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Capital Markets
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October 09, 2024
FTX Exec Wants Another Prison Date Delay Over Dog Attack
Former FTX executive Ryan Salame has again asked the court to delay his surrender date to begin his prison term from this Friday to Dec. 7, as he purportedly continues to undergo medical treatment and recover after being mauled by a German shepherd while visiting a friend's house in June.
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October 09, 2024
Duane Morris Adds Corporate, Banking Partner In New York
Duane Morris LLP has brought on a former Stinson LLP partner for its corporate practice group in New York, the firm said Wednesday.
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October 09, 2024
Vinson-Led MCB Sweetens Bid For Whitestone REIT
MCB Real Estate, guided by Vinson & Elkins LLP, upped its all-cash acquisition proposal for Whitestone REIT by offering to buy it for $15 per share, the investment firm announced.
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October 09, 2024
Disbarred Atty Admits To Defrauding Investors, DOJ Says
A disbarred attorney has pled guilty in connection with a financial services scheme that defrauded investors out of more than $1 million, New Jersey's U.S. attorney announced Wednesday.
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October 09, 2024
Disbarred Calif. Atty To Pay $14M Over Crypto Ponzi Scheme
A disbarred California attorney has been ordered by a Nevada federal judge to pay nearly $14 million in restitution for his role in promoting a $9.5 million cryptocurrency Ponzi scheme.
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October 09, 2024
Ropes & Gray Leads PE-Backed KinderCare's $576M IPO
Private equity-backed early childhood education provider KinderCare rose in debut trading Wednesday after pricing a $576 million initial public offering within its range, represented by Ropes & Gray and underwriters' counsel Kirkland, igniting a busy week for new listings that could include up to five IPOs.
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October 09, 2024
Feds Seek 16 Months For Ex-BigLaw Partner's Tax Dodging
Prosecutors told a Wisconsin federal judge that a former Husch Blackwell LLP and Dykema Gossett PLLC partner who pled guilty to tax evasion should be sentenced to 16 months in prison, saying he lied to IRS revenue officers to keep them at bay while spending lavishly on private planes, jewelry and golf club memberships.
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October 08, 2024
Genting Unit Used Bahamas Resort To Hide Fraud, Suit Says
A Bahamanian real estate development company on Monday sued a U.S. company organized under destination resorts and casino giant Genting Group, saying in a Florida federal complaint that the Genting company used a resorts in the Bahamas as a "financial wasteland" that obscured fraudulent activities.
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October 08, 2024
Texas Looks To Sink Suit Challenging Anti-ESG Law
Texas officials have asked a federal court to toss claims brought against them over a law restricting state investments with financial firms and businesses that want to reduce their reliance on fossil fuels, arguing they have sovereign immunity and the law doesn't violate the First Amendment.
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October 08, 2024
SEC Texting Sweep: Message Received, Guidance Needed
After financial firms have paid billions of dollars in recordkeeping fines around employees' use of off-channel communications, recent criticism of the U.S. Securities and Exchange Commission's approach by its Republican members has drawn support from attorneys who worry the agency is pushing for an impossible standard of perfect compliance.
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October 08, 2024
OneCoin Co-Conspirator Wants No Prison For Laundering Plea
A business consultant and investor who pled guilty to laundering approximately $35 million as part of the global OneCoin cryptocurrency scam has asked a New York federal judge for a probationary sentence and a minimal fine, arguing that he had a minor role in the scheme compared to other defendants and has lived an otherwise law-abiding life.
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October 08, 2024
FTX's Ellison To Give Up 'Substantially All Of Her Assets'
Former FTX insider Caroline Ellison agreed to give up "substantially all of her assets" and cooperate with the FTX bankruptcy estate in a deal to resolve the claims against her in an adversary proceeding that sought to recover hundreds of millions of dollars from the collapsed crypto exchange's former leadership.
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October 08, 2024
Aluminum Recycler Novelis Scraps IPO, Citing Market Woes
Aluminum recycling giant Novelis Inc. on Tuesday withdrew filing documents for an initial public offering, citing market conditions and formally scrapping a proposed listing nearly five months after it delayed plans to raise almost $900 million.
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October 08, 2024
SEC Approves Nasdaq Plan To Accelerate Delistings
The U.S. Securities and Exchange Commission has approved a Nasdaq rule change that would enable the stock exchange to accelerate removals of struggling companies that try to delay delistings through the use of reverse stock splits.
