Open AI
The deals rumor mill is often overflowing with transactions that are reportedly close to being signed, so it can be hard to know which ones to stay on top of.
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June 20, 2024
New Navajo Law Expected To Double Infrastructure Funds
Navajo Nation President Buu Nygren signed into law legislation that will create a new mechanism allowing the federally recognized tribe to transfer $522 million in American Rescue Plan Act funding into a revenue reserve that's expected to nearly double the tribe's infrastructure financing.
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June 20, 2024
Dickinson Wright Brings On McDermott, Bell Nunnally Attys
Dickinson Wright PLLC added a pair of new members who include a commercial finance and real estate attorney from Bell Nunnally & Martin LLP based in Austin, Texas, and a tax and incentives attorney from McDermott Will & Emery LLP in Fort Lauderdale, Florida.
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June 19, 2024
Nasdaq Stockholm Fined $9.6M For Compliance Breaches
The Swedish Financial Supervisory Authority said Wednesday that it has fined Nasdaq Stockholm 100 million Swedish krona ($9.6 million) for failing to maintain adequate trade monitoring systems and initiating trading in financial instruments without the necessary approval.
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June 18, 2024
9 Firms Vie To Lead Suit Over Ad Tech Co.'s Microsoft Ties
Pomerantz LLP, Levi & Korsinsky LLP and several other firms have filed competing bids to lead a proposed shareholder class action alleging that shares of ad tech company Perion Network declined nearly 40% after its strategic partner Microsoft Bing "unilaterally" changed its search advertising pricing.
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June 18, 2024
SEC's Ether Orders Spur Hope For Crypto, Caution From Attys
The crypto industry received a step toward clarity when the U.S. Securities and Exchange Commission's approval of exchange-traded products holding the token ether signified the cryptocurrency isn't a security subject to SEC regulation, but attorneys say they remain cautious when counseling clients on how to deal in the asset.
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June 18, 2024
4 Firms Steer Family-Owned Baker Europastry's IPO Plans
Family-owned frozen bakery products giant Europastry S.A. said Tuesday that it plans to raise €225 million ($241.7 million) in fresh capital through an initial public offering on Spanish stock exchanges guided by four law firms, adding to a recent uptick in European IPOs.
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June 18, 2024
Crypto Firm Latinum Can't Arbitrate Investors' Fraud Suit
A Michigan federal judge discerned that crypto firm Bitcoin Latinum can't send claims it duped investors out of promised digital assets to arbitration considering it didn't raise the issue in the two years since the suit was brought.
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June 18, 2024
Fed Should Vote Now On Basel Capital Hike Plan, Warren Says
U.S. Sen. Elizabeth Warren has accused Federal Reserve Chair Jerome Powell of "doing the bank industry's bidding" as federal regulators look to back off of significant proposed increases to big-bank capital requirements, saying he should instead put those increases to a board vote by the end of June.
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June 18, 2024
Archegos Trader Doubles Down On Hwang Accusations
A former protégé of Archegos founder Bill Hwang told New York federal jurors Tuesday that the hedge fund boss directed manipulative and improper trading, pushing back on insinuations by Hwang's counsel that the trades were above-board.
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June 18, 2024
MoFo Brings On SEC Veteran From Skadden In DC
Morrison Foerster LLP has expanded its public company advisory and governance offerings in Washington, D.C., with the addition of an attorney from Skadden Arps Slate Meagher & Flom LLP.
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June 18, 2024
African Gold Miner To Go Public Via $500M SPAC Merger
African gold miner Namib Minerals said Tuesday it has agreed to go public by merging with special-purpose acquisition company Hennessy Capital Investment Corp. VI at an estimated $500 million value, a deal said to be the largest SPAC acquisition involving an African business to date.
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June 18, 2024
Foley Hoag Hires Former DOJ Fraud Section Deputy
Foley Hoag LLP has hired a former deputy chief of the U.S. Department of Justice's Fraud Section, who will work with the firm's white collar crime and government investigations practice in Washington, D.C.
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June 17, 2024
Trader Claims Firm Owes Bonus On $37M Texas Storm Profits
A trader told a Denver jury Monday that a Colorado energy marketing company fired him as retaliation after he accused the CEO of failing to pay out his cut of $37 million from trades made during a 2021 Texas storm that caused natural gas prices to spike.
