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Capital Markets
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March 18, 2025
BlackRock Calls Red States' Suit Over Coal Prices 'Farfetched'
BlackRock Inc. and two other large asset managers have urged a Texas federal judge to toss claims brought by a coalition of Republican-led states alleging the firms ran a scheme to drive up coal prices as part of an "investment cartel," saying the case "spins a farfetched theory."
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March 18, 2025
Bancorp Downplayed CRE Bridge Loan Risks, Investor Claims
An investor in The Bancorp Inc. is accusing the financial holding company in Delaware federal court of causing stock value to decline by misleading investors, including by not fully disclosing how its commercial real estate bridge loans were in danger of defaulting.
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March 18, 2025
Gibson Dunn Adds Capital Markets Partner In New York
Gibson Dunn & Crutcher LLP has added a partner from Latham & Watkins LLP in New York, strengthening its capital markets practice group and expanding its expertise in high-yield debt, private credit and restructuring transactions.
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March 18, 2025
4 Firms Lead Ukrainian Telecom Firm's $2.2B SPAC Merger
The owner of Ukrainian telecommunications operator Kyivstar on Tuesday announced plans to merge with special purpose acquisition company Cohen Circle Acquisition Corp. I in a deal that will take Kyivstar public at an estimated $2.2 billion valuation, guided by four law firms.
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March 18, 2025
Simpson Thacher Gains Securitization Expert In NY
A former Vinson & Elkins LLP aviation finance practice co-head has joined Simpson Thacher & Bartlett LLP as a New York partner, the firm said Tuesday.
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March 18, 2025
Hogan Lovells Adds Ex-Apis Atty Amid Expected M&A Pickup
The former head of legal compliance at Apis & Heritage Capital Partners is now Hogan Lovells' head of New York financial institutions mergers and acquisitions, the firm announced Monday as it prepares for what it expects will be a rise in M&A activity.
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March 18, 2025
M&A Disputes Expected To Jump Once Again In 2025
Dealmakers around the world expected more mergers and acquisitions disputes in 2025 for the second year in a row, as financial risk management strategies that helped deals close in 2024 were viewed as potential fuel for disputes this year, according to Berkeley Research Group's sixth annual M&A Disputes Report released Tuesday.
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March 17, 2025
Judge Axes Bid To Recoup Short-Swing Profits In Novel Ruling
A New York federal judge has ruled in a matter of first impression that sporting goods company Clarus Corp. cannot recoup $57 million in short-swing profits a trading firm made from a series of transactions because the high-volume trades fit an exemption for market-making activities.
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March 17, 2025
DOJ Dismisses BitClout Crypto Fraud Case, Court Filings Say
Federal prosecutors have dropped their fraud case against the founder of crypto project BitClout accused of ripping off a venture capital firm, while the U.S. Securities and Exchange Commission is engaged in talks about a possible end to its own civil action against him, court documents show.
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March 17, 2025
Wells Fargo Says OCC Has Closed Home Loan Consent Order
Wells Fargo & Co. on Monday said the Office of the Comptroller of the Currency has closed a consent order related to its home lending business, marking the eleventh consent order against the bank that regulators have closed in recent years and another step forward in its regulatory rehabilitation efforts.
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March 17, 2025
Bowman Is Trump's Pick For Supervision Chief At Fed
President Donald Trump on Monday tapped Federal Reserve Gov. Michelle "Miki" Bowman to take over as the central bank's vice chair for supervision, a role that would position the former community banker to shape key policymaking on bank capital, mergers and more.
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March 17, 2025
SEC Says Ex-CFO Cooked Pot Co. Acreage's Books
The former chief financial officer of cannabis company Acreage faces U.S. Securities and Exchange Commission allegations that he covered up the company's attempt to inflate its 2019 cash balance with a so-called round-trip transaction involving an affiliate.
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March 17, 2025
SEC's Acting Chair Uyeda Promises To Slow Rulemaking
Acting U.S. Securities and Exchange Commission Chair Mark Uyeda said Monday that he has directed staff to reassess a number of finalized and proposed regulations championed by the Biden administration, including those targeting mutual fund disclosures and the handling of crypto assets, as he championed a "smoother regulatory course" for the agency.
