Capital Markets

  • June 25, 2024

    Chancery Tentatively OKs $15.5M Lordstown SPAC Suit Deal

    A $15.5 million class settlement for a stockholder suit that challenged the special-purpose acquisition company deal that took Lordstown Motors Inc. public won tentative Delaware Court of Chancery approval Tuesday, conditioned on confirmation of one expense claim.

  • June 25, 2024

    Rocket Co. Shareholders Sue For Info On Take-Private Deal

    Two Astra Space Inc. shareholders sued the satellite launch company seeking records concerning a take-private deal that has valued company stock at a discount, voicing suspicions that the merger was approved to squeeze out minority shareholders.

  • June 25, 2024

    Hedge Fund Exec Avoids Prison After Forex-Rigging Trial

    The founder of U.K.-based Glen Point Capital on Tuesday was spared prison time following his conviction at trial for unlawfully manipulating the foreign exchange market in order to secure a $20 million payout for the hedge fund.

  • June 25, 2024

    Firm Accused Of Raising $12M On Fake Investment Claims

    The U.S. Securities and Exchange Commission has sued an investment firm and its adviser over allegations they fraudulently raised $12.5 million from investors while claiming it had ties to an art investing platform and had a major accounting firm as its auditor.

  • June 25, 2024

    Fintech Exec Gets 3 Yrs In Crypto Market Manipulation Plot

    The former head of financial engineering at fintech company Hydrogen Technology Corp. was sentenced Tuesday to nearly three years in prison for conspiring to manipulate the market for Hydrogen's digital assets.

  • June 25, 2024

    Indian AI Data Center To Go Public In $2.75B SPAC Merger

    India's Nidar Infrastructure Ltd., an artificial intelligence-focused data center, has agreed to go public through a merger with special-purpose acquisition company Cartica Acquisition Corp. in a deal that values Nidar at $2.75 billion.

  • June 24, 2024

    Alleged Contract Killing Sparks Delaware Chancery Lawsuit

    Los Angeles biotech firm Renovaro Inc. has sued a former, purported scientific adviser and his husband in Delaware's Court of Chancery for damages tied to an assortment of fraudulent schemes allegedly shielded in part by a contract killing linked to a separate alleged international oil trading scam.

  • June 24, 2024

    SEC Official Urges Banks To Report Commercial RE Risks

    The U.S. Securities and Exchange Commission is closely monitoring the way banks with significant commercial real estate portfolios are communicating with investors about their exposure to the struggling market, the agency's director of its Division of Corporation Finance said in remarks posted online Monday.

  • June 24, 2024

    GM Financial Pulls FDIC Industrial Bank Application, For Now

    General Motors' financing arm said Monday that it has withdrawn its long-gestating bid for Federal Deposit Insurance Corp. approval to open an insured industrial bank, tabling its plans just days after the agency signed off on another such application for the first time in years.

  • June 24, 2024

    CFTC Says Gemini Can't 'Heighten Burden' Over Omissions

    The Commodity Futures Trading Commission has urged a New York federal judge to grant it a pretrial win on claims cryptocurrency exchange Gemini provided incomplete information that misled the regulator on a proposed bitcoin futures contract, arguing Gemini's defense is nothing but a "convoluted exercise in avoidance."

  • June 24, 2024

    Truth Social Dispute Heads Toward Chancery Trial In July

    The sponsor of Digital World Acquisition Corp., the blank check company that took Donald Trump's Truth Social public in March, is heading to a one-day trial on July 29 in its investment dispute with the company and its directors, according to a scheduling order filed Monday.

  • June 24, 2024

    Fintech Exec Gets 45 Months For Crypto Market Manipulation

    A Florida federal judge on Monday sentenced the CEO of fintech company Hydrogen Technology Corp. to more than three years in prison for his role in a conspiracy to manipulate the market for Hydrogen's digital assets.

  • June 24, 2024

    OCC Eyes Post-SVB Revamp To Recovery Planning Standards

    The Office of the Comptroller of the Currency moved Monday to beef up its enforceable guidelines on recovery planning for large banks, issuing a set of proposed changes that would include extending them to banks in the same size range as Silicon Valley Bank and other lenders that failed last year.

  • June 24, 2024

    O'Melveny Adds Katten Credit Finance Trio In California

    An experienced trio of finance attorneys who specialize in private credit transactions has jumped from Katten Muchin Rosenman LLP to O'Melveny & Myers LLP in California, the firm said Monday.

