Capital Markets

  • October 24, 2024

    ConvergeOne Can't Ax Snubbed Creditors' Ch. 11 Plan Appeal

    A Texas federal judge said he wouldn't toss an appeal by a group of secured creditors who say they were improperly iced out of a new equity offering pool for ConvergeOne, writing that the group's challenge wouldn't unravel the reorganized information technology services company's confirmed Chapter 11 plan or harm third parties.

  • October 24, 2024

    Feds Want Leniency For Key Witness At Bankman-Fried Trial

    Prosecutors asked a Manhattan federal judge for leniency when sentencing a former FTX executive who they said provided "substantial" assistance and testimony in the successful prosecution of the bankrupt cryptocurrency exchange's founder Sam Bankman-Fried.

  • October 24, 2024

    Cigna, Frontier Renew Stalled Merger Bids, Plus Other Rumors

    Cigna Group and Frontier Airlines have both restarted once-stalled bids to acquire smaller rivals, rekindling merger rumors spanning the healthcare and airlines industries, while Sports Illustrated's secondary ticket platform wants to borrow up to $50 million to acquire competitor Anytickets. Here, Law360 breaks down these and other notable deal rumors from the past week.

  • October 24, 2024

    TKO Paying $3.25B For Pro Bull Riding League, Other Assets

    ​​​​​Skadden is advising a special committee of TKO Group Holdings on a deal disclosed Thursday that will see the WWE and UFC parent company purchase a professional bull riding league and two other sports companies from Latham-led Endeavor Group in a $3.25 billion all-stock deal. 

  • October 23, 2024

    Crypto Co. Tron, Founder Can't Shake Investor Suit Over ICO

    Blockchain firm Tron Foundation and its founder Justin Sun on Wednesday partially lost their bid to dismiss a shareholder suit alleging they sold unregistered tokens in a 2017 initial coin offering, with a New York federal judge ruling the claims have enough of a connection to New York to proceed.

  • October 23, 2024

    SEC Says Kraken Can't Get Quick Appeal Of Dismissal Denial

    The U.S. Securities and Exchange Commission said cryptocurrency exchange Kraken shouldn't get a quick review of its failed bid to dismiss the regulator's registration suit because the firm's "reinterpretation" of how securities laws apply to digital assets has been broadly rejected by district courts.

  • October 23, 2024

    Ameriprise, Ex-Worker Duo To Arbitrate Stolen Docs Claims

    Financial services company Ameriprise will arbitrate claims that a father-son pair of ex-employees took confidential records "in the dark of the night" on their way out the door to work for a competitor, the Financial Industry Regulatory Authority has determined.

  • October 23, 2024

    Investor Tied To Texas AG Seeks Investigation Info From Feds

    Real estate investor Nate Paul is looking to get more information from federal prosecutors about their investigation into federal fraud charges he's facing — topics that featured prominently during the failed impeachment of Texas Attorney General Ken Paxton — according to court filings from U.S. Attorney's Office employees.

  • October 23, 2024

    UBS Wins $192M Award Confirmation In Eurobond Dispute

    An Egyptian businessman has lost his years-old bid in New York federal court to vacate an approximately $192 million arbitral award favoring UBS and other lenders in a dispute over a $100 million Eurobond default.

  • October 23, 2024

    SEC's Peirce Calls For Compliance Advisory Committee

    The U.S. Securities and Exchange Commission's Hester Peirce on Wednesday detailed her vision for a compliance advisory committee that would give the agency a way to collect and evaluate concerns about new rules from in-house compliance staff.

  • October 23, 2024

    Billionaire Sued For $25M Over Renewable Fuel Project Costs

    Air Products and Chemicals Inc. has slapped Canadian billionaire John Carter Risley with a suit in Delaware federal court seeking to enforce a $25 million personal guarantee after renewable fuels company World Energy, a company Risley has invested in, defaulted on more than $26 million in payments.

  • October 23, 2024

    Feds Say Conn. Oil Trader's Ailing Brother Deserves Prison Time

    A Connecticut businessman who worked with his brother and others to run an oil industry bribery scheme in Brazil should go to prison despite his bladder cancer diagnosis, the government said, arguing incarceration is necessary "to reflect the seriousness of the offense, and to afford adequate deterrence."

  • October 23, 2024

    Colo. Justices Leery of Tossing Fraudster's Sentence

    Colorado Supreme Court justices appeared doubtful Wednesday that a convicted fraudster could avoid his sentence of 20 years probation after he served four years in prison, suggesting that while there was practically little difference from a previous sentence they threw out, it no longer violated state law.

