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Capital Markets
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September 23, 2024
Latham-Led Aerospace Giant StandardAero Preps $1B IPO
Private equity-backed aerospace services provider StandardAero Inc. launched plans on Monday for an estimated $1 billion initial public offering, represented by Latham & Watkins LLP and underwriters' counsel Milbank LLP, potentially marking one of the year's largest IPOs.
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September 23, 2024
Autism Played Role In Bankman-Fried Case, 2nd Circ. Told
A group of experts on neurodiversity told the Second Circuit that Sam Bankman-Fried, who has said he has autism and attention deficit hyperactivity disorder, may have been hurt at trial by a "cognitive and communication style" that at times frustrated the trial judge.
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September 23, 2024
Ex-Comtech CEOs Push For New Board, Strategic Changes
Two former CEOs of Comtech Telecommunications Corp. are calling for a new board at the global technology company and are pushing the business to consider strategic options, including a potential sale of its public safety business, while noting that one of the CEOs had even offered to re-take the helm at the company without cash compensation.
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September 23, 2024
Tempur Sealy Sets Divestiture Plan Ahead Of FTC Court Battle
Tempur Sealy International Inc. said Monday that it plans to sell 176 stores and seven distribution centers to Mattress Warehouse if it is able to close its planned $4 billion purchase of Mattress Firm Group Inc., in an effort to appease the Federal Trade Commission in its continued efforts to block the deal.
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September 23, 2024
German Biotech Biz Aims For €132.7M Valuation In IPO
German biotech company Pentixapharm said Monday that it is set to launch an initial public offering valued at approximately €23.4 million ($26 million) on the Frankfurt stock exchange on Tuesday at a valuation of up to €132.7 million.
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September 23, 2024
Springer Nature Aims For €4.7B Valuation In German IPO
German-British journal publisher Springer Nature said Monday that it is shooting for a €4.7 billion ($5.2 billion) valuation for its forthcoming initial public offering in Frankfurt.
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September 20, 2024
3rd Circ. CFPB Ruling Threatens Securitization, Justices Told
Two major trade groups for the securities industry have urged the U.S. Supreme Court to review a Third Circuit decision allowing the Consumer Financial Protection Bureau to exercise enforcement authority over a collection of student loan securitization trusts, slamming the ruling as wrong and dangerous.
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September 20, 2024
EV Battery Co. Hit With $207M Default Loss For Lack Of Attys
Shareholders of electrical vehicle battery maker Romeo Power Inc. have secured a $206.8 million default win against the company after it failed to retain new counsel in a proposed class action alleging it concealed its acute shortage of high-quality battery cells before going public via a merger with a blank check company.
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September 20, 2024
SEC To Seek Sanctions For Musk Deposition 'Gamesmanship'
The U.S. Securities and Exchange Commission plans to seek sanctions against Elon Musk for not showing up to a scheduled deposition over his $44 billion acquisition of Twitter and instead flying to Florida to oversee a SpaceX launch, telling a California federal judge Friday that his excuse "smacks of gamesmanship."
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September 20, 2024
Judge Won't Toss Fraud Suit Against Crypto-Forex Co. Execs
A Florida judge decided that the CEO and a founding shareholder of purported foreign exchange currency broker FxWinning Ltd. have sufficient ties to Florida to keep them among the defendants of a suit alleging the business and its operators perpetrated a multimillion-dollar fraud.
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September 20, 2024
NFT Buyers Bring Securities Suit Against Crypto Co. OpenSea
Two Florida users of OpenSea hit the nonfungible token marketplace with a proposed securities class action claiming the assets the users bought on the platform are unregistered investment contracts in light of recent court decisions and regulatory scrutiny from the U.S. Securities and Exchange Commission.
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September 20, 2024
IPO Trio Looks To Raise $536M Combined As Autumn Begins
Three companies spanning the energy, healthcare and life sciences industries are preparing initial public offerings that could raise $536 million combined in the coming week, guided by six law firms, signaling an upturn in IPOs as autumn begins.
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September 20, 2024
Agriculture Tech Biz's $147M SPAC Merger Is Scrapped
Miami-headquartered special purpose acquisition company Agrinam Acquisition Corp. and Boston-based agricultural technology company Freight Farms Inc. have nixed their merger plans that would have seen Freight Farms go public at a market capitalization of around $147 million.
