Capital Markets

  • May 26, 2017

    Plane Speaking Judge Rips Aircraft Firm's Cash Stockpile

    An airplane leasing company with no airplanes that socked away $190 million it was supposed to return to its lenders was called out Friday by a New York federal judge who said the business had no right to hoard the cash based on an “imagined” Brazilian legal risk and other “vague and conclusory” obligations.

  • May 26, 2017

    Venture Financing Begins To Stabilize After Downturn

    Following a steep slowdown last year, new data show financing levels for venture-backed companies began recovering in the first quarter of 2017, particularly for later-stage companies, which experts say could be benefiting from a gradually improving initial public offerings market.

  • May 26, 2017

    Deals Rumor Mill: Linde, State Bank of India, PepsiCo

    The supervisory board of German industrial gas company Linde will vote on the company's blockbuster merger with U.S. peer Praxair on June 1, State Bank of India is preparing a $2 billion share sale, and PepsiCo might buy the owner of Vita Coco water.

  • May 26, 2017

    Kinder Morgan Says Trans Mountain Project Depends On IPO

    Energy infrastructure giant Kinder Morgan Inc. has announced that its Canadian subsidiary has priced a C$1.75 billion ($1.3 billion) initial public offering, which the company said will fund its expansion of the Trans Mountain pipeline if successful.

  • May 26, 2017

    Interest Rate Swap Trader Says Exchange OK On Its Own

    Interest rate swap trader MarkitSERV Ltd. urged a New York federal court Friday to refuse online exchange TrueEX LLC a preliminary injunction to force MarkitSERV to continue their relationship, likening TrueEX’s dire prediction of its closure to Chicken Little's “proclaiming that the sky is falling.”

  • May 26, 2017

    UK's First Publicly Traded Law Firm Hikes Revenue 15%

    Gateley, the first publicly traded law firm in the U.K., grew its revenue by 15 percent during the most recent fiscal year, preliminary figures recently released by the firm show.

  • May 26, 2017

    Investors To Appeal Dismissal Of Fannie, Freddie Suit

    Investors seeking to challenge the sweep of profits from Fannie Mae and Freddie Mac instituted by the Obama administration on Thursday said they intend to appeal a Texas federal judge’s decision that dismissed their complaint against the Treasury Department and the Federal Housing Finance Agency.

  • May 26, 2017

    4 Tips To Avoid A 1st Quarter Flop Once You Go Public

    A glitzy initial public offering marks a huge milestone in a company’s development, but a rocky first quarter can quickly take the luster off that signature event, as disappointing results could hammer a company’s stock and risk lawsuits from investors alleging they were misled.

  • May 25, 2017

    7th Circ. Backs CFTC Dismissal Of $3.6M Trading Loss Suit

    The Seventh Circuit said Thursday that a family trust waited too long to bring claims over its $3.6 million loss in futures contracts trading, upholding a U.S. Commodity Futures Trading Commission ruling that the trust's arbitration of the claims did not pause their time limits.

  • May 25, 2017

    Helicopter Service Co.'s $3.9M Deal Denied Preliminary OK

    A New York federal judge on Thursday refused to preliminarily approve a $3.9 million settlement that would resolve a proposed investor class action against helicopter services giant CHC Group Ltd., citing concerns that absent class members could think “the deck is stacked against them” before they can object to the deal.

  • May 25, 2017

    PE-Backed Cable Giant, Tech Cos Price IPOs Totaling $438.3M

    Three firms steered initial public offerings this week for private equity-owned cable provider WideOpenWest Inc., software developer Appian Corp. and Brazilian memory chip manufacturer Smart Global Holdings Inc. totaling roughly $438.3 million.

  • May 25, 2017

    Third Coinbase User Opposes IRS Bid As ‘Fishing Expedition’

    A third anonymous Coinbase customer sought Wednesday to jump into the fray opposing the IRS’ California federal court summons enforcement bid seeking customer names and other information from the virtual currency exchange company, warning of an unconstitutionally intrusive “fishing expedition.”

  • May 25, 2017

    Top Pence Aide Wants Bank Creditors To Play Regulatory Role

    A top adviser to Vice President Mike Pence on Thursday said that the Trump administration’s main priority in changing financial regulation will be to help creditors and other market participants take a more active role in policing markets.

  • May 25, 2017

    Global Regulators Set FX Market Conduct Code After Scandals

    Central bankers and foreign exchange players on Thursday unveiled a voluntary global code of conduct establishing good practices for wholesale foreign exchange markets, hoping to restore faith in a $5 trillion daily market beset by several enforcement probes and antitrust litigation alleging manipulation.

  • May 24, 2017

    Fried Frank Grows NY Office With Finance, Litigation Hires

    Fried Frank Harris Shriver & Jacobson LLP has expanded its New York office with additions to its finance and real estate litigation practices from Cadwalader Wickersham & Taft LLP and Katten Muchin Rosenman LLP.

  • May 24, 2017

    BNP Paribas Pays $350M To Settle NY Currency Probe

    French bank BNP Paribas was fined $350 million by the New York State Department of Financial Services for lax oversight in its foreign-exchange business that allowed “nearly unfettered misconduct” by more than a dozen employees involved in exchange rate manipulation, officials announced Wednesday.