  • October 23, 2024

    Ex-SEC Atty, Fintech GC Joins Stradling's Securities Team

    Stradling Yocca Carlson & Rauth PC has added a former fintech general counsel and U.S. Securities and Exchange Commission attorney, reinforcing the firm's offerings for companies facing enforcement investigations or grappling with other compliance issues. 

  • October 23, 2024

    Kirkland Adds Freshfields Atty To Boost Private Credit Bench

    Kirkland & Ellis LLP has welcomed an expert in leveraged finance from Freshfields Bruckhaus Deringer LLP, saying Wednesday that his diverse practice will strengthen the firm's liability management and opportunistic credit practices and support its position in the growing private credit sector.

  • October 23, 2024

    AirAsia's Planned SPAC Merger Will Not Take Place

    The parent company of Malaysian airline AirAsia on Wednesday called off its planned special purpose acquisition company merger that would have resulted in the business being publicly listed in the U.S., while also disclosing plans for a capital reduction to strengthen its financial position.

  • October 23, 2024

    2nd Circ. Backs Early Wells Fargo Win In $100M RMBS Case

    The Second Circuit on Wednesday approved an early win for Wells Fargo in a lawsuit brought by Commerzbank AG alleging it lost $100 million investing in residential mortgage-backed securities, saying the German lender didn't have standing to sue.

  • October 22, 2024

    Big Banks Say Yearslong Libor Suit Still Lacks Evidence

    Bank of America, Merrill Lynch and more than a dozen other large banks have urged a federal judge to dismiss the remaining claims in multidistrict litigation accusing them of manipulating Libor, arguing that the plaintiffs have failed to bring sufficient evidence in the 13 years since they filed suit over the once-critical benchmark interest rate.

  • October 22, 2024

    Activist Short Seller's Associate To Pay $1.8M In SEC Fraud Suit

    The U.S. Securities and Exchange Commission announced Tuesday that an associate of Andrew Left, founder of popular trading advice website Citron Research, has agreed to pay more than $1.8 million to resolve allegations that he negligently took part in a scheme to defraud readers through two trading recommendations.

  • October 22, 2024

    AMC Fights Insurer Bid For Toss Of $99.3M Settlement Claim

    AMC Entertainment has asked a Delaware judge to summarily toss four insurers' refusals to approve a $99.3 million claim for losses related to the theater chain's settlement with stockholders after the company settled a battle over a preferred share conversion and reverse stock split.

  • October 22, 2024

    Fintech Co. Ryvyl Investors' Accounting Fraud Suit Trimmed

    Executives of fintech company Ryvyl Inc. have shed some claims from an investor suit accusing them of concealing accounting problems, with a California federal judge ruling that the investors have not sufficiently pled that the defendants knowingly acted recklessly or committed wrongful acts.

  • October 22, 2024

    Bondholders Cry Foul On Proposed Citgo Auction Process

    The holders of nearly $2 billion in defaulted Venezuelan bonds are fighting a proposed sales order under which an affiliate of hedge fund Elliott Investment Management LP is set to buy Citgo's parent company for $7.286 billion, arguing the order would gut the collateral guaranteed under a pact with Venezuela.

  • October 22, 2024

    Crypto Bills Have Lame Duck Potential, Rep. Hill Says

    The chair of the U.S. House's digital asset subcommittee said Tuesday he is "still optimistic" a market structure bill for crypto and a framework for so-called stablecoins might move forward in some way during the upcoming lame duck session of Congress.

  • October 22, 2024

    BofA, Others Say Bond-Rigging Suit Still Can't Prove Conspiracy

    Bank of America Corp., Wells Fargo & Co., JPMorgan Chase & Co. and others have argued the amended complaint in a recently revived securities suit accusing them of conspiring to rig corporate bonds fails to adequately allege a "farfetched" antitrust conspiracy.

  • October 22, 2024

    SEC Fines 4 Cos. Over SolarWinds Breach Disclosures

    The U.S. Securities and Exchange Commission on Tuesday announced penalties totaling nearly $7 million against four tech companies it accused of downplaying the impact of cybersecurity breaches tied to foreign state actors that infiltrated software sold by SolarWinds Corp. 

Expert Analysis

  • Texas Ethics Opinion Flags Hazards Of Unauthorized Practice

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    The Texas Professional Ethics Committee's recently issued proposed opinion finding that in-house counsel providing legal services to the company's clients constitutes the unauthorized practice of law is a valuable clarification given that a UPL violation — a misdemeanor in most states — carries high stakes, say Hilary Gerzhoy and Julienne Pasichow at HWG.

