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Capital Markets

  • June 20, 2018

    Irish Cloud Coin Co. Breached US Securities Law, Suit Says

    An Irish cryptocurrency startup that sold digital tokens to fund a decentralized cloud computing platform was hit with a proposed class action in Pennsylvania federal court Tuesday claiming it breached U.S. securities laws by not registering its business with American regulators.

  • June 20, 2018

    IHeartMedia Beats US Trustee's Objection To Exec Bonuses

    A Texas bankruptcy court Tuesday approved iHeartMedia Inc.'s plan to pay a dozen of its top executives up to $25 million in bonuses for 2018, overriding an objection by the U.S. Trustee's Office.

  • June 20, 2018

    High Court Could Give SEC Tougher Road In Fraud Actions

    By agreeing to hear an appeal of an investment banker found liable for fraud for copying and pasting his boss's fraudulent emails into a message to clients, the U.S. Supreme Court is expected to clarify the important distinction between primary and secondary liability in securities fraud cases, legal experts say.

  • June 20, 2018

    Ellenoff Grossman Guides Twelve Seas In $180M IPO

    New York-based Ellenoff Grossman & Schole LLP advised special purpose acquisition company Twelve Seas Investment Co. in the pricing of its $180 million initial public offering, the company said on Wednesday.

  • June 20, 2018

    Chinese Blank Check Co. New Frontier Upsizes IPO To $230M

    China-focused blank check company New Frontier Corp. on Wednesday said it is boosting the funding goal for its initial public offering to $230 million as it looks to target investment opportunities in the Chinese health care, technology and education sectors.

  • June 20, 2018

    BakerHostetler Nabs Brown Rudnick Corporate Partner In OC

    BakerHostetler has hired a veteran corporate attorney in Orange County, California, from Brown Rudnick LLP with significant experience handling complex transactions with a focus on emerging companies in the life sciences, software and semiconductor sectors, the firm announced.

  • June 20, 2018

    'Let Canada Handle It,' ICO Promoter Says Of SEC Fraud Suit

    A Canadian man who organized an initial coin offering that the U.S. Securities and Exchange Commission claims was a $15 million fraud told a Brooklyn federal judge in court Wednesday that the regulator had gone too far and called for the suit to be dismissed, saying authorities in Canada are already “all over this.”

  • June 20, 2018

    Ex-State Street Exec Seeks Fraud Acquittal Midtrial

    A former State Street Corp. executive on trial for allegedly hiding millions of dollars in fees from some of the firm's biggest clients asked a federal judge in Boston on Tuesday for an acquittal before the case goes to the jury, arguing that the government has not been able to prove its case.

  • June 20, 2018

    Ex-UBS Trader Can't Slip FCA Ban Despite 'Troubling' Probe

    A U.K. appeals tribunal on Wednesday upheld a Financial Conduct Authority order banning a former UBS AG trader from holding any role in the financial services industry, but warned that it found the regulator’s pursuit of individuals in the Libor manipulation probe “troubling.”

  • June 20, 2018

    NY Hits Deutsche Bank With $205M Fine Over Forex Business

    New York’s banking regulator said Wednesday that Deutsche Bank AG has agreed to pay a $205 million penalty as part of a settlement resolving state banking law violations stemming from an investigation into the German bank’s foreign exchange trading business.

  • June 19, 2018

    5 Investment Advisers Ran $102M Ponzi Scheme, SEC Says

    The U.S. Securities and Exchange Commission on Tuesday said it has secured an asset freeze against five investment advisers and three companies for allegedly conning at least 637 investors over several years through $102 million Ponzi scheme.

  • June 19, 2018

    Ambac Opens 1st Circ. Fight Over Puerto Rico Bond Diversion

    Ambac Assurance Corp. on Monday launched its opening arguments in an appeal over the diversion of highway bond revenues in Puerto Rico stemming from a ruling in the territory's bankruptcy-type cases, saying the underlying acts by the island's government violated the Constitution.

  • June 19, 2018

    Merrill Lynch Fined $42M In 5-Year Trade Execution Scam

    Brokerage firm Merrill Lynch Pierce Fenner & Smith Inc. has agreed to pay a $42 million penalty after admitting it misled its customers over where their trades were executed, the U.S. Securities and Exchange Commission said Tuesday.

  • June 19, 2018

    Cybersecurity Firm That Probed DNC Hack Now Worth $3B

    Cybersecurity company CrowdStrike, which was hired to investigate the high-profile Democratic National Committee hacks before the 2016 U.S. presidential election, said Tuesday that it is now worth $3 billion after raising $200 million in new funding.

  • June 19, 2018

    2nd Circ. Frees Ex-HSBC Forex Exec While Appeal Plays Out

    The Second Circuit on Tuesday ordered former HSBC foreign currency exchange executive Mark Johnson released from prison on bail pending appeal of his conviction for defrauding Cairn Energy PLC in a $3.5 billion currency deal, hours after he argued that his post-conviction international travel and compliance with court orders show he’s not a flight risk.

  • June 19, 2018

    Deals Rumor Mill: Autogrill, Abraaj, Xiaomi

    The Benetton family is reportedly eyeing options for its Autogrill restaurant chain, an Abu Dhabi Financial Group unit offered $50 million to buy the management interest of Abraaj’s limited partnerships, and smartphone maker Xiaomi decreased its possible valuation.

