Capital Markets

  • May 27, 2022

    Del. Court Restores Startup's CEO, CTO Jobs After Purge

    A Delaware Chancery Court judge on Friday ordered shareholders of startup Parity Technologies Inc. to reinstate the company's dueling chief executive and chief technology officers after they both pushed each other out in a leadership shake-up earlier this month.

  • May 27, 2022

    Robinhood Reaches Deal With Customers In Outage Suit

    Robinhood has reached an agreement in principle with customers suing over repeated service outages, according to a notice filed in California federal court Thursday.

  • May 27, 2022

    Ex-Startup CEO Gets Prison For Stock Pumping

    The former CEO of CodeSmart Holdings Inc. on Friday was sentenced to 21 months in prison for his admitted role in a pump and dump scheme that prosecutors say artificially inflated the stock price of the purported medical coding educational company and boosted its market capitalization to $86 million.

  • May 27, 2022

    Fla. Firm Cuts Deal With SEC To End $410M IPO Fraud Claims

    Florida-based StraightPath Venture Partners and its founders have cut a deal to end the U.S. Securities and Exchange Commission's claims the firm fraudulently raised at least $410 million from investors by falsely promising potentially lucrative pre-IPO shares in companies, according to a letter filed in New York federal court Thursday.

  • May 27, 2022

    SEC Probing Musk's Disclosure Of Twitter Stock Purchases

    The U.S. Securities and Exchange Commission is probing Elon Musk's tardy disclosure regarding his acquisition of Twitter Inc. shares that had set the stage for his eventual proposal to buy the company, according to a letter recently made public.

  • May 27, 2022

    Ex-Cooley Atty Jumps In-House To Robinhood

    A former Cooley LLP attorney whom Elon Musk reportedly tried to convince the law firm to fire last year is now part of the in-house legal team at online securities trading company Robinhood, according to the lawyer's profile on the California State Bar's website.

  • May 27, 2022

    UK Payments Co. Escapes Claims It Aided $75M Forex Fraud

    Investors who say they were defrauded in a foreign-exchange trading scheme didn't adequately allege that U.K. digital payment company ePayments knowingly took part in the fraud, a Florida federal judge found in dismissing the claims against the company.

  • May 27, 2022

    Trump's Social Media SPAC Unveils Investors In $1B Funding

    The special purpose acquisition company acquiring former President Donald Trump's social media platform disclosed to regulators on Friday which firms raised $1 billion in additional funding for the deal.

  • May 27, 2022

    SEC's Investor Advocate To Leave Agency After 8 Years

    The U.S. Securities and Exchange Commission's top official representing investors said Friday he was stepping down after more than eight years of service, effective July 1.

  • May 27, 2022

    Squire Patton Adds Financial Services Of Counsel In New York

    Squire Patton Boggs LLP has hired former Truist Financial Corp. senior associate general counsel Robert Lendino to become of counsel for its financial services practice in New York.

  • May 27, 2022

    Don't Miss It: Cleary, Debevoise Guide Week's Hot Deals

    With so much mergers and acquisitions news this week, you may have missed several deals announced in the last several days helmed by firms such as Cleary Gottlieb Steen & Hamilton LLP and Debevoise & Plimpton LLP. Here, Law360 recaps the ones you may have missed.

  • May 26, 2022

    Musk, Twitter Hit With Investor Suit Over Buyout Balk

    Elon Musk and Twitter Inc. have been hit with a proposed shareholder class action alleging that the billionaire tried to create doubt about his planned deal to buy the social media company in order to do so at a lower price, causing Twitter's valuation to drop by $8 billion.

  • May 26, 2022

    Fed's Brainard Urges Focus On Future In Digital Dollar Debate

    Federal Reserve Vice Chair Lael Brainard told House lawmakers on Thursday that developing a U.S. central bank digital currency could be important for maintaining dollar dominance in international capital flows and facilitating safer private sector innovation in payments, offering a bullish case for moving forward.

  • May 26, 2022

    DOJ Defends New CCO Certifications Amid Industry Worry

    The U.S. Department of Justice's deputy attorney general said Thursday a new policy requiring chief compliance officers to sign off on certain agreements with the department is meant to "empower" them, yet it's been raising concerns about the potential for additional CCO liability.

  • May 26, 2022

    Sports-Focused SPAC Leads 2 IPO Filings Totaling $350M

    A sports and entertainment focused blank-check firm, whose board of directors includes former NBA star Magic Johnson and a former Disney executive, was among two special-purpose acquisition companies to file initial public offerings Thursday for a combined $350 million.

