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Capital Markets
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June 27, 2024
High Court Liberals Warn Jarkesy's Reach Will Be Widespread
The U.S. Supreme Court's decision to limit the U.S. Securities and Exchange Commission's use of its in-house courts will have "momentous consequences" for dozens of agencies tasked with overseeing the electric grid, environmental regulations and consumer protection laws, the court's liberal wing has warned.
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June 27, 2024
SPAC Investors Get Final OK On $13M Settlement
Attorneys who brokered a $13 million settlement on behalf of investors in special purpose acquisition company Pioneer Merger Corp. will receive about 30% of that settlement fund, minus nearly $100,000 that will go toward their clients' incentive award, a Manhattan federal judge has determined.
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June 27, 2024
BofA, JPMorgan, Others To Pay $46M To End Rate-Swaps Suit
Several major U.S. and European banks, including Bank of America, JPMorgan Chase & Co. and Deutsche Bank AG, reached a $46 million deal on Thursday to resolve a long-running multidistrict litigation over an alleged plot by the banks to limit market competition over interest rate swaps.
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June 27, 2024
B. Riley-Linked SPAC To Settle Del. Class Action For $8.5M
The co-chairman of B. Riley Financial Inc. and others have agreed to pay $8.5 million to settle a class action in Delaware's Court of Chancery accusing them of making misleading and inadequate disclosures leading up to a $320 million special-purpose acquisition company deal for battery storage venture Eos Energy Storage LLC.
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June 27, 2024
SEC Says It Met Its Burden To Apply Dealer Rule To Crypto
The U.S. Securities and Exchange Commission told a Texas federal judge that the agency has met its burden to explain how its expanded definition of "dealer" applies to the crypto industry, urging the court to cut through an industry challenge.
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June 27, 2024
11th Circ. Won't Revive Robinhood Investors' Meme Stock Suit
The Eleventh Circuit has affirmed a lower court's dismissal of an investor antitrust suit against Robinhood Markets and Citadel Securities, holding that the investors failed to allege any plausible anti-competitive effects that occurred as a result of the platforms allegedly conspiring to restrict trades of "meme" stocks like GameStop in 2021.
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June 27, 2024
Coinbase Says SEC, FDIC 'Stonewalled' Crypto Info Requests
Crypto exchange Coinbase filed suits against both the U.S. Securities and Exchange Commission and the Federal Deposit Insurance Corporation on Thursday after it said the agencies "stonewalled" information requests for documents that could shed light on agencies' internal views on digital assets.
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June 27, 2024
CFTC Extends Comment Period For Election Betting Proposal
The U.S. Commodity Futures Trading Commission announced Thursday that it is extending the deadline for comment on its proposal to ban the trading of event contracts tied to things like election outcomes, sporting events and the Academy Awards.
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June 27, 2024
Deals Rumor Mill: Boeing, Blackstone, Bosch
Boeing offers $4 billion for parts maker Spirit AeroSystems, Blackstone could sell Legence at up to $5 billion value, and Bosch mulls a bid for Whirlpool. Here, Law360 breaks down the notable deal rumors from the past week.
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June 27, 2024
Sichenzia Ross Guiding Fuel Cell Co. On $130M SPAC Merger
Sichenzia Ross Ference Carmel LLP is advising Infintium Fuel Cell Systems Inc. on a newly inked blank-check company consolidation deal that values the hydrogen fuel cell technology provider at $130 million.
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June 27, 2024
SEC Sues Fla. Loan Website, CEO Over 'Fictitious' Revenue
A purported online lender and its CEO face U.S. Securities and Exchange Commission allegations that the company's reported revenue for certain periods was "a figment" of the CEO's imagination.
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June 27, 2024
Justices Limit SEC's Use Of In-House Courts
The U.S. Supreme Court on Thursday curtailed the U.S. Securities and Exchange Commission's use of its in-house court system, saying the accused have a right to a jury trial when financial penalties are on the table.
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June 26, 2024
BlackRock Can't Escape Saba Capital's Voting Bylaws Suit
A New York federal judge Tuesday refused to toss Saba Capital Management's lawsuit claiming a BlackRock Inc. environmental, social and corporate governance trust has illegal shareholder voting bylaws, but also refused to block BlackRock from applying the bylaws at issue to the current election.