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June 17, 2024
PennyMac 'Shocked' Investors With Post-Libor Fix, Suit Says
PennyMac's mortgage investment arm has been hit in California federal court with a proposed class action accusing it of using last year's discontinuation of Libor to unfairly and unlawfully lock in a lower dividend for some of its preferred stock, stiffing investors out of millions.
Expert Analysis
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Opinion
Post-Moelis Del. Corp. Law Proposal Would Hurt Stockholders
The proposed Delaware General Corporation Law amendment in response to the Court of Chancery's recent opinion in West Palm Beach Firefighters' Pension Fund v. Moelis would upend the foundational principle of corporate law holding that directors govern corporations in the interest of stockholders — and the potential harm would be substantial, say attorneys at Block & Leviton.
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At 'SEC Speaks,' A Focus On Rebuilding Trust Amid Criticism
At the Practising Law Institute's SEC Speaks conference last week, U.S. Securities and Exchange Commission leadership highlighted efforts to rebuild and restore trust in the U.S. capital markets by addressing investor concerns through regulatory measures and enforcement actions, emphasizing the need for cooperation from market participants, say attorneys at Perkins Coie.
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Practicing Law With Parkinson's Disease
This Parkinson’s Awareness Month, Adam Siegler at Greenberg Traurig discusses his experience working as a lawyer with Parkinson’s disease, sharing both lessons on how to cope with a diagnosis and advice for supporting colleagues who live with the disease.
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Calif. Verdict Showcases SEC's New 'Shadow Trading' Theory
Last week's insider trading verdict, delivered against biopharmaceutical executive Matthew Panuwat by a California federal jury, signals open season on a new area of regulatory enforcement enabled by the U.S. Securities and Exchange Commission's shadow trading theory, say Perrie Weiner and Aaron Goodman at Baker McKenzie.
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Series
Playing Hockey Makes Me A Better Lawyer
Nearly a lifetime of playing hockey taught me the importance of avoiding burnout in all aspects of life, and the game ultimately ended up providing me with the balance I needed to maintain success in my legal career, says John Riccione at Taft.
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ESG Challenges In Focus After Sierra Club Opposes SEC Rule
The Sierra Club's recent objection to the U.S. Securities and Exchange Commission's climate-related disclosures for investors presents an unusual — pro-disclosure — legal challenge and an opportunity to take a close look at the varying critiques of ESG regulations, say Colin Pohlman, and Jane Luxton and Paul Kisslinger at Lewis Brisbois.
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For Lawyers, Pessimism Should Be A Job Skill, Not A Life Skill
A pessimistic mindset allows attorneys to be effective advocates for their clients, but it can come with serious costs for their personal well-being, so it’s crucial to exercise strategies that produce flexible optimism and connect lawyers with their core values, says Krista Larson at Stinson.
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Private Capital Considerations Amid Market Revival
As improved market conditions position traditional financing to regain lost market share, it's also worth considering the pace and structure of private credit and other forms of private capital, especially when seeking to set unique terms or build new corporate relationships, say attorneys at Skadden.
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Intent-Based Theory Of Liability In Hwang Creates Ambiguity
A case against Archegos Capital founder Bill Hwang alleging that he participated in a securities manipulation scheme, which goes to trial next month in New York federal court, highlights the need for courts to clarify the legal standard defining "market manipulation," says Edward Imperatore at MoFo.
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Opinion
Requiring Leave To File Amicus Briefs Is A Bad Idea
A proposal to amend the Federal Rules of Appellate Procedure that would require parties to get court permission before filing federal amicus briefs would eliminate the long-standing practice of consent filing and thereby make the process less open and democratic, says Lawrence Ebner at the Atlantic Legal Foundation and DRI Center.
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4 Ways To Motivate Junior Attorneys To Bring Their Best
As Gen Z and younger millennial attorneys increasingly express dissatisfaction with their work and head for the exits, the lawyers who manage them must understand and attend to their needs and priorities to boost engagement and increase retention, says Stacey Schwartz at Katten.
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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.