  • May 26, 2022

    Deals Rumor Mill: Saudi Aramco, Toshiba, Oyo

    Saudi Aramco is considering buying a Valvoline unit, Japan Investment Corp. is considering the acquisition of Toshiba Corp., and Indian startup Oyo Hotels has shelved IPO plans amid the market's downturn. Here, Law360 breaks down these and other deal rumors from the past week that you need to be aware of.

  • May 26, 2022

    Skadden, Orrick Rep $3.8B Car Tech Go-Public Deal

    Car technology company ECARX Holdings Inc., guided by Skadden Arps Slate Meagher & Flom LLP, said Thursday it's going public by combining with Orrick Herrington & Sutcliffe LLP-led blank-check company COVA Acquisition Corp. in a $3.82 billion deal.

  • May 26, 2022

    FCA To Make London Listing Rules 'Fit For The Future'

    Britain's financial watchdog set out plans on Thursday to merge the standard and premium segments of the main market to entice high-growth companies to London, part of ambitious reforms to the rules governing U.K. listings.

  • May 25, 2022

    Aerojet Trial Closes In Delaware With Flurry Of Conflict Claims

    Tales of backstabbing, disabling conflicts and handbags costing six figures closed out a three-day trial in Delaware on Wednesday about director disputes that have fractured the board of Aerojet Rocketdyne Holdings Inc., with a vice chancellor now pushing to rule on multiple counts before a June 30 stockholder meeting.

  • May 25, 2022

    Elon Musk Plans $6.25B More In Equity For $44B Twitter Deal

    Elon Musk on Wednesday promised an additional $6.25 billion in equity financing to acquire Twitter Inc., according to a U.S. Securities and Exchange Commission disclosure, a move that comes just a week after the Tesla Inc. CEO threatened to abandon the deal if the social media giant couldn't prove that "bots" represent less than 5% of Twitter users.

  • May 25, 2022

    SEC Says Fund Firm Hid 'Abysmal' Returns With $39M Fraud

    The U.S. Securities and Exchange Commission said Wednesday it had filed a suit accusing a Detroit-based hedge fund firm and its owner of running a yearslong scheme that raised $39 million and misappropriated and misused at least $1.6 million worth of investors' funds, including on his wife's online fashion shop.

  • May 25, 2022

    Convicted Allianz Unit Accused Of Bilking Retail Investors

    Following the bombshell guilty plea last week by Allianz Global Investors U.S. and more than $6 billion in financial penalties, the beleaguered asset manager on Tuesday was hit with a proposed securities class action in California federal court claiming it defrauded retail investors.

  • May 25, 2022

    SEC Proposals Target 'Greenwashing' By Advisers, Funds

    The U.S. Securities and Exchange Commission on Wednesday approved two proposals that would increase the disclosure requirements of funds and advisers who make environmental, social and governance-related investments, an effort to crack down on "greenwashing" or other types of deception. 

  • May 25, 2022

    Andreessen Horowitz Unveils $4.5B Crypto, Web3 Fund

    Venture capital firm Andreessen Horowitz said Wednesday it raised $4.5 billion for its latest crypto and Web3-focused fund, remarking it believes this moment is a "golden era" for the sector.

  • May 25, 2022

    Derivatives Industry Pushes Back On FTX's Trading Plan

    Several heavyweights in the derivatives industry on Wednesday warned the Commodity Futures Trading Commission against cryptocurrency exchange FTX's plan to directly clear certain trades, telling the CFTC that the plan could exacerbate risks to consumers and market stability.

Expert Analysis

  • What A Crypto Exchange Bankruptcy Filing Could Look Like

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    There is growing concern regarding how customers of cryptocurrency exchanges will be treated if an exchange commences bankruptcy proceedings as crypto prices fall, which means customers should take proactive measures to protect their assets, say Darren Azman and Gregg Steinman at McDermott.

  • Opinion

    ABA Isn't Giving Up On Diversity Efforts By Ending CLE Rule

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    While some view the American Bar Association’s elimination of continuing legal education diversity requirements as capitulating to a Florida Supreme Court decision against the mandate, it was a strategic decision to serve Florida members while improving diversity, equity and inclusion efforts in other ways, says Tiffani Lee at Holland & Knight.

