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Capital Markets
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February 07, 2025
Ex-Broker Seeks Court Win In Bid To Dismantle FINRA
A former stockbroker who is fighting a lifetime industry ban has urged a North Carolina federal judge to grant him a win in his suit attempting to unravel the power of the Financial Industry Regulatory Authority, saying the organization is unconstitutionally structured because it deprives him of his right to a jury trial and due process, among other things.
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February 07, 2025
Wealth Firm Latest To Be Sued Over Cash Sweep Program
Wealth management firm Osaic is the latest financial institution to face proposed class action claims over its alleged "dramatic underpayment" of interest to customers participating in its cash sweeps programs.
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February 07, 2025
Off The Bench: Trump Bans Trans Athletes, NCAA Falls In Line
In this week's Off The Bench, the NCAA changes course to accommodate a presidential ban on transgender women athletes, Shohei Ohtani's former interpreter is sentenced for his gambling-driven embezzlement, and women's soccer players get restitution for abuse at the hands of their coaches and teams.
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February 07, 2025
Taxation With Representation: Kirkland, Latham, Skadden
In this week's Taxation With Representation, Triumph Group goes private via Berkshire Partners and Warburg Pincus affiliates, alternative asset manager TPG buys Altus Power, Globus Medical buys Nevro Corp., and Honeywell separates its automation and aerospace technology businesses, resulting in the formation of three distinct companies.
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February 07, 2025
4 Firms Steer Cement Maker Titan America's $384M IPO
Shares for the U.S. business of worldwide cement producer Titan Cement International SA debuted Friday after the company priced a $384 million initial public offering within its range, guided by four law firms spanning international borders.
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February 06, 2025
Goodwin, Ropes Lead Cystic Fibrosis Co.'s Upsized $191M IPO
Cystic fibrosis-focused drug developer Sionna Therapeutics Inc. on Thursday priced an upsized $191 million initial public offering at the top of its range, represented by Goodwin Procter LLP and underwriters counsel Ropes & Gray LLP.
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February 06, 2025
SEC Assistant Chief Litigation Counsel Joins Carlton Fields
An assistant chief litigation counsel for the U.S. Securities and Exchange Commission has left the agency to join Carlton Fields as a shareholder in the firm's securities litigation and enforcement practice in Washington, D.C., the firm announced Thursday.
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February 06, 2025
House GOP Floats Stablecoin Bill Amid Debanking Buzz
House Financial Services lawmakers unveiled a discussion draft of a bill to regulate stablecoins Thursday evening, joining a separate effort introduced in the U.S. Senate earlier this week.
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February 06, 2025
4th Circ. Sides With Credit Rater In Developers' Libel Lawsuit
A group of developers won't get a second shot at their libel suit alleging credit rating firm Dun & Bradstreet published misleading credit reports about them after the Fourth Circuit said they failed to show the statements in those reports were defamatory.
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February 06, 2025
Meta Eyes Texas Skies, Another Crypto IPO, And More Rumors
Facebook owner Meta Platforms Inc. is considering relocating its legal residence to Texas, while cryptocurrency exchange Bullish is moving forward on an initial public offering, and Unilever PLC is eyeing New York as a listing destination for its ice cream business.
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February 06, 2025
Honeywell To Split Into 3 Entities After Activist Pressure
Industrial conglomerate Honeywell, advised by Skadden Arps Slate Meagher & Flom LLP, on Thursday unveiled plans to fully separate its automation and aerospace technology businesses, which when paired with the company's previously announced plan to spin off its advanced materials business, will result in three separate publicly traded companies.
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February 06, 2025
CFTC Signals Openness To Regulate Sports Event Contracts
The U.S. Commodity Futures Trading Commission announced a public roundtable to discuss its regulation of contracts tied to high-profile sporting events Wednesday, with the acting chair bemoaning the commission's current policy as a "sinkhole of legal uncertainty."
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February 05, 2025
House Republicans Target CFPB's Small-Biz Rule For Repeal
House Republicans at a Wednesday hearing sought to build momentum for reversing the Consumer Financial Protection Bureau's small-business loan data rule, casting it as harmful to smaller banks while Democrats argued the real danger is the Trump administration itself.
