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Capital Markets
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June 07, 2023
FTC Pushes To Cut Intercontinental's Merger Defenses
The Federal Trade Commission, in its continuing efforts to nix a merger between loan origination giants Intercontinental Exchange and Black Knight, told a federal court Tuesday that the parties' constitutional affirmative defenses do not hold muster.
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June 07, 2023
SPAC Extends Merger Timeline After Investors Redeem $11M
Special purpose acquisition company OceanTech Acquisition I Corp. said on Wednesday that stockholders had redeemed over $11 million in shares two days before the SPAC announced it would push its deadline to merge with pharmaceutical company Regentis Biomaterials Ltd.
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June 07, 2023
Shuman Glenn Will Lead Amazon Stockholder Suit In Del.
A Delaware federal judge has consolidated two Amazon.com shareholder suits and appointed Shuman Glenn & Stecker as lead counsel to steer derivative claims alleging that the e-commerce giant's officers and directors misled the public about the company's anti-competitive conduct.
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June 07, 2023
Freshfields Snags Weil Finance Pro To Bolster NY Office
Freshfields Bruckhaus Deringer LLP has hired a veteran finance specialist from Weil Gotshal & Manges LLP to bolster its New York practice, an addition the firm expects will help serve a growing market of global clients in need of tailored financing arrangements.
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June 07, 2023
Bain Lobs $2.9B Bid At Chindata And Ups Estia Health Offer
Private equity giant Bain Capital on Wednesday increased its offer for Australian residential aged-care provider Estia Health to AU$826.8 million ($553.4 million), while it was separately announced Wednesday that the Boston-headquartered firm offered to take data center company Chindata Group private for nearly $3 billion.
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June 06, 2023
Coinbase's Court Fight With SEC May Be Crypto's Main Event
The U.S. Securities and Exchange Commission's lawsuit against Coinbase is poised to be the crypto industry's landmark case over whether digital asset exchange activity runs afoul of securities laws, and it could become the industry's full-court press to reach the high court.
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June 06, 2023
Coinbase, Binance Bring Out BigLaw Guns For SEC Defense
When the U.S. Securities and Exchange Commission escalated its crackdown on the digital assets industry this week by suing Coinbase and Binance, the cryptocurrency exchanges showed they were geared up for a fight by hiring some of the most well-known securities and white collar defense lawyers from firms such as WilmerHale and Latham.
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June 06, 2023
Ownership Still In Dispute Of Co. Owed $143M In Bitcoin Fight
A Florida federal judge declined to wade into a dispute over the ownership of a company created by self-professed bitcoin inventor Craig Wright and a deceased computer forensics expert, instead saying the court's role is to merely help the company collect a $143 million judgment against Wright.
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June 06, 2023
Wash. Rancher Agrees To $1M Fine In 'Ghost Cattle' Scam
A Washington cattle rancher sentenced to 11 years in prison for defrauding Tyson Foods and another company out of more than $244 million in a "ghost cattle" scam has agreed to pay $1 million to settle claims he violated the Commodity Exchange Act in relation to the Chicago Mercantile Exchange cattle futures market.
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June 06, 2023
SmileDirectClub Investors Seek Class Cert. In $1.3B IPO Suit
Investors in direct-to-consumer teledentistry company SmileDirectClub have asked a Nashville federal judge to certify their proposed class in a consolidated action alleging that the company concealed certain business practices in the lead-up to its $1.3 billion initial public offering in 2019.
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June 06, 2023
Yearlong Breach Probe Puts SEC In Businesses' Shoes
The U.S. Securities and Exchange Commission's yearlong investigation revealing that an in-house data breach had a far deeper impact than previously believed could give the agency — which is finalizing closely watched new cyber incident reporting rules — insight into the challenges faced by cyberattack victims.
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June 06, 2023
Bannon Ally Guo Wengui Headed For 2024 $1B Fraud Trial
A New York federal judge on Tuesday set a spring 2024 trial date for exiled Chinese businessman Guo Wengui, who's accused of a multifaceted $1 billion fraud scheme that conned investors in a media company he founded with former Donald Trump adviser Steve Bannon.
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June 06, 2023
SEC Moves For Emergency Freeze Of Binance Assets
The U.S. Securities and Exchange Commission moved Tuesday evening to freeze the U.S. assets of Binance post-haste in what it says is an effort to protect customer assets while it pursues a lawsuit claiming that the world's largest crypto platform mishandled customer funds and deceived regulators.