  • June 24, 2024

    Catching Up With Delaware's Chancery Court

    Amendments to Delaware's General Corporation Law topped the news out of the Court of Chancery again last week, as the hotly contested measure sailed through the state's legislature. Tesla and its shareholders continued their tug-of-war over attorney fees for Chancery litigation about Elon Musk's pay package, and new cases were filed involving biotechs, car rental companies, workout platforms, telecom towers, and a cargo ship fire in Brazil.

  • June 24, 2024

    DOL Still Mulling Changes To Pension De-Risking Guidance

    The U.S. Department of Labor told Congress in a new report Monday it hasn't ruled out changing guidance used by retirement plan managers when selecting an annuity provider for pension de-risking transactions, which involve the exchange of defined benefit pension plan liabilities for annuity insurance contracts.

  • June 24, 2024

    Defense Contractor Gresham Inks $83M SPAC Merger

    Defense contractor Gresham Worldwide Inc. and special-purpose acquisition company Ault Disruptive Technologies Corp. agreed Monday to merge in a deal that values Gresham at $83 million and enlarges the company's profile, steered by two law firms.

  • June 24, 2024

    Akin Adds Capital Markets Partner From Kirkland In Houston

    Akin Gump Strauss Hauer & Feld LLP announced Monday that it has fortified its capital markets practice with the addition of a partner in Houston who arrived from Kirkland & Ellis LLP.

  • June 24, 2024

    Cooley-Led Therapy Developer Alumis Aims For $300M IPO

    Venture-backed drug developer Alumis Inc. launched plans on Monday for an estimated $300 million initial public offering, guided by Cooley LLP and underwriters' counsel Latham & Watkins LLP, joining an active pipeline of IPO prospects this week.

  • June 24, 2024

    2nd Circ. Reopens Insider Trading Suit Against Hedge Fund

    The Second Circuit on Monday revived a lawsuit accusing hedge fund Raging Capital Management LLC of profiting off its position as a corporate insider of 1-800-Flowers, rejecting arguments that a recent U.S. Supreme Court ruling overturned circuit precedent allowing shareholders to sue beneficial owners who partake in short-swing trading.

  • June 24, 2024

    UK WWII Tourist Biz Tunnels Its Way To Amsterdam For IPO

    The London Tunnels PLC said Monday that it plans to raise £30 million ($38 million) and list in Amsterdam, in the latest snub to the London Stock Exchange.

  • June 21, 2024

    4 Big Banks Cited For 'Living Will' Weaknesses By Fed, FDIC

    Federal regulators said Friday that half of the nation's largest U.S. banks will need to shore up weaknesses identified in their most recent "living wills," plans that detail how they could be resolved quickly and safely in the event of severe distress or failure.

  • June 21, 2024

    Twitter Judge Skeptical Of Musk's Bid To Beat Investor Suit

    A California federal judge considering allegations that Elon Musk misled Twitter investors by falsely tweeting that it had to provide information on its alleged bot problem before he'd proceed with his $44 billion acquisition appeared skeptical Friday of Musk's defense that investors knew he was obligated to close the deal regardless.

  • June 21, 2024

    FDIC Creates Offices To Investigate Workplace Misconduct

    The Federal Deposit Insurance Corp.'s board of directors on Friday approved the creation of two new independent offices to investigate complaints of sexual harassment, discrimination and other misconduct within the agency, which was accused of fostering a toxic workplace culture.

  • June 21, 2024

    Crypto Vet With FTX Ties Launches Fintech Policy Think Tank

    Former congressional hopeful and cryptocurrency veteran Michelle Bond announced her formation of fintech policy think tank Digital Future, making a return to financial services policy after the recent sentencing of her partner, former FTX executive Ryan Salame, and FTX-linked donations to her 2022 campaign.

Expert Analysis

  • Series

    Skiing Makes Me A Better Lawyer

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    A lifetime of skiing has helped me develop important professional skills, and taught me that embracing challenges with a spirit of adventure can allow lawyers to push boundaries, expand their capabilities and ultimately excel in their careers, says Andrea Przybysz at Tucker Ellis.

  • Can A DAO Be Sued? SDNY Case May Hold The Answer

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    A case pending in the Southern District of New York will examine whether decentralized crypto co-op MakerDAO is a partnership with the capacity to be sued in federal court, and the decision could shape how legal frameworks will adapt to accommodate blockchain technologies moving forward, say attorneys at Haynes Boone.