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March 17, 2025
Ginnie Mae Says Texas Bank Can't Undo Ruling On Lien
Ginnie Mae and the U.S. Department of Housing and Urban Development have urged a Texas federal court to grant them summary judgment in a Texas bank's lawsuit, which alleges the government wrongfully extinguished the bank's first-priority lien for nearly $30 million of collateral, saying the court already upheld the authority to terminate the lien.
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March 17, 2025
Activist Investor Calls For Reconstitution Of Parkland's Board
Activist hedge fund Engine Capital on Monday called for a comprehensive reconstitution of Calgary, Alberta-based Parkland Corp.'s board of directors, saying that the current board has overseen "meaningful underperformance" and demonstrated "zero interest" in engaging with its shareholders.
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March 14, 2025
Qatari Sheikh's Billions Invoked In $1M Scam, SEC Claims
A purported wealth management company and its managing member face U.S. Securities and Exchange Commission fraud allegations over a pair of $1 million dollar schemes, including one involving an elaborate ruse invoking ties to the wealth of the royal family of Qatar.
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March 14, 2025
Newsmax Says It Shelled Out $40M To End Smartmatic Suit
Newsmax Media Inc. paid $40 million in last year's settlement with Smartmatic USA Corp. to put to rest the election technology company defamation suit ahead of trial, according to a disclosure recently filed with the U.S. Securities and Exchange Commission.
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March 14, 2025
'Pig Butchering' Crypto Site Must Pay $2.5M, Judge Says
A purported crypto trading platform has been ordered to pay nearly $2.5 million after failing to respond to U.S. Commodity Futures Trading Commission claims that it was at the heart of a so-called pig-butchering scheme — or a scam that sees victims fleeced by fictitious, chatty social media users.
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March 14, 2025
Reed Smith To Fight Removal In $102M Shipping Award Suit
A New York federal judge has paused his order removing Reed Smith LLP as counsel for the former owners of reorganized international shipping group Eletson Holdings in litigation over a $102 million arbitral award while the BigLaw firm appeals the decision to the Second Circuit.
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March 14, 2025
Market Turbulence Threatens To Stall IPO Recovery
Stock market volatility is impeding a recovery in initial public offerings that market dealmakers hoped would begin by spring, prompting many IPO lawyers and advisers to defer hopes of a rebound until at least the second half of 2025.
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March 14, 2025
5th Circ. Affirms Energy Exec's Insider Trading Conviction
The Fifth Circuit upheld a Texas energy executive's conviction for insider trading on natural gas futures based on the constitutionality of federal laws and regulations that criminalize manipulative commodity deals.
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March 14, 2025
Coupang Hit With Corporate Fraud, Waste Claims In Chancery
The officers and directors of tech company Coupang Inc., are facing a derivative lawsuit in Delaware Chancery Court — accused of corporate mismanagement, fraud and waste, including labor violations in South Korea.
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March 14, 2025
Chief Justice Won't Halt FINRA Case Against Suing Brokerage
Chief U.S. Supreme Court Justice John Roberts on Friday denied a request to stay an in-house Financial Industry Regulatory Authority disciplinary proceeding while a broker-dealer attempts to convince the justices to hear its constitutional challenge to the regulator.
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March 14, 2025
Davis Polk-Led Fintech Startup Klarna Files For IPO
Swedish fintech startup Klarna Bank AB on Friday filed plans for a long-awaited initial public offering, represented by Davis Polk & Wardwell LLP and underwriters counsel Latham & Watkins LLP, potentially setting in motion a blockbuster IPO.
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March 14, 2025
Three Arrows Beats FTX To Get $1.5B Bankruptcy Claim
The liquidators of failed cryptocurrency hedge fund Three Arrows Capital have prevailed in a dispute with FTX Trading Ltd. over the allowance of a $1.53 billion bankruptcy claim, with a Delaware judge deciding to grant Three Arrows' bid to change its original claim despite FTX asserting that the move was made in bad faith.
Expert Analysis
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Series
Group Running Makes Me A Better Lawyer
The combination of physical fitness and community connection derived from running with a group of business leaders has, among other things, helped me to stay grounded, improve my communication skills, and develop a deeper empathy for clients and colleagues, says Jessica Shpall Rosen at Greenwald Doherty.
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Strategies For Home Equity Investment Providers In 2025
The home equity investment product market is thriving even amid consumer concerns, regulatory scrutiny and conflicting court decisions, setting the stage for a promising but challenging environment for providers in 2025, say attorneys at Sheppard Mullin.