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June 06, 2023
CFTC Approves First Margin Trades On Crypto Futures
Cboe Exchange Inc. announced Tuesday that, by the end of the year, it will be the first ever derivatives clearing house to allow for the trading of bitcoin and ether futures on margin after the U.S. Commodity Futures Trading Commission green lit the project on the promise of enhanced cybersecurity protections.
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June 06, 2023
Big Wall Street Banks Must Face CDS Auction Rigging Suit
A New Mexico federal judge has ruled that a slew of Wall Street banks must face a proposed investor class action accusing them of conspiring to rig credit default swap auctions, largely rejecting a joint effort by the banks to dismiss the case.
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June 06, 2023
Special Master Eyes Sept. Launch Date For Citgo Auction
The special master overseeing an impending auction for energy giant Citgo wants a federal judge to kick-start the sale process in late September, accusing Venezuela and its state-owned oil regime of voicing objections that "are all recycled and have long been addressed by the court."
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June 06, 2023
FAT Brands Unveils Plans To Take Twin Peaks Public
Global dining franchising company FAT Brands Inc. on Tuesday announced that it plans to pursue an initial public offering of its sports lodge-themed Twin Peaks restaurant chain, which will help facilitate FAT Brands' continued growth of the restaurant chain and market segment.
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June 06, 2023
Ex-FTX Boss Rips Late Evidence As Clock Ticks Toward Trial
FTX founder Sam Bankman-Fried told a Manhattan federal judge that the government has missed discovery deadlines for several pieces of evidence needed to mount a defense to a litany of fraud charges.
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June 06, 2023
House Passes Bills Expanding 'Accredited Investor' Eligibility
The House of Representatives passed two bills this week that would expand the pool of accredited investors — or those deemed eligible to invest in unregistered securities — sending the legislation to the Senate along with a similar bill approved last week.
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June 06, 2023
Asia Media Co. TNL Mediagene Inks $275M SPAC Deal
Asia-based media company TNL Mediagene said Tuesday it has agreed to go public through a business combination with special-purpose acquisition company Blue Ocean Acquisition Corp., a deal that gives TNL Mediagene a roughly $275 million enterprise value.
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June 06, 2023
Foley Hoag Adds Cannabis Law Pro To NY Office
Foley Hoag LLP has added the former general counsel of cannabis-focused investment firm Navy Capital to its New York City office, it has announced.
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June 06, 2023
SEC Sues Coinbase In Escalation Of Crypto Crackdown
The U.S. Securities and Exchange Commission on Tuesday accused Coinbase Inc., the largest crypto exchange in the U.S., of operating its crypto asset trading platform as an unregistered national securities exchange, broker and clearing agency.
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June 05, 2023
SEC's Key Testimony In Binance Case Came From Ex-CEOs
The former CEOs of Binance's U.S. arm, one of whom was a former top banking regulator under the Trump administration and a crypto industry booster, played a key role in the U.S. Securities and Exchange Commission's landmark suit against the parent crypto exchange, the agency's complaint reveals.
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June 05, 2023
FTX Investor Suits Centralized In Fla. Over Celeb Objections
Eight investor suits tied to the November 2022 collapse of cryptocurrency exchange FTX will go through pretrial proceedings in Miami, the Judicial Panel on Multidistrict Litigation decided on Monday despite opposition to the move by celebrities including retired NFL quarterback Tom Brady and his ex-wife, model Gisele Bündchen.
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June 05, 2023
Six Flags Survives Investor Suit Over Botched China Plans
A Texas federal judge on Friday tossed a proposed securities fraud class action against Six Flags over the amusement corporation's botched plans to expand in China, saying the investors bought stock too late to have standing following a Fifth Circuit panel's holding that narrowed the class period.
Expert Analysis
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Key Limited Partnership Provisions During Market Downturns
With a recession potentially on the horizon, fund managers should carefully examine their funds' limited partnership agreements for items that may be affected by economic downturns, and assess whether modifications may be appropriate, says Matthew Posthuma at Ropes & Gray.
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Section 11 Implications Of The Justices' Slack Decision
The U.S. Supreme Court's recent decision in Slack v. Pirani signals an openness to potentially dispositive tracing arguments where markets have developed beyond what was contemplated by the securities laws, so Section 11 litigants should give serious thought to the role of tracing, says Brittany Rogers at O’Melveny.
