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Capital Markets

  • December 19, 2018

    EU Acts to Protect Derivatives Trade From Brexit Upheaval

    The European Commission adopted new laws on Wednesday to enable Europe’s banks to continue using London’s clearinghouses for 12 months if Britain crashes out of the bloc, in a major step toward protecting the multitrillion-dollar market in over-the-counter derivatives.

  • December 18, 2018

    FDIC Kicks Off Review Of Brokered Deposit Rules

    The Federal Deposit Insurance Corp. on Tuesday kicked off a process to revisit brokered deposit rules that have roots in decades-old concerns about hot money but that many in the banking industry view as having fallen out of step with the times.

  • December 18, 2018

    SEC Finalizes Rules For Disclosure Of Hedging Policies

    Final rules approved Tuesday will require companies doing business in U.S. markets to begin disclosing whether any employees or directors are allowed to engage in hedging transactions that provide compensation when the company goes south.

  • December 18, 2018

    Bondholders Say Nix Ruling In $1.2B Crystallex Award Row

    Holders of bonds issued by Petróleos de Venezuela SA have urged the Third Circuit to overturn a decision allowing Crystallex International Corp. to seize shares in Citgo's parent company, saying it could jeopardize their interests as creditors of the state-owned oil company.

  • December 18, 2018

    SEC Seeks Comment On Easing Quarterly Reporting Rules

    The U.S. Securities and Exchange Commission on Tuesday invited input on whether the quarterly reporting system for public companies should be relaxed in favor of semiannual reporting, hoping to address broader concerns that markets are too focused on short-term results.

  • December 18, 2018

    TD Ameritrade Clients Too Disparate For Class Fraud Suit

    A group of TD Ameritrade Futures & Forex LLC clients' investments were too diverse and unique to sue the Omaha, Nebraska-based brokerage subsidiary for breach of implied covenant of good faith and fair dealing as a class, a Florida federal judge ruled Monday.

  • December 18, 2018

    Pulling Up Stakes: Greenberg, McDermott, Willkie Farr

    In our latest roundup of deal-makers on the move, Greenberg Traurig LLP added some corporate firepower to its Dallas and Atlanta offices, McDermott Will & Emery brought on a former Reed Smith LLP deals pro, and Willkie Farr & Gallagher LLP snagged a pair of ex-Paul Hastings LLP attorneys to launch a West Coast office.

  • December 18, 2018

    DPW Says It Plans To Float Technology Unit

    California-based holding company DPW Holdings on Tuesday said it will pursue taking a technology unit public, weeks after the company said it agreed to simplify its organizational structure and spin off a cloud computing service unit.

  • December 18, 2018

    Nasdaq Unit Ups Bid For Swedish Fintech Cinnober To $220M

    A subsidiary of Nasdaq Inc. said on Tuesday that it has increased its offer to acquire Swedish trading technology provider Cinnober Financial Technology AB for 1.9 billion Swedish krona ($219.5 million).

  • December 18, 2018

    Cooley Adds Financial Regulation Atty To Boston Office

    A former partner at White & Case LLP with experience representing financial institutions and helping them navigate regulatory hurdles has joined Cooley LLP’s financial services regulatory practice as a partner in its Boston office.

  • December 17, 2018

    Ex-SocGen Exec In Libor-Rigging Row Disputes Fugitive Label

    Attorneys for a former Société Générale SA executive accused of falsifying the Paris bank's submissions to the London Interbank Offered Rate argued Monday that living in France doesn't make their client a fugitive and urged a New York judge to consider the case's constitutionality.

  • December 17, 2018

    BNY To Pay $54M To Settle Claims It Mishandled ADRs

    Bank of New York Mellon has agreed to pay more than $54 million to settle U.S. Securities and Exchange Commission charges that the bank improperly handled thousands of “pre-released” American depositary receipts in violation of the Securities Act of 1933, the agency said Monday.

  • December 17, 2018

    Malaysia Hits Goldman, Bankers With Criminal 1MDB Charges

    Malaysian prosecutors filed criminal charges Monday against units of Goldman Sachs Group Inc. and several individuals for their alleged roles in a multibillion-dollar fraud on Malaysia's sovereign wealth fund, 1Malaysia Development Berhad.

  • December 17, 2018

    Credit Suisse Loses Bid To Send Ala. Inverse VIX Suit To NY

    An Alabama federal judge said Saturday he will not transfer a locally filed lawsuit, which accuses Credit Suisse of misrepresenting the value of certain short-term notes during a critical time of steep price drops, to New York’s Southern District, nor will he put the suit on pause while a similar action in Manhattan plays out.

  • December 17, 2018

    Apparel Retailer J. Jill Says Investor Suit Lacks Substance

    Investors have no grounds to bring three consolidated suits against women's apparel company J. Jill, the retailer argued Monday in Boston federal court, suggesting they were reading too much into a conference call statement by the company's chief financial officer in an attempt to say he failed to disclose warning signs of a downturn after an initial public offering.

