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Capital Markets

  • August 17, 2018

    PG&E Fire Liability Has Calif. Considering Ch. 11 Alternative

    As wildfires again ravage swaths of California forests in what has become a deadly summer ritual, the threat of a Pacific Gas and Electric Co. bankruptcy looms over state lawmakers who are hastily debating how to apportion liability for billions of dollars' worth of damage stemming from last year's infernos.

  • August 17, 2018

    Scottrade To Face Mass. Securities Watchdog In State Court

    A Massachusetts federal judge said Thursday that the state securities division’s administrative complaint alleging Scottrade Inc. flouted its own internal impartial standard conduct should not have been removed to federal court, remanding the action to a state administrative court.

  • August 17, 2018

    Investment Firm Says Clients' Conflict Suit Barred By Fed. Law

    An investment firm facing a proposed class action claiming it transferred investors’ money into a mutual fund while concealing conflicts of interest motivating the move asked an Illinois federal judge to dismiss the suit Thursday, arguing the claims are precluded by federal law governing securities class actions.

  • August 16, 2018

    Kessler Topaz, Quinn Emanuel To Lead Volatility Index MDL

    An Illinois federal judge on Thursday appointed Kimberly A. Justice of Kessler Topaz Meltzer & Check LLP and Jonathan C. Bunge of Quinn Emanuel Urquhart & Sullivan LLP as lead co-counsel in multidistrict litigation over alleged Chicago Board Options Exchange’s volatility index manipulation.

  • August 16, 2018

    Will Law Schools Start Counting ‘Generation ADA’?

    No one is tracking law students with disabilities to see where the education system may be failing them, but some advocates are working to change this dynamic and build a better pipeline.

  • August 16, 2018

    Ambac Sues Deutsche Bank Over $900M RMBS Trust Losses

    Ambac asked a New York federal court Thursday to release it from an obligation to insure some of the $900 million in losses suffered by a residential mortgage-backed securities trust managed by Deutsche Bank National Trust Co., saying the banking giant did not hold the underlying loan issuer accountable.

  • August 16, 2018

    TKK Symphony Prices $220M IPO To Pursue China Deal

    TKK Symphony Acquisition Corp., a blank-check company advised by Ellenoff Grossman & Schole LLP, said Thursday it raised $220 million in an initial public offering to help fund the intended acquisition of a Chinese consumer products business.

  • August 16, 2018

    Chancery Points To Contract In $167M Amur Finance Default

    Expressing deep frustration with calls for continued Chancery Court intervention in a multiyear lender and borrower dispute, a Delaware vice chancellor on Thursday told both sides to look to their contract in sorting out a potential $167 million loan default finding.

  • August 16, 2018

    SEC Returns Clearing Firm Disciplinary Case To CBOE

    The U.S. Securities and Exchange Commission has set aside a disciplinary action brought by Chicago Board Options Exchange Inc. against member clearing firm ABN AMRO Clearing Chicago LLC, sending the matter back to CBOE’s board of directors for review under a different standard.

  • August 16, 2018

    Ex-BP Economist Gets Prison In Bitcoin Extortion Plot

    A former BP America Inc. economist who pled guilty to attempting to extort the company out of more than $300,000 by demanding bitcoin payment in exchange for not releasing classified documents was sentenced on Thursday by a federal judge in Houston to 27 months in prison.

  • August 16, 2018

    2nd Circ. Judge Has Blunt Take On La Quinta Stock-Drop Case

    The Second Circuit didn’t look keen Thursday to revive claims that La Quinta Holdings Inc. and a private equity backer duped investors by failing to adequately disclose the risk of oil and gas prices crashing, with Judge Gerard E. Lynch saying “any idiot” knows a hotel chain with a heavy presence in Texas is impacted by an energy-sector slump.

  • August 16, 2018

    Deals Rumor Mill: Babytree, Amazon, Midstates

    Babytree Group is looking to raise as much as $1 billion in a public offering in Hong Kong, Amazon is vying for theater chain Landmark Theaters, and Midstates Petroleum Co. is looking to buy the Oklahoma and Kansas operations of SandRidge Energy.

  • August 16, 2018

    Real Estate Investment Co. A $135M Ponzi Scheme, SEC Says

    The U.S. Securities and Exchange Commission filed a complaint against real estate investment firm Equitybuild Inc. and its father-son owners on Wednesday, accusing them of running a $135 million Ponzi scheme that ensnared about 900 investors with promises of double-digit returns.

  • August 16, 2018

    Citigroup To Pay SEC $10M Over Faulty Loans, Trader Woes

    The U.S. Securities and Exchange Commission filed two orders on Thursday saying Citigroup Inc. had agreed to pay $10.5 million to settle a pair of enforcement actions over substantial losses incurred by misconduct involving three of the bank’s traders and loans fraudulently procured by a Mexican marine services provider.

  • August 16, 2018

    Senate Dems Blast CFPB Plan To Halt Military Lending Exams

    All 49 Democratic senators urged the acting director of the Consumer Finance Protection Bureau not to undermine the Military Lending Act, which protects service members from predatory loans and financial fraud, following media reports saying the Trump administration is planning to stop examining lenders for violations of the act.

  • August 16, 2018

    Buchalter Adds 2 Attys To Corp., Litigation Groups In LA

    Buchalter PC’s Los Angeles office has added two new attorneys as shareholders, one from Clark & Trevithick AP and one from Rimon Law, entering the firm’s corporate and litigation practice groups, respectively.