  • Lateral Candidate Screening Steps To Prevent Bad Behavior

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    Bullying and harassment are among the root causes of stress, anxiety and substance abuse in the legal profession, so law firms should take four actions to effectively screen lateral candidates and ensure they are not recruiting individuals who could jeopardize the well-being of their people, says Michael Ellenhorn at Decipher.

  • How Russia Sanctions Are Affecting Compliance

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    The wide-ranging sanctions and export controls that the U.S. and its partners have imposed on Russia in recent months pose complex compliance challenges for commercial operations, investments and financial transactions, even when there is not a direct or obvious nexus with Russia, say Anthony Rapa and Matthew Thomas at Blank Rome.

  • The Varying Federal, State And Local Attitudes On Crypto

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    While recent U.S. Securities and Exchange Commission developments show escalating intervention in the burgeoning digital asset industry, other government actors and cities are taking a more balanced approach to the growth of cryptocurrency operations, say Patrick Daugherty and Louis Lehot at Foley & Lardner.

  • Issues To Watch In Decentralized Autonomous Org Case

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    A class action filed earlier this month by users of decentralized finance platform bZx highlights novel questions of liability and duty within decentralized autonomous organizations that stakeholders should consider, say Andrew Balthazor and Ashley Shively at Holland & Knight.

  • A Look At The Legal Profession Since Murder Of George Floyd

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    Little has changed for Black attorneys since law firms promised to combat discrimination within the profession following George Floyd's murder, but on this second anniversary of his death, law firms can recommit by adopting specific strategies that set their Black lawyers up for success, say Lisa Davis and Khasim Lockhart at Frankfurt Kurnit.

  • Opinion

    NY Ruling Correctly Deems Legal Finance Docs Irrelevant

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    A New York appeals court's recent decision in Worldview Entertainment v. Woodrow joins a growing trend of decisions denying discovery of litigation funding documents, highlighting that commercial legal finance should be treated just like any other financing in commercial litigation, says Andrew Cohen at Burford Capital.

  • Crypto Cos. Should Prep For More IRS John Doe Summonses

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    In anticipation of new reporting requirements that will go into effect in 2024, cryptocurrency exchanges and custodians should inform themselves on the John Doe summons, a unique mechanism that allows the IRS to obtain expansive information about cryptocurrency transactions, say Shivani Poddar and Andrew Heighington at Herrick Feinstein.

  • Opinion

    The SEC's Climate Disclosure Plan Fails Individual Investors

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    The U.S. Securities and Exchange Commission’s historic proposal to create a new climate disclosure regime for U.S. companies is good for business, but it doesn’t line up with the commission’s mission to protect individual investors, and the SEC should reconsider its approach before it is challenged in court, says Lawrence Cunningham at GW Law.

  • Overcommunicate With Your Summer Associates This Year

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    2022 summer associates have had limited opportunities for professional interactions due to the pandemic, so supervising attorneys should prioritize intentional overcommunication by emphasizing importance of tone and content of emails, sharing feedback immediately, and more, says Julie Schrager at Faegre Drinker.

  • Nev. Case Highlights Settlement Authority Dilemmas For Cos.

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    A Nevada federal court's recent decision in Ceja v. The Vons Companies illustrates the pitfalls of misinterpreting a court order requiring a representative with full settlement authority to be present at negotiations, and is a reminder to consider that courts differ as to what full settlement authority means in practice, says Richard Mason at MasonADR.

  • Global Tax Chiefs Should Look To US Whistleblower Programs

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    As the Joint Chiefs of Global Tax Enforcement develops its international whistleblower program to address tax evasion and money laundering schemes in new areas like cryptocurrency, it should take lessons from highly successful U.S. programs on which features to include and pitfalls to avoid, say Neil Getnick and Nico Gurian at Getnick & Getnick.

  • Unpacking OFAC's New Russian Accounting Services Ban

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    New determinations issued by the Office of Foreign Assets Control put a broad swath of accounting, trust and corporate formation, management consulting, legal service providers, and others at heightened risk for strict liability sanctions violations for dealings with Russia, requiring affected entities to update their procedures, say Cari Stinebower and Dainia Jabaji at Winston & Strawn.

  • Calif. Charts Regulatory Path For NFTs In Campaign Finance

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    In light of California’s recent advisory opinion addressing the use of nonfungible tokens for political fundraising — and amid the lack of other state or federal guidance — NFT creators, digital asset exchanges and campaigns should keep several considerations in mind to avoid running afoul of campaign finance laws, say attorneys at Nossaman.

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