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Capital Markets
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August 01, 2024
More 'Equitable' Banking? This Ex-Biden Official Has A Plan
A former Biden U.S. Treasury Department official on Thursday outlined a progressive policy agenda that could provide a road map for bank regulators in the next administration, saying there's more that can and should be done to make the banking system stronger and fairer.
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August 02, 2024
CORRECTED: Delay Sought In Citgo Auction
A Delaware federal judge has appeared open to postponing to October an auction for Citgo Petroleum Corp.'s parent company, a proceeding aimed at satisfying billions of dollars in Venezuelan debt. Correction: A previous version of this article mischaracterized the nature of Judge Stark's order. The error has been corrected.
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August 01, 2024
Montenegro Court Affirms Kwon's Extradition To South Korea
Terraform Labs founder Do Kwon is set to face criminal charges over the crypto project's collapse in South Korea after the Appellate Court of Montenegro on Thursday upheld a lower court's decision to refuse an extradition request from the U.S.
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August 01, 2024
Grayscale Wants Rival's $2M Conn. Trade Practices Suit Nixed
Grayscale Investments LLC has asked a Connecticut state court judge to toss a suit launched by asset management firm Osprey Funds LLC, alleging that Grayscale falsely advertised its services in order to lure investors, saying the amended complaint fails to state a claim and, therefore, must be "stricken in its entirety."
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August 01, 2024
Crypto-Forex Co. Defaults In Fla. Civil Fraud Lawsuits
A purported foreign exchange currency broker based in Hong Kong defaulted Thursday in three Florida state court lawsuits alleging multimillion-dollar frauds due to lack of counsel, although a Miami judge allowed the former CEO to respond to the complaints against him as a self-represented party.
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August 01, 2024
Latham, Ellenoff Rank Among Top Firms For July IPOs
Latham & Watkins LLP and Ellenoff Grossman Schole LLP were among the leading law firms that steered the most initial public offerings during July, which marked the year's busiest month in terms of IPO proceeds.
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August 01, 2024
AI-Focused Chipmaker Cerebras Confidentially Files IPO Plans
Silicon Valley-based artificial intelligence startup Cerebras Systems Inc. said Thursday it has confidentially filed plans for an initial public offering with the U.S. Securities and Exchange Commission, joining other AI-linked companies in the IPO pipeline.
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August 01, 2024
Manhattan DA Charges Crypto Recovery Biz Owner With Fraud
Manhattan prosecutors announced fraud and larceny charges on Thursday against the New York owner of a purported asset recovery business that allegedly charged customers fees while making false promises to recover cryptocurrencies.
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August 01, 2024
Deals Rumor Mill: BNP Paribas, Blackstone, Honeywell
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. Here, Law360 breaks down the notable deal rumors from the past week.
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August 01, 2024
Mass. Could Be New Front In The Battle Over Jury Trial Right
Following the U.S. Supreme Court's ruling granting defendants facing administrative civil penalties the right to a jury trial, experts say a similar challenge in Massachusetts is likely, but may not find as receptive a judicial audience.
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July 31, 2024
Ackman's New Investment Fund Calls Off Planned $2B IPO
Bill Ackman's new investment fund Pershing Square USA on Wednesday called off its initial public offering just a day after setting a $2 billion fundraising target, which was down significantly from earlier estimates.
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July 31, 2024
Report Finds Uptick In AI-Related Shareholder Suits
Class action lawsuits accusing companies of deceiving investors about their artificial intelligence capabilities are on the rise this year while the previously trendy areas of shareholder litigation against cryptocurrency companies and special purpose acquisition companies have fallen significantly, according to a Wednesday report from Cornerstone Research.
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July 31, 2024
Fla. Electric Co. Ex-CEO Gets 4 Years For Privatization Plot
A Jacksonville, Florida, federal judge sentenced a former CEO of the city's electric company to four years in prison after a jury convicted him of fraud conspiracy charges in a multimillion-dollar embezzlement scheme connected to a process to privatize the public utility, prosecutors said Wednesday.