  • In Memoriam: The Modern Administrative State

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    On June 28, the modern administrative state, where courts deferred to agency interpretations of ambiguous statutes, died when the U.S. Supreme Court overruled its previous decision in Chevron v. Natural Resources Defense Council — but it is survived by many cases decided under the Chevron framework, say Joseph Schaeffer and Jessica Deyoe at Babst Calland.

  • First-Of-Its-Kind Chancery Ruling Will Aid SPAC Defendants

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    The Delaware Chancery Court's first full dismissal of claims challenging a special purpose acquisition company transaction under the entire fairness doctrine in the recent Hennessy Capital Acquisition Stockholder Litigation establishes useful precedent to abate the flood of SPAC litigation, say Lisa Bugni and Benjamin Lee at King & Spalding.

  • How To Clean Up Your Generative AI-Produced Legal Drafts

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    As law firms increasingly rely on generative artificial intelligence tools to produce legal text, attorneys should be on guard for the overuse of cohesive devices in initial drafts, and consider a few editing pointers to clean up AI’s repetitive and choppy outputs, says Ivy Grey at WordRake.

  • Supreme Court's ALJ Ruling Carries Implications Beyond SEC

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    In its recent Jarkesy opinion, the U.S. Supreme Court limited the types of cases that can be tried before the U.S. Securities and Exchange Commission's in-house administrative law judges, setting the stage for challenges to the constitutionality of ALJs across other agencies, say Robert Robertson and Kimberley Church at Dechert.

  • 2nd Circ. ERISA Ruling May Help Fight Unfair Arb. Clauses

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    The Second Circuit recently held that a plaintiff seeking planwide relief under the Employee Retirement Income Security Act cannot be compelled to individual arbitration, a decision that opens the door to new applications of the effective vindication doctrine to defeat onerous and one-sided arbitration clauses, say Raphael Janove and Liana Vitale at Janove.

  • Series

    Boxing Makes Me A Better Lawyer

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    Boxing has influenced my legal work by enabling me to confidently hone the skills I've learned from the sport, like the ability to remain calm under pressure, evaluate an opponent's weaknesses and recognize when to seize an important opportunity, says Kirsten Soto at Clyde & Co.

  • Series

    After Chevron: No Deference, No Difference For SEC Or CFTC

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    The Chevron doctrine did not fundamentally alter the interplay between the courts and the U.S. Securities and Exchange Commission and the U.S. Commodity Futures Trading Commission in the development of the securities and commodities laws — and its demise will not do so either, says Dan Berkovitz at Millennium Management.

  • Opinion

    Industry Self-Regulation Will Shine Post-Chevron

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    The U.S. Supreme Court's Loper decision will shape the contours of industry self-regulation in the years to come, providing opportunities for this often-misunderstood practice, says Eric Reicin at BBB National Programs.

  • 3 Ways Agencies Will Keep Making Law After Chevron

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    The U.S. Supreme Court clearly thinks it has done something big in overturning the Chevron precedent that had given deference to agencies' statutory interpretations, but regulated parties have to consider how agencies retain significant power to shape the law and its meaning, say attorneys at K&L Gates.

  • Roundup

    After Chevron

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    Since the U.S. Supreme Court overturned the Chevron deference standard in June, this Expert Analysis series has featured attorneys discussing the potential impact across 36 different rulemaking and litigation areas.

  • Opinion

    Atty Well-Being Efforts Ignore Root Causes Of The Problem

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    The legal industry is engaged in a critical conversation about lawyers' mental health, but current attorney well-being programs primarily focus on helping lawyers cope with the stress of excessive workloads, instead of examining whether this work culture is even fundamentally compatible with lawyer well-being, says Jonathan Baum at Avenir Guild.

  • Proposed Customer ID Rule Could Cost Investment Advisers

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    A rule recently proposed by FinCEN and the U.S. Securities and Exchange Commission to make financial advisers collect more customer information parallels an anti-money laundering and counterterrorism rule proposed this spring, but firms may face new compliance costs when implementing these screening programs, say attorneys at Lowenstein Sandler.

  • What Passage Of House Crypto Bill Could Mean For Industry

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    While the prospects of the Financial Innovation and Technology for the 21st Century Act, which recently passed the House in a bipartisan fashion, becoming law remain murky, the manner of its passage may give crypto markets a real cause for hope, say Neel Maitra and Dale Beggs at Dechert.

  • 4 Important Events In Bank Regulation: A Midyear Review

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    The first six months of 2024 have been fairly stable for the banking industry, though U.S. Supreme Court decisions and proposals from regulators have significantly affected the regulatory standards applicable to insured depository institutions, says Christina Grigorian at Katten.

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