Capital Markets

  • November 23, 2017

    Regulator Reveals Bank Compliance Officers' Top Challenges

    The pace, volume and sheer complexity of regulatory change is the biggest challenge faced by wholesale banks, a survey of compliance departments by the U.K. finance watchdog revealed on Thursday.

  • November 22, 2017

    Advanced Disposal Completes $151M Secondary Offering

    Solid waste company Advanced Disposal Services Inc. said Tuesday it has completed an underwritten secondary offering of its stock, allowing affiliates of infrastructure-focused private equity firm Highstar Capital and Brazilian financial firm BTG Pactual to cash in on their stakes in the company to the tune of $151 million.

  • November 22, 2017

    CFTC Settles Fraud Suit Over Online Trading School For $5M

    A California couple accused of scamming would-be commodity futures traders into purchasing expensive memberships in their SchoolOfTrade.com business have been put on the hook for paying nearly $5 million in restitution and civil penalties as part of a deal ending a U.S. Commodity Futures Trading Commission fraud suit.

  • November 22, 2017

    SPACs Grabbing Bigger Share Of IPO Market

    Initial public offerings by special purpose acquisition companies are growing at their most robust clip since before the financial crisis, giving more visibility to a once remote corner of the IPO market.

  • November 22, 2017

    Latham Steers Indian Life Insurance Co.'s $1.3B IPO

    Latham & Watkins LLP has represented the underwriters of HDFC Standard Life Insurance Co. Ltd. in its $1.33 billion initial public offering in Mumbai, marking another capital markets transaction for the firm’s India practice, which has guided more than $6.5 billion in IPOs this year.

  • November 22, 2017

    CFTC Sees Steep Drop In Enforcement Actions In 2017

    The U.S. Commodity Futures Trading Commission on Wednesday announced that it had imposed nearly $413 million in sanctions in fiscal 2017, less than half of the penalties issued in the previous fiscal year and the lowest since 2011.

  • November 22, 2017

    Xinyuan Real Estate Sells $200M Of Senior Notes

    Xinyuan Real Estate Co. Ltd. has finalized a deal to sell $200 million in senior notes, according to an announcement on Wednesday from the Chinese developer.

  • November 22, 2017

    SEC Whistleblower Program Ain't Broke — So Don't 'Fix' It

    The U.S. Securities and Exchange Commission’s whistleblower program, now entering its seventh year, is maturing and gaining momentum, according to an agency report released Nov. 17, and whistleblower attorneys say they hope the Trump administration recognizes its value by staying out of the SEC’s way.

  • November 21, 2017

    SEC Sues Long Island Town, Ex-Official For Securities Fraud

    The U.S. Securities and Exchange Commission on Tuesday hit the Long Island town of Oyster Bay and its former top elected official with a securities fraud suit alleging that they concealed from investors the town’s indirect guarantees of more than $20 million in private loans to a local businessman who ran concessions and restaurants at town facilities.

  • November 21, 2017

    Puerto Rico Board Says Bond Insurer Can't Fight Fiscal Plan

    The federal board charged with guiding Puerto Rico through its watershed debt restructuring reasserted Tuesday that it must remain unfettered from bondholder litigation to certify fiscal budgeting plans for the territory and ultimately come up with debt readjustment proposals, tamping down complaints of alleged constitutional violations.

  • November 21, 2017

    PE-Backed Cos. Unveil Secondary Offerings Totaling $470M

    Private equity-backed food distribution giant Performance Food Group Co. and software provider Black Knight Inc. priced secondary stock offerings raising a combined $470 million on Tuesday, enabling their private equity shareholders to unload sizable stakes in the companies.

  • November 21, 2017

    CFTC Grants Relief To Swaps Execution Compliance Chiefs

    The Commodity Futures Trading Commission on Monday granted relief for chief compliance officers of swap execution facilities, allowing them an additional 30 days to submit annual compliance reports after their fiscal year ends in order to cope with budget constraints.

  • November 21, 2017

    FDIC Chair Says Raising Oversight Thresholds Risks Fund

    Federal Deposit Insurance Corp. Chair Martin Gruenberg on Tuesday said that a Senate proposal to raise the asset level that qualifies banks for enhanced regulations and capital requirements could potentially put the federal deposit insurance system at risk.

  • November 20, 2017

    RMBS Trustees Open Court Fight For $11.4B Lehman Claim

    Bankruptcy court scrutiny of Lehman Brothers’ sale of residential mortgage-backed securities in the years preceding the 2008 financial crisis got underway Monday as counsel for several RMBS trusts argued that the shuttered investment bank is responsible for $11.4 billion in damages for securitizing misrepresented loans.

  • November 20, 2017

    Snap Investor Class Action Could Bounce Back To State Court

    A California federal judge on Monday said she’s inclined to send back to state court a putative class action from Snap Inc. investors accusing the company of understating the stock-based compensation incurred as part of its initial public offering by $300 million, while the tech giant urged her to retain jurisdiction for the purpose of sending a certified question to the Delaware Supreme Court.

  • November 20, 2017

    Barclays Seeks 2nd Circ. Review Of Dark Pool Class Cert.