  • August 16, 2018

    A Chat With Ogletree Knowledge Chief Patrick DiDomenico

    In this monthly series, Amanda Brady of Major Lindsey & Africa interviews management from top law firms about the increasingly competitive business environment. Here we feature Patrick DiDomenico, chief knowledge officer at Ogletree Deakins Nash Smoak & Stewart PC.

  • August 15, 2018

    Crypto Co. Hit With Default Judgment For Bilking Investors

    A Florida federal judge on Tuesday entered a default judgment against Monkey Capital LLC, which a group of investors say pocketed $1.17 million worth of cryptocurrency investments meant for an initial coin offering and the launch of a private cryptocurrency exchange that never happened.

  • August 15, 2018

    BofA Seeks High Court Review Of 9th Circ. Preemption Ruling

    Bank of America on Tuesday asked the U.S. Supreme Court to review the Ninth Circuit's ruling that the National Bank Act doesn't preempt a California state mortgage escrow interest law, arguing that the ruling is incorrect and creates “significant uncertainty” about whether other state banking laws apply to national banks.

  • August 15, 2018

    Blackstone Pours $400M Into Chinese Pharma Co.

    Blackstone Group LP has agreed to invest $400 million in Hong Kong-listed YiChang HEC ChangJiang Pharmaceutical Co. as the drug company looks to acquire new drugs and other products and the investment firm ramps up its investment activities in Asia.

Expert Analysis

  • Series

    Judging A Book: Lipez Reviews 'Last Great Colonial Lawyer'

    Judge Kermit Lipez

    In his new book, "The Last Great Colonial Lawyer: The Life and Legacy of Jeremiah Gridley," Charles McKirdy argues that Gridley — someone I had never heard of — was the last great colonial lawyer, and that his cases illuminate his times. The author largely substantiates both claims, says First Circuit Judge Kermit Lipez.

  • The Curious Case Of Ripple's Removal

    Douglas Pepe

    Coffey v. Ripple Labs is a much-anticipated cryptocurrency case that squarely presents the question of whether Ripple is a “security” within the meaning of the securities laws. A recent decision in the case, however, addressed an important removal question of more general applicability, says Douglas Pepe of Joseph Hage Aaronson LLC. 

  • Alternative Trading Systems Face New Regulatory Burdens

    Julian Rainero

    The U.S. Securities and Exchange Commission last month approved rule changes that would impose extensive new transparency requirements on alternative trading systems that effect transactions in National Market System stocks. Julian Rainero and William Barbera of Schulte Roth & Zabel LLP break down the new disclosure requirements and highlight areas that may prove particularly burdensome.

  • Rebuttal

    Judges Can Demand Diversity In Rule 23(g) Applications

    Kellie Lerner

    A recent Law360 guest op-ed criticized the judge in the Chicago Board Options Exchange antitrust litigation for requesting more diversity in plaintiffs’ lead counsel applications. The author’s argument misinterprets the Federal Rules of Civil Procedure and reinforces archaic misconceptions about women and minorities in the courtroom, say Kellie Lerner and Chelsea Walcker of Robins Kaplan LLP.

  • Interview Essentials For Attorneys On The Move

    Eileen Decker

    Across the country this fall, recent law school graduates, law firm associates and experienced professionals will interview for positions in private practice and government service. Sharing tips on how to stand out in this high-pressure, hypercompetitive process are Eileen Decker, former U.S. attorney for the Central District of California, and Keith Jacoby, co-chairman of Littler Mendelson PC’s class action practice group.

  • Roundup

    Clerking For Ginsburg

    Clerking For Ginsburg

    Justice Ruth Bader Ginsburg joined the U.S. Supreme Court 25 years ago and is not planning to retire anytime soon — she has hired clerks through 2020. What's it like to assist Justice Ginsburg? In this series, former clerks reflect on the experience.

  • 2nd Circ. Adds To Authority On Securities Law Preclusion

    Anthony Antonelli

    With its recent decision in Rayner v. E-Trade Financial — which unanimously affirmed the dismissal of a putative class action asserting state law best execution violations — the Second Circuit made a significant contribution to a collection of circuit court opinions on the Securities Litigation Uniform Standards Act, say attorneys with Paul Hastings LLP.

  • The SEC Thinks Most Tokens Are Securities, For Now

    Robert Rosenblum

    A common misconception in the cryptocurrency community has been the belief that because a token is intended to have utility in the future, it is not a security at the time it is issued. However, based on certain features of the tokens and how they are typically offered, the U.S. Securities and Exchange Commission has concluded otherwise, say attorneys with Wilson Sonsini Goodrich & Rosati PC.

  • Series

    Clerking For Ginsburg: 3 Surprises

    David Post

    It had never occurred to me that judges don’t always love the way their appellate cousins review their work and tell them — in public — all the things they got wrong. I was frequently struck by Justice Ruth Bader Ginsburg’s acute awareness of the delicacy of this relationship, says attorney David Post.

  • How Taxpayers Are Taking To Tax Reform So Far

    Nickolas Gianou

    The effects of last year’s tax overhaul, the most significant since 1986, have not been as drastic as some expected. Still, taxpayers have begun to adjust and a number of significant trends are emerging, say Nickolas Gianou and Sally Thurston of Skadden Arps Slate Meagher & Flom LLP.