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July 31, 2024
Chancery Keeps Challenge To $1.5B Genius Sports Deal Alive
Stockholders of a blank check company that took sports data company Genius Sports Ltd. public have overcome a bid to spike their Delaware Court of Chancery challenge to the $1.5 billion deal.
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July 31, 2024
$7.25M Del. Settlement Offered In $1.35B UpHealth SPAC Suit
Parties to a Delaware Court of Chancery stockholder suit that challenged a $1.35 billion take-public "blank-check" company merger with Florida-based digital health manager UpHealth Inc. have reached a $7.25 million settlement of all claims, pending court approval, according to an agreement filed Tuesday.
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July 31, 2024
SEC Settles Reg BI Case Against Calif. Broker-Dealer
The U.S. Securities and Exchange Commission announced Wednesday it has agreed to settle allegations that Western International Securities Inc. sold more than $13 million in high-risk debt securities to those with lower risk profiles, marking the potential end of a first-of-its kind enforcement action claiming violations of Regulation Best Interest.
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July 31, 2024
Doc 'Muddle' Stalls Trump Media SPAC Figure's Ouster Suit
Pointing to multiple, conflicting operating agreement versions, a Delaware vice chancellor said she was unable to rule Wednesday on a suit to uphold dismissal of the managing member of a blank check company sponsor for the deal that took former President Donald Trump's social media company public.
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July 31, 2024
CrowdStrike Investors Sue Over Stock Drop After Outage
A group of CrowdStrike investors sued the cybersecurity company Tuesday in Texas federal court, alleging that it misrepresented the measures it was taking to prevent a system crash, which caused its stock price to plummet after the platform experienced a massive outage earlier this month.
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July 31, 2024
DraftKings Closes NFT Platform Over 'Legal Developments'
DraftKings has announced that it is shuttering its nonfungible token marketplace due to "recent legal developments," with the decision coming weeks after a Massachusetts federal judge permitted a proposed securities class action involving the marketplace to move forward.
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July 31, 2024
Dutch Regulators OK Freshfields-Guided Asset Exchange
A Dutch digital asset exchange is touting itself as the first widely accessible and regulated crypto derivatives exchange in Europe after receiving a license from the government of the Netherlands, aided by the guidance of Freshfields Bruckhaus Deringer LLP, the firm has announced.
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July 31, 2024
UPDATE: Paramount Global Bid Called Into Question After Announcement Pulled
The validity of a purported $43 billion takeover offer for Paramount Global from Apex Capital is being called into question, after the press release service that published the announcement removed it.
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July 30, 2024
FDIC Moves To Revamp Brokered Deposit Regs In Policy Push
The Federal Deposit Insurance Corp. on Tuesday unveiled a proposal that would subject more bank deposits to heightened regulation as "brokered" funds, outlining new rules that the agency pitched as addressing risks highlighted by failures of firms like First Republic Bank and Voyager, a crypto lender.
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July 30, 2024
FTX Users Say Sullivan & Cromwell Must Face Abetting Claims
FTX customers told a Florida federal judge on Tuesday that Sullivan & Cromwell LLP can't dismiss customer claims it aided and abetted the defunct cryptocurrency exchange's fraud as "speculative allegations" when the customers' complaint "paints a much more detailed and nefarious picture."
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July 30, 2024
FTX Exec Gets Prison Report Date Delayed After Dog Attack
A New York federal judge on Tuesday allowed ex-FTX executive Ryan Salame to delay his surrender date to begin his prison term from August to October, as he was forced to undergo medical treatment and surgery after being mauled by a German shepherd while visiting a friend's house last month.
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July 30, 2024
FINRA Says Jarkesy Doesn't Apply To Its Internal Proceedings
The Financial Industry Regulatory Authority is opposing a broker's attempt to get the regulator's internal proceedings against him tossed, saying that he has no case under the U.S. Supreme Court's recent Jarkesy decision because FINRA is not a government regulator subject to the same constitutional challenges as the U.S. Securities and Exchange Commission.