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Opinion
6 Changes I Would Make If I Ran A Law School
Reuben Guttman at Guttman Buschner identifies several key issues plaguing law schools and discusses potential solutions, such as opting out of the rankings game and mandating courses in basic writing skills.
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Implications Of NY Climate Case For Generating Facilities
Regardless of how Greenidge Generation LLC v. New York Department of Environmental Conservation develops on remand, this decision has immediate repercussions for generating facilities seeking permit applications and renewals in New York, likely involving Climate Leadership and Community Protection Act considerations, say attorneys at Hodgson Russ.
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Using Data To Inform Corporate Disclosure Decisions
With today’s market volatility and regulatory factors requiring public companies to confront competing transparency and protection demands, incorporating stock price reaction analysis of company-specific news into the controller's role could be beneficial for disclosure determinations, say Liz Dunshee at Fredrikson & Byron and Nessim Mezrahi at SAR.
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Firms Still Have The Edge In Lateral Hiring, But Buyer Beware
Partner mobility data suggests that the third quarter of this year continued to be a buyer’s market, with the average candidate demanding less compensation for a larger book of business — but moving into the fourth quarter, firms should slow down their hiring process to minimize risks, say officers at Decipher Investigative Intelligence.
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Risk Disclosure Issue Remains After Justices Nix Meta Case
After full briefing and argument, the U.S. Supreme Court recently dismissed Facebook v. Amalgamated Bank as improvidently granted, leaving courts with the tricky endeavor of determining when the failure to disclose a past event in an Item 105 risk disclosure is materially misleading, say attorneys at Lowenstein Sandler.
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Think Like A Lawyer: 1 Type Of Case Complexity Stands Out
In contrast to some cases that appear complex due to voluminous evidence or esoteric subject matter, a different kind of complexity involves tangled legal and factual questions, each with a range of possible outcomes, which require a “sliding scale” approach instead of syllogistic reasoning, says Luke Andrews at Poole Huffman.
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FTX Exec's Sentencing Shows Pros And Cons Of Cooperation
The sentencing of former FTX tech deputy Gary Wang, whose cooperation netted him a rare outcome of no prison time, offers critical takeaways for attorneys and clients navigating the burgeoning world of crypto-related prosecutions, says Andrew Meck at Whiteford.
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SEC Custody Rule Creates Crypto Compliance Conundrum
While the U.S. Securities and Exchange Commission's application of the custody rule may be a good faith attempt to enhance consumer protections for client assets, it doesn't appreciate the unique characteristics of crypto-assets, forcing advisers to choose between pursuing their clients' objectives and complying with the rule, say attorneys at Willkie.
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Think Like A Lawyer: Note 3 Simple Types Of Legal Complexity
Cases can appear complex for several reasons — due to the number of issues, the volume of factual and evidentiary sources, and the sophistication of those sources — but the same basic technique can help lawyers tame their arguments into a simple and persuasive message, says Luke Andrews at Poole Huffman.
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Series
Gardening Makes Me A Better Lawyer
Beyond its practical and therapeutic benefits, gardening has bolstered important attributes that also apply to my litigation practice, including persistence, patience, grit and authenticity, says Christopher Viceconte at Gibbons.
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Federal Embrace Of Crypto Regs Won't Lower State Hurdles
Even if the incoming presidential administration and next Congress focus on creating clearer federal regulatory frameworks for the cryptocurrency sector, companies bringing digital asset products and services to the market will still face significant state-level barriers, say attorneys at Mayer Brown.
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SEC Prioritized Enforcement Sweeps As Cases Slowed In '24
Following three consecutive years of increasing activity, fiscal year 2024 marked the lowest number of cases the U.S. Securities and Exchange Commission has brought since Gary Gensler assumed office in April 2021, buttressed by some familiar enforcement sweeps, say attorneys at Covington.
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Equitable Mootness Insights From Greenlit Ch. 11 Plan Appeal
A Texas federal court recently allowed a challenge to ConvergeOne's Chapter 11 bankruptcy plan to proceed because it wouldn't disrupt the IT company's confirmed plan or harm creditors, reinforcing the importance of judicial restraint in applying equitable mootness where limited relief is possible, say attorneys at Parkins & Rubio.