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February 05, 2025
FDIC Letters Show It Met Crypto With 'Resistance,' Hill Says
The Federal Deposit Insurance Corp.'s acting Chairman Travis Hill said Wednesday that he has jump-started a "comprehensive review" of the regulator's past crypto-focused communications with supervised banks, releasing a trove of documents he said shows that many banks abandoned their cryptocurrency plans after the FDIC met them with "resistance."
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February 05, 2025
'Dog Eat Dog' Contract Raises Connecticut Justice's Hackles
A Connecticut Supreme Court justice on Wednesday challenged private equity firm members fighting a former member's trial court victory in a breach suit over the partnership, suggesting that the winner may have had a viable fiduciary duty claim over the "dog eat dog" operating agreement that apparently allows members to "screw" a minority shareholder.
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February 05, 2025
Schwab To Add Oversight To End TD Ameritrade Buy Suit
The Charles Schwab Corp. has agreed to implement an antitrust compliance program designed by an independent consultant in order to settle claims from a proposed class of retail investors who alleged they were forced to pay increased transaction costs for trades following the Schwab-TD Ameritrade merger in 2020.
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February 05, 2025
EmpiresX Crypto Platform Operators Ordered To Pay $129M
A Florida federal court has entered a default judgment against two Brazilian co-founders and the head trader of the EmpiresX trading platform, ordering them to pay more than $129 million for allegedly taking investor funds in a fraudulent commodity pool scheme and lying that their money wasn't used to trade cryptocurrencies.
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February 05, 2025
Chicago's Climate Suit Belongs In Federal Court, Judge Hears
The city of Chicago should not be allowed to take environmental deception claims against the nation's largest oil producers back to state court because the city's suit targets conduct performed largely for the federal government, a judge heard during a Wednesday hearing.
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February 05, 2025
Judge Won't Pause Crowdfunding Case After Fraud Indictment
A target of the U.S. Securities and Exchange Commission's first crowdfunding enforcement action can't pause that three-year-old case to defend himself against unrelated charges that he ran a pump-and-dump scheme with a hallucinogenic mushroom company, a Michigan judge ruled Wednesday.
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February 05, 2025
Crypto Expert Witness Ruling Flouts Precedent, Justices Told
The founder of cryptocurrency service Tornado Cash has asked the U.S. Supreme Court to undo what he called an "unprecedented" order from a Manhattan federal judge to disclose whom he might call as an expert witness at his upcoming money laundering and sanctions-dodging trial.
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February 05, 2025
Entertainment-Focused SPAC Raises $200M To Purse Merger
Special purpose acquisition company K&F Growth Acquisition II began trading publicly Wednesday after raising $250 million in its initial public offering, which will be used to help the SPAC merge with a target in the in-person and mobile experiential entertainment sector.
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February 05, 2025
Missile-Defense Firm Karman Launches Plans For $400M IPO
Missile-defense and space programs company Karman Holdings Inc. launched plans Wednesday for an estimated $400 million initial public offering that would raise fresh funding for the private equity-backed business and its shareholders, represented by Willkie Farr & Gallagher LLP and underwriters' counsel Latham & Watkins LLP.
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February 05, 2025
SEC Moves Under Trump Risk 'Chilling' Staff, Grewal Says
The reported scaling-back of the U.S. Securities and Exchange Commission's crypto enforcement unit by the new Republican SEC majority could make staff at the agency more fearful of doing their jobs and put investors in jeopardy, former SEC enforcement director Gurbir Grewal said Wednesday.
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February 05, 2025
Paxos' Top Atty Takes CLO Spot At Crypto Co. Kraken
Cryptocurrency exchange Kraken has tapped the general counsel at crypto trust company Paxos to serve as its new chief legal officer.
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February 05, 2025
Activist Nominates 4 Director Candidates To Kenvue Board
Activist investor Starboard Value LP on Wednesday unveiled its slate of four director candidates to be nominated to consumer products company Kenvue Inc.'s board of directors, saying that significant changes to the board are necessary to ensure the company is managed and overseen in a manner consistent with the best interests of its shareholders.
Expert Analysis
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Opinion
No, Litigation Funders Are Not 'Fleeing' The District Of Del.
A recent study claimed that litigation funders have “fled” Delaware federal court due to a standing order requiring disclosure of third-party financing, but responsible funders have no problem litigating in this jurisdiction, and many other factors could explain the decline in filings, say Will Freeman and Sarah Tsou at Omni Bridgeway.