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October 08, 2024
Crypto.com Sues SEC Over 'Unlawful' Crypto Approach
Crypto.com became the latest crypto exchange to push back on a potential enforcement case from the U.S. Securities and Exchange Commission on Tuesday when it sued the regulator after allegedly receiving a notice that the agency believes it operates as an unregistered broker-dealer and clearing agency.
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October 08, 2024
Honeywell To Spin Off Materials Biz Amid $9B Buying Spree
Skadden-advised Honeywell said Tuesday it will spin off its advanced materials business into an independent publicly traded company, the latest maneuver in a $25 billion strategic restructuring that the company said has included about $9 billion deployed for acquisitions in 2024.
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October 08, 2024
Morgan Lewis Lands Capital Markets Pro From Davis Polk
Morgan Lewis & Bockius LLP announced Tuesday that it has added to its capital markets and public companies practice with the hiring of an attorney who formerly was at Davis Polk & Wardwell LLP and served as an attorney-adviser with the U.S. Securities and Exchange Commission.
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October 08, 2024
Willkie Adds Faegre ERISA Litigation Co-Head With Duo Hire
Willkie Farr & Gallagher LLP is expanding its Midwest team, announcing Tuesday it is bringing in a Faegre Drinker Biddle & Reath LLP Employee Retirement Income Security Act litigator and a Chapman and Cutler LLP finance expert as partners in its Chicago office.
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October 08, 2024
Crowell & Moring Gets Corporate Atty From Kleinberg Kaplan
Crowell & Moring LLP announced Tuesday that it has added a former Kleinberg Kaplan Wolff & Cohen PC partner to its corporate practice in New York.
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October 07, 2024
Activist Short Seller Blasts 'Preposterous' SEC Fraud Suit
The founder of Citron Research, a newsletter for short sellers, has asked a California federal court to dismiss the U.S. Securities and Exchange Commission's fraud suit against him and his investment advisory firm, arguing the suit "strategically omits" the disclaimers it accused the founder of not making.
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October 07, 2024
Morgan Lewis Taps SEC Enforcement Vet As DC Partner
Morgan Lewis & Bockius LLP announced on Monday that it has bolstered its securities enforcement and litigation team by hiring as a new partner the former U.S. Securities and Exchange Commission division of enforcement associate director, a 17-year agency veteran who supervised many of the SEC's groundbreaking or noteworthy crypto actions, including one against Kim Kardashian.
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October 07, 2024
5th Circ. Casts Doubt On SEC's Updated Short-Selling Rules
A Fifth Circuit panel on Monday appeared skeptical of the U.S. Securities and Exchange Commission's arguments for maintaining two regulations aiming to bolster transparency around short selling in the marketplace, with one judge asking whether the agency was "having cake and eating it too," by claiming that the rules were not interconnected in a way that was fatally flawed.
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October 07, 2024
Biotech, Medical Device Firms Prep Three IPOs Totaling $376M
Two venture-backed biotechnology startups and a medical device maker launched plans on Monday for three initial public offerings projected to raise about $376 million combined, adding to a busy schedule of IPOs this week.
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October 07, 2024
FTX Gets OK For Ch. 11 Plan After Objections Overruled
A Delaware bankruptcy judge said he would confirm the Chapter 11 reorganization plan of FTX Trading Ltd. after overruling several objections Monday, beginning a process of distributing billions of dollars to customers less than two years after the cryptocurrency exchange collapsed.
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October 07, 2024
Justices Won't Hear Commerzbank RMBS Fight With US Bank
The U.S. Supreme Court on Monday turned down a bid by Commerzbank AG to revive more of its claims against U.S. Bank NA in a long-running lawsuit over pre-2008 residential mortgage-backed securities trusts, declining to review a recent Second Circuit decision in the case.
Expert Analysis
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How Attys Can Avoid Pitfalls When Withdrawing From A Case
The Trump campaign's recent scuffle over its bid to replace its counsel in a pregnancy retaliation suit offers a chance to remind attorneys that many troubles inherent in withdrawing from a case can be mitigated or entirely avoided by communicating with clients openly and frequently, says Christopher Konneker at Orsinger Nelson.
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Using A Children's Book Approach In Firm Marketing Content
From “The Giving Tree” to “Where the Wild Things Are,” most children’s books are easy to remember because they use simple words and numbers to tell stories with a human impact — a formula law firms should emulate in their marketing content to stay front of mind for potential clients, says Seema Desai Maglio at The Found Word.