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September 20, 2024
Fed's Surprise Rate Cut Gives M&A Markets Needed Relief
Mergers and acquisitions activity is inextricably linked to borrowing costs, which means the Federal Reserve's larger than expected half-point interest rate cut could provide just the type of relief dealmakers need for a significant rebound, attorneys say.
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September 20, 2024
US Chamber Warns Del. Justices On TC Energy Case Fallout
The U.S. Chamber of Commerce warned Delaware's Supreme Court Friday of "detrimental and expensive consequences" from an unprecedented, $199 million damages ruling against TransCanada Corp. last year for aiding seller fiduciary breaches in its $13 billion acquisition of Columbia Pipeline Corp.
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September 20, 2024
2 SEC Commissioners Object To Whistleblower Award Secrecy
U.S. Securities and Exchange Commissioners Mark Uyeda and Hester Peirce have objected to the agency's recent decision to hand out a total of $122 million in two awards to four whistleblowers and issued a statement taking issue with the regulator's policy of saying little to nothing about why the rewards are issued.
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September 20, 2024
Silvergate Wants Activist Investor's Board Seat Play Blocked
The parent company of Silvergate Bank, a defunct bank that catered to the cryptocurrency industry, has asked the judge in its Delaware bankruptcy case to help head off what it described as an activist investor's effort to score a seat on the debtor's board so he can try to secure a payout for shareholders who are set to receive nothing under a Chapter 11 plan.
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September 19, 2024
CFTC Warns Of 'Profound' Harm In Election Betting Appeal
The U.S. Commodity Futures Trading Commission fought Thursday to prevent an online trading platform from offering betting on election outcomes while the agency appeals a trial court ruling that allowed the futures contracts to go live, warning the D.C. Circuit that the "high-stakes" event contracts threaten serious harm to election integrity.
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September 19, 2024
Crypto Exchange Must Refund Bitcoins, But In 2013 Dollars
A New York judge held Thursday that bygone cryptocurrency exchange Bitfloor improperly failed to return more than 200 of its customers' bitcoins upon shutting down in 2013, but said damages will be limited to the dollar value of the digital assets over a decade ago.
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September 19, 2024
Judge Gives Dow Jones Win In Article Thievery Case
A Texas federal judge has handed a win to publisher Dow Jones & Co. in a copyright infringement suit accusing an investment manager of wrongfully copying and distributing thousands of news articles from The Wall Street Journal.
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September 19, 2024
Halted DOL Fiduciary Regs Could Open Lane For SEC Action
The U.S. Securities and Exchange Commission might need to help clear up confusion about fiduciary investment advice standards in the wake of two Texas judges halting new retirement security regulations from the Labor Department, members of an SEC investor advisory committee said Thursday.
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September 19, 2024
No Coverage For Santander Shareholder Suit, Allianz Says
Allianz told a Massachusetts federal court that it doesn't owe coverage to Santander Holdings for an underlying class action brought by shareholders over the company's $2.5 billion deal to take its consumer finance entity private, arguing that multiple exclusions bar coverage for claims arising from the transaction.
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September 19, 2024
Weil Continues Building Funds Group With Ex-Goodwin Atty
Weil Gotshal & Manges LLP announced the fourth addition to its private funds group over the past several months, welcoming a former Goodwin Procter LLP partner to its New York office.
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September 19, 2024
Feds Oppose Overturning Guilty Verdict For Crypto Trader
Federal prosecutors told a New York federal judge that the crypto trader convicted of fraudulently draining more than $100 million from platform Mango Markets is wrongly attempting to recast factual issues as legal questions in his bid for acquittal.
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September 19, 2024
Pink Floyd, NFL And PE Take Limelight In Latest Deal Rumors
Sony Music could be on the verge of paying roughly $500 million for the rights to music recorded by Pink Floyd, and NFL teams including the Miami Dolphins and Los Angeles Chargers are exploring options to sell stakes to private equity firms. Here, Law360 breaks down these and other notable deal rumors from the past week.
Expert Analysis
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How EB-5 Regional Centers Can Prepare For USCIS Audits
In response to the recently announced U.S. Citizenship and Immigration Services guidelines that require EB-5 regional center audits every five years to verify their compliance with immigration and securities laws, regional centers should take steps to facilitate a seamless audit process, say Jennifer Hermansky and Miriam Thompson at Greenberg Traurig.
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Don't Use The Same Template For Every Client Alert
As the old marketing adage goes, consistency is key, but law firm style guides need consistency that contemplates variety when it comes to client alert formats, allowing attorneys to tailor alerts to best fit the audience and subject matter, says Jessica Kaplan at Legally Penned.