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June 26, 2024
5th Circ. Says SEC Must Reconsider Axing Proxy Regulations
The Fifth Circuit on Wednesday vacated the U.S. Securities and Exchange Commission's decision to rescind a portion of Trump-era rules requiring proxy advisory firms to notify companies about their advice to investors, ruling that the agency didn't adequately explain the abrupt change.
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June 26, 2024
SEC Crypto Stance May Shift With Election, Rulemaking Suits
The U.S. Securities and Exchange Commission is likely to shift its cryptocurrency posture to some degree if a new chair is installed after the coming presidential election, but firms not content to wait for a change in the guard can consider challenging the agency's rulemaking process, experts said Wednesday.
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June 26, 2024
Conn. Trader's Brother Cops Plea In $30M Brazilian Oil Plot
A Connecticut man has pled guilty to helping to bribe officials at Brazil's state-owned oil company, Petróleo Brasileiro SA, also known as Petrobras, allegedly to help his commodities trader brother earn more than $30 million in ill-gotten profits from deals with the oil giant, according to federal court documents.
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June 26, 2024
Judge Trims 2nd Attempt At Crypto Lender Loan Suit
A California federal judge has again dismissed crypto lender Nexo Capital's affiliates from an amended suit over claims they fraudulently induced customers to take out risky loans, but found the new suit plausibly alleges Nexo distributed a nonexempt, unregistered security.
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June 26, 2024
SEC Fines Ex-Tech Co. Controller In Insider Trading Matter
The U.S. Securities and Exchange Commission announced that an electronic security solutions company vice president and controller will pay over $435,000 to settle claims that he sold shares of the company based on financial results that were not publicly available at the time.
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June 26, 2024
Ex-Ameriprise Father-Son Duo Agree To Return Biz Info
A father and son and their former employer, financial services company Ameriprise, have reached an agreement that will see the two men return confidential records they allegedly took "in the dark of the night" as they exited the company for jobs with a competitor.
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June 26, 2024
Chamber Backs 9th Circ. Call To Nix SEC's 'Gag Rule'
The U.S. Chamber of Commerce is among those calling on the Ninth Circuit to overturn a long-standing U.S. Securities and Exchange Commission policy that settling parties not be allowed to deny the allegations against them, saying that the so-called gag rule threatens the free speech rights of the accused.
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June 26, 2024
Crypto App Pledges More Refunds In Multistate Settlement
Cryptocurrency platform Abra has agreed to return millions of dollars in digital assets to U.S. customers after getting busted for running a mobile application for crypto transactions without the required money transmitting licenses, a coalition of state financial regulators announced on Wednesday, with Washington state taking the lead.
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June 26, 2024
Online Comic Platform Leads 2 IPOs Raising $390M Total
Online comic platform Webtoon Entertainment Inc. and Australian natural gas producer Tamboran Resources Corp. on Wednesday priced initial public offerings, raising a combined $390 million under the guidance of four law firms.
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June 26, 2024
IP Co. Breaching Investment Laws, Shareholder Alleges In Del.
A shareholder of patent developer Network-1 Technologies Inc. has sued the company in Delaware's Court of Chancery, saying he needs to see the company's books and records to investigate, among other things, whether it is "operating as an unregistered investment company, contrary to the Investment Company Act of 1940."
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June 26, 2024
Director Sues Materials Testing Co. In Del. For Withheld Docs
A shareholder and director of Femtometrix Inc. has sued the California materials testing company in Delaware's Court of Chancery for books and records, saying the company is not giving him sufficient information to function as a director.
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June 26, 2024
3 Firms Vie For Lead Role In Autodesk Securities Suit
Robbins Geller Rudman & Dowd LLP, Bernstein Litowitz Berger & Grossmann LLP and The Rosen Law Firm PA have each asked a California federal judge to lead a securities lawsuit against software company Autodesk for allegedly lacking proper internal controls due to issues with its free cash flow and operating margin practices.
Expert Analysis
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Exxon ESG Proxy Statement Suit May Chill Investor Proposals
Exxon Mobil’s recent use of a Texas federal lawsuit to intimidate shareholders into withdrawing a climate-friendly proxy proposal could inspire more public companies to sue to avoid adopting ESG resolutions — a power move that would chill activist investor participation and unbalance shareholder-corporate relations, say Domenico Minerva and James Fee at Labaton Keller.
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Series
Coaching High School Wrestling Makes Me A Better Lawyer
Coaching my son’s high school wrestling team has been great fun, but it’s also demonstrated how a legal career can benefit from certain experiences, such as embracing the unknown, studying the rules and engaging with new people, says Richard Davis at Maynard Nexsen.