    Barclays PLC asked a Second Circuit panel on Monday to partially rehear a decision granting class certification to investors suing the bank over losses tied to the bank’s alleged misrepresentations about oversight of its dark pool market, saying the ruling is inconsistent with U.S. Supreme Court precedent.

  • November 20, 2017

    3 UK Forex Traders Seek Dismissal Of Rate-Rigging Charges

    Three London-based foreign exchange traders whom New York federal prosecutors accused of violating antitrust laws by teaming up to influence two key foreign exchange benchmarks asked a judge to dismiss the case against them on Friday, saying they did nothing wrong and shouldn’t have been charged.

  • November 20, 2017

    Treasury Looks To Ease Firms' Escape From Tougher Scrutiny

    A Friday report from the U.S. Department of the Treasury outlined potential changes to the way financial regulators evaluate whether insurers and other nonbank financial firms should be subjected to increased capital and other requirements, and may give those companies ammunition to challenge such a designation.

  • November 20, 2017

    Kirkland Snags Vinson & Elkins Capital Markets Partner

    Kirkland & Ellis LLP has bolstered its capital markets practice and hired away a former partner at Vinson & Elkins LLP to join its Houston office, the firm announced Monday.

  • November 20, 2017

    Blank Check Co. Highland Acquisition Pulls $250M IPO

    Highland Acquisition Corp., a blank check company formed by executives of hedge fund Highland Capital Management LP, withdrew plans Monday for a $250 million initial public offering intended to pursue an acquisition in the health care, media, telecommunications, entertainment or energy industries that was filed last year.

Expert Analysis

  • Roundup

    Financial Crisis, 10 Years On

    Thumbnail

    One decade since the first signs of trouble, members of the Financial Crisis Inquiry Commission, former Obama administration officials, and legal industry experts explore the profound impact of the Great Recession.

  • Initial Coin Offerings May Face A Global Crackdown

    Paul Anderson

    In recent years, initial coin offerings have exploded into the spotlight, but following their recent ban in China and South Korea, and mobilization from a number of top financial regulators in the U.S., U.K. and Australia, it is almost certain that we will see rapid developments in ICO regulation, say Paul Anderson and Harriet Rogers of Squire Patton Boggs LLP.

  • Roundup

    Judging A Book

    Alexander Hamilton and the Development of American Law

    Are the latest books on the judicial system worth reading? Federal judges share their thoughts in this series of book reviews.

  • Don't Waste This Planning Cycle: Year-End Strategies

    Hugh A. Simons

    Law firms are businesses where partners operate with significant autonomy. To see their priorities translate into individual partner action, firm leaders should use a few collaborative strategies, suggests Hugh A. Simons, former senior partner of The Boston Consulting Group and former COO of Ropes & Gray LLP.

  • Creditors’ Options In Venezuela’s Disorderly Default

    Javier Rubinstein

    By analyzing the case law from Argentina’s default in 2001 and the terms of the Venezuelan bonds, it is possible to predict how a disorderly default might play out in Venezuela's debt crisis. Attorneys with Kirkland & Ellis LLP examine key elements from Argentina’s default in order to predict whether history is likely to repeat itself.

  • Opinion

    CRA Review Of Bank Regulatory Guidance Is A Bad Idea

    Michael Silva

    Following the recent determination that the Interagency Guidance on Leveraged Lending is subject to the Congressional Review Act, a congressman urged bank regulators to review all of their existing guidance and determine if any should be submitted to Congress. However, regulators should respectfully decline to do so, says Michael Silva, chairman of the financial services regulatory practice at DLA Piper.

  • Financial Crisis Anniversary

    10 Years After Crisis, What We Still Need To Do

    H. Rodgin Cohen

    We can all sleep easier at night because financial reforms have produced a considerably strengthened banking system. This desirable state, however, should not lead to somnambulism. We must still attend to at least four areas of concern, say Rodgin Cohen and Mitch Eitel of Sullivan & Cromwell LLP.

  • From Snaps To Tweets: The Craft Of Social Media Discovery

    Matthew Hamilton

    Courts have consistently held that social media accounts are subject to established discovery principles but are reluctant to allow parties to rummage through private social media accounts. Recent case law confirms that narrowly tailored information requests get the best results, say Matthew Hamilton, Donna Fisher and Jessica Bae of Pepper Hamilton LLP.

  • What A Solar Eclipse Has To Do With Market Efficiency

    Daniel Bettencourt

    A common criticism of the event study methodology for testing market efficiency is that the number of events is insufficient and that the results cannot be generalized for the entire class period. That's where Albert Einstein and the 1919 total solar eclipse come in, say Daniel Bettencourt and Steven Feinstein of Crowninshield Financial Research.

  • An Interview With Former DHS Secretary Jeh Johnson

    Randy Maniloff

    Jeh Johnson, the former secretary of homeland security, was kind enough to let me visit him to reflect on his diverse career. He told stories that left me speechless. And yes, the man who was responsible for the Transportation Security Administration removed his shoes when going through airport security. You bet I asked, says Randy Maniloff of White and Williams LLP.