  • June 19, 2018

    Nelson Mullins Adds Ex-Baker Donelson Securities Pro

    Nelson Mullins Riley & Scarborough LLP has nabbed a securities attorney from Baker Donelson Bearman Caldwell & Berkowitz PC with experience leading companies through public offerings and mergers to add to its Nashville, Tennessee, office.

  • June 19, 2018

    Thunder Bridge Prices $225M IPO To Pursue Fintech Deal

    Special purpose acquisition company Thunder Bridge Acquisition Ltd. on Tuesday priced a $225 million initial public offering, raising money to help fund a potential acquisition in the fintech sector, represented by Ellenoff Grossman & Schole LLP.

  • June 19, 2018

    High Times Mag Launches A+ IPO To Pursue Joint Ventures

    The owner of cannabis industry magazine High Times said Tuesday it will offer discounted shares to fans ahead of a miniature-style initial public offering that could raise up to $50 million, with the company using the Reg A+ program that imposes lighter regulations than a full-blown IPO. ​

  • June 19, 2018

    Cadwalader Regulatory Atty Decamps For Debevoise

    Debevoise & Plimpton LLP has bolstered its banking group with a regulatory lawyer from Cadwalader Wickersham & Taft LLP who counseled the International Swaps and Derivatives Association when it rolled out compliance tools for companies to use in the wake of Dodd-Frank, the firm has announced.

Expert Analysis

  • China Agritech: More Than Meets The Eye

    Erica Rutner

    There is no doubt that the U.S. Supreme Court’s decision in China Agritech v. Resh squarely precludes the viability of untimely successive class actions. But what impact might it have on the viability of timely filed successive class actions? Erica Rutner of Lash & Goldberg LLP explores the question.

  • #MeToo At Law Firms And What We Can Do About It

    Beth Schroeder.JPG

    While some may say it’s ironic, it’s also embarrassing and enraging that the very industry that offers anti-harassment training, policies and counsel now finds itself the subject of #MeToo headlines. The American Bar Association recommendation that will bring about the greatest change is the call to provide alternative methods for reporting violations, says Beth Schroeder, chair of Raines Feldman LLP's labor and employment group.

  • New Clarity On SEC’s Approach To Crypto Regulation

    Peter Altman

    Remarks made last week by a U.S. Securities and Exchange Commission official ended long-standing speculation over whether the SEC would assert jurisdiction over ether and bitcoin. The remarks also leave no doubt that the SEC aims to remain active in the digital currency markets, focusing on initial coin offerings, say attorneys with Akin Gump Strauss Hauer & Feld LLP.

  • Knowledge Lawyers Can Help Firms Stay Ahead Of The Curve

    Vanessa Pinto Villa

    In a profession notoriously averse to change, it should come as no surprise that there is skepticism about the value of having attorneys perform nonbillable tasks. But U.S. law firms have slowly begun to incorporate knowledge lawyers into their operations — and the trend is likely to continue, says Vanessa Pinto Villa of Hogan Lovells.

  • China Agritech May Have Limited Practical Effect

    Noelle Reed

    While the U.S. Supreme Court's decision in China Agritech v. Resh is clearly a win for class action defendants, one might fairly question how broad an application the decision itself may have. Its real significance likely lies in what it conveys when viewed together with the court’s other recent decisions restricting both equitable tolling and class actions, say Noelle Reed and Austin Winniford of Skadden Arps Slate Meagher & Flom LLP.

  • An Unprecedented Look Inside The FARA Unit

    Brian Fleming

    For close observers of the Foreign Agents Registration Act, the June 8 release by the U.S. Department of Justice of over 50 FARA advisory opinions was a watershed. These opinions offer an unprecedented glimpse into how the FARA Registration Unit interprets the law, say Brian Fleming and Andrew Herman of Miller & Chevalier Chtd.

  • Why Lawyers Shouldn't Accept Fees In Cryptocurrency: Part 2

    John Reed Stark

    The legal industry has already begun to feel the impact of anti-bribery and anti-money laundering requirements. When involved with cryptocurrency trading and remittance, law firms face more than the risk of being perceived as organizations that support money laundering practices, says John Reed Stark of John Reed Stark Consulting LLC.

  • Why Lawyers Shouldn't Accept Fees In Cryptocurrency: Part 1

    John Reed Stark

    Law firms are increasingly accepting cryptocurrency as payment for services. While this might seem innovative and forward-thinking, ironically it is much more of a throwback, says John Reed Stark of John Reed Stark Consulting LLC.

  • Untangling The Web Of Cybersecurity Disclosure Rules

    Pamela Marcogliese

    Upon the occurrence of a cybersecurity incident, a U.S. public company needs to consider whether it has disclosure obligations under a number of overlapping, and potentially conflicting, regulations in multiple jurisdictions. This issue is now at the forefront with the EU General Data Protection Regulation taking effect, say attorneys with Cleary Gottlieb Steen & Hamilton LLP.

  • Breaking Down The 2nd Criminal Spoofing Trial: Part 2

    Clifford Histed

    The criminal prosecution of Andre Flotron was ill-fated and suffered from a series of missteps and miscalculations by the government. However, it is now beyond any legitimate dispute that spoofing occurs, that it is illegal, that prosecutors are willing and able to charge spoofing as a criminal violation, and that it is possible to prove those charges in court, say attorneys with K&L Gates LLP.