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Implications For Digital Assets After SEC Settlement With DAO
The U.S. Securities and Exchange Commission's December settlement with BarnBridge — finding that the decentralized autonomous organization's products were securities under federal law — foreshadows increased enforcement attention on digital assets, and reveals arguments the SEC may use in similar disputes with decentralized finance protocols, say attorneys at K&L Gates.
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SG's Office Is Case Study To Help Close Legal Gender Gap
As women continue to be underrepresented in the upper echelons of the legal profession, law firms could learn from the example set by the Office of the Solicitor General, where culture and workplace policies have helped foster greater gender equality, say attorneys at Ocean Tomo.
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Bitcoin ETF Approval Doesn't Mean SEC Approves Of Crypto
While the U.S. Securities and Exchange Commission's approval last month of 11 applications for spot exchange-traded funds tracking bitcoin is a landmark moment for the crypto-asset industry, investors who are hopeful that the SEC will approve similar crypto-based ETFs may be disappointed, says attorneys at Mintz.
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A Closer Look At Novel Jury Instruction In Forex Rigging Case
After the recent commodities fraud conviction of a U.K.-based hedge fund executive in U.S. v. Phillips, post-trial briefing has focused on whether the New York federal court’s jury instruction incorrectly defined the requisite level of intent, which should inform defense counsel in future open market manipulation cases, say attorneys at Lankler Siffert.
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The Corporate Disclosure Tug-Of-War's Free Speech Issues
The continuing conflict over corporate disclosure requirements — highlighted by a lawsuit against Missouri's anti-ESG rules — has important implications not just for investors and regulated entities but also for broader questions about the scope of the First Amendment, say Colin Pohlman, and Jane Luxton and Paul Kisslinger at Lewis Brisbois.
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Crypto Issues To Watch Amid Evolving Legal Landscape
This year will likely be a momentous one for crypto in the U.S., but whether it is successful or disastrous will depend on the outcome of high-profile court decisions and key regulatory actions, say attorneys at Venable.
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Navigating The Sunset Of Sibor And Other Key Benchmarks
Similar to the recent transition away from Libor, the expected cessation deadlines of the Canadian Dollar Offered Rate and Singapore Interbank Offered Rate are nigh, so Canadian and Singapore dollar-denominated credit facilities will likely need to be amended, say attorneys at Cadwalader.
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FTC AI Inquiry Signals Intensified Focus On Emerging Tech
The Federal Trade Commission's recent inquiry into investments and partnerships between Big Tech companies and artificial intelligence startups appears to be directed at guiding future enforcement decisions in competition, privacy and consumer protection — and three principles discussed at a related tech summit give insight on the agency's approach, say attorneys at Skadden.
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What Shareholder Approval Rule Changes Mean For Cos.
The U.S. Securities and Exchange Commission recently approved proposed rule changes to shareholder requirements by the New York Stock Exchange, an approval that will benefit listed companies in many ways, including by making it easier to raise capital from passive investors, say attorneys at Baker Botts.
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Reimagining Law Firm Culture To Break The Cycle Of Burnout
While attorney burnout remains a perennial issue in the legal profession, shifting post-pandemic expectations mean that law firms must adapt their office cultures to retain talent, say Kevin Henderson and Eric Pacifici at SMB Law Group.
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What Are The Pros And Cons Of Selling A Bankruptcy Claim?
As companies navigate financial uncertainties and market challenges, they should understand the advantages and disadvantages of selling a bankruptcy claim, so that they can monetize it with confidence and minimize the risk that amounts received in connection with a sale will be subject to potential disgorgement, says Evelyn Meltzer at Troutman Pepper.
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Series
Competing In Dressage Makes Me A Better Lawyer
My lifelong participation in the sport of dressage — often called ballet on horses — has proven that several skills developed through training and competition are transferable to legal work, especially the ability to harness focus, persistence and versatility when negotiating a deal, says Stephanie Coco at V&E.
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What Financial Cos. Must Know For Handling T+1 Settlements
The U.S. Securities and Exchange Commission has adopted a groundbreaking new T+1 settlement rule for securities transactions in order to improve market efficiency — but it presents significant challenges for the financial services industry, especially private equity firms, hedge funds and institutional asset managers, says Adam Weiss at Petra Funds Group.