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The State Of Play In DEI And ESG 1 Year After Harvard Ruling
Almost a year after the U.S. Supreme Court decided Students for Fair Admissions v. Harvard, attorney general scrutiny of environmental, social and governance-related efforts indicates a potential path for corporate diversity, equity and inclusion initiatives to be targeted, say attorneys at Crowell & Moring.
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CFPB Poised To Up The Ante After Supreme Court Victory
When the U.S. Supreme Court emphatically ruled last week that the Consumer Financial Protection Bureau's funding structure did not violate the Constitution, the agency boasted that it was "here to stay," signaling that it is moving full steam ahead with its regulatory, enforcement and supervisory agenda, says Jim Sandy at McGlinchey Stafford.
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2 Oil Trader FCPA Pleas Highlight Fine-Reduction Factors
Recent Foreign Corrupt Practices Act settlements with Gunvor and Trafigura — the latest actions in a yearslong sweep of the commodities trading industry — reveal useful data points related to U.S. Department of Justice policies on cooperation credit and past misconduct, say Michael DeBernardis and Laura Perkins at Hughes Hubbard.
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Influencer Considerations As FINRA Initiates Crackdown
To avert risks when evaluating influencer and referral programs, firms should assess the Financial Industry Regulatory Authority's recent settlements involving the supervision of social media tastemakers, as well as recent FINRA guidance in this area, say attorneys at Troutman Pepper.
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New Crypto Reporting Will Require Rigorous Recordkeeping
The release of a form for reporting digital asset transactions is a pivotal moment in the Internal Revenue Service's efforts to track cryptocurrency activities that increases oversight by requiring brokers to report investor sales and exchanges, say Shaina Kamen and Max Angel at Holland & Knight.
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A Comparison Of FDIC, OCC Proposed Merger Approaches
Max Bonici and Connor Webb at Venable take a closer look at the Federal Deposit Insurance Corp.'s and Office of the Comptroller of the Currency's respective bank merger proposals and highlight certain common themes and important differences, in light of regulators continually rethinking their approaches to bank mergers.
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Crypto Mixer Laundering Case Provides Evidentiary Road Map
A Washington, D.C., federal court’s recent decision to allow expert testimony on blockchain analysis software in a bitcoin mixer money laundering case — which ultimately ended in conviction — establishes a precedent for the admissibility of similar software-derived evidence, say Peter Hardy and Kelly Lenahan-Pfahlert at Ballard Spahr.
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Series
Being An EMT Makes Me A Better Lawyer
While some of my experiences as an emergency medical technician have been unusually painful and searing, the skills I’ve learned — such as triage, empathy and preparedness — are just as useful in my work as a restructuring lawyer, says Marshall Huebner at Davis Polk.
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5 Lessons From Ex-Vitol Trader's FCPA Conviction
The recent Foreign Corrupt Practices Act and money laundering conviction of former Vitol oil trader Javier Aguilar in a New York federal court provides defense takeaways on issues ranging from the definition of “domestic concern” to jury instruction strategy, says attorney Andrew Feldman.
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SEC Amendments May Launch New Execution Disclosure Era
The U.S. Securities and Exchange Commission's recently adopted amendments to Rule 605 of Regulation NMS for executions on covered orders in national market system stocks modernize and enhance execution quality reporting, but serious guidance is still needed to make the reports useful for the public investor, say attorneys at Sidley.
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Tiny Tweaks To Bank Merger Forms May Have Big Impact
The impact of proposed changes to the Federal Reserve Board's and Federal Deposit Insurance Corp.'s bank merger review forms would be significant, resulting in hundreds of additional burden hours for bank merger applicants and signaling a further shift by the prudential bank regulators toward more rigorous scrutiny of mergers, say attorneys at Debevoise.
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How CFPB Credit Card Rules Slot Into Broader Considerations
Swirling legal challenges against the Consumer Financial Protection Bureau's recent rulemaking concerning credit card late fees raise questions about how regulated entities should respond to the bureau's rules — and how quickly they should act, say Caitlin Mandel and Elizabeth Ireland at Winston & Strawn.
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4 Takeaways From Biden's Crypto Mining Divestment Order
A May 13 executive order prohibiting the acquisition of real estate by a foreign investor on national security grounds — an enforcement first — shows the importance of understanding how the Committee on Foreign Investment in the United States might profile cross-border transactions, even those that are non-notified, say attorneys at Kirkland.