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The Compliance Trends And Imperatives On Tap In 2025
The corporate ethics and compliance landscape is rapidly evolving, posing challenges from conflicting stakeholder expectations to technological disruptions, and businesses will need to explore human-centered, data-driven and evidence-based practices, says Hui Chen at CDE Advisors.
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5 E-Discovery Predictions For 2025 And Beyond
In the year to come, e-discovery will be shaped by new and emerging trends, from the adoption of artificial intelligence provisions in protective orders, to the proliferation of emojis as a source of evidence in contemporary litigation, say attorneys at Littler.
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UBS Ruling Shows SDNY's Pro-Award Confirmation Stance
A New York federal court's recent ruling upholding an arbitration award in Lakah v. UBS, a long-running dispute over a bond debt default, serves as a reminder that New York courts carry a strong presumption toward binding parties to arbitration agreements and enforcing arbitral awards, say attorneys at Mayer Brown.
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How Decline Of Deference Will Affect Trump Policymaking
An administrative law regime without Chevron deference may limit the Trump administration’s ability to implement new policies in the short term, but ultimately help it in the long term, and all parties with an interest in regulatory changes will have to take a fresh approach to litigation, say attorneys at Covington.
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5 Evolving Concerns For Family Offices In 2025
Complex regulatory changes and emerging operational risks will force family offices to stay on their toes in 2025, with timely action particularly necessary to address several tax and reporting developments that may affect their investments and business operations, say attorneys at Morgan Lewis.
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7 Ways 2nd Trump Administration May Affect Partner Hiring
President-elect Donald Trump's return to the White House will likely have a number of downstream effects on partner hiring in the legal industry, from accelerated hiring timelines to increased vetting of prospective employees, say recruiters at Macrae.
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E-Discovery Quarterly: Rulings On Custodian Selection
Several recent rulings make clear that the proportionality of additional proposed custodians will depend on whether the custodians have unique relevant documents, and producing parties should consider whether information already in the record will show that they have relevant documents that otherwise might not be produced, say attorneys at Sidley.
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Impact Of Successful Challenges To SEC's Rulemaking Ability
In 2024, the U.S. Securities and Exchange Commission faced significant legal challenges to its aggressive rulemaking agenda as several of its rules were vacated by the Fifth Circuit, which could hinder the SEC's ability to enact rules extending beyond express statutory authority in the future, say attorneys at Debevoise.
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A Look At PCAOB's Record-Breaking Enforcement In 2024
The Public Company Accounting Oversight Board in 2024 brought more enforcement actions against auditors and imposed increasingly higher monetary penalties, showing that it was not afraid to exercise its power to fine and reprimand firms, a trend that will likely continue in 2025, say attorneys at Briglia Hundley.
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Series
Exercising On My Peloton Bike Makes Me A Better Lawyer
While I originally came to the Peloton bike for exercise, one cycling instructor’s teachings have come to serve as a road map for practicing law thoughtfully and mindfully, which has opened opportunities for growth and change in my career, says Andrea Kirshenbaum at Littler.
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Takeaways From SEC's Mixed Results In '24 Crypto Litigation
Though the U.S. Securities and Exchange Commission's new leadership seems likely to create a more favorable cryptocurrency regulatory environment, it must also confront the consequences of, and lingering questions raised by, the SEC's 2024 policy of investigating and charging cryptocurrency trading platforms for operating unregistered exchanges, say attorneys at Dechert.
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Series
In The CFPB Playbook: A Sprint To The Finish Line
The fourth quarter of 2024 was an impressive demonstration of the Consumer Financial Protection Bureau's ability to regulate, enforce and supervise, even on borrowed time following the election results, and we should expect the current bureau to run nonstop until Jan. 20, say attorneys at Covington.
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Predicting What's Next For SEC By Looking At Past Dissents
While Paul Atkins' nomination to be the next chair of the U.S. Securities and Exchange Commission has taken center stage, an analysis of Republican Commissioners Hester Peirce and Mark Uyeda's past votes and dissents provides a preview of where enforcement may shift in the new administration, say attorneys at Gibson Dunn.
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Exploring Venue Strategy For Trump-Era Regulatory Litigation
Litigation will likely play a prominent role in shaping policy outcomes during the second Trump administration, and stakeholders have several tools at their disposal to steer regulatory litigation toward more favorable venues, say attorneys at Covington.