  • December 17, 2018

    Investors Sue Over Fake Crypto Investment Club Scheme

    A cryptocurrency investment club operated by a father and son team sold fake digital assets and then used the proceeds for their own personal exploits, according to four investors who claim they were scammed out of tens of thousands of dollars in a suit filed in Illinois federal court Friday.

  • December 17, 2018

    Three Sens. Target GILTI, Ask GM To Halt Stock Buybacks

    Three senators from states affected by General Motors’ recent decision to shutter manufacturing plants have asked the company to demonstrate how it has benefited from the federal tax overhaul's global intangible low-taxed income provision and to cancel planned stock buybacks.

  • December 17, 2018

    Wilmington Trust Execs Get 6-Year Prison Terms For Fraud

    Two former Wilmington Trust Corp. executives were ordered to prison for six years by a U.S. District Court judge in Delaware on Monday, the first of four bank officials to be sentenced after their conviction for a Great Recession securities fraud scheme that effectively broke the regional financial institution.

  • December 17, 2018

    MVP: Skadden's Z. Julie Gao

    Z. Julie Gao of Skadden Arps Slate Meagher & Flom LLP steered a bevy of blockbuster initial public offerings for Chinese issuers listing in the U.S. and Hong Kong in the past year, including smartphone giant Xiaomi Corp.’s $5.4 billion offering, which marked Hong Kong’s first dual-class IPO, landing her among Law360’s 2018 Capital Markets MVPs.

  • December 14, 2018

    Sears, Cyrus Blast Swap Bidder's Objection To Notes Sale

    Sears Holding Corp. and debtor-in-place lender Cyrus Capital Partners have asked a New York bankruptcy court to reject a call to vacate the sale of $900 million in intercompany medium-term notes to Cyrus, calling it a ploy by a failed bidder to change the results.

Expert Analysis

  • A Series Of 1st-Time Crypto Actions For The SEC

    David Zaslowsky

    November was an especially aggressive month for the U.S. Securities and Exchange Commission in terms of cracking down on unauthorized digital activities. Three enforcement actions described as "firsts" demonstrate that the SEC will be using all of the tools in its toolkit, say attorneys with Baker McKenzie.

  • Series

    Judging A Book: Mills Reviews 'Mississippi's Federal Courts'

    Judge Michael Mills

    ​​David M. Hargrove's​ new book​,​ "Mississippi’s Federal Courts: A History," is a remarkably candid portrait of the characters and courts serving the state's federal judiciary from 1798 on, and contributes new scholarship on how judges were nominated during the civil rights era, says U.S. District Judge Michael Mills of the Northern District of Mississippi.

  • How To Work With Regulators During Internal Investigations

    David Chaiken

    The recent courtroom battle over the admissibility of statements made by former Deutsche Bank traders shines a spotlight on a potentially recurring problem — excessive government entanglement in an internal investigation. Counsel conducting such investigations should take certain steps to minimize the risk, say attorneys with Troutman Sanders LLP.

  • Merely A Setback For CFTC Market Manipulation Cases

    Daniel Chirlin

    The U.S. Commodity Futures Trading Commission last month suffered a stunning blow to its expansive interpretation of market manipulation in its case against DRW Investments. But this does not quite spell the end for such cases, says Daniel Chirlin of Walden Macht & Haran LLP.

  • Guest Feature

    The Subtle Art Of Fred Fielding

    Fred Fielding

    He was White House counsel to two presidents. When Reagan was shot, he explained the chain of command to a four-star general. And until a few years ago, many people still thought he was Deep Throat during the Watergate scandal. Fred Fielding of Morgan Lewis & Bockius may be the quintessential Washington insider. White and Williams attorney Randy Maniloff learned more.

  • What We Heard At The FTC Hearings: Day 14

    Barry Reingold

    The eighth hearing in the Federal Trade Commission’s series on competition in the 21st century addressed concerns that stock holdings by institutional investors of noncontrolling interests in competing portfolio companies may have anti-competitive effects. Barry Reingold of Perkins Coie LLP offers some key takeaways.

  • 10 Tips For Law Firms To Drive Revenue Via Sports Tickets

    Matthew Prinn

    Many law firms have tickets or luxury suites at sporting events to host clients and prospects. Matthew Prinn of RFP Advisory Group and Matt Ansis of TicketManager discuss some of the ways that firms can use those tickets effectively.

  • Inside Key ABA Guidance On Attorneys' Cybersecurity Duties

    Joshua Bevitz

    A recent opinion from the American Bar Association provides useful guidance on attorneys’ obligations to guard against cyberattacks, protect electronic client information and respond if an attack occurs, says Joshua Bevitz of Newmeyer & Dillion LLP.

  • Prudential Framework For Large Banks Is Set To Change

    Satish Kini

    The Federal Reserve Board recently issued two proposals that represent a significant change in the prudential regulation of large banking organizations. Attorneys with Debevoise & Plimpton LLP examine the notable aspects of the new framework.

  • A New, Focused Regulatory Agenda For The SEC

    Richard Marshall

    The U.S. Securities and Exchange Commission's regulatory agenda for the coming year — announced last week — is not excessively long, which means Chairman Jay Clayton takes it seriously and intends to act on it, says Richard Marshall of Katten Muchin Rosenman LLP.