  • May 24, 2017

    2 Real Estate Firms Seek IPOs Led By Granite Point

    Granite Point Mortgage Trust Inc., a mortgage real estate investment trust run by asset manager Pine River Capital Management LP, filed an initial public offering Wednesday guided by Orrick Herrington & Sutcliffe LLP, one of two commercial real estate-oriented firms to join the IPO pipeline.

  • May 24, 2017

    DC Circuit Focuses On SEC’s Powers Over ALJs

    Judges on the D.C. Circuit on Wednesday zeroed in on the key question of whether the U.S. Securities and Exchange Commission could overrule its administrative law judges in a case that could change the way in-house judges throughout the government are put in place.

  • May 24, 2017

    PE-Backed Kosmos Energy Unveils $290M Secondary Offering

    International oil and gas explorer Kosmos Energy Ltd. priced a $290 million secondary offering on Tuesday that will allow funds affiliated with Warburg Pincus LLC and The Blackstone Group LP to shed portions of their stakes in the company.

  • May 24, 2017

    Feds Tell High Court To Rule On State Securities Suits

    The acting solicitor general told the U.S. Supreme Court on Tuesday to take up Cyan's petition over whether shareholders can bring claims over initial public offerings in state court, saying the issue has created "substantial confusion" in lower courts that is unlikely to be resolved soon.

Expert Analysis

  • Glass-Steagall Revival Could Have Profound Impact

    V. Gerard Comizio

    The financial services industry faces the real possibility of a bipartisan effort to reinstate the portions of the Glass-Steagall Act that separated commercial and investment banking. Depending on the final form any new legislation takes, the changes could go further than merely reinstating the status quo as of 1999, say V. Gerard Comizio and Nathan Brownback of Fried Frank Harris Shriver & Jacobson LLP.

  • Keeping Up With The SEC's Enforcement Priorities

    Jack Yoskowitz

    Often, the U.S. Securities and Exchange Commission’s enforcement priorities only become apparent once the commission begins to crack down on a particular practice. A recent decision in the case of Revelation Capital highlights the need for firms, when faced with a new SEC priority, to be able to quickly pivot toward a defensive approach, say Jack Yoskowitz and Laura Miller of Seward & Kissel LLP.

  • My Milkshake Is Better Than Yours: Part 2

    Jill Dessalines

    In the second installment of this two-part series on disruptive innovation among mid-size law firms, Jill Dessalines, founder of Strategic Advice for Successful Lawyers and former senior vice president at McKesson Corp., explores a number of ideas for keeping clients and maintaining market position.

  • My Milkshake Is Better Than Yours: Part 1

    Jill Dessalines

    As I sat there listening, incredulous to learn that "Milkshake" was not only a real song but also a chart-topper, it reminded me of Harvard Business School Professor Clayton Christensen’s work on disruptive innovation — and how it pertains to mid-size law firms, says Jill Dessalines, founder of Strategic Advice for Successful Lawyers and former assistant general counsel of McKesson Corp.

  • Attorneys, Your Input Is Needed On Deposition Rule

    Frank Silvestri, Jr.

    Every lawyer who’s handled a civil case in federal court knows about Rule 30(b)(6), governing deposition procedures. But for many real-world deposition dilemmas, the rule offers little guidance. Last year, an Advisory Committee on Civil Rules subcommittee began considering whether the rule should be amended. Now attorneys must advise the subcommittee how to proceed, says Frank Silvestri Jr. of Verrill Dana LLP.

  • Fate Of The SEC In-House Court: Careful What You Wish For

    Matthew Solomon

    As the D.C. Circuit hears arguments on Wednesday regarding the constitutionality of the U.S. Securities and Exchange Commission’s administrative tribunals, Cleary Gottlieb attorneys consider whether the current strong movement away from using the administrative forum is universally positive for defendants.

  • The FX Global Code And Its Enforcement: What To Expect

    Matthew Kulkin

    With the second phase of the Foreign Exchange Global Code releasing this week, Matthew Kulkin and Micah Green of Steptoe & Johnson LLP analyze how U.S. courts have historically looked to or relied upon financial services global codes of conduct or industry best practices documents.

  • How Client Feedback Programs Benefit Law Firms And Clients

    Elizabeth Duffy

    Despite an increase in engagement with client feedback programs over the last 15 years, law firms — and their clients — have a way to go before realizing the maximum benefits such programs can deliver, says Elizabeth Duffy of Acritas US Inc.

  • Puerto Rico Bankruptcy Puts Pensions At Risk

    John Hansen

    As in many municipal bankruptcies, the Puerto Rico case is likely to devolve into a battle between bondholders on the one hand and the holders of pension obligations on the other, says John Hansen of John Hansen Law.

  • CHOICE Act’s Potential Outsized Influence On The SEC

    Dan Chirlin

    In addition to several big-ticket items, the newest version of the CHOICE Act also contains certain under-the-radar provisions that, collectively, could have a significant impact on U.S. Securities and Exchange Commission enforcement, says Daniel Chirlin of Walden Macht & Haran LLP.