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Firm Tips For Helping New Lawyers Succeed Post-Pandemic
Ten steps can help firms significantly enhance the experience of attorneys who started their careers in the coronavirus pandemic era, including facilitating opportunities for cross-firm connection, which can ultimately help build momentum for business development, says Lana Manganiello at Equinox Strategy Partners.
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New OCC Bank Policies Signal More Stringent Enforcement
The Office of the Comptroller of the Currency’s recent policy revisions include increasingly severe enforcement actions, delivering a stark warning to banks the regulator views as being too big to manage, say Jennifer Sutton and Rodgin Cohen at Sullivan & Cromwell.
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SEC's Redefinition Of 'Exchange' Would Mean More Confusion
The U.S. Securities and Exchange Commission's proposed amendments to Rule 3b-16 would classify more platforms as exchanges or broker-dealers — including many cryptocurrency and decentralized finance systems — but the amendments' vagueness would create unnecessary regulatory risk and increased operational confusion, say attorneys at Morrison Foerster.
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How REITs Can Prep For SEC's Repurchase Disclosure Rules
With real estate investment trusts' share repurchase activity on the rise, REITs should beware the potential enforcement risks that may arise from the U.S. Securities and Exchange Commission's new rules requiring additional disclosures regarding such repurchases, says Zach Swartz at Vinson & Elkins.
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Tackling Judge-Shopping Concerns While Honoring Localism
As the debate continues over judge-shopping and case assignments in federal court, policymakers should look to a hybrid model that preserves the benefits of localism for those cases that warrant it, while preventing the appearance of judge-shopping for cases of a more national or widespread character, says Joshua Sohn at the U.S. Department of Justice.
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After The Bank Failures: Where Regulators Are Headed Next
In the concluding installment of a two-part series reviewing the preliminary congressional and regulatory responses to the 2023 bank failures, Gordon Bava at Manatt breaks down policy and management deficiencies within the agencies that are revealed in a series of key agency reports.
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Perspectives
How Attorneys Can Help Combat Anti-Asian Hate
Amid an exponential increase in violence against Asian American and Pacific Islander communities, unique obstacles stand in the way of accountability and justice — but lawyers can effect powerful change by raising awareness, offering legal representation, advocating for victims’ rights and more, say attorneys at Gibson Dunn.
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Opinion
Congress Needs To Enact A Federal Anti-SLAPP Statute
Although many states have passed statutes meant to prevent individuals or entities from filing strategic lawsuits against public participation, other states have not, so it's time for Congress to enact a federal statute to ensure that free speech and petitioning rights are uniformly protected nationwide in federal court, say attorneys at Skadden.
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A Comparison Of 2 Bank Failures, With Regulatory Lessons
Though the factors that contributed to the downfalls of Silicon Valley Bank and First Republic Bank were similar, differences in federal regulators' handling of the banks' sales — and the additional two weeks it took to find a buyer for SVB — may help illuminate how regulators can improve their response to future financial panic, say attorneys at Lewis Brisbois.
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How The US And UK Differ On Crypto Regulation
While the U.K. and U.S. share strong economic ties, their approaches to crypto regulation differ wildly, with the U.K. setting bespoke rules through legislation and the U.S. taking a fragmented, and arguably hostile, approach to regulating crypto-assets, most often happening through enforcement, say attorneys at BCLP.
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Some Client Speculations On AI And The Law Firm Biz Model
Generative artificial intelligence technologies will put pressure on the business of law as it is structured currently, but clients may end up with more price certainty for legal services, and lawyers may spend more time being lawyers, says Jonathan Cole at Melody Capital.
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Tips For Making The Most Of Blockchain Analysis
The abundance of blockchains and the sheer size of the data stored on each can make processing and analyzing them challenging, but with data in hand, the blockchain mystery begins to unravel, and the transactions, value transfers and smart contract events are much easier to follow, say analysts at Cornerstone Research.
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After The Bank Failures: What To Watch In Congress
In the first of a two-part series reviewing the preliminary congressional and regulatory responses to the 2023 bank failures, Gordon Bava at Manatt breaks down the three congressional bills introduced in the wake of the bank chaos and evaluates the Federal Deposit Insurance Corp.'s proposed deposit insurance alternatives.