Expert Analysis
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Series
Teaching Yoga Makes Me A Better Lawyer
Being a yoga instructor has helped me develop my confidence and authenticity, as well as stress management and people skills — all of which have crossed over into my career as an attorney, says Laura Gongaware at Clyde & Co.
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A Vision For Economic Clerkships In The Legal System
As courts handle increasingly complex damages analyses involving vast amounts of data, an economic clerkship program — integrating early-career economists into the judicial system — could improve legal outcomes and provide essential training to clerks, say Mona Birjandi at Data for Decisions and Matt Farber at Secretariat.
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Standardizing Early Case Appraisal In Securities Class Actions
While an initial economic assessment of securities class action litigation is far too often not undertaken, it's an important step in planning the defense strategy that can provide counsel, clients and insurers with a much clearer view of the case, and can be simplified through standardized analyses, says Assen Koev at SCA iPortal.
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Del. Ruling Highlights M&A Deal Adviser Conflict Disclosures
The Delaware Supreme Court recently reversed the Court of Chancery's dismissal of challenges to Nordic Capital's acquisition of Inovalon, demonstrating the importance of full disclosure of financial adviser conflicts when a going-private merger seeks business judgment rule review, say attorneys at Debevoise.
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E-Discovery Quarterly: Recent Rulings On Text Message Data
Electronically stored information on cellphones, and in particular text messages, can present unique litigation challenges, and recent court decisions demonstrate that counsel must carefully balance what data should be preserved, collected, reviewed and produced, say attorneys at Sidley.
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How New Rule Would Change CFIUS Enforcement Powers
Before the May 15 comment deadline, companies may want to weigh in on proposed regulatory changes to enforcement and mitigation tools at the disposal of the Committee on Foreign Investment in the United States, including broadened subpoena powers, difficult new mitigation timelines and higher maximum penalties, say attorneys at Venable.
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What's Extraordinary About Challenges To SEC Climate Rule
A set of ideologically diverse legal challenges to the U.S. Securities and Exchange Commission's climate disclosure rule have been consolidated in the Eighth Circuit via a seldom-used lottery system, and the unpredictability of this process may drive agencies toward a more cautious future approach to rulemaking, say attorneys at Thompson Coburn.
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Series
Swimming Makes Me A Better Lawyer
Years of participation in swimming events, especially in the open water, have proven to be ideal preparation for appellate arguments in court — just as you must put your trust in the ocean when competing in a swim event, you must do the same with the judicial process, says John Kulewicz at Vorys.
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Key Priorities In FDIC Report On Resolving Big Bank Failures
The Federal Deposit Insurance Corp.'s report last month on the resolvability of large financial institutions contains little new information, but it does reiterate key policy priorities, including the agency's desire to enhance loss-absorbing capacity through long-term debt requirements and preference for single-point-of-entry resolution strategies, say attorneys at Freshfields.
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A Recipe For Growth Equity Investing In A Slow M&A Market
Carl Marcellino at Ropes & Gray discusses the factors bolstering appetite for growth equity fundraising in a depressed M&A market, and walks through the deal terms and other ingredients that set growth equity transactions apart from bread-and-butter venture capital investing.
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Opinion
SEC Doesn't Have Legal Authority For Climate Disclosure Rule
Instead of making the required legal argument to establish its authority, the U.S. Securities and Exchange Commission's climate-related disclosure rule hides behind more than 1,000 references to materiality to give the appearance that its rule is legally defensible, says Bernard Sharfman at RealClearFoundation.
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Opinion
SEC Should Be Allowed To Equip Investors With Climate Info
The U.S. Securities and Exchange Commission's new rule to require more climate-related disclosures will provide investors with much-needed clarity, despite opponents' attempts to challenge the rule with misused legal arguments, say Sarah Goetz at Democracy Forward and Cynthia Hanawalt at Columbia University’s Sabin Center for Climate Change.
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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.