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Series
Walking With My Dog Makes Me A Better Lawyer
Thanks to my dog Birdie, I've learned that carving out an activity different from the practice of law — like daily outdoor walks that allow you to interact with new people — can contribute to professional success by boosting creativity and mental acuity, as well as expanding your social network, says Sarah Petrie at the Massachusetts Attorney General’s Office.
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Navigating SPAC Market Challenges For Microcap Issuers
For microcap issuers, the special-purpose acquisition vehicle market tells a cautionary tale in which few targets attain the advantages they seek, and important considerations for companies with market capitalization of under $300 million include negotiating costs and expenses upfront to avoid becoming saddled with debt, say attorneys at Lucosky Brookman.
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Expect Tougher Bank Exams 1 Year After Spring 2023 Failures
With federal banking agencies still implementing harsher examinations with swifter escalations a year after the spring 2023 bank failures, banks can gain insight into changing expectations by monitoring how the Federal Reserve Board, Office of the Comptroller of Currency and Federal Deposit Insurance Corp. are coordinating and updating their exam policies, say attorneys at Debevoise.
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Think Like A Lawyer: Follow The Iron Rule Of Trial Logic
Many diligent and eager attorneys include every good fact, point and rule in their trial narratives — spurred by the gnawing fear they’ll be second-guessed for leaving something out — but this approach ignores a fundamental principle of successful trial lawyering, says Luke Andrews at Poole Huffman.
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Circuit Split Brews Over Who's A Securities Seller Under Act
A Securities Act section that creates private liability for the sale of an unregistered security is rapidly becoming a favored statute for plaintiffs to wield against participants in both the digital asset and traditional securities markets, but the circuit courts have diverged on who may be held liable for these violations, say Jeffrey L. Steinfeld and Daniel Aronsohn at Winston & Strawn.
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Banks Have Won Syndicated Loan Battle, But Not The War
Though the U.S. Supreme Court's recent denial of certiorari in Kirschner v. JPMorgan preserves the status quo that syndicated loans are not securities, the U.S. Securities and Exchange Commission's discomfort suggests that the underlying issues have not been fully resolved, say attorneys at Crowell & Moring.
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The Art Of Asking: Leveraging Your Contacts For Referrals
Though attorneys may hesitate to ask for referral recommendations to generate new business, research shows that people want to help others they know, like and trust, so consider who in your network you should approach and how to make the ask, says Rebecca Hnatowski at Edwards Advisory.
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The Drawbacks Of Banking Regulators' Merger Review Plans
Recent proposals for bank merger review criteria by the Office of the Comptroller of the Currency and Federal Deposit Insurance Corp. share common pitfalls: increased likelihood of delays, uncertainties, and new hurdles to transactions that could impede the long-term safety and soundness of the banks involved, say attorneys at WilmerHale.
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SEC Off-Channel Comms Action Hints At Future Enforcement
Although the U.S. Securities and Exchange Commission’s recent enforcement action against Senvest does not shed light on how the agency will calibrate penalties related to off-channel communications violations, it does suggest that we may see more cases against standalone investment advisers, say attorneys at Sidley.
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Chancery's Carvana Suit Toss Shows Special Committee Value
The Delaware Chancery Court’s recent dismissal of a stockholder complaint against Carvana illustrates how special litigation committees can be a powerful tool for boards to regain control after litigation alleging a breach of fiduciary duty, say attorneys at Morgan Lewis.
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Series
Being An Equestrian Makes Me A Better Lawyer
Beyond getting experience thinking on my feet and tackling stressful situations, the skills I've gained from horseback riding have considerable overlap with the skills used to practice law, particularly in terms of team building, continuing education, and making an effort to reset and recharge, says Kerry Irwin at Moore & Van Allen.
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4 Ways To Refresh Your Law Firm's Marketing Strategy
With many BigLaw firms relying on an increasingly obsolete marketing approach that prioritizes stiff professionalism over authentic connection, adopting a few key communications strategies to better connect with today's clients and prospects can make all the difference, say Eric Pacifici and Kevin Henderson at SMB Law.
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What 3rd Circ. Trust Ruling Means For Securitization Market
Mercedes Tunstall and Michael Gambro at Cadwalader break down the Third Circuit's March decision in Consumer Financial Protection Bureau v. National Collegiate Master Student Loan Trust, as well as predict next steps in the litigation and the implications of the decision for servicers and the securitization industry as a whole.