  • Opinion

    UK Whistleblowers Flock To The US For Good Reason

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    The U.K. Serious Fraud Office director recently brought renewed attention to the differences between the U.K. and U.S. whistleblower regimes — differences that may make reporting to U.S. agencies a better and safer option for U.K. whistleblowers, and show why U.K. whistleblower laws need to be improved, say Benjamin Calitri and Kate Reeves at Kohn Kohn.

  • Think Like A Lawyer: Forget Everything You Know About IRAC

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    The mode of legal reasoning most students learn in law school, often called “Issue, Rule, Application, Conclusion,” or IRAC, erroneously frames analysis as a separate, discrete step, resulting in disorganized briefs and untold obfuscation — but the fix is pretty simple, says Luke Andrews at Poole Huffman.

  • How Advance Notice Bylaws Are Faring In Del. Courts

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    Recent decisions make it clear that the Delaware Chancery Court is carefully reviewing public companies' amended advance notice bylaws in order to balance the competing interests of boards and shareholders, and will likely strike down bylaws that improperly interfere with stockholder franchises, say attorneys at Olshan Frome.

  • Employers, Prep For Shorter Stock Awards Settlement Cycle

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    Companies that provide equity compensation in the form of publicly traded stock will soon have one less day to complete such transactions under U.S. Securities and Exchange Commission and Nasdaq rules — so employers should implement expedited equity compensation stock settlement and payroll tax deposit procedures now, say attorneys at Morgan Lewis.

  • How Firms Can Ensure Associate Gender Parity Lasts

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    Among associates, women now outnumber men for the first time, but progress toward gender equality at the top of the legal profession remains glacially slow, and firms must implement time-tested solutions to ensure associates’ gender parity lasts throughout their careers, say Kelly Culhane and Nicole Joseph at Culhane Meadows.

  • 7 Common Myths About Lateral Partner Moves

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    As lateral recruiting remains a key factor for law firm growth, partners considering a lateral move should be aware of a few commonly held myths — some of which contain a kernel of truth, and some of which are flat out wrong, says Dave Maurer at Major Lindsey.

  • Basics Of Bank Regulators' Push For Discount Window Use

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    As the Federal Reserve and Office of the Comptroller of the Currency emphasize short-term liquidity risk management as central to preventing spring 2023-style bank collapses, banks should carefully tune into regulators’ remarks encouraging use of the Fed’s discount window, which some policymakers identify as a key component in the evolution of liquidity regulation and backstop lending, say attorneys at Arnold & Porter.

  • Series

    Cheering In The NFL Makes Me A Better Lawyer

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    Balancing my time between a BigLaw career and my role as an NFL cheerleader has taught me that pursuing your passions outside of work is not a distraction, but rather an opportunity to harness important skills that can positively affect how you approach work and view success in your career, says Rachel Schuster at Sheppard Mullin.

  • Considerations For Disclosing AI Use In SEC Filings

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    Recent remarks from U.S. Securities and Exchange Commission Chair Gary Gensler should be heard as a clarion call for public companies to disclose artificial intelligence use, with four takeaways on what companies should disclose, says Richard Hong at Morrison Cohen.

  • Args In APA Case Amplify Justices' Focus On Agency Power

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    In arguments last week in Corner Post v. Federal Reserve, the U.S. Supreme Court justices paid particular importance to the possible ripple effects of their decision, which will address when a facial challenge to long-standing federal rules under the Administrative Procedure Act first accrues and could thus unleash a flood of new lawsuits, say attorneys at Snell & Wilmer.

  • Mitigating Whistleblower Risks After High Court UBS Ruling

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    While it is always good practice for companies to periodically review whistleblower trainings, policies and procedures, the U.S. Supreme Court’s recent whistleblower-friendly ruling in Murray v. UBS Securities helps demonstrate their importance in reducing litigation risk, say attorneys at Arnold & Porter.

  • Steps For Companies New To Sanctions Compliance

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    Businesses newly required to implement compliance programs due to the increased breadth of mandatory sanctions and export controls, including 500 additional Russia sanctions announced last Friday, should closely follow the guidance issued by the Office of Foreign Assets Control and other regulators, say Jennifer Schubert and Megan Church at MoloLamken.

  • 6 Pointers For Attys To Build Trust, Credibility On Social Media

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    In an era of information overload, attorneys can use social media strategically — from making infographics to leveraging targeted advertising — to cut through the noise and establish a reputation among current and potential clients, says Marly Broudie